Icra Q4 net slips 31% to Rs 19 crore on higher tax provision
May, 16th 2014
Rating agency Icra today reported a 31% decline in its net profit at Rs 19 crore in January-March quarter, on higher tax provisions.
The company had reported a net profit of Rs 27.50 crore in the same period of 2013-14.
"Profit declined 31% to Rs 19 crore following an increase in tax provision to Rs 8.42 crore from Rs 4.26 crore," the agency said in a statement.
For the full year, profit after tax declined 3% to Rs 58.73 crore from Rs 60.38 crore as income tax provisions of Rs 6.69 crore relating to previous years were adjusted against tax during 2012-13.
"Were this figure to be excluded, our net profit for FY14 would be higher by 9% over the previous fiscal," Icra said.
Operating income for the fourth quarter grew 7% to Rs 49.62 crore from Rs 46.30 crore.
The growth in operating revenue was mainly led by bank loan ratings and structured finance ratings.
Total income for Q4 stood at Rs 53.19 crore, as against Rs 56.41 crore, reflecting a decline of 6%.
"This decline is attributable to other income, which was lower by 65% during the period under consideration because of investments in fixed maturity plans maturing after the close of fourth quarter," Icra said.
On consolidated basis, Icra group's PAT rose 17% to Rs 68.93 crore in FY14 from Rs 59.16 crore.