ICRA Q1 Net up 28% at Rs 19 Crore on Rise in Other Income

Rating agency ICRA on Monday reported a 28 per cent jump in June quarter net profit at Rs 19.40 crore, helped by a spurt in other income on the back of maturing of investments during the reporting period.

The company, a division of international rating agency Moody's, had reported a post-tax profit of Rs 15.20 crore in the corresponding April-June period last year.

Other income was up 33 per cent in the first quarter ended June 30, driven primarily by the the maturing of investments in fixed maturity plans, ICRA said in a statement, without giving the exact quantum.

The New Delhi-headquartered company's total income was up 19 per cent during the reporting period at Rs 49.10 crore as against Rs 41.41 crore in the same period year ago.

Operating income rose 14 per cent at Rs 36.71 crore as against Rs 32.11 crore in the corresponding period.

On a consolidated basis, the Group's profit after tax was up 32 per cent to Rs 21.80 crore in the April-June period from Rs 16.57 crore a year ago.

Meanwhile, ICRA announced that during the quarter, Moody's has completed the process of acquiring more shares and raised its stake to 50.06 per cent in the rating firm.