CRISIL Ltd

CRISIL Ltd

₹ 4,905 -1.59%
23 Feb - 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 35,840 Cr.
  • Current Price 4,905
  • High / Low 5,250 / 2,972
  • Stock P/E 54.4
  • Book Value 299
  • Dividend Yield 1.10 %
  • ROCE 42.4 %
  • ROE 33.1 %
  • 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 32.0%
  • Company has been maintaining a healthy dividend payout of 64.7%

Cons

  • Stock is trading at 16.4 times its book value
  • Working capital days have increased from 28.4 days to 85.7 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
597 495 529 571 706 595 669 683 822 715 771 736 918
443 368 389 424 514 419 499 531 606 511 567 544 649
Operating Profit 154 128 139 147 193 176 169 151 216 203 204 192 269
OPM % 26% 26% 26% 26% 27% 30% 25% 22% 26% 28% 26% 26% 29%
15 13 22 33 59 20 35 65 18 17 18 36 36
Interest 4 3 3 2 2 2 2 2 1 1 1 1 1
Depreciation 31 28 27 26 25 25 26 26 26 26 26 26 25
Profit before tax 134 110 131 151 225 169 177 189 207 194 195 200 279
Tax % 18% 24% 23% 25% 25% 28% 23% 22% 24% 25% 23% 24% 25%
110 84 101 113 169 122 137 148 158 146 151 152 210
EPS in Rs 15.16 11.49 13.86 15.50 23.14 16.67 18.75 20.24 21.63 19.94 20.60 20.79 28.74
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
978 1,111 1,253 1,380 1,548 1,658 1,748 1,732 1,982 2,301 2,769 3,140
650 750 865 980 1,104 1,203 1,277 1,276 1,471 1,690 2,039 2,271
Operating Profit 328 361 389 400 443 455 471 456 511 611 730 868
OPM % 34% 32% 31% 29% 29% 27% 27% 26% 26% 27% 26% 28%
20 103 24 43 50 25 73 73 83 123 122 107
Interest 0 0 0 0 0 0 2 0 14 9 6 4
Depreciation 34 38 36 37 55 47 43 37 121 106 103 104
Profit before tax 314 425 376 406 438 434 500 492 458 618 742 868
Tax % 30% 30% 29% 30% 33% 30% 27% 30% 23% 25% 24% 24%
220 298 268 285 294 304 363 344 355 466 564 658
EPS in Rs 31.38 42.16 37.62 40.04 41.26 42.46 50.35 47.57 48.87 63.92 77.25 90.06
Dividend Payout % 51% 45% 53% 57% 65% 66% 60% 67% 68% 72% 62% 60%
Compounded Sales Growth
10 Years: 11%
5 Years: 12%
3 Years: 17%
TTM: 13%
Compounded Profit Growth
10 Years: 10%
5 Years: 13%
3 Years: 24%
TTM: 19%
Stock Price CAGR
10 Years: 16%
5 Years: 26%
3 Years: 37%
1 Year: 53%
Return on Equity
10 Years: 31%
5 Years: 31%
3 Years: 32%
Last Year: 33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 522 667 841 849 978 1,041 1,129 1,165 1,305 1,571 1,785 2,182
0 0 0 0 0 0 3 3 0 132 83 47
454 470 416 475 400 446 495 514 895 793 956 1,078
Total Liabilities 983 1,145 1,265 1,331 1,385 1,495 1,634 1,689 2,207 2,504 2,831 3,315
467 449 432 413 309 293 350 349 763 661 619 666
CWIP 0 0 0 3 4 13 7 12 14 5 14 0
Investments 115 244 375 383 465 525 477 453 476 645 683 1,056
401 451 458 532 607 663 800 875 955 1,193 1,515 1,593
Total Assets 983 1,145 1,265 1,331 1,385 1,495 1,634 1,689 2,207 2,504 2,831 3,315

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
223 254 265 270 279 291 379 446 500 403 456 780
-68 -157 -185 2 -19 -179 -64 -77 -300 -97 -59 -327
-111 -82 -112 -262 -227 -187 -203 -229 -265 -291 -368 -408
Net Cash Flow 44 15 -31 10 33 -75 111 140 -64 15 29 46

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 44 39 41 52 49 57 59 42 57 86 100 80
Inventory Days
Days Payable
Cash Conversion Cycle 44 39 41 52 49 57 59 42 57 86 100 80
Working Capital Days -95 -86 -46 -39 -7 2 -8 -26 -35 -9 8 86
ROCE % 66% 60% 48% 45% 45% 41% 45% 42% 37% 38% 41%

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

Concalls