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 20,843 Cr.
  • Current Price 2,862
  • High / Low 3,330 / 1,680
  • Stock P/E 54.2
  • Book Value 197
  • Dividend Yield 1.15 %
  • ROCE 37.4 %
  • ROE 28.1 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.00%
  • Company has been maintaining a healthy dividend payout of 64.79%

Cons

  • Stock is trading at 14.53 times its book value
  • The company has delivered a poor sales growth of 7.51% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
425 467 416 416 436 464 428 472 485 597 495 529
313 347 301 319 323 343 312 356 372 443 368 389
Operating Profit 112 120 114 97 113 122 116 116 113 154 128 139
OPM % 26% 26% 28% 23% 26% 26% 27% 25% 23% 26% 26% 26%
Other Income 29 29 7 12 44 20 30 12 37 15 13 22
Interest 0 1 0 0 0 0 3 4 4 4 3 3
Depreciation 10 12 9 10 9 9 26 31 33 31 28 27
Profit before tax 130 137 112 99 148 132 117 93 114 134 110 131
Tax % 31% 17% 32% 33% 29% 28% 25% 29% 21% 18% 24% 23%
Net Profit 90 114 77 67 105 95 88 66 90 110 84 101
EPS in Rs 12.49 15.77 10.62 9.25 14.54 13.18 12.16 9.15 12.44 15.16 11.49 13.86

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
537 628 807 978 1,111 1,253 1,380 1,548 1,658 1,748 1,732 1,982 2,106
347 473 545 650 750 865 980 1,104 1,203 1,277 1,276 1,471 1,572
Operating Profit 190 155 262 328 361 389 400 443 455 471 456 511 534
OPM % 35% 25% 33% 34% 32% 31% 29% 29% 27% 27% 26% 26% 25%
Other Income 32 130 43 20 103 24 43 50 25 73 73 83 87
Interest 0 0 0 0 0 0 0 0 0 2 0 14 13
Depreciation 15 21 30 34 38 36 37 55 47 43 37 121 119
Profit before tax 207 264 275 314 425 376 406 438 434 500 492 458 490
Tax % 22% 22% 25% 30% 30% 29% 30% 33% 30% 27% 30% 23%
Net Profit 161 205 206 220 298 268 285 294 304 363 344 355 385
EPS in Rs 22.24 28.94 29.07 31.38 42.16 37.62 40.04 41.26 42.46 50.35 47.57 48.87 52.95
Dividend Payout % 45% 69% 37% 51% 45% 53% 57% 65% 66% 60% 67% 68%
Compounded Sales Growth
10 Years:12%
5 Years:8%
3 Years:6%
TTM:17%
Compounded Profit Growth
10 Years:8%
5 Years:5%
3 Years:6%
TTM:8%
Stock Price CAGR
10 Years:13%
5 Years:5%
3 Years:18%
1 Year:67%
Return on Equity
10 Years:33%
5 Years:30%
3 Years:30%
Last Year:28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 427 387 411 522 667 841 849 978 1,041 1,129 1,165 1,305 1,427
Borrowings 0 0 0 0 0 0 0 0 0 3 3 0 0
200 214 285 454 470 416 475 400 446 495 514 895 834
Total Liabilities 634 608 703 983 1,145 1,265 1,331 1,385 1,495 1,634 1,689 2,207 2,268
120 225 226 467 449 432 413 309 293 350 349 763 708
CWIP 64 0 1 0 0 0 3 4 13 7 12 14 0
Investments 118 26 16 115 244 375 383 465 525 477 453 476 449
333 357 460 401 451 458 532 607 663 800 875 955 1,111
Total Assets 634 608 703 983 1,145 1,265 1,331 1,385 1,495 1,634 1,689 2,207 2,268

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
174 146 260 223 254 265 270 279 291 379 446 500
-34 70 -59 -68 -157 -185 2 -19 -179 -64 -77 -300
-93 -248 -167 -111 -82 -112 -262 -227 -187 -203 -229 -265
Net Cash Flow 47 -31 34 44 15 -31 10 33 -75 111 140 -64

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 63 63 42 44 39 41 52 49 57 59 42 57
Inventory Days
Days Payable
Cash Conversion Cycle 63 63 42 44 39 41 52 49 57 59 42 57
Working Capital Days -24 -19 -54 -95 -86 -46 -39 -7 2 -8 -26 -35
ROCE % 50% 50% 66% 66% 60% 48% 45% 45% 41% 45% 42% 37%

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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