ICRA Sees Profit Boost and Strategic Acquisition Amidst Economic Challenges

ICRA, a domestic rating agency, announced a notable 19.2% increase in its profit for the June quarter, achieving Rs 42.8 crore, compared to Rs 35.9 crore in the previous year.

The company's consolidated revenue from operations also saw a rise, growing 8.4% to Rs 124.5 crore from Rs 114.8 crore a year ago. ICRA has solidified plans to acquire Fintellix India Pvt Ltd for USD 26 million, pending the completion of certain conditions outlined in their share purchase agreement.

ICRA's MD and Group CEO, Ramnath Krishnan, highlighted the benefits of a supportive credit environment, despite challenges such as geopolitical tensions and unpredictable tariffs affecting the economic landscape. The company forecasts a slowdown in India's GDP growth but remains optimistic about domestic consumption and governmental capital expenditure.

(With inputs from agencies.)