This acquisition will improve ICRA’s means to supply tech-backed options in danger evaluation and analytics.
The proposed acquisition will price Rs. 15.4 crore and is topic to closure of customary circumstances
ICRA Analytics Ltd, a completely-owned subsidiary of ICRA, has signed a definitive settlement to purchase a majority stake in D2K Technologies India Pvt Ltd, in accordance to a press release. This acquisition will improve ICRA’s means to supply tech-backed options in danger evaluation and analytics.
“The proposed acquisition will cost Rs 15.4 crore and is subject to closure of customary conditions,” in accordance to a press release.
D2K is a supplier of software program options to Indian banks and different monetary establishments.
Ramnath Krishnan, MD & Group CEO of ICRA Ltd, mentioned, “Technology will play a tremendous role in shaping the progress of Indian lending and financial services markets. This acquisition strengthens our existing portfolio and will enhance ICRA’s ability to offer strong tech-backed solutions in our core areas of risk assessment and analytics. Further, this is consistent with our strategy of expanding our risk and analytics franchise.”
ICRA’s portfolio at the moment contains frameworks and instruments for credit score danger evaluation and monitoring, together with options for anticipated credit score loss calculations and counterparty danger. The addition of D2K’s tech-enabled options will increase ICRA’s product suite to meet evolving market necessities.
D2K Chief Executive Officer V Okay Sudhakar mentioned it is going to enhance market attain, scale capacities, and allow the adoption of finest practices within the enterprise.
ICRA’s web revenue stood at Rs 31.8 crore throughout the second quarter ended September 30, 2023, decrease as in opposition to a web revenue of Rs 37.2 crore a yr in the past. Its consolidated income from operations elevated by 6.4 per cent to Rs 104.9 crore for the second quarter ended September 2023, in contrast to Rs. 98.6 crore within the corresponding quarter of the earlier yr.
Consolidated income from operations elevated by 8.6% to Rs. 207.6 crore for the half-yr ended September 2023, in contrast to Rs. 191.1 crore within the corresponding earlier yr.
