The Board of Directors of CRISIL Ltd, at its meeting yesterday, approved the unaudited financial results for the second quarter ended June 30, 2023 (Q2 2023).

CRISIL’s consolidated income from operations rose 15.3% to Rs 771.0 crore in Q2 2023, compared with Rs 668.5 crore in the corresponding quarter of the previous year.

Consolidated total income was up 12.1% to Rs 788.8 crore in Q2 2023, compared with Rs 703.8 crore in the corresponding quarter of the previous year. Profit after tax increased 10.0% to Rs 150.6 crore in Q2 2023, compared with Rs 136.9 crore in the corresponding quarter of the previous year.

CRISIL’s consolidated income from operations for the half year ended June 30, 2023 (H1 2023), rose 17.6% to Rs 1,485.9 crore, compared with Rs 1,263.5 crore in the corresponding period of the previous year. Consolidated total income was up 15.3% to Rs 1,521.0 crore in H1 2023, compared with Rs 1,318.9 crore in the corresponding period of the previous year. Profit after tax increased 14.6% to Rs 296.3 crore in H1 2023, compared with Rs 258.5 crore in the corresponding period of the previous year.

The Board of Directors declared an interim dividend of Rs 8 per share (of Rs 1 face value) in the current quarter for the financial year ending December 31, 2023, compared with Rs 8 per share declared during the corresponding quarter of the previous year.

During Q2 2023, the impact of foreign exchange movement was not favourable compared with the same quarter last year.

Says Amish Mehta, Managing Director and CEO, of CRISIL Ltd, “Economic activity globally and in India was resilient during Q2 2023. There are incipient signs of a slowdown in banking and financial services spending globally that, in turn, is impacting discretionary spends. Global banking clients are focusing on operational efficiencies, spending to conform to regulatory changes, and for their sustainability and business transformation agendas. Amid this environment, we saw growth across our businesses. We remain committed to growing sustainably and continue investing in technology, people, and new capabilities.”