Professional Documents
Culture Documents
D. R. Dogra
MD & CEO
Disclaimer
Q3 & 9M FY16
2
Contents
Highlights
MCR / CDQI
New Developments
Economic Backdrop
Q3 & 9M FY16
3
Highlights: Q3-FY16
Financial Indicators
Growth in Operating Revenue of 0.81% in Q3-FY16 over Q3-FY15
Rating Income increases by 1.01% in Q3-FY16 over Q3-FY15
Total Expenses decrease by 10.24%
EBITDA margins at 64.60% and PAT margins at 41.94% in Q3-FY16
660 new clients added during Q3-FY16
Business Profile
Total volume of new debt rated is Rs 2.3 lakh crore in Q3-FY16 as against
Rs 1.98 lakh crore in Q3-FY15
Total number of instruments rated were 1,751
Q3 & 9M FY16
4
Highlights: 9M-FY16
Financial Indicators
Growth in Operating Revenue of 5.71% in 9M-FY16 over 9M-FY15
Rating Income increases by 5.45% in 9M-FY16 over 9M-FY15
Total Expenses decrease by 2.76%
EBITDA margins at 64.55% and PAT margins at 41.97% in 9M-FY16
2,126 new clients added during 9M-FY16
Business Profile
Total volume of new debt rated is Rs 7.36 lakh crore in 9M-FY16 as
against Rs 6.49 lakh crore in 9M-FY15
Total number of instruments rated were 5,002
Employee count at 565 as on December 31, 2015
Q3 & 9M FY16
5
Contents
Highlights
MCR / CDQI
New Developments
Economic Backdrop
Q3 & 9M FY16
6
Financial Performance
Rs crore
Rating Revenue
Q3-FY15
Q3-FY16
Growth
61.69
62.32
1.01%
178.20
187.91
5.45%
0.73
0.62
-15.84%
1.16
1.69
45.90%
Total Revenue
62.43
62.93
0.81%
179.36
189.61
5.71%
Other Income
2.84
0.99
-65.04%
40.36
6.14
-84.78%
Total Income
65.26
63.93
-2.05
219.72
195.75
-10.91%
Total Expenses
26.26
23.57
-10.24%
74.44
72.38
-2.76%
EBIDTA
40.18
41.30
2.77%
149.14
126.35
-15.28%
Operating Profit
36.17
39.36
8.84%
104.93
117.23
11.72%
PAT
26.24
26.81
2.17%
105.24
82.16
-21.93%
EBIDTA margin
61.57%
64.60%
67.87%
64.55%
57.94%
62.55%
58.50%
61.83%
PAT Margin
40.21%
41.94%
47.90%
41.97%
Q3 & 9M FY16
7
Q3 & 9M FY16
8
Total Expenditure
62.93
62.43
28
26.26
62
60
23.57
24
58
56
20
Q3 FY15
Q3 FY16
Operating Profit
Q3 FY15
28
39.36
40
PAT
26.24
26.81
26
36.17
36
24
32
22
28
20
Q3 FY15
Q3 FY16
Q3 FY16
Q3 FY15
Q3 FY16
Q3 & 9M FY16
9
Q3
FY16
Operating
profit
margin
62.55
62
59
56
53
50
47
expenditure
headcount
due
and
to
reduction
other
cost
in
control
measures.
Q3 FY15
Q3 FY16
41.94
40.21
37
Investment Income.
32
Q3 FY15
Q3 FY16
Q3 & 9M FY16
10
Total Expenditure
189.61
75
72.38
179.36
70
170
65
160
60
9M FY15
9M FY16
Operating Profit
120
110
74.44
117.23
9M FY15
110
90
104.93
100
70
90
50
9M FY15
105.24
9M FY16
9M FY16
PAT
82.16
9M FY15
9M FY16
Q3 & 9M FY16
11
61.83
58.50
58
control measures.
46
9M FY15
9M FY16
50
47.90
41.97
40
30
9M FY15
9M FY16
Q3 & 9M FY16
12
Business Performance
Total Active Clients
11,500
11,182
10,950
11,000
10,500
10,000
10,332
9,828
9,500
9,000
Mar'15
June'15
Sept'15
Dec'15
Q3 & 9M FY16
13
2.4
2.30
1.97
1.8
1.45
1.30
1.2
0.62
0.71
0.6
0.05
0.14
0
Short & Medium term
Long term
Q3 FY15
Total
Q3 FY16
Q3 & 9M FY16
14
2,250
2,034
1,751
1,481
1,500
1,186
752
750
28
16
68
182
72
Long term
Others
Total
Q3 FY16
Q3 & 9M FY16
15
7.36
6.49
3.28
3.31
3.49
2.73
2
0.45
0.59
Long term
9M FY15
Total
9M FY16
Q3 & 9M FY16
16
6,000
4,774
5,000
5,002
3,900
4,000
2,985
3,000
2,000
1,503
833
1,000
83
68
203 201
Long term
Others
Total
9M FY16
NSIC Ratings witnessed significant decline in FY16, however other grading products saw
an increase over last year.
Q3 & 9M FY16
17
Contents
Highlights
MCR / CDQI
New Developments
Economic Backdrop
Q3 & 9M FY16
18
Rating Movement
Credit Quality of domestic rated firms/entities declined during 9 months FY16 as
indicated by the MCR. The Modified Credit Ratio (MCR) declined from 1.14 in 9M-FY15 to
1.11 in 9M-FY16.
Movement in MCR
1.20
1.14
1.11
1.10
1.00
1.02
0.93
0.90
0.80
0.79
0.70
0.60
0.50
9M FY12
9M FY13
9M FY14
9M FY15
9M FY16
96.08
91.75
93.91
Mar'12
Apr'12
May'12
June'12
July'12
Aug'12
Sept'12
Oct'12
Nov'12
Dec'12
Jan'13
Feb'13
Mar'13
Apr'13
May'13
June'13
July'13
Aug'13
Sept'13
Oct'13
Nov'13
Dec'13
Jan'14
Feb'14
Mar'14
Apr'14
May'14
June'14
July'14
Aug'14
Sept'14
Oct'14
Nov'14
Dec'14
Jan'15
Feb'15
Mar'15
Apr'15
May'15
Jun'15
Jul'15
Aug'15
Sept'15
Oct'15
Nov'15
Dec'15
102
100
100
98
99.48
96
94
92
90
88
86
CARE Index
Q3 & 9M FY16
20
Contents
Highlights
MCR / CDQI
New Developments
Economic Backdrop
Q3 & 9M FY16
21
New Developments
CARE signed a Memorandum of Understanding
(MoU) with Japan Credit Rating Agency, Ltd. (JCR) to
collaborate with each other as strategic business
partners.
CARE entered into an agreement with GREX
Alternative Investments Market to provide a broad
analytical framework within which CARE Ratings will
be involved in conducting Rating / Grading exercises
for companies registered on GREX platform.
Q3 & 9M FY16
22
Contents
Highlights
MCR / CDQI
New Developments
Economic Backdrop
Q3 & 9M FY16
23
Economic Backdrop
10
5.0
4.0
3.8
8.4
8
7.5
7.4
7.0
6.6
6
3.0
2.5
2.0
1.0
0.0
Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16
FY15 (Apr-Nov)
FY16 (Apr-Nov)
Q3 & 9M FY16
24
Economic Backdrop
8
68
Easing Inflation
Depreciating Currency
6.67
6
5.27
5.34
5.09
4
3.87
4.05
65.93
66
3.95
64.91
2
64
0
0.33
63.50
-2.15
-2.25
-4
62.00
62
-4.55
62.25
60.59
60
-6
WPI (%)
CPI (%)
Q2
FY15
Q3
FY15
Q4
FY15
Q1
FY16
Q2
FY16
Q3
FY16
Economic Backdrop
15
10
5
2,000,000
11.9
9.5
3.9 4.0
1,000,000
1.0 0.4
0.8
820,890
1.9
0
Bank Credit
Industry
Apr-Nov FY15
Services
Retail
Apr-Nov FY16
9M FY15
9M FY16
400,000
299,725
337,091
307,037
355,930
200,000
7,31218,839
Public Issue
Private Placement
9M FY15
Total
9M FY16
Q3 & 9M FY16
26
Economic Backdrop
12.00
8.2
10.16
10.00
9.60
7.75
7.8
7.78
8.00
7.6
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
Apr-15
May-15
Apr-15
7.4
6.00
Q3 & 9M FY16
27
Q3 & 9M FY16
28
Thank You
Q3 & 9M FY16
29