ICRA Ltd

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

  1. Ratings Services - ICRA is one of the most experienced credit rating agencies in India. It rates debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings and municipalities, among others.[1]

  2. Industry Research - The company provides research services across the economy, industry and companies. It researches 60+ industries with the reports providing in-depth analysis across business and profitability outlook, industry analysis, competitive landscape, regulatory environment, etc.[1]

See full details
  • Market Cap 3,448 Cr.
  • Current Price 3,573
  • High / Low 4,159 / 2,530
  • Stock P/E 38.8
  • Book Value 785
  • Dividend Yield 0.76 %
  • ROCE 15.5 %
  • ROE 11.1 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 28.82%

Cons

  • The company has delivered a poor sales growth of -2.47% over past five years.
  • Company has a low return on equity of 13.78% for last 3 years.
  • Earnings include an other income of Rs.42.33 Cr.
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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
81 85 84 77 78 79 87 70 72 77 82 80
54 54 56 55 59 57 54 55 54 53 58 55
Operating Profit 27 30 27 22 18 22 33 15 18 24 24 25
OPM % 33% 36% 33% 29% 24% 28% 37% 21% 25% 31% 29% 31%
Other Income 12 11 12 12 12 12 12 11 11 11 10 11
Interest 0 0 0 0 1 1 1 1 1 0 1 0
Depreciation 1 1 2 2 3 3 3 2 2 3 3 2
Profit before tax 38 40 37 31 27 31 42 23 26 33 31 33
Tax % 29% 33% 29% 35% 29% 27% 17% 27% 27% 25% 26% 27%
Net Profit 27 27 26 20 19 22 35 17 18 24 22 24
EPS in Rs 27.05 27.59 27.11 21.03 19.79 23.00 35.83 17.43 19.12 25.06 23.00 24.82

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
162 193 207 251 283 322 341 333 309 328 321 301 311
102 127 145 192 197 252 240 231 194 215 225 220 220
Operating Profit 60 66 63 60 86 70 101 102 115 113 96 81 91
OPM % 37% 34% 30% 24% 30% 22% 30% 31% 37% 34% 30% 27% 29%
Other Income 23 13 21 17 19 42 27 39 49 45 48 43 42
Interest 0 0 0 0 1 2 1 0 0 0 2 2 2
Depreciation 4 5 5 5 6 10 10 9 8 6 10 10 9
Profit before tax 79 74 79 72 98 100 118 132 157 152 131 112 122
Tax % 33% 35% 32% 18% 30% 35% 35% 33% 35% 30% 26% 26%
Net Profit 53 48 54 59 69 65 76 89 101 105 96 82 89
EPS in Rs 53.48 48.11 54.01 59.16 68.93 65.45 76.24 89.29 101.68 109.21 99.66 84.61 92.00
Dividend Payout % 32% 36% 37% 37% 33% 37% 33% 30% 29% 27% 27% 32%
Compounded Sales Growth
10 Years:5%
5 Years:-2%
3 Years:-1%
TTM:-1%
Compounded Profit Growth
10 Years:5%
5 Years:3%
3 Years:-6%
TTM:-4%
Stock Price CAGR
10 Years:14%
5 Years:-2%
3 Years:1%
1 Year:28%
Return on Equity
10 Years:16%
5 Years:15%
3 Years:14%
Last Year:11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 10 10 10 10 10 10 10 10 10 10 10
Reserves 212 247 292 329 378 419 466 539 645 631 692 748
Borrowings 0 0 0 0 16 10 0 0 0 0 0 0
103 76 83 102 109 144 151 111 116 128 144 138
Total Liabilities 325 333 384 441 513 583 627 660 771 769 846 896
34 34 34 65 89 91 92 37 36 34 54 46
CWIP 0 0 0 1 7 0 1 1 0 1 2 3
Investments 75 191 236 229 277 257 185 311 338 182 104 177
216 108 114 146 140 234 350 312 396 552 685 669
Total Assets 325 333 384 441 513 583 627 660 771 769 846 896

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
42 48 39 24 100 67 71 63 62 81 21 76
-24 -102 -24 -6 -72 -31 -40 -12 -54 45 11 -32
-14 -20 -16 -11 -27 -29 -40 -69 4 -121 -41 -32
Net Cash Flow 4 -74 -1 6 1 7 -9 -17 12 5 -8 12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 82 61 65 69 55 61 51 37 48 38 65 58
Inventory Days
Days Payable
Cash Conversion Cycle 82 61 65 69 55 61 51 37 48 38 65 58
Working Capital Days -9 -51 -40 -19 -53 -64 -66 -45 -41 -44 -2 -48
ROCE % 38% 30% 24% 19% 23% 21% 24% 26% 25% 23% 20% 16%

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
50.55 51.87 51.87 51.87 51.87 51.87 51.87 51.87 51.87 51.87 51.87 51.87
14.16 12.23 9.11 9.07 9.87 10.52 10.03 9.62 9.93 9.74 9.76 9.76
24.98 25.63 28.59 28.99 29.72 29.22 29.91 30.22 29.80 29.32 29.30 28.94
9.91 9.94 10.11 9.75 8.21 8.07 7.87 7.96 8.07 8.74 8.74 9.10
0.40 0.33 0.33 0.33 0.33 0.33 0.33 0.33 0.33 0.33 0.33 0.33

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