Mumbai, Aug 4 (IANS): The net profit of ICRA for the first quarter of the current financial year rose 22.7 per cent to 31.9 crore and operating income of the company rose 7.0 per cent to Rs 49.3 crore driven by traction in new business.

The Company's EPS increased by 22.7 per cent to Rs 33.2 in Q1 FY2023 against Rs 27.0 in Q1 FY2022. The quarter saw an increase in global inflation; this coupled with the upward revision of the repo rate during the quarter, has translated into increasing bond yields. The employee benefit expenses registered a decline of 2.1 per cent to Rs 28.4 crore in Q1 FY2023, accounting for 35.4 per cent of the company's total income.

"Q1 FY2023 witnessed signs of an economic recession globally with inflation rising consistently and access to low-cost capital being tightened by banks and other players. Post doubling of credit growth in FY2022, banks' credit growth has remained in double digit figures," said Ramnath Krishnan, MD & Group CEO, ICRA Ltd.

On a consolidated basis, the company's operating income increased by 15.8 per cent to Rs 92.5 crore in Q1 FY2023 against Rs 79.9 crore in Q1 FY2022. Whereas, profit before tax stood at Rs 36.5 crore, up 10.1 per cent.

Consolidated PBT stood at Rs 36.5 crore, up by 10.1 per cent. The rating agency's wholly owned subsidiary, ICRA Analytics Ltd, ICRA also achieved robust revenue growth, backed by its solid delivery model on the Knowledge Services side, and new product upgrades in other segments.

The company has appointed Anand Iyer as its Group Chief Technology Officer, who came on board in July this year.