CRISIL Limited has informed the Exchange about Transcript
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Crisil Limited filed the transcript of its analyst call held on May 6, 2025, covering FY2024 and Q1 CY2025 performance. For FY2024, total revenue grew a modest 3.8% due to weak global discretionary spending, while PBT rose around 7% (10.5% excluding a one-time Argentine Peso gain of ~INR 29 crores in Q4 FY23). In Q1 CY2025, revenue grew 10.2% YoY and both PBT and PAT rose about 16% YoY. The Rating Services segment surged 32.5% YoY, driven by strong bond issuances in H2 CY2024, large deals, mid-corporate momentum and continued preference for Crisil's high-quality ratings. The Research, Analytics & Solutions segment saw revenue grow ~2% but segmental profit jump ~16% on better product mix and cost focus. The company declared a first interim dividend of INR 8 per share (up from INR 7 last year). Management flagged global tariff uncertainty, expected two more 25 bps RBI rate cuts in FY2026, and continued traction in Gen-AI, private markets, mid-sized banks and offshoring as growth areas.
Strong Q1 earnings and segment profit growth of ~16% YoY reflect solid cost management and margin improvement, supporting a positive near-term view. However, dependence on global discretionary spending and uncertainty over U.S. tariffs remain key risks for the Research & Analytics business. The higher interim dividend is a positive signal for shareholders.