CRISIL - Revenue surprise positively - Emkay

CRISIL's Q3CY12 revenue came in slightly better than expectation at Rs2.7bn, however with higher than expected opex, adjusted PAT came inline with expectation at Rs645mn.

- Rating revenues growth healthy at 22.6%yoy aided by BLR/SME rating and pick up in securitization transaction. Bond issuance continue to remain sluggish.

- Research revenues jump 38%yoy primarily led by consolidation of coalition numbers during the quarter. Ex coalition the growth would have been in mid teens.

- At CMP the stock trades at 30x CY12 EPS and 24x CY13 EPS. We continue to maintain Accumulate rating with price target of 1050.

Source : Equity Bulls

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