Mumbai: ICRALimitedannounceditsresultsforthethird quarter, and nine months ended December 31, 2024,onFebruary10th,2025.

Consolidated revenue from operations increased 5.5% to Rs. 120.9 crore for the third quarter ended December 2024, compared to Rs.114.6croreinthecorrespondingquarterofthepreviousyear.The PAT increased 30.3 Rs. 42.2 crore from Rs. 32.4 crore in the corresponding quarter of the previous year.

Consolidatedrevenuefromoperationsincreased12.3%toRs.361.8crorefortheninemonthsendedDecember2024, compared to Rs. 322.2 crore in the corresponding previous year. The PAT for the nine months ended December 2024 increased 9.5% to Rs.115.2 crore from Rs.
105.2croreinthecorrespondingpreviousyear.

The previous year’s corresponding quarter and nine months’ financials include the impact of the amount provided towards the arbitration award.

Commenting on the results, Ramnath Krishnan, MD, and Group CEO, ICRA Limited, said: “ICRA continues to demonstrate resilience, withsustainedgrowthinRatings,whereastheAnalyticssegmentrecordedmodestgrowththisquarter, reflecting the evolving market dynamics. We continue to remain focused on expanding our analytical capabilities, strengthening research offerings, and enhancing client value through data-driven insights. We remain steadfast in delivering high-quality analytics and ratings while adapting to market shifts”.

In Q3FY2025, ICRA reinforced its position as a knowledge powerhouse by hosting market events across India, covering sectors such as structured Finance, Specialty Chemicals, Microfinance, Real Estate, and the Automotive segment. ICRA also organized a media roundtable in Mumbai, sharing insights on emerging credit trends in the Banking and NBFC sectors. Additionally, ICRA conducted 13 webinars, participated in 19 external events as an industry thought leader, and published 147 high-impact research reports spanning 60 sectors to empower stakeholders with reliable insights and industry expertise.

Amidtherelatively favorable trend in high-frequency indicators, India’s Domestic Product(GDP) growth is expected to improve to
~6.8% in Q3 FY2025from the seven-quarter low of 5.4% in Q2 FY2025. However, the outlook for economic activity for Q4 FY2025 appears mixed, with the threat of tariffs and exchange rate volatility souring sentiment. Overall, ICRA estimates the GDP growth to print at 6.5% in FY2025 and maintain that pace in FY2026.

Ratings & ancillary services revenue growth for the quarter was up by 9.6%; Nine months up by 14.1%
In Q3FY2025, bond issuances continued their surge as seen in the previous quarter to grow 35% year-on-yearhelpingthe9MFY2025growthto land at 16% year-on-year. Bond issuances by the NBFCs saw a sharp growth of 65% year-on-year as bank credit to this segment was curtailed. Banks and corporates too saw a spike in bond issuances supported by softening yields. Continuing challenges in deposit inflows, mainly in retail deposits, for banks led to a lower bank credit growth in Q3 as well as in 9M FY2025 from the highs seen in the previous two fiscal. These securitization segments saw strong growth as the NBFCsleanedon this segment due to ower availability of bank funding following the banks’ offloading a part of their books to correct their credit-deposit ratio.

Research & Analytics revenue growth for the quarter up by 1.0%; Nine months up by 10.4%
Research and analytics revenue was impacted by lower inter-national order flows but saw strong domestic growth, particularly in debt capital markets and banking. The business strengthened its market position by implementing a market abuse detection solution and expanding data offerings to meet rapidly evolving market and regulatory needs. It remains well-positioned in risk solutions and early warning systems, adapting to growing regulatory requirements, especially in the NBFC sector.