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Table of Contents
1. Business Profile
2. Performance Review: ICRA Group
3. Performance Review: ICRA Limited
4. Appendix
ICRA Limited
Business Profile
ICRA Limited
Business Profile
ICRA Limited
Rating, Grading & Information Services
ICRA Management
Consulting Services
Ltd. (IMaCS)
ICRA Techno
Analytics Ltd.
(ICTEAS)
PT ICRA Indonesia
(ICRA Indo)
[100% Subsidiary of
ICRA Ltd.]
[100% Subsidiary of
ICRA Ltd.]
[100% Subsidiary of
ICRA Ltd.]
[99%
Subsidiary of ICRA
Ltd.]
Consulting Services
IT Solutions for
Business
Applications and
Processes
Information/
KPO Services
Rating Services in
Indonesia
[100%
Subsidiary of ICRA
Ltd.]
[51%
Subsidiary of ICRA
Ltd.]
Rating Services in
Sri Lanka
Rating Services in
Nepal
ICRA is one of the leading credit rating agencies in India, wherein majority is held by Moodys Group
ICRA, through its subsidiaries, offers rating services in Indonesia, Sri Lanka and Nepal
Besides ratings, ICRA Group offers consulting, IT-based information and outsourcing services
ICRA Limited
ICRA Limited
Profit before interest, depreciation, prior period adjustments, exceptional items & tax up
robust 20%
*after considering prior period adjustment and impairment of goodwill of BPA Technologies Inc.
ICRA Limited
ICRA Limited
Higher revenue per employee, operational efficiency and higher-value projects were key drivers
which helped to restrict contraction of margins
Challenges
To expand global client base; leverage existing domestic client base for value-added services
Outlook
While data services remain the primary revenue segment, company is continuously focusing on
market development and competence building for higher value services (e.g. research and
analytics)
ICRA Limited
Growth attributable to new projects from existing customers and business from new customers as well
OPBDIT marginally up to Rs. 11.93 crore in FY2015 from Rs. 11.68 crore in FY2014
Challenges
To acquire new customers in the face of competition from large IT service providers
To contain impact of adverse currency movements
ICRA Limited
2013-14
2014-15
Growth
%
2013-14
2014-15
Growth
%
12m
12m
YoY
Q4
Q4
QoQ
Ratings
Consultancy
Outsourced and Information Services
IT related (Sales & Professional)
Total Operating Income
Other Income
Total Income
16,426
2,651
2,668
6,551
28,296
1,935
30,231
18,318
2,956
3,358
7,559
32,191
2,624
34,815
12%
12%
26%
15%
14%
36%
15%
4,981
800
689
1,559
8,029
335
8,364
5,411
925
943
2,029
9,308
340
9,648
9%
16%
37%
30%
16%
1%
15%
10,474
82
12,517
198
20%
141%
3,431
40
3,768
49
10%
23%
10,392
601
12,319
966
19%
61%
3,391
187
3,719
264
10%
41%
9,791
0
9,791
0
9,791
2,898
6,893
0
6,893
11,353
897
10,456
413
10,043
3,485
6,558
13
6,545
16%
3,204
0
3,204
0
3,204
1,029
2,175
(28)
2,203
3,455
0
3,455
0
3,455
1,146
2,309
7
2,302
8%
ICRA Limited
7%
3%
20%
-5%
-5%
8%
8%
11%
6%
-125%
4%
2014-15
58%
57%
Consultancy
9%
9%
9%
10%
23%
23%
100%
100%
2013-14
2014-15
77%
79%
Consultancy
2%
6%
8%
9%
13%
6%
100%
100%
Revenue Contribution
Ratings
ICRA Limited
2013-14
2014-15
75%
3%
8%
14%
100%
71%
6%
10%
13%
100%
2013-14
2014-15
39%
9%
28%
18%
35%
18%
27%
16%
68.93
66.77*
Ratings
Consulting
Outsourcing and Information
IT related (Sales & Professional)
EPS in Rs.
2014-15
(before prior period
expenses)
39%
18%
28%
17%
*after considering prior period adjustment and impairment of goodwill of BPA Technologies Inc.
ICRA Limited
EPS (Rs.)
34815
30231
14% CAGR
26932
71.58
22875
20587
60.15
68.79
68.93
48.11
FY2011
FY2012
FY2013
FY2014
FY2015
FY2011
54.01
FY2012
59.16
FY2013
FY2014
EPS
Cash EPS
Dividend to Shareholders
26
24
22
22
Rs. Cr.
76.41
24 *
23
20
20
18
17
16
14
12
10
2010-11
2011-12
2012-13
2013-14
2014-15
ICRA Limited
76.62
66.77
FY2015
2013-14
1,981
44
25,651
2,734
30,410
2014-15
13,131
50
12,550
10,020
35,751
2014-15
2013-14
Debt and
Fixed Deposits
Other Plans
with Banks
Balanced
Mutual Funds
Fixed Deposits
with Banks
Fixed Maturity
Plans
Fixed Maturity
Plans
ICRA Limited
Debt and
Other Plans
Balanced
Mutual Funds
ICRA Limited
Pick up in Debt Markets & CP issuance with easing of yields & pick-up in economic activity
Slowdown in systemic bank credit growth
Moderate improvement in ICRAs market share in some segments
Competitive intensity remains high
SME business impacted by NSIC policy
ICRA Limited
Operating Income
Other Income
Total Income
Profit before depreciation, prior period
adjustments, exceptional items & tax
Depreciation
Profit before prior period adjustments,
exceptional items & tax
Prior Period Adjustments
Profit before exceptional items & tax
Exceptional items
PBT
Taxes
PAT
OPBDIT
OPBDIT *
Key Ratios
PBT (before exceptional items)/Total
Income
OBDIT/Operating Income
OPBDIT/Operating Income *
Tax/PBT
2013-14
12m
16,290
1,729
18,019
2014-15
8,437
245
9,899
369
17%
51%
2,806
64
2,887
104
3%
63%
8,192
0
8,192
0
8,192
2,319
5,873
9,530
765
8,765
1,152
7,613
2,571
5,042
16%
2,783
0
2,783
1,152
1,631
901
730
1%
-7%
11%
-14%
2,742
0
2,742
0
2,742
842
1,900
-41%
7%
-62%
6,708
6,708
6,642
7,407
-1%
10%
2,449
2,449
2,521
2,521
3%
3%
45%
41%
41%
28%
43%
37%
41%
34%
52%
49%
49%
31%
49%
47%
47%
55%
7%
ICRA Limited
1%
1,238
366
165
1974
1624
12931
14859
16290
18125
13936
FY2011
FY2012
FY2013
FY2014
FY2015
1254
3,671
Q1 (14-15)
4,479
4,620
Q2 (14-15)
Q3 (14-15)
Operating Income
1729
5,354
Q4 (14-15)
Other Income
Operating Income
Other Income
75%
75%
50%
50%
25%
25%
0%
0%
Q1 (14-15)
Q2 (14-15)
OPBDIT Margin
Q3 (14-15)
Q4 (14-15)
PAT/Operating Income
FY2011
FY2012
FY2013
OPBDIT Margin
ICRA Limited
FY2014
FY2015
PAT/Operating Income
Corporate Sector
2014-15
Financial Sector
8%
Structured Finance 1%
4%
Public Finance
5% 0%
8%
Others
26%
28%
61%
20,000
59%
Revenue break-up
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
2013-14
2014-15
ICRA Limited
Debt Ratings
3,933
5,465
3,463
369
2010-11
4,084
3,392
3,054
4,732
2,917
2,289
3,008
405
343
2011-12
2012-13
398
2013-14
675
2014-15
2,887
2,839
2,595
2,145
2,706
2010-11
2011-12
2012-13
2013-14
2014-15
ICRA Limited
Number of Entities
Despite several policy measures, investment activity yet to show a meaningful revival
even as demand conditions remain subdued across sectors
ICRA Limited
Appendix
ICRA Limited
Moodys Singapore Pte Ltd along with Moodys Investment Company India Private Limited and
Moodys Corporation made a Conditional Open Offer under Regulation 3(2) and Regulation 4 of
the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011 (Takeover Regulations) vide a Public Announcement dated February 21,
2014 for the acquisition, from public shareholders, of up to 26,50,000 equity shares, representing
26.50% of the total equity shares, of your Company, at a price of Rs. 2,000 per equity share and
subsequently revised the price upwards to Rs. 2,400 per equity share.
The tendering period commenced on June 3, 2014 and closed on June 16, 2014. Pursuant to the
closing of the tendering period, Moodys Singapore Pte Ltd acquired 2,154,722 equity shares
tendered in the Open Offer, amounting to a total of 21.55% of the equity share capital of the
Company. This resulted in an increase in the Moody's Group's total equity shareholding in the
Company to 50.06% of the equity share capital of your Company.
ICRA Limited
Disclaimer
ICRA Limited