Competitive Comparison Table - Credit Rating Industry
| Particulars | CRISIL Ltd. | CARE Ratings Ltd. | ICRA Ltd. | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As on |
As on Dec'20 |
As on Mar'21 |
As on Mar'21 |
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|
Revenue |
INR 1,981 cr. |
INR 248 cr. |
INR 301 cr. |
||||||||
|
3 year Revenue CAGR |
6% |
-9% |
-1% |
||||||||
|
EBIT |
INR 472 cr. |
INR 119 cr. |
INR 133 cr. |
||||||||
|
EBIT Margin |
24% |
48% |
42% |
||||||||
|
PAT |
INR 354 cr. |
INR 90 cr. |
INR 82 cr. |
||||||||
|
PAT Margin |
18% |
37% |
27% |
||||||||
|
ROCE |
27% |
15% |
13% |
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|
DuPont's Analysis :- |
|
|
|
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|
A) Net Profit Margin |
18% |
37% |
27% |
||||||||
|
B) Total Asset Turnover |
0.90x |
0.37 |
0.34x |
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|
C) Financial Leverage |
1.68 |
1.13 |
1.18 |
||||||||
|
D) ROE (A*B*C) |
27% |
15% |
11% |
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|
Debt to Equity |
0 |
0 |
0 |
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|
Cash Conversion Cycle :- |
|
|
|
||||||||
|
A) Receivable Days |
57 |
31 |
57 |
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|
B) Inventory Days |
0 |
0 |
0 |
||||||||
|
C) Payable Days |
26 |
0 |
13 |
||||||||
|
D) Total Days ( A + B - C) |
31 |
31 |
44 |
| Particulars | CRISIL Ltd. | CARE Ratings Ltd. | ICRA Ltd. | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As on |
As on Dec'20 |
As on Mar'21 |
As on Mar'21 |
||||||||
|
Major Shareholders |
S&P owns 67.1% (majority) of the shareholding in the firm |
Majorly held by mutual funds and other FII’s |
Moody’s owns 50.1% (majority) of the shareholdings in the firm |
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|
Revenue Segmentation :- |
|
|
|
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|
> Research Services |
65% |
-- |
-- |
||||||||
|
> Ratings Services |
28% |
100% |
62% |
||||||||
|
> Advisory/Consultancy Services |
7% |
-- |
7% |
||||||||
|
> IT Services |
-- |
-- |
31% |
||||||||
|
Revenue Share (Rating Revenue Only) |
56% |
21% |
22% |
||||||||
|
Modified credit ratio (MCR) |
0.54 |
0.96 |
-- |
||||||||
|
Instruments Rated |
15,000+ |
5,343 |
10,273+ |
||||||||
|
Debt Quality Index |
-- |
89.61 |
-- |
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|
New Products |
Launched a new product called Quantix to drive growth in research business |
ICRA had launched a credit rating scheme for SME segment in India |
Announced the launch of certificate courses in credit management |
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|
Employees Cost |
54% |
48% |
57% |
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|
Geography |
28% from India, 22% from Europe, 41% from North America & 8% from rest of the world |
10 countries includes India, Sri Lanka, Philippines, Middle east, Bhutan etc. |
Nepal, Indonesia, Sri Lanka |
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|
No. of Subsidiaries & JVs |
12 Subsidiaries |
4 Subsidiaries |
5 Subsidiaries |
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