ICRA Limited — PPTs, 11-02-2025: Investor Presentation

Revenue for Q3 FY2025 exhibited strong growth across the board, reaching ₹120.9 crore, a 5.5% increase year-over-year. For the nine-month period, revenues totaled ₹361.8 crore, representing a 12.3% rise. The ratings business benefited from a remarkable 35% surge in bond issuances, primarily driven by non-banking financial company (NBFC) activities. Research & Analytics saw robust domestic growth, particularly in debt capital markets, despite facing challenges with international orders. Profit after tax for Q3 increased to ₹42.2 crore, a notable 30.3% improvement.

Looking ahead, the economic activity is expected to gain momentum in H2 FY2025, supported by a positive rural demand outlook and government capital expenditure projected to rise 10.1% in FY2026. Urban consumption is likely to receive a boost from income tax relief, easing monetary conditions, and reduced food inflation. However, the potential risk from subdued merchandise exports warrants close monitoring. Overall, a positive outlook is anticipated for ICRA, with significant growth opportunities on the horizon.