ICRA Limited's Q1 revenue slips 6.6 pc sequentially; PAT rises 32 pc
Mumbai, July 30
ICRA Limited on Thursday reported a 6.57 per cent sequential decline in consolidated revenue from operations for the June quarter to Rs 163.4 crore in the June quarter of FY27 from Rs 174.85 crore in the preceding quarter.
However, on a year-on-year (YoY) basis, revenue rose 31.2 per cent from Rs 124.5 crore, according to its stock exchange filing.
The company's profit after tax (PAT) increased 32 per cent year-on-year (YoY) to Rs 56.5 crore during the quarter, compared with Rs 42.8 crore in the corresponding period last financial year.
ICRA said the quarterly financial performance includes the impact of the consolidation of Fintellix, which it acquired in October 2025.
As a result, the company noted that the current quarter's financials are not directly comparable with those of the year-ago period.
"ICRA delivered a strong quarterly performance, supported by healthy growth in Ratings and sustained momentum in Risk & Analytics. Our Ratings business remained anchored in high-quality analytical delivery and market engagement, while Risk & Analytics benefited from robust demand across data, risk and technology-led solutions," Ramnath Krishnan, MD & Group CEO, ICRA Limited, said.
"We remain committed to supporting clients and market participants with independent insights and solutions aligned to evolving business and regulatory needs," Krishnan added.
Revenue from the Ratings and ancillary services business grew 12.9 per cent during the quarter, supported by strong demand from bank credit, industrial companies and non-banking financial companies (NBFCs).
The company said bond issuances moderated from the elevated levels seen a year ago but gathered pace towards the end of the quarter as bond yields softened and liquidity conditions improved.
The Risk & Analytics business recorded a sharp 58.7 per cent year-on-year increase in revenue, aided by the Fintellix acquisition and sustained demand for risk management, regulatory technology and data solutions.
ICRA also said the segment benefited from rising demand for its BankTech and CapTech offerings, along with a gradual shift towards product-led engagements.
On the stock market, shares of ICRA were trading 3.06 per cent higher at Rs 4,919.70 around 3:25 p.m.
— IANS
Reader Comments
The Risk & Analytics segment growing 58.7% YoY is the real story here. Fintellix acquisition seems smart—diversifying beyond traditional ratings into regtech and data solutions. But I hope they maintain quality as they scale.
Sequential revenue dip is a bit concerning, but given bond issuance moderation, it's not surprising. The fact that PAT rose despite that shows cost management is solid. Stock at ₹4,919 is a decent bet for long-term investors.
ICRA's focus on BankTech and CapTech is smart—Indian banks are going digital fast. But I wish they'd given more clarity on how Fintellix is integrating. Mergers always have hiccups. Hope the next quarter shows better sequential numbers. 👍
Impressive YoY growth! The Ratings business growing 12.9% despite bond market moderation shows ICRA's reputation is strong. But the 6.6% sequential drop in revenue needs watching—especially with competition from smaller analytics startups.
Interesting to see an Indian rating agency expanding into tech solutions. The 58.7% jump in risk analytics is global-level growth. As someone in finance, I'd watch how they manage cross-border regulatory complexities with this scale-up.
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