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ICRA Limited (532835) Report Analysis

Corporate Events

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-11-21 15:11:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-11-17 14:51:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-11-09 10:56:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-11-03 09:57:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-29 14:49:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited to Report Q2, 2023 Results on Oct 20, 2022

2022-09-29 11:49:00

ICRA Limited announced that they will report Q2, 2023 results on Oct 20, 2022

Neutral

ICRA Limited, Board Meeting, Oct 20, 2022

2022-09-29 11:49:00

ICRA Limited, Board Meeting, Oct 20, 2022, at 10:38 Indian Standard Time. Agenda: To consider and approve the unaudited financial results (sta...

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-27 00:00:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-27 00:00:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-26 00:00:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-20 14:16:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-15 15:18:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited, Board Meeting, Aug 30, 2022

2022-08-30 06:46:00

ICRA Limited, Board Meeting, Aug 30, 2022. Agenda: To approve the appointment of Mr. Venkatesh Viswanathan as the Group Chief Financial Officer.

Negative

ICRA Limited Announces Executive Changes

2022-08-29 14:08:00

ICRA Limited announced that based on the recommendation of the Nomination and Remuneration Committee and approval of the Audit Committee, the ...

Negative

ICRA Limited Announces Executive Changes

2022-08-29 14:08:00

ICRA Limited announced that based on the recommendation of the Nomination and Remuneration Committee and approval of the Audit Committee, the ...

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-08-11 10:42:00

ICRA Limited - Shareholder/Analyst Call

Positive

ICRA Limited Approves to Declare Dividend on th...

2022-08-04 17:28:00

ICRA Limited approved to declare dividend of INR 28 per share on the equity shares for the financial year ended March 31, 2022 at the Annual G...

Neutral

ICRA Limited to Report Q1, 2023 Results on Aug 04, 2022

2022-07-18 15:58:00

ICRA Limited announced that they will report Q1, 2023 results on Aug 04, 2022

Neutral

ICRA Limited, Board Meeting, Aug 04, 2022

2022-07-18 15:58:00

ICRA Limited, Board Meeting, Aug 04, 2022. Agenda: To consider and approve the unaudited financial results (standalone & consolidated) of the ...

Negative

ICRA Appoints Anand Iyer as Group Chief Technol...

2022-07-05 00:00:00

ICRA appointed Mr. Anand Iyer as Group Chief Technology Officer (Group CTO), to accelerate its diverse technology-led growth vision. Mr. Iyer ...

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-06-27 14:02:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-06-22 14:26:00

ICRA Limited - Shareholder/Analyst Call

Neutral

Quint Digital Media Limited Approves Appointmen...

2022-05-30 14:07:00

Quint Digital Media Limited announced at board meeting held on May 30, 2022 that company approved appointment of ICRA Limited as a monitoring ...

Negative

ICRA Limited Appoints Stephen Arthur as Non Exe...

2022-05-12 12:29:00

ICRA Limited at its board meeting held on May 12, 2022, appointed Mr. Stephen Arthur Long as an Additional Director under the category of "Non...

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-05-12 12:08:00

Annual General Meeting

Neutral

ICRA Limited, Annual General Meeting, Aug 04, 2022

2022-05-12 12:08:00

ICRA Limited, Annual General Meeting, Aug 04, 2022, at 15:30 Indian Standard Time. Agenda: To recommend a dividend of for the financial year e...

Positive

ICRA Limited Recommends Dividend for the Financ...

2022-05-12 12:02:00

ICRA Limited at its Board Meeting held on May 12, 2022; recommended a dividend of INR 28 per equity share of the face value of INR 10 each for...

Positive

ICRA Limited, 28.0 (INR), Cash Dividend, Jul-28-2022

2022-05-12 00:00:00

ICRA Limited, 28.0 (INR), Cash Dividend, Jul-28-2022

Negative

ICRA Limited Announces Resignation of Min Ye as...

2022-05-09 16:16:00

ICRA Limited announced that Min Ye has resigned as Non-Executive and Non-Independent Director (inclusive of membership in any and all committe...

Neutral

ICRA Limited to Report Q4, 2022 Results on May 12, 2022

2022-04-19 08:10:00

ICRA Limited announced that they will report Q4, 2022 results on May 12, 2022

Neutral

ICRA Limited, Board Meeting, May 12, 2022

2022-04-19 08:10:00

ICRA Limited, Board Meeting, May 12, 2022, at 13:59 Indian Standard Time. Agenda: To consider and approve the audited standalone & consolidate...

Neutral

ICRA Limited - Special Call

2022-02-09 00:00:00

ICRA Limited - Special Call

Neutral

ICRA Limited to Report Q3, 2022 Results on Jan 25, 2022

2022-01-06 12:20:00

ICRA Limited announced that they will report Q3, 2022 results on Jan 25, 2022

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-15 13:52:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-14 16:53:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-09 13:56:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-07 13:26:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-06 12:34:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-03 17:30:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-02 10:05:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-11-21 15:11:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-11-17 14:51:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-11-09 10:56:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-11-03 09:57:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-29 14:49:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited to Report Q2, 2023 Results on Oct 20, 2022

2022-09-29 11:49:00

ICRA Limited announced that they will report Q2, 2023 results on Oct 20, 2022

Neutral

ICRA Limited, Board Meeting, Oct 20, 2022

2022-09-29 11:49:00

ICRA Limited, Board Meeting, Oct 20, 2022, at 10:38 Indian Standard Time. Agenda: To consider and approve the unaudited financial results (standalone & consolidated) of the Company for the second quarter and half year ending September 30, 2022.

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-27 00:00:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-27 00:00:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-26 00:00:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-20 14:16:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-09-15 15:18:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited, Board Meeting, Aug 30, 2022

2022-08-30 06:46:00

ICRA Limited, Board Meeting, Aug 30, 2022. Agenda: To approve the appointment of Mr. Venkatesh Viswanathan as the Group Chief Financial Officer.

Negative

ICRA Limited Announces Executive Changes

2022-08-29 14:08:00

ICRA Limited announced that based on the recommendation of the Nomination and Remuneration Committee and approval of the Audit Committee, the Board of Directors at its meeting held today, has approved the appointment of Mr. Venkatesh Viswanathan as a Group Chief Financial Officer and Key Managerial Personnel of ICRA Limited (the "Company"), effective from August 30, 2022, and also designated him as Chief Investor Relations Officer. Further, Mr. Amit Kumar Gupta, the Chief Financial Officer of the Company, appointed for an interimperiod, has stepped down as Chief Financial Officer. Mr. Gupta will continue to hold his current key managerial position of General Counsel of the Company.

Negative

ICRA Limited Announces Executive Changes

2022-08-29 14:08:00

ICRA Limited announced that based on the recommendation of the Nomination and Remuneration Committee and approval of the Audit Committee, the Board of Directors at its meeting held today, has approved the appointment of Mr. Venkatesh Viswanathan as a Group Chief Financial Officer and Key Managerial Personnel of ICRA Limited (the "Company"), effective from August 30, 2022, and also designated him as Chief Investor Relations Officer. Further, Mr. Amit Kumar Gupta, the Chief Financial Officer of the Company, appointed for an interimperiod, has stepped down as Chief Financial Officer. Mr. Gupta will continue to hold his current key managerial position of General Counsel of the Company.

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-08-11 10:42:00

ICRA Limited - Shareholder/Analyst Call

Positive

ICRA Limited Approves to Declare Dividend on the Equity Shares for the Financial Year Ended March 31, 2022

2022-08-04 17:28:00

ICRA Limited approved to declare dividend of INR 28 per share on the equity shares for the financial year ended March 31, 2022 at the Annual General Meeting held on August 4, 2022.

Neutral

ICRA Limited to Report Q1, 2023 Results on Aug 04, 2022

2022-07-18 15:58:00

ICRA Limited announced that they will report Q1, 2023 results on Aug 04, 2022

Neutral

ICRA Limited, Board Meeting, Aug 04, 2022

2022-07-18 15:58:00

ICRA Limited, Board Meeting, Aug 04, 2022. Agenda: To consider and approve the unaudited financial results (standalone & consolidated) of the Company for the first quarter ended June 30, 2022.

Negative

ICRA Appoints Anand Iyer as Group Chief Technology Officer (Group CTO)

2022-07-05 00:00:00

ICRA appointed Mr. Anand Iyer as Group Chief Technology Officer (Group CTO), to accelerate its diverse technology-led growth vision. Mr. Iyer will be responsible for driving the Group level digital strategy for ICRA Limited and its subsidiaries, continuing to strengthen ICRA's technology capabilities and thought leadership, and contributing to the growth of the Group. Mr. Iyer has displayed exemplary leadership skills over his long career, holding multiple senior roles in various global organisations, leading large transformation projects, successfully managing large teams and building tech-enabled organisations. Mr. Iyer joins ICRA from D&B India where he was Sr. Director -Operations and Information Technology, since 2018, prior to which, he was the Chief Information Officer (CIO) with the National Commodity and Derivatives Exchange (NCDEX). Mr. Iyer is an MBA in Finance & Systems, from the Institute for Technology & Management (ITM), after completing a double graduation in Mathematics and Statistics from the Mumbai University. Mr. Anand Iyer brings over 24 years of rich experience in the financial services sector across banking, data, capital markets and real-time systems. Over the years, he has built his career as a technologist with deep exposure to areas like capital markets, anti-money laundering, cross-border payments and risk management.

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-06-27 14:02:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-06-22 14:26:00

ICRA Limited - Shareholder/Analyst Call

Neutral

Quint Digital Media Limited Approves Appointment of ICRA Limited as Monitoring Agency

2022-05-30 14:07:00

Quint Digital Media Limited announced at board meeting held on May 30, 2022 that company approved appointment of ICRA Limited as a monitoring agency to monitor the utilisation of proceeds of the Rights Issue of the Company.

Negative

ICRA Limited Appoints Stephen Arthur as Non Executive and Non-Independent Additional Director

2022-05-12 12:29:00

ICRA Limited at its board meeting held on May 12, 2022, appointed Mr. Stephen Arthur Long as an Additional Director under the category of "NonExecutive and Non-Independent Director". Mr. Long's appointment is effective from May 13, 2022. Mr. Long is not related to any Director on the Board of the Company, and he is not debarred from holding the office of director pursuant to the Securities and Exchange Board of India order or any other authority.

Neutral

ICRA Limited - Shareholder/Analyst Call

2022-05-12 12:08:00

Annual General Meeting

Neutral

ICRA Limited, Annual General Meeting, Aug 04, 2022

2022-05-12 12:08:00

ICRA Limited, Annual General Meeting, Aug 04, 2022, at 15:30 Indian Standard Time. Agenda: To recommend a dividend of for the financial year ended March 31, 2022.

Positive

ICRA Limited Recommends Dividend for the Financial Year Ended March 31, 2022, Payable on or Before August 19, 2022

2022-05-12 12:02:00

ICRA Limited at its Board Meeting held on May 12, 2022; recommended a dividend of INR 28 per equity share of the face value of INR 10 each for the financial year ended March 31, 2022. The dividend as recommended by the Board of Directors, if declared at the Thirty-First Annual General Meeting, will be paid/dividend warrants will be dispatched on or before August 19, 2022.

Positive

ICRA Limited, 28.0 (INR), Cash Dividend, Jul-28-2022

2022-05-12 00:00:00

ICRA Limited, 28.0 (INR), Cash Dividend, Jul-28-2022

Negative

ICRA Limited Announces Resignation of Min Ye as Non-Executive and Non-Independent Director Inclusive of Membership in Any and All Committees of Board of Directors, Effective May 13, 2022

2022-05-09 16:16:00

ICRA Limited announced that Min Ye has resigned as Non-Executive and Non-Independent Director (inclusive of membership in any and all committees of the board of directors) of the company, effective May 13, 2022.

Neutral

ICRA Limited to Report Q4, 2022 Results on May 12, 2022

2022-04-19 08:10:00

ICRA Limited announced that they will report Q4, 2022 results on May 12, 2022

Neutral

ICRA Limited, Board Meeting, May 12, 2022

2022-04-19 08:10:00

ICRA Limited, Board Meeting, May 12, 2022, at 13:59 Indian Standard Time. Agenda: To consider and approve the audited standalone & consolidated financial results of the Company for the quarter and year ended March 31, 2022 and to recommend dividend, if any, on the equity shares of the Company for the financial year 2021-2022.

Neutral

ICRA Limited - Special Call

2022-02-09 00:00:00

ICRA Limited - Special Call

Neutral

ICRA Limited to Report Q3, 2022 Results on Jan 25, 2022

2022-01-06 12:20:00

ICRA Limited announced that they will report Q3, 2022 results on Jan 25, 2022

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-15 13:52:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-14 16:53:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-09 13:56:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-07 13:26:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-06 12:34:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-03 17:30:00

ICRA Limited - Shareholder/Analyst Call

Neutral

ICRA Limited - Shareholder/Analyst Call

2021-12-02 10:05:00

ICRA Limited - Shareholder/Analyst Call

Fundamental Summary

ICRA published its Q1 report on 2021-06-30 with positive results, but no significant factors particularly remarkable relative to its peers. It is highly likely that it will be mostly tethered to market performance and sector movements for the near term. As such, ICRA received an overall score of 64 and a HOLD recommendation.

ICRA reported earnings results for the second quarter and six months ended September 30, 2022. For the second quarter, the company reported sales was INR 985.95 million compared to INR 826.77 million a year ago. Revenue was INR 1,118.44 million compared to INR 933.02 million a year ago. Net income was INR 367.3 million compared to INR 240.56 million a year ago. Basic earnings per share from continuing operations was INR 38.19 compared to INR 250 a year ago. Diluted earnings per share from continuing operations was INR 18.19 compared to INR 25.01 a year ago.For the six months, sales was INR 1,911.15 million compared to INR 1,625.42 million a year ago. Revenue was INR 2,100.31 million compared to INR 1,838.27 million a year ago. Net income was INR 579.81 million compared to INR 480.1 million a year ago. Basic earnings per share from continuing operations was INR 60.28 compared to INR 49.91 a year ago. Diluted earnings per share from continuing operations was INR 60.28 compared to INR 49.91 a year ago.

Business Description

ICRA operates as an independent and professional investment information, and credit rating agency in India and internationally. The company operates through Rating, Research and Other Services; Consulting Services; Knowledge Services; and Market Services segments. It offers credit, bank loan, structured finance, issuer, mutual fund, industry research, fund management quality, equity grading rating, and insurance financial strength rating, line of credit rating services, as well as public issue proceeds monitoring services. The company also provides grading services to banking and finance, insurance, and hydro-electricity sectors, as well as construction, trading, aviation, and manufacturing companies; industry research services in the areas of business and profitability outlook, industry analysis, competitive landscape, impact of regulatory environment, benchmarking of companies, industry credit profile, company profile on listed players, etc.; and management consulting services, such as risk management, financial advisory, and outsourcing and policy advisory. In addition, it offers financial information products and services, as well as KPO services. The company was formerly known as Investment Information and Credit Rating Agency of India Limited. ICRA was incorporated in 1991 and is headquartered in Gurugram, India.

Sector Overview

ICRA is included in the Capital Markets according to GICS (global industry classification standard). The Capital Markets industry is part of the Financials sector. It includes companies that engage in Diversified Capital Markets, Investment Banking & Brokerage, Asset Management & Custody Banks. ICRA's industry and sector affiliation are expected to positively boost their relative likelihood to overperform the market looking forward, as they should benefit significantly from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 9.0B 6.0% 69
Liabilities 1.3B -4.5% 62
Price to Book 4.2 40.5% 68
Cash & Equivalents 284.5M 75.5% 67
Equity 7.6B 8.0% 81
EBITDA 817.1M -14.7% 57
Total Revenues 3.0B -6.2% 87
Parameter Value Change Score
Return on Equity 11.3 -21.8% 50
Net Cashflow 122.4M 249.0% 65
Capital Expenditure -22.8M 41.3% 64
Asset Turnover 0.3 -13.1% 49
Free Cashflow Per Share 75.8 322.2% 71
* All values are TTM

The below chart reflects ICRA's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While ICRA's peer average final assessment score stands on 72, ICRA's score is 64.

  •  532835
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
Angel One Limited 133.3B 88 69 76
Buy
84
84 0 1
Indian Energy Exchange Limited 132.4B 94 77 80
Strong Buy
99
99 1 1
IDFC Limited 131.1B 74 48 68
Hold
63
63 2 1
Tata Investment Corporation Limited 118.8B 90 61 86
Buy
84
84 3 1
UTI Asset Management Company Limited 99.2B 67 60 71
Hold
67
67 4 1
JM Financial Limited 71.1B 77 69 78
Buy
79
79 5 1
JSW Holdings Limited 47.4B 87 64 61
Buy
79
79 6 1
Bengal & Assam Company Limited 42.6B 81 69 80
Buy
80
80 7 1
Authum Investment & Infrastructure Limited 40.9B 57 72 66
Hold
63
63 8 1
Share India Securities Limited 38.9B 82 76 66
Buy
81
81 9 1
Dhani Services Limited 29.2B 65 62 74
Hold
64
64 10 1
Choice International Limited 26.6B 66 74 66
Hold
70
70 11 1
HDFC Asset Management Company Limited 466.5B 79 66 71
Hold
77
77 12 1
CRISIL Limited 213.7B 76 82 72
Buy
81
81 13 1
ICICI Securities Limited 170.3B 90 59 49
Hold
76
76 14 1
Nippon Life India Asset Management Limited 169.0B 77 68 76
Hold
77
77 15 1
IIFL Wealth Management Limited 162.6B 59 89 50
Hold
69
69 16 1
Central Depository Services (India) Limited 129.4B 79 81 55
Buy
83
83 17 1
Aditya Birla Sun Life AMC Limited 125.0B 86 60 73
Buy
79
79 18 1
Motilal Oswal Financial Services Limited 98.0B 86 75 81
Strong Buy
89
89 19 1
Multi Commodity Exchange of India Limited 79.7B 70 48 76
Hold
62
62 20 1
BSE Limited 78.2B 79 71 83
Buy
83
83 21 1
Edelweiss Financial Services Limited 60.0B 81 65 86
Hold
76
76 22 1
Prudent Corporate Advisory Services Limited 36.8B 89 69 52
Buy
79
79 23 1
IIFL Securities Limited 21.1B 84 70 74
Buy
83
83 24 1
CARE Ratings Limited 16.3B 71 67 76
Hold
71
71 25 1

Macro Environment

Neutral
69

Typically, the stock market in India will react to recent economic events, as well as be influenced by the sentiment in other major economies around the world, such as the United States, European Union, and China. Our assessment is that these two events may influence global market sentiment. On the negative side we have the tensions between taiwan and china, and on the positive side we have the end of COVID-19 pandemic.

Positive end of COVID-19 pandemic

The World Health Organization issued six policy briefs outlining essential steps governments could take to stop the pandemic. The briefings, which are based on evidence and experience from the previous 32 months, provide guidance on how to save lives, protect health systems, and minimize social and economic disruption.

Negative tensions between taiwan and china

The tensions between Taiwan and China have spiked following Nancy Pelosi's visit to Taipei. China staged war games near Taiwan to express its anger at what it saw as stepped-up U.S. support for the island Beijing views as sovereign Chinese territory. Because Taiwan produces the majority of the world's semiconductors, which are used in every electronic device today, a war between China and Taiwan might be catastrophic for the global economy.

Besides the events we mentioned, there are also specific events related to the Diversified Financials industry of which ICRA Limited is a part. As a result, we believe that the rising interest rate is a positive event that will continue to support the industry in the future, whereas the rising inflation may cloud the sector's shares.

Positive rising interest rate

From a historical point of view, the finance sector functions well when interest rates are rising, mainly due to the increase in loan repayments from lenders. Also, insurers often reinvest policyholder premiums into bond instruments, allowing them to profit when Treasury yields increase.

Negative rising inflation

The sudden increase in inflation is generally regarded as the most painful since it takes companies several quarters to pass on higher input costs to consumers. Historically, companies traded in the Diversified Financials industry have been hit by high inflation times due to increased operating expenses and decreased revenues.

In considering the current macro environment and the risks that might affect ICRA Limited stock, we came to the conclusion that recent events aren't likely to affect the company's performance in the short term, and thus rated ICRA Limited macro environment with the score of 69.

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. ICRA's stock is now priced above its 5-day, 50-day, and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is strengthening. Historically, this is a positive setup in the near, medium, and long-term. In particular, many institutional investors keep close watch of the 200-day moving average. The company is trading near it's 12-month high, which signals an attack on the resistance price. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), ICRA's stock appears overbought. Overall, these technical indicators signal positive upward momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 73.

Bullish 73
Close Price 4407.25
52W Low 3378.05
52W High 4416.15
5D MA 4335.78
50D MA 4096.33
200D MA 3945.07
MACD 77.58
RSI 93.66
STOCH 97.86

Balance Sheet Analysis

While the critical metrics for ICRA's balance sheet were not overwhelmingly positive, nonetheless, ICRA's leadership seems to be consistently making smart decisions related to managing their balance sheet. ICRA produced great equity metrics for this filing, demonstrating management's skill in increasing shareholder value. ICRA's equity was reported as 7.6B, which represents a 8.0% change from the last report. Companies in the same sector and market capitalization will usually be affected by up to 8.0 percent by this parameter. This performance is significantly more impressive than its peers and competitors. Therefore, its equity movement component earned a score of 81. Also, ICRA assets on their balance sheet, moved to 9.0B, which is a 6.0% change from the last period. This performance is interesting in comparison to its peers and competitors. Therefore, its asset component earned a score of 69. That said, one metric, Liabilities, stood out as strongly negative. ICRA's liabilities stood at 1.3B in the current filing, which represents a -4.5% change from the previous report. ICRA's liabilities changes appear mediocre compared to their peers. Contextually, they convey that management finds balancing asset growth, resource allocation, and liabilities challenging. Its liabilities movement component, therefore, received a grade of 62. Therefore, their balance sheet earned a grade of 73.

Parameter Value Change Score
Assets 9.0B 6.0% 69
Liabilities 1.3B -4.5% 62
Price to Book 4.2 40.5% 68
Cash & Equivalents 284.5M 75.5% 67
Equity 7.6B 8.0% 81
* All values are TTM

The below chart describes ICRA's performance as reflected on its balance sheet with respect to its peers. While ICRA received a balance sheet score of 73, the average of its peers stands on 72.

  •  532835
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
Angel One Limited 133.3B 93.0 48.0 39.0 69.0 96.0 88 0 1
Indian Energy Exchange Limited 132.4B 95.0 40.0 88.0 81.0 89.0 94 1 1
IDFC Limited 131.1B 82.0 62.0 64.0 65.0 69.0 74 2 1
Tata Investment Corporation Limited 118.8B 93.0 44.0 66.0 79.0 88.0 90 3 1
UTI Asset Management Company Limited 99.2B 39.0 86.0 78.0 50.0 73.0 67 4 1
JM Financial Limited 71.1B 76.0 58.0 52.0 79.0 79.0 77 5 1
JSW Holdings Limited 47.4B 95.0 44.0 65.0 48.0 90.0 87 6 1
Bengal & Assam Company Limited 42.6B 55.0 56.0 68.0 53.0 90.0 81 7 1
Authum Investment & Infrastructure Limited 40.9B 57.0 78.0 64.0 61.0 57.0 57 8 1
Share India Securities Limited 38.9B 52.0 46.0 83.0 89.0 90.0 82 9 1
Dhani Services Limited 29.2B 67.0 65.0 76.0 66.0 60.0 65 10 1
Choice International Limited 26.6B 58.0 74.0 71.0 68.0 65.0 66 11 1
HDFC Asset Management Company Limited 466.5B 75.0 53.0 51.0 74.0 83.0 79 12 1
CRISIL Limited 213.7B 65.0 55.0 49.0 71.0 86.0 76 13 1
ICICI Securities Limited 170.3B 93.0 43.0 49.0 95.0 88.0 90 14 1
Nippon Life India Asset Management Limited 169.0B 74.0 56.0 47.0 86.0 79.0 77 15 1
IIFL Wealth Management Limited 162.6B 45.0 88.0 63.0 41.0 68.0 59 16 1
Central Depository Services (India) Limited 129.4B 78.0 52.0 73.0 83.0 78.0 79 17 1
Aditya Birla Sun Life AMC Limited 125.0B 43.0 51.0 94.0 91.0 91.0 86 18 1
Motilal Oswal Financial Services Limited 98.0B 85.0 53.0 48.0 80.0 88.0 86 19 1
Multi Commodity Exchange of India Limited 79.7B 85.0 75.0 73.0 41.0 61.0 70 20 1
BSE Limited 78.2B 87.0 56.0 90.0 76.0 70.0 79 21 1
Edelweiss Financial Services Limited 60.0B 49.0 59.0 73.0 59.0 79.0 81 22 1
Prudent Corporate Advisory Services Limited 36.8B 86.0 52.0 82.0 75.0 88.0 89 23 1
IIFL Securities Limited 21.1B 91.0 41.0 48.0 89.0 83.0 84 24 1
CARE Ratings Limited 16.3B 44.0 58.0 50.0 63.0 84.0 71 25 1

Income Statement Analysis

A few key income statement metrics in this report were discouraging. ICRA's reported return on equity (ROE) ratio was 11.3, representing a change of -21.8%. This metric might have a 9.4 percent impact on companies in the same industry and with the same market capitalization. They does not yet appear to be headed in the right direction regarding these return on equity and return on assets metrics. Consequently, their return factors received a grade of 50. On the other hand, Revenue Efficiency, jumped out as looking rather positive. ICRA reported highly encouraging numbers for its revenue efficiency. This parameter often affects companies in the same industry and market capitalization by up to 1.8%. Their industry-leading revenue efficiency makes a strong case for upward pressure on its's stock price. As a result, its revenue efficiency earned a score of 87. Therefore, their income statement earned a grade of 51.

Parameter Value Change Score
EBITDA 817.1M -14.7% 57
Total Revenues 3.0B -6.2% 87
Return on Equity 11.3 -21.8% 50
* All values are TTM

The below chart describes ICRA's performance as reflected on its income statement with respect to its peers. While ICRA received a income statement score of 51 , the average of its peers stands on 71.

  •  532835
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
Angel One Limited 133.3B 46.0 73.0 70.0 69 0 1
Indian Energy Exchange Limited 132.4B 50.0 87.0 66.0 77 1 1
IDFC Limited 131.1B 49.0 68.0 47.0 48 2 1
Tata Investment Corporation Limited 118.8B 41.0 69.0 58.0 61 3 1
UTI Asset Management Company Limited 99.2B 81.0 50.0 58.0 60 4 1
JM Financial Limited 71.1B 48.0 68.0 77.0 69 5 1
JSW Holdings Limited 47.4B 47.0 75.0 53.0 64 6 1
Bengal & Assam Company Limited 42.6B 69.0 61.0 78.0 69 7 1
Authum Investment & Infrastructure Limited 40.9B 81.0 77.0 66.0 72 8 1
Share India Securities Limited 38.9B 45.0 68.0 83.0 76 9 1
Dhani Services Limited 29.2B 58.0 61.0 63.0 62 10 1
Choice International Limited 26.6B 73.0 68.0 70.0 74 11 1
HDFC Asset Management Company Limited 466.5B 57.0 75.0 57.0 66 12 1
CRISIL Limited 213.7B 58.0 86.0 77.0 82 13 1
ICICI Securities Limited 170.3B 50.0 63.0 56.0 59 14 1
Nippon Life India Asset Management Limited 169.0B 59.0 75.0 59.0 68 15 1
IIFL Wealth Management Limited 162.6B 68.0 87.0 83.0 89 16 1
Central Depository Services (India) Limited 129.4B 47.0 86.0 79.0 81 17 1
Aditya Birla Sun Life AMC Limited 125.0B 81.0 52.0 57.0 60 18 1
Motilal Oswal Financial Services Limited 98.0B 43.0 68.0 93.0 75 19 1
Multi Commodity Exchange of India Limited 79.7B 45.0 65.0 50.0 48 20 1
BSE Limited 78.2B 59.0 69.0 78.0 71 21 1
Edelweiss Financial Services Limited 60.0B 83.0 70.0 62.0 65 22 1
Prudent Corporate Advisory Services Limited 36.8B 48.0 68.0 70.0 69 23 1
IIFL Securities Limited 21.1B 41.0 67.0 81.0 70 24 1
CARE Ratings Limited 16.3B 61.0 71.0 62.0 67 25 1

Cash Flow Analysis

Overall, ICRA's critical cash flow metrics appear to signal strong support and a high likelihood of positive growth. Free cash flow numbers published by ICRA were 75.8, which was a 322.2% change from the previous filing. This parameter could affect companies in the same industry and market capitalization by up to 8.2%. The company's free cash flow metrics are especially strong compared to its peers. Management seems to balance cash flow management, asset growth, and resource allocations in general. The company's free cash flow movement, therefore, received a grade of 71. Also, ICRA presents exciting net cash flow numbers for its recent financial release, illustrated by a net cash flow of 122.4M, which is a change of 249.0% from the last filing. Their net cash flow metrics are especially remarkable relative to their peers. The company's net cash flow, therefore, received a grade of 65. At the same time, one critical cash flow metric, Asset Turnover, was notably weak. ICRA's asset turnover numbers were discouraging, reflecting significant concerns related to management's ability to leverage assets to generate sales effectively and efficiently. ICRA recorded asset turnover of 0.3, which represents a -13.1% change from the previous report. Companies in the same sector and market capitalization will usually be affected by up to 3.2 percent by this parameter. Their asset turnover numbers are significantly less impressive when compared to their peers and competitors. Underwhelming results in asset turnover metrics often lead to negative pressure in stock prices, so we rated its asset turnover momentum 49. Its cash flow, therefore, earned a score of 66.

Parameter Value Change Score
Net Cashflow 122.4M 249.0% 65
Capital Expenditure -22.8M 41.3% 64
Asset Turnover 0.3 -13.1% 49
Free Cashflow Per Share 75.8 322.2% 71
* All values are TTM

The below chart describes ICRA's performance as reflected on its cash flow with respect to its peers. While ICRA received a cash flow score of 66, the average of its peers stands on 62.

  •  532835
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
Angel One Limited 133.3B 62.0 74.0 72.0 88.0 76 0 1
Indian Energy Exchange Limited 132.4B 75.0 46.0 93.0 88.0 80 1 1
IDFC Limited 131.1B 59.0 76.0 82.0 43.0 68 2 1
Tata Investment Corporation Limited 118.8B 78.0 58.0 84.0 88.0 86 3 1
UTI Asset Management Company Limited 99.2B 87.0 52.0 49.0 80.0 71 4 1
JM Financial Limited 71.1B 69.0 68.0 69.0 88.0 78 5 1
JSW Holdings Limited 47.4B 72.0 62.0 59.0 46.0 61 6 1
Bengal & Assam Company Limited 42.6B 61.0 77.0 59.0 85.0 80 7 1
Authum Investment & Infrastructure Limited 40.9B 63.0 71.0 69.0 65.0 66 8 1
Share India Securities Limited 38.9B 61.0 91.0 71.0 59.0 66 9 1
Dhani Services Limited 29.2B 65.0 72.0 72.0 70.0 74 10 1
Choice International Limited 26.6B 69.0 67.0 71.0 64.0 66 11 1
HDFC Asset Management Company Limited 466.5B 74.0 61.0 81.0 49.0 71 12 1
CRISIL Limited 213.7B 61.0 78.0 92.0 55.0 72 13 1
ICICI Securities Limited 170.3B 52.0 84.0 48.0 46.0 49 14 1
Nippon Life India Asset Management Limited 169.0B 78.0 59.0 89.0 50.0 76 15 1
IIFL Wealth Management Limited 162.6B 64.0 67.0 43.0 47.0 50 16 1
Central Depository Services (India) Limited 129.4B 72.0 50.0 43.0 45.0 55 17 1
Aditya Birla Sun Life AMC Limited 125.0B 73.0 83.0 53.0 89.0 73 18 1
Motilal Oswal Financial Services Limited 98.0B 68.0 63.0 81.0 93.0 81 19 1
Multi Commodity Exchange of India Limited 79.7B 88.0 47.0 72.0 46.0 76 20 1
BSE Limited 78.2B 77.0 54.0 81.0 89.0 83 21 1
Edelweiss Financial Services Limited 60.0B 81.0 53.0 71.0 87.0 86 22 1
Prudent Corporate Advisory Services Limited 36.8B 49.0 85.0 58.0 60.0 52 23 1
IIFL Securities Limited 21.1B 82.0 38.0 92.0 52.0 74 24 1
CARE Ratings Limited 16.3B 68.0 66.0 82.0 87.0 76 25 1

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