CRISIL Ltd

About

CRISIL Ltd is a globally diversified analytical Company providing ratings, research, risk and policy advisory services. CRISIL is India’s leading ratings agency and the foremost provider of high-end research to large banks and leading corporations.[1]

Key Points

Ratings Business (28% of revenues)[1]
The company is the largest credit rating agency in India. Its capabilities span the entire range of debt instruments.
It has ratings outstanding on over 8,000 large and mid-scale corporates and financial institutions.[2]
This is the most profitable business of company and accounts for 51% of total profits while contributing only 28% of revenues.[3]
The company separated its credit ratings business into a wholly owned subsidiary, CRISIL Ratings Ltd pursuant to changes in SEBI regulations.[4]

See full details
  • Market Cap 21,692 Cr.
  • Current Price 2,979
  • High / Low 3,330 / 1,741
  • Stock P/E 74.5
  • Book Value 122
  • Dividend Yield 1.11 %
  • ROCE 30.0 %
  • ROE 22.2 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.97%
  • Company has been maintaining a healthy dividend payout of 102.84%

Cons

  • Stock is trading at 24.33 times its book value
  • The company has delivered a poor sales growth of -1.45% over past five years.
  • Earnings include an other income of Rs.304.31 Cr.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
282 318 290 208 203 216 211 214 228 235 246 252
210 237 219 187 183 201 168 169 184 288 181 193
Operating Profit 71 81 71 21 20 14 43 45 45 -53 65 59
OPM % 25% 25% 25% 10% 10% 7% 21% 21% 20% -22% 26% 23%
Other Income 33 35 12 41 130 56 69 54 70 19 147 68
Interest 0 0 0 0 0 0 2 2 2 2 2 2
Depreciation 7 8 6 6 6 6 16 16 16 18 14 13
Profit before tax 97 108 76 56 144 65 94 81 97 -53 196 112
Tax % 33% 13% 33% 17% 20% 16% 14% 14% 18% -20% 8% 16%
Net Profit 65 94 51 46 115 54 81 69 80 -64 181 94
EPS in Rs 9.06 13.00 7.08 6.42 15.87 7.48 11.19 9.56 11.03 -8.77 24.94 12.87

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 TTM
442 529 639 737 789 903 956 1,130 1,177 1,182 839 889 962
269 391 413 465 520 604 651 777 850 860 748 702 847
Operating Profit 172 138 226 272 270 299 305 353 327 322 91 187 115
OPM % 39% 26% 35% 37% 34% 33% 32% 31% 28% 27% 11% 21% 12%
Other Income 32 132 43 23 142 32 45 44 47 89 261 104 304
Interest 0 0 0 0 0 0 0 0 0 1 0 7 7
Depreciation 14 20 22 24 23 24 24 29 28 29 24 66 60
Profit before tax 190 249 247 270 389 307 325 368 346 381 328 218 352
Tax % 21% 21% 25% 29% 28% 30% 32% 35% 31% 27% 19% 24%
Net Profit 150 196 187 193 281 216 222 240 237 278 266 167 291
EPS in Rs 20.79 27.57 26.27 27.46 39.80 30.20 31.18 33.68 33.09 38.48 36.83 22.97 40.07
Dividend Payout % 48% 73% 41% 58% 48% 66% 74% 80% 85% 78% 87% 144%
Compounded Sales Growth
10 Years:5%
5 Years:-1%
3 Years:-9%
TTM:14%
Compounded Profit Growth
10 Years:1%
5 Years:-5%
3 Years:-11%
TTM:-9%
Stock Price CAGR
10 Years:13%
5 Years:5%
3 Years:24%
1 Year:67%
Return on Equity
10 Years:33%
5 Years:30%
3 Years:30%
Last Year:22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Jun 2021
7 7 7 7 7 7 7 7 7 7 7 7 7
Reserves 405 355 358 447 602 720 668 816 805 802 752 688 884
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 0
168 171 238 224 291 305 318 266 305 322 353 644 314
Total Liabilities 580 534 603 678 900 1,032 993 1,089 1,116 1,131 1,112 1,339 1,206
49 100 101 97 84 71 59 61 51 49 39 146 145
CWIP 64 0 0 0 0 0 0 2 12 5 12 10 0
Investments 181 118 108 232 372 507 509 586 644 659 636 672 534
286 316 393 350 444 454 425 441 410 418 425 511 527
Total Assets 580 534 603 678 900 1,032 993 1,089 1,116 1,131 1,112 1,339 1,206

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
176 135 238 149 146 260 208 202 274 279 265 387
-29 104 -42 -66 -74 -134 49 11 -76 -79 -18 -118
-93 -278 -167 -111 -82 -112 -262 -227 -176 -195 -224 -242
Net Cash Flow 53 -38 29 -28 -10 14 -4 -14 21 6 24 26

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
Debtor Days 57 67 49 54 71 51 52 60 50 51 67 48
Inventory Days
Days Payable
Cash Conversion Cycle 57 67 49 54 71 51 52 60 50 51 67 48
Working Capital Days -21 8 -62 -28 -30 -38 -35 11 3 -18 -44 -94
ROCE % 48% 49% 66% 66% 54% 44% 44% 46% 41% 47% 41% 30%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
67.64 67.58 67.53 67.45 67.40 67.40 67.24 67.22 67.20 67.13 67.05 66.99
5.85 5.78 5.76 5.74 5.32 5.72 5.52 5.55 6.25 7.15 6.71 6.81
11.89 11.85 11.88 11.86 11.90 12.00 12.15 12.39 12.02 11.55 12.08 12.29
14.62 14.79 14.83 14.95 15.38 14.88 15.09 14.84 14.53 14.17 14.16 13.91

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