ICRA gets poor rating for Q1

ICRA is amongst the top losers on the BSE today, down almost 5% at Rs.4010 with an intra day low of Rs.3950. Its 52-week low stands at Rs.2,501.55.

The rating agency 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.

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.