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CRISIL – 3QCY2011
CRISIL registered strong top-line growth in 3QCY2011. The company’s net
sales grew by 38.3% yoy to `220cr on the back of strong growth of 48.0% yoy
in its research segment to `111cr (`75cr). The rating segment also registered
modest 14.3% yoy growth to `84cr (`73cr). CRISIL reported a 281bp yoy
expansion in OPM to 38.1% (35.3%), largely on account of a decline in staff
cost as a percentage of sales, which declined by 227bp yoy. Net profit
declined by 20.2% yoy to `60cr (`75cr). The sharp decline in PAT was due to
lower other income during the quarter, which declined by 88.1% yoy to `5cr
from `44cr in 3QCY2010.
The company has announced another round of buy back of shares.
The company will be purchasing shares directly from the market with a
maximum price of `1,000/share and up to an aggregate amount of `80cr.
With current market capitalization of `5,956cr, the company will only be able
to buy back 1.3% (assuming CMP of `839/share) of the total shares, which will
not have any significant impact on our estimates.
We continue to maintain our Neutral recommendation on the stock. We will be
coming with an updated report post management interaction.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
CRISIL – 3QCY2011
CRISIL registered strong top-line growth in 3QCY2011. The company’s net
sales grew by 38.3% yoy to `220cr on the back of strong growth of 48.0% yoy
in its research segment to `111cr (`75cr). The rating segment also registered
modest 14.3% yoy growth to `84cr (`73cr). CRISIL reported a 281bp yoy
expansion in OPM to 38.1% (35.3%), largely on account of a decline in staff
cost as a percentage of sales, which declined by 227bp yoy. Net profit
declined by 20.2% yoy to `60cr (`75cr). The sharp decline in PAT was due to
lower other income during the quarter, which declined by 88.1% yoy to `5cr
from `44cr in 3QCY2010.
The company has announced another round of buy back of shares.
The company will be purchasing shares directly from the market with a
maximum price of `1,000/share and up to an aggregate amount of `80cr.
With current market capitalization of `5,956cr, the company will only be able
to buy back 1.3% (assuming CMP of `839/share) of the total shares, which will
not have any significant impact on our estimates.
We continue to maintain our Neutral recommendation on the stock. We will be
coming with an updated report post management interaction.
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