ICRA Ltd

₹ 5,870 -0.46%

03 Jul 11:02 a.m.

About

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.^[1] It is involved in rating, management consulting and outsourcing and information services etc.^[2]

Key Points

Range of Services

Rating Services - ICRA is one of India's most experienced credit rating agencies. It rates debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings, and municipalities, among others.^[1]
Industry Research - The company provides research services across the economy, industry, and companies. It researches 55 industries with the reports providing in-depth analysis across business and profitability outlook, industry analysis, competitive landscape, regulatory environment, etc. ^[1]

Website BSE NSE

Market Cap ₹ 5,665 Cr.
Current Price ₹ 5,870
High / Low ₹ 6,468 / 4,948
Stock P/E 37.6
Book Value ₹ 1,012
Dividend Yield 1.72 %
ROCE 21.4 %
ROE 15.6 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 60.2%

Cons

The company has delivered a poor sales growth of 6.34% over past five years.
Earnings include an other income of Rs.75.0 Cr.
Debtor days have increased from 35.3 to 43.4 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Credit Rating Agencies Industry: Miscellaneous

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	82	80	83	87	94	93	99	103	109	103	105	115	124
	58	55	60	52	55	61	63	67	71	68	71	84	74
Operating Profit	24	25	23	35	39	32	36	36	38	35	34	30	50
OPM %	29%	31%	27%	40%	41%	34%	36%	35%	35%	34%	32%	26%	40%
	10	11	11	9	11	7	13	15	16	18	16	17	24
Interest	1	0	0	0	0	0	0	0	0	0	0	3	7
Depreciation	3	2	2	2	2	2	2	3	3	2	3	4	4
Profit before tax	31	33	31	41	47	36	46	48	51	50	47	41	62
Tax %	26%	27%	22%	25%	28%	41%	19%	18%	24%	18%	32%	20%	24%
	22	24	24	31	34	22	37	39	39	41	32	32	47
EPS in Rs	23.00	24.82	24.93	32.00	34.62	22.02	38.06	40.29	39.76	41.77	32.92	33.31	48.56
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	251	283	322	341	333	309	328	321	301	343	403	446
	192	197	252	240	231	194	215	225	220	222	260	297
Operating Profit	60	86	70	101	102	115	113	96	81	121	143	149
OPM %	24%	30%	22%	30%	31%	37%	34%	30%	27%	35%	35%	33%
	17	19	42	27	39	49	45	48	43	41	50	75
Interest	0	1	2	1	0	0	0	2	2	2	1	10
Depreciation	5	6	10	10	9	8	6	10	10	8	10	13
Profit before tax	72	98	100	118	132	157	152	131	112	152	181	200
Tax %	18%	30%	35%	35%	33%	35%	30%	26%	26%	25%	25%	24%
	59	69	66	76	89	101	106	97	83	114	137	152
EPS in Rs	59.16	68.93	65.45	76.24	89.29	101.68	109.21	99.66	84.61	116.35	140.13	156.55
Dividend Payout %	37%	33%	37%	33%	30%	29%	27%	27%	32%	24%	93%	64%

Compounded Sales Growth
10 Years:	5%
5 Years:	6%
3 Years:	14%
TTM:	11%

Compounded Profit Growth
10 Years:	10%
5 Years:	7%
3 Years:	23%
TTM:	11%

Stock Price CAGR
10 Years:	7%
5 Years:	13%
3 Years:	21%
1 Year:	7%

Return on Equity
10 Years:	15%
5 Years:	14%
3 Years:	15%
Last Year:	16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	329	378	419	466	539	645	631	692	748	834	941	967
	0	16	10	0	0	0	0	0	17	14	13	13
	102	109	144	151	111	116	128	144	121	121	138	196
Total Liabilities	441	513	583	627	660	771	769	846	896	978	1,101	1,185
	65	89	91	92	37	36	34	54	46	46	47	91
CWIP	1	7	0	1	1	0	1	2	3	2	1	1
Investments	229	277	257	185	311	338	182	104	177	454	689	813
	146	140	234	350	312	396	552	685	669	478	364	280
Total Assets	441	513	583	627	660	771	769	846	896	978	1,101	1,185

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	24	100	67	71	63	62	81	21	76	97	99	107
	-6	-72	-31	-40	-12	-54	45	11	-32	-72	-77	28
	-11	-27	-29	-40	-69	4	-121	-41	-32	-31	-32	-137
Net Cash Flow	6	1	7	-9	-17	12	5	-8	12	-7	-10	-2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	69	55	61	51	37	48	38	65	58	28	34	43
Inventory Days
Days Payable
Cash Conversion Cycle	69	55	61	51	37	48	38	65	58	28	34	43
Working Capital Days	-19	-54	-64	-66	-45	-41	-44	-2	-44	-52	-62	-57
ROCE %	19%	23%	21%	24%	26%	25%	23%	20%	15%	19%	20%	21%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	51.87%	51.87%	51.87%	51.87%	51.87%	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%
	9.76%	8.95%	8.18%	7.55%	7.55%	7.60%	7.71%	7.64%	7.71%	8.15%	8.22%	8.42%
	28.94%	29.49%	29.06%	28.84%	28.70%	27.47%	25.23%	24.73%	24.30%	23.98%	24.21%	24.05%
	9.10%	9.37%	10.56%	11.42%	11.56%	12.74%	14.86%	15.43%	15.79%	15.66%	15.38%	15.34%
	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%
No. of Shareholders	15,957	15,487	15,661	15,373	15,435	16,103	16,684	17,242	17,046	17,520	17,415	17,547

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	50.46%	50.55%	51.87%	51.87%	51.87%	51.87%	51.86%	51.86%
	8.75%	10.73%	9.11%	10.03%	9.76%	7.55%	7.64%	8.42%
	27.84%	28.31%	28.59%	29.91%	29.30%	28.84%	24.73%	24.05%
	11.54%	10.00%	10.11%	7.87%	8.74%	11.42%	15.43%	15.34%
	1.41%	0.41%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%
No. of Shareholders	14,709	12,518	13,343	12,486	13,772	15,373	17,242	17,547

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Announcements

All

Annual reports

DRHP

Concalls

May 2024
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Jan 2024

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Oct 2023
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Aug 2023

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May 2023
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Feb 2023

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Oct 2022

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Aug 2022

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May 2022

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Jan 2022

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Oct 2021

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Jul 2021

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May 2021

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May 2021

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Feb 2021

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Nov 2020

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Aug 2020

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Jul 2020

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Feb 2020

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Oct 2019

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Aug 2019

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May 2019

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Jan 2019

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Nov 2018

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Aug 2018

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May 2018

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Feb 2018

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Nov 2017

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Aug 2017

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May 2017

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Feb 2017

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Nov 2016

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Aug 2016

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May 2016

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Feb 2016

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Nov 2015

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Aug 2015

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