ICRA Ltd

Rating agency ICRA posted a 24% (YoY) drop in consolidated net profit at Rs.16 crore. The closure of its Indonesian operations hit the bottomline. There was a Rs.3.24 crore impairment charge on its investment and expected obligations after it decided to close its Indonesian operations. Other income dipped 31% at Rs.9 crore due to lower redemptions of investments. Consolidated total income increased by more than 6% to Rs.86 crore from Rs.81crore (YoY).

The company said that it decided to close its Indonesia operations based on extensive review of results, continuous losses in Indonesia entity and path of scalability which represents significant challenges in the current environment. The current market cap of the company is around Rs.4100 crore. The promoters holding in the company stood at 50.06% while Institutions held 33.90% and Non-Institutions held 16.04%.