ICRA Analytics Ltd, a wholly-owned subsidiary of ICRA, has signed a definitive agreement to acquire a majority stake in D2K Technologies India Pvt Ltd, according to a statement. This acquisition will enhance ICRA’s ability to offer tech-backed solutions in risk assessment and analytics.
“The proposed acquisition will cost Rs 15.4 crore and is subject to closure of customary conditions,” according to a statement.
D2K is a provider of software solutions to Indian banks and other financial institutions.
Ramnath Krishnan, MD & Group CEO of ICRA Ltd, said, “Technology will play a tremendous role in shaping the progress of Indian lending and financial services markets. This acquisition strengthens our existing portfolio and will enhance ICRA’s ability to offer strong tech-backed solutions in our core areas of risk assessment and analytics. Further, this is consistent with our strategy of expanding our risk and analytics franchise.”
ICRA’s portfolio currently includes frameworks and tools for credit risk assessment and monitoring, including solutions for expected credit loss calculations and counterparty risk. The addition of D2K’s tech-enabled solutions will augment ICRA’s product suite to meet evolving market requirements.
D2K Chief Executive Officer V K Sudhakar said it will improve market reach, scale capacities, and enable the adoption of best practices in the business.
ICRA’s net profit stood at Rs 31.8 crore during the second quarter ended September 30, 2023, lower as against a net profit of Rs 37.2 crore a year ago. Its consolidated revenue from operations increased by 6.4 per cent to Rs 104.9 crore for the second quarter ended September 2023, compared to Rs. 98.6 crore in the corresponding quarter of the previous year.
Consolidated revenue from operations increased by 8.6% to Rs. 207.6 crore for the half-year ended September 2023, compared to Rs. 191.1 crore in the corresponding previous year.
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