ICRA Q1 results: Net profit declines 17% to Rs 17 cr

NEW DELHI: Credit ranking agency ICRA has reported a 17 per cent fall in consolidated web profit to Rs 17.04 crore for the primary quarter ended June 30, 2020.

The firm’s web profit had stood at Rs 20.53 crore within the corresponding quarter of the earlier fiscal.

Its complete revenue additionally moderated to Rs 80.79 crore for the quarter ended June 2020, from Rs 88.69 crore a yr in the past, ICRA mentioned in a regulatory submitting.

The degree of exercise within the economic system was considerably impacted by the coronavirus-induced lockdown within the first quarter of 2020-21, it mentioned.

The ranking company additionally added that this together with less-than-expected pick-up within the economic system within the second quarter due to partial lockdowns in some geographies have resulted within the company’s estimate of GDP contracting additional to 9.5 per cent, it mentioned.

Based on the present evaluation, this example doesn’t materially influence the corporate’s capital and monetary sources, ICRA mentioned.

However, the precise influence of COVID-19 might differ from that estimated due to unexpected circumstances, it mentioned. The firm will proceed to intently monitor any materials adjustments to future financial situations and consequential influence on its monetary statements, it added.


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