Interim Dividend of Rs.7: November 5 Record Date; Buy To Book Profit?

CareEdge Ratings (CARE Ratings Ltd) has been one of India's top credit rating firms since its founding in 1993. Manufacturing, infrastructure, the financial sector (including banking), and non-financial services are just a few of the areas for which CareEdge Ratings offers ratings. Other foreign subsidiaries of CareEdge Ratings are CARE Ratings South Africa (Pty) Ltd, CARE Ratings Nepal Ltd, and CARE Ratings (Africa) Private Ltd in Mauritius.

CARE Ratings Dividend

The Board of Directors "declared and approved payment of Interim Dividend of Rs.7/- (Rupees Seven only) per equity share of face value of Rs. 10/- (Rupees Ten) each for the Financial Year 2024-25. Pursuant to Regulation 42 of the Listing Regulations, the Company has fixed the record date as Tuesday, November 5, 2024, for the purpose of determining the eligibility of shareholders entitled for the payment of Interim Dividend for Financial Year 2024-25. The said dividend will be paid / dispatched to shareholders within the stipulated timelines as prescribed under the Companies Act, 2013," the company said in a stock exchange filing.

CARE Ratings Financials

CARE Ratings' net profit increased 31.05% to Rs 46.09 crore in the September 2024 quarter from Rs 35.17 crore in the September 2023 quarter. In the quarter that ended in September 2024, sales increased 21.70% to Rs 117.37 crore, up from Rs 96.44 crore in the quarter that ended in September 2023.

Mehul Pandya, Managing Director & Group CEO of CareEdge, said "The company has shown good performance in ratings as well as non-rating businesses. Reflective of our commitment towards quality led growth, ratings business continued to show momentum in initial ratings of capital market instruments, securitisation and bank debt. In H1FY25, the contribution of non-ratings business to total consolidated revenue from operations has improved to 9.5% even as the ratings business witnessed a strong growth of 19%. We are proud to be the first rating agency from India to foray in the sovereign & global scale ratings, with the announcement of sovereign ratings of 39 countries at the launch event of CareEdge Global IFSC Ltd.

"Further, our step-down subsidiary in South Africa has also received the regulatory approval to offer credit ratings services, including sovereign ratings in that geography. CareEdge Africa and CareEdge Nepal reported robust growth in their business during the period. CareEdge ESG is on the path to be a catalyst for change towards sustainable future with the release of its first ESG rating recently. CareEdge Analytics and CareEdge Advisory continued to improve their performance during the period. Overall, CareEdge is well poised for continued success and growth, driven by our strategic pillars and an unyielding commitment to excellence," Mehul Pandya added.

CARE Ratings Share Price Target

"Care Ratings is overbought & bearish on the Daily charts with strong resistance at 1522. A Daily close below support of 1445 could lead to a target of 1260 in the near term," A R Ramachandran, Independent Research Analyst said.

Disclaimer

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