ICRA Ltd.
Snapshot View

3982.00 -37.60 ▼-0.9%

18 May 2022, 04:01:00 PM
Volume: 148

Overview View Details

Sector Ratings Compare with Sector peers
Industry Ratings Compare with Industry peers
Website http://www.icra.in
Market Cap 3,851.52 Cr.
Enterprise Value(EV) 3,532.99 Cr. 2022-03
Financial Indicators
Earnings per share (EPS) 116.35 Trailing Twelve Months Ending 2022-03
Price-Earning Ratio (PE) 34.22 Trailing Twelve Months Ending 2022-03
Industry PE 46.82 Trailing Twelve Months Ending 2022-03
Book Value / Share 874.10 Trailing Twelve Months Ending 2022-03
Price to Book Value 4.56 Calculated using Price: 3,982.00
Dividend Yield 0.70 Period Ending 2021-03
No. of Shares Subscribed 0.97 Cr. 9,651,231 Shares
FaceValue 10
Company Profile

ICRA was established in 1991 by leading financial or investment institutions, commercial banks and financial services companies. It was formerly known as Investment Information and Credit Rating Agency of India. The Public Limited Company has its shares listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

The international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder. The participation of Moody’s is supported by a Technical Services Agreement, which entails Moody’s providing certain high-value technical services to ICRA.

The agreement is aimed at benefiting ICRA’s in-house research capabilities, and providing it with access to Moody’s global research base. Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA).

ICRA provides information and guidance to institutional and individual investors/creditors, enhances the ability of borrowers/issuers to access the money market and the capital market for tapping a larger volume of resources from a wider range of the investing public, assists regulators in promoting transparency in the financial markets and provides intermediaries with a tool to improve efficiency in the funds raising process.

The company has dedicated teams for Monetary, Fiscal, Industry and Sector research, and a panel of advisors to enhance its in-house capabilities. Its research base enables the company to maintain highest standards of quality and credibility.

In 2014 -Moody’s expands its ownership stake in ICRA by increasing equity ownership stake from 28.51% to 50.06% of the paid up equity share capital of ICRA.
- ICRA Techno Analytics Limited, a wholly-owned subsidiary of ICRA, through its subsidiary ICRA Global Capital Inc.

Range of Services

a) Rating Services -

As an early entrant in the Credit Rating business, ICRA is one of the most experienced Credit Rating Agencies in the country today. ICRA rates rupee denominated debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings and municipalities, among others.

It also rates structured obligations and sector-specific debt obligations such as instruments issued by Power, Telecom and Infrastructure companies. The other services offered include Corporate Governance Rating, Stakeholder Value and Governance Rating, Credit Risk Rating of Debt Mutual Funds, Rating of Claims Paying Ability of Insurance Companies, Project Finance Rating, and Line of Credit Rating. ICRA, along with National Small Industries Corporation (NSIC), had launched a Performance and Credit Rating Scheme for Small Scale Enterprises in India aimed at enabling Small and Medium Enterprises (SMEs) improve their access to institutional credit, increase their competitiveness, and raise their market standing.

b) Grading Services -

The Grading Services offered by ICRA employ pioneering concepts and methodologies, and include grading of: Construction Entities; Real Estate Developers and Projects; Healthcare Entities; Maritime Training Institutes; and Initial Public Offers (IPOs).

The Grading of Construction Entities seeks to provide an independent opinion on the quality of performance of the entities graded. Similarly, the grading of real estate developers and projects seeks to make property buyers aware of the risks associated with real estate projects and with the developer’s ability to deliver in accordance with the terms agreed. ICRA’s Healthcare Gradings present an independent opinion on the quality of care provided by healthcare entities. In the education sector, ICRA offers the innovative service of Grading of Maritime Training Institutes in India. In IPO Grading, an ICRA-assigned IPO Grade represents a relative assessment of the “fundamentals” of the issue Graded in relation to the universe of other listed equity securities in India.

c) Information Services -

The Information Services Division focuses on providing authentic data and value-added products used by intermediaries, financial institutions, banks, asset managers, institutional and individual investors, and others. The division's portfolio of products includes sector/industry-specific studies/publications and mandate-based studies (customized research).

Group Companies:

  • ICRA Management Consulting Services Limited (IMaCS) - A multi-line consulting firm with a global operating footprint. IMaCS offers consulting services in Strategy, Risk Management, Regulatory Economics, Transaction Advisory, and Process Re-engineering.
  • ICRA Techno Analytics (ICTEAS) – A subsidiary of ICRA offering a complete portfolio of Information Technology (IT) solutions to meet the dynamic needs of present-day businesses. The services range from the traditional development of client-server, web-centric and mobile applications to the generation of cutting-edge business analytics. An in-depth knowledge of various technology areas, coupled with its strengths in various verticals, enables ICTEAS provide end-to-end services of excellent quality. ICTEAS uses a mix of onsite or offshore strategies to optimize bottom-line benefits for its customers. ICTEAS has two subsidiaries -- ICRA Techno Analytics and Axiom Technologies.
  • ICRA Online (Online - A leading information services, outsourcing solutions and technology solutions provider. Caters for some of the biggest names in the financial services sector in India and abroad, which is a testimony to its product quality, commitment and credibility. It has two Strategic Business Units (SBUs) -  The Information Services and Technology Solutions Division (MFI Division), and Knowledge Process Outsourcing Division (KPO Division).

Milestones:

1991

  • ICRA launches Credit Rating Service on September 1, 1991.
  • Investment Information and Credit Rating Agency of India Limited (later renamed ICRA Limited) is incorporated on January 16, 1991. 

1993

  • ICRA launches Investment Information Service and Research Publications.

1995

  • ICRA launches the service of Credit Assessment for small and medium scale industries (under the Cluster Approach of the Confederation of Indian Industry).
  • Also launches the service of Earnings Prospects and Risk Analysis (EPRA) for the Equity Investors. 

1996

  • ICRA signs an agreement with Financial Proformas Inc (FPI), now called Moody’s Risk Management Services to provide credit education, risk management software, credit research and consulting services to commercial banks, financial and investment institutions, financial services companies and mutual funds in India.

1997

  • ICRA launches ICRA Bulletin: Money & Finance, a periodical publication directed towards institutions and individuals with an interest in understanding the reasons underlying policy initiatives and outcomes.

1998

  • Moody’s Investors Service (Moody’s) and ICRA announce their mutual agreement to Moody’s picking up a minority stake in the equity capital of ICRA.
  • ICRA introduces a Rating Methodology for the Claims Paying Ability of General Insurance companies in India.

1999

  • Moody’s Investors Service (Moody’s) and ICRA sign an agreement that enables Moody’s to make an equity investment in ICRA and provide technical services to it.
  • ICRA launches Grading Service for entities involved in construction projects including contractors, consultants, project owners and the project itself.
  • ICRA launches Rating service for Debt Fund Scheme of Indian Mutual Funds.
  • Becomes the first Indian Rating Agency to rate all Non-Life Insurance companies in the country.

2001

  • Moody’s Investment Company India becomes the largest shareholder in ICRA by acquiring an additional 9% equity stake.
  • ICRA and the National Real Estate Development Council (NAREDCO) jointly launch the ICRA-Naredco Grading System for real estate developers and projects.
  • ICRA launches it’s Corporate Governance Ratings (CGR) for the Indian Market with focus on corporate’ business practices and quality of disclosure standards

2002

  • ICRA launches a Grading Scheme for Healthcare institutions in India.

2003

  • ICRA and Online IndiaCapital.com (currently known as ICRA Online) enters into a shareholder and Subscription Agreement, besides a Technical Services agreement
  •  ICRA Limited launches Project Finance Assessment/Rating Service.

2004

  • ICRA enters into a ’Technical Services Agreement’ with Credit Rating & Collection, Kuwait on December 26, 2001 for a period of three years. The said agreement extended for a further period of three years with effect from December 26, 2004.
  • Moody’s Investment Company India increases its equity stake to 29% in ICRA.
  • ICRA launches the service of Grading of Maritime Training Institutes in India.
  • ICRA launches Outsourced Services Group.
  • ICRA launches the service of Grading of Mutual Fund Management Quality.

2005

  • ICRA launches the NSIC-ICRA Performance and Credit Rating Scheme for Small Scale Enterprises in India.

2006

  • ICRA acquires Computer Exchange (subsequently renamed as ICRA Techno Analytics).
  • ICRA acquires ICRA Online.
  • ICRA demerges its consulting division and transfers the same to ICRA Management Consulting Services with effect from April 1, 2005.

2007

  • The equity share of ICRA gets listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on April 13, 2007.
  • Moody’s Investment Company India makes additional investments in the equity shares of ICRA.
  • ICRA renews its Technical Cooperation Agreement with the Credit Rating Agency of Bangladesh (CRAB) for another three years.

2008

  • ICRA Management Consulting Services launches Consulting Services for Carbon management.
  • ICRA Management Consulting Services and Virtus Global Partners Inc. sign a Memorandum of Understanding to jointly offer advisory/consulting services to clients based in the USA and in India.
  • ICRA Techno Analytics acquires Kolkata-based software services company Axiom Technologies.
  • ICRA Management Consulting Services and Dun & Bradstreet Philippines, Inc. sign a Memorandum of Understanding to jointly offer advisory/consulting services in the Philippines.

2009

  • ICRA Techno Analytics, New Jersey, USA, a wholly owned subsidiary of ICRA Techno Analytics (ICTEAS) acquires 100% stake in Sapphire International (Sapphire), a Delaware Corporation based out of Trumbull, Connecticut, USA.

2010

  • PT. ICRA Indonesia obtains a License from the Capital Market and Financial Institutions Supervisory Agency, Indonesia (Bapepam-LK) to launch Rating Services in Indonesia

2011

  • ICRA Lanka Limited granted registration to function as a Credit Rating Agency by the Securities and Exchange Commission of Sri Lanka
  • ICRA has been granted a letter of intent by the Securities Board of Nepal (SEBON) to establish a Credit Rating Agency in Nepal

2012

  • ICRA Nepal Limited (ICRANepal) obtains licence from the Securities Board of Nepal (SEBON) to launch Rating Services in Nepal. ICRANepal is the first credit rating company granted licence by SEBON.

2013

  • IMaCS and Cambridge Systematics, Inc. sign an MoU to collaborate in providing consulting services in the Transportation sector across India, South East Asia, and Africa.
  • IMaCS’ Quantitative Analytics Practice launches a pan-India bond valuation service that disseminates prices of over 4000 (illiquid) fixed income securities as a daily service.
  • ICRA Techno Analytics Limited, a wholly-owned subsidiary of ICRA, through its subsidiary ICRA Global Capital Inc., increases its equity ownership stake to 75.1% in BPA Technologies, Inc. (BPA), a California-based global technology services firm focused on the areas of Enterprise Content Management (ECM), Portal and Collaboration.

2014

  • Moody’s expands its ownership stake in ICRA by increasing equity ownership stake from 28.51% to 50.06% of the paid up equity share capital of ICRA.
  • ICRA Techno Analytics Limited, a wholly-owned subsidiary of ICRA, through its subsidiary ICRA Global Capital Inc., increases its equity ownership stake to 100% in BPA Technologies, Inc. (BPA), a California-based global technology services firm focused on the areas of Enterprise Content Management (ECM), Portal and Collaboration.


Delivery View Details

Delivered Qty
Traded Qty

Performance View Details

1 Day
-0.94%
1 Week
+2.97%
1 Month
-5.53%
3 Month
+7.49%
6 Month
+7.61%
1 Year
+23.13%
2 Year
+55.91%
5 Year
-3.81%
10 Year
+248.46%
9 years 2013-03 2014-03 2015-03 2016-03 2017-03 2018-03 2019-03 2020-03 2021-03
Return on Equity (%) 19.24 19.51 16.32 17.09 17.44 16.85 16.36 14.49 11.33
Return on Capital Employed (%) 22.48 26.55 24.29 25.91 25.81 26.06 23.48 19.89 15.63
Return on Assets (%) 14.34 14.51 12.04 12.74 13.90 14.22 13.83 12.12 9.56

Balance Sheet View Details

Particulars 10 years 2013-03 Rs. Cr. 2014-03 Rs. Cr. 2015-03 Rs. Cr. 2016-03 Rs. Cr. 2017-03 Rs. Cr. 2018-03 Rs. Cr. 2019-03 Rs. Cr. 2020-03 Rs. Cr. 2021-03 Rs. Cr. 2022-03* Rs. Cr.
Shh. Funds 339 388 429 476 549 655 641 702 758 844
Non Curr. Liab. 7 24 20 7 1 4 4 20 13 11
Curr. Liab. 88 99 130 137 105 107 119 115 116 115
Minority Int. 5 0 1 1 1 1 2 3 3 4
Equity & Liab. 439 511 579 621 656 767 765 839 890 974
Non Curr. Assets 280 194 277 302 212 366 202 119 395 538
Curr. Assets 159 317 301 319 444 402 564 720 495 436
Misc. Exp. not W/O
Total Assets 439 511 579 621 656 767 765 839 890 974

Profit Loss View Details

Particulars 10 years 2013-03 Rs. Cr. 2014-03 Rs. Cr. 2015-03 Rs. Cr. 2016-03 Rs. Cr. 2017-03 Rs. Cr. 2018-03 Rs. Cr. 2019-03 Rs. Cr. 2020-03 Rs. Cr. 2021-03 Rs. Cr. 2022-03 Rs. Cr. TTM
Net Sales 251 283 322 341 333 309 328 321 301 343
Other Income 18 19 29 27 40 49 45 48 43 41
Total Income 269 302 351 368 373 358 373 369 344 384
Total Expenditure -192 -198 -235 -240 -232 -194 -215 -225 -220 -222
PBIDT 78 105 116 128 141 164 158 144 124 161
Interest -1 -2 -1 0 0 0 -2 -2 -2
Depreciation -5 -6 -10 -10 -9 -8 -6 -10 -10 -8
Taxation -13 -29 -35 -42 -44 -56 -46 -34 -29 -39
Exceptional Items -1 -4
PAT 59 69 66 76 89 101 106 97 83 114
Minority Interest 0 0 0 0 0 0 -1 -1 -1 -1
Share Associate
Other Related Items
Consolidated Net Profit 59 69 65 76 89 101 105 96 82 112
Adjusted EPS 59 69 65 76 89 102 109 100 85 116

Cash Flow View Details

Particulars 10 years 2012-03 Rs. Cr. 2013-03 Rs. Cr. 2014-03 Rs. Cr. 2015-03 Rs. Cr. 2016-03 Rs. Cr. 2017-03 Rs. Cr. 2018-03 Rs. Cr. 2019-03 Rs. Cr. 2020-03 Rs. Cr. 2021-03 Rs. Cr.
Cash Fr. Operatn. 39 24 100 67 71 63 62 81 21 76
Cash Fr. Inv. -24 -6 -72 -32 -41 10 -54 45 11 -32
Cash Fr. Finan. -16 -11 -27 -29 -40 -69 4 -121 -41 -32
Net Change -1 7 1 6 -10 5 12 5 -8 12
Cash & Cash Eqvt 41 47 27 33 24 8 20 24 16 28

Shareholding Pattern View Details

9 Qtrs 2020-03 (%) 2020-06 (%) 2020-09 (%) 2020-12 (%) 2021-03 (%) 2021-06 (%) 2021-09 (%) 2021-12 (%) 2022-03 (%)
Promoter 51.87 51.87 51.87 51.87 51.87 51.87 51.87 51.87 51.87
Public 48.13 48.13 48.13 48.13 48.13 48.13 48.13 48.13 48.13
Depository Receipts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Promoter Holding Pledge (%) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Announcements View Details

Sat, 14 May 2022
Announcement under Regulation 30 (LODR)-Newspaper Publication
Please find enclosed copies of the extracts of the unaudited Financial Results (Standalone & Consolidated) of ICRA Limited (the Company) for the quarter and year ended March 31 2022 published in the following newspapers on May 14 2022 pursuant to Regulation 47 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015:1. Financial Express 2. Jansatta
Sat, 14 May 2022
Format of the Annual Disclosure to be made by an entity identified as a LC - Annexure B2
Format of the Annual Disclosure to be made by an entity identified as a Large Corporate.

Sr. No. Particulars Details
1 Name of Company ICRA LTD.
2 CIN NO. L74999DL1991PLC042749
3 Report filed for FY 2021-2022
Details of the Current block (all figures in Rs crore):
4 2 - year block period (Specify financial years)* 2021-22 and 2022-23
5 Incremental borrowing done in FY (T)(a) 0.00
6 Mandatory borrowing to be done through debt securities in FY (T) (b) = (25% of a) 0.00
7 Actual borrowing done through debt securities in FY (T)(c) 0.00
8 Shortfall in the borrowing through debt securities if any for FY (T - 1) carried forward to FY (T) (d) 0
8Quantum of (d) which has been met from (c)(e)* 0
9 Shortfall if any in the mandatory borrowing through debt securities for FY (T) { after adjusting for any shortfall in borrowing for FY(T - 1) which was carried forward to FY(T)}(f) = (b) - [(c) - (e)]{ If the calculated value is zero or negative write nil}* 0


Details of penalty to be paid if any in respect to previous block (all figures in Rs crore):
2 - year Block period (Specify financial years)2020-21 and 2021-22
Amount of fine to be paid for the block if applicable Fine = 0.2% of {(d) - (e)}#0.00



Name of the Company Secretary :-S Shakeb Rahman
Designation :-Company Secretary and Compliance Officer
Name of the Chief Financial Officer :- Amit Gupta
Designation : -Chief Financial Officer and General Counsel

Date: 14/05/2022

Mon, 09 May 2022
Announcement under Regulation 30 (LODR)-Resignation of Director
Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015-Resignation of Director

Technical Scans View Details

Wed, 18 May 2022
Closing Below Previous Low Closing Below Previous Low
Close Within 52 Week High Zone Close Within 52 Week High Zone
High Decrease 1 Month High Decrease 1 Month
High Increase 2 Years High Increase 2 Years
Closing Near 50 SMA Closing Near 50 SMA

Related Stocks View Details

Stock Name Market Cap(Rs. Cr.) LTP Chg %
CRISIL Ltd. 27,448.04 3,758.85 +4.5%
Care Ratings Ltd. 1,221.73 412.10 -0.4%
Stock Name Statement TTM Ending Price Earning Ratio(TTM) LTP Chg %
CRISIL Ltd. Consolidated 2022-03 54.47 3,758.85 +4.5%
Care Ratings Ltd. Consolidated 2021-12 15.61 412.10 -0.4%
Stock Name Statement TTM Ending Price To Book Value(TTM) LTP Chg %
CRISIL Ltd. Consolidated 2022-03 16.59 3,758.85 +4.5%
Care Ratings Ltd. Consolidated 2021-12 1.95 412.10 -0.4%
Stock Name Statement Year Ending Debt Equity Ratio LTP Chg %
CRISIL Ltd. Consolidated 2021-12 0.00 3,758.85 +4.5%
Care Ratings Ltd. Consolidated 2021-03 0.00 412.10 -0.4%
Stock Name Statement Year Ending Return On Equity(%) LTP Chg %
CRISIL Ltd. Consolidated 2021-12 33.39 3,758.85 +4.5%
Care Ratings Ltd. Consolidated 2021-03 16.94 412.10 -0.4%
Stock Name Statement Year Ending Return On Capital Employed(%) LTP Chg %
CRISIL Ltd. Consolidated 2021-12 33.39 3,758.85 +4.5%
Care Ratings Ltd. Consolidated 2021-03 16.94 412.10 -0.4%
Stock Name Statement Year Ending Net Sales(Rs. Cr.) LTP Chg %
CRISIL Ltd. Consolidated 2021-12 2,300.69 3,758.85 +4.5%
Care Ratings Ltd. Consolidated 2021-03 248.45 412.10 -0.4%
Stock Name Statement Year Ending Profit After Tax(Rs. Cr.) LTP Chg %
CRISIL Ltd. Consolidated 2021-12 465.81 3,758.85 +4.5%
Care Ratings Ltd. Consolidated 2021-03 90.97 412.10 -0.4%