• Ratings revenue growth: Ratings revenue increased by roughly 13% year-on-year in Q1, driven by bank credit expansion of just under 19%, despite muted bond market activity from elevated yields.
• Risk and analytics: The vertical reported revenue growth of nearly 58% year-on-year, bolstered by the consolidation of the Fintellix acquisition, while organic growth across the segment stood at around 20%.
• Inorganic growth strategy: Management remains opportunistic regarding acquisitions, targeting risk-aligned BFSI platforms that bring technological, product, and market adjacencies similar to previous deals like EduEdge Technologies and Fintellix.
• Geopolitical risk outlook: Global turmoil has not significantly affected operations to date, though management cautioned that prolonged uncertainty could curb corporate capital expenditure and borrowing demand, indirectly affecting ratings.
• Capital deployment strategy: Cash utilization is continuously reviewed with the board, with capital previously returned via payouts such as a ₹35 per share special dividend, though management declined to comment on future buyback or dividend plans.