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Credit rating agency ICRA Ltd reported net profit of Rs 21.18 crore for the quarter ended December 2016, up 36 per cent over the corresponding quarter of the previous year.
The company’s operating income was Rs 53.33 crore, as against Rs 50.1 crore in the corresponding quarter of the previous financial year, reflecting a growth of 6.4 per cent, due to growth in debt market-related ratings, the company said in a press note. The other income is higher than the corresponding quarter, mainly due to dividend from subsidiary and higher interest income.
The board of directors also approved the buyback of its equity shares from open market through stock exchange, at a maximum price of Rs 4,500 per share, for an amount not exceeding Rs 40 crore.
The company statement said, “The buyback will help the company effectively utilise its available surplus funds, which is in excess of the surplus amount needed to be retained by the company for future growth.”
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