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Journalism of Courage
Leading ratings agency Crisil today reported a 20.22 percent dip in net profit for the September quarter at Rs 60.18 crore.
The net profit of the BSE and NSE-listed company stood at Rs 75.44 crore in the corresponding quarter last year.
The company board has also approved to buyback equity shares at a price of up to Rs 1,000 per share and spent a maximum of Rs 80 crore on it,a statement issued here said.
“This buyback is intended to provide a tax efficient mechanism to return money to the shareholders,” it said,adding the promoters (Standard & Poor’s and its associates) and directors will not participate in the buyback process.
The Crisil scrip closed 5.51 percent down to Rs 839.25 on the BSE today which shed 277 points on weak global cues.
The company said its revenue during the quarter grew to Rs 220.05 crore against Rs 159.11 crore in the corresponding quarter the previous year.
The company said in the July-September period,it gained only Rs 1.45 crore from sale of premises,while it had earned Rs 39.71 crore from sale of shares of Gas Strategies Group and NCDEX recorded in the year-ago period.
“Crisil’s revenue growth during the quarter was contributed by bank loan ratings and SME ratings. Bond issuances remain muted due to high interest rates and tight liquidity in the market,” the statement said.
The company board also proposed a dividend of Rs 2.75 per share today,it added.
