CRISIL Ltd

CRISIL Ltd

₹ 5,068 1.78%
28 Mar - close price
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]
India’s premier ratings agency having rated 35,000+ large and medium-scale entities.[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]

  • Market Cap 37,056 Cr.
  • Current Price 5,068
  • High / Low 5,268 / 3,175
  • Stock P/E 56.6
  • Book Value 204
  • Dividend Yield 1.07 %
  • ROCE 56.4 %
  • ROE 51.2 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 19.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 45.6%
  • Company has been maintaining a healthy dividend payout of 74.4%

Cons

  • Stock is trading at 24.9 times its book value
  • Tax rate seems low
  • Earnings include an other income of Rs.493 Cr.

* 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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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
235 246 252 272 329 325 370 361 389 375 407 408 438
288 181 193 216 271 257 312 311 321 294 335 304 357
Operating Profit -53 65 59 56 59 67 58 49 68 81 72 104 81
OPM % -22% 26% 23% 20% 18% 21% 16% 14% 17% 22% 18% 26% 18%
19 147 68 53 121 62 72 60 78 69 159 78 190
Interest 2 2 2 2 3 2 1 1 1 1 1 1 1
Depreciation 18 14 13 13 22 17 16 17 17 17 16 17 17
Profit before tax -53 196 112 94 155 111 113 91 128 132 213 164 254
Tax % -20% 8% 16% 16% 19% 20% 15% 15% 14% 17% 10% 18% 9%
-64 181 94 79 126 88 96 77 110 110 193 135 231
EPS in Rs -8.77 24.94 12.87 10.83 17.32 12.07 13.13 10.52 15.03 15.01 26.39 18.41 31.60
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
737 789 903 956 1,130 1,177 1,182 839 889 1,204 1,444 1,628
465 520 604 651 777 850 860 748 702 952 1,202 1,288
Operating Profit 272 270 299 305 353 327 322 91 187 253 242 340
OPM % 37% 34% 33% 32% 31% 28% 27% 11% 21% 21% 17% 21%
23 142 32 45 44 47 89 261 104 386 273 493
Interest 0 0 0 0 0 0 1 0 7 8 6 3
Depreciation 24 23 24 24 29 28 29 24 66 70 68 67
Profit before tax 270 389 307 325 368 346 381 328 218 561 442 763
Tax % 29% 28% 30% 32% 35% 31% 27% 19% 24% 14% 16% 12%
193 281 216 222 240 237 278 266 167 483 371 668
EPS in Rs 27.46 39.80 30.20 31.18 33.68 33.09 38.48 36.83 22.97 66.24 50.71 91.40
Dividend Payout % 58% 48% 66% 74% 80% 85% 78% 87% 144% 69% 95% 59%
Compounded Sales Growth
10 Years: 8%
5 Years: 7%
3 Years: 22%
TTM: 13%
Compounded Profit Growth
10 Years: 12%
5 Years: 19%
3 Years: 59%
TTM: 80%
Stock Price CAGR
10 Years: 15%
5 Years: 28%
3 Years: 39%
1 Year: 55%
Return on Equity
10 Years: 36%
5 Years: 40%
3 Years: 46%
Last Year: 51%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
Equity Capital 7 7 7 7 7 7 7 7 7 7 7 7
Reserves 447 602 720 668 816 805 802 752 688 1,022 1,063 1,483
0 0 0 0 0 0 0 0 0 109 72 31
224 291 305 318 266 305 322 353 644 360 470 523
Total Liabilities 678 900 1,032 993 1,089 1,116 1,131 1,112 1,339 1,498 1,612 2,044
97 84 71 59 61 51 49 39 146 185 152 119
CWIP 0 0 0 0 2 12 5 12 10 5 9 9
Investments 232 372 507 509 586 644 659 636 672 644 666 995
350 444 454 425 441 410 418 425 511 664 784 920
Total Assets 678 900 1,032 993 1,089 1,116 1,131 1,112 1,339 1,498 1,612 2,044

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
149 146 260 208 202 274 279 265 387 -103 189 281
-66 -74 -134 49 11 -76 -79 -18 -118 385 125 148
-111 -82 -112 -262 -227 -176 -195 -224 -242 -276 -355 -397
Net Cash Flow -28 -10 14 -4 -14 21 6 24 26 6 -41 32

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
Debtor Days 54 71 51 52 60 50 51 67 48 77 92 84
Inventory Days
Days Payable
Cash Conversion Cycle 54 71 51 52 60 50 51 67 48 77 92 84
Working Capital Days -28 -30 -38 -35 11 3 -18 -44 -94 17 27 33
ROCE % 66% 54% 44% 44% 46% 41% 47% 41% 30% 56% 38% 56%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
67.05% 66.99% 66.92% 66.88% 66.79% 66.74% 66.72% 66.70% 66.69% 66.67% 66.66% 66.65%
6.71% 6.81% 6.59% 6.84% 6.65% 6.58% 6.69% 6.68% 6.90% 7.17% 7.25% 7.19%
12.08% 12.29% 5.96% 6.38% 7.00% 7.50% 13.10% 13.03% 13.16% 13.18% 13.08% 12.92%
14.16% 13.91% 20.53% 19.90% 19.56% 19.19% 13.50% 13.59% 13.27% 12.99% 13.01% 13.23%
No. of Shareholders 31,94536,05042,91144,20846,67052,58554,16254,55147,27642,12543,14546,428

* 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

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