Nuvama

CRISIL's Q1CY22 sales shot up 20% YoY to INR5.9bn (10% ahead of our estimate) led by growth across segments: a 26% YoY uptick in Research and 10% YoY in Ratings and advisory sales. EBITDA surged 38% YoY (19% ahead of our

CRISIL's Q4CY21 sales grew 18% YoY to INR7.0bn (8% ahead of estimates) led by solid growth across both the segments with 22% uptick in research and 10% growth in ratings sales. EBITDA grew 25% YoY (4% ahead of estimates)

Gradual uptick in market share

We hosted top management of Care Rating (CARE) at the Edelweiss India e-Conference 2022: The New Edge. Highlights: i) The company expects to benefit from strong capex announced in the union budget due to an expected

Subsidiary’s high base impacts growth

CARE Ratings (CARE) reported 1% sales growth in Q3FY22 (4% below estimates). While ratings sales grew 5% YoY, others segment dipped 29% YoY, owing to a high base in subsidiary CRSPL. Exacerbated by a rise in other

Solid growth across the board

CRISIL's Q3CY21 sales increased 18% YoY to INR5.7bn (6% ahead of estimates) led by solid growth across both segments—21% in research and 12% in ratings. EBITDA shot up 29% YoY (5% ahead of estimates) as margins expanded

High base hits growth

CARE Ratings (CARE) reported flat sales growth in Q2FY22 (3% below estimates) on the back of subdued growth in ratings, in line with a broadly flat bond market. Ratings sales contracted 3% YoY. However, EBITDA slid 20%

Healthy sales across the board

CARE Ratings (CARE) reported a 32% YoY uptick in Q1FY22 sales on the back of 28% ratings growth and 72% subsidiaries’ growth. Sales contracted 32% QoQ led by seasonality in surveillance. The company outperformed peers

Ratings muted; research healthy

CRISIL's Q2CY21 sales grew 12% YoY to INR5.3bn (6% ahead of estimate) led by a 20% YoY uptick in research that offset a 5% YoY dip in ratings. EBITDA shot up 20% YoY (7% higher than estimate).

Structural transformation underway

CARE Ratings (CARE) beat estimates with 21% consolidated top-line growth in Q4FY21. It outperformed peers amidst marginally lower credit growth leading to 1% growth in overall FY21 sales. With 39% decline in other

Global recovering, domestic tempering

CRISIL's Q1CY21 revenue grew 16% YoY to INR4.9bn (in line) driven by strong sales across segments. This was led by 18% YoY spurt in research (7% adjusted for Greenwich acquisition); and ratings grew 12%. EBITDA grew 15%

Improved traction across the board

Crisil's Q4CY20 revenue grew 28% YoY to INR5.9bn (18% above our estimate) driven by strong sales across segments: a 41% YoY spurt in research (-1% YoY adjusted for Greenwich acquisition) and a 7% YoY increase in ratings.

Transformation underway

We hosted Mr. Ajay Mahajan, MD & CEO of CARE Ratings (CARE) at the Edelweiss India e-Conference 2021 – The New Order. Highlights: i) Cultural transformation should get a thrust post-change of several C-suite employees.

CARE Ratings (CARE) posted in line flat consolidated revenue growth in Q3FY21. Ratings revenue fell 6% YoY amidst marginally weak credit growth in manufacturing (-0.5%) and services (0.1%) and modest growth across bond

CARE Ratings (CARE) posted standalone Q2FY21 revenue growth of 8% YoY (34% above estimates) on the back of a 37% YoY surge in volume of debt-rated instruments along with a spillover of surveillance income from Q1FY21.

Ratings decline, research strong

Crisil's Q3CY20 revenue, up 11.3% YoY to INR4.85bn, grew in line with our expectation. This was led by a 22% YoY spurt in research (3.5% adjusted for Greenwich acquisition), but partially offset by a contraction in

Ratings decline; research strong

Crisil's Q3CY20 revenue grew 11.3% post growing 13.5% YoY in Q2CY20 to INR4.85bn. Adjusted for Greenwich acquisition sales grew 0.3%YoY. EBITDA was flat YoY at INR1.13bn and margins decreased by 262bps YoY to 23.4%. This

CARE Ratings - Result Update Q1FY21 - Persistently weak performance

CARE Ratings (CARE) recorded yet another weak quarter with Q1FY21 standalone revenue declining 27% YoY (8% below estimates) led by weak bank credit (down 1.2% YoY) and lower CP issuances (down 40%) despite long-term

CRISIL - Result Update Q1FY21 - Consistent share gains bolster conviction

We upgrade CRISIL to ‘BUY’ owing to: i) flight to safety leading to market share gains; ii) improving bond market momentum; and iii) productivity gains in research. We also revise up CY20/21E EPS 8%/13% riding strong

CARE Ratings - Result Update Q4FY20 -Challenges take a toll on performance

CARE Ratings (CARE) posted yet another weak quarter with Q4FY20 standalone revenue declining 29% YoY (8% below estimate) due to weak bank credit (down 3.7%) and lower bond (down 5%) & CP (down 26%) issuances. EBITDA

CRISIL - Result Update Q1CY20 - Robust show; sustainability key

CRISIL’s Q1CY20 revenue grew a healthy 2.9% led by 2.8% YoY spurt in ratings and 3.8% YoY growth in research (adjusted). Adjusted for decline in SMEs, ratings jumped 14.6% YoY driven by investors’ preference for its

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