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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
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%
DuPont's Analysis :-
A) Net Profit Margin
18%
37%
27%
B) Total Asset Turnover
0.90x
0.37
0.34x
C) Financial Leverage
1.68
1.13
1.18
D) ROE (A*B*C)
27%
15%
11%
Debt to Equity
0
0
0
Cash Conversion Cycle :-
A) Receivable Days
57
31
57
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
Revenue Segmentation :-
> 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
--
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
Employees Cost
54%
48%
57%
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
No. of Subsidiaries & JVs
12 Subsidiaries
4 Subsidiaries
5 Subsidiaries

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