CARE Ratings' revenue from operations climbed 21% YoY to Rs 196.29 crore in the first half of 2024 (H1FY25). In H1FY25, the company's revenue from Ratings Business rose 19% YoY to Rs. 177.63 crore. Its revenue from Non-Ratings Business jumped 37% YoY to Rs. 18.66 crore.
The board declared an interim dividend of Rs 7 per share for the second quarter of FY25. The record date is set on 5 November 2024.
Commenting on the results for Q2 and H1FY25, Mehul Pandya, managing director & Group CEO of CareEdge, said: 'The company has shown good performance in ratings as well as non-rating businesses. Reflective of our commitment towards quality led growth, ratings business continued to show momentum in initial ratings of capital market instruments, securitisation and bank debt.
In H1FY25, the contribution of non-ratings business to total consolidated revenue from operations has improved to 9.5% even as the ratings business witnessed a strong growth of 19%.
We are proud to be the first rating agency from India to foray in the sovereign & global scale ratings, with the announcement of sovereign ratings of 39 countries at the launch event of CareEdge Global IFSC Ltd. Further, our step-down subsidiary in South Africa has also received the regulatory approval to offer credit ratings services, including sovereign ratings in that geography.
CareEdge Africa and CareEdge Nepal reported robust growth in their business during the period. CareEdge ESG is on the path to be a catalyst for change towards sustainable future with the release of its first ESG rating recently. CareEdge Analytics and CareEdge Advisory continued to improve their performance during the period.
Overall, CareEdge is well poised for continued success and growth, driven by our strategic pillars and an unyielding commitment to excellence.'
CARE Ratings is India's second-largest rating agency, with a credible track record of rating companies across diverse sectors and holding leadership positions in high-growth sectors such as BFSI and Infra. The wholly-owned subsidiaries of CareEdge Ratings are (I) CARE Analytics & Advisory (previously known as CARE Risk Solutions), (II) CARE ESG Ratings, (previously known as CARE Advisory Research and Training and (III) CareEdge Global IFSC. CareEdge Ratings' other international subsidiary entities include CARE Ratings (Africa) in Mauritius, CARE Ratings South Africa, and CARE Ratings Nepal.