ICRA Limited — Investor Meet, 05-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

ICRA posted solid Q4 and FY25 results with group revenue rising 9.8% QoQ and 11.6% YoY, led by 15.1% YoY growth in Ratings and 2.9% in Research & Analytics. PAT grew 19.1% QoQ and 12.5% YoY on improving margins from operating leverage and tech investments. Ratings focused on profitable segments like BFSI and Infra, maintaining pricing discipline. Research & Analytics grew despite ESG wind-down, driven by risk analytics and customized research. Management highlighted strategic partnerships and gradual tapering of IT spend. Credit conditions remain supportive, with balanced capital allocation. The outlook reflects confidence in sustainable, profitable growth.