Any current/future new fundraising through debt or equity?

There is no specific mention of any current or immediate future fundraising through debt or equity in the document. The company is cautious and prudent regarding inorganic growth and acquisitions, considering the constraints of their cash corpus and market valuations. They prefer making the right investments rather than being guided by accounting or short-term quarterly performance pressures. The management emphasizes investing in their own businesses, including risk solutions and advisory services, rather than pursuing immediate acquisitions. While open to opportunities in the inorganic space

Any current/future capex/capital investment/strategic investment?

The company is focused on making the right investments to build businesses for the future, not just quarterly performance. They are investing in their own businesses, particularly in risk solutions, advisory, consulting, and internationalization. Technology investment is critical, and they are building a tech-led business with ongoing projects in automation, analytics, and digital transformation. Incremental technology expenses are controlled (less than 5 crores in nine months). No immediate thrust on inorganic acquisitions due to cash constraints and market valuations, but the company remains

Future growth expectations in sales/revenue/volumes?

Nepal business revenue grew by 7.24%, remaining flattish but not degrown. African subsidiaries saw sharp revenue growth, e.g., 53% growth in nine months in Africa business. Advisory business revenue increased 55% to ₹5.7 crores in nine months, though still early stage and not yet profitable. IT technology subsidiary faced revenue decline (16% down) due to talent exodus and pandemic-related market access issues but expects recovery. Overall rating subsidiaries show strong revenue growth, especially internationally. Growth expected from new business lines: advisory, ESG, risk solutions, and inte

Future growth expectations in earnings/operating earnings/profits/EPS?

The company is optimistic about a strong economic bounce-back in FY23, driven by increased capital expenditure and government infrastructure spending (Page 4, 16). The rating subsidiaries, particularly in Africa, have shown sharp revenue growth (53%+ in some subsidiaries) and further growth is expected with cautious risk management (Page 16). The Advisory business is growing rapidly (55% increase in 9-month revenue) but still not profitable; it is expected to contribute meaningfully in the future as it scales (Page 16). The IT subsidiary faced setbacks due to talent exodus and pandemic disrupt

CARE Ratings LtdQ3 FY22Capital Markets

CARE Ratings Ltd Q3 FY22 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,638P/E: 27.6Market Cap: ₹4.9K CrSector: Capital Markets

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Nepal business revenue grew by 7.24%, remaining flattish but not degrown.
African subsidiaries saw sharp revenue growth, e.g., 53% growth in nine months in Africa business.
Advisory business revenue increased 55% to ₹5.7 crores in nine months, though still early stage and not yet profitable.
IT technology subsidiary faced revenue decline (16% down) due to talent exodus and pandemic-related market access issues but expects recovery.
Overall rating subsidiaries show strong revenue growth, especially internationally.
Growth expected from new business lines: advisory, ESG, risk solutions, and international expansion.
Technology investments ongoing to enhance digital transformation and product quality.
Optimistic about future demand due to government capex and infrastructure push.
Margins expected to improve as revenue grows with operating leverage.
Inorganic growth to be pursued prudently, focusing on risk analytics and data analytics opportunities.
Confident of sustained growth momentum and meaningful numbers in future periods.

Margin guidance

Category 3

The company is optimistic about a strong economic bounce-back in FY23, driven by increased capital expenditure and government infrastructure spending (Page 4, 16).
The rating subsidiaries, particularly in Africa, have shown sharp revenue growth (53%+ in some subsidiaries) and further growth is expected with cautious risk management (Page 16).
The Advisory business is growing rapidly (55% increase in 9-month revenue) but still not profitable; it is expected to contribute meaningfully in the future as it scales (Page 16).
The IT subsidiary faced setbacks due to talent exodus and pandemic disruptions but management hopes to recover lost revenue (Page 16).
Margin improvement is largely dependent on revenue growth; company maintains pricing discipline and expects margins to improve as revenues grow (Page 14-15).
Overall, the focus is on sustainable growth, diversification, and digital transformation with cautious inorganic expansion (Page 14).
Earnings and margins are expected to improve gradually with growth in core and new businesses, supported by a recovering economy (Page 16).

See what CARE Ratings Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no specific mention of any current or immediate future fundraising through debt or equity in the document.
The company is cautious and prudent regarding inorganic growth and acquisitions, considering the constraints of their cash corpus and market valuations.
They prefer making the right investments rather than being guided by accounting or short-term quarterly performance pressures.
The management emphasizes investing in their own businesses, including risk solutions and advisory services, rather than pursuing immediate acquisitions.
While open to opportunities in the inorganic space (risk analytics, data analytics, KPO), no specific plans or targets for fundraising are indicated.
The company is mindful of valuation and future growth potential before making acquisitions, implying no urgent need for raising capital currently.

Order book

The document does not provide explicit details on the current or expected order book or pending orders for CARE Ratings Ltd. However, some relevant insights from the transcript include: - The initial ratings business (new business) has seen significant growth and is embedded in their current numbers (Page 5). - CARE Ratings is focusing on large and medium clients, as the SME segment is not sufficiently profitable (Page 5). - Momentum in new ratings business is expected to continue into the next year, supported by anticipated tailwinds from government infrastructure spending post-budget (Page 6). - The company sees opportunities in infrastructure, BFSI, and corporate sectors driven by increasing capital expenditure (Page 9). - Growth outlook is positive but tempered by challenges such as deleveraging in some sectors and competition (Page 8). No numerical value or formal orderbook data is shared in the transcript.

See what CARE Ratings Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The company is focused on making the right investments to build businesses for the future, not just quarterly performance.
They are investing in their own businesses, particularly in risk solutions, advisory, consulting, and internationalization.
Technology investment is critical, and they are building a tech-led business with ongoing projects in automation, analytics, and digital transformation.
Incremental technology expenses are controlled (less than 5 crores in nine months).
No immediate thrust on inorganic acquisitions due to cash constraints and market valuations, but the company remains vigilant for opportunities in risk analytics, data analytics, and KPO.
The company sees strong potential in infrastructure sectors with expected capital expenditure growth supported by government and private investment.
Budget announcements and government capex (7.5 trillion planned next year) are viewed as positive for future corporate spending and credit markets.
Focus on disciplined execution of strategy to create better shareholder value through these investments.

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CARE Ratings Ltd Q3 FY22 Earnings Call Analysis

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