ICRA Q1 Net Profit Dips 24% to Rs 16 Crore

Mumbai: Domestic rating agency ICRA on Thursday posted a 24.33 per cent dip in June quarter consolidated net profit at Rs 16.49 crore, taking a hit from closure of its operations in Indonesia and a dip in other income.

The New Delhi-headquartered company had posted a post-tax profit of Rs 21.80 crore in the year ago period.

Its overall income from operations grew to Rs 76.99 crore from Rs 68.20 crore in the year ago period.

The other income dipped to Rs 8.95 crore from the year ago's Rs 12.76 crore, which was attributed by the company to lower redemptions of investments.

It also took a Rs 3.24 crore hit for impairment of investment and expected obligations after it decided to close down its operations in Indonesia.

"This decision was taken by the company based on extensive review of results, continuous losses in Indonesia entity and path of scalability which represents significant challenges in the current environment," it said.

The company scrip dipped 0.73 per cent to close at Rs 4,210.10 apiece on BSE, as against the 0.14 per cent gain in the benchmark BSE Sensex.