Care Rating zooms 15% as the board considers a buyback

Care Rating zooms 15% as the board considers a buyback

by 5paisa Research Team Last Updated: 2022-07-13T16:26:00+05:30 IST

In today’s session, the stock is witnessing a positive sentiment.

Shares of this leading rating agency soared on the bourses after the company announced in its exchange filing that “the Board of Directors of the Company at its meeting scheduled to be held on Wednesday, July 20, 2022, will consider a proposal for buyback of equity shares of the Company following the relevant provisions of SEBI (Buyback of Securities) Regulations, 2018 read with applicable provisions of the Companies Act, 2013 and rules made thereunder.”

The press release came on July 12 post the market hours. In today’s session, the stock is witnessing a positive sentiment, trending 15 % from the previous close of Rs 415.35. It has logged an intraday high and low of Rs 479 and Rs 440. The shares of Care Ratings have corrected by 23.22% in FY22 as compared to the benchmark index, Sensex which stands corrected by 9.57% for the same period.

The rating agency had posted disappointing financial numbers for Q4 and Full Year ended on March 31, 2022. For FY22 the net revenue was flat at Rs 247.63 crore. Both EBIDTA & PAT plunged 16% YoY at Rs 106.80 crore and Rs 76.83 crore, respectively. EBITDA margins stood at 43% while PAT margin was at 31%. 

For the quarter ended March 2022, revenue was down YoY by 17.22% at Rs 65.88 crore. EBIDTA was down by 26.4% & PAT plunged by 12% YoY at Rs 22.47 crore and Rs 23.31 crore, respectively.

Care Ratings is the second-largest rating agency in India covering many rating segments including manufacturing, infrastructure, a financial sector including banks, and non-financial services among others.

At market close on July 13, the shares of Care Ratings were quoting Rs 467.00, up 12.44% or Rs 51.65 per share.


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