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ICRA
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ICRA Ltd is one of the most experienced Credit Rating Agencies in India. The company rates rupee-denominated debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings and municipalities. They also rates structured obligations and sector-specific debt obligations such as instruments issued by Power, Telecom and Infrastructure companies. The other services offered by them include Corporate Governance Rating, Stakeholder Value and Governance Rating, Credit Risk Rating of Debt Mutual Funds, Rating of Claims Paying Ability of Insurance Companies, Project Finance Rating, and Line of Credit Rating. The company operates its business from its offices located in New Delhi, Gurugram, Mumbai, Kolkata, Chennai, Ahmedabad, Bangaluru, Hyderabad and Pune.
ICRA Ltd was incorporated on January 16, 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional Investment Information and Credit Rating Agency with the name Investment Information and Credit Rating Agency of India Ltd. The company launched Credit Rating Service on September 1, 1991.
In the year 1993, the company launched Investment Information Service and Research Publications and in the year 1995, they launched the services of Credit Assessment for small and medium scale industries and Earning Prospects and Risk Analysis for Equity Investor. In the year 1996, they signed an agreement with Moody's Risk Management Services to provide credit education, risk management software, credit research and consulting services to commercial banks, financial and investment institutions, financial services companies and mutual funds in India.
In the year 1997, the company launched ICRA Bulletin and in the year 1998, they introduced a Rating Methodology for the Claims Paying Ability of General Insurance companies in India. In the year 1999, the company became the first Indian Rating Agency to rate all Non-Life Insurance companies in the country. Also, they launched Rating service for Debt Fund Scheme and Grading Service for entities involved in construction projects.
In the year 2001, Moody's Investment Company India (Pvt) Ltd became the largest shareholder in the company. In the same year, the company launched their Corporate Governance Ratings for the Indian Market. Also, they joined with National Real Estate Development Council and launched the ICRA-NAREDCO Grading System for real estate developers and projects.
In the year 2002, the company launched Grading scheme for Healthcare institutions in India and in the year 2003, they launched Project Finance Assessment/ Rating Service. Also, the company entered into a shareholder and subscription agreement with Online IndiaCapital.com.
In the year 2004, the company launched the services of Grading of Mutual Fund Management Quality and Maritime Training Institutes in India. In the year 2005, they launched NSIC-ICRA Performance and Credit Rating Scheme for Small Scale Enterprises in India.
In the year 2006, the company demerged their Consulting Division and transferred to ICRA Management Consulting Services Ltd with effect form April 1, 2005. Also they acquired ICRA Online Ltd and Computer Exchange Pvt Ltd, which were renamed as ICRA Techno Analytics Ltd. During the year 2006-07, the company acquired the balance shares of ICRA Online Ltd and converting ICRA Online Ltd to a wholly owned subsidiary company.
During the year 2007-08, ICRA Techno Analytics Ltd, a wholly owned subsidiary company incorporated ICRA Techno Analytics, Inc in US and also acquired a Kolkata based software services company namely, Axiom Technologies Pvt Ltd. ICRA Management Consulting Services Ltd, a wholly owned subsidiary company signed a MoU with Dun & Bradstreet Philippines Inc. and Virtus Global Partners Inc for offering advisory/consulting services in Philippines and USA respectively.
During the year 2014, ICRA Techno Analytics Limited (ICTEAS), a wholly owned subsidiary of the Company, through its subsidiary ICRA Global Capital Inc., increased its equity stake to 100% in BPA Technologies Inc. (BPA), thereby making BPA a wholly-owned subsidiary of ICTEAS. BPA is a California-based global business consulting and software technology services firm. Other than in California, BPA has development centres in Chennai and Visakhapatnam. Focused on enterprise content management, enterprise portal and collaboration, BPA offers strategy consulting, implementation and application management services in its areas of specialisation.
Moody's Singapore Pte Ltd along with Moody's Investment Company India Private Limited and Moody's Corporation made a Conditional Open Offer under Regulation 3(2) and Regulation 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations) vide a Public Announcement dated February 21, 2014 for the acquisition, from public shareholders, of up to 26,50,000 equity shares, representing 26.50% of the total equity shares, of the Company, at a price of Rs. 2,000 per equity share and subsequently revised the price upwards to Rs. 2,400 per equity share. The tendering period commenced on June 3, 2014 and closed on June 16, 2014. Pursuant to the closing of the tendering period, Moody's Singapore Pte Ltd acquired 2,154,722 equity shares tendered in the Open Offer, amounting to a total of 21.55% of the equity share capital of the Company. This resulted in an increase in the Moody's Group's total equity shareholding in the Company to 50.06% of the equity share capital of the Company.
During 2016-17, the Company has sold its Kolkata-based wholly owned subsidiary, which is engaged in information technology and business analytics services, to a global client base.
During 2016-17, members of the Company had approved the sale of its entire shareholding in ICRA Techno Analytics Limited (now known as Nihilent Analytics Limited), then a wholly-owned subsidiary of the Company, inclusive of its four direct and indirect subsidiaries, to Nihilent Technologies Limited, which sale was consummated on October 7, 2016. Additionally, in 2016-17, PT. ICRA Indonesia surrendered its rating licence and the Company initiated its liquidation proceedings.
During the year 2016-17, the Board of Directors of the Company at their meeting held on February 9, 2017, had approved the buyback of the Company's fully paid-up equity shares of the face value of Rs.10 each from its members/beneficial owners, other than those who are promoters or the persons in control of the Company and the promoter group, from the open market through stock exchange mechanism i.e. using the electronic trading facilities of the BSE Limited and the National Stock Exchange of India Limited, where the equity shares are listed in accordance and consonance with the provisions contained in the Companies Act, 2013 and the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (Buy Back Regulations). As prescribed under the Buyback Regulations and the Act, the buyback of the Company was for a total amount not exceeding Rs. 40 crores and at a price not exceeding Rs. 4,500 per equity share, payable in cash. The maximum buyback size represented 9.91% of the aggregate of the Company's paid-up equity share capital and free reserves based on the standalone audited financial statements of the Company as at March 31, 2016. Further, since the maximum buyback size was less than 10% of the total paid-up equity share capital and free reserves of the Company, in accordance with the proviso to the Section 68(2)(b) of the Act, approval from the members of the Company was not necessary to be taken. The buyback commenced from March 2, 2017 and closed on April 3, 2017. Till the date of closure of the buyback, the Company bought back 96,720 equity shares at an average price of Rs. 4,135.54 per equity share for a total consideration of Rs. 39,99,89,225/- (excluding transaction costs), representing 99.997% of the total approved amount of Rs. 40 crores towards the buyback.
ICRA share price reflects investor sentiment toward the company and is impacted by various factors such as financial performance, market trends, and economic conditions. Share price is an indicator which shows the current value of the company's shares at which buyers or sellers can transact.
Market capitalization of ICRA indicates the total value of its outstanding shares. Marketcap is calculated by multiplying share price and outstanding shares of the company. It is a helpful metric for assessing the company's size and market Valuation. It also helps investors understand how ICRA is valued compared to its competitors.
ICRA PE ratio helps investors understand what is the market value of each stock compared to ICRA 's earnings. A PE ratio higher than the average industry PE could indicate an overvaluation of the stock, whereas a lower PE compared to the average industry PE could indicate an undervaluation.
The PEG ratio of ICRA evaluates its PE ratio in relation to its growth rate. A PEG ratio of 1 indicates a fair value, a PEG ratio of less than 1 indicates undervaluation, and a PEG ratio of more than 1 indicates overvaluation.
Return on Equity (ROE) measures how effectively ICRA generates profit from shareholders' equity. A higher ROE of more than 20% indicates better financial performance in terms of profitability.
Return on Capital Employed (ROCE) evaluates the profitability of ICRA in relation to its capital employed. In simple terms, ROCE provides insight to investors as to how well the company is utilizing the capital deployed. A high ROCE of more than 20% shows that the business is making profitable use of its capital.
Total debt of ICRA shows how much the company owes to either banks or individual creditors. In simple terms, this is the amount the company has to repay. Total debt can be a very useful metric to show the financial health of the company. Total debt more than equity is considered to be a bad sign.
The Debt-to-Equity (DE) ratio of ICRA compares its total debt to shareholders' equity. A higher Debt to Equity ratio could indicate higher financial risk, while a lower ratio suggests that the company is managing its debt efficiently.
CAGR shows the consistent growth rate of ICRA over a specific period, whether it is over a month, a year, or 10 years. It is a key metric to evaluate the company’s long-term growth potential. Main metrics for which CAGR is calculated are net sales, net profit, operating profit, and stock returns.
Technical analysis of ICRA helps investors get an insight into when they can enter or exit the stock. Key components of ICRA Technical Analysis include:
There are usually multiple support levels, but the main support levels for a stock are S1, S2, S3. Support levels indicate price points where stock might get support from buyers, helping the stock stop falling and rise.
There are usually multiple resistance levels, but the main resistance levels for a stock are R1, R2, R3. Resistance levels represent price points where ICRA shares often struggle to rise above due to selling pressure.
Dividends refer to the portion of the company’s profits distributed to its shareholders. Dividends are typically paid out in cash and reflect ICRA ’s financial health and profitability.
Bonus shares are usually given by companies to make the stock more affordable, increase liquidity, boost investor confidence, and more.
Stock split increases the number of its outstanding shares by dividing each existing share into multiple shares. When the company offers a stock split, the face value of the stock reduces in the same proportion as the split ratio.
The financials of ICRA provide a complete view to investors about its net sales, net profit, operating profits, expenses, and overall financial health. Investors can analyze financial data to assess the company’s stability and also understand how the company has been growing financially.
The profit and loss statement of ICRA highlights its net sales, net profit, total expenditure, and operating profits in the current financial year. This Profit and Loss statement is crucial for evaluating the profitability and financial stability of ICRA .
The balance sheet presents a snapshot of ICRA ’s assets, liabilities, and equity of shareholders, providing insights into the financials of the company.
Cashflow statements track the company's cash inflows and outflows over a period. It is an essential tool for understanding how well the company manages its liquidity and finances.
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