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April 4, 2025

National Stock Exchange of India Ltd. Listing Department Exchange Plaza, 5th floor BSE Limited Plot No. C/1, G Block P J Towers Bandra-Kurla Complex Dalal Street Bandra (East), Mumbai 400 051 Mumbai 400 001

Dear Sirs,

Sub.: Annual Report including Notice of the 38[th ] Annual General Meeting

Kindly be informed that the 38[th] Annual General Meeting of the Company (“AGM”) will be held on Wednesday, April 30, 2025, at 3.30 p.m. IST, through Video Conferencing (VC) and/or Other Audio Visual Means (OAVM) in accordance with the relevant circulars issued by Ministry of Corporate Affairs.

Please find enclosed herewith the Annual Report of the Company for the year ended December 31, 2024, including Notice of the 38[th] AGM.

The Notice of the 38[th] AGM and the Annual Report are also being uploaded on the website of the Company at www.crisil.com.

Further, pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended from time to time, please be informed that the Business Responsibility and Sustainability Report (“BRSR”) of the Company for the year ended December 31, 2024, forms part of the Annual Report.

In addition to including a Business Responsibility and Sustainability Report as a part of its Annual Report, Crisil has published the ESG report for 2024 which is available on the Company’s website at www.crisil.com. A copy of the ESG report for 2024 is enclosed herewith.

Kindly inform your members accordingly. In case of queries, you may send an email to [email protected].

Yours faithfully, For Crisil Limited

MINAL Digitally signed by MINAL AMIT AMIT BHOSALE Date: 2025.04.04 BHOSALE 17:45:59 +05'30'

Minal Bhosale Company Secretary ACS 12999

Encl.: a/a

Crisil Limited

Corporate Identity Number: L67120MH1987PLC042363

Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East. Mumbai- 400 072. India. Phone: +91 22 6137 3000 | www.crisil.com

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Mission-Critical Decisions, Made with Confidence.

Annual Report 2024

What’s Inside

02-39

P A G E

02 Message from the Chairman
06 The Core of our DNA
08 Our Business Segments
12 Global Presence
14 Our Board and Management Team
16 Our Performance 2024
18 Building a New-Age Crisil on a strong Tech Foundation
20 Our Reports and Publications
24 Key Highlights on our Franchise
28 In the Media
32 Unlocking Capabilities, Fostering Talent
36 Augmenting our Social Impact

103-155

P A G E

104 Message from MD & CEO

40-102

P A G E

106 Sustainability Highlights 2024 108 Business Responsibility & Sustainability Report

134 Sustainability Databook 151 Assurance Statement

41 Directors’ Report
62 Management Discussion and Analysis Report
73 Independent Auditors’ Certificate on Corporate Governance
74 Report of the Directors on Corporate Governance

156-293

P A G E

100 Secretarial Audit Report

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Scan the QR code to read the Report

157 Consolidated Financial Statements 226 Standalone Financial Statements

294 Notice

Message from the Chairman

Dear Shareholders,

Your Company performed well last year and remains steadfast on its sustainable growth path.

Amid a global environment marked by heightened uncertainty and divergent growth trends, we demonstrated resilience and continued to be a trusted and reliable partner to domestic and global clients.

In line with our core purpose of making markets function better, we continued to develop core capabilities through domain-specific IP and strategic digital initiatives, delivering actionable insights, continuing to set the standards and empowering clients to make mission-critical decisions with confidence.

We undertook a strategic brand transformation that reinforces our position as a global, insightsdriven analytics organisation, while celebrating our pioneering and illustrious past and conveying a more progressive vision of our future.

The exercise positions our businesses – Crisil Ratings, Crisil Intelligence (formerly Market Intelligence & Analytics), Crisil Coalition Greenwich (formerly Global Benchmarking Analytics), and Crisil Integral IQ (formerly Global Research & Risk Solutions) – under a cohesive identity that offers a consistent and more connected experience for clients around the world.

We undertook a strategic brand transformation that reinforces our position as a global, insights-driven analytics organisation, while celebrating our pioneering and illustrious past and conveying a more progressive vision of our future.

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Crisil Ratings built on its market leadership, driven by healthy bond issuances in the second half of the year and investor preference for best-in-class ratings.

Crisil ESG Ratings & Analytics Limited, a whollyowned subsidiary of Crisil Ratings, received approval as a Category 1 provider of ESG Ratings in India.

Growth at Global Analytics Centre (GAC) was driven by surveillance support across the analytical practices of S&P Ratings and support in newer areas across S&P Global.

Crisil Intelligence gained momentum across its services. Our thematic research studies received wide coverage. Consulting services saw significant growth, driven by government initiatives in infrastructure and local economic development. We also rolled out an improved value proposition of our data analytics, risk, and regulatory solutions.

Crisil Coalition Greenwich saw momentum in corporate and investment banking, with scaling of product offerings and client engagement strengthening demand from large commercial banks. Growth in the commercial and community banking space benefited from digital banking programmes. We continue to invest in our offerings to meet the demands of market segments such as private credit and regional banks.

Crisil Integral IQ saw momentum in buy-side offerings and made progress in using generative artificial intelligence for client solutions. Risk Solutions saw increased client engagement in transformation and risk operations. Overall curtailed discretionary spending & cost cutting pressures by financial services clients impacted growth in the business.

Chartis Research recognised us as a category leader in model validation for the third consecutive year. It recognised our expertise in the credit and lending operations, credit portfolio management solutions, credit risk management solutions and regulatory reporting solutions.

Our brand visibility continued to improve with flagship events, regional conclaves and sectoral webinars, including the India Outlook Conclave,

the Competitive Challenges Conference for Asset Managers, and the Crisil Ratings NBFC Seminar. Our market insights, reports and thought leadership continue to empower business leaders and policymakers to shape their strategies.

We are committed to delivering value to all our stakeholders through investments in talent, technology and new capabilities. Our biggest asset is our immensely talented, multinational workforce.

Your Company was certified as a ‘Great Place to Work[®] ’ in India for the fifth consecutive year, was ranked among India’s Best Workplaces[TM] for Women 2024.

Crisil Foundation continued to drive positive impact through initiatives aimed at building financial capabilities of underprivileged community and promoting environment conservation. The flagship ‘Mein Pragati’ initiative expanded its outreach to over a million people in Assam and Rajasthan. Under Crisil RE, environmental conservation projects, including sapling plantation and water conservation initiatives were carried out in Maharashtra and Rajasthan.

As I write, the global economy is holding up as macro resilience continues and a soft landing appears within reach. We continue to monitor the potential impact of recent global developments, including the evolving policy landscape in the US, which may introduce new challenges and uncertainties. These factors could potentially influence inflation and financial conditions in 2025 and affect the spending decisions of our global clients.

Our foundational capabilities empower us to deliver value to global enterprises, helping them multiply their opportunities and success.

My sincere thanks to all our clients, employees, and stakeholders. I look forward to your continued trust and support.

Best,

Yann Le Pallec Chairman

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

Transforming data into powerful insights.

Crisil is a global, insights-driven analytics organisation whose extraordinary rigour and domain expertise give clients the confidence to make missioncritical decisions.

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Deep industry expertise that is rooted in our comprehensive understanding of industry nuances and trends, our ability to traverse the intricacies of regulations, along with an aptitude and capacity to understand complex businesses and industries.

Unparalleled analytics

by highly capable subject matter experts, adept at identifying potential problems, isolating opportunities, and unveiling critical insights. We are strategic to our clients, delivering actionable insights that enable thoughtful and informed decisions.

DELIVERING MISSION-CRITICAL INSIGHTS

Integral to our clients’ needs, we multiply their opportunities and success.

Relentless and bold

that directs us to seek new opportunities driving our operations and steering our organisation and clients’ businesses forward.

Purveyors of confidence enabling definitive data-backed insights to senior business leaders, delivered with the highest standards of integrity, quality, transparency, and analytical excellence, and helping them stay competitive.

Seamless collaboration as we are deeply entrenched, ingrained and dedicated partners in our clients’ operations and culture, with a nuanced understanding of their diverse needs.

The Core of our DNA

Our people’s analytical rigour and domain expertise set standards and empower clients to make mission-critical decisions with confidence.

What we stand for

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O U R P U R P O S E

To make markets function better

O U R V I S I O N

To be the global analytics firm that leaders seek for insights at critical moments

O U R M I S S I O N

Every day, we deliver insights of the highest standard to help clients make mission-critical decisions

Values in action, everyday

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I N T E G R I T Y

We do what is right

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E X C E L L E N C E

We deliver outstanding work

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P A R T N E R S H I P

We form new connections for impact

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D I S C O V E R Y

We seek new sources of value

06 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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By harnessing the unique strengths of our businesses and our people, we relentlessly pursue new opportunities, foster deeper connections, and shape an enduring future that embodies our full potential.

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Offers independent credit ratings in India that empower informed decisions and objective benchmarking by lenders, investors and issuers.

Formerly Crisil Global Research & Risk Solutions

Offers solutions and actionable intelligence to financial institutions around the globe to deliver strategic transformation, optimise risk and drive operational excellence.

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Formerly Crisil Market Intelligence & Analytics

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Formerly Crisil Global Benchmarking Analytics

Offers insights, consulting, technologydriven risk solutions and advanced data analytics, serving clients across government, private and public enterprises, empowering them to make informed decisions.

Offers strategic benchmarking, analytics and insights to the financial services industry and specialises in providing unique, high-value and actionable information to help clients measure and drive their business performance.

Annual Report 2024

Our Business Segments

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Ratings services

Crisil Ratings

Crisil Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments.

We have rated over 35,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).

Crisil Ratings Limited (Crisil Ratings) is a wholly-owned subsidiary of Crisil Limited (Crisil). Crisil Ratings is registered in India as a credit rating agency with the Securities and Exchange Board of India (SEBI).

H I G H L I G H T S

Active ratings outstanding for ~7,000 Crisil Ratings was the first to rate bank large and mid-scale corporates and loans in India. Among others, we were financial institutions also pioneers in rating inflation-indexed debentures, bonds of infrastructure debt
Our ratings are used in computation of funds and infrastructure investment trusts,
capital adequacy for the banking sector asset-backed securities and mortgage-
Our ratings help investors and lenders backed securities and municipal bonds, in supplement their internal evaluation addition to assigning the first expected loss processes and benchmark credit quality rating for an infrastructure project

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Global Analytics Centre

Global Analytics Centre (GAC) serves as a vital analytical, research and data services hub for S&P Global (SPGI) across geographies. Our services span a wide range, including analysis, research, data and technology solutions, modelling, risk and regulatory services, integration management and enhancements in workflow efficiency. As a centralised hub, we support S&P Global Ratings (SPGR) teams in the US, EMEA, and APAC regions.

H I G H L I G H T S

Largest and key data, analytics and research partner for S&P Global Ratings
Largest and key data, analytics and 50,000+ credit notes and models, 2,500+ research partner for S&P Global Ratings publications, ~6 billion data points processed annually and 50+ small and
1,000+ team members delivering from medium enterprises (SMEs) in emerging
seven centres, including India, nearshore areas such as ESG, Cyber and DeFi
China and Colombia
Deep domain expertise across asset classes and global credit markets, covering 70+ industry groups

Crisil ESG Ratings & Analytics Limited

Crisil ESG Ratings & Analytics Limited is a SEBI-registered Category 1 ESG rating provider. It is a wholly-owned subsidiary of Crisil Ratings (a SEBI-registered credit rating agency).

Crisil Limited launched its ESG scoring business in June 2021 with the objective of providing services to clients using a robust India-specific framework on the environmental (E), social (S) and governance (G) aspects.

Annual Report 2024

Research, Analytics and Solutions

Crisil Intelligence (formerly Market Intelligence & Analytics)

Crisil Intelligence is a leading provider of research, consulting, risk solutions and advanced data analytics, serving clients across government, private and public enterprises. We leverage our expertise in data-driven insights and strong benchmarking capabilities to help clients navigate complex external ecosystems, identify opportunities and mitigate risks.

By combining cutting-edge analytics, machine learning (ML) and artificial intelligence (AI) capabilities with deep industry knowledge, we empower our clients to make informed decisions, drive business growth and build resilient capacities.

H I G H L I G H T S

Worked with Government of India on policy design and implementation
150,000+ grades and assessments assigned by the Assessments business till date
Official provider of valuations to all mutual funds in India; largest provider of fixed income valuations in India, covering C ~197 trillion of outstanding Indian debt securities
Extensive research covering 75+ sectors, sub-sectors, and 200+ industry risk scores
Pioneered India’s first alternative investment fund (AIF) benchmark
Business consulting services offered in fund (AIF) benchmark emerging countries across Asia, Africa and 90% of India’s banking industry by asset
Middle East base are our clients

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Crisil Integral IQ (formerly Global Research & Risk Solutions)

Crisil Integral IQ delivers solutions and actionable intelligence to top financial institutions, driving strategic transformation, risk optimisation, and operational excellence. Our offerings across research, risk, lending, analytics and operations have empowered clients to navigate complex markets, mitigate risks and unlock new opportunities.

Our domain expertise, innovative solutions, future-ready technologies such as AI and data science give clients the confidence to accelerate growth and achieve a sustainable competitive advantage. Our globally diverse workforce operates in the Americas, the Asia-Pacific region, Europe, Australia and the Middle East.

H I G H L I G H T S

Serving 15 of the world’s top 20 Onsite delivery centres across the UK, investment banks, partnered with 35 of Australia, the US, and Switzerland the top 50 commercial banks and 100+ Offshore delivery presence across Argentina,
global asset managers China, India, Poland and Colombia

Crisil Coalition Greenwich (formerly Global Benchmarking Analytics)

Crisil Coalition Greenwich is a leading provider of strategic benchmarking, analytics and insights to the financial services industry, and specialises in providing unique, high-value and actionable information to help clients measure and drive their business performance.

H I G H L I G H T S

Serving 20 of the top 20 investment banks, The Greenwich Awards, that recognises 95 of the top 100 asset management excellence and leadership across various firms and partnered with 35 of the top 50 sectors including Middle Market Banking, commercial banks globally Small Business Banking, Institutional Investment Management, Large Corporate
Innovative client intelligence platforms, Banking, Cash Management, and Trade
such as Q[2] and Prospect Match, are helping Finance, are considered the gold standard in
clients optimise franchise performance and the industry
improve sales and productivity

Annual Report 2024

Global Presence

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USA
• New York,
• Stamford
Colombia
Bogota
Argentina
Buenos Aires
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Map not to scale. For illustrative purposes only.

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Cambodia
Phnom Penh
United Kingdom
London
Switzerland China
Muhlebachstrasse Hangzhou
Japan
Tokyo
Singapore
India
• Mumbai (HQ)
• Ahmedabad
• Bengaluru
• Chennai
• Gurugram
• Hyderabad
• Kolkata Australia
Poland
• Pune
Sydney
Wroclaw
UAE
Dubai
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Annual Report 2024

Board of Directors

From left to right (standing)

Girish Paranjpe Saugata Saha Independent Director Director From left to right (seated) Shyamala Gopinath Yann Le Pallec Independent Director Chairman

Amar Raj Bindra Girish Ganesan Independent Director Director Amish Mehta Nishi Vasudeva Managing Director and Independent Director Chief Executive Officer

Detailed profiles of the Board available at https://www.crisil.com/content/crisilcom/en/home/our-organisation/leadership.html

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Management Team*

Amish Mehta

Managing Director & Chief Executive Officer

Ashish Vora

President & Business Head Data and Analytics

Dinesh Venkatasubramanian Chief Financial Officer

Duncan McCredie

President & Business Head Crisil Coalition Greenwich

Gurpreet Chhatwal

Chief Operating Officer

Krishnan Sitaraman

Senior Director & Chief Ratings Officer Crisil Ratings Ltd.

Maya Vengurlekar Chief Operating Officer Crisil Foundation

Pooja Mirchandani President & Chief Human Resources Officer

Preeti Balwani General Counsel

Priti Arora

President & Business Head Crisil Intelligence

Sanjay Chakravarti President - Risk & Compliance

Sharmila Shah Chief Marketing Officer

Subodh Rai

Managing Director Crisil Ratings Ltd.

Zak Murad

Chief Technology & Information Officer

*Designation updated as of March 1, 2025

Board Committees

Audit

Shyamala Gopinath (Chairperson) Amar Raj Bindra Girish Paranjpe Nishi Vasudeva Saugata Saha

Nomination and Remuneration

Girish Paranjpe (Chairman) Shyamala Gopinath Girish Ganesan

Stakeholders’ Relationship

Girish Paranjpe (Chairman) Girish Ganesan Amish Mehta

Corporate Social Responsibility

Nishi Vasudeva (Chairperson) Girish Paranjpe Amish Mehta

Risk Management

Amar Raj Bindra (Chairman) Shyamala Gopinath Saugata Saha Amish Mehta

Corporate Information

Company Secretary

Minal Bhosale

Main Bankers

ICICI Bank Citibank NA

Share Transfer Agent

KFIN Technologies Limited Selenium Tower B, Plot 31-32, Gachibowli Financial District, Nanakramguda, Hyderabad - 500 032 Email: [email protected] Toll free no.: 1800 30 94 001

Annual Report 2024

Our Performance 2024

Income from Operations ( ` crore)

Prioritising sustainable and synergised growth, we continued to deliver a strong operational and financial performance. Supported by strong goodwill, an asset-light model strategy and robust-free cash flow, we remained committed to delivering enduring value for all our stakeholders.

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10%
CAGR
1,380 1,548 1,658 1,748 1,732 1,982 2,301 2,769 3,140 3,260
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
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Profit Before Tax ( ` crore)

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46
10%
CAGR
406 438 434 500 492 458 572 742 868 926
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
Profit Before Tax (excludes impact of exceptional items) Impact of exceptional items
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Profit After Tax ( ` crore)

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34
10%
CAGR
285 294 304 363 344 355 432 564 658 684
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
Profit After Tax (excludes impact of exceptional items) Impact of exceptional items
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Market Capitalisation ( ` crore)

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15%
CAGR
14,009 15,715 13,441 11,636 13,793 13,949 21,019 22,411 31,708 48,654
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
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Mission-Critical Decisions, Made with Confidence.

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Dividend per share ( ` )

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7
3
20 27 28 30 32 33 39 48 54 56
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
Normal Dividend Special Dividend
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Earnings Per Share (EPS) ( ` )

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----- Start of picture text -----

4.7
10%
CAGR
40.0 41.3 42.6 50.5 47.6 48.9 59.3 77.3 90.1 93.5
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
EPS (excludes impact of exceptional items) Impact of exceptional items
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Net worth per share ( ` )

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13%
CAGR
120.2 138.1 146.2 157.6 162.1 180.7 216.6 245.9 299.4 350.7
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
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Income Per Employee ( ` lakh)

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7%
CAGR
38.0 40.1 42.2 45.5 46.9 54.5 60.3 64.7 67.8 69.9
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
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Return on average net worth (%)

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33 32 30 33 30 29 32 33 33 29
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
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Annual Report 2024

Building a New-Age Crisil

on a strong Tech Foundation

We use the latest technology to create next-gen products and services to help our business succeed.

Our expertise in data analytics, cloud, agile development and AI adoption drive innovation for our clients. We are making significant investments in digital infrastructure and information security. By leveraging Artificial Intelligence and Machine Learning, we are unlocking new possibilities for the future. A robust technology strategy enhances operational efficiency, reduces time and costs, strengthens our products, and services, and enables effective solutions.

Launch of GenAI Credit Assessment

To support our global clients we launched the GenAI Credit Assessment solution. By leveraging emerging and disruptive technology, we augment our talent capability and deliver value at scale.

Training for employees: We have taken a proactive approach to embracing generative AI, with employees receiving foundational training in this area.

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Products and Accelerators

IP created through innovative products and accelerators

Quantix

Integrated data & analytics platform that leverages Crisil’s rich, proprietary data and thorough research capabilities and analytics.

SEM

Scenario Expansion Manager – Centralised framework to expand, analyse & track all regulatory & internal scenarios.

Prospect Match

Prospect Match is a sales enablement and productivity tool that helps rank companies by attractiveness, enabling Relationship Managers to target companies that have more product needs and are most likely to engage in new banking relationships. Thus ultimately helping drive revenue.

Phoenix

Generative AI & Machine Learning integrated extraction solution that automates document processing. It achieves results on both digital and scanned documents, enabling businesses to quickly derive tangible value from their data and making informed decisions.

Q[2]

Integrated Qualitative and Quantitative benchmarking analytics to provide a ‘combined view’ to CIB clients.

Fulkrum

The next-gen Big Data analytics & reporting platform.

Myron AI

GenAI powered lowcode/no-code tool for accelerating development & deployment of Large language model (LLM) applications more rapidly, driving greater agility and innovation across the organisation.

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Annual Report 2024

Our Reports and Publications

We offer rich insights, opinions and perspectives on global business and economic trends through meaningful collaborations, integrated research, analytical excellence, and methodological rigour, empowering business leaders and policymakers to shape their strategies for the future.

Indian Market

Growth Marathon – Emerging sectors, investments, efficiency gains priming India’s medium-term pace

Crisil released a report titled ‘Growth Marathon – Emerging sectors, investments, efficiency gains priming India’s medium-term pace’ in the eighth edition of the India Outlook Seminar projecting India’s GDP growth to moderate in fiscal 2026.

H I G H L I G H T S

India’s economic growth has been resilient against global headwinds for three fiscals now and will continue to be the fastest-growing large economy
The government has played a crucial role in triggering industrial capex across conventional and emerging sectors through the Production-linked Incentive (PLI) scheme

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India Progress Report

In association with The Economic Times, Crisil came up with the India Progress Report, a compendium that captures the country’s dynamic journey towards becoming a $ 7 trillion economy by fiscal 2031.

H I G H L I G H T S

Highlights seven key sectors – roads and highways, steel, textiles, food processing, automobiles, electronics and renewable energy – that are pivotal to India’s manufacturing growth
These sectors have been shaped over the past few years with a combination of trade dynamics, target government policies and strategic interventions by several key companies

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Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Advancing Tunnelling in India: Challenges, Priorities and Potential Solutions

The report was inaugurated at the Federation of Indian Chambers of Commerce and Industry (FICCI) edition of Tunneling India: Emerging Trends and Opportunities, where Crisil Intelligence was associated as the knowledge partner.

H I G H L I G H T S

Conducting comprehensive geotechnical investigation, expert validation of detailed project reports (DPRs) and increased investment in technical assessments
Promoting green materials and reuse of excavation waste, integrating building information modelling (BIM), and digital twins for improved project planning and monitoring

Asset Reconstruction Companies –

Realigning growth arc

Crisil Ratings associated as the knowledge partner for Associated Chambers of Commerce and Industry of India’s (ASSOCHAM) seventh national summit on asset reconstruction companies (ARCs). In the forum, ASSOCHAM and Crisil Ratings unveiled a joint knowledge titled ‘Asset Reconstruction Companies – Realigning Growth Arc’.

H I G H L I G H T S

ARCs are expected to see a significant rise in recovery rates, supported by faster settlements and the impact of the Insolvency and Bankruptcy Code (IBC)
Revised regulations, such as reducing mandatory investments in security receipts and enhancing governance, will strengthen ARCs, allowing them to scale up operations and drive better recovery from stressed assets

Roti Rice Rate

Crisil’s monthly indicator of food plate cost

The average cost of a thali is calculated based on input prices prevailing in north, south, east, and west India.

H I G H L I G H T S

Monthly change reflects the impact on the common man’s expenditure
The data also reveals the ingredients (cereals, pulses, broiler, vegetables, spices, edible oil, cooking gas) driving changes in the cost of a thali

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Annual Report 2024

Global market

US commercial banking: Top five trends for 2024

This paper identifies the top five trends to watch out for in the banking sector in 2024. It presented a perspective on how each of these trends will impact commercial banks and their clients and help them understand the industry. It also showcased the knowledge and expertise of the commercial banking team.

H I G H L I G H T S

Even if the US economy avoids recession and returns to a more favourable environment for business, banks will still face challenges

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To meet these challenges, leading banks will deploy a host of new tools powered by artificial intelligence and other technologies that are already starting to transform the industry

Global wealth management: Revenue snapshot third quarter year-to-date

This denotes the first wealth management blog from Coalition Greenwich that offers an insight and analysis of the performance of global wealth managers, depicts key trends of 2024 and outlook for the following year.

H I G H L I G H T S

The US wealth managers underperformed, while those of Asia and Europe outperformed due to higher transaction-based fees and strong ultra-high-networth (UHNW) inflows

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Wealth managers are focussing on targeted growth and investing in AI, with single-digit growth expected in the first half of 2025, particularly in North Asia and family offices

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Transforming Private Equity with GenAI

This report talks about the intersection of regulatory reporting and technology, exploring how emerging technologies can help the financial industry navigate change and meet complex regulatory demands, such as Basel III, in a shifting landscape.

H I G H L I G H T S

GenAI enhances decision-making, optimises deal sourcing and portfolio management and boosts operational efficiencies, helping private equity firms unlock value creation
By leveraging GenAI, private equity firms can improve investment returns and drive more effective strategies

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Global CRE Market Building Towards a Turnaround

This blog focusses on the challenges and opportunities in the global commercial real estate (CRE) market.

H I G H L I G H T S

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The CRE market faces subdued investments due to high rates and potential delinquencies
A challenging recovery lies ahead, depending on macroeconomic factors, consumer preferences and adaptability, making the road to recovery uncertain and complex

Regulatory Reporting and Technology in Finance

H I G H L I G H T S

The financial industry is grappling with challenges arising from shifting geopolitics and evolving regulations
Technologies, such as GenAI and big data, provide solutions to streamline operations and address industry demands

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Annual Report 2024

Key Highlights on our Franchise

Indian Market

Crisil’s eight edition of India Outlook Seminar

The eight edition of India Outlook Seminar was hosted in March 2024. The theme of the event was ‘Pivots, Pillars and Pace’.

H I G H L I G H T S

Launch of India Outlook Report 2024 and a welcome address by Amish Mehta, Managing Director and CEO, Crisil Limited, followed by a keynote address by Dr Ashok Gulati, Distinguished Professor, Indian Council for Research on International Economic Relations

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(ICRIER) and a presentation on the global economy by Dr Paul Gruenwald, Global Chief Economist, S&P Global Ratings

More than 750 participants from 500+ organisations took part in the event

Crisil Ratings’ second edition of Annual Infrastructure Summit, 2024

Crisil Ratings hosted the second edition of Crisil Annual Infrastructure Summit in June 2024 in Mumbai. The theme of the summit was ‘Surging on Policy Pivot’.

H I G H L I G H T S

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Amish Mehta, Managing Director and CEO, Crisil Limited, set the stage with an insightful opening address, followed by a keynote address by Gautam Adani, Chairman and Founder, Adani Group
More than 300 participants from 150+ organisations attended the conclave

Crisil Ratings’ ninth edition of NBFC Seminar

Crisil Ratings hosted the ninth edition of NBFC Seminar in December 2024 in Mumbai. The theme of the seminar was ‘On a Risk-focused Growth Journey’.

H I G H L I G H T S

Opening address by Subodh Rai, Managing Director, Crisil Ratings, followed by a keynote address by Keki Mistry, Non-Executive Director, HDFC Bank

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The seminar was attended by 400+ participants from 200+ organisations

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Crisil Real Estate Conclave - Kochi

Crisil hosted the Crisil Real Estate Conclave at Kochi in December 2024, themed ‘Shaping the Future of Real Estate’.

H I G H L I G H T S

Welcome address was delivered by Ashish Vora, President & Business Head, Data and Analytics, followed by introductory remarks from T. Adhikari, Managing Director and CEO, LIC Housing Finance Limited and a keynote address by K. Chandran Pillai, Chairman of GCDA (Greater Cochin Development Authority)

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The seminar was attended by 100+ participants from 30+ organisations

Crisil webinar on the EV sector: Towards green mobility

Crisil hosted a webinar titled ‘Towards green mobility’ in April 2024, which covered a global overview of electric vehicle (EV) penetration and India story so far, path to profitability and credit outlook for EV players.

H I G H L I G H T S

The external speakers on the panel were Kausalya Nandakumar, Chief Operating Officer, Mahindra Electric Automobile Limited (MEAL), Sandeep Gambhir, CEO, Muon India Pvt Ltd, and G Parthasarathy, Chief Financial Officer, TVS Motor Company

Crisil Ratings Regional Enclave – Ahmedabad Chapter

Crisil Ratings hosted the Ahmedabad Chapter of Crisil Ratings Conclave in October 2024.

H I G H L I G H T S

The conclave commenced with a session titled ‘In the direction of growth’ by Dipti Deshpande, Principal Economist, Crisil Limited, followed by a presentation on ‘India Inc: Steady Growth Trajectory Continues’ by Nitin Bansal, Associate Director, Crisil Ratings

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439 participants representing 250+ organisations attended the webinar

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The event had a great turnout with over 132 attendees from 60+ organisations

Annual Report 2024

Global market

Competitive challenges in 2024

Coalition Greenwich hosted the 21[st] annual ‘Competitive Challenges Conference’ in Chicago. The event drew a great turnout and featured engaging panel discussions and presentations,

along with interesting keynote speakers. The central message of the conference was ‘Decision Time in Asset Management’.

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H I G H L I G H T S

As investor expectations rise and profit margins shrink, asset managers must strategically decide where and how to compete
Success hinges on making clear decisions on target markets, product offerings and key relationships, while maintaining a strong focus on core competencies

Ushering in a new era of portfolio monitoring

The Credit and Lending Solutions business hosted a panel discussion on ‘Ushering in a New Era of Portfolio Monitoring’ in New York. The event featured a panel of industry experts from

Citi, U.S. Bank and UBS, who discussed evolving portfolio monitoring strategies, industry best practices, and AI/automation-led tools.

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H I G H L I G H T S

Banks must adjust their portfolio monitoring frameworks to comply with regulatory requirements and ensure effective risk management
Utilising technologies such as AI and alternative data can significantly enhance risk identification and mitigation efforts

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Navigating emerging risks: The CRO perspective

Riskminds International brought together industry leaders to discuss the latest risk management trends. Over four days, attendees explored AI-driven solutions, scenario design and ESG integration, along with streamlined reporting and emerging-risk navigation. The event ignited valuable conversations and insights on the evolving risk landscape.

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H I G H L I G H T S

Amit Vora, Global Head of Credit and Lending Solutions, Crisil Integral IQ, hosted a panel discussion on ‘Navigating Emerging Risks: The CRO Perspective’
The focus was on anticipating geopolitical and climate risks, prioritising stress management, and integrating ESG factors into decision-making

TradeTech FX 2024

The TradeTech FX 2024 conference was held in Amsterdam, it’s the biggest buy-side FX conference in Europe. Angad Chhatwal, Head of Global Macro Markets at Coalition Greenwich, moderated the fireside chat on ‘Clearing & Settlement’ which drew a large and engaged audience.

H I G H L I G H T S

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Assessing the full impact of SA-CCR and UMR on the FX Market
The effects of shortened T+1 settlement cycles on FX trading costs and operations

IACPM, annual fall conference

As a sponsor, Crisil participated in the event, which featured a welcome address by Amit Vora, Global Head of Credit and Lending Solutions, Crisil Integral IQ, on macroeconomic trends and credit risk management. We connected with industry leaders and discussed evolving trends in risk management and portfolio monitoring.

H I G H L I G H T S

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Regulatory norms are tightening, geopolitical risks are increasing, and banks are increasingly turning to private markets
Harnessing AI-driven insights and automation is essential for making informed decisions and enhancing operational efficiency

Annual Report 2024

In the Media

Crisil’s extensive and positive media coverage in respected publications and platforms reflects the trust and credibility that we have earned over the years, fortifying our sterling reputation among stakeholders. By utilising our media reputation as a valuable asset, we aim to expand our reach, grow our market presence and drive continued success.

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Gurpreet Chhatwal, Chief Operating Officer, Crisil Limited, contributed through a byline story in Business Standard, where he shared his take on the Union Budget, highlighting how it aims for long-term economic sustainability by enhancing business conditions, youth employability, MSME credit access and sustainable energy investments

Amish Mehta, Managing Director and Chief Executive Officer, Crisil Limited, shared his thoughts with The Indian Express on how Indian banks and corporates are primed to drive the country’s next growth cycle through increased investments and strategic financial partnerships, positioning India for significant economic growth by 2027

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Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Ashish Vora, President & Business Head, Data and Analytics, contributed a byline in Business Standard wherein he outlined critical strategies for managing risks in digital lending, including the use of advanced data analytics, robust underwriting processes and portfolio diversification

Zak Murad, Chief Technology and Information Officer, shared his views with TechCircle on the adoption of low-code no-code (LCNC) platforms and the prevailing industry trends in this space

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Annual Report 2024

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‘Biggest investment banks cut more jobs in 2024 after a brutal year’, an article published in the Financial News, detailed out the headcount trends in the first half of 2024, using Coalition Greenwich analysis and data and commentary from Eric Li, Head of Global Banking Research

Krishnan Sitaraman, Senior Director and Chief Ratings Officer, Crisil Ratings, contributed a byline in Business Standard where he presented an overview on small finance banks in India, their funding challenges, growth prospects and role in the Indian banking ecosystem

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Dharmakirti Joshi, Chief Economist, Crisil Limited contributed a byline in The Times of India where he shared his views on the role of inclement weather and climate change in keeping food inflation high and the need to front load efforts at taming it on a durable basis

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Pooja Mirchandani, President and Chief Human Resources Officer, Crisil Limited, participated as a guest on The Working Life Podcast by Mint, sharing her insights on how organisational leadership is being exposed to AI and what this means for the future of work

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Yogendra Deep Singh, Chief Data Officer, Crisil Limited, was featured in Analytics India Magazine’s 2024 annual list of influential AI leaders in India

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‘ETFs are eating the bond market’, a comprehensive article about exchange traded funds (ETFs) and their effect on the bond market was published in the Financial Times. This referenced Coalition Greenwich data and analysis from the Market Structure and Technology (MST) team, along with charts from MST and quotes from Kevin McPartland, Head of MST

‘US ESG divide contrasts with growing unanimity in Europe, Asia – survey’ published in Pensions & Investments was based on the blog ‘Different approaches towards ESG by asset managers in US and Europe’ written by the Investment Management team. It also mentions additional commentary from Christopher Dunn, Head of Investment Management, Continental Europe

Annual Report 2024

Unlocking Capabilities, Fostering Talent

Building on the organisation’s efforts to provide a distinctive experience for employees, our focus this year was to strengthen our integrated talent management approach, aiming to acquire, nurture and develop top talent and prepare them for leadership roles within the organisation.

To further fortify our operations and drive growth, we strengthen our team with experienced leaders and skilled professionals. We continue to focus on productivity by benchmarking our performance against industry standards and implementing organisational design interventions that clearly define roles.

Crisil continues to be an employer of choice for women. To sustain this, our talent acquisition efforts are mindfully directed towards making our workplace more inclusive. We also continue to fast-track the advancement of our high-potential female employees through the career pipeline, enhancing leadership diversity in the process.

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Chirp, Crisil’s own social network

During the year, we launched ‘Chirp’, our social network (intranet platform) that promotes two-way communication and drives employee experience. It has been a key factor in fostering collaboration and engagement. Designed as a hub for connectivity, Chirp empowers employees to share their valuable insights, celebrate their successes and collaborate across boundaries.

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Innovation Jam: Pioneering ideas

Innovation Jam exemplified the organisation’s drive to turn bold ideas into impactful solutions and team up to solve real-world challenges and push the boundaries of creativity. The initiative served as a foundation for IdeaQuest Hackathon, enabling employees to join the teams on Innovation Jam or select winning problem statements from IntelliGen, our internal suggestions and discussion platform.

IdeaQuest Hackathon: Building the future

IdeaQuest Hackathon focussed on celebrating ingenuity and teamwork by facilitating employees in crafting cutting-edge products. The ideas were turned into action, furthering our legacy of impactful problem-solving.

Crisil CEO Award: #BeUnstoppable

Crisil’s CEO Award celebrated the extraordinary achievements of our employees who played a key role in driving impactful change. Their exceptional work was instrumental in elevating Crisil to even greater heights.

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Winners across 12 categories

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Annual Report 2024

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Accelerating careers

At Crisil, we believe that empowering our employees with the right skills at the right time is key to driving impact and innovation. Our ‘upwards and onwards’ talent strategy ensures employees stay ahead of evolving industry trends through structured upskilling initiatives. With a focus on emerging areas such as AI and digital transformation, employees have benefited from multi-modal learning, facilitator-led training, and hands-on experiences through hackathons and innovation challenges.

Compliance Carnival

Compliance Carnival brought a fresh perspective to regulatory engagement through quizzes, interactive sessions and gamified challenges. These initiatives helped in making compliance an engaging experience, while reinforcing Crisil’s commitment to integrity and excellence.

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Strengthening bonds

At Crisil, we believe that meaningful change begins with a strong sense of belonging. Our vibrant celebrations throughout the year provided employees with several opportunities to connect, celebrate and build lasting memories. This also offered a unique opportunity for employees to showcase their diverse cultural roots by wearing traditional attire, and by enjoying music and dance. These special moments were not only festive but also a testament to Crisil’s shared values of inclusivity and togetherness.

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Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Championing inclusion

Crisil remains deeply committed to fostering an inclusive workplace where every employee thrives. The year 2024 marked the formalisation of the Inclusion Forum, a cross-functional body sponsored by our CEO to drive strategic accountability in inclusion efforts.

Employees engaged in meaningful conversations through mentorship programmes and thought leadership forums. Key milestones included the launch of an Inclusion Handbook, reverse mentoring for inclusive leadership, and celebrations for Disability Month and Women’s Day, featuring experiential learning sessions.

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Employee involvement in sustainability

Crisil remains committed to fostering a culture of sustainability through education and engagement. In 2024, we introduced company-wide sustainability awareness programmes, aligning with global observances such as World Earth Day and the International Day of Clean Air for Blue Skies. Employees engaged in expert-led discussions and participated in contests focused on waste management and reducing environmental footprint. These initiatives have not only enhanced awareness but have also informed our sustainability roadmap, reinforcing Crisil’s role as a responsible corporate citizen.

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Wellness sessions: A holistic approach

At Crisil, we understand that thriving careers are built on the well-being of employees. By promoting and prioritising emotional, physical and financial health, a culture of care has been woven into every aspect of the organisation. Through comprehensive assistance plans at life’s critical junctures and engaging wellness sessions on mindfulness, sleep hygiene and relaxation, our commitment to wellness reflects our strong belief that when employees are nurtured, the organisation also tends to flourish.

Annual Report 2024

Augmenting our Social Impact

For our planet and communities

Being an organisation committed to excellence, two vital strands converge in the heart of Crisil – environmental sustainability and social responsibility. Our unique blend of environmental stewardship and social consciousness reflects our dedication to making a tangible impact towards our planet and communities.

We focus on specific corporate social responsibility (CSR) initiatives that support social development, primarily in the areas of financial capability building and environment conservation.

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Our commitment to the planet

Expanding our ‘green’ footprint

‘Crisil RE’, our flagship environment conservation programme, continued to deliver meaningful impact by planting over 70,000 saplings during the year, taking the cumulative number of trees planted by Crisil to over 278,000 (2015-2024). This year, our focus was on planting native saplings in Maharashtra.

Conservation of water resources for rural communities is an area of intervention we have undertaken since 2023, as part of our CSR programmes. During the year, two water harvesting structures were created through our NGO partners in Udaipur (in Rajasthan) and Raigarh (in Maharashtra) – both predominantly water scarce regions.

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Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Shaping the larger social consciousness quotient

‘Crisil RE’ inculcates social consciousness among our employees. It encourages our workforce, primarily comprising socially conscious millennials, to actively contribute to the society and make a tangible impact.

On June 5, on the occasion of World Environment Day, senior leaders across Crisil came together as part of a larger campaign ‘#PassTheGreenTorch’, conveying a strong message on environmental responsibility and stewardship.

In October, over 2,000 employees (including the leadership team) came together to participate in ‘#SapnoKiGullak’ (The Piggy Bank of My Dreams), a volunteering initiative. They hand-painted piggy banks (gullaks) with colourful and personalised messages for school children. These piggy banks were distributed to underprivileged school children

in Mumbai, aiming to engage and educate them on the importance of financial discipline and savings.

In addition, as part of the annual ‘Daan Utsav’ (Joy of Giving Week), employees contributed books, ration, clothes and footwear for the underprivileged members of our society. The initiative was implemented in partnership with non-governmental organisations (NGOs).

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Our commitment to our communities

Mein Pragati

Mein Pragati, Crisil Foundation’s flagship financial capability-building initiative, is currently being implemented in over 5,000 villages of Assam and Rajasthan. This is facilitated through a well-trained community cadre of over 5,200 Sakhis.

In 2024, under the Mein Pragati programme, Crisil Foundation expanded its outreach to more than 1.3 million rural community members through its cadre of Sakhis in Assam and Rajasthan.

Additionally, during the year, the focus was on consolidating the Sakhi cadre, categorising them on the basis of performance and development potential to deepen our understanding of their skills, so as to build their future capacity building and handholding needs – forming a key part of the 2025 strategy.

Benefiting our communities since 2018

Sakhis have supported more than 3 million rural community members, by facilitating community awareness and over 2.2 million linkages, thereby improving access to banking, other financial services and government welfare entitlements.

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Annual Report 2024

MoneyWise Centre for Financial Literacy

Crisil Foundation’s efforts through Mein Pragati led to a larger partnership – implementation of the MoneyWise Centre for Financial Literacy (CFL) project in India, with support from the Reserve Bank of India (RBI), 11 public sector banks, and National Bank of Agriculture and Rural Development (NABARD).

By building these into timely, relevant and trusted centres of knowledge, Crisil has taken a firm step towards enabling last-mile financial inclusion, a critical component for the nation’s long-term development.

Scaling up Crisil Foundation’s financial awareness and inclusion efforts through

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Spread over
In100,000+ In 317 Across 14
675 CFLs 1,900+ states and
villages districts
blocks 4 UTs
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GramShakti Certification

GramShakti Certification is an online learning and certification programme, now accessible through an Android app customised in regional languages with interactive and engaging content. During the year, it expanded its reach to more than 6,000 cumulative end-users (women community cadre), of which over 2,900 users have been formally certified.

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Livelihoods initiative

The livelihoods initiative was launched in Rajasthan as a pilot project in 2023 in Didwana, a Mein Pragati village, to support 35 unskilled rural women in rug making and enable market linkage to improve their monthly incomes. Over a period of six months, the weavers were trained, and rugs were manufactured, helping the weavers generate income for their households. Between 2023 and 2024, the pilot project was expanded to 98 more women weavers (new cohorts) in four villages – Didwana, Ramgarh Pachwara, Kushalpura and Nangal Rajatwan (Mein Pragati project locations).

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Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Creating an impact – Stories of change

A. Weaving hope: Threads of change

For several years, Lalita Pinara’s family, based in Ramgarh Pachwara (Rajasthan), relied on seasonal work, stuffing cotton quilts. When her husband, the sole breadwinner of the family, was paralysed five years ago, the burden of caring for him and the entire family fell solely on Lalita. She struggled to make ends meet, taking on any small village tasks that she could. However, the wages were meagre.

Desperate for a way out, she signed up for the training programme on carpet weaving and began earning ` 100/- per day while learning, which was a huge deal for her. Now, she has gradually started earning a regular monthly income and is able to support her family. These earnings have given her hope as well as dignity. Things are better now and she is gradually being able to stand on her own feet.

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B. Driving positive change within the community

Meet Pista Devi from Papada village, Nangal Rajawatan, where financial struggles were a constant battle for her family of five. With her husband’s irregular earnings barely meeting their needs, Pista dreamed of contributing more. Although she had to give up her education for family responsibilities, her ambition never faded.

In 2021, joining the Mein Pragati programme as a Crisil Sakhi became a crucial turning point in her

life. As a Sakhi, she learned about savings, loans and government schemes — mindfully applying this knowledge to secure her family’s future. Through hard work and financial planning, she recently helped them purchase a second-hand car.

Today, Pista Devi is able to provide a stable future for her children. Her story is one of resilience, empowerment and a brighter future, all thanks to her determination.

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Annual Report 2024

Statutory Reports

41 Directors’ Report 62 Management Discussion and Analysis Report
73 Independent Auditors’ Certificate on Corporate Governance
74 Report of the Directors on Corporate Governance
100 Secretarial Audit Report

Mission-Critical Decisions, Made with Confidence.

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Directors’ Report

Dear Member,

The Directors are pleased to present to you the 38[th] Annual Report of Crisil Limited, along with the audited financial statements, for the year ended December 31, 2024.

Financial performance

A summary of the Company’s financial performance in 2024:

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( C crore)
Particulars Consolidated Standalone
2024 2023 2024 2023
Total income 3,349.42 3,233.16 2,165.58 2,121.62
Profit before interest, depreciation, exceptional items and taxes 1,000.45 975.14 751.80 833.58
Finance cost 4.03 3.66 3.11 3.28
Deducting depreciation of 69.95 103.78 43.27 66.92
Profit before tax 926.47 867.70 705.42 763.38
Deducting taxes of 242.40 209.26 89.54 95.12
Profit after tax 684.07 658.44 615.88 668.26
Other comprehensive income 113.33 87.80 102.32 100.14
Total other comprehensive income 797.40 746.24 718.20 768.40
Appropriations
Final dividend 190.14 204.73 190.14 204.73
Interim dividend 219.39 190.08 219.39 190.08
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Final dividend recommended for 2024: C 26 per equity share of C 1 each

** Final dividend paid for 2023: C 28 per equity share of C 1 each

Financial statements for the year ended December 31, 2024 have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.

There are no material departures from the prescribed norms stipulated by the accounting standards in preparation of the annual accounts. Accounting policies have been consistently applied, except where a newly issued accounting standard, if initially adopted, or a revision to an existing accounting standard, required a change in the accounting policy hitherto in use. The management evaluates all recently issued or revised accounting standards on an ongoing basis.

limited review and publishes consolidated and standalone audited financial results annually.

a) Consolidated operations

Total income from the Company’s consolidated operations for 2024 was C 3,349.42 crore, 3.6% higher than C 3,233.16 crore in the previous financial year. Overall expenses were C 2,422.95 crore as against C 2,365.46 crore in the previous financial year. Profit before tax was C 926.47 crore as against C 867.70 crore in the previous financial year.

Profit before tax for the year ended December 31, 2023, included a one-off gain of C 29.4 crore due to sharp devaluation of the Argentinian peso in fourth quarter of 2023.

The Company discloses consolidated and standalone financial results on a quarterly basis, which are subject to

Profit after tax was C 684.07 crore as against C 658.44 crore in the previous financial year.

Annual Report 2024

b) Standalone operations

Total income from the Company’s standalone operations for 2024 was C 2,165.58 crore compared with C 2,121.62 crore in the previous financial year. Overall expenses were C 1,460.16 crore as against C 1,358.24 crore in the previous financial year. Profit before tax was C 705.42 crore as against C 763.38 crore in the previous financial year. Profit after tax was C 615.88 crore as against C 668.26 crore in the previous financial year.

A detailed analysis of the performance, consolidated as well as standalone, is included in the Management Discussion and Analysis Report, which forms part of the Annual Report.

Dividend

The Directors recommend for approval of the members at the Annual General Meeting (AGM), to be held on April 30, 2025, payment of final dividend of C 26 per equity share of face value of C 1 each, for the financial year under review. During the year, the Company paid three interim dividends

first interim dividend of C 7, second interim dividend of C 8 and third interim dividend of C 15 per equity share. Hence, total dividend will be C 56 per share in 2024 vis-à-vis total dividend of C 54 per share in the previous financial year.

The Dividend recommended is in accordance with the Company’s Dividend Distribution Policy . The Company has adopted the Dividend Distribution Policy to determine the distribution of dividends in accordance with the provisions of applicable laws. The Dividend Distribution policy is available on the Company’s website at https://www.crisil. com/content/dam/crisil/investors/corporate-governance/ dividend-policy-clean.pdf

Increase in issued, subscribed and paid-up equity share capital

During the financial year, the Company issued and allotted 16,185 equity shares to eligible employees on exercise of options granted under the employee stock option scheme (ESOS) of the Company. Hence, at the end of the year, Crisil’s issued, subscribed and paid-up capital stood at C 73,129,790/comprising 73,129,790 equity shares of C 1 each.

Trend in share capital during the year:

Particulars	No. of shares allotted	Cumulative outstanding capital (no. of shares with face value of`D`1 each)
Capital at the beginningof theyear, i.e., January1, 2024	-	73,113,605
Allotment of shares to employees on February16, 2024	4,113	73,117,718
Allotment of shares to employees on April 16, 2024	6,118	73,123,836
Allotment of shares to employees on July15, 2024	5,814	73,129,650
Allotment of shares to employees on October 16, 2024	140	73,129,790
Capital at the end of theyear, i.e., as of December 31, 2024	-	73,129,790

Segment-wise results

The Company has identified two business segments, in line with the Indian Accounting Standard on Operating Segment (Ind AS-108), comprising:

(i) Ratings services
(ii) Research, Analytics and Solutions

The audited financial results of these segments are provided as part of the financial statements.

Review of operations

Ratings services

Highlights

Announced 1,150+ new bank loan ratings (BLRs); has total active ratings outstanding for ~7,000 companies
Maintained leadership position in the corporate bond markets, backed by preference for quality ratings among investors and issuers alike
Ensured best-in-class quality of ratings by maintaining focus on analytical rigour
Held several marquee events and published high-quality opinion pieces that were well covered by the media and appreciated by stakeholders

The ratings industry sustained its growth momentum in 2024 as a decline in bond issuances in the first half amid hardening yields was more than offset by a year-onyear increase in issuances in the second half of the year. Consequently, in 2024, the rated bond quantum rose a healthy 11.7% year-on-year. The pick-up in the second half was led by large and frequent bond issuances from players in the financial services sector.

42 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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In contrast, bank credit posted a growth of 11.2% in 2024 vs 15.6% in 2023, owing to a slowdown in the services and retail segments. The slower growth in credit to the services segment was largely because of a slowdown in credit to non-banking financial companies (NBFCs) due to the central bank’s move to increase risk weights for banks lending to NBFCs.

Reflecting credit growth, the new and enhanced BLR quantum across credit rating agencies (CRAs) saw a marginal decline in 2024. The number of companies with new BLRs decreased 5.5% year-on-year across the industry.

The demand for the monitoring agency’s offerings increased due to a surge in the number of companies raising equity from the primary markets in 2024.

Amid an evolving macroeconomic environment and rising competitive intensity, Crisil Ratings was able to sustain its market-leading position in the corporate bond segment, driven by investor preference for rating quality.

In this milieu, Crisil Ratings logged a healthy revenue growth of 17.4% year-on-year in 2024.

On the analytical front, we continued to demonstrate best-in-class quality with solid performance of ratings as reflected in the globally tracked metrics such as default rates and stability rates. We continued to strengthen our early warning mechanism through our proprietary framework for the corporate and infrastructure sectors. We proactively identified sectors impacted by macroeconomic developments and prioritised rating reviews across vulnerable sectors and companies. These initiatives have helped Crisil Ratings maintain high quality of ratings amid external environment.

We witnessed global uncertainties with uneven economic growth, high interest rates and continued geopolitical tensions in 2024. Domestically, despite rising borrowing costs, India Inc recorded resilient revenue growth, aided by the government’s continued policy support towards infrastructure build and revival of rural consumption demand. Leaner balance sheets continued to support credit profiles.

SEBI issued a series of circulars to enhance ease of doing business for CRAs, including a comprehensive one on cybersecurity and cyber resilience framework for all registered intermediaries, including CRAs.

On the franchise front, Crisil Ratings continued to drive thought leadership in the industry by providing cutting-

edge insights, hosting seminars and web conferences on trending topics and engaging with industry leaders through panel discussions. Our opinion pieces received extensive coverage from premier print and digital media.

We conducted our second edition of infrastructure summit themed – ‘Indian infrastructure: Surging on policy pivot’. We hosted our ninth edition of the annual flagship seminar on the NBFC sector themed – ‘NBFCs: On a risk-focused growth journey’. Both events included presentations by experts from Crisil Ratings and panel discussions involving several industry leaders, who shared their perspectives and insights.

To deepen our engagement with clients located in Tier 2 regions, we hosted regional Ratings conclaves, presenting our views on relevant industry trends and having close discussions with them. This outreach activity witnessed encouraging response from clients, investors and bankers.

Other well-received franchise activities during the year included webinars on renewable energy, infrastructure investment trusts/real estate investment trusts, asset reconstruction companies, electric vehicles, data centres, automobiles, roads, real estate and capital goods.

Global Analytics Center (GAC) continued to drive surveillance support across the analytical practices of S&P Ratings and partnered on data and technology transformation programmes.

Research, Analytics and Solutions

Crisil won the Chartis RiskTech100® 2025 Award in the Model Validation category for the third consecutive year and ranked 37[th] overall.

We were recognised as a category leader across five Chartis quadrants for 2024 - Credit Risk Management Solutions, Credit Portfolio Management Solutions, Regulatory Reporting Solutions Quadrant, Credit Lending Operations and Model Risk Management Solutions.

Crisil Intelligence

Highlights

Expanded our research coverage on allied agricultural activities
Established a valuation framework for alternative investment funds (AIFs) aligned with international private equity and venture capital valuation guidelines, enhancing our clients’ investment decisionmaking capabilities

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Expanded Quantix coverage by sourcing a targeted list of entities in the C 5 crore to C 500 crore turnover bucket
Deepened our focus on climate risk model capabilities to develop a comprehensive, end-to-end approach to climate risk, adaptation and resilience
Extended our early warning solution (EWS) to small and medium enterprises (SMEs) and retail portfolios
Integrated our generative artificial intelligence (GenAI) capabilities into the credit assessment and spreading solution Credit + ICON

We recorded strong traction in 2024, especially in urban infrastructure and transport sectors, and draft red herring prospectus (DRHP) offerings. We supported governments, multilateral institutions and investors in sectors such as roads, renewables and urban infrastructure, helping them finalise frameworks and roadmaps, and achieve financial closures.

The business was able to garner significant wallet share in adjacent geographies and maintained its leadership position with multilateral and bilateral agencies.

Our research offerings in emerging areas empowered stakeholders with data-driven insights. We saw strong interest in thought leadership and franchise-building initiatives at banks. We are leveraging our sectoral expertise to support their needs.

Growth in our Industry Research offerings was driven by demand for thematic research, while our fixed income indices remained mutual funds’ top choice for launching sectoral passive target maturity funds. The updated Crisil AIF benchmarks were received well.

Credit + ICON saw significant traction and continues to be a market leader in India. The business recorded a strong demand for EWS from smaller banks and NBFCs after the Reserve Bank of India’s (RBI) new circular on EWS. The business witnessed traction for its corporate loan origination system.

Crisil Integral IQ

Highlights

23 new logos were added across verticals
Leveraged GenAI to develop client solutions

The business witnessed the impact of curtailed discretionary spending by global clients.

The buy-side segment secured new mandates and increased its wallet share with existing clients.

The credit risk and lending solutions expanded the existing relationships and added new logos as banks continued to transform their credit risk practices amid rising macroeconomic and geopolitical risks. The business made considerable progress in leveraging AI in credit risk assessments. The development of a proprietary AI Prompt database is expected to address the growing needs of clients to integrate GenAI in the credit review process.

The quantitative and risk solution saw traction in regulatory reporting, compliance, model lifecycle services and finance transformation, amidst limited appetite for discretionary spends by commercial and investment banks (CIBs).

Crisil Coalition Greenwich

Highlights

Onboarded 24 new clients
Investments in data processing platforms accelerated client delivery and improved data quality
Digital platform is being adopted more broadly across Crisil Coalition Greenwich, driving efficiency gains and value-add data analytics

Despite uncertain market conditions and cost and budget pressure across clients, the business saw momentum in CIB and maintained leadership and entrenchment across index CIBs. Our client engagement and scaling up of product offerings strengthened demand from large commercial banks.

Collaboration with S&P Global

On the franchise front, we hosted the 8[th] edition of our flagship India Outlook seminar, titled ‘Pivots, pillars and pace’ and released the India Outlook Report 2024, titled ‘Growth marathon’. The business organised ‘The Real Estate Conclave’ and launched two reports – the Developer Sentiment Study, and Realty Bytes.

Crisil’s association with S&P Global has been instrumental in shaping our strategy and governance systems, blending local and global perspectives. The presence of S&P Global representatives on the Crisil Board brings valuable global insights on governance, risk, and controls, as well as expertise in leading large businesses. This partnership

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also provides opportunities for Crisil to leverage the S&P Global brand through referrals in the international market. Regular interactions between the two management teams facilitate knowledge-sharing and cross-fertilisation of ideas. Importantly, commercial opportunities are pursued at an arm’s length, following rigorous review and recommendations by Crisil’s Audit Committee, mainly comprising Independent Directors. Notably, S&P Global’s largest collaboration with Crisil has been in providing financial services support to S&P Global Ratings and other teams, a partnership spanning nearly two decades.

Crisil Ratings and Crisil Intelligence

We partnered with S&P Global to contribute to the India Forward: Emerging Perspective event. The teams jointly wrote a comprehensive paper on the agriculture sector
We have collaborated to provide comprehensive financial information to 40,000 unlisted companies on the S&P MI CapIQ platform
S&P participated in our marquee event, India Outlook Seminar, which marked the launch of a new report – India Outlook Report 2024
S&P Global Market Intelligence’s credit scorecards are hosted and automated on Crisil’s Credit + ICON platform

Crisil Integral IQ

Ongoing collaborations include a referral agreement between S&P Global, a joint go-to-market strategy, and development of risk and sustainability solutions
Support Trucost and S&P Global Sustainable1 for ESG assessments

Crisil Coalition Greenwich

A referral agreement with Market Intelligence, which represents several data and analytics products

Human Resources

Crisil is a people-centric organisation. We believe in fostering a culture of innovation that drives growth, empowers our employees with thriving careers, and delivers high impact to our clients and the communities in which we operate. To achieve these goals, our people strategy has evolved over the years, incorporating elements that contribute to building a future-ready workforce.

Accelerating careers

Over the past few years, upskilling and reskilling people and providing them growth opportunities has been the mainstay

for Crisil. We continue to invest in new age skills, such as GenAI, including tie-ups with educational institutions to explore research areas and experiential interventions such as hackathons.

As part of our strategic workforce planning, we implemented a skill development plan for critical areas. We adopted a multi-modal approach (social learning, experiential learning and facilitator-based) for shaping the learning curve of our employees. In addition, access to digital learning platforms was provided for self-paced, anytime, anywhere learning. Crisil provides education reimbursement to assist continuous learning. The comprehensive learning plan helps ensure high operational efficiency with tangible impact metrics to accelerate growth.

Leadership development and succession planning remain an integral part of our talent priorities. We continue to emphasise on promoting organic talent for critical roles to ensure organisational resilience. To ensure we identify the best talent for the roles in new growth areas, we continue to assess talent through a calibrated internal and lateral hiring approach.

Our talent review process is strategic, structured and holistic for identifying critical roles, successors and high-potential employees. The senior leadership team plays an active role in the collaborative exercise to ensure alignment with organisational goals. This integrated effort not only develops a strong internal bench of leaders but also promotes career mobility, facilitates strategic role transitions and enhances employee engagement, retention and satisfaction.

We continued to invest in leadership development through various bespoke journey-based interventions for all levels. The programme designs are based on our competency framework to address key areas of development and to ensure we meet the needed outcomes. These development initiatives involve individual development plans, coaching and cross-functional exposure to prepare future leaders.

Fostering inclusion and belongingness

Crisil is committed to the inclusion agenda. In 2024, we consolidated the efforts towards institutionalising inclusion through a formal, empowered, cross-functional body – the Inclusion Forum. Under the sponsorship of our CEO, the Inclusion Forum was set up to create strategic accountability, provide governance and oversight on inclusivity efforts and enhance brand visibility. The Forum members spearheaded several interventions such as setting up the people resource group (PRG), ensuring global

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standards for enabling managerial inclusion index through reverse mentoring and contribution to external think-tanks.

Purpose-led interventions around themes of authenticity and belonging were organised to mark select occasions globally. Several thought leadership forums and sensitisation sessions were conducted.

In pace with our ongoing efforts to enhance wellbeing, a global maternity pay policy of 26 weeks with full pay has been announced (effective January 1, 2025). Pre and postpartum maternity care has also been introduced.

International Women’s Day was commemorated with wellness sessions, fireside chat with industry leaders, employee challenges and distribution of school kits to underprivileged students, which touched over hundreds of employees.

We observed Disability month in July 2024. Apart from leadership messages on allyship, experiential learning interventions were organised at multiple locations to sensitise employees on disability inclusion. We observed the Global Diversity Awareness month, which included targeted activities such as physical accessibility audit for three offices in India, workshops on accessible content creation, allyship for people managers to encourage conversations on mental health and resilience among teams, launch of reverse mentoring programme and PRG. An inclusion handbook was introduced to equip employees with tools to engage in meaningful and sensitive conversations.

Directors

Members of the Company’s Board of Directors are eminent persons of proven competence and integrity. Besides global experience, strong financial acumen, strategic astuteness and leadership qualities, they have a significant degree of commitment to the Company. They devote adequate time to meetings and preparation. In terms of the requirement of the Securities & Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations, 2015’), the Board has identified core skills, expertise and competencies of the Directors in the context of the Company’s business for effective functioning and how the current Board of Directors are fulfilling the required skills and competencies. This is detailed at length in the Corporate Governance Report.

The Board meets at regular intervals to discuss and decide on the Company/business policy and strategy, apart from other Board businesses. The Board exhibits strong

operational oversight with regular business presentations at meetings. An annual planner of topics to be discussed at the Board meeting is pre-approved by the Directors. The Board/Committee meetings are pre-scheduled, and an annual calendar of the meetings is circulated to the Directors well in advance to help them plan their schedules and ensure meaningful participation. Only in the case of special and urgent business, should the need arise, is the Board’s approval taken by passing resolutions through circulation, as permitted by the law, which are confirmed in the subsequent Board meeting. The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board meetings and AGMs.

The agenda for the Board and Committee meetings includes detailed notes on items to be discussed to enable the Directors to make informed decisions. The Company follows a two-day schedule for its quarterly Committee and Board meetings, which offers greater discussion time for Board matters.

In 2024, the Board met six times - February 15-16, April 16, July 15-16, October 16, October 28, and December 12. The maximum interval between two meetings did not exceed 120 days.

The Company’s Nomination and Remuneration Policy formulated under Section 178(3) of the Companies Act, 2013, covers roles, responsibilities, criteria and procedures towards key aspects of Board governance, including the size and composition of the Board, criteria for directorship, terms and removal, succession planning, evaluation framework, and ongoing training and education of Board members. The Policy lays down detailed guidelines for remuneration of the Board, Managing Director and employees, and covers fixed and variable components and long-term reward options, including ESOSs. It includes the scope and terms of reference of the Nomination and Remuneration Committee. The Policy is available at https://www.crisil.com/en/home/ investors/corporate-governance.html. During the year, modifications were made to the Policy to elaborate on the terms of reference of the Committee.

Directorship changes

Appointments

Ms Nishi Vasudeva was appointed as an Independent, NonExecutive Director, with effect from January 27, 2024, for a period of five years. Further, the Board at its meeting held on February 16, 2024, appointed Mr Saugata Saha as a Non-Executive Director with effect from February 17, 2024.

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The aforesaid appointments were duly approved by the shareholders at the AGM held on April 16, 2024.

registered themselves with the databank maintained by the Indian Institute of Corporate Affairs (IICA) and have passed the proficiency test, if applicable to them.

Retiring by rotation

In accordance with the Articles of Association of the Company and provisions of the Companies Act, 2013, Mr. Girish Ganesan retires by rotation, and being eligible, has sought re-appointment.

Committees of the Board

The Board has five committees:

Audit Committee
Corporate Social Responsibility Committee

Brief profile of Mr Girish Ganesan, has been given in the notice convening the AGM.

Risk Management Committee
Nomination and Remuneration Committee

Key managerial personnel

Pursuant to the provisions of the Section 203 of the Companies Act, 2013, the key managerial personnel (KMP) of the Company as on the date of this report are:

Mr Amish Mehta, Managing Director & Chief Executive Officer
Stakeholders’ Relationship Committee

Details of all the committees, along with their charters, composition and meetings held during the year, are provided in the Report on Corporate Governance, as part of this Annual Report.

Mr Dinesh Venkatasubramanian, Chief Financial Officer*
Ms Minal Bhosale, Company Secretary

*Mr Dinesh Venkatasubramanian was appointed as the Chief Financial Officer (CFO) of Crisil Limited w.e.f. October 28, 2024.

Board independence

Our definition of ‘independence’ of Directors is derived from Regulation 16(b) of the SEBI Listing Regulations, 2015, and Section 149(6) of the Companies Act, 2013. Based on the confirmation/disclosures received from the Directors, and on the evaluation of the independence of Directors during the Board evaluation process and assessing the veracity of disclosures, the following Non-Executive Directors are independent:

a) Mr Girish Paranjpe
b) Ms Shyamala Gopinath
c) Mr Amar Raj Bindra
d) Ms Nishi Vasudeva

In the opinion of the Board, the Independent Directors fulfil the conditions specified under the Companies Act, 2013, the rules made thereunder and the SEBI Listing Regulations, 2015. They are independent of the Management and are persons of high integrity, expertise and experience. Further, in terms of Section 150 of the Companies Act, 2013, read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, the Independent Directors of the Company have confirmed that they have

Annual evaluation by the Board

During the year, the Board carried out an annual evaluation of its performance as well as of the working of its committees and individual Directors, including the Chairman of the Board. This exercise was carried out through a structured questionnaire prepared separately for the Board, Committees, Chairman and individual Directors. The Chairman’s performance evaluation was carried out by Independent Directors at a separate meeting.

The parameters assessed included various aspects of the Board’s functioning such as: effectiveness, information flow between Board members and management, quality and transparency of Board discussions, Board dynamics, Board composition and understanding of roles and responsibilities, succession and evaluation, and possession of required experience and expertise by Board members, among other matters.

The performance of the Committees was evaluated on the basis of their effectiveness in carrying out their respective mandates.

Peer assessment of Directors, based on parameters such as participation and contribution to Board deliberations, keeping oneself abreast of organisational matters, trends, knowledge and understanding of relevant areas, among other matters, was reviewed by the Board for individual feedback.

Annual Report 2024

During 2024, the Company implemented feedback from the 2023 Board evaluation process, enhancing engagement with senior management and skip-level teams, focusing on strategic issues and operational improvements of the meeting process.

Compliance monitoring framework

The Company has a comprehensive framework for monitoring compliances with applicable laws and internal policies. Compliance reviews take place at multiple levels, as follows:

First line of defence: Business and corporate functions ensure implementation of laws at the primary level through checks and controls in their operational processes
Compliance reporting tool: Compliances are further mapped into the compliance reporting tool and affirmed at regular frequencies by compliance owners, to generate compliance reports, which are submitted to the Board on a quarterly basis
The compliance monitoring framework is periodically subject to audits by internal auditors as per the internal audit plan
The secretarial audit process ascertains adequacy of systems and processes for compliance, commensurate with the size and operations of the Company
The Stakeholders’ Relationship Committee of the Company reviews instances of policy violations and breaches on a quarterly basis

Risk management policy and internal control adequacy

The Board has established robust policies and procedures to ensure governance and the orderly, efficient conduct of business operations. These measures include adherence to company policies, safeguarding of assets, prevention and detection of fraud, accuracy and completeness of accounting records, and the preparation of reliable financial disclosures. The internal control systems are aligned with the nature of the business and the scale and complexity of operations.

Significant audit observations and subsequent actions are regularly reported to the Audit Committee. To uphold audit independence, internal auditors report directly to the Audit Committee, which also holds exclusive executive sessions

with both internal and statutory auditors. Additionally, management conducts a comprehensive review of key controls impacting financial reporting at both entity and operational levels, submitting the findings to the Audit Committee and the Board.

The Company’s risk management framework ensures periodic assessment, mitigation, and monitoring of risks pertaining to businesses. Mitigation plans for identified risks are reviewed, implemented and monitored regularly. This balanced approach enables Crisil to mitigate risks to an acceptable level, safeguarding its reputation and brand while supporting operational and strategic goals.

Directors’ responsibility statement

The Directors hereby confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same
ii. They have selected such accounting policies and applied them consistently, and made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profits of the Company for that period
iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company, and for preventing and detecting fraud and other irregularities
iv. They have prepared the annual accounts on a goingconcern basis
v. They have laid down internal financial controls for the Company which are adequate and operating effectively
vi. They have devised proper systems to ensure compliance with the provisions of all the applicable laws, and such systems are adequate and operating effectively

Particulars regarding conservation of energy, technology absorption, and foreign exchange earnings and outgo Foreign exchange earnings and outgo during the year under review are as follows:

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		(`C`crore)
Total foreign exchange earnings and outgo*	For the year ended December 31, 2024	For the year ended December 31, 2023
Foreign	1,330.41	1,347.65
exchange earnings
Foreign	243.83	265.32
exchange outgo

*On a standalone basis

The Company does not own any manufacturing facility and, hence, our processes are not energy intensive. Therefore, particulars relating to conservation of energy and technology absorption stipulated in the Companies (Accounts) Rules, 2014, are not applicable.

However, we endeavour to support the environment by adopting environment-friendly practices in our office premises and have rolled out a policy that is aimed at improving the environmental performance of Crisil. Our efforts in this direction centre around making efficient use of natural resources, usage of renewable energy, adoption of energy efficiency measures and promoting recycling of resources.

Initiatives taken in the area of environment protection in 2024 are mentioned in the Crisil Sustainability Report 2024, available at https://www.crisil.com/en/home/investors/ financial-information/sustainability-report.html.

Corporate social responsibility

The Company has constituted a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Companies Act, 2013. The role of the Committee is to review the CSR Policy and approve activities to be undertaken by the Company towards CSR.

The CSR Policy of the Company is available at https://www. crisil.com/en/home/investors/corporate-governance.html, and details about initiatives taken by the Company during the year under review have been appended as Annexure I to this report.

The CFO has certified that the funds disbursed for CSR have been used for the purpose and in the manner approved by the Board for financial year 2024.

Vigil mechanism

The Company has established a vigil mechanism for Directors and employees to report genuine concerns, the details of which have been given in the Corporate Governance Report annexed to the Annual Report.

Significant developments

Merger of Bridge to India Energy Private Limited (Bridge to India) with Crisil Limited

In order to streamline Crisil’s subsidiary structure, the Board of Directors of Crisil Limited approved the merger of Bridge to India with the Company at their meeting held on October 16, 2024. The merger will be effected through the National Company Law Tribunal approval process. An application for the merger has been submitted to the National Company Law Tribunal on November 28, 2024. The approval of the application will be followed by dissolution of Bridge to India, without any requirement of the winding-up procedure.

The merger will consolidate operations under the parent entity, thereby reducing duplication of records, regulatory compliances and costs.

Merger of Peter Lee Associates Pty Limited (PLA) with Crisil Irevna Australia Pty Ltd (Crisil Australia)

In order to streamline Crisil’s global entity structure, the Board of Directors of PLA and Crisil Australia, the two wholly owned subsidiaries of the Company based in Australia, have approved the sale of business of PLA to Crisil Australia through a business transfer agreement. This will be followed by deregistration of PLA.

SEBI licence approval for Crisil ESG Ratings & Analytics Limited (Crisil ESG Ratings)

Crisil ESG Ratings, a wholly owned subsidiary of Crisil Ratings Limited, and a step-down subsidiary of the Company, had applied for a SEBI licence to operate as a registered ESG ratings service provider (ERP). Crisil ESG Ratings has received the licence from SEBI on April 25, 2024, to commence the business of ERP. Subsequently, the Company, vide business transfer agreement dated May 3, 2024, transferred its ESG ratings business to Crisil ESG Ratings.

Subsidiaries

As on December 31, 2024, the Company had 3 Indian and 13 overseas wholly owned subsidiaries.

In accordance with Section 129(3) of the Companies Act, 2013, Crisil has prepared a consolidated financial statement of the Company and all its subsidiaries, which is a part of the Annual Report. A statement containing salient features of the financial statements of the subsidiaries and highlights of their performance are included in the Annual Report.

The Company has no associate companies within the purview of Section 2(6) of the Companies Act, 2013.

Annual Report 2024

In accordance with the third proviso of Section 136(1) of the Companies Act, 2013, the Annual Report of the Company containing its standalone and consolidated financial statements has been uploaded on the website, www.crisil. com. Further, as per the fourth proviso of the said Section, accounts of all subsidiaries as of December 31, 2024, have also been uploaded on www.crisil.com. Shareholders interested in obtaining a copy of the accounts of the subsidiaries may write to the Company Secretary at the Company’s registered office or email to investors@crisil. com.

The Company has also obtained a certificate from the statutory auditors, certifying that the Company is in compliance with FEMA regulations with respect to downstream investments.

Particulars of contracts or arrangements with related parties referred to in Section 188(1)

A significant quantum of related party transactions undertaken by the Company is with subsidiaries engaged in the delivery of Crisil’s businesses and business development activities. The scope, coverage and limit of the related party approval obtained from the members as of December 15, 2014, was expanded to C 750 crore by way of obtaining shareholders’ approval at the 37[th] AGM of the Company, held on April 16, 2024.

The Audit Committee pre-approves all related party transactions. The details of such transactions undertaken during a particular quarter are placed at the meeting of the Audit Committee held in the succeeding quarter.

All contracts/arrangements/transactions with related parties executed in 2024 were in the ordinary course of business and on an arm’s length basis. During the year, there were no related party transactions that were materially significant or could have a potential conflict with the interests of the Company at large.

All related party transactions are mentioned in the notes to the accounts. The particulars of material contracts or arrangements with related parties referred to in Section 188(1) are given in a prescribed Form AOC–2 as Annexure II .

As required under the SEBI Listing Regulations, 2015, the Company has formulated a Related Party Transactions Policy, which has been uploaded on the Company’s website, https://www.crisil.com/content/crisilcom/en/ home/investors/corporate-governance.html. The Company

has developed an operating procedures manual for the identification and monitoring of related party transactions.

Particulars of loans, guarantees or investments under Section 186

Details of loans, guarantees and investments covered under the provisions of Section 186 of the Companies Act, 2013, are provided in the notes to financial statements.

Auditors’ report

M/s Walker Chandiok & Co LLP (an affiliate of the Grant Thornton network) is the Statutory Auditor of the Company. Its report is a part of the Annual Report.

M/s Walker Chandiok & Co LLP is undergoing its second term of five years as the Statutory Auditor of the Company, i.e., from the conclusion of the 35[th] AGM held on April 22, 2022, until the conclusion of the 40[th] AGM. Consequent to the amendments to the Companies Act, 2013, ratification of appointment of the Statutory Auditor at every AGM is no longer required.

Comments on auditors’ report

There are no qualifications, reservations or adverse remarks or disclaimers made by M/s Walker Chandiok & Co LLP, Statutory Auditors, in its audit report. The Statutory Auditor also did not report any incident of fraud to the Audit Committee of the Company in the year under review.

Secretarial audit report

The Board of Directors of the Company had appointed M/s S. N. Ananthasubramanian & Co. (SNACO), a firm of Practising Company Secretaries, as Secretarial Auditors of the Company to conduct the secretarial audit for the financial year 2024 and their report is appended as Annexure III . There were no qualifications, reservations or adverse remarks or disclaimers made by SNACO in its secretarial audit report. Further, in terms of the SEBI (Listing Obligations & Disclosure Requirements) (Third Amendment) Regulation, 2024, the Board has recommended appointment of SNACO as the Secretarial Auditors of the Company for a term of five consecutive financial years commencing from January 1, 2025 till December 31, 2029. The appointment will be subject to shareholder’s approval at the ensuing AGM.

Further, Crisil Ratings Limited, a material subsidiary of the Company, undertakes secretarial audit every year under Section 204 of the Companies Act, 2013. The audit for the financial year 2024 was conducted by M/s S. N. Ananthasubramanian & Co, a firm of Practising Company

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Secretaries. The report did not contain any qualification, reservation or adverse remark or disclaimer. The secretarial audit report of Crisil Ratings Limited forms a part of the Annual Report as per requirements of the SEBI Listing Regulations, 2015.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report for the year under review, as stipulated under the SEBI Listing Regulations, 2015, is annexed to the Annual Report.

2014, and amended by a special resolution of shareholders at the 30[th] AGM held on April 20, 2017.

The ESOS of the Company are in compliance with SEBI regulations. As per Regulation 14 of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, read with SEBI circular no. CIR/CFD/POLICY CELL/2/2015 dated June 16, 2015, details of the ESOSs are uploaded on the Company’s website, https://www.crisil.com/content/ crisilcom/en/home/investors/financial-information/ annual-report.html.

Corporate governance

The Company is committed to maintaining the highest standards of corporate governance and adhering to the corporate governance requirements set out by SEBI. The Report on Corporate Governance, as stipulated under the SEBI Listing Regulations, 2015, is part of the Annual Report. A certificate from the auditors of the Company confirming compliance with the conditions of corporate governance, as stipulated under the SEBI Listing Regulations, 2015, is also published in the Annual Report.

Particulars of remuneration

Disclosures with respect to the remuneration of Directors and employees, as required under Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, have been appended as Annexure IV to this report.

The Company has received a certificate from SNACO, a firm of Practising Company Secretaries, that ESOS – 2011, ESOS – 2012 and ESOS – 2014 have been implemented in accordance with SEBI regulations and resolutions passed by members in the general meetings. The certificate will be placed at the ensuing AGM for inspection by members.

Annual return

The complete Annual Return (Form MGT-7) is available on the Company’s website, https://www.crisil.com/en/home/ investors/financial-information/annual-report.html.

Financial year

The Company follows the calendar year as the financial year in terms of a special approval obtained from the Company Law Board in 2015.

CEO and CFO certification

In accordance with the provisions of Section 197(12) of the Companies Act, 2013, and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names and other particulars of every employee covered under the said rule are available for inspection during working hours for a period of 21 days before the AGM, and will be made available to any shareholder on request, and are also available on the Company’s website.

Employee stock option schemes

The Company has three employee stock option schemes (ESOSs). ESOS – 2011 was approved by shareholders vide a special resolution passed through postal ballot on February 4, 2011. ESOS – 2012 was approved by shareholders vide a special resolution passed through postal ballot on April 10, 2012. ESOS – 2014 was approved by shareholders vide a special resolution passed through postal ballot on April 3,

A certificate from Mr Amish Mehta, Managing Director & CEO, and Mr Dinesh Venkatasubramanian, CFO, pursuant to the provisions of the SEBI Listing Regulations, 2015, for the year under review was placed before the Board of Directors of the Company at its meeting held on February 10, 2025.

Statutory disclosures

Directors state that there being no transactions with respect to the following items during the financial year under review, no disclosure or reporting is required with respect to:

Deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013, and the Companies (Acceptance of Deposits) Rules, 2014
Change in the nature of business
Transfer to reserves

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Issue of equity shares with differential rights as to dividend, voting or otherwise
Receipt of any remuneration or commission by the Managing Director/Whole-time Director of the Company from any of its subsidiaries
Significant or material orders passed by the regulators or courts or tribunals that impact the going concern status and the Company’s operations in the future
Buyback of shares
Maintenance of cost records as per Section 148(1) of the Companies Act, 2013
Application or proceedings made under the Indian Bankruptcy Code 2016
Difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from banks or financial institutions along with the reasons thereof

Acknowledgements

The Board of Directors wish to thank the employees of Crisil for their exemplary dedication and excellence displayed in conducting all operations. The Board also wishes to place on record its sincere appreciation of the faith reposed in the professional integrity of Crisil by customers and investors who have patronised its services. The Board acknowledges the splendid support provided by market intermediaries as well. The affiliation with S&P Global has been a source of great strength. The Board of Directors also wish to place on record its gratitude for the faith reposed in Crisil by the shareholders, suppliers, SEBI, RBI, the Government of India and the state governments. In conclusion, the role played by the media in highlighting the good work done by Crisil is deeply appreciated.

For and on behalf of the Board of Directors of Crisil Limited

Yann Le Pallec Chairman Guwahati, February 10, 2025 DIN: 05173118

52 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Annexure I to the Directors’ Report

Annual Report on Corporate Social Responsibility Activities as prescribed under Section 135 of the Companies Act, 2013, and Companies (Corporate Social Responsibility Policy) Rules, 2014

1. Brief outline of the Company’s CSR Policy:

The CSR Policy lays down the following activities to be carried out by the Company:

Strengthen the financial capabilities of socially and economically underprivileged communities
Conservation of the environment by focusing on relevant programmes in the vicinity of Crisil offices so that employees get directly involved in CSR initiatives
Employee participation in financial literacy/promoting education and environment conservation, as well as allowing employees to undertake projects of their choice, with small budget allocations reviewed by a Management Committee, provided that the projects are also covered under Schedule VII to the Companies Act, 2013, as amended, from time to time
Contribute to, undertake, or support any other short-term causes/initiatives (up to two years) covered under Schedule VII to the Companies Act, 2013, up to an allocation not exceeding 10% of the CSR budget in any given financial year. The contribution may be made directly or indirectly, through various agencies, whether government or semi-government or private (non-government) organisations. The CSR Committee may, under special circumstances with reasonable justification, enhance the allocation for such short-term causes/initiatives to meet pertinent community needs

Besides the focused thematic intervention mentioned above, Crisil, in alignment with the Company’s corporate philosophy, may consider and undertake other activities as mentioned under Schedule VII of Section 135 of the Companies Act, 2013.

The Company undertook the following projects in 2024: Mein Pragati (Assam) – Phase III Expansion/Exit, Livelihoods (in Assam) - Phase II, GramShakti – Phase II, and Crisil Re (Environment). For key highlights of the CSR activities during 2024, please refer to pages 36-39 of the Annual Report.

The CSR Policy is available on the Company’s website, https://www.crisil.com/en/home/investors/corporategovernance.html

2. Composition of CSR Committee:

Sl. No.	Name of Director	Designation / Nature of Directorship	Number of meetings of CSR Committee held during theyear	Number of meetings of CSR Committee attended during theyear
1	Nishi Vasudeva*	Chairperson/Independent Director	2	2
2	Girish Paranjpe	Member/Independent Director	2	2
3	Amish Mehta	Member/ManagingDirector	2	2

*Ms Nishi Vasudeva joined the Crisil Board as Independent Director w.e.f. January 27, 2024, and is the Chairperson of the Committee

Annual Report 2024

3. Web-link(s) where composition of the CSR Committee, CSR Policy and CSR projects approved by the Board are disclosed on the website of the Company:

Composition of CSR Committee: https://www.crisil.com/content/crisilcom/en/home/about-us/board-committees.html
CSR Policy: https://www.crisil.com/en/home/investors/corporate-governance.html
CSR projects approved by the Board: https://www.crisil.com/en/home/crisil-foundation.html

4. Executive summary, along with web-link(s) of Impact Assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8, if applicable:

Mein Pragati (Assam and Rajasthan) – independent Sakhi Study by PwC (Price Waterhouse)
Crisil RE (Environment) – Tree Audit Report by PwC (Price Waterhouse)

These reports are available on the Company’s website: https://www.crisil.com/content/crisilcom/en/home/crisilfoundation/publications.html

5.

(a) Average net profit of the Company as per sub-section (5) of Section 135: C 368.82 crore
(b) Two percent of average net profit of the Company as per sub-section (5) of Section 135: C 7.38 crore
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: C 0.01 crore[1]
(d) Amount required to be set-off for the financial year, if any: NIL
( e) Total CSR obligation for the financial year [(b)+(c)-(d)]: C 7.39 crore

6. (a) Amount spent on CSR projects (both ongoing and other than ongoing projects): C 7.11 crore

(b) Amount spent in administrative overheads: C 0.37 crore
(c) Amount spent on impact assessment, if applicable: C 0.18 crore
(d) Total amount spent for the financial year [(a)+(b)+(c)]: C 7.66 crore
(e) CSR amount spent or unspent for the financial year:

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----- Start of picture text -----

Total amount Amount unspent ( D )
spent for the
Total amount transferred to unspent Amount transferred to any fund specified under
financial year CSR account as per sub-section (6) Schedule VII as per second proviso to
( D ) of section 135 sub-section (5) of section 135
Amount Date of transfer Name of the fund Amount Date of transfer
7.66 crore NA NA NA NA NA
----- End of picture text -----

(f) Excess amount for set-off:

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----- Start of picture text -----

Sl. Particular Amount
No. ( D crore)
(i) Two percent of average net profit of the Company as per sub-section (5) of section 135 7.38
----- End of picture text -----

(ii)	Total amount spent for the fnancialyear	7.66
(iii)	Excess amount spent for the fnancialyear [(ii)-(i)]	0.28
(iv)	Surplus interest arising out of the CSR projects or programmes or activities of the	0.01
	previous fnancialyears, if any
(v)	Amount available for set-off in succeedingfnancialyears [(iii)-(iv)]	0.27

54 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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7. Details of unspent CSR amount for the preceding three financial years:

1 2 3 4 5	6 7 8
Sl. No. Preceding fnancial year(s) Amount transferred to unspent CSR account under sub-section (6) of section 135 (`D`) Balance amount in unspent CSR account under sub- section (6) of section 135 (`D`) Amount spent in the fnancial year (`D`)	Amount transferred to a fund as specifed under Schedule VII as per second proviso to sub-section (5) of section 135, if any Amount remaining to be spent in succeeding fnancial years (`D`) Defciency, if any Amount (`D`crore) Date of transfer
1 FY 2022 Nil Nil Nil	Nil - Nil -
2 FY 2023 Nil Nil Nil	Nil - Nil -
3 FY 2024 Nil Nil Nil	Nil - Nil -
Total Nil Nil Nil	Nil - Nil -

8. Whether any capital assets have been created or acquired through CSR amount spent in the financial year:

If yes, enter the number of capital assets created/acquired: NA

Furnish details relating to such asset(s) so created or acquired through CSR amount spent in the financial year: NA

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----- Start of picture text -----

Sl. Short particulars Pin code of Date of CSR amount Details of entity/ authority/beneficiary of
No. of the property or the property creation spent the registered owner
asset(s) [including or asset(s)
complete address
and location of the
property]
(1) (2) (3) (4) (5) (6)
CSR registration Name Registered
number, if applicable address
NA
----- End of picture text -----

(All the fields should be captured as appearing in the revenue record. Flat no, house no, Municipal Office/ Municipal Corporation/ Gram Panchayat are to be specified, in addition to the area of the immovable property and boundaries)

9. Specify the reason(s), if the Company has failed to spend two percent of the average net profit as per sub-section (5) of section 135: NA

For Crisil Limited

For and on behalf of the Corporate Social Responsibility Committee of Crisil Limited

Amish Mehta

Managing Director & Chief Executive Officer DIN: 00046254

Nishi Vasudeva

Chairperson DIN: 03016991

Guwahati, February 10, 2025

Annual Report 2024

Annexure II to the Directors’ Report

Form No. AOC – 2

[Pursuant to Clause (h) of Sub-section (3) of Section 134 of the Companies Act, 2013, and Rule 8(2) of the Companies (Accounts) Rules, 2014]

Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013, including certain arm’s length transactions under third proviso thereto.

1. Details of contracts or arrangements or transactions not on an arm’s length basis:

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----- Start of picture text -----

Sl. Name of Nature of Duration of Salient Justification for Date(s) of Amount Date on
No. related contracts/ contracts/ features of entering into approval paid as which special
party and arrangements/ arrangements/ contracts/ such contracts/ by the advances, resolution
nature of transactions transactions arrangements/ arrangements/ Board if any was passed
relationship transaction, transactions in general
including meeting as
value, if any required under
first proviso to
Section 188
(a) (b) (c) (d) (e) (f) (g) (h)
Not applicable
----- End of picture text -----

2. Details of material contracts or arrangements or transactions on an arm’s length basis:

Sl. No.	Name of the related party and nature of relationship	Nature of contracts/ arrangements/ transactions	Duration of contracts/ arrangements/ transactions	Salient features of contracts/ arrangements/ transactions, including value, if any	Justifcation for entering into such contracts/ arrangements/ transactions	Date(s) of approval by the Board/ Audit Committee	Amount paid as advances if any	Date on which special resolution was passed in general meeting u/s 188(1)
	(a)	(b)	(c)	(d)	(e)	(f)	(g)	(h)
1	S&P Global	Global Analytical	Ongoing subject	Support SPGI and	Services rendered	November	Nil	April 16,
	Inc. and its	Center	to renewal as	its group in their	by Crisil are at	6, 2023 &		2024
	subsidiaries		per contractual	global operations,	arm’s length	October 15,
	(SPGI)		terms	consideration	pricing (ALP)	2024
	(fellow			of around	and in the
	subsidiaries)			`C`309.34 crore p.a.	ordinary course
					of business.
					Crisil maintains
					appropriate
					documentation
					to support ALP
					with SPGI and its
					groupcompanies

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----- Start of picture text -----

Sl. Name of Nature of Duration of Salient features Justification for Date(s) of Amount Date on
No. the related contracts/ contracts/ of contracts/ entering into approval paid as which
party and arrangements/ arrangements/ arrangements/ such contracts/ by the advances special
nature of transactions transactions transactions, arrangements/ Board/ if any resolution
relationship including value, if transactions Audit was passed
any Committee in general
meeting u/s
188(1)
(a) (b) (c) (d) (e) (f) (g) (h)
----- End of picture text -----

A tripartite	Ongoing subject	Crisil India, Crisil	Back-to-back	May 28,
contract	to renewal as	Irevna UK, Crisil	transfer of	2024
with Crisil,	per contractual	Irevna US, are	the amount
Crisil Irevna	terms	engaged in providing	invoiced to the
US LLC and		services for the Crisil	customers for the
Crisil		Integral IQ segment	performance of
Irevna UK		to the end-client.	on-site services
Limited		Due to commercial
(100%		rationale, it is
Subsidiaries)		possible that either
		party may enter into
		customer contract for
		provision of services
		by the other party. In
		such scenarios, the
		revenue pertaining
		to the respective
		services deliveries
		will be transferred on
		a back-to-back basis
		by the contracting
		entity to the delivery
		entity. (Amount of
		transfer of revenue
		amongst parties is
		`C`234.84 crore)

*Crisil has been S&P’s trusted partner and has been providing support services to S&P entities since 2003 (i.e., prior to Crisil becoming a subsidiary of S&P). Crisil shareholders have approved the provision of services to S&P entities at its 37[th] AGM held on April 16, 2024. This resolution was voted upon by the minority shareholders, without participation of S&P. Services provided by Crisil are at arm’s length pricing and in the ordinary course of business.

For and on behalf of the Board of Directors of Crisil Limited

Yann Le Pallec Chairman DIN: 05173118

Guwahati, February 10, 2025

Annual Report 2024

Annexure III to the Directors’ Report

Form No. MR.3

Secretarial Audit Report For the financial year ended December 31, 2024

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,

The Members, Crisil Limited CIN: L67120MH1987PLC042363

CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai, Maharashtra, India, 400076

We have conducted the Secretarial Audit of the compliance of the applicable statutory provisions and the adherence to good corporate practices by Crisil Limited (hereinafter called ‘the Company’). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing our opinion thereon.

Based on our verification of the Company’s books and papers, minute books, forms and returns filed, and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on December 31, 2024 , complied with the statutory provisions listed hereunder and also, that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books and papers, minute books, forms and returns filed and other records maintained by the Company for the financial Year ended on December 31, 2024 according to the provisions of:

(i) The Companies Act, 2013 (‘the Act’) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of

Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings – Applicable to the extent of Foreign Direct Investment and Overseas Direct Investment;

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 – Not applicable as there was no reportable event during the financial year under review;
d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client – Not applicable as the Company is not registered as Registrar to an Issue and Share Transfer Agent during the financial year under review;
f) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 – Not applicable as the Company has not delisted/ proposed to delist its equity shares from any Stock Exchange during the financial year under review;
g) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 – Not applicable as the Company has not bought back/ proposed to buy-back any of its securities during the financial year under review;

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Mission-Critical Decisions, Made with Confidence.

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h) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 – Not Applicable as the Company has not issued and listed NonConvertible Securities during the financial year under review and;
i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015.
(vi) The Management has identified and confirmed the following laws as being specifically applicable to the Company:
The Securities and Exchange Board of India (Research Analysts) Regulations, 2014.

We have also examined compliance with the applicable provisions of the following:

(i) Secretarial Standards with regard to Meetings of Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India;
(ii) Listing Agreements entered into by the Company with the BSE Ltd and National Stock Exchange of India Ltd.

During the period under review, the Company has complied with provisions of the Act, Rules, applicable Regulations, Guidelines, Standards etc. mentioned above.

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, NonExecutive Directors, Independent Directors including Woman Director. The changes in the composition of the Board of Directors that took place during the audit period were carried out in accordance with the provisions of the Act and Listing Regulations;
Adequate notice is given to all Directors to schedule Board and Committee Meetings; agenda and detailed

notes on agenda were sent at least seven days in advance before the meeting, except where consent of directors was received for circulation of notices, agenda and notes to Agenda at a shorter notice and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting;

All the decisions of the Board and Committees thereof were carried through with requisite majority.

We further report that based on review of compliance mechanism established by the Company and on the basis of the Compliance Certificate(s) issued by the Managing Director and CEO, President – Risk and Compliance and CFO and taken on record by the Board of Directors at their meeting(s), we are of the opinion that the management has adequate systems and processes commensurate with its size and operations, to monitor and ensure compliance with all applicable laws, rules, regulations and guidelines.

We further report that during the review period, no major action having a bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc. above have taken place.

This Report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries ICSI Unique Code: P1991MH040400 Peer Review Cert. No.: 5218/2023

S. N. Ananthasubramanian Founding Partner FCS: 4206 COP No.: 1774 ICSI UDIN: F004206F003903431

Date: February 10, 2025 Place: Thane

Annual Report 2024

Annexure A

To,

The Members, Crisil Limited CIN: L67120MH1987PLC042363

CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai, Maharashtra, India, 400076

Our Secretarial Audit Report for the financial year ended December 31, 2024 , of even date is to be read along with this letter.

Management’s responsibility:

It is the responsibility of management of the Company to maintain secretarial records, devise proper systems to ensure compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operate effectively.

Auditor’s responsibility:

Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the Company with respect to secretarial compliances.
We have conducted the Audit as per the applicable Auditing Standards issued by the Institute of Company Secretaries of India.
We believe that audit evidence and information obtained from the Company’s management is adequate and appropriate for us to provide a basis for our opinion.
Wherever required, we have obtained reasonable assurance whether the statements prepared, documents or Records, in relation to Secretarial Audit, maintained by the Company, are free from misstatement.
Wherever required, we have obtained the management’s representation about the compliance of laws, rules and regulations and happening of events etc.

Disclaimer:

The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness with which the management has conducted affairs of the Company.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries ICSI Unique Code: P1991MH040400 Peer Review Cert. No.: 5218/2023

S. N. Ananthasubramanian Founding Partner FCS: 4206

Date: February 10, 2025

Place: Thane

COP No.: 1774 ICSI UDIN: F004206F003903431

60 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Annexure IV to the Directors’ Report

Disclosures pursuant to Section 197(12) of the Companies Act, 2013, and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

1. The ratio of remuneration of each Director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, CFO, CEO, Company Secretary or Manager, if any, in the financial year:

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Sl. Name of the Director Ratio of the remuneration % increase in
No. to the median remuneration remuneration
of employees~
----- End of picture text -----

a.	Mr Ewout Steenbergen, ex-Chairman, Non-Executive Director(1)	NA*	NA*
b.	Mr Yann Le Pallec, Chairman, Non-Executive Director(2)	NA*	NA*
c.	Ms Vinita Bali, Independent Director(3)	0.08	-97.80
d.	Ms Nishi Vasudeva, Independent Director(4)	3.52	NA
e.	Mr Girish Paranjpe, Independent Director	3.77	3.67
f.	Ms Shyamala Gopinath, Independent Director	3.71	10.54
g.	Mr Amar RajBindra, Independent Director	3.53	2.80
h.	Mr Girish Ganesan, Non-Executive Director	NA*	NA*
i.	Mr Saugata Saha, Non-Executive Director(5)	NA*	NA*
j.	Mr Amish Mehta, MD & CEO(6)	77.50	23.82
k.	Mr SanjayChakravarti, ex-CFO(7)	NA	11.90
l.	Mr Dinesh Venkatasubramanian, CFO(8)	NA	NA
m.	Ms Minal Bhosale, CompanySecretary	NA	11.63

*Since April 2015, S&P Global has waived sitting fees and commission payable to its nominees.
Resigned as a Non-Executive Director & Chairman w.e.f. February 16, 2024.
Appointed as Chairman w.e.f. February 17, 2024.
Retired as Independent Director w.e.f. February 13, 2024. Since remuneration is for a part of the year, it is not comparable with the previous year.
Appointed as Independent, Non-Executive Director w.e.f. January 27, 2024.
Appointed as Non-Executive Director w.e.f. February 17, 2024.
Remuneration increase covers impact of perquisite value of ESOS exercised during 2024 as well as special LTIP payment to MD&CEO, which vested in 2024. Excluding ESOS perquisite value and special LTIP, the ratio of remuneration to median is 56.59.
Transitioned fully to the role of President – Risk & Compliance and relinquished office as CFO w.e.f. October 28, 2024. For the purpose of computing % increase in remuneration, full year’s remuneration has been considered.
Appointed as CFO w.e.f. from October 28, 2024. Since this is his first year, % increase in remuneration is not applicable.

2. The % increase in median remuneration of employees in the financial year~: Median pay increased 11.53% in 2024 compared with 2023.

3. The number of permanent employees on the rolls of the Company #: 4666

4. Average percentile increase already made in salaries of employees, other than the managerial personnel, in the last financial year and its comparison with the percentile increase in the managerial remuneration, and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration~: Average increase in remuneration for 2024 over 2023 was 8.80%. The managerial remuneration to KMP has increased by 25.76%. The KMP increase includes special LTIP payment to MD&CEO, which vested in 2024 as well as one-time committed payment to the incoming CFO. Excluding special LTIP paid in 2024 to CEO & one-time pay to newly appointed CFO, the managerial remuneration to KMP has increased by 8.31%.

5. Affirmation that the remuneration is as per the Remuneration Policy of the Company: Yes

Number of permanent employees on the rolls of the Company is on consolidated basis.

~ The information provided is for India-based employees only.

Annual Report 2024

Annexure to the Directors’ Report

Management Discussion and Analysis Report

Rating Services

The domestic credit rating business saw momentum due to healthy bond issuances in the second half of 2024. We expect the growth trajectory of bond market issuances to continue this year with further cuts in interest rates.

While bank credit growth moderated, it remained in double digits in 2024; we expect it to remain range-bound.

The government’s continued focus on infrastructure spending will support investments in the infra-linked sectors, though a broad-based revival of capex will be gradual.

Credit rating business saw momentum due to healthy bond issuances in the second half of 2024. We experienced increased demand for our consulting services, driven by continued progress in infrastructure investment and local economic development.

The credit quality outlook remains positive, with the credit ratio (the ratio of number of rating upgrades to number of rating downgrades) remaining above 1x and supported by relatively leaner balance sheets of India Inc.

However, geopolitical uncertainties, including proposed tariff hikes by the US administration, continue to pose risks, especially to India’s export-oriented sectors.

Research, analytics and solutions

Crisil Intelligence

Crisil Intelligence witnessed momentum in consulting, credit and risk offerings. We experienced increased demand for our consulting services, driven by continued progress in infrastructure investment and local economic development.

Industry research solutions saw traction for thematic research studies. Crisil’s fixed income indices continued to be the preferred choice among mutual funds for creating sector-specific passive target maturity funds. The newly updated Crisil AIF benchmarks were well-received by the market.

The outlook for physical infrastructure and digital infrastructure remains strong, fuelled by increasing demand for innovation and data-driven decision-making.

Our credit risk offerings saw traction for Credit + ICON, an integrated credit rating and spreading solution. There is an increasing focus on AI/ML-backed credit assessment/ monitoring frameworks and data-backed analytics.

We have integrated our GenAI capabilities into Credit + ICON to enable credit analysts to generate draft summaries of credit reports based on financial data and analyst reports. In addition, a Natural Language Query feature has been added on Fulkrum, our business intelligence platform. These enhancements aim to elevate the value proposition of our products and improve the user experience for data analytics, risk and regulatory solutions.

Crisil Integral IQ

Crisil Integral IQ was impacted by curtailed discretionary spending by global clients. The business saw momentum in buy side offerings and made progress in leveraging Gen AI in client solutions.

The Buy-Side Solutions witnessed traction in middle office and operations. However, the environmental, social and governance services saw modest demand from top-tier asset managers seeking niche workstreams and enhancing their existing processes. The traditional sell-side research segment faced cost-cutting pressures amid headwinds such as a weak deal environment and budget pressures.

Risk Solutions saw increased client engagement in transformation and risk operations, amidst pressure on discretionary spends and restructuring by global banks.

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Mission-Critical Decisions, Made with Confidence.

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The scaling of product offering and client engagement strengthened demand for our benchmarking solutions from large commercial banks. Crisil Integral IQ was impacted by curtailed discretionary spending by global clients.

Crisil Coalition Greenwich

Crisil Coalition Greenwich benefitted from momentum in corporate and investment banking (CIB). The scaling of product offering and client engagement strengthened demand from large commercial banks.

The corporate and investment banking (CIB) space continues to evolve as segments such as Private Credit Markets present new opportunities for banks. We also see regional banks making investments to expand their product and regional footprint. As a result, we continue to evolve our offerings to meet the demands of the changing market environment and our clients.

The growth in our Commercial and Community Banking (CCB) solutions was bolstered by digital banking programmes. In Investment Management (IM), traditional asset managers continue to struggle with the focus shifting to alternatives / private markets. In market structure and technology, strong recognition of our thought leadership across major financial publications has continued to raise our profile in the industry.

Analysis of consolidated financial performance and result of operations

Consolidated financial statements include financial statements of Crisil Limited combined with its wholly owned subsidiaries (the Group). Subsidiaries are entities controlled by the Company.

Financial statements of the Group and its subsidiaries have been combined on a line-by-line basis by adding the book values of like items assets, liabilities, income and expense, after duly eliminating intra-group balances and transactions.

Consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time. Financial statements have been prepared under historical cost convention on an accrual basis except for certain financial instruments, which are measured at fair value at the end of each reporting period. Management accepts responsibility for the integrity and objectivity of financial statements as well as for various estimates and judgment used therein.

The consolidated financial performance and result of operations are relevant for understanding Crisil’s performance.

A. Financial performance

1. Property, plant and equipment, right of use assets and other intangible assets

The Group’s investments in property, plant, and equipment represent the cost of buildings, leasehold improvements, computers, office equipment, furniture, fixtures, and vehicles. Property, plant, and equipment are measured at cost less accumulated depreciation and impairment losses, if any.

The Group’s right of use assets consists of office premises. The right of use assets is measured at cost less any accumulated depreciation, and accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability.

The Group’s other intangible assets represent software, customer relationship, technology, database, tradename, platform and brand are stated at cost of acquisition or construction less accumulated amortisation and impairment losses, if any. The estimated useful lives of intangible assets and the amortization period are reviewed at the end of each financial year.

During the year, the Group capitalised C 409.06 crore to its gross block. Capitalised assets includes office equipment, computers, software, furniture, fixtures, vehicles, leasehold improvements and right of use of assets.

The Group expects to fund its investments in fixed assets and infrastructure from internal accruals and liquid assets.

Annual Report 2024

At the end of the year, the Group’s investments in property, plant and equipment, right of use assets and other intangible assets were as follows:

( C crore)

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Details As at December 31,
2024 2023
Carrying value
Gross block 1,081.65 725.51
Less: Accumulated depreciation 530.66 511.67
Net block 550.99 213.84
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2. Goodwill on consolidation

Goodwill on consolidation represents excess of purchase consideration over the net asset value of acquired entities on the date of such acquisition. Goodwill is tested for impairment annually, or more frequently if there are indications of impairment. For goodwill impairment testing, the carrying amount of the cash generating units (CGUs) is compared with recoverable amount of CGU by the Group.

Group’s treasury was C 1,370.17 crore as at December 31, 2024, as against C 1,146.99 crore in the previous year. Increase in treasury is in line with strong business performance.

Consolidated treasury position ( ` Crore)

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147.78 149.55
157.98
219.44
1,064.41 778.00
2024 2023
Mutual funds Fixed deposits
Cash and bank balance
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3. Financial assets

A. Investments and treasury

The Group’s investments and treasury comprises equity investments, investments in debt mutual funds, fixed deposits and cash and bank balances.

a. Equity investments: All equity investments (quoted and unquoted) are measured at fair value through other comprehensive income (FVTOCI).
b. Current investments and treasury: The Group’s investments in debt mutual funds are classified as fair value through profit or loss (FVTPL). The
c. The Group maintains adequate amount of liquidity/treasury to meet strategic and growth objectives. It has ensured a balance between earning adequate returns on liquidity/treasury assets and the need to cover financial and business risks. Cash and bank balance includes Indian and overseas bank accounts.

B. Loans

Loans represent loans given to employees totaling C 6.17 crore as at December 31, 2024, as against C 3.88 crore in the previous year.

C. Trade receivables

Gross Trade receivables (including unbilled receivables) is C 566.82 crore as at December 31, 2024, compared with C 691.19 crore in the previous year. Trade receivables constituted 17% of revenue compared with 22% in the previous year.

Break up of trade receivables relating to the segment:

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7% 5%
42.06 36.79
2024 2023
Total Ratings services Total
93% 95%
566.82 524.76 Research, Analytics and Solutions 691.19 654.40
( C crore) ( C crore)
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The Group believes the outstanding trade receivables are recoverable and it has adequate provision for doubtful trade receivables. Provision for doubtful trade receivables balance was C 17.03 crore as at December 31, 2024, as against C 18.81 crore in the previous year. Provision for doubtful trade receivables was reduced as a percentage of revenue from 0.6% to 0.5% for the year ended December 31, 2024.

D. Other financial assets

Other financial assets comprise of security deposits, long term fixed deposit. Other financial assets amounted to C 60.46 crore as at December 31, 2024, compared with C 50.12 crore in the previous year.

7. Equity share capital

The Company’s authorised capital is C 19.50 crore, comprising 195,000,000 equity shares of C 1 each. During the year, the Company has issued and allotted 16,185 equity shares to eligible employees on exercise of options granted under Employee Stock Option Scheme (ESOS) 2014. Consequently, the issued, subscribed and paid-up capital increased from 73,113,605 to 73,129,790 equity shares of C 1 each.

8. Other equity

Other equity was C 2,557.51 crore as at December 31, 2024, as against C 2,181.95 crore in the corresponding period of the previous year. Other equity comprises reserves and surplus and other comprehensive income (OCI).

4. Deferred tax assets

Deferred tax assets and liability comprise of deferred taxes on property, plant and equipment, right of use assets, leave encashment, accrued compensation to employees, gratuity, fair valuation of quoted/unquoted investments, gains / losses on forward contract, business combination, provision for doubtful trade receivables, and deferred initial rating fees. The Group’s net deferred tax assets totaling to C 76.41 crore as at December 31, 2024, as against C 85.73 crore in the previous year. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

5. Income Tax assets

Advance income tax asset was C 248.47 crore as at December 31, 2024, compared with C 164.77 crore in the previous year. Tax liabilities stood at C 1.65 crore as at December 31, 2024, compared with C 3.89 crore in the previous year.

6. Other assets

Other assets mainly comprise advances to vendors, accrued revenue, prepaid expenses and tax credit receivable. Other assets amounted to C 211.73 crore as at December 31, 2024, compared with C 228.98 crore in the previous year.

Financial liabilities

9. A. Trade payables

Trade payables as at December 31, 2024, were C 185.38 crore as against C 142.56 crore in the previous year. Trade payables includes amount payable to vendors for the supply of goods and services.

B. Other financial liabilities

Other financial liabilities as at December 31, 2024, stood at C 454.26 crore as against C 409.81 crore in the previous year. Other financial liabilities includes dues to employees, unclaimed dividend and fair value of forward contracts.

10. Provisions and other liabilities

Provisions represent funds put aside by the Group to cover anticipated obligation in the future as a result of past events.

A. Provision for employee benefits

The overall liability was C 158.77 crore as at December 31, 2024, compared with C 141.49 crore in the previous year.

B. Other liabilities

Other non-financial liabilities mainly includes unearned revenue and statutory liabilities. Unearned revenue represents fee received in advance for which services have not been rendered. Other liabilities were C 326.90 crore as against C 363.06 crore in the previous year.

Annual Report 2024

B. Results of operations

Summary of the consolidated operating performance

( C crore)

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Particulars Year-ended December 31,
2024 % of revenue 2023 % of revenue
Income
Revenue from operations 3,259.78 97 3,139.52 97
Other income 89.64 3 93.64 3
Total income 3,349.42 100 3,233.16 100
Expenses
Employee benefits expense 1,765.09 53 1,747.77 54
Finance costs 4.03 0 3.66 0
Depreciation and amortisation expenses 69.95 2 103.78 3
Other expenses 583.88 17 510.25 16
Total expenses 2,422.95 72 2,365.46 73
Profit before tax 926.47 28 867.70 27
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Profit before tax for the year ended December 31, 2023, includes a one-off gain of C 29.4 crore due to sharp devaluation of the Argentinian peso in fourth quarter of 2023.

Segmental revenue analysis

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72% 75%
2,350.63 2,367.13
2024 2023
28% 25%
Total Ratings services Total
909.15 772.39
3,259.78 Research, Analytics and Solutions 3,139.52
( C crore) ( C crore)
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Segmental profit

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56% 60%
505.21 493.63
2024 2023
44% Ratings services 40%
Total Total
903.22 398.01 Research, Analytics and Solutions 828.28 334.65
( C crore) ( C crore)
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Annual Report 2024

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Segmental revenue by geography

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9%
287.07
2024 30%
Total 986.10
3,259.78
22%
710.51
39%
1,276.10
( C crore)
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8%
245.80
2023 27%
Total 846.45
3,139.52
25%
India
777.32
Europe
40%
North America
1,269.95
Rest of the world ( C crore)
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The ratings industry sustained its growth momentum in 2024 due to growth in the bond issuances. The second half of FY 2024 saw large and frequent bond issuances in the financial services sector, in contrast to decline in the first half amid hardening yields. Bank credit saw moderation in growth owing to slowdown in the services and retail segments.

Global Analytical Center (GAC) witnessed growth in delegation of surveillance support to S&P Global Ratings and saw demand for support in new areas from S&P Global.

offering and client engagement strengthened demand from large commercial banks. Crisil Intelligence (formerly Ml&A) witnessed momentum in industry research, consulting, credit and risk offerings.

Other income (net)

Other income was C 89.64 crore for the year ended December 31, 2024, compared with C 93.64 crore in the previous year. Major components of other income are profit/fair valuation of current investments, foreign exchange gain, interest income, and dividend.

Crisil Integral IQ (formerly GR&RS) was impacted by curtailed discretionary spending by global clients. The business saw momentum in buy side offerings and made progress in leveraging Gen AI in client solutions. Crisil Coalition Greenwich (formerly GBA) benefitted from momentum in corporate and investment banking (CIB). Scaling of product

Expense analysis

Expenses in the year totaled C 2,422.95 crore as against C 2,365.46 crore in the previous year. Increase in total expenses were mainly driven by overall increase in other expenses majorly on account of increase in repairs and maintenance and professional fees.

Key ratios

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Metrics 2024 2023 2022 2021 2020
Debtor turnover ratio (in times) 5.2 4.3 4.1 4.7 5.5
Current ratio (in times) 2.0 2.1 1.9 1.8 1.6
Return on net worth * 29% 33% 33% 32% 29%
Employee benefits expense/ total income 53% 54% 54% 54% 52%
Operating profit margin (EBITDA/ total income) 30% 30% 29% 29% 29%
Net profit margin 20% 20% 20% 20% 17%
Operating revenue per employee ( C lakh) 69.92 67.81 64.67 60.28 54.54
Operating expense per employee ( C lakh) 50.39 48.77 47.63 44.28 40.49
Operating profit per employee ( C lakh) 19.54 19.04 17.04 16.00 14.05
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*Excludes impact of exceptional items

Annual Report 2024

Analysis of Crisil’s standalone financial performance and result of operations

A. Financial performance

1. Property, plant and equipment, right of use assets and other intangible assets

The Company’s investments in property, plant, and equipment represent cost of buildings, leasehold improvements, computers, software, office equipment, furniture, fixtures, and vehicles. Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any.

During the year, the Company capitalised C 380.30 crore to its gross block. Property, plant, and equipment capitalised during the year include office equipment, computers, software, leasehold improvements and right of use of assets.

The Company’s right of use assets consists of office premises. The right of use assets are measured at cost less accumulated depreciation and accumulated impairment losses, if any, and adjusted for any remeasurement of the lease liability.

The Company’s other intangible assets represents software, customer relationship and platform are stated at cost of acquisition or construction less accumulated amortisation and impairment losses, if any. The estimated useful lives of intangible assets and the amortisation period are reviewed at the end of each financial year.

Depreciation as a percentage of total income was 2% in the current year. The Company expects to fund its investments in fixed assets and infrastructure using internal accruals and liquid assets.

At the end of the year, the Company’s investments in net property, plant and equipment, right of use assets and other intangible assets were C 419.13 crore as against C 83.21 crore in the previous year.

Investments in wholly owned subsidiaries are measured at cost. As at December 31, 2024, the cost of investment in subsidiaries totaled C 153.61 crore as against C 153.07 crore in the previous year.

b. Current investments and treasury: The Company’s investments in debt mutual funds are classified as FVTPL. The Company’s treasury totaled C 815.97 crore as at December 31, 2024, as against C 671.35 crore in the previous year.

Cash and cash equivalents constituted 11% of the treasury as at December 31, 2024, as against 15% in the previous year.

Standalone treasury position ( ` Crore)

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3.96 5.79
92.20
101.45
719.81 564.11
2024 2023
Mutual funds Fixed deposits
Cash and bank balance
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The Company’s liquidity position is healthy.

B. Loans

Loans represent loan given to employees. As at December 31, 2024, the outstanding amount totaled C 5.30 crore compared with C 3.55 crore in the previous year.

C. Trade receivables

2. Financial assets

A. Investments and treasury

The Company’s investments and treasury comprise equity investments, investments in debt mutual funds, fixed deposits and cash and bank balances.

a. Equity investments: All equity investments (quoted and unquoted, other than investment in subsidiaries) are measured at FVTOCI.

Gross Trade receivables is C 293.92 crore as at December 31, 2024, compared with C 383.67 crore in the previous year. Trade receivables constituted 18% of revenue compared with 24% in the previous year.

The Company believes the outstanding trade receivables are recoverable and it has adequate provision for bad debt. Provision for doubtful trade

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receivables balance was C 9.33 crore as at December 31, 2024, as against C 7.85 crore in the previous year. Provision for doubtful trade receivables was increased as a percentage of revenue from 0.48% to 0.56% for the year ended December 31, 2024.

D. Other financial assets

Other financial assets comprise security deposits, long term fixed deposit. Other financial assets as at December 31, 2024 amounted to C 57.84 crore compared with C 52.91 crore in the previous year.

7.

During the year, the Company has issued and allotted 16,185 equity shares to eligible employees on exercise of options granted under ESOS 2014. Consequently, the issued, subscribed and paid-up capital increased from 73,113,605 to 73,129,790 equity shares of C 1 each.

Other equity

Other equity comprise reserves, surplus and OCI. It was C 1,779.00 crore as at December 31, 2024, as against C 1,482.51 crore in the corresponding previous period.

8. Financial liabilities

3. Deferred tax assets

Deferred tax assets and liability comprise deferred taxes on property, plant and equipment, right of use assets, leave encashment, accrued compensation to employees, gratuity, fair valuation of quoted/unquoted investments, gain/ losses on forward contract, provision for doubtful trade receivables, and unearned revenue. The Company’s net deferred tax assets were valued at C 54.88 crore as at December 31, 2024, as against C 57.15 crore in the previous year. Deferred tax assets are recognised only to the extent that there is reasonable certainty sufficient future taxable income will be available against which such deferred tax assets can be realised.

4. Income tax assets

Net advance income tax asset was C 185.75 crore as at December 31, 2024, compared with C 123.18 crore in the previous year.

9.

A. Trade payables
Trade payables amounted to C 111.91 crore as at December 31, 2024, as against C 123.73 crore in the previous year. Trade payables include the amount payable to vendors for supply of goods and services.
B. Other financial liabilities
Other financial liabilities, which include unclaimed dividend, fair value of forward contracts, dues to employees and sundry deposit payable, were C 254.24 crore as at December 31, 2024, as against C 189.62 crore in the previous year.

Provisions

Provisions comprise for employee benefits. The overall liability was C 131.19 crore as at December 31, 2024, as against C 114.52 crore at the end of the previous year.

10. Other liabilities

5. Other assets Other assets mainly comprise prepaid expenses and tax credit receivable.

6. Equity share capital

Other liabilities mainly represent payables on account of withholding tax, Goods and Service tax, other duties, and unearned revenue. Unearned revenue represents fee received in advance or advance billing for which services have not been rendered.

The Company’s authorised capital is C 19.50 crore, comprising 195,000,000 equity shares of C 1 each.

Annual Report 2024

B. Results of operations

Summary of the standalone operating performance

( C crore)

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Particulars Year-ended December 31,
2024 % of revenue 2023 % of revenue
Income
Revenue from operations 1,664.89 77 1,628.36 77
Other income 500.69 23 493.26 23
Total income 2,165.58 100 2121.62 100
Expenses
Employee benefits expense 876.72 40 802.40 38
Finance costs 3.11 0 3.28 0
Depreciation and amortisation expenses 43.27 2 66.92 3
Other expenses 537.06 25 485.64 23
Total expenses 1,460.16 67 1,358.24 64
Profit before tax 705.42 33 763.38 36
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Revenue analysis

Other income (net)

Other income increased to C 500.69 crore from C 493.26 crore in the previous year. The other income comprises mainly dividend received from subsidiaries.

Expense analysis

Expenses for the year ended December 31, 2024, totaled C 1,460.16 crore as against C 1,358.24 crore in the previous year.

Risk management

Crisil has established a robust risk management framework governed by oversight from our Board of Directors, ensuring comprehensive management of risks across the organisation. The framework is anchored by a clearly defined Risk Management Policy, which outlines the key accountabilities and responsibilities for identifying, assessing, mitigating and monitoring risks.

Crisil adopts a balanced approach to risk management, aimed at mitigating risks to an acceptable level within its defined risk appetite while safeguarding the organisation’s reputation and brand. This comprehensive approach is designed to support the achievement of our operational and strategic objectives, ensuring both business resilience and sustainable growth.

Periodic risk assessments are a cornerstone of Crisil’s risk management approach. The Company employs a systematic mechanism to proactively identify and evaluate risks, followed by implementing mitigation strategies and ongoing monitoring. Governance and guidance for this process are provided by the Internal Risk Management Committee (IRMC), which comprises senior members of the leadership team.

Crisil adopts a comprehensive risk assessment methodology that integrates both bottom-up inputs from individual business units and strategic top-down insights. This combination ensures that risks are assessed holistically, covering all segments of the business. Governance and guidance are provided by the IRMC, which comprises senior members of the leadership team. By leveraging the expertise of its leadership, Crisil navigates an ever-evolving risk landscape, while safeguarding stakeholder interests.

Key business risks and mitigation strategies

Crisil operates in a dynamic global environment characterised by evolving challenges. Below are the key risks and their respective mitigation strategies:

1. Cybersecurity and data breach risks

The frequency and complexity of cyber threats continue to grow, exposing organisations to significant

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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risks. The increasing sophistication and frequency of cyberattacks globally pose a significant threat to operations. With clients and regulators’ increasing emphasis on data protection, any breach involving sensitive data could result in reputational damage, legal liabilities and financial losses.

To mitigate these risks, Crisil has strengthened its cybersecurity framework, led by the Chief Information Security Officer (CISO), who drives strategic initiatives to enhance perimeter security, identify vulnerabilities and implement advanced data protection measures, including Data Loss Prevention (DLP) tools. Robust processes for cloud security have been adopted as part of the Company’s technology transformation initiatives. The organisation also benchmarks its security protocols against global standards (ISO 27001), ensuring readiness to mitigate risks associated with emerging cyber threats. Further, Crisil has fortified its incident response mechanisms and implemented continuous monitoring of its IT ecosystem to pre-empt vulnerabilities.

The Company has also implemented regular phishing exercises and simulations to assess and enhance both internal and external stakeholder awareness. Comprehensive training programmes ensure employees and vendors are equipped to identify and respond to cyber threats effectively.

2. Macroeconomic and geopolitical risks

The global economy remains under strain due to persistent inflation, interest rate volatility, and geopolitical tensions, all of which influence client decision-making cycles, particularly for banks and financial institutions – Crisil’s largest client base. Prolonged uncertainty can lead to delays in project initiation and reduced discretionary spending.

To address this, Crisil continues to diversify its revenue streams by introducing innovative products and expanding into underpenetrated geographies. By closely monitoring global economic and geopolitical developments, the Company ensures agility in its sales and delivery approach, tailoring its offerings to align with shifting client priorities. This strategy positions Crisil to navigate macroeconomic headwinds effectively while capitalising on emerging opportunities.

Additionally, Crisil’s dependency on a few key clients poses concentration risks. To mitigate these challenges, the Company has prioritised diversification of its client base through new acquisitions and broadening its product offerings to cater to a wider market. This approach reduces revenue dependency on specific clients while capitalising on emerging market opportunities.

Continuous engagement with clients to understand their evolving needs allows Crisil to position itself as a trusted partner.

3. Potential disruption due to GenAI

The rapid evolution of GenAI and large language models presents both opportunities and challenges for knowledge-based organisations like Crisil. While these technologies can automate certain tasks, they may also disrupt traditional workflows and service models.

Crisil is actively investing in AI adoption to enhance operational efficiency and deliver innovative solutions to clients. A dedicated task force evaluates the integration of AI tools across business segments, balancing automation with intellectual property protection. By leveraging AI responsibly and strategically, Crisil aims to not only safeguard its business but also unlock new growth opportunities in this transformative era.

4. Competitive intensity

The financial services sector has seen heightened competitive intensity, with global players expanding their offerings and local competitors scaling up rapidly. Furthermore, limited budgetary growth among key clients, particularly banks, heightens competitive pressures.

To remain competitive, Crisil emphasises its differentiated value proposition, focusing on innovation, domain expertise, and superior client engagement. We continue to strengthen relationships with key clients, while targeting new segments and geographies to broaden our revenue base.

Strategic investments in emerging markets and niche segments further expand Crisil’s addressable market, ensuring resilience against intensifying competition. Investments in talent and technology further enhance Crisil’s ability to deliver cutting-edge solutions that address complex client needs.

Annual Report 2024

5. People risk

As a knowledge-driven organisation, Crisil is heavily reliant on its talent pool. Challenges such as higherthan-optimal attrition rates, skill mismatches and succession planning gaps could disrupt operations and client delivery. Crisil mitigates these risks through a comprehensive talent strategy that encompasses robust hiring programmes, leadership development initiatives and employee engagement measures.

Talent acquisition and development: Crisil continuously invests in identifying and onboarding high-calibre talent. Structured learning programmes, certifications and mentorship initiatives enable employees to upskill and meet changing market demands.
Talent retention: The Company benchmarks its compensation practices against industry standards and offers clear career progression pathways to foster employee satisfaction. Recognition programmes and targeted retention strategies for high-performing employees ensure workforce stability.
Employee welfare: Crisil is deeply committed to Diversity, Equity and Inclusion (DEI), creating an inclusive work environment where employees feel valued. Flexible work policies, health and wellness programmes and community engagement initiatives contribute to a positive organisational culture that supports employee well-being.

damages, fines and regulatory sanctions against Crisil, which could impact its reputation.

Crisil has implemented a robust compliance management framework, supported by a dedicated Legal and Compliance team that monitors changes in regulations and ensures adherence to local laws. Continuous monitoring of compliance requirements, proactive engagement with regulators and regular employee training enable Crisil to navigate legal and policy challenges effectively while contributing to the development of fair and implementable regulatory standards.

Further, the Company’s Legal and Compliance teams work in tandem with tax experts to ensure compliance with direct and indirect tax laws. Robust controls are implemented to assess and mitigate tax risks, while proposed changes in taxation legislation are tracked to ensure timely adaptation.

7. Foreign exchange risk

Crisil’s global operations generate significant revenue in foreign currencies, exposing the Company to exchange rate fluctuations. The appreciation or depreciation of the Indian rupee against major currencies could materially impact profitability.

To mitigate this risk, Crisil employs a well-structured foreign exchange management programme that includes forward contracts and hedging instruments. These measures are designed to stabilise earnings and provide visibility over the 12-month horizon.

6. Legal, regulatory and policy risks

Operating in a multi-jurisdictional environment exposes Crisil to complex regulatory frameworks. Non-compliance could result in penalties, reputational damage and operational disruptions. This could lead to

Regular reviews of forex positions and alignment with revenue forecasts ensure effective management of currency risk, allowing us to maintain financial stability in an unpredictable global environment.

72 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Independent Auditors’ Certificate on Corporate Governance

To the Members of Crisil Limited

This certificate is issued in accordance with the terms of our engagement letter dated 25 June 2024.
We have examined the compliance of conditions of corporate governance by Crisil Limited (‘the Company’) for the year ended on 31 December 2024, as stipulated in Regulations 17 to 27, clauses (b) to (i) of Regulation 46(2), and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’).

Management’s responsibility

The compliance of conditions of corporate governance is the responsibility of the management. This responsibility includes the designing, implementing and maintaining operating effectiveness of internal control to ensure compliance with the conditions of corporate governance as stipulated in the Listing Regulations.

Auditor’s responsibility

Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in the form of an opinion as to whether the Company has complied with the conditions of corporate governance as stated in paragraph 2 above. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring the compliance with the conditions of corporate governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

Institute of Chartered Accountants of India (‘ICAI’), and Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion

Based on the procedures performed by us and to the best of our information and according to the explanations provided to us, in our opinion, the Company has complied, in all material respects, with the conditions of corporate governance as stipulated in the Listing Regulations during the year ended 31 December 2024.

We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

Restriction on use

This certificate is issued solely for the purpose of complying with the aforesaid regulations and may not be suitable for any other purpose.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No. 001076N/N500013

We have examined the relevant records of the Company in accordance with the applicable Generally Accepted Auditing Standards in India, the Guidance Note on Certification of Corporate Governance issued by the

Place: Mumbai Date: 10[th] February 2025

Manish Gujral Partner Membership No.: 105117 UDIN: 25105117BMOLIX8817

Managing Director & CEO’s declaration

To the Members of Crisil Limited

I hereby confirm that all the members of the Board and Senior Management have affirmed compliance with the Code of Conduct.

For Crisil Limited

Amish Mehta

Managing Director & CEO DIN: 00046254

Guwahati, February 10, 2025

Annual Report 2024

Report of the Directors on Corporate Governance

At Crisil, corporate governance is a reflection of the principles embedded in its values, policies and day-today business philosophy. We firmly believe this alone can create differentiated, sustainable and value-driven growth for the Company.

Our vision, mission and values are integrated into all our offerings and operations across levels to provide transparent and unbiased analytical data and solutions to investors, clients, policymakers and other stakeholders.

Crisil adheres to the highest standards of corporate governance and disclosure practices and is committed to transparency in all its dealings. This principle-based approach forms the Company’s core, ensuring sustainable year-on-year growth.

The Directors present below the Company’s policies and practices on Corporate Governance.

A. Board of Directors

Size and composition of the Board

The Board of Directors has eight members, of whom seven (87.5%) are Non-Executive Directors and 25% represent women Directors. Four (50%) of the eight Board members are Independent Directors. The Chairman of the Board is a Non-Executive Director. According to the Articles of Association of the Company, the Board can have up to 15 members.

Percentage of Board positions

Nationality

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12.5(%)
37.5(%) Non-Executive, India
Independent 12.5(%) United States
50(%) Directors 62.5(%) of America
Executive Director France
12.5(%)
Non-Executive Canada
Directors
12.5(%)
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Age

Gender

Tenure

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----- Start of picture text -----

13(%) 13(%)
25(%)
37(%)
50(%) 75(%)
37(%)
50(%)
<=58 years 65-70 years Male <2 years >5 and <=10
59-64 years =>70 years Female 2-5 years years
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None of the Directors are related to any other Director on the Board. Names of Crisil Board members and other details of their directorship profile are presented in Table 1.1.

Criteria for Board membership

The Board has adopted a Nomination and Remuneration Policy to ensure that the Board composition is well-balanced in terms of requisite skillsets, so that the Company benefits from new insights, guidance and challenges to business proposals. The policy outlines the appointment criteria and qualifications of the Directors on the Board and matters related to Directors. Besides this, other considerations for the Board’s composition are:

Independent Directors are expected not to serve on the Boards of competing companies
Maximum number of Director positions to be held: Not more than 20 companies, of which not more than 10 shall be public companies and not more than 7 shall be listed companies

Profiles of Directors

The profiles of Directors available at https://www.crisil.com/ content/crisilcom/en/home/our-organisation/leadership. html give an insight into the education, expertise, skills and experience of Crisil Board members, thus bringing diversity to the Board’s deliberations.

Presence of at least one woman Independent Director
Presence of at least one resident Director

Matrix setting out the core skills/expertise/competence of the Board of Directors

The Board has identified the core skills/expertise/competencies of the Directors in the context of the Company’s business for effective functioning, as follows:

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Skills Icon Particulars
Strategic orientation Ability to think expansively, evaluate alternatives and make choices
Commercial orientation Understanding of the business model and how the business makes money
Customer orientation Creating compelling value propositions for customers as the differentiating attribute
Track record and understanding of what motivates and inspires people to deliver superior
People orientation
performance
Technology and business Knowledge and understanding of how technology can be leveraged to produce competitively
transformation superior results and stay ahead
Experience in merger
Ability to identify, value and coalesce acquisitions and mergers
and acquisition
Global business Experience of overseeing and managing businesses across multiple countries and
experience environments
Knowledge of financial Understanding of Indian and global trends and challenges across the banking and securities
markets markets, other credit rating agencies, asset management and advisory firms
Experience of corporate governance; and understanding of the regulatory environment across
Governance and
banking and securities laws, data protection and privacy, and cyber security for India and
regulation
countries where business is transacted
Stakeholder Experience of dealing with government officials, regulators, customers, Boards, partners and
management suppliers, employees, and broader community for corporate social responsibility agenda
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The manner in which the current Board of Directors fulfils these skills, expertise and competencies has been outlined in Table 1.1.

Annual Report 2024

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Stakeholder management
Skills identified and areas of core expertise
of 0 2 2 0 2 0 0 0 Technology and business transformation
Chairmanship Committees
Governance and regulation
of 0 3 2 2 6 1 1 1
Membership Committees
People orientation
Type of
directorship - Independent Director Independent Director Independent Director Non-Executive Director Independent Director - Independent Director Independent Director Independent Director Independent Director - - -
where they are a Director Company Knowledge of financial markets
Name of other listed companies
- Axis Bank Ltd Mphasis Ltd BASF India Ltd CMS Info Systems Ltd Vastu Housing Finance Corporation Ltd - HCL Technologies Ltd Tata Projects Ltd L&T Finance Ltd Tata Power Renewable Energy Ltd - - -
1 6 6 2 6 1 1 1 Customer orientation
ship#
Director-
Tenure 2.2 years 7.2 years 4.5 years 3 years 11 Months 1.8 years 10 Months 3.2 years
status French Indian Indian Indian Indian Canadian American Indian Global business experience
Nationality
Age
56 years 66 years 75 years 68 years 68 years 44 years 49 years 54 years
Commercial orientation
Category Non-Executive Chairman Independent, Non-Executive Director Independent, Non-Executive Director Independent, Non-Executive Director Independent, Non-Executive Director Non-Executive Director Non-Executive Director Managing Director & Chief Executive Officer
Strategic orientation Experience in merger and acquisition
Name of the Director Mr Yann Le Pallec (DIN: 05173118) Mr Girish Paranjpe (DIN: 02172725) Ms Shyamala Gopinath (DIN: 02362921) Mr Amar Raj Bindra (DIN: 09415766) Ms Nishi Vasudeva (DIN: 03016991) Mr Girish Ganesan (DIN: 10104741) Mr Saugata Saha (DIN: 10496237) Mr Amish Mehta (DIN: 00046254) # Covers private, public and listed companies, including Crisil Limited, but excludes foreign companies and the Section 8 companies. * Memberships/chairmanships in the Audit Committees and Shareholders/Investors Grievance Committees of listed and public limited companies, including Crisil Limited. Committee membership(s) and chairmanship(s) are counted separately. Notes: Appointments of Ms Nishi Vasudeva (DIN: 03016991) as an Independent, Non-Executive Director with effect from January 27, 2024, and Mr Saugata Saha (DIN: 10496237) as an Additional Director (Non-Executive) with effect from February 17, 2024, were approved by the shareholders at the Annual General Meeting of the Company on April 16, 2024.
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76 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Membership term

According to the Articles of Association of the Company, at least two-thirds of the Board members shall be retiring Directors, excluding Independent Directors. One-third of such Directors are required to retire every year and, if eligible, the retiring Directors qualify for re-appointment. The Managing Director is appointed by the shareholders for five years but can be reappointed on completion of the term, if eligible. The employment may be terminated by either party by giving three months’ notice. Independent Directors shall hold office for up to two terms of five years each.

Succession policy

The Board constantly evaluates the contribution of its members and recommends to shareholders their reappointment if thought fit, upon expiry of their respective tenures. The Nomination and Remuneration Committee of the Board regularly reviews the succession planning and competency planning priorities of the Board and the senior management.

The Board has adopted a retirement policy for its members. The maximum age of retirement for Executive Directors is 60 years, provided that the term of the person holding this position may be extended beyond the age of 60 years with the approval of shareholders by passing a special resolution.

Details of shareholdings of Directors as on December 31, 2024

None of the Directors, except Mr Amish Mehta, Managing Director & CEO, held any shares in the Company as of December 31, 2024. Mr Mehta held 42,151 shares of the Company, as of December 31, 2024.

Certificate from Practising Company Secretary regarding non-debarment and non-disqualification of Directors

The Company has obtained a certificate from M/s S. N. Ananthasubramanian & Co. (SNACO), a firm of Practising Company Secretaries, confirming that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as Director of the Company by the Securities and Exchange Board of India and Ministry of Corporate Affairs or any such authority, and the same forms part of this report as Annexure I .

Responsibilities

The Board takes decisions on long-term strategic planning, annual budget approvals and policy formulation. It also has strong operational oversight and reviews business plans,

key risks and opportunities in the business context. The Board meets at least four times every calendar year and the maximum time gap between any two meetings is not more than 120 days. During the year ended December 31, 2024, the Board met six times — on February 15-16, April 16, July 15-16, October 16, October 28 and December 12.

A detailed agenda, setting out the business to be transacted at the meeting(s), supported by notes and presentations and action taken reports from previous meetings, where applicable, is sent to each Director at least seven days before the date of the Board and Committee meetings. The Directors are also provided the facility of video conferencing to enable them to participate effectively in the meeting(s), as and when required. All procedures stipulated under the Secretarial Standards and other legal requirements were complied with in the conduct of these meetings.

The Board members are highly involved in Company matters and the attendance record at such meetings, mentioned under Table 3.6 of the Corporate Governance Report, reflects the level of involvement, dedication and time allocated by them. Board members actively seek and attend trainings and off-cycle discussions on various topics pertinent to the Company. Engaging discussions with experts on emerging trends in the economy and global financial markets and interactions with employees and clients are some of the notable events where Board members have participated whole-heartedly.

The Company has an Executive Committee, comprising the Managing Director and a team of senior leaders, with proper demarcation of responsibilities and authority. The Managing Director is responsible for corporate strategy, planning, external contacts and Board matters. The heads of individual businesses and the Crisil leadership team are responsible for business development, customer relations, day-to-day operations-related issues, profitability, productivity, recruitment, and employee retention in their divisions. Important decisions taken by the Board and its Committees are promptly communicated to the leadership team concerned for execution; status reports on actions taken are reported at subsequent meeting(s).

Role of Independent Directors and the familiarisation process

As trustees of shareholders, Independent Directors play a pivotal role in upholding corporate governance norms and ensuring fairness in decision-making. Being experts in various fields, they also bring independent judgement on matters of strategy, risk management, controls and

Annual Report 2024

business performance. The Directors’ Report contains the requisite disclosures regarding the fulfilment of the requisite independence criteria by Crisil’s Independent Directors.

At the time of appointing a new Independent Director, a formal letter of appointment is given to the Director, inter alia, explaining their roles, duties and responsibilities. The Director is also explained in detail the compliances required from him/her under the Act, SEBI Regulations and other relevant regulations and his / her affirmation is taken with respect to the same.

By way of an introduction to the Company, presentations are made to the newly appointed Independent Directors on relevant information, such as an overview of various Crisil businesses, offerings, market and business environment, growth and performance, organisational set-up of the Company, governance, and internal control processes.

The familiarisation programme aims to provide insights into the Company and the business environment in which it operates. It enables the Independent Directors to be updated of newer challenges, risks and opportunities relevant in the Company’s context and to lend perspective on its strategic direction. The Company’s policy of conducting the familiarisation programme and the details of familiarisation programmes imparted to Independent Directors during 2024 have been disclosed on the Company website at https://www.crisil.com/content/crisilcom/en/ home/investors/corporate-governance.html.

The above initiatives help the Directors understand Crisil, the business and the regulatory framework in which the Company operates and equip them to effectively discharge their role as a Director of the Company.

Directors are covered under the Directors & Officers’ Liability Insurance Policy and the terms of the same have been reviewed by the Board.

Remuneration policy

1) Remuneration to Non-Executive Directors

Non-Executive Directors are paid sitting fees for each meeting of the Board or its committees attended by them and are also eligible for commission. The commission payable to each Non-Executive Director is in accordance with the Nomination and Remuneration Policy and is determined by the Board, based on the Company’s performance, prevailing norms, and roles and contributions of Board members. In terms of a shareholders’ resolution passed on April 20, 2017, the Company can pay remuneration not exceeding 1% of the net profit to the Non-Executive Directors. The Non-Executive Directors have not been granted any stock options of the Company. Commission to Non-Executive Directors for 2024 aggregates to 0.27% of the standalone net profit of the Company calculated according to the Section 198 of the Companies Act, 2013.

Table 2.1: Sitting fees and commission paid to Non-Executive Directors

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`
Name of Directors Sitting fees Commission Total
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Ms Vinita Bali(1)	125,000	Nil	125,000
Mr Girish Paranjpe	1,355,000	4,725,000	6,080,000
Ms Shyamala Gopinath	1,255,000	4,725,000	5,980,000
Mr Amar Raj Bindra	960,000	4,725,000	5,685,000
Ms Nishi Vasudeva	950,000	4,725,000	5,675,000
Mr Ewout Steenbergen(2)	Nil*	Nil*	Nil*
Mr Yann Le Pallec	Nil*	Nil*	Nil*
Mr Girish Ganesan	Nil*	Nil*	Nil*
Mr Saugata Saha	Nil*	Nil*	Nil*
Total	4,645,000	18,900,000	23,545,000

Since April 2015, S&P Global has waived the sitting fees and commission payable to its nominees
Retired as Independent Director w.e.f. February 13, 2024.
Resigned as a Non-Executive Director w.e.f. February 16, 2024.

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Directors holding Board positions in subsidiaries may be paid sitting fees and commission for the performance of directorial duties by the respective Boards. Accordingly, in 2024, Mr Girish Paranjpe and Mr Amar Raj Bindra were paid sitting fees of 100,000 each for attending Board meetings and commission of 1,775,000 each, pertaining to the year 2023, from Crisil’s subsidiary, Crisil Irevna UK Limited. Ms Shyamala Gopinath received sitting fees

of 440,000 for attending Board meetings of Crisil’s subsidiary, Crisil Ratings Limited (CRL); the CRL Board also approved a commission of 3,256,000 for 2024.

2) Managing Director

Mr Amish Mehta, Managing Director & CEO, has signed an agreement containing the terms and conditions of his employment. Key terms of the service contract and the remuneration package are mentioned in Table 2.2.

Table 2.2: Key terms of the service contract and remuneration package of the Managing Director & CEO

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Component Details
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Appointmentperiod	October 1, 2021-September 30, 2026
Short-term fxed	Base pay of`43,375,079 p.a., which includes salary, allowances, reimbursements, and retirement benefts
remuneration*
Perquisites	Company car with driver, group medical insurance and personal accident insurance cover, group term life
	insurance cover, and leave encashment
Annual performance	Maximum of 100% of base pay, based on the level of performance, which will be decided by the Board of
bonus^	Directors on the recommendation of the Nomination and Remuneration Committee
Performance-linked	Mr Mehta has been granted a special long-term incentive equivalent to 100% of his base pay, effective October
deferred cash award	1, 2021. This is a performance-linked deferred cash award based on cumulative business performance
	between 2021 and 2025, vesting equally at one-third each at end of years 2023, 2024 and 2025, subject to the
	achievement of certainperformance criteria determined bythe Nomination and Remuneration Committee
Long-term benefts	Eligible to benefts under the Long-Term Incentive Plan (LTIP)^^ and ESOS**, in accordance with the schemes
	and rules of the Companyfor its staff as applicable from time to time
Noticeperiod	3 months
Severance fee	Nil

Note: Base pay is annual fixed compensation

Eligible for such annual increments, as may be decided by the Board of Directors of the Company on the recommendation of the Nomination and Remuneration Committee or any other committee constituted by it from time to time.
^ The annual performance bonus framework links individual performance to the Company’s achievements on the balance scorecard, comprising financial and non-financial/ sustainability targets.
^^ Since the LTIP is based on the achievement of certain criteria, the financial impact is measured based on actuarial valuations. Hence, the precise long-term incentives component for the Managing Director cannot be stated and will be disclosed upon these becoming due and payable as a part of compensation for the year (refer to Table 2.3 for the 2024 pay-out)
** There are no options (vested or unvested) held by Mr Mehta under the Company’s ESOS.

Remuneration paid to the Managing Director & CEO for the year ended December 31, 2024

Table 2.3:

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Name Mr Amish Mehta
Salary 41,273,205
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Table 2.3: Name Salary*	Mr Amish Mehta 41,273,205
Variablepay	28,633,659
Perquisites:
- ESOS & others	9,878,075
LTIPpay-out	41,363,585
Others:
- Provident fund	1,500,444
- Leave encashment	2,235,177
ESOSgranted during2024	NIL

*Employee benefits that require actuarial valuation or are linked to events or fulfilment of conditions are disclosed in managerial remunerations as and when paid

Besides, any pecuniary transaction, if undertaken between a Director and the Company in the ordinary course of business, is reflected in the related party disclosure in the notes to financial statements. Other than loans provided to subsidiaries with common Directors, no loan was advanced to firms/companies in which Directors are interested. The details with respect to the loans provided to these subsidiaries are provided elsewhere in the annual report.

Annual Report 2024

B. Board committees as on December 31, 2024

The Board has constituted committees comprising Executive and Non-Executive Directors to focus on the critical functions of the Company. Each committee has the authority to engage outside experts, advisors and counsels to the extent it considers appropriate to assist in its function. Minutes of proceedings of committee meetings are circulated among the Directors and placed before the Board meeting for noting thereat.

Board Committees
Audit Committee Stakeholders’ Relationship Nomination and Remuneration • Ms Shyamala Gopinath, Chair Committee Committee • Mr Girish Paranjpe • Mr Girish Paranjpe, Chair • Mr Girish Paranjpe, Chair • Mr Amar Raj Bindra • Mr Girish Ganesan • Ms Shyamala Gopinath • Ms Nishi Vasudeva • Mr Amish Mehta • Mr Girish Ganesan • Mr Saugata Saha Risk Management Committee Corporate Social Responsibility • Mr Amar Raj Bindra, Chair Committee • Ms Shyamala Gopinath • Ms Nishi Vasudeva, Chair • Mr Amish Mehta • Mr Girish Paranjpe • Mr Saugata Saha • Mr Amish Mehta

1. Audit Committee

The Audit Committee of the Company has been constituted in line with the provisions of Section 177 of the Companies Act, 2013, read with Regulation 18 of the SEBI Listing Regulations, 2015. The Audit Committee comprises Non-Executive Directors who are well-versed in financial matters and corporate laws.

The role of the committee, the topics reviewed by it, and the frequency of review are mentioned in Table 3.1. The Audit Committee invites the executives of the Company as it considers appropriate (particularly the Head of the finance function), representatives of statutory auditors, and representatives of internal auditors to its meetings.

Table 3.1: Role of the Committee and frequency of review

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Role of the Committee Frequency
of review
Review the annual financial statements, the auditor’s report thereon, Director’s Responsibility Statement, and A
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Review the annual fnancial statements, the auditor’s report thereon, Director’s Responsibility Statement, and	of review A
Management Discussion and Analysis Report, before submission to the Board for approval
Review fnancial statements before submission to the Board for approval	Q
Discuss with auditors (whenever necessary, without the presence of member of the management) regarding the	Q
Company’s audited fnancial statements and seek auditors’ judgement on the quality and applicability of the
accounting principles, the reasonableness of signifcant judgements, the adequacy of disclosures in the fnancial
statements, and other matters as the Committee deems necessary
Recommend the appointment, remuneration and terms of appointment of statutory auditors of the Company and	A
approvepayments for anyother services
Reviewperformance of statutoryand internal auditors, and adequacyof internal control systems	A
Approve the internal auditplan for theyear	A
Review internal audit fndings, the action taken status and other matters relating to the internal audit functioning	Q
of the Company
Review fndings of any internal investigations by internal auditors in matters where there is suspected fraud or	E
irregularityor failure of internal control systems of material nature, and report the matter to the Board

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Mission-Critical Decisions, Made with Confidence.

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Role of the Committee Frequency
of review
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Notingof material subsidiaries	A
Review signifcant transactions, includingrelatedpartytransactions of subsidiaries	Q
Omnibus approval for relatedpartytransactionsproposed to be entered into bythe Company	A
Review and approve transactions with relatedparties and subsequent modifcations, if any	E
Review investment policy, scrutiny of inter-corporate loans and investments, and review the investment portfolio	A
and treasuryoperations
Evaluate internal fnancial controls and risk management systems of the Company	A
Review functioningof the whistleblower mechanism	Q
Review audit reports under the SEBI Research Analyst Regulations and compliance with the SEBI OutsourcingPolicy	A
Review compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and systems for internal controls	A
with them
Recommend the appointment of the Chief Financial Offcer of the Companyand remunerationpayable to him/her	E
Notingof disclosure regardingencumbrance ofpromoter shareholding, if any, asper the SEBI Takeover Code	A
Comment on rationale, cost-benefts and impact of schemes involving merger, amalgamation, etc., on the listed	E
entityand its shareholders
Review substantial defaults in the payment to depositors, debenture holders, shareholders (in case of	E
non-payment of declared dividends) and creditors, if any
Review the charter of the Audit Committee	A

Frequency: A — annually; Q — quarterly; E — event based

The Audit Committee met six times in 2024 — on January 29, February 15, April 15, July 15, October 16 and October 28. The necessary quorum was present for all the meetings. The Chairman of the Audit Committee was present at the previous AGM of the Company held on April 16, 2024. Details of attendance at the meetings of the Audit Committee in 2024 are presented in Table 3.6.

In line with the terms of reference, during 2024 the Audit Committee at each meeting reviewed operations and audit reports for businesses pursuant to audits undertaken by internal auditors under the audit plan approved at the commencement of the year. The quarterly financial results were reviewed by the Committee before submission to the Board. Independent sessions were held with statutory and internal auditors to assess the effectiveness of the audit process. The Committee reviewed the adequacy of internal financial controls on a company-wide basis and provided recommendations on internal control processes to the Board. The Committee also reviewed the system and processes in place for risk management, insider trading compliance and information security. The Committee discussed opportunities for continuous improvement of audit procedures. On a quarterly basis, the Committee continues to review whistleblower complaints with corrective actions and controls put in place therefor, material litigations/notices, and related party transactions.

2. Risk Management Committee

The Risk Management Committee of the Company has been constituted in line with the provisions of Regulation 21 of the SEBI Listing Regulations, 2015. The role of the Committee, the topics reviewed by it and the frequency of review are mentioned in Table 3.2.

Table 3.2: Role of the Committee and frequency of review

Role of the Committee	Frequency of review
Review the Risk Management Policy, framework andprocedures	A
Monitor, review and approve the Risk Management Plan	A
Review keyrisks and mitigationplans	P
Review the Business ContinuityPlan	A

Annual Report 2024

Role of the Committee	Frequency of review
Review the Company’s cyber securityand data framework	H
Review the appointment, removal and terms of remuneration of the Chief Risk Offcer	A
Liaise with the Audit Committee on items of risk management and control activities	P

Frequency: A — annually; P — periodically; E — event based; H – half yearly

The Committee met thrice in 2024 — on February 1, June 18 and December 17. The necessary quorum was present for the meetings. The Committee reviewed the risk management framework, its operation, and risk heat maps, and deliberated over the mitigation plans for key risks. More details on key risks and mitigation actions in respect thereto are provided in the Management Discussion and Analysis Report. Details of attendance at the meetings of the Risk Management Committee in 2024 are presented in Table 3.6.

3. Nomination and Remuneration Committee

The Nomination and Remuneration Committee of the Company has been constituted in line with the provisions of Section 178 of the Companies Act, 2013, read with Regulation 19 of the SEBI Listing Regulations, 2015. The role of the Committee, the topics reviewed by it and the frequency of review are mentioned in Table 3.3.

Table 3.3: Role of the Committee and frequency of review

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Role of the Committee Frequency
of review
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Finalise the process of evaluation and carry out evaluation of the performance of the Board, its Committees,	A
Directors and Chairman of the Company, and review competencies of the Board
Review the size and composition of the Board to ensure it is structured to make appropriate decisions, with a	P
variety of perspectives and skills
Review succession plans for the Board, senior management and key leadership positions, and monitor	A
development plans of key leadership personnel
Recommend the appointment of new Directors and changes to the senior management	E
Review the talent management strategy and talent priorities of the business	A
Review people metrics, including attrition, diversity, mobility and engagement	P
Review, approve and recommend amendments to the Nomination and Remuneration Committee Policy	A
Review the compensation structure for the Directors, MD & CEO, senior management and overall for employees	A

Frequency: A — annually; P — periodically; E — event based

The Nomination and Remuneration Policy devised in accordance with Section 178(3) and (4) of the Companies Act, 2013, has been published on the Company’s website, https://www.crisil.com/content/crisilcom/en/home/investors/ corporate-governance.html

The Nomination and Remuneration Committee met thrice in 2024 — on February 1, April 15 and July 10. The necessary quorum was present for all the meetings. In terms of its mandate, during 2024 the Committee focused on review of initiatives related to talent acquisition and management, succession planning, employee engagement, and employee compensation. The Committee also reviewed and recommended Board appointments.

The Chairperson of the Nomination and Remuneration Committee was present at the previous Annual General Meeting of the Company held on April 16, 2024. Details of attendance at the meetings of the Nomination and Remuneration Committee in 2024 are presented in Table 3.6.

Further, details of remuneration paid to the Directors and other disclosures required to be made under the SEBI Listing Regulations, 2015, have been provided in the Directors’ Report, as part of this Annual Report.

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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4. Stakeholders’ Relationship Committee

The Stakeholders’ Relationship Committee has been constituted in line with the provisions of Section 178 of the Companies Act, 2013, read with Regulation 20 of the SEBI Listing Regulations, 2015.

The role of the Committee, the topics reviewed by it and the frequency of review are mentioned in Table 3.4.

Table 3.4: Role of the Committee and frequency of review

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Role of the Committee Frequency
of review
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Review grievances of security holders, including shareholders	Q
Review grievances of other stakeholders such as vendors, customers and employees, with the exception of	Q
whistleblower complaints or potential frauds or matters having fnancial implications, dealt with by the Audit
Committee
Approve transfer of shares, transmission of shares and issue of duplicate share certifcates	E
Review adherence to service standards adopted by the Company with respect to various services being rendered by	A
the Registrar and Share Transfer Agent
Review various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends	Q
and ensuring timely receipt of dividend warrants/annual reports/statutory notices by shareholders of the Company
Review the internal audit report presented by the Registrar and Share Transfer Agent as required by SEBI (Registrar	A
& Share Transfer Agent) Regulations, 1993, as amended
Scrutinise all share-related matters, including legal cases and compliance under SEBI regulations related to	E
securityholders
Review measures taken for effective exercise of voting rights by shareholders	A
Review the dashboard of stakeholder engagement metrics	A
Review the charter of the Stakeholders’ Relationship Committee	A

Frequency: A — annually; Q — quarterly; E — event based

The Committee met four times in 2024 — on February 15, April 15, July 15 and October 16. The Company Secretary is the Secretary to the Committee and the Compliance Officer for ensuring compliance with the SEBI Listing Regulations, 2015. The necessary quorum was present for all the meetings. The Committee reviewed the status of shareholder grievances and their redressal. The Committee reviewed adherence to the service standards for investors, adopted by Crisil’s Registrar and Share Transfer Agent and various measures and initiatives taken for ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the Company and responses to queries raised at the AGM. The Committee reviewed compliance with the Personal Trading Policy.

The Committee also reviewed complaints of all stakeholders of the Company, including customers, employees and vendors/business partners. The Committee has expanded its oversight beyond grievance management to cover a review of the overall engagement process and outcomes of surveys conducted for stakeholders.

The Chairman of the Committee was present at the previous AGM of the Company held on April 16, 2024. Details of attendance at the meetings of the Stakeholders’ Relationship Committee in 2024 are presented in Table 3.6.

Details of shareholder complaints received and redressed during the year are provided in Section D of this report.

Annual Report 2024

5. Corporate Social Responsibility Committee

The CSR Committee has been constituted in line with the provisions of Section 135 of the Companies Act, 2013, and the rules made thereunder.

The role of the Committee, the topics reviewed by it and the frequency of review are mentioned in Table 3.5.

Table 3.5: Role of the Committee and frequency of review

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Role of the Committee Frequency
of review
Review the CSR Policy and recommend modifications as necessary A
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Review the CSR Policyand recommend modifcations as necessary	A
Recommend to the Board, the expenditure to be incurred on the activities undertaken	A
Review the performance of the Company in the area of CSR, including the evaluation of the impact of the company’s	H
CSR activities
Consider and recommend to the Board, the CSR report of the Company for approval and inclusion in the Annual	A
Report of the Company
Consider and recommend to the Board, the Annual Action Plan of the Company for the next fnancial year, and	A
subsequent modifcations, if any
Recommend the deployment strategy for CSR activities, through partnerships with various agencies, intermediaries	P
and foundations
Review and notingof CFO Compliance Certifcate on utilisation of CSR funds	A

Frequency: A — annually; P — periodically; H – half yearly

The Committee met twice in 2024 — on June 18 and December 17. The necessary quorum was present for all the meetings. Details of attendance at the meetings of the CSR Committee in 2024 are presented in Table 3.6.

Details of the Company’s CSR activities undertaken during the year were reviewed by the Committee at these meetings. Details are mentioned in annexures to the Directors’ Report.

Table 3.6: Attendance of Directors at Board and Committee meetings, and last Annual General Meeting

The following table shows attendance of Directors at the Board and Committee meetings held during 2024 and at the last AGM of the Company. Attendance at the Board and Committee meeting(s) is presented as the number of meeting(s) attended, out of the number of meeting(s) required to be attended or held during their respective tenure.

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Name Mr Girish Ms Mr Amar Ms Nishi Ms Vinita Mr Ewout Mr Yann Mr Girish Mr Mr Amish
Board/ Paranjpe Shyamala Raj Bindra Vasudeva Bali [@] Steenbergen [%] Le Pallec Ganesan Saugata Mehta
Committee /
General meeting Gopinath Saha [#]
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Board	6/6	6/6	5/6	6/6	-	1/1*	6/6	5/6	4/5*	6/6
Audit Committee	6/6	5/5*	6/6	5/5*	1/1*	-	1/1*	-	3/4*	-
Risk Management	-	3/3	3/3	-	-	-	1/1*	-	2/2*	3/3
Committee
Nomination and	2/2*	3/3	-	-	1/1*	-	-	3/3	-	-
Remuneration Committee
Stakeholders’ Relationship	4/4	-	-	-	-	-	-	3/4	-	4/4
Committee
Corporate Social	2/2	-	-	2/2	-	-	-	-	-	2/2
Responsibility Committee
37thAnnual General Meeting	Yes	Yes	Yes	Yes	-	-	Yes	Yes	Yes	Yes

Note: (1) The first number in each cell represents the Director attendance, and the second number indicates the total number of meetings

Indicates the number of meetings held during the tenure of the Director for the respective forum

@ Retired as Independent Director w.e.f. February 13, 2024

% Resigned as a Non-Executive Director w.e.f. February 16, 2024

Appointed as a Non-Executive Director w.e.f. February 17, 2024

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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6. Meeting of Independent Directors

The Company’s Independent Directors met thrice in 2024 — on February 15, April 15 and July 15, without the presence of the Managing Director & CEO, Non-Executive, Non-Independent Directors, and the management team. The meetings were informal, enabling the Independent Directors to discuss matters pertaining to the Company’s affairs and put forth their combined views to the Board of Directors.

7. Performance evaluation

We have devised a mechanism for performance evaluation of Directors, which is explained in the Directors’ Report.

B.1 Particulars of senior management personnel, key managerial personnel and appointments/role changes made therein from January 1, 2024 upto December 31, 2024

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Name Designation Change since Nature of change
the previous and effective date
financial year
(Yes / No)
----- End of picture text -----

Senior management	personnel (SMP)
Amish Mehta	Managing Director and Chief Executive	No	-
	Offcer
Ashish Vora	President and Business Head – Crisil	No	-
	Intelligence
Dinesh	Chief Financial Offcer	Yes	Appointed as Chief Financial Offcer and Key
Venkatasubramanian			Managerial Person w.e.f. October 28, 2024
Duncan McCredie	President and Head – Crisil Coalition	No	-
	Greenwich
Gurpreet Chhatwal	Chief Operating Offcer, Crisil Limited	Yes	Transitioned from the role of Managing
			Director of Crisil Ratings Limited to Chief
			Operating Offcer of Crisil Limited w.e.f.
			August 12, 2024
Jan Larsen	President and Head – Crisil Integral IQ	Yes	Ceased to be SMP w.e.f. October 9, 2024
Krishnan Sitaraman	Chief Ratings Offcer, Crisil Ratings Limited	No	-
Maya Vengurlekar	Chief OperatingOffcer, Crisil Foundation	No	-
Pooja Mirchandani	President and Chief Human Resources	Yes	Appointed as SMP
	Offcer		w.e.f. February13, 2024
Preeti Balwani	General Counsel	No	-
Priti Arora	President – Global Capabilities Centre	No	-
Sanjay Chakravarti	President – Risk and Compliance	Yes	Transitioned from the role of Chief Financial
			Offcer to President – Risk and Compliance
			w.e.f. August 12, 2024*
Sharmila Shah	Chief MarketingOffcer	No	-
Subodh Rai	Managing Director – Crisil Ratings Limited	Yes	Transitioned from the role of President – Risk
			and Compliance of Crisil Limited to Managing
			Director of Crisil Ratings Limited w.e.f. August
			12, 2024
Zak Murad	Chief Technologyand Information Offcer	No	-
Key managementpersonnel
Amish Mehta	Managing Director and Chief Executive	No	-
	Offcer
Dinesh	Chief Financial Offcer	Yes	Appointed as Chief Financial Offcer and Key
Venkatasubramanian			Managerial Person w.e.f. October 28, 2024
Minal Bhosale	Senior Director and CompanySecretary	No	-

*Held dual charge until October 28, 2024.

Annual Report 2024

C. Shareholders

Means of communication

Quarterly and annual financial results are published in leading national and regional newspapers and displayed on the Company’s website
News releases, press releases, and presentations made to investors and analysts are displayed on the Company’s website
The Annual Report is circulated to all members and is also available on the Company’s website
Material developments related to the Company that are potentially price-sensitive in nature or that could impact continuity of publicly available information regarding the Company are disclosed to stock exchanges in keeping with the Policy for Disclosure of Material Information. They are also available on Company’s website
The Company’s website contains information on businesses, governance and important policies

To serve the investors better and as required under Regulation 46(2)(j) of the SEBI Listing Regulations, 2015, the Company’s Grievance Redressal Division has a designated email address for investor complaints, [email protected]. The Company’s Compliance Officer monitors this email regularly.

The circulars on conduct of the general meeting by video conferencing (VC) and/or other audiovisual means (OAVM) exempt companies from the requirement of sending hard copies of the Annual Report to shareholders. Hence, the Annual Report of the Company for the Financial Year 2024 has been emailed to the members whose email addresses are registered with the depositories for communication purposes or are obtained directly from the members, as per Section 136 of the Companies Act, 2013, and Rule 11 of the Companies (Accounts) Rules, 2014. Further, in terms of the SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024, for other members, who have not registered their email addresses, a letter providing the web-link, including the exact path, where complete details of the Annual Report is available, will be sent to their registered address. If any member wishes to get a duly printed copy of the Annual Report, the Company will send the same, free of cost, upon receipt of request from the member.

We encourage our shareholders to subscribe to e-communications. For this, shareholders have to update their email addresses in the forms prescribed by their respective Depository Participants for shares held in the demat form and write to our Registrar and Share Transfer Agent (RTA) to update email address for shares held in the physical mode.

General body meetings

The location, time and venue of the last three AGMs are as follows:

Table 4.1

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Nature of the Date and time Venue Special resolutions passed
meeting
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Thirty-ffth AGM	April 22, 2022,	VC and/or OAVM, without in-	1. Appointment of Mr Amar Raj Bindra as an
	3:30 p.m.	person presence of shareholders	Independent Director of the Company
			2. Amendments to the objects clause of the
			Memorandum of Association
Thirty-sixth AGM	April 18, 2023,	VC and/or OAVM, without	None
	3:30 p.m.	in-person presence of
		shareholders
Thirty-seventh	April 16, 2024,	VC and/or OAVM, without	1. Appointment of Mr Saugata Saha as a
AGM	3:30 p.m.	in-person presence of	Non-Executive Director, liable to retire by rotation
		shareholders	2. Appointment of Ms Nishi Vasudeva as an
			Independent Director

86 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Postal ballot

During 2024, the Company did not pass any resolutions by postal ballot.

Pursuant to the provisions of the Companies Act, 2013, in view of the e-voting facilities provided by the Company, none of the businesses proposed to be transacted in the ensuing AGM require passing a special resolution through postal ballot.

Disclosures

During the year, there were no materially significant related party transactions that could have a potential conflict with the Company’s interests at large. The transactions have been disclosed in the annexures to the Directors’ Report, as required by the Companies Act, 2013.

There was no non-compliance by the Company, and nil penalties or strictures were imposed on it by the stock exchange or SEBI, or any statutory authority on any matter related to the capital markets in the past three years.

The Company has complied with all the mandatory requirements of the SEBI Listing Regulations, 2015.

The Company has also complied with the following discretionary requirements specified in Part E of Schedule II of Regulation 27(1):

i. Modified opinion(s) in audit report: The Company’s financial statements have unmodified audit opinions.
ii. Reporting of internal auditors: The internal auditors of the Company directly report to the Audit Committee.

Unclaimed equity shares

Under Regulation 39(4) of the SEBI Listing Regulations, 2015, read with Schedule VI thereof, the Company has opened a demat account in the name and style ‘Crisil Limited - Unclaimed Shares Suspense Account’ for credit of shares, that were unclaimed as per these provisions.

As on the date of this report, there are no shares lying in the Crisil Limited - Unclaimed Shares Suspense Account.

Investor grievances and investor contacts

The Company and its RTA regularly monitor investor complaints reported on the BSE Listing portal, NSE Electronic Application Processing System (NEAPS) portal, SEBI Complaints Redress System (SCORES) portal and Online Dispute Resolution (ODR) portal and take steps to track and redress the investor complaints and disputes in a speedy manner.

Framework for handling and monitoring shareholder complaints

Shareholders are requested to approach the Company’s RTA directly at the first instance for their grievances. If the RTA/Company does not resolve the grievance within the stipulated timeline or the shareholder is not satisfied with the RTA/Company’s response, they may approach SEBI and file their grievance through SCORES, the centralised online system for lodging and tracking complaints. Through SCORES, all activities, from the lodging of a complaint to disposal, are carried out online automatically and the status of every complaint can be checked online at any time. Crisil is registered on SCORES and endeavours to resolve all investor complaints received through SCORES or otherwise within the prescribed timelines. SEBI has notified a revised framework for handling and monitoring investor complaints received through SCORES. This includes filing of an action taken report (ATR) by the Company, which will be automatically routed to the complainant through SCORES. Shareholders can access the SCORES portal at https://scores.sebi.gov.in.

Further, SEBI introduced the common ODR portal to further streamline the complaint/dispute resolution mechanism, under the aegis of stock exchanges and Depositories (collectively referred to as market infrastructure) by establishing an online conciliation and arbitration process. Disputes between investors and listed companies (including their RTAs) can be referred for resolution through the ODR portal, provided such complaint/dispute is not pending before any arbitral process, court, tribunal or consumer forum.

It may be noted that in case the investor files a dispute on the ODR portal while the complaint is pending on SCORES, the complaint shall automatically be treated as disposed on SCORES. Shareholders can access the ODR portal at https://smartodr.in. In 2024, one complaint was received through SCORES, which was disposed of within the statutory timeline.

Annual Report 2024

Grievance redressal review

The Company’s Board has established the Stakeholders’ Relationship Committee to review and redress complaints received from shareholders. The Committee meets periodically to review the status of investor grievances received and redressed.

Certain transactions only in demat mode

As per SEBI norms, all requests for transfer of securities shall be processed only in dematerialised form. The procedure to dematerialise shares is available at https://www.crisil.com/content/crisilcom/ en/home/investors/shareholder-services/procedurefor-dematerialisation-of-shares.html

Further, effective January 24, 2022, SEBI has made it mandatory for listed companies to issue securities only in demat mode while processing the following service requests:

i. Issue of duplicate securities certificate
ii. Claim from Unclaimed Suspense Account
iii. Renewal/exchange of securities certificate

from time to time, has mandated for all holders of physical securities to submit their PAN, address, mobile number, bank account details and specimen signature with the RTA.

In view of the same, it may be noted that any service request can be processed only after the folio is PAN and KYC compliant.

Where any one of the above details are not available with the Company, such shareholders will be able to:

lodge any grievance or avail any service only after furnishing all necessary details required above
receive any payments including dividend in respect of such folios only electronically with effect from April 1, 2024, upon registering the required details

Crisil has sent communications in this regard to eligible shareholders. Concerned shareholders are requested to furnish the requisite documents/information through the forms available at https://www.crisil.com/ content/crisilcom/en/home/investors/shareholderservices/forms-for-download.html.

iv. Endorsement
v. Sub-division/splitting of securities certificate
vi. Consolidation of securities certificates/folios
vii. Transmission
viii. Transposition

Investors can write to the Company’s RTA at einward. [email protected] for guidance on the forms and procedural documents in this regard.

Updating KYC details

SEBI vide Circular No. SEBI/HO/MIRSD/MIRSDPoD1/P/CIR/2023/37 dated March 16, 2023, as amended

Choice of nomination

In terms of the SEBI circular dated June 10, 2024, all investors are encouraged in their own interest, to provide choice of nomination by contacting the RTA, if shares are held in physical form or their respective Depository Participant(s), if shares are held in dematerialised form. Further, all new investors are mandatorily required to provide the choice of nomination for their demat accounts (except for jointly held demat accounts). The prescribed forms SH-13/SH-14 to be used for nomination in respect of physical shares are available at https://www. crisil.com/content/crisilcom/en/home/investors/ shareholder-services/forms-for-download.html.

D. General shareholder information

D.	General shareholder information
1.	Annual General Meeting
	Date and time	:	April 30, 2025 at 3:30pm
	Venue	:	AGM will be held through video conferencing (VC) or other audio-visual
			means (OAVM)
2.	Calendar for fnancial reporting
	The Company’s fnancial year begins on January 1
	and ends on December 31. Our tentative calendar
	for declaration of results for fnancial year 2025 is
	asgiven below:
	Firstquarter endingMarch 31, 2025		In April 2025
	Secondquarter endingJune 30, 2025		In July2025

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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	Thirdquarter endingSeptember 30, 2025		In October 2025
	Year endingDecember 31, 2025		In February2026
	Newspapers where the results are published		Currently in the Financial Express and Sakal or any other newspaper
	Websites where the fnancial results, shareholding		with a wide circulation. Copies of the newspaper advertisements will be
	pattern, annual report, etc. are uploaded		available on the Crisil website www.crisil.com and will also be submitted
			to the stock exchanges at www.bseindia.com and www.nseindia.com
3.	Proposed fnal and special dividend	:	Final dividend of`26per share havingnominal value of Re 1 each
4.	Dates of book closure	:	April 15, 2025 to April 16, 2025 (both days inclusive)
5.	Dividendpayment date	:	May6, 2025 (if the dividendpayment is approved at the AGM)
6.	Listing details	:	Crisil’s shares are listed on:
			The National Stock Exchange of India Limited (NSE),
			Exchange Plaza, 5thFloor, Plot No C/1, G Block,
			Bandra-Kurla Complex, Bandra (E), Mumbai 400 051
			BSE Limited,
			PJ Towers, Dalal Street, Fort,
			Mumbai 400 001
			The Company has paid listing fees to both the exchanges and complies
			with the listingrequirements
7.	Registrar and Share Transfer Agents	:	KFin Technologies Limited
			Unit: Crisil Limited
			Selenium Tower B, Plot 31-32,
			Gachibowli Financial District,
			Nanakramguda, Hyderabad 500032
			Email: [email protected]
			Toll free no.: 1-800-309-4001
8.	Compliance Offcer	:	Ms Minal Bhosale
			Company Secretary, Crisil Limited
			Lightbridge IT Park, Saki Vihar Road, Andheri East,
			Mumbai- 400 072 Phone: 022-6137 3000
9.	Investor complaints to be addressed to	:	The RTA or to Ms Minal Bhosale, Company Secretary, at the above
			mentioned addresses.
			Effective January 2024, the RTA has introduced a Senior Citizen Investor
			Cell to assist Senior Citizen Investors (SCI) and expedite the redressal
			of their grievances. SCIs wishing to avail this service may send an email
			on [email protected]. SCIs can also contact Toll-free number:
			1-800-309-4006 dedicated for any queries or information.
10.	Email ID of the Grievance Redressal Division	:	[email protected]
11.	Details of Nodal Offcer	:	Nodal Offcer - Ms Minal Bhosale
			Company Secretary
			Deputy Nodal Offcer – Mr Dinesh Venkatasubramanian
			Chief Financial Offcer

15. Category-wise shareholding pattern as on December 31, 2024

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SI. No. Category No. of shares % holding
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1	Group holding of S&P Global, Inc.	48,732,586	66.64
	- S&P India LLC
	- Standard & Poor’s International, LLC
	- S&P Global Asian Holdings Pte. Ltd
2	Individuals (including trusts)	8,819,046	12.06
3	FIIs/QFIs/FPIs	5,519,730	7.55
4	Insurance companies (including QIB)	3,919,885	5.36
5	Mutual funds	4,999,645	6.84
6	Financial institutions/banks	35,964	0.05

Annual Report 2024

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SI. No. Category No. of shares % holding
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7	Bodies corporate	207,022	0.28
8	NRIs/foreign nationals	489,872	0.67
9	Directors and relatives (excluding independent directors)	42,151	0.06
10	Key managerial personnel	1957	0.00
11	Clearing members	147	0.00
12	Alternative investment funds	320,401	0.44
13	Investor Education and Protection Fund	41,384	0.06
	Total	73,129,790	100.00

Category-wise shareholding pattern as on December 31, 2024

S&P Global companies Individuals/ Trusts FIIs / QFIs/ FPIs Insurance Companies (incl. QIB) Mutual Funds Financial Institutions/Banks Bodies Corporate NRIs/ Foreign Nationals Directors and relatives (excl. independent directors) Key Managerial Personnel Clearing Members Alternate Investment Funds IEPF

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----- Start of picture text -----

0.05(%)
0.28(%)
0.67(%)
0.06(%)
6.84(%)
0.00(%)
5.36(%)
0.00(%)
0.44(%)
7.55(%) 0.06(%)
12.06(%)
66.64(%)
----- End of picture text -----

16. Distribution of shareholding as on December 31, 2024

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----- Start of picture text -----

Range of equity No. of Percentage of total No. of Percentage of
shares held shareholders no. of shareholders shares total no. of shares
----- End of picture text -----

1–5,000	56,585	99.55	3,436,707	4.70
5,001–10,000	80	0.14	572,869	0.78
10,001–20,000	54	0.09	799,037	1.09
20,001–30,000	31	0.05	769,866	1.05
30,001–40,000	13	0.02	452,298	0.62
40,001–50,000	11	0.02	480,983	0.66
50,001–1,00,000	31	0.05	2,225,899	3.04
1,00,001 and above	38	0.07	64,392,131	88.05
Total	56,843	100.00	73,129,790	100.00

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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17. Members holding more than 1% of the paid-up share capital as on December 31, 2024

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----- Start of picture text -----

SI. No. Name of the shareholder No. of shares % holding
----- End of picture text -----

1.	Group holding of S&P Global, Inc.	48,732,586	66.64
	- S&P India LLC
	- Standard & Poor’s International, LLC
	- S&P Global Asian Holdings Pte. Ltd
2.	Jhunjhunwala Rekha	3,799,000	5.19
3.	General Insurance Corporation of India	2,230,291	3.05
4.	SBI Magnum Midcap Fund Limited	1,940,313	2.65
5.	Life Insurance Corporation of India	1,042,367	1.43
6.	Pari Washington	1,016,990	1.39
7.	The Brown Capital Management International Small Company Fund	975,442	1.33
8.	Kotak Mutual Fund	812,393	1.11
9.	Quant Mutual Fund	762,763	1.04

Members holding more than 1% as on December 31, 2024

5.19(%) 3.05(%) 1.04(%) 1.11(%) 1.33(%) Group holding of S & P Global, Inc. 1.39(%) Jhunjhunwala Rekha 1.43(%) General Insurance Corporation of India 2.65(%) SBI Magnum Midcap Fund Limited Life Insurance Corporation of India Pari Washington The Brown Capital Management International Small C Kotak Mutual Fund 66.64(%) Quant Mutual Fund

18. Status report of shareholder complaints received during the year ended December 31, 2024

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----- Start of picture text -----

Nature of complaints No. of complaints
received
----- End of picture text -----

Ou	tstandingas on January1, 2024	0
Received during2024		6
-	Non-receipt of dividend	4
-	Non-receipt of shares	1
-	Non-receipt of Annual Report	0
-	Issues relatingtogeneral meeting	0
-	Complaints received through SCORES/stock exchanges/the Ministry of Corporate Affairs/regulatory	1
	authorities
Total		6

The company addressed all the investor complaints received as indicated above.

Annual Report 2024

19. Shares held in physical and dematerialised forms as on December 31, 2024

The break-up of physical and dematerialised shareholding as on December 31, 2024 is presented graphically below.

Distribution of holdings - Demat and Physical

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----- Start of picture text -----

0.06(%)
1.70(%)
98.24(%)
NSDL
CDSL
Physical
----- End of picture text -----

Members who still hold share certificates in physical form are advised to dematerialise their shareholding to avail numerous benefits, including easy liquidity, ease of trading and transfer, savings in stamp duty, and elimination of any possibility of loss of documents.

20. Equity history since sub-division of shares

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Date Particulars No. of shares Cumulative no. of shares
----- End of picture text -----


01.10.2011	No. of issued and fully paid-up equity shares of face value Re 1	70,968,440	70,968,440
	each after stock split
04.01.2012	Extinguishment of shares consequent to buyback	(-) 910,000	70,058,440
2012	Allotment of shares to employees on exercise of optionsgranted	(+) 177,300	70,235,740
2013	Allotment of shares to employees on exercise of optionsgranted	(+) 417,150	70,652,890
2014	Allotment of shares to employees on exercise of optionsgranted	(+) 704,165	71,357,055
2015	Allotment of shares to employees on exercise of optionsgranted	(+) 93,465	71,450,520
16.07.2015	Extinguishment of shares consequent to buyback	(-) 511,932	70,938,588
17.10.2015	Allotment of shares to employees on exercise of optionsgranted	(+) 270,515	71,209,103
2016	Allotment of shares to employees on exercise of optionsgranted	(+) 126,255	71,335,358
2017	Allotment of shares to employees on exercise of optionsgranted	(+) 369,570	71,704,928
2018	Allotment of shares to employees on exercise of optionsgranted	(+) 410,854	72,115,782
2019	Allotment of shares to employees on exercise of optionsgranted	(+) 188,544	72,304,326
2020	Allotment of shares to employees on exercise of optionsgranted	(+) 288,964	72,593,290
2021	Allotment of shares to employees on exercise of optionsgranted	(+) 275,156	72,868,446
2022	Allotment of shares to employees on exercise of optionsgranted	(+) 195,598	73,064,044
2023	Allotment of shares to employees on exercise of optionsgranted	(+) 49,561	73,113,605
2024	Allotment of shares to employees on exercise of optionsgranted	(+) 16,185	73,129,790

21. Dividend

Dividend Policy: Crisil believes in maintaining a fair balance between cash retention and dividend distribution. Cash retention is required to finance acquisitions and future growth and also as a means to meet any unforeseen contingency. Crisil ’s Dividend Policy specifies the financial parameters considered when declaring a dividend, the internal and external factors considered for declaring a dividend and the circumstances under which shareholders can or cannot expect a dividend. The Policy is available on the

Company’s website, https://www.crisil.com/content/ dam/crisil/investors/corporate-governance/dividendpolicy-clean.pdf.

Modes of payment of dividend: Dividend is paid through the following two modes:

(a) Credit to the bank account via Electronic Clearing Service (ECS)/National Electronic Clearing Service (NECS)/SWIFT transfer
(b) Despatch of physical dividend warrants/cheques

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Tax on dividend: The Finance Act, 2021 abolished the Dividend Distribution Tax (DDT) and made dividend income taxable in the hands of the recipient shareholders, with effect from April 1, 2021. Crisil has made the necessary changes in its dividend payment process in coordination with internal and external stakeholders, such as the Registrar and Share Transfer Agent and bankers. The Company regularly sends communication to its shareholders before each dividend, requesting them to submit the required documents for claiming beneficial tax rates, if applicable.

ECS/NECS: Crisil has extended the ECS/NECS facility to shareholders to enable them to receive dividend through the electronic mode in their bank account. The Company encourages members to use this facility, since ECS/NECS provides adequate protection against fraudulent interception and encashment of dividend warrants. It also eliminates loss/damage of dividend warrants in transit and correspondence with the Company on revalidation/issuance of duplicate

dividend warrants. Investors may obtain the ECS/ NECS mandate form from the FAQs link (https://www. crisil.com/content/crisilcom/en/home/investors/ shareholder-services/faqs.html) in the Investors section of the Company’s website, https://www.crisil. com.

Unclaimed dividend: Dividend that is not encashed or claimed within seven years from the date of its transfer to the unpaid dividend account will, as per terms of the provisions of Section 124(5) of the Companies Act, 2013, be transferred to the Investor Education and Protection Fund (IEPF) established by the government. In respect of the transfers made after coming into effect of the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, shareholders will be entitled to claim the dividend transferred from the IEPF in accordance with such procedure and on submission of such documents as may be prescribed. The details of unclaimed dividend as on December 31, 2024 and the dates when the dividend will be transferred to the IEPF are as follows:

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SI. Dividend name Dividend per % Date of declaration/ Due date for transfer
No. share ( ` ) approval of dividend to IEPF
----- End of picture text -----*

1.	Final Dividend 2017	10.00	1000	April 17, 2018	May 17, 2025
2.	Unclaimed 1stInterim Dividend 2018	6.00	600	April 17, 2018	May 17, 2025
3.	Unclaimed 2ndInterim Dividend 2018	6.00	600	July 17, 2018	August 16, 2025
4.	Unclaimed 3rdInterim Dividend 2018	7.00	700	October 16, 2018	November 15, 2025
5.	Final Dividend 2018	11.00	1100	April 17, 2019	May 17, 2026
6.	Unclaimed 1stInterim Dividend 2019	6.00	600	April 17, 2019	May 17, 2026
7.	Unclaimed 2ndInterim Dividend 2019	6.00	600	July 23, 2019	August 22, 2026
8.	Unclaimed 3rdInterim Dividend 2019	7.00	700	November 08, 2019	December 08, 2026
9.	Final Dividend 2019	13.00	1300	August 28, 2020	September 28, 2027
10.	Unclaimed 1stInterim Dividend 2020	6.00	600	April 21, 2020	May 22, 2027
11.	Unclaimed 2ndInterim Dividend 2020	6.00	600	July 21, 2020	August 21, 2027
12.	Unclaimed 3rdInterim Dividend 2020	7.00	700	October 20, 2020	November 20, 2027
13.	Final Dividend 2020	14.00	1400	April 20, 2021	May 20, 2028
14.	Unclaimed 1stInterim Dividend 2021	7.00	700	April 20, 2021	May 20, 2028
15.	Unclaimed 2ndInterim Dividend 2021	8.00	800	July 20, 2021	August 19, 2028
16.	Unclaimed 3rdInterim Dividend 2021	9.00	900	November 10, 2021	December 08, 2028
17.	Final & Special Dividend 2021	22.00	2200	April 21, 2022	May 21, 2029
18.	Unclaimed 1stInterim Dividend 2022	7.00	700	April 21, 2022	May 21, 2029
19.	Unclaimed 2ndInterim Dividend 2022	8.00	800	July 21, 2022	August 20, 2029
20.	Unclaimed 3rdInterim Dividend 2022	10.00	1000	October 21, 2022	November 20, 2029
21.	Final Dividend 2022	23.00	2300	April 18, 2023	May 18, 2030
22.	Unclaimed 1stInterim Dividend 2023	7.00	700	April 18, 2023	May 18, 2030
23.	Unclaimed 2ndInterim Dividend 2023	8.00	800	July 18, 2023	August 14, 2030

Annual Report 2024

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SI. Dividend name Dividend per % Date of declaration/ Due date for transfer
No. share ( ` ) approval of dividend to IEPF
----- End of picture text -----*

24.	Unclaimed 3rdInterim Dividend 2023	11.00	1100	November 7, 2023	December 8, 2030
25.	Final Dividend 2023	28.00	2800	April 16, 2024	May 18, 2031
26.	Unclaimed 1stInterim Dividend 2024	7.00	700	April 16, 2024	May 18, 2031
27.	Unclaimed 2ndInterim Dividend 2024	8.00	800	July 16, 2024	August 14, 2031
28.	Unclaimed 3rdInterim Dividend 2024	15.00	1500	October16, 2024	November 17, 2031

*Investors are requested to send in their claim at least 15 days prior to the due date for transfer to the IEPF, to ensure payment of their dividend.

Transfer of shares to the IEPF

Pursuant to the provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, Crisil is required to transfer equity shares, in respect of which dividends have not been claimed for seven consecutive years, to the IEPF. The Company has transferred 60 shares to the IEPF during the year. Details of these shares are available on the Company’s website https://www.crisil. com.

Further, shares in respect of which dividends remain unclaimed progressively for seven consecutive years will be reviewed for transfer to the IEPF as required by law. The Company will transfer the said shares after sending an intimation of the proposed transfer in advance to the shareholders concerned, as well as publish a public notice in this regard. Names of such transferees will be available on the Company’s website, https://www.crisil.com.

23. Shareholders’ rights

A shareholder in a company enjoys certain rights, which are as follows:

To receive duplicate shares in electronic form, post completion of all formalities for duplicate issue and subject to applicable regulations
To receive the e-copy of the Annual Report
Other rights are as specified in the Memorandum and Articles of Association available on the website, https://www.crisil.com/content/crisilcom/en/ home/investors/shareholder-services/faqs.html

Apart from the above rights, the shareholders enjoy the following rights as a group:

To appoint the Directors and auditors of the company
To requisition an extraordinary general meeting
To apply to the National Company Law Tribunal to investigate the affairs of the Company
To apply to the National Company Law Tribunal for relief in cases of oppression and/or mismanagement

The above-mentioned rights may not necessarily be absolute.

Statutory disclosures

Directors state there being no transactions with respect to the following items during the financial year under review, no disclosure or reporting is required with respect to the same:

Details of utilisation of funds of preferential allotment/QIP
Disclosure in relation to the recommendations made by any Committee that were not accepted by the Board
To participate and vote in general meetings
To receive dividends in due time, once approved in general meetings or Board meetings
To receive corporate benefits, such as rights and bonus, once approved
To apply to the National Company Law Tribunal to call or direct the AGM
To inspect the minute books of general meetings and to receive copies thereof

25. Policies

In accordance with the Company’s philosophy of adhering to the highest standards of ethical business and corporate governance, and to ensure fairness, accountability, responsibility and transparency towards all stakeholders, the Company, inter alia, has the following policies and codes in place. All the policies and codes have been uploaded on the website of the Company.

94 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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----- Start of picture text -----

SI. No. Name of the Policy Description and highlights of the Policy
----- End of picture text -----

1.	Crisil Code of Conduct	•	The Board of Directors of Crisil has adopted the Code of
	https://www.crisil.com/content/dam/crisil/		Conduct for Directors and the Senior Management
	investors/corporate-governance/code-directors-sr-	•	Affrmation regarding compliance with the Code of Conduct by
	management.pdf		the CEO has been published elsewhere in this Annual Report
2.	Crisil Code of Ethics	•	The Company has also adopted a Code of Ethics for employees
	https://www.crisil.com/content/dam/crisil/	•	Compliance with this Code is a condition of employment with
	investors/corporate-governance/code-of-ethics.pdf		Crisil for all employees
3.	Prohibition of insider trading	•	A Code of Ethics and Trading Policy for Directors, promoters and
			promoter group, and a Personal Trading Policy for employees
			which governs the process for approvals, restrictions,
			monitoring and reporting of trading activity of the concerned
4.	Vigil mechanism and Whistle-blower Policy	•	The objective of the Policy is to encourage and support
	https://www.crisil.com/content/dam/crisil/ investors/corporate-governance/crisil-whistle- blower-policy.pdf		reporting of issues such as unethical behaviour, grave misconduct, leak of unpublished price-sensitive information, actual or suspected fraud or violation of the Code of Conduct and Ethics Policy
		•	A vigil mechanism is established for employees and Directors to
			report genuine concerns and/or grievances
		•	This mechanism also provides adequate safeguards against
			victimisation of persons and makes provision for direct access
			to the Chairperson of the Audit Committee in appropriate or
			exceptional cases
		•	We affrm that none of our employees were denied access to
			the Audit Committee
5.	Policy for determining ‘material’ subsidiaries	•	A Policy to identify material subsidiaries of the Company and to
	https://www.crisil.com/content/dam/crisil/		provide a governance framework for such material subsidiaries
	investors/corporate-governance/Policy-for-
	determining-Material-subsidiaries-of-CRISIL.pdf
6.	Related Party Transactions Policy	•	Crisil has adopted a Related Party Transactions Policy to set
	https://www.crisil.com/content/dam/crisil/ investors/corporate-governance/Related-		forth the procedures under which transactions with related parties shall be reviewed for approval
	PartyTransaction-Policy-of-CRISIL.pdf
7.	Record Management Policy	•	A Policy formulated to manage the Company’s information in
	https://www.crisil.com/content/dam/crisil/ investors/corporate-governance/crisil-record- management-policy.pdf		a structured manner, retain information for business purpose, satisfy statutory or regulatory requirements, and protect information vital to the Company
8.	Policy for determining materiality of an event	•	The Policy applies in respect of disclosure of material events
	or information for making disclosures to stock		under Regulation 30 of SEBI Listing Regulations, 2015, relating
	exchanges		to Crisil operations
	https://www.crisil.com/content/dam/crisil/	•	The Board of Directors has authorised the CFO to determine
	investors/corporate-governance/CRISIL-Policy-for-		materiality of an event or information, and make disclosures to
	Materiality-of-Disclosure.pdf		the stock exchanges under the said regulation
9.	Code of Practices and Procedures for Fair	•	This Code has been formulated to adopt fair practices in the
	Disclosure of Unpublished Price-sensitive		disclosure of unpublished price-sensitive information and to
	Information		disseminate the same in a universal and uniform manner
	https://www.crisil.com/content/dam/crisil/
	investors/corporate-governance/Code-of-
	Practices-and-Procedures-for-Fair-Disclosure-of-
	Unpublished-Price-Sensitive-Information.pdf
10.	Gift Policy	•	Crisil is committed to doing business strictly on the basis of its
	https://www.crisil.com/content/dam/crisil/ investors/corporate-governance/gift-policy.pdf		Code of Ethics, and the Policy outlines the guidance in respect of dealing with gifts and business courtesies

Annual Report 2024

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SI. No. Name of the Policy Description and highlights of the Policy
11. Confidentiality Policy • The purpose of this Policy is to protect any information that is
----- End of picture text -----

11.	Confdentiality Policy	•	The purpose of this Policy is to protect any information that is
	https://www.crisil.com/content/dam/crisil/ investors/corporate-governance/confdentiality-		not available in the public domain and is proprietary and/or confdential to Crisil, its clients and suppliers
	policy.pdf
12.	Crisil Group Taxation Policy	•	Policy aims to outline the Company’s approach towards matters
	https://www.crisil.com/content/dam/crisil/		relating to tax compliance and management
	investors/corporate-governance/crisil-taxation-
	policy.pdf
13.	Crisil Stakeholder Engagement Policy	•	This Policy outlines Crisil’s approach and practices in engaging
	https://www.crisil.com/content/dam/crisil/		with its stakeholders
	investors/corporate-governance/CRISIL-
	Stakeholder-Engagement-Policy.pdf
14.	Crisil – Environment, Social, and	•	This Policy aims to outline broad focus areas under ESG vectors
	Governance (ESG) Policy		and roles and responsibilities of oversight authorities and
	https://www.crisil.com/content/dam/crisil/generic- images1/our-businesses/ratings/regulatory-		governing bodies for driving and monitoring sustainability at Crisil
	disclosure-highlighted-policies/highlighted-
	policies/CRISIL-ESG-Policy.pdf

Policy against sexual and workplace harassment

Crisil is an equal opportunity employer and is committed to providing its employees a safe working environment, free from any form of intimidation or harassment. The wellbeing of employees is at the core of the Company’s culture, and to this end the Company adopts a zero-tolerance approach towards any and all forms of sexual harassment at the workplace, including related actions or behavior such as threats, coercion or discrimination.

The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the corresponding rules (hereinafter referred to as the POSH Law).

The Company has constituted an Internal Committee (IC) by an order in writing, in the manner required under the POSH Law. The IC can advise on all matters relating to this Policy and will be the investigating authority if a complainant wishes to proceed with an inquiry. Employees can reach out to any of the IC members for a confidential discussion on any issue covered under this Policy.

Each case goes through an objective and unbiased inquiry process ensuring utmost confidentiality and respect to the individual employees, and that appropriate actions are executed.

While the POSH law is only intended to protect women employees, the Company is committed to providing a workplace free of sexual harassment for all, and so Crisil POSH Policy applies uniformly in case of sexual harassment of any person, irrespective of the gender of the parties.

For the year 2024, 2 complaints were received, of which one was from an off-roll employee. The complaints were taken through the due process with necessary actions executed for a satisfactory closure.

Material unlisted subsidiary

Crisil’s material subsidiaries are mentioned below. These are subject to special governance norms of the SEBI Listing Regulations, 2015. Minutes of the meetings of the Board of Directors of all subsidiaries are placed before the Board of Directors of Crisil Limited for their review and noting. Disclosure requirements pertaining to material unlisted subsidiary companies prescribed under Schedule V of the SEBI Regulations, 2015, are as follows:

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Sr. Name of material Date of Place of Name of statutory auditor Date of appointment
no. unlisted subsidiary incorporation incorporation of statutory auditor
----- End of picture text -----

1	Crisil Irevna UK Limited	15.11.2000	England, UK	M/s Grant Thornton UK LLP	30.01.2024*#
2	Crisil Irevna US LLC	24.04.2003	Delaware, USA	M/s Walker Chandiok & Co LLP	25.01.2024*$
3	Coalition Development	26.11.2001	England, UK	M/s Grant Thornton UK LLP	31.01.2024*#
	Limited
4	Crisil Ratings Limited	03.06.2019	Mumbai, India	M/s Walker Chandiok & Co LLP	01.04.2020*@

The aforementioned dates pertain to the appointment of auditors for FY 2024.
These tenures end with audit of FY 2024 and auditors for 2025 will be appointed in due course.
@ The tenure ends at the AGM 2024 and re-appointment has been proposed.

$ The audit for FY 2025 will be conducted by Grant Thorton Bharat LLP, appointed w.e.f. January 28, 2025.

Total fees for all services paid to statutory auditors by the Company and its subsidiaries

Total fees paid by the Company and its subsidiaries on a consolidated basis to the statutory auditor and all entities in the network firm/network entity of which the statutory auditor is a part, are as follows:

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Particulars Amount ( ` lakh)
----- End of picture text -----

Audit fees	261
Other services*	14
Out-of-pocket expenses	9
Total	284^

The other services fee includes certification fees for downstream investment, allotment of ESOS and fulfilling certification requests from clients

^ Amount paid by subsidiary companies to their auditors, which do not belong to the same network firm, is ` 42 lakh

Commodity price risk or foreign exchange risk and hedging activities

As such, the Company is not exposed to any commodity price risk and, hence, the disclosures under Clause 9(n) of Part C of Schedule V in terms of the format prescribed vide SEBI Circular No SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated November 15, 2018, are not applicable.

A detailed discussion on the foreign exchange risk Crisil faces and hedging activities is given in the Management Discussion and Analysis Report and the notes to financial statements.

For and on behalf of the Board of Directors of Crisil Limited

Yann Le Pallec Chairman DIN: 05173118 Guwahati, February 10, 2025

Annual Report 2024

Annexure I to Corporate Governance Report

Certificate from practising company secretary regarding non-debarment and non-disqualification of Directors

Certificate of non-disqualification of Directors

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,

The Members of Crisil Limited CIN: L67120MH1987PLC042363

CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai, Maharashtra, India, 400076

We have examined the following documents:

i) Declaration of non-disqualification as required under Section 164 of Companies Act, 2013 (‘the Act’);
ii) Disclosure of concern or interests as required under Section 184 of the Act; (hereinafter referred to as ‘relevant documents’)

as submitted by the Directors of Crisil Limited (“the Company”) having its registered office at CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai, Maharashtra, India, 400076, to the Board of Directors of the Company (“the Board”) for the Financial Year 2024 and Financial Year 2025 and relevant registers, records, forms and returns maintained by the Company and as made available to us for the purpose of issuing this Certificate in accordance with Regulation 34(3) read with Schedule V Para C Clause 10 (i) of SEBI (LODR) Regulations, 2015. We have considered non-disqualification to include non-debarment by Regulatory/Statutory Authorities.

It is the responsibility of Directors to submit relevant documents with complete and accurate information in accordance with the provisions of the Act.

Ensuring the eligibility for the appointment/continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification.

Based on our examination as aforesaid and such other verifications carried out by us as deemed necessary and adequate (including Directors Identification Number (DIN) status at the portal www.mca.gov.in), in our opinion and to the best of our information and knowledge and according to the explanations provided by the Company, its officers and authorized representatives, we hereby certify that none of the Directors on the Board of the Company, as listed hereunder for the Financial Year ending 31[st] December, 2024 have been debarred or disqualified from being appointed or continuing as Directors of Companies by the Securities and Exchange Board of India/ Ministry of Corporate Affairs or any such statutory authority.

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Sr. Name of Director Director Identification Date of Appointment Date of Cessation
No. Number (DIN)
----- End of picture text -----

1.	Girish Paranjpe	02172725	17-10-2017	–
2.	Ewout Steenbergen	07956962	17-04-2018	16-02-2024
3.	Vinita Bali	00032940	01-12-2019	13-02-2024
4.	Shyamala Gopinath	02362921	10-07-2020	–
5.	Amish Mehta	00046254	01-10-2021	–

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Sr. Name of Director Director Identification Date of Appointment Date of Cessation
No. Number (DIN)
----- End of picture text -----

6.	Amar RajBindra	09415766	01-12-2021	–
7.	Yann Le Pallec	05173118	03-10-2022	–
8.	Girish Ganesan	10104741	19-04-2023	–
9.	Nishi Vasudeva	03016991	27-01-2024	–
10.	Saugata Saha	10496237	17-02-2024	–

This Certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

This Certificate has been issued at the request of the Company to make disclosure in its Corporate Governance Report of the Financial Year ended 31[st] December, 2024.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries ICSI Unique Code: P1991MH040400 Peer Review Cert. No.: 5218/2023

S. N. Ananthasubramanian

Date: February 10, 2025 Place: Thane

Partner FCS: 4206 COP No.: 1774 ICSI UDIN: F004206F003903651

Annual Report 2024

Secretarial Audit Report of Crisil Ratings Limited

Form No. MR.3

Secretarial Audit Report

for the financial year ended December 31, 2024

[Pursuant to Section 204 (1) of the Companies Act, 2013, and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To, The Members, Crisil Ratings Limited CIN: U67100MH2019PLC326247 CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai 400 076

We have conducted the Secretarial Audit of the compliance of the applicable statutory provisions and the adherence to good corporate practices by Crisil Ratings Limited (hereinafter called ‘the Company’). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts, statutory compliances and expressing our opinion thereon.

Based on our verification of the Company’s books and papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the Financial Year ended on 31[st] December 2024 , complied with the statutory provisions listed hereunder and also, that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books and papers, minute books, forms and returns filed and other records maintained by the Company for the Financial Year ended 31[st] December 2024 according to the provisions of:

(i) The Companies Act, 2013 (‘the Act’) and the rules made thereunder
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;- Not applicable as the securities of the Company were not listed on any of the Stock Exchanges(s) ;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder- Not Applicable as the shares are in physical mode ;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings – Not applicable as there was no reportable event during the financial year under review ;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011- Not Applicable as the securities of the Company are not listed on the Stock Exchanges ;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 - Applicable to the extent of Schedule C of the
Regulations, being a Market Intermediary ;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018- Not Applicable as the securities of the Company are not listed on the Stock Exchanges ;
d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021- Not Applicable as the securities of the Company are not listed on the Stock Exchanges ;
e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act

100 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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and dealing with client- Not applicable as the securities of the Company are not listed on the Stock Exchanges ;

f) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021- Not applicable as the securities of the Company are not listed on the Stock Exchanges ;
g) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018- Not applicable as the securities of the Company are not listed on the Stock Exchanges ;
h) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021- Not applicable as the securities of the Company are not listed on the Stock Exchanges ;
i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015- Not applicable as the securities of the Company are not listed on the Stock Exchanges .
(vi) The Management has identified and confirmed the following laws as being specifically applicable to the Company:-
SEBI (Credit Rating Agencies) Regulations, 1999

We have also examined compliance with the applicable provisions of the following:

(i) Secretarial Standards with regard to Meetings of Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India;
(ii) Listing Agreements entered into by the Company with the BSE Limited and National Stock Exchange of India Ltd.- Not applicable as the securities of the Company are not listed on the Stock Exchanges

During the period under review, the Company has complied with provisions of the Act, Rules, applicable Regulations, Guidelines, Standards etc. mentioned above.

Executive Directors, Independent Directors including a Woman Director. The changes in the composition of the Board of Directors that took place during the audit period were carried out in accordance with the provisions of the Act;

Adequate notice is given to all Directors to schedule Board and Committee Meetings; agenda and detailed notes on agenda were sent at least seven days in advance before the meeting except for Board Meeting held on 9[th] August 2024 where the agenda items were considered based on consent of all the Directors present at the Meeting, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting;
All the decisions of the Board and Committees thereof were carried through with requisite majority.

We further report that based on review of compliance mechanism established by the Company and on the basis of the Compliance Certificate(s) issued by the Managing Director, Chief Financial Officer and the Compliance Officer and taken on record by the Board of Directors at their meeting(s), we are of the opinion that the management has adequate systems and processes commensurate with its size and operations, to monitor and ensure compliance with all applicable laws, rules, regulations and guidelines.

This Report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries ICSI Unique Code: P1991MH040400 Peer Review Cert. No.: 5218/2023

S. N. Ananthasubramanian

Partner

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-

Date: February 6, 2025 Place: Thane

FCS: 4206 COP No.: 1774 ICSI UDIN: F004206F003903651

Annual Report 2024 101

Annexure A

To,

The Members, Crisil Ratings Limited CIN: U67100MH2019PLC326247

CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai 400 076

Our Secretarial Audit Report for the financial year ended 31[st] December 2024 of even date is to be read along with this letter.

Management’s Responsibility:

It is the responsibility of management of the Company to maintain secretarial records, devise proper systems to ensure compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operate effectively.

Auditor’s Responsibility:

Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the Company with respect to secretarial compliances;
We have conducted the Audit as per the applicable Auditing Standards issued by the Institute of Company Secretaries of India;
We believe that audit evidence and information obtained from the Company’s management is adequate and appropriate for us to provide a basis for our opinion;

Audit, maintained by the Company, are free from misstatement;

Wherever required, we have obtained the management’s representation about the compliance of laws, rules and regulations and happening of events etc.

Disclaimer:

The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness with which the management has conducted affairs of the Company;
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries ICSI Unique Code: P1991MH040400 Peer Review Cert. No.: 5218/2023

S. N. Ananthasubramanian

Partner

Wherever required, we have obtained reasonable assurance whether the statements prepared, documents or Records, in relation to Secretarial

FCS: 4206 Date: February 6, 2025 COP No.: 1774 Place: Thane ICSI UDIN: F004206F003903651

102 Annual Report 2024

Sustainability

104 Message from MD & CEO 106 Sustainability Highlights 2024 108 Business Responsibility & Sustainability Report
134 Sustainability Databook 151 Assurance Statement

Message from MD and CEO

IN 2024, WE REAFFIRMED OUR COMMITMENT TO MAKE A MEANINGFUL ENVIRONMENTAL IMPACT AND STROVE TO OFFSET CARBON EMISSIONS BY INCREASING THE USE OF GREEN ENERGY IN OUR OFFICES.

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Dear Stakeholders,

It is my privilege to present our fourth Sustainability Report, which emphasises our steadfast commitment to sustainability across all aspects of our business.

104

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For nearly four decades, we have been a trusted partner to clients globally, offering missioncritical insights stemming from our deep domain expertise. We have a rich legacy of positive impact and innovation, driven by our purpose of making markets function better.

GREAT PLACE TO WORK (GPTW) CERTIFICATION FOR THE FIFTH CONSECUTIVE YEAR AND FEATURED IN INDIA’S BEST WORKPLACES FOR WOMEN IN 2024

Sustainability is a core value that guides our decisions, and it is deeply embedded in our culture. This Sustainability Report provides an in-depth look at the work we have done, and the progress made since the previous edition, demonstrating a positive, purpose-driven approach towards our responsibilities, and underlining the key risks and opportunities material to our value-creation process.

In 2024, we reaffirmed our commitment to making a meaningful environmental impact and strove to offset carbon emissions by increasing the use of green energy in our offices. Efforts were made towards sustainable waste management and reducing our resource footprint as well. Through Crisil RE, a Crisil Foundation initiative, we continued sapling plantation and water conservation programmes.

As a people-first organisation, we ensure each employee feels belonged and can grow together. Fair opportunity and inclusion are the bedrock of our people agenda. We received the Great Place To Work (GPTW) Certification for the fifth consecutive year and featured in India’s Best Workplaces for Women in 2024. We consider these recognitions as a testament to our holistic approach that fosters an inclusive and performance-oriented work culture.

Continuous upskilling in emerging technologies and research domains relevant to global financial institutions ensures that our research insights and

solutions are relevant and valued by our clientele. Our subsidiary, Crisil ESG Ratings & Analytics, is the first provider of ESG ratings in India and offers a full range of sustainability solutions.

We are committed to upholding the highest standards of corporate governance and setting benchmarks for ethical and responsible business practices, catering to the interests of all stakeholders.

While we have a lot to celebrate, and we will continue to improve and extend the positive impact of our efforts beyond our immediate footprint. We have confidence in our ability and remain steadfast in our commitment to realising this goal.

I would like to thank our stakeholders for joining us in our journey.

Amish Mehta

Managing Director & CEO Crisil Limited

Annual Report 2024 105

Sustainability Highlights 2024

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ENVIRONMENT

Committed to the SBTi framework

for emission reduction

64% reduction in our Scope 1 and Scope 2 carbon emissions over 2019 (baseline)**

67% of energy from renewable sources versus 58% last year**

70,000 trees planted

91% of office waste recycled**

90% paper for office printing use in India offices is eco-friendly**

SOCIAL

40%

women in workforce

40+

unique nationalities in workforce

10+

inclusion-themed events and trainings

Expanded social assessments to China office

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GOVERNANCE

Externally Assured Sustainability Report with “Reasonable Assurance”

on core metrics of

BRSR standards

11 sustainability themed events for employee awareness

83%

of workforce trained on Sustainability

Focussed compliance drives and awareness sessions on

Code of Ethics and Personal Tradin Polic g y

As a pilot programme, initiated usage of electric vehicles in major Indian cities for airport pickups and drops

Three offices migrated to green energy (Mumbai, Pune, Ahmedabad)

106

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Mission-Critical Decisions, Made with Confidence.

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COMMUNITY

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SUPPLY CHAIN SUSTAINABILITY

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SUSTAINABILITY OFFERINGS

13 lakh+

beneficiaries of CSR Mein Pragati programme

31%

procurement through MSME vendors[##]

15 sustainability

themed offerings and climate solutions

5,200+ Crisil Sakhis drive our CSR initiatives

Operating 675 Centres for Financial Literacy, established under a Reserve Bank of India sponsored programme

Vendors representing 22% of annual procurement spend trained in sustainability

Vendors representing 15% of annual procurement spend assessed for sustainability practices

Insights and thought leadership through 7+ sustainability events

2,000+

small businesses rated/assessed by Crisil[#]

9 lakh+

applications to financial services through Mein Pragati and facilitated by Sakhi cadre

4,571

employee volunteering hours

Having turnover of less than ` 50 crore amongst Indian businesses
Number of MSME vendors covering only India operations
** As per reported boundaries for environmental metrics.

$ Reasonable assurance is a high level of assurance relating to material misstatements, if any. While conducting an audit to achieve reasonable assurance, the auditor’s primary objective remains to assess whether a client’s reporting metrics are free from any material misstatement, thereby allowing the auditor to express an opinion on whether they are presented fairly in all material respects and are in accordance with the applicable financial reporting framework.

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Business Responsibility and Sustainability Report

(Prepared in accordance with SEBI Circular no. CIR/2023/122 dated July 12, 2023. This report should be read together with Sustainability Report and Sustainability Databook)

SECTION A: GENERAL DISCLOSURES

I.	Details of the listed entity
1.	Corporate Identity Number(CIN) of the Listed Entity L67120MH1987PLC042363
2.	Name of the Listed Entity Crisil Limited
3.	Year of incorporation 1987
4.	Registered offce address* Crisil House, Central Avenue Hiranandani Business Park, Powai Mumbai 400 076
5.	Corporate address Lightbridge IT Park,Saki Vihar Road,Andheri East,Mumbai 400 072
6.	E-mail [email protected]
7.	Telephone +91 22 6137 3000
8.	Website http://www.Crisil.com/
9.	Financialyear for which reporting is being done January1 - December 31,2024
10.	Name of the Stock Exchange(s) where shares are listed Equity shares are of Crisil Limited are listed on National Stock Exchange of India Ltd(NSE)and BombayStock Exchange Ltd(BSE Ltd)
11.	Paid-up Capital(`) 73,129,790
12.	Name and contact details (telephone, email address) of the person who may be contacted in case of any queries on the BRSR report Mr Dinesh Venkatasubramanian Designation: Chief Financial Offcer Ms Minal Bhosale Designation: Company Secretary Telephone: +91 22 6137 3000 Email Id:[email protected]
13.	Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e. only for the entity) or on a consolidated basis (i.e. for the entity and all the entities which form a part of its consolidated fnancial statements, taken together). Unless otherwise indicated at appropriate places in the report.
	Data Basis Exclusions Restatement over 2023
	Financial Crisil’s consolidated global operations Indicated at appropriate places in the report
	Environmental
	Energy Scope 1 and Scope 2@* The energy usage and emissions data cover Crisil’s consolidated global operations, except offces with no operational control and offces with occupancy of less than or equal to 10 employees Excluded offces: India (three), the UK (one), the US (one), Japan (one), the UAE (one), Switzerland (one), Singapore (one), Colombia (one) and Cambodia (one)
	Scope 3: business travel* Scope 3 business travel data includes consolidated global operations Excluded offces : Colombia (one) and Cambodia (one)
	Scope 3: work from home* Scope 3 work from home includes consolidated global operations In 2024, moved Colombia and Switzerland offces from exclusion to inclusion
	Scope 3: purchasedgoods* Scope 3: purchased goods includes consolidatedglobal operations

@ Energy/emissions data for Q4 for Australia, November and December 2024 for USA (one) and December 2024 for Argentina and Poland offices have been estimated based on previous 3 months.
*Registered Office shifted to Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai 400 072 w.e.f. March 19, 2025.

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Data Basis Exclusions Restatement over 2023
Waste Waste management data relates Excluded office: Mumbai (one)
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	only to India offces, except the
	offces with occupancy of less than
	or equal to 10 employees
Water	Water data covers only India offces	Excluded offces: India (six), Poland (one),
	of Ahmedabad, Gurugram, Kolkata,	Argentina (one), China (one), US (two), UK
	Mumbai (two) and Pune (one)	(two), Japan (one), UAE (one), Singapore (one),
		Australia (one), Switzerland (one), Colombia
		(one) and Cambodia (one).
Social	Crisil’s consolidated global	Indicated at appropriate places in the report
	operations. Data related to HR
	metrics covers only permanent
	employees unless stated otherwise
Governance	All policies, trainings, stakeholder	All Board-related data / metrics are related to
	engagement efforts and other	Crisil on a standalone basis. Other exclusions,
	reported metrics cover consolidated	if any, are indicated at appropriate places in
	operations, including subsidiaries	the report
Communities	India operations of Crisil	Overseas operations of Crisil are excluded
Supply chain	Crisil’s consolidated global	Excluded offces: Argentina, Japan, Poland,
	operations	Columbia & China.
		Total procurement spend has been
		considered excluding rental, employee and
		associate cost, utilities and bank charges

@ Energy/emissions data for Q4 for Australia, November and December 2024 for USA (one) and December 2024 for Argentina and Poland offices have been estimated based on previous 3 months.
Refer GHG computational methodology on page 73 of Sustainability Report.
Crisil had 26 operational offices in 2024, however one India office was shutdown in March 2024.

14. Name of assurance provider

Independent external Sustainability Report assurance was provided by DNV (Det Norske Veritas) Business Assurance India Private Limited'.

15. Type of assurance obtained Reasonable Assurance for Core indicators and limited assurance for other indicators

II. Products/services

16. Details of business activities (accounting for 90% of the turnover)

Please refer to Table No. 3 on page 134 of the Sustainability Databook

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover)

Please refer to Table No. 2 on page 134 of the Sustainability Databook

III. Operations

18. Number of locations where plants and/or operations/offices of the entity are situated

Please refer to Table No. 1 on page 134 of the Sustainability Databook.

19. Markets served by the entity:

a) Number of locations

50 countries (including India)

b) What is the contribution of exports as a percentage of the total turnover of the entity?

70 %

c) A brief on types of customers

Our clientele ranges from micro, small and medium companies to large corporates, investors and top global financial institutions. We also work with commercial and investment banks, insurance companies, private equity players and asset management companies globally. Additionally, we work with policy makers in the infrastructure space in India and other emerging markets.

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IV. Employees

20. Details as at the end of Financial Year

a) Employees and workers (including differently abled)

Please refer to Table No. 11(a) on page 137 of the Sustainability Databook.

b) Differently abled Employees and Workers

Please refer to Table No. 11(b) on page 137 of the Sustainability Databook.

21. Participation/Inclusion/Representation of women

Please refer to Table No. 5 on page 135 of the Sustainability Databook.

22. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)

Please refer to Table No. 23(c) on page 143 of the Sustainability Databook.

V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. Names of holding/subsidiary/associate companies/joint ventures

Please refer to Table No. 4 on page 134 of the Sustainability Databook.

VI. CSR Details

24. a) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No)

b) Turnover (in J **) ***
c) Net worth (in J **) ***

1,664.89 crore 1,786.31 crore

*On standalone basis

VII. Transparency and Disclosures Compliances

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct

Please refer to Table No. 21(a) on page 141 of the Sustainability Databook.

26. Overview of the entity’s material responsible business conduct issues

Please refer to Table No. 8 on page 136 of the Sustainability Databook.

Principle Index

The nine principles are denoted using alpha-numeric term P1, P2, P3 and so on and have the following meaning:

P1	Businesses should conduct and govern themselves with ethics, transparency and accountability
P2	Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle
P3	Businesses should promote the well-being of all employees
P4	Businesses should respect the interests of and be responsive towards all stakeholders, especially those who are disadvantaged,
	vulnerable and marginalised
P5	Businesses should respect and promote human rights
P6	Businesses should respect, protect and make efforts to restore the environment
P7	Businesses, when engaged in infuencing public and regulatory policy, should do so in a responsible manner
P8	Businesses should support inclusive growth and equitable development
P9	Businesses should engage with and provide value to their customers and consumers in a responsible manner

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Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9	Policy and management processes 1. a. Whether your entity’s policy/policies cover each principle and its core elements of the NGRBCs. (Yes/No) Y •ESG Policy •Code of Ethics •Code of Conduct for Board & Senior Management •Whistle-blower Policy •Tax Policy •Policy for determining Materiality for Disclosures •Code of Practices and Procedures for Fair Disclosure of UPSI •Nomination and Remuneration Policy •Gift Policy •Confdentiality Policy •Supplier Code of Conduct •Policy on Anti- Money Laundering & Countering Terrorist Financing Y •ESG Policy •Strategic framework on Sustainability offerings •Supplier Code of Conduct Y •ESG Policy •Policy on redressal of Workplace Harassment •Policy on redressal of Sexual Harassment •Policy on Equal Opportunity at workplace •Health & Safety Policy •Maternity & Day Care Policy •Internal Mobility Policy •Corporate framework on Rewards & Recognition •Leave Policy •Policy on Working Hours and attendance •Transfer and Relocation Policy •Education assistance Policy •Policy on Paid Sabbatical leave •Short-term Loan Policy •Guidelines on Flexible Work Timing •Guidelines on Mediclaim Y •ESG Policy •Stakeholder Engagement Policy •Code of Ethics •Policy on Equal Opportunity at workplace Y •ESG Policy •Policy on Modern Slavery •Code of Ethics •Whistle-blower Policy •Supplier Code of Conduct •Policy on redressal of Sexual Harassment Y •ESG Policy •Environment Policy •Supplier Code of Conduct Y •ESG Policy •Framework for Responsible Public Engagement •Policy on Social Media Y •ESG Policy •Policy on Corporate Social Responsibility Y •ESG Policy •Stakeholder Engagement Policy •Confdentiality Policy •Corporate Privacy Policy	b. Has the policy been approved by the Board? (Yes/No) The frst eight policies are Board-approved. The rest have been approved by Management The frst policy is Board-approved. Other policies are approved at various levels of Management The frst policies are Board-approved. Other policies are approved at various levels of Management First three polices are Board-approved. Rest have been approved by Management First four policies are Board- approved. Rest have been approved by management The frst policy is Board-approved. Other policies are approved by Management First two policies are Board approved. The third policy has been approved by Management Approved by Board First two policies are Board-approved. Others have been approved by Management	c. Web Link of the Policies, if available All the Board-approved policies are available on company website. https://www.Crisil.com/en/home/investors/corporate-governance.html Other policies are available on Company internal network/ intranet	2. Whether the entity has translated the policy into procedures. (Yes/No) Y Y Y Y Y Y Y Y Y	3. Do the enlisted policies extend to your value chain partners? (Yes/No) Y. Supplier Code of Conduct extends to value chain partners Y. Supplier Code of Conduct extends to value chain partners No No Y. Modern Slavery Policy and Supplier Code of Conduct extends to value chain partners Y. Supplier Code of Conduct extends to value chain partners No No No

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Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9	4. Name of the national and international codes/certifcations/ labels/standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle ISO 27001 for Information Security	5. Specifc commitments, goals and targets set by the entity with defned timelines, if any	Crisil’s commitment towards emission-related goals •Being a subsidiary of S&P Global Inc, Crisil is covered under S&P’s SBTi commitment. •Refer to SBTi website for S&P’s validated SBTi commitment:https://sciencebasedtargets.org/companies-taking-action Resource footprint •Maintaining 80%+ solid waste recycling at India locations •Switching to recycled paper •Increasing green cover by tree plantation Social •Focussing on learning quotient by increasing learning hours per employee •Improving inclusivity and belonging of employees across diverse cultures, genders, capabilities, and ages •Increasing outreach of CSR programmes, thereby helping communities •Increasing employee volunteering Governance •Improving employee training and awareness on sustainability •Supplier Inclusion •Driving sustainability consciousness in supply chain by increasing social assessments, training, and coverage for emissions data •Setting highest standards of corporate governance Sustainability products •Sustainability offerings	6. Performance of the entity against the specifc commitments, goals, and targets along with reasons in case the same are not met.	Please refer to the following KPIs and initiatives on sustainability performance: •For energy consumption and emissions: Response to Q7&8 of Essential Indicators under Principle 6 and Table no. 27 of Sustainability Databook •For water consumption: Table no. 27 and 26(b) of the Sustainability Databook •For waste management: Response to Q9 & 10 of Essential Indicators under Principle 6 and Tables 28,28(a),28(b) of the Sustainability Databook •For learning quotient: Refer to table no. 6 and 17 of the Sustainability Databook •For persons with disability: Response to Q3 of Essential Indicators under Principle 3 •For inclusion: Response to Q3 of Leadership Indicators under Principle 4 •For CSR outreach: Response to Q2 of Leadership Indicators under Principle 8 and Table no. 24 (c) of Sustainability Databook •For training and awareness on ESG: Table no. 6 of Sustainability Databook •For supplier inclusivity: Q3 of Leadership Indicators under Principle 8 •For supplier assessment: Refer to Table no. 19 of Sustainability Databook •For sustainability offerings: Q1 of Essential Indicators under Principle 2

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Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9	Governance, leadership, and oversight	7. Statement by director responsible for the business responsibility report, highlighting ESG-related challenges, targets and achievements (listed entity has	fexibility regarding the placement of this disclosure)	Refer to “Message from MD and CEO” on page 104 of this Report	8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy (ies).	The Managing Director and Chief Executive Offcer of Crisil Limited is responsible for implementation and oversight of the Business Responsibility policy/ies	9. Does the entity have a specifed Committee of the Board/Director responsible for decision-making on sustainability related issues? (Yes/No). If yes, provide	details.	Yes.	Crisil’s ESG Core Group Committee is a management-level steering committee, chaired by the MD and CEO. The committee’s primary objective is to identify and defne the	Sustainability strategy and goals and review the performance and disclosure across sustainability themes. In addition, the Board annually reviews sustainability goals and	implementation action plans. The goals are then communicated to Crisil’s businesses, and the progress is tracked and reviewed by the ESG Core Group.	The group met six times in 2024 and actively reviewed and enhanced Crisil’s current sustainability practices to meet best-in-class international standards.	10. Details of Review of NGRBCs by the Company:	Details of Review of NGRBCs by the Company	Subject for review Indicate whether review was undertaken by Director / Committee of the Board/ Any other Committee Frequency (Annually/ Half yearly/ Quarterly/ Any other – please specify)	P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9	Performance against Board Board Board/ Board/ Board Board/ Board Board Board Quarterly Planned Quarterly Half- Need Half- Quarterly	above policies and Committee Board Board Committee Board Committee frequency yearly basis yearly	follow-up action Committee Committee Committee	Compliance Status of compliance with all applicable statutory requirements is reviewed on a quarterly basis by the Crisil Board.	with statutory	requirements	of relevance to	the principles, &	rectifcation of any	non-compliances	11. Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency? (Yes/No). If yes, provide name of the agency.	Yes.	DNV Business Assurance India Private Limited has provided a “Reasonable Assurance” for Core metrics for Crisil’s Sustainability Report based on BRSR (as per SEBI	Circular dated July 12, 2023) and provided limited assurance for other metrics in this report including GRI, SASB and BRSR report.	12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated	Not applicable

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Section C: Principle-Wise Performance Disclosure

PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable.

Essential Indicators

1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year.

Please refer to Table No. 6 on page 135 of the Sustainability Databook

2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings (by the entity or by directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the financial year

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			Monetary
Penalty/	Principle 1	Offce of Assistant	`C`1,460,066 Demand of Penalty raised	Yes
Fine		Commissioner of CGST &	under section 122(2)(a) of
		Central Excise, Division	CGST Act, 2017 read with
		III, Navi Mumbai	section 73 of CGST Act,
			2017 for short reversal of
			Input Tax credit
Penalty/	Principle 1	State of Connecticut,	`C`5,857,487 Penalty charged	Yes. The Company has already paid
Fine		Department of Revenue	for nonpayment of	withholding taxes for the period
		Services	withholding taxes for the	stated in the letter within compliance
			period 12/31/2022 to	timelines and is in the process of
			12/31/2023.	fling a response to the Department
				of Revenue Services with a request to
				reverse thepenalty.

3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary or non-monetary action has been appealed

Case details	Name of the regulatory/enforcement agencies/ judicial institutions
Demand of Penalty raised under section 122(2)(a) of CGST Act, 2017 read	Joint/Additional Commissioner (Appeals)
with section 73 of CGST Act, 2017 for short reversal of Input Tax credit
Penalty charged for nonpayment of withholding taxes for the period	State of Connecticut, Department of Revenue
12/31/2022 to 12/31/2023.	Services

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the policy.

Yes, Crisil’s Code of Ethics, inter-alia, covers prohibition of bribery and corruption. Crisil’s Code of Ethics is available at https://www.Crisil.com/content/dam/Crisil/investors/corporate-governance/code-of-ethics.pdf

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/corruption

No such instances of bribery/corruption took place during the year.

6. Details of complaints with regard to conflict of interest of Directors and KMP.

No complaints with regard to conflict of interest were received during the year.

7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action taken by regulators/law enforcement agencies/judicial institutions, on cases of corruption and conflicts of interest

Not applicable as there were no such instances.

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8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods or services procured) in the following format:

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----- Start of picture text -----

Case details FY 2024 FY 2023
Number of days of accounts payables 103 90 days
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Data given is on consolidated basis

9. Open-ness of business

Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along with loans and advances & investments, with related parties, in the following format:

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----- Start of picture text -----

Parameter Metrics FY 2024 FY 2023
Concentration a. Purchases from trading houses as % of total purchases 2.79% Nil
of Purchases b. Number of trading houses where purchases are made from 13 Nil
c. Purchases from top 10 trading houses as % of total purchases 99.90% Nil
from trading houses
Concentration a. Sales to dealers / distributors as % of total sales 0.05% 0.05%
of Sales b. Number of dealers / distributors to whom sales are made 5 5
c. Sales to top 10 dealers / distributors as % of total sales to 100% 100%
Share of RPTs a. Purchases (Purchases with related parties / Total Purchases) 3% 3%
in b. Sales (Sales to related parties / Total Sales) 12% 11%
c. Loans & advances (Loans & advances given to related parties / Nil Nil
Total loans & advances)
d. Investments (Investments in related parties / Total Investments Nil Nil
made)
----- End of picture text -----*

Note: *Figures from PY have been restated to align with the clarifications provided under SEBI circular and Industry Standards Forum note dated December 20, 2024

Leadership Indicators

1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year

Please refer to Table No. 9 on page 137 of the Sustainability Databook

2. Does the entity have processes in place to avoid/manage conflict of interests involving members of the Board? (Yes/No) If Yes, provide details of the same.

Yes.

Crisil has a comprehensive “Code of Conduct for Directors and Senior Management” available at https://www.Crisil. com/content/dam/Crisil/investors/corporate-governance/code-directors-sr-management.pdf Every Board member discloses the names of the entities or arrangements in which they are interested which is brought to the attention of the Board.

PRINCIPLE 2: Businesses should provide goods and services in a manner that is sustainable and safe.

Essential Indicators

1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.

Sustainability factors are integrated in our products and offerings as Sustainability is a strategic and important objective for Crisil.

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Crisil’s ESG offerings:

ESG ratings (India): 1000 companies
Sustainability research for sell side and buy side
Sustainability assessment of borrowers
Sustainable finance framework and policies
Sustainability benchmarks and framework assessment
Sustainability due diligence
Supporting S&P Global in providing second party opinions and climate transition assessments
SDG impact assessment
Green and social bond assessment
Support on TCFD implementation and reporting
Scenario analysis and stress testing for lending portfolios
Climate risk module validation
Sustainability policies and reports
Sustainability tracker
Materiality assessment

Since we operate in the service industry, our products and services are not capital intensive and mostly depend on niche data, practical insights and cutting-edge analysis. We frequently invest in IT infrastructure to enhance our client interface and satisfy security and privacy requirements.

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Current FY (2024) Previous FY (2023) Details of improvements in environmental and social impacts
R&D 0 0 NA
Capex 0 0 NA
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2a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)

Yes

2b. If yes, what percentage of inputs were sourced sustainably?

115 suppliers covering 15.38% of our spend were assessed for sustainability practices.

Crisil diligently ensures that its suppliers are in compliance with essential social regulations, focussing on significant areas such as adherence to the Office of Foreign Assets Control (OFAC) regulations, enforcement of minimum wage standards, prevention of child labour and implementation of anti-bribery measures, all of which are assessed through the self-assessments.

The assessments are performed on a regular basis, and if any unfavourable responses regarding the aforementioned minimum social regulations are received from our suppliers, these responses are reviewed by our dedicated business and corporate teams, leading to the initiation of necessary corrective actions that ensure no significant gaps remain unaddressed. Minimum adherence to the social norms outlined above is now an essential component of the criteria utilised for the onboarding of new vendors starting from 2023.

Read our Supplier Code of Conduct [https://www.Crisil.com/content/dam/Crisil/investors/corporate governance/ supplier-code-ofconduct.pdf ]

3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.

Not Applicable.

Since Crisil is in the service business, it does not have manufactured products. Hence, these issues are not relevant.

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4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address the same.

Not applicable.

As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

Leadership Indicators

1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details in the following format?

Not applicable.

As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products/services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along with action taken to mitigate the same.

Not applicable.

As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry)

Nil; Being in the service business, we do not have large spends on input materials, leaving limited opportunities for reuse or recycling. However, we have taken specific initiatives wherever possible, to optimise resources and recycle. Please refer to Table 27 pt 1 on page 146 of the Sustainability Databook for water recycling actions and Q10 of Essential Indicators of Principle 6 and Tables 28, 28(a&b) for waste management actions.

4. Of the products and packaging reclaimed at the end-of-life of products, amount (in metric tonnes) reused, recycled, and safely disposed

Not applicable.

As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category Not applicable.

As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their value chains

Essential Indicators

1. a) Details of measures for the well-being of employees

Please refer to Table no. 14 on pg. no. 138 of the Sustainability Databook.

b) Details of measures for the well-being of workers
Crisil does not have any workers
c) Spending on measures towards well-being of employees and workers (including permanent and other than permanent)

Please refer to Table no. 14 (b) on page 138 of the Sustainability Databook.

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2. Details of retirement benefits, for Current Financial Year and Previous Financial Year

Please refer to Table no. 15 on page 139 of the Sustainability Databook.

3. Accessibility of workplaces

Are the premises/offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.

Yes.

We have undertaken a comprehensive plan to ensure universal access to Crisil’s ecosystem - both digital and physical. An audit, as per compliance requirements, has been initiated at select locations and reports have been analysed for closing gaps. All our offices are provided with security and safety systems to ensure safety of people in Crisil. Digital platforms at Crisil have been vetted for web accessibility standards and aim to be compliant as per Web Content Accessibility Guidelines (WCAG). Employees have been trained on accessible content creation. Sensitisation for disability inclusion was gamified through experiential learning booths at our offices. It evoked great response from employees.

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy.

Yes.

Crisil has a Policy on Equal Opportunities at the Workplace.

Our commitment to maintaining a discrimination-free work environment extends to all persons involved in the operation of the business and prohibits discrimination or unlawful harassment. All employees are responsible for treating others with dignity and respect.

- - The Policy is available at https://www.crisil.com/content/dam/crisil/investors/corporate governance/crisil policy on-equal-opportunitiesat-the-workplace.pdf

5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Please refer to Table no. 16(a) and 16(b) on page 139 of the Sustainability Databook.

6. Is there a mechanism available to receive and redress grievances for the following employees and workers? If yes, give details of the mechanism in brief.

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----- Start of picture text -----

Yes/No (If Yes, then give details of the mechanism in brief)
----- End of picture text -----

Permanent Workers	No. Crisil does not have workers
Other than Permanent Workers
Permanent Employees	Yes, employees can reach out to their managers and HR business partners to redress
Other than Permanent Employees	their grievances under terms of the ‘Policy on Redressal of Workplace Harassment’. The
	mechanism is also applicable to vendors and contractual staff workingon Crisilpremises.

7. Membership of employees and workers in association(s) or Unions recognised by the listed entity

Crisil recognises the right to freedom of association in accordance with the laws of the land. However, we do not have a recognised employee association.

8. Details of training given to employees and workers on Health & Safety and Skill Upgradation

Please refer to Table no. 17 on page 139 of the Sustainability Databook.

9. Details of performance and career development reviews of employees and workers

Please refer to Table no. 13 on page 138 of the Sustainability Databook.

10. Health and safety management system:

a) Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, the coverage of such system?

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Being in the financial services sector, our workplace and processes are inherently non-hazardous and safe in nature. However, we acknowledge the importance of providing working conditions that support safety, well-being and health.

H&S Policy and assessment

Crisil has a Health and Safety Policy, which covers the impact the nature of work has on health, including ergonomic health impact, fire safety, communicable diseases and commute/business travel safety. The policy is aimed at including employee participation to eliminate hazards and reducing occupational health and safety risks. Standard operating norms have been issued to ensure that all offices in India comply with working conditions and health and safety measures.

100% of Crisil locations/offices in India and major offices in London, New York and China were assessed during the year for child labour, forced labour, health and safety practices

b) What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the entity?

Being in the financial services sector, our workplace and processes are inherently non-hazardous and safe in nature.

Crisil has a Business Continuity Policy (BCP) that ensures continuation of business during emergencies. It outlines critical processes, downtime tolerance, and planned recovery methodologies, and ensures requisite alternative strategies are defined for critical processes. At the same time, it ensures safety of teams during emergencies. Crisis communications is embedded in the BCP. The technology department remains abreast of the changes and suitably undertakes projects for technology upgrades to keep the infrastructure current and state-of-the-art.

In 2024, an operational risk intelligence platform was onboarded for real-time alerts on incidents occurring across India. This helps in advising the business/locations on the potential risks and impacts to the location, business continuity and employee safety
A Business Continuity automation tool was introduced to ensure automation in the Business Continuity domain
Emergency Evacuation Fire Drills have been conducted across Pan India Crisil offices as per scheduled calendar
Our employees have undergone BCP and security & safety trainings

86% of Crisil employees were trained on Health & Safety measures in 2024

Refer Table 20 on page 140 of the Sustainability Databook on the assessment of Crisil office for assessment on health and safety.

c) Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks. (Y/N)
Yes.
d) Do the employees/worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Yes. Crisil has health and insurance benefits and employee wellness programmes.

11. Details of safety-related incidents

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Safety Incident/Number [#] FY 2024 FY 2023
Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked) 0.16 0.32 [$]
Total recordable work-related injuries 1 2
No. of fatalities Nil Nil
High consequences work-related injury or ill-health (excluding fatalities) NA NA
----- End of picture text -----*

Note:

1) * The 2 incidents pertain to contract workforce
2)[$ ] 2023 number has been restated

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3)[#] The reporting covers all locations in India, China, Argentina, UK, US, Poland, Singapore
4) For the purposes of BRSR Core, the number of Permanent Disability will be equivalent to High consequence work-related injury or illhealth (excluding fatalities) reported above

12. Describe the measures taken by the entity to ensure a safe and healthy workplace.

Refer to Q.10 (a) and Q.10(b) above

13. Number of Complaints on the following made by employees and workers

Please refer to Table no. 22 on page 142 of the Sustainability Databook

14. Assessments for the year of the plants and offices on health & safety practices, working conditions etc.

Please refer to Table no. 20 on page 140 of the Sustainability Databook

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks/concerns arising from assessments of health& safety practices and working conditions.

There are no risks arising from assessments of health & safety practices or working conditions. In relation to one minor safety incident reported at item 11 above, the necessary safety instructions kit was updated.

Essential Indicators

1. Does the entity extend any life insurance or any compensatory package in the event of death of:

(A) Employees (Y/N)

Yes. Crisil extends life insurance/ compensatory packages in the event of the death of an employee. For details of the employees covered under life insurance, please refer to Table 14 on Page 138 of the Sustainability Databook

(B) Workers (Y/N)

Not applicable as Crisil does not have any workers.

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners.

We contractually bind our major suppliers of IT support, staffing solutions partners, facility management and security services that employ people from the more vulnerable sections with lower literacy levels, to comply with labour standards such as minimum wages, gratuity, bonus, leave, employees’ state insurance and other employment laws.

3. Provide the number of employees/workers having suffered high consequence work-related injury/ill-health/ fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment

None of the employees from Crisil suffered high consequence work-related injury/ill-health/fatalities during 2024. Hence, not applicable.

4. Does the entity provide transition assistance programmes to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? (Yes/ No) Yes

We provide retirement planning assistance for employees who are in the retirement stage which includes coverage of financial planning, investment opportunities evaluation and corpus protection.

5. Details on assessment of value chain partners

Please refer to Table no. 19 on page 140 of the Sustainability Databook

6. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from assessments of health and safety practices and working conditions of value chain partners.

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regulations, focussing on significant areas such as adherence to the Office of Foreign Assets Control (OFAC) regulations, enforcement of minimum wage standards, prevention of child labour and implementation of anti-bribery measures, all of which are assessed through the self-assessments.

The assessments are performed on a regular basis, and if any unfavourable responses regarding the aforementioned minimum social regulations are received from our suppliers, these responses are accurately reviewed by our dedicated business and corporate teams, leading to the initiation of necessary corrective actions that ensure no significant gaps remain unaddressed. Minimum adherence to the social norms outlined above is now an essential component of the criteria utilised for the onboarding of new vendors starting from 2023. We believe that by introducing these rigorous standards, we not only promote ethical practices within our supply chain but also enhance the overall integrity and sustainability of our operations.

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders

Essential Indicators

1. Describe the processes for identifying key stakeholder groups of the entity.

Crisil has a Stakeholder Engagement Policy, which is accessible at https://www.Crisil.com/content/dam/Crisil/ investors/corporate-governance/CRISIL-Stakeholder-Engagement-Policy.pdf

Under this policy, Crisil identifies stakeholders as individuals, groups of individuals or organisations that affect and/ or could be affected by/ could impact the company’s activities, products or services and associated performance.

The process of identification of stakeholders includes the basis of engagement and is guided by:

Direct or indirect dependence on the company’s activities, products or services and associated performance
Groups or individuals engaged with the company with regard to financial, economic, social or environmental issues
Groups or individuals, who can have an impact on the company’s strategic or operational decision-making
Groups or individuals with whom the company has, or may have in future, legal, commercial or operational responsibilities

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group

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Stakeholder Group Mode and Frequency of Engagement Metrics Tracked Expectations
Shareholder • Annual report [(4)] • Revenue growth, profits • Growth, returns and governance
----- End of picture text -----

Shareholder	•	Annual report(4)	•	Revenue growth, profts	•	Growth, returns and governance
	•	Stock exchange intimations(7)	•	Sustainability	•	Timely and qualitative
	•	Press releases(2)				information
	•	Investor meetings(7, 1)			•	Shareholder service standards
	•	Conference calls(4)
Employees	•	Digital communication tools(1)	•	Engagement score	•	Career advancement
	•	Career conversations(3)	•	Mobility/role rotations	•	Fair compensation
	•	Thematic speaker sessions(7)			•	Meaningful contribution
	•	Recognition, awards, appreciation			•	Recognition and well-being
		hour/huddles(1, 2)
	•	Engagement with leaders,
		townhalls, open houses(2, 8)
	•	Performance evaluations(3, 4)
	•	Cultural events and contests(6)
	•	Teams outings(7)
	•	Mentorship programmes(1)
	•	Learninginterventions(7)
Vendors	•	Meetings, emails, calls(1)	•	Engagement	•	Overall payment experience
	•	Surveys and assessments(4)	•	Sustainablility	•	Accessibility and
	•	Applications and portals(1)		assessment of supply		responsiveness
	•	Learning interventions(9)		chain	•	Long-term and mutually
						benefcial relationship

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Stakeholder Group Mode and Frequency of Engagement Metrics Tracked Expectations
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Clients	•	Meetings, letters, emails, calls(1)	•	Net Promoter Score	•	Client-centricity
	•	Mobile applications and portals(1)	•	Revenue from key clients	•	Analytical rigour
	•	Webinars, newsletters,	•	Contribution from new	•	Domain expertise
		publications(6,7)		offerings
	•	Surveys(6)
	•	Feedback forms(9)
Communities	•	Financial awareness, access to	•	Community outreach and	•	Relevant awareness and access
		formal services and adoption of		linkages facilitated to		to formal fnancial services
		positive fnancial practices(1)		formal banking products	•	Timely documentation and
	•	Developing cadre of community-		and services through		query resolution through Sakhi
		based workers (Sakhi)(1)		Sakhi cadre		cadre and grassroot workers
	•	MoneyWise Centres for Financial	•	Acceptance and skills of
		Literacy (CFL) for community		Sakhi cadre
		under the RBI CFL initiative(1)	•	Awareness and access
				availed for the community

Note: (1) Ongoing (2) Quarterly (3) Mid-term (4) Annual (5) Weekly (6) Monthly (7) Event based (8) Planned frequency (9) Project/service based

Leadership Indicators

1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.

We believe proactive and continuous engagement with key stakeholders is crucial to the success of a business enterprise. At Crisil, feedback gathered in the course of engagement with stakeholders is taken into account and, after due evaluation, is incorporated to improve business processes. Significant learnings may also help shape our strategic initiatives and growth levers. Stakeholders are encouraged to put forth any concerns relating to their engagement with us and reach out to our senior management, if necessary. The engagement scores, complaints and other feedback from stakeholders are monitored at various levels of the management. They also receive the highest attention from the Board/Board committee in its reporting processes.

2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes/No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.

Yes.

At Crisil, consultation with the stakeholders is important for management of the Sustainability attributes in the areas such as governance oversight, employee enablement and well-being, stakeholder engagement and sustainability offerings. Our top material issues were identified and prioritised based on their impact on our stakeholders and our business. Such feedback is an important input while devising goals and plans in these areas. Please Refer to Table 8 of the Sustainability Databook on the process for determining material ESG issues.

3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalised stakeholder groups.

Crisil has a Policy on Equal Opportunities at the Workplace.

Women Workforce

Considerable efforts made over the years for the growth and development of careers have resulted in a consistent increase of women in workforce and .at leadership levels. Besides addressing the social needs for greater women participation to the workforce, these efforts encourage diverse thinking in the decision-making. This helps eliminate unconscious gender biases and help fostering a merit-based, fair and impartial organisation culture.

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Key metrics pertaining to women engagement include:

40% women in workforce
41,794 hours of training to women employees

Hiring and retention-related initiatives for women talent

Crisil adopts a multi-layered strategy to attract women talent and offer them enriching and diverse careers. Coaching and competency-based development programmes ensure honing of managerial skills and preparing all employees for career changes and higher responsibilities. At the same time, a culture of flexible working and secure working environment that prioritises safety and promotes sensitivity towards personal wellbeing go a long way to contribute towards long and fulfilling careers at Crisil. Employees, including women, across levels, locations and functions are sponsored at multiple forums for leadership development. Women employees are also given opportunities to connect with senior leaders.

Inclusion Forum established

The purpose of the Inclusion Forum is to provide governance and oversight on inclusion efforts and enhance brand visibility. It was launched in May 2024 with representation across business lines and demographic filters, sponsored by the MD and CEO. It played an instrumental role in initiating and sustaining key initiatives such as reverse mentoring, promoting allyship through the People Resource Group (PRG) and understanding digital accessibility of Crisil’s ecosystem. Many of the members participated in industry forums globally.

Supplier inclusivity

Refer response to Q3 of Leadership Indicator under Principle 8.

Initiatives for accessibility

Please refer to Q3 of Essential Indicator under Principle 3

Driving social change

Refer to the CSR Report on page 53 of the Crisil Annual Report 2024 for further details. For further details, refer to Q2 of Leadership Indicator in Principle 8

PRINCIPLE 5: Businesses should respect and promote human rights

Essential Indicators

1. Employees and workers who have been provided training on human rights issues and policy (ies) of the entity

Please refer to table no. 18 on page 140 of the Sustainability Databook

2. Details of minimum wages paid to employees and workers (HR)

Please refer to table no. 12 on page 137 of the Sustainability Databook

3. (a) Details of remuneration/salary/wages

Please refer to table no. 7 on page 135 of the Sustainability Databook

(b) Gross wages paid to females as % of total wages paid by the entity, in the following format:
Please refer to table no. 7(b) on page 136 of the Sustainability Databook

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4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? (Yes/No)

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.

Various reporting channels and redressal mechanisms are made available at all the levels to employees for reporting violations of human rights:

The policy on Redressal of Workplace Harassment indicated the procedure for reporting violations to the Human Resource team.
The Code of Ethics elaborates the process of raising concerns, reporting violations and seeking advice. For details -
refer to Chapter 7 of Crisil’s Code of Ethics [https://www.Crisil.com/content/dam/Crisil/investors/corporate governance/code-of-ethics.pdf ]
At the highest level, the Stakeholders’ Relationship Committee of the Board regularly dedicates exclusive time to review policy violations and stakeholder complaints.
Heightened sensitivity towards policy violations, taking a rigid stance on transgressions and review of such matters at the highest levels by a Board-level committee reinforces the compliance culture at Crisil.

6. Number of Complaints on Sexual Harassment, Discrimination at workplace, Child Labour, Forced Labour/ Involuntary Labour, etc. made by employees and workers

Please refer to Table no. 22 and 22(a) on page 142 of the Sustainability Databook

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Please refer to Table no. 22 (a) on page 142 of the Sustainability Databook.

8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

Crisil has a ‘Policy on Redressal of Workplace Harassment’, which specifies the detailed procedure to report and redress harassment cases. Under the policy, retaliation, in any form, against an employee or applicant for employment who exercises his/ her right to make a complaint, in good faith is strictly prohibited
The Whistleblower Policy, too protects complainant from any form of reprisal for reporting complaints

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)

We contractually bind our major suppliers of IT support, staffing solutions partners, facility management and security services that employ people from the more vulnerable sections with lower literacy levels, to comply with human rights requirements. Further, purchase orders issued by Crisil contains binding conditions for adherence to human rights.

10. Assessments of office for human rights for the year

Please refer to Table no. 20 on page 140 of the Sustainability Databook.

11. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from the assessments at Question 10 above.

Based on the current year assessment, no gaps have been identified necessitating corrective actions.

Leadership Indicators

1. Details of a business process being modified/introduced as a result of addressing human rights grievances/ complaints.

Crisil supports the protection of human rights across its value chain. The recruitment, remuneration, and promotion of employees is based purely on merit, irrespective of their race, religion, gender, and nationality. We do not encourage any kind of involuntary employment, and towards this end, have undertaken several initiatives, including the adoption

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of an anti-slavery policy, which extends to Crisil’s subsidiaries as well. The policy interdicts forced and child labour and slavery in operations. Our Supplier Code of Conduct requires suppliers and vendors to uphold our objective of protecting human rights and prohibiting child and forced labour.

Our Supplier Code of Conduct requires suppliers and vendors to uphold our objective of protecting human rights, prohibiting child and forced labour, promoting health and safety, and being environmentally compliant and sustainable.

4,908 employees were provided training on human rights
6,444 hours of training on human rights

2. Details of the scope and coverage of any Human rights due-diligence conducted.

Please refer to Table no. 19 and 20 on page 140 of the Sustainability Databook.

3. Is the premise/office of the entity accessible to visitors with disabilites, as per the requirements of the Rights of Persons with Disabilities Act, 2016?

Yes

We have undertaken a comprehensive plan to ensure universal access to Crisil’s ecosystem - both digital and physical. An audit, as per compliance requirements, has been initiated at select locations and reports have been analysed for closing gaps. All our offices are provided with security and safety systems to ensure safety of people in Crisil. Digital platforms at Crisil have been vetted for web accessibility standards and aim to be compliant as per Web Content Accessibility Guidelines (WCAG). Hundreds of employees have been trained on accessible content creation. Sensitisation for disability inclusion was gamified through experiential learning booths at our offices. It evoked great response from employees.

4. Details on assessment of value chain partners

Please refer to Table no. 19 on page 140 of the Sustainability Databook.

5. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from the assessments at Question 4 above.

Refer to Q6 of Leadership Indicator of Principle 3

PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment

Essential Indicators

1. Details of total energy consumption (in Joules or multiples) and energy intensity. Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N). If yes, name of the external agency.

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.
Please refer to Table no. 25 on page 144 of the Sustainability Databook.

2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.

No. Not applicable as Crisil’s operations do not relate to the designated consumers specified under the PAT scheme of the Government of India

3. Provide details related to water. Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.

Please refer to Table no. 26(a) on page 145 of the Sustainability Databook.

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4. Provide the following details related to water discharged. Indicate if any independent assessment/evaluation/ assurance has been carried out by an external agency? (Y/N). If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.
Please refer to Table no. 26(b) on page 145 of the Sustainability Databook.

5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.

No. However, Refer point 1 of Table no. 27 on page 146 of the Sustainability Databook for other measures on water conservation.

6. Please provide details of air emissions (other than GHG emissions) by the entity. Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.

Please refer to Table no. 29 on page 148 of the Sustainability Databook.

7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity. Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.

Please refer to Table no. 30(a) on page 149 of the Sustainability Databook.

8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.

Yes, business outreach done to identify specific intervention for reduced emissions Crisil includes environment sustainability as a metric in our Balance Score Card.

In 2024, we have increased procurement of green energy for our offices, expanding the number to 3 offices as compared to 1 in 2023. This contributed to a significant 64% reduction in our Scope 1 & 2 carbon emission in 2024 over 2019
Our Scope 3 emissions account for 86% of total emissions. In 2024, Crisil requested emissions data from suppliers that form top 75% of suppliers in value terms. We continued to sensitise and encourage the supply chain to monitor and disclose the carbon footprint of their operations. In 2024, we introduced few experts to our supply chain to support them in reporting their emissions
In two of Crisil’s key locations, electric vehicles (EVs) were introduced for airport transfer and ad hoc business travel. This marks a pioneering step towards responsible business travel and reducing Scope 3 emissions
Travel MIS shared with business teams for emissions tracking
Business outreach done to identify specific intervention for reduced emissions

9. Provide details related to waste management by the entity. Indicate if any independent assessment/evaluation/ assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.

Please refer to Table no. 28, 28(a), 28(b) on page 147 of the Sustainability Databook.

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10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.

Being in the financial services sector, our processes are inherently non-hazardous and safe in nature and does not involve usage of hazardous and toxic chemicals.

In 2024, we continued our efforts to monitor both wet and dry waste through the standard operating procedures rolled out in 2022. While dry waste was handed over to scrap vendors for recycling, wet waste was directed to certified vendors for processing at suitable locations.

Continuing our commitment towards responsible paper consumption, we transitioned five offices to eco-friendly printer paper consumption in 2024 and have increased office printing usage of ecofriendly paper to 90% in 2024 compared with 71% in 2023. We are continuously monitoring opportunities to replace printing activities with ecofriendly paper alternatives.

It may also be taken into consideration that:
90.86% Waste generated across pan-India Crisil offices was recycled in 2024
89.94% of all in-house office printing in India offices is done on eco-friendly paper

Additional details on waste recovery can be found in Table 28(a) of Sustainability Databook.

11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals/clearances are required

We do not have operations/offices in/around ecologically sensitive areas.

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year

Not applicable. Environmental impact assessment is applicable to companies operating in infrastructure development and not relevant to Crisil’s operations.

13. Is the entity compliant with the applicable environmental law/regulations/guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment Protection Act and rules thereunder (Y/N). If not, provide details of all such non-compliances.

Yes

Leadership Indicators

1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres) For each facility/plant located in areas of water stress, provide the following information:

(i) Name of the area The following offices of Crisil are in water stress areas as per the Aqueduct Water risk tool (By WRI): Ahmedabad (one), Bengaluru (one), Gurugram (one), Hyderabad (two), Pune (two), Chennai (one), Dubai (one). However, due to reporting boundaries as described in the report, water data pertains to only 3 of our office locations namely Gurugram, Pune (one) and Ahmedabad. (ii) Nature of operations Ratings, Research, Analytics & Solutions (iii) Water withdrawal, consumption & discharge. Refer to table no 26(C) of Sustainability Databook for water withdrawal Indicate if any independent assessment/evaluation/ and consumption data. assurance has been carried out by an external Yes. Independent external reasonable sustainability report assurance is agency? (Y/N) If yes, name of the external agencygency? (Y/N) If yes, name of the external agencyency? (Y/N) If yes, name of the external agencyy? (Y/N) If yes, name of the external agency? (Y/N) If yes, name of the external agencyyes, name of the external agencyes, name of the external agencygencyencyy provided by DNV Business Assurance India Private Limited.

(iii) Water withdrawal, consumption & discharge. Indicate if any independent assessment/evaluation/ assurance has been carried out by an external agency? (Y/N) If yes, name of the external agencygency? (Y/N) If yes, name of the external agencyency? (Y/N) If yes, name of the external agencyy? (Y/N) If yes, name of the external agency? (Y/N) If yes, name of the external agencyyes, name of the external agencyes, name of the external agencygencyencyy

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2. Please provide details of total Scope 3 emissions & its intensity. Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Sustainability Reporting Reasonable assurance was conducted by DNV Business Assurance India Private Limited.

Please refer to Table no. 30(b) on page 149 of the Sustainability Databook.

3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along with prevention and remediation activities.

Not applicable as we do have operations/offices in/around ecologically sensitive areas.

4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome of such initiatives.

Please refer to Table no. 27 on page 134 of the Sustainability Databook.

Please refer to Q10 of Essential Indicator of Principle 6.

5. Does the entity have a business continuity and disaster management plan? Give details in100 words/web link

Crisil’s business processes are automated through bespoke applications that capture and maintain information about business processes.

In 2024, an operational risk intelligence platform was onboarded for real-time alerts on incidents occurring across India. This helps in advising the business/locations on the potential risks and impacts to the location, business continuity and employee safety
A Business Continuity automation tool was introduced to ensure automation in the Business Continuity domain
Emergency Evacuation Fire Drills have been conducted across Pan India Crisil offices as per scheduled calendar
Our employees have undergone BCP and safety trainings

6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard?

Our efforts continue towards collecting actual emissions data from our supply chain to enhance the accounting for GHG emissions. In 2024, Crisil requested emissions data from suppliers that form top 75% of suppliers in value terms. We continued to sensitise and encourage the supply chain to monitor and disclose the carbon footprint of their operations. In 2024, we introduced few experts to our supply chain to support them in reporting their emissions.

7. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts.

Crisil has conducted the assessment of its suppliers, including environmental impact. As many as 115 suppliers covering 15.38% of our spend participated in a self-assessment.

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PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent

Essential Indicators

		Essential Indicators
1.	a)	Number of affliations with trade and industry chambers/	3
		associations.
	b)	List the top 10 trade and industry chambers/associations	Please refer to Table no.10 on page 137
		(determined based on the total members of such body) the entity is a member of/affliated to	Sustainability Databook.

2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based on adverse orders from regulatory authorities.

Leadership Indicators

1. Details of public policy positions advocated by the entity

Sr. no.	Public policy advocated	Method resorted for such advocacy	Whether information available in public domain? (Yes/No)	Frequency of Review by Board (Annually/ Half yearly/ Quarterly / Others	Web Link, if available
1.	Interacting with stakeholders is essential to the organisation's success	Client	Yes	Policy is	Read our
	because it allows for the integration of their requirements into its	publications,		reviewed	Framework
	objectives. Crisil believes it is critical to interact with people and	Newsletters,		annually	for
	comprehend their requirements, wants and concerns. These kinds of	media quotes,			Responsible
	interactions also guarantee effcient and long-lasting cooperation. For	events,			Public
	each of our stakeholders, we institutionalised structured feedback	webinars,			Engagement
	mechanisms which provide us with good insights on their expectations	speakers			[click here to
	from their relationship with Crisil.				read]

Every quarter, the Board's Stakeholder Relations Committee examines grievances from all stakeholders including clients, employees, shareholders, suppliers and business partners. Over the course of the year, the Committee reviewed the results of stakeholder surveys and the entire engagement process, going beyond the purview of grievance handling. This is reflective of the importance attributed to stakeholder needs at the topmost level at Crisil.

Thought leadership

As part of our thought leadership and outreach initiative, we authored several opinion pieces and articles on important industry and regulatory developments, in premier dailies and online platforms. We also contributed as knowledge partners, speakers or panellists at various summits organised by industry associations. During the year, we reached out to over 150,000+ stakeholders, including government officials, policymakers, regulators, corporates, banks, investment banks, MSMEs, industry associations and financial intermediaries in Indian and global markets, through 7+ events and 30+ webinars hosted by Crisil and 84 events at which Crisil experts participated as speakers or panellists.

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PRINCIPLE 8: Businesses should promote inclusive growth and equitable development

Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year

Not applicable. However, we undertake impact assessment of our CSR projects. Refer Table 24 (a) on Pg. 143 of the Databook

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement(R&R) is being undertaken by your entity

Not Applicable

3. Describe the mechanisms to receive and redress grievances of the community.

In areas where the Crisil Foundation is undertaking long-term CSR projects, an on-ground field team is available at the community level to address and respond to any grievances from the community. This is done either face-to-face within the office premises or over telephonic call — gauging the level of the grievance. In addition, each programme has a designated manager from the Crisil Foundation, who periodically monitors and interacts with the teams and beneficiaries to gather feedback and address their queries/concerns, if any.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers

Please refer to table no. 24 on pg. no. 143 of the Sustainability Databook

5. Job creation in smaller towns

Disclose wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost

Please refer to table no. 12(a) on page 138 of Sustainability Databook

Leadership Indicators

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above

Not Applicable

2. Provide information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies

Crisil Foundation is currently working with the socially and economically underprivileged communities in some of the most difficult geographies.

Mein Pragati, the flagship CSR programme, is currently being implemented in more than 5,200 villages of Assam and Rajasthan. This programme is facilitated through a well-trained, all-women community cadre of sakhis. The cadre has helped address the last-mile constraints in awareness and access to financial services and supported more than 3 million rural community members, by facilitating access to banking, and other financial, and social security schemes.

Crisil Foundation’s efforts through Mein Pragati have led to a larger partnership – the MoneyWise Centre for Financial Literacy (CFL) project – which is being implemented in India with support from the Reserve Bank of India (RBI), 11 public sector banks and the NABARD. This project scales-up Crisil Foundation’s financial awareness and inclusion efforts through 675 CFL projects across 100,000+ villages in 14 states and four union territories. By building timely, relevant and trusted centres of knowledge, such as the CFL, Crisil has taken a firm step towards enabling the lastmile financial inclusion, critical to the country’s long-term development.

Assam

Impact and reach as of December 2024 * Number of districts : 24 Number of blocks : 73

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Number of villages	:	3,000+
Number of sakhis	:	3,267
Cumulative outreach	:	16.4 lakh
Linkages facilitated	:	14.6 lakh

Cumulative data from April 1, 2018

Rajasthan

Rajasthan
Impact and reach as of December 2024 *
Number of districts	:	6
Number of blocks	:	40
Number of villages	:	2,000+
Number of sakhis	:	2,007
Cumulative outreach	:	17.3 lakh
Linkages facilitated	:	8.4 lakh

Cumulative data from September 1, 2018

RBI MoneyWise CFL Project

Impact and reach as on December 31, 2024*

Number of states/UTs	:	14 states and 4 UTs
Number of districts	:	317
Number of blocks	:	1,962
Number of villages	:	1,00,000+
Linkage applications facilitated	:	13.6 lakh
Community outreach	:	168 lakh

*Cumulative data from January 1, 2022

GramShakti Certification Programme

Having proved the efficacy and relevance of Sakhi cadre in Assam and Rajasthan, Crisil Foundation devised an online learning and certification programme called GramShakti incorporating all the best practices involved in training and development of Sakhis. Accessed through a tech-based learning application, customised in regional languages with interactive and engaging content, the programme comprises theory and practical assignments. The programme has 6,000+ end users and 2,491 certified cadre.

Livelihoods in Rajasthan

During 2023, a pilot project was started in Didwana, a Mein Pragati village, to support 35 unskilled rural women in rug making and market linkage to improve their monthly incomes. Over the course of 6 months, the weavers were trained and developed rugs, thereby generating income for their households. Over 2023-24, the pilot project was expanded to cover an additional 98 women weavers (new cohorts) across four villages – Didwana, Ramgarh Pachwara, Kushalpura and Nangal Rajatwan (Mein Pragati project locations).

For details, refer to table no. 24 (b) and 24 (c) on page 143 of Sustainability Databook for specific interventions.

3. a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalised/vulnerable groups? (Yes/No)

b) From which marginalised/vulnerable groups do you procure?
c) What percentage of total procurement (by value) does it constitute?

Crisil remains acutely aware of the importance of inclusive procurement strategies, recognising that these approaches can yield broader societal benefits by creating economic opportunities for disadvantaged communities. The supplier policies of Crisil offers guidance on sourcing from these varied groups of suppliers, thereby strengthening our commitment to inclusion in every aspect of our operations.

During 2024, our sourcing from marginalised suppliers was as follows:

31.80% procurement through MSME and women-owned suppliers*

Note: *In value terms

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4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial year), based on traditional knowledge

Crisil services do not use intellectual properties from communities based on traditional knowledge.

5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved

Crisil services do not use intellectual properties from communities based on traditional knowledge.

6. Details of beneficiaries of CSR Projects

Please refer to table no. 24(c) on pg. no. 144 of the Sustainability Databook

PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner

Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

Each business receives and addresses customer complaints regularly. Complaint redressal is tracked rigorously at various levels of the management. The Stakeholders’ Relationship Committee of the Board regularly dedicates exclusive time to review stakeholder complaints, including customer complaints. Additionally, refer to Q4 of Leadership indicators of this Principle for information on customer surveys undertaken.

2. Turnover of products and/services as a percentage of turnover from all products/service that carry information about social and environmental parameters, safe and responsible usage, recycling and safe disposal.

Not applicable considering the nature of Crisil’s business.

3. Number of consumer complaints in respect of data privacy, advertising, cyber-security, unfair trade practices, etc.

Refer to table no. 21(b) on page 141 of Sustainability Databook

4. Details of instances of product recalls on account of safety issues

Not applicable considering the nature of Crisil’s business.

5. Does the entity have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-link of the policy

Yes. Crisil also has adopted “Crisil Global Corporate Privacy policy”, which can be accessed at https://www.Crisil.com/ content/Crisilcom/en/home/Crisil-privacy-notice.html

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty/action taken by regulatory authorities on safety of products/services.

There were no penalty/action taken by the regulatory authorities in respect to the aforesaid.

However, protection of data and ensuring security during data transmission is vital to Crisil’s business. Crisil has implemented comprehensive measures, including strong access controls, encryption for sensitive information, and periodic audits to ensure compliance with organisational policies. Data protection involves deployment of technical and administrative control measures to protect against vulnerabilities and threats such as malware or data theft. Usage of latest tools/technologies enabling multifactor authentication, data loss prevention, inbound and outbound traffic configuration through firewall systems and proxy solutions and configuration of controls on personal devices used for accessing work-related purposes, ensure safeguarding of data from unauthorised access, alteration and destruction.

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In 2024, Crisil improved its operational maturity in Information Security posture through new initiatives and enhanced tools for preventing data loss and ensuring Intellectual Property protection. These controls ensure adequate and proportionate protection of Crisil’s confidential information assets. Crisil measures its cyber policies and preparedness against the NIST framework. The company conducted comprehensive internal and external audits to validate compliance and continuously improve its security posture, ensuring resilience against evolving cyber threats via continuously strengthening its security protocols

To raise awareness, advisories are circulated and trainings on information security and phishing simulations are conducted regularly to educate employees about emerging threats.

Crisil has been ISO 27001:2013 certified since 2015, demonstrating its long-standing commitment to information security management. We are actively upgrading to the ISO 27001:2022 standard, ensuring continued alignment with the latest global best practices.

Crisil has achieved SOC 2 Type 2 certification for key business units, along with three critical applications. This certification, conducted by independent AICPA-accredited auditors, reflects our commitment to addressing client trust and regulatory requirements while maintaining robust operational integrity.

Crisil has a robust privacy framework which includes personal data mapping, privacy impact assessment, privacy policy, training and awareness, data subject requests programme and incident management. Privacy by design is central to Crisil’s privacy framework.

7. Provide the following information relating to data breaches:

a) Number of instances of data breaches: Nil
b) Percentage of data breaches involving personally identifiable information of customers: Nil
c) Impact, if any, of the data breaches: Nil

Leadership Indicators

1. Channels/platforms where information on products and services of the entity can be accessed (provide web link, if available).

Details on products and services offered by Crisil is available at https://www.Crisil.com/en/home/our product.html

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.

Not applicable considering the nature of Crisil’s business

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

Not applicable considering the nature of Crisil’s business

4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/Not Applicable. If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products/services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)

Display on product information is Not Applicable to Crisil due to the nature of services offered.

Crisil undertook the net promoter score (NPS) survey across its client base. The NPS system creates a consistent and simplified baseline customer sentiment metric among customers and provides timely insights that are easy to act on.

Additionally, our business development and senior management teams from various businesses engage with customers through periodic meetings, gather project-level feedback and conduct surveys to help us assess our clients’ needs and improve our offerings and service quality. Besides, we emphasis on regular one-on-one interactions with clients and undertake conscious outreach initiatives to clients and investors to understand their perspectives and address their concerns.

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Sustainability Databook

(This Databook should be read in conjunction with the Sustainability Report, BRSR Report, GRI Index and SASB Index)

General Information

1. Number of locations where plants and/or operations/offices of the entity are situated

Location	Number of	plants Number of offces	Total	State/countrywidepresence
National	-	11	11	7 states
International	-	14	14	12 countries (excludingIndia)

2. Products/services sold by the entity (accounting for 90% of the entity’s turnover)

Sr.	no. Product/Service	NIC Code	% of turnover of the entity
1.	Ratings	66190	28%
2.	Research, analytics and solutions	66190	72%

3. Details of business activities (accounting for 90% of the turnover)

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Sr. no. Description of main activity Description of business activity % of turnover of the entity
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1.	Ratings	Includes credit ratings such as bond ratings, bank loan ratings	28%
		and servicespertainingto the Global Analytics Centre
2.	Research, analytics and	Includes Crisil Integral IQ, Crisil Global Analytics Centre and	72%
	solutions	Crisil Intelligence

4. Names of holding/subsidiary/associate companies/joint ventures

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S. Name of the holding/subsidiary/associate Indicate whether % of shares Does the entity indicated in column
no. companies/joint ventures (A) holding/ subsidiary/ held by A, participate in the business
associate/ joint listed responsibility initiatives of the listed
venture entity entity (yes/no)?
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1.	Group Holding	Holding company	66.64%	No. The holding companies have an
	a) S&P India LLC			independent reporting on Sustainability.
	b) S&P Global Asian Holdings Private Limited
	c) S&P International LLC
2.	Crisil Ratings Limited	Subsidiarycompany	100%	Yes, for all subsidiaries.
3. 4. 5.	Crisil ESG Ratings and Analytics Limited Bridge to India EnergyPrivate Limited Crisil Irevna UK Limited	Subsidiarycompany Subsidiarycompany Subsidiarycompany	100% 100% 100%	Refer to ‘Reporting boundaries’ on page no. 108 of Business Responsibility and Sustainability Report
6.	Crisil Irevna US LLC	Subsidiarycompany	100%
7.	Crisil Irevna Argentina S.A.	Subsidiarycompany	100%
8.	Crisil Irevna Poland Sp. Z.oo.	Subsidiarycompany	100%
9.	Crisil Irevna Information Technology	Subsidiary company	100%
	(Hangzhou) Co Ltd
10.	Crisil Irevna Australia Pty. Ltd.	Subsidiarycompany	100%
11.	Coalition Development Limited	Subsidiarycompany	100%
12.	Coalition Development Singapore Pte. Ltd.	Subsidiarycompany	100%
13.	Greenwich Associates Japan KK	Subsidiarycompany	100%
14.	Greenwich Associates Singapore Pte. Ltd.	Subsidiarycompany	100%
15.	Greenwich Associates UK Ltd.	Subsidiarycompany	100%
16.	Peter Lee Associates PtyLimited	Subsidiarycompany	100%
17.	Crisil Irevna Information Technology	Subsidiary company	100%
	Colombia SAS.

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Governance Related

5. Details of women representation

	Total No. andpercentage of females
	(A) No. (B) % (B/A)
Board of Directors	8 2 25.00%
KeyManagement Personnel	3 1 33.33%

6. Percentage coverage by training and awareness programmes on any of the principles during the financial year

Segment	Total number of training and awareness programmes held	Topics/principles covered under the training and its impacts	Percentage of persons in respective category covered by the awarenessprogrammes
Board of Directors	1	Ethics, Transparency, and Accountability	100%*
Key Managerial	7	Code of Ethics, Prevention of Sexual Harassment, Health and	100%
Personnel **		Safety, Information and Cyber security, Data Privacy and Personal
		TradingPolicy, Human Rights
Employees other	9#	Code of Ethics, Prevention of Sexual Harassment, Health & Safety,	93%
than BoD & KMPs		Risk Awareness, Information and Cyber Security, Data Privacy,
		Personal TradingPolicy, Skill Upgradation, Human Rights

Note:

Covers various trainings on principles of ethical conduct, fairness and transparency, such as Crisil Code of Ethics, Crisil Code of Conduct for Directors and S&P COBE. Copies of the codes and their coverage of ethical conduct principles are available at: https://investor.spglobal.com/corporate-governance/documents/code-of-business-ethics-for-employees/ https://www.crisil.com/content/dam/crisil/investors/corporate-governance/code-directors-sr-management.pdf https://www.crisil.com/content/dam/crisil/investors/corporate-governance/code-of-ethics.pdf
** MD & CEO is included in both KMP and Board training.
Represents categories of various trainings undertaken by employees during the year.

7. Details of remuneration/salary/wages

	Male Female
	Number Median remuneration/salary/ wages of respective category Number Median remuneration/salary/ wages of respective category
Board of Directors#	6* 5,882,500 3 5,827,500
KeyManagerial Personnel	3** 32,263,395 1 19,837,607
Employees other than BoD & KMP ***	2,471 1,713,615 1,648 1,400,000

Note:

*Remuneration to MD & CEO has been included in KMP
** During 2024 the former CFO transitioned to a new role as President Risk and Compliance. The remuneration figures above include the compensation up to the transition as well as the compensation of the incoming CFO and hence the number of KMP aggregates to 4
*** Aggregate number of employees are not comparable with the headcount as on December 31, 2024, since the aforesaid data pertains to remuneration paid to employees on-roll during 2024. This data pertains to India employees
The numbers include Board members who were associated for part of the year as well as their remuneration

7(a). Ratio of remuneration

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Current FY Previous FY FY 2022
(2024) (2023)
Ratio of remuneration of MD & CEO to the median remuneration of employees 77.50 [$] 69.81 [@] 69.63 [@]
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Note:

$ Remuneration increase covers impact of perquisite value of ESOS exercised during 2024 as well as special LTIP payment to MD&CEO, which vested in 2024. Excluding ESOS perquisite value and special LTIP, the ratio of remuneration to median is 56.59.
@ Remuneration for 2022 and 2023 covers perquisite value of ESOPs exercised during 2022 and 2023 reporting. Excluding ESOS perquisite value, the ratio of remuneration to median is 51.16 for 2022 and 58.74 for 2023.
This ratio is derived based on median remuneration for India-based employees only.

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7(b). Gross wages paid to females as % of total wages paid by the entity, in the following format

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Current FY (2024) Previous FY (2023)
Gross wages paid to females as % of total wages 35.25% 33.20%
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Note:

1) Includes permanent employees of India.
2) Figures for current FY include salaries, wages and bonuses as per the disclosure made in the audited financial statements and apportioned between male and female staff using the ratio of actual payments made to the male/female staff during the year

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8. Overview of the entity’s material responsible business conduct issues
Sr. Material issue Indicate Rationale for identifying In case of risk, Financial implications of the risk or opportunity
no. identified whether risk the risk/opportunity approach (Indicate positive or negative implications)
or opportunity to adapt or
(R/O) mitigate
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1. Ethical conduct Opportunity Materiality assessment helps in prioritising the topics and analysing the relevant sustainabiliy risks and opportunities that can be integrated in our operations and business activity. Crisil conducted a materiality re-assessment by revisiting material topics. The list of top E, S and G topics has been derived through a consultative exercise, wherein the priorities were evaluated in order of their importance to our business and our stakeholders. The survey was responded by 315 internal and external stakeholders. The results will help us make decisions based on relevant data and meet increasing demands from regulators and reporting standards. This exercise also helps us identify risks and opportunities pertaining to those identifed areas. The survey was conducted across diverse stakeholders including clients, vendors, community, shareholders, employees and top management. Please refer to the Risks section of the Management Discussion & Analysis Report forming part of Crisil Annual Report 2024** 2. Data privacy and information security Risk 3. Strong governance oversight Opportunity 4. Talent retention and succession Risk 5. Employee enablement and well being Opportunity 6. Risk management Opportunity 7. Innovation and technology Opportunity 8. Human rights Opportunity 9. Environmental sustainability Risk 10. Diversity, Equity and Inclusion Opportunity	Positive Ethical conduct is central to Crisil’s value proposition and recognition as an independent and credible analytical organisation, and has led to continued trust from its clientele
	Negative Company has signifcantly invested in this area over the last few years which will have short-term fnancial impact, but in long run will create positive outcomes in the form of improved securityand controls
	Positive Strong governance oversight ensures growth and strategic direction
	Negative Talent retention is supported by continuous investment into employee training and upskilling, providingbetter opportunities careergrowth
	Positive Employee empowerment, learning and development and well-being initiatives lead to a productive workforce
	Positive Risk management ensures timely identifcation of risks and stabilityof operations
	Positive Innovation and technological adaptation results in the development of new products and services while ensuring growth by delivering with speed and agilitywhile
	Positive Upholding the rights and freedom of all employees, workers and others in Crisil’s value chain ensures ethical behaviour and attract talent
	Negative Climate change can lead to physical risk to Company property due to climate disasters and cost for transition to a low carbon economy
	Positive Creates a diverse workforce with different perspectives, high engagement and fosters innovation

Note:

**The Management Discussion and Analysis Report forms part of Crisil Annual Report 2024 and is available at

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9. Details on awareness programmes conducted for value chain partners on any of the principles during the year

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||||
|---|---|---|
|Total number|Topics/principles covered under the training|% of value chain partners|
|of awareness|covered (by value of business|
|programmes|done with such partners) under|
|held|the awareness programmes|
|1.|With a view to strengthening our efforts in encouraging our suppliers to adopt our|22.20%|
|Suppliers’ Code of Conduct, our suppliers are trained on Supplier Code of Conduct|
|and awareness on sustainability|

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Note:

Considering the training done during 2023 and 2022, the aggregate % of the supply chain trained till date based on the current year’s value of business with them is 63.30% and comprise 200+ suppliers.

10. Detail on list of trade & industry chambers/associations of which the Company is a member of/are affiliated to, on the basis of no. of members

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Sr. no. Name of the trade and industry chambers/associations Scope of entity (state/national)
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||||
|---|---|---|
|1.|The Confederation of Indian Industry (CII)|National|
|2.|Federation of Indian Chambers of Commerce and Industry (FICCI)|National|
|3.|BCCI|State|

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Employee related

Crisil has no workmen amongst its employee category. As all the employees are at a position of executive and above. Hence, all references and data points required for workmen are inapplicable.

11(a). Employees (including differently abled)

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||||||||
|---|---|---|---|---|---|---|
|Sr. no.|Particulars|Total|Male|Female|
|(A)|No. (B)|% (B/A)|No.|No. (B)|
|1.|Permanent employees|4,666|2,805|60.12%|1,860|39.88%|
|2.|Other than permanent|836|518|61.96%|318|38.04%|
|3.|Total|5,502|3,323|60.40%|2,178|39.60%|

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Note: The above data is as on December 31, 2024.

In addition to the male/female break-up of the permanent employee headcount as indicated above, the total of permanent employees includes one employee who did not wish to disclose gender.

11(b). Differently abled employees

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||||||||
|---|---|---|---|---|---|---|
|Sr. no.|Particulars|Total|Male|Female|
|(A)|No. (B)|% (B/A)|No.|No. (B)|
|1.|Permanent employees|12|10|83.33%|2|16.67%|
|2.|Other than permanent|-|-|-|-|-|
|3.|Total|12|10|83.33%|2|16.67%|

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Note: The above data is as on December 31, 2024.

12. Details of employees in terms of minimum wages paid

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Category Current FY (2024) Previous FY (2023) FY (2022)
Total Equal to More than Total Equal to More than Total Equal to More than
minimum wage minimum wage minimum wage minimum wage minimum wage minimum wage
No. % No. % No. % No. % No. % No. %
Permanent
Male 2,474 0 0% 2,474 100% 2,463 0 0% 2,463 100% 2,393 0 0% 2,393 100%
Female 1,649 0 0% 1,649 100% 1,595 0 0% 1,595 100% 1,549 0 0% 1,549 100%
Other - - - - - - - - - - - - - - -
Total 4,123 0 - 4,123 4,058 0 - 4,058 - 3,942 0 - 3,942 -
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Note: The above table covers only India employees

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12(a). Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost.

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Location Current FY (2024) Previous FY (2023) FY (2022)
Rural Nil Nil NA
Semi-urban Nil Nil NA
Urban 8.74% 9% NA
Metropolitan 91.26% 91% NA
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Note:

1) The above table covers permanent employees and off-roll staff of India only
2) Figures for current FY include salaries, wages and bonuses as per the disclosure made in the audited financial statements and apportioned between male and female staff using the ratio of actual payments made to the male/female staff during the year
3) Towns have been classified as per RBI classification system

13. Details of performance and career development reviews of employees

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Category Current FY (2024) Previous FY (2023) FY (2022)
Total (C) No. % Total No. % Total No. %
Employees
Male 2,592 2,592 100% 2,858 2,858 100% 2,837 2,837 100%
Female 1,660 1,660 100% 1,814 1,814 100% 1,785 1,785 100%
Total 4,252 4,252 100% 4,672 4,672 100% 4,622 4,622 100%
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Note: The table covers the employees who were on-roll and subject to performance reviews during the years. Hence, the employee numbers are not comparable with the headcount as at December 31.

14 (a). Details of measures for the well-being of employees (including differently abled)

Category		% of employees covered by
	Total	Life Insurance Health Insurance Accident Insurance Maternity benefts Paternity benefts Day care facilities
		No. % No. % No. % No. % No. % No. %
		Permanent
a. Male	2,805	2,805 100% 2,805 100% 2,805 100% - - 2,805 100% - -
b. Female	1,860	1,860 100% 1,860 100% 1,860 100% 1,860 100% - - 514 100%
c. Total*	4,666	4,666 100% 4,666 100% 4,666 100% 1,860 100% 2,805 100% 514 100%
		Other thanpermanent employees
a. Male	518	- - 518 100% 518 100% - - - - - -
b. Female	318	- - 318 100% 318 100% 318 100% - - - -
c. Total	836	- - 836 100% 836 100% 318 100% - - - -

Note: Day care facilities cover only India female employees

*In addition to the male/female break-up of the permanent employee headcount as indicated above, the total of permanent employees includes one employee who did not wish to disclose gender.

14(b). Spending on measures towards well-being of employees and workers (including permanent and other than permanent)

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Current FY (2024) Previous FY (2023)
Cost incurred on wellbeing measures as a % of total revenue of the company 1.60% 1.88%
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Note: 1) Figures for current FY have been stated as per the methodology specified by SEBI Circular on Industry Standards Note on Business Responsibility and Sustainability Report (BRSR) Core dated December 20, 2024.

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15. Details of retirement benefits, for current Financial Year and previous Financial Year

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Benefits Current FY (2024) Previous FY (2023)
No. of employees Deducted and No. of employees Deducted and
covered as a % of deposited with the covered as a % of deposited with the
total employees authority (Y/N/N.A.) total employees authority (Y/N/N.A.)
PF 100% Yes 100% Yes
Gratuity 100% Yes 100% Yes
ESI NA NA NA NA
Others – please specify NA NA NA NA
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Note: The above data covers only India employees.

16(a). Return to work and retention rates of permanent employees that took parental leave

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Permanent employees
Gender Current FY (2024) Previous FY (2023) FY (2022)
Return to work rate Retention rate Return to work rate Retention rate Return to work rate Retention rate
Male 100% 87% 100% 100% 100% 100%
Female 100% 82% 100% 100% 100% 98.6%
Total 100% 85% - - - -
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Note: Return to work is computed basis parental leaves taken during 2024, whereas, the retention rate is computed based parental leaves taken during 2023 to ensure a one-year service continuity.

16(b). Employees that took parental leave

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Permanent employees Contract staff
Gender Current FY (2024) Previous FY (2023) FY (2022) Current FY (2024) Previous FY (2023) FY (2022)
Paternity Maternity Paternity Maternity Paternity Maternity Paternity Maternity Paternity Maternity Paternity Maternity
leave leave leave leave leave leave leave leave leave leave leave leave
Male 101 0 102 - 111 - NA 0 NA NA -
Female 0 42 - 65 - 69 NA 10 NA 6 - 2
Total 101 42 102 65 111 69 NA 10 NA 6 NA 2
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Health and safety and training to the employees

17. Details of training to employees (% to total no. of employees in the category)

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Category Current FY (2024) Previous FY (2023) FY (2022)
Total On health On skill Total On health On Skill Total On health On skill
(A) and safety upgradation (D) and safety upgradation (G) and safety upgradation
measures measures measures
No. % No. % No. % No. % No. % No. %
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D) (H) (H/G) (I) (I/G)
Employees
Male 3,444 2,977 86% 2,491 72% 3,463 2,943 85% 2,304 67% 3,670 2,607 71% 3,284 89%
Female 2,253 1,946 86% 1,601 71% 2,213 1,916 87% 1,497 68% 2,271 1,624 72% 2,045 90%
Total 5,698 4,924 86% 4,092 72% 5,676 4,859 86% 3,801 67% 5,941 4,231 71% 5,329 90%
Contract employees
Male 805 597 74% 221 27% 909 638 70% 441 49% 856 337 39% 435 51%
Female 575 403 70% 136 24% 642 487 76% 280 44% 675 272 40% 334 49%
Total 1,380 1,000 72% 357 26% 1,551 1,125 73% 721 46% 1,531 609 40% 769 50%
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Note:

1) Total headcount is for the entire year, including exits, and hence, will not be comparable with the headcount figures as at December 31 of the respective year
2) One employee who completed Health and Safety training did not wish to disclose gender and hence has been added in the total count of employees in Column A and B

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Annual Report 2024

18. Details on training on human rights issues and policy(ies) of the company

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Category Current FY (2024) Previous FY (2023) FY (2022)
Total No. of % (B/A) Total No. of % Total No. of %
(A) employees (C) employees (D/C) (E) employees (F/E)
covered (B) covered (D) covered (F)
Employees
Permanent 5,698 4,908 86% 5,676 4,810 85% 5,941 4,572 77%
Other than 1,380 1,022 74% 1,551 1,146 74% 1,531 1,298 85%
permanent
Total 7,078 5,930 84% 7,227 5,956 82% 7,472 5,870 78%
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Note: Total headcount is for the entire year, including exits, and hence, will not be comparable with the headcount figures as at December 31 of the respective year.

19. Details on assessment of value chain partners

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Assessment for the year % of value chain partners
(by value of business done with such partners) that were assessed
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Sexual harassment
Workingconditions
Health & safety
Discrimination at workplace	15.38%
Child labour
Forced labour/Involuntarylabour
Wages
Others –please specify

Note: *Considering the assessments done during 2023 and 2022, the aggregate % of supply chain assessed till date based on current year’s value of business with them is 78.38% comprising 300+ suppliers.

20. Details on assessment of office on human rights

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Assessment for the year 2024 % of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
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Child labour
Forced/involuntarylabour
Health and safety practices
Workingconditions	100%
Discrimination at workplace
Sexual harassment
Wages
Others –please specify

Note: The above assessment covers all-India operations. Additionally, the assessment was extended to main offices in the UK, the US and China

140 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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21(a). Details on complaints/grievances on any aspect of the National Guidelines on Responsible Business Conduct in the financial year

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Stakeholder Grievance Current FY (2024) Previous FY (2023) FY (2022)
group from redressal Number of Number of Remarks Number of Number of Remarks Number of Number of Remarks
whom mechanism
complaints complaints complaints complaints complaints complaints
complaint is in place
filed during pending filed during pending filed during pending
received (Yes/No) the year resolution the year resolution the year resolution
at close of at close of at close of
the year year the year
Communities Yes Nil Nil - Nil Nil - Nil Nil -
Investors Yes Nil Nil - Nil Nil - Nil Nil -
Shareholders Yes 6 Nil - 7 Nil - 30 Nil -
Employees Yes 8 Nil - 5 Nil - 3 Nil -
Customers Yes 5 Nil - 5 Nil - 12 Nil -
Value chain Yes 0 Nil - 1 Nil - Nil Nil -
partner
Others – please Yes 2 Nil - 2 Nil - 5 1 -
specify From
third party
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Note: The above complaints pertain to Crisil Limited on a standalone basis.

21(b). Number of consumer complaints in respect of data privacy, advertising, cyber-security, unfair trade practices, etc.

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Current FY (2024) Previous FY (2023) FY (2022)
Number of Pending Remarks Number of Pending Remarks Number of Pending Remarks
complaints resolution complaints resolution complaints resolution
received at the end received at the end received at the end
during the of the year during the of the year during the of the year
year year year
Data privacy Nil Nil - Nil Nil - Nil Nil -
Advertising Nil Nil - Nil Nil - Nil Nil -
Cyber-security Nil Nil - Nil Nil - Nil Nil -
Delivery of essential Nil Nil - Nil Nil - Nil Nil -
services
Restrictive trade Nil Nil - Nil Nil - Nil Nil -
practices
Unfair trade practices Nil Nil - Nil Nil - Nil Nil -
Others 5 Nil - 5 Nil - 12 Nil -
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Note: The above complaints pertain to Crisil Limited on a standalone basis.

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Annual Report 2024

22. Details on number of complaints made by employees

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Current FY (2024) Previous FY (2023) FY (2022)
Filed Pending Remarks Filed Pending Remarks Filed Pending Remarks
during resolution during resolution during resolution
the year at the end the year at the end the year at the end
of the year of the year of the year
Sexual harassment 2 0 - 2 Nil - 1 Nil -
Discrimination at workplace Nil Nil - 1 Nil - 1 Nil -
Child labour Nil Nil - Nil Nil - Nil Nil -
Forced Labour/Involuntary Nil Nil - Nil Nil - Nil Nil -
Labour
Health and safety practices Nil Nil - Nil Nil - Nil Nil -
Working conditions Nil Nil - 1 Nil 1 Nil
Wages Nil Nil - Nil Nil Nil Nil
Other human right related issues Nil Nil - Nil Nil - Nil Nil -
Others 6 Nil - 1 Nil - Nil Nil -
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Note: The above complaints pertain to Crisil Limited on a standalone basis.

One of the sexual harassment complaints in 2023 and 2024 pertains to an off-roll staff. The POSH complaint for 2022 & working conditions complaint for 2023 pertain to an off-roll staff as well.

22(a). Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

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Current FY (2024) Previous FY (2023) FY 2022
Total complaints reported under the Sexual Harassment of Women at 2 2 1
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees/workers 0.0009% 0% 0%
Complaints on POSH upheld 2 2 1
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Note: The above complaints pertain to Crisil Limited on standalone basis.

*One of the complaints for 2023 and 2024 pertains to an off-roll employee. The complaint for 2022 pertains to an off-roll employee

23(a). Employee turnover by gender, age and region

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Geography Current FY (2024) Previous FY (2023) FY (2022)
Male Turnover Female Turnover Male Turnover Female Turnover Male Turnover Female Turnover
rate rate rate rate rate rate
<= 30 years
America 31 52.5% 11 41.5% 27 49.10% 13 57.80% 27 45.38% 21 76.36%
India & APAC 304 23.6% 249 23.9% 174 17.40% 168 19.90% 236 25.54% 175 22.14%
EMEA 16 40.5% 6 25.5% 7 19.70% 1 7.70% 8 23.50% 2 17.40%
Total (A) 351 25.4% 266 24.4% 208 19.00% 182 20.70% 271 26.60% 198 23.90%
More than 30 years
America 26 31.0% 9 20.9% 23 22.10% 15 29.70% 46 42.59% 34 62.96%
India & APAC 192 15.6% 90 13.7% 261 17.70% 136 16.80% 421 30.40% 219 31.11%
EMEA 39 29.5% 8 16.8% 52 30.60% 13 22.00% 44 31.43% 10 20.00%
Total (B) 257 17.8% 107 14.3% 336 19.20% 164 17.80% 511 31.29% 263 32.55%
Total (A+B) 608 21.5% 373 20.3% 544 19.20% 346 19.30% 782 29.50% 461 28.20%
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Note: The turnover rate is calculated on the basis of the average headcount data of the respective age category in the particular region. Higher percentages in some instances are attributed to a low base in a particular category

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Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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23(b). Employee hiring by gender, age and region

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Geography Current FY (2024) Previous FY (2023) FY (2022)
Male Hiring Female Hiring Male Hiring Female Hiring Male Hiring Female Hiring
rate rate rate rate rate rate
<= 30 years
America 29 49% 17 64% 22 40.00% 11 48.89% 36 60.50% 20 72.73%
India & APAC 377 29% 323 31% 338 33.72% 262 31.10% 586 63.42% 469 59.33%
EMEA 6 15% 5 21% 16 45.07% 7 53.85% 21 61.76% 3 26.09%
Total (A) 412 30% 345 32% 376 34.40% 280 31.89% 643 63.19% 492 59.31%
More than 30 years
America 9 11% 3 9% 16 15.38% 10 19.80% 31 28.70% 26 48.15%
India & APAC 124 10% 63 10% 183 12.42% 91 11.24% 435 31.41% 235 33.38%
EMEA 7 5% 4 9% 23 13.53% 13 22.03% 79 56.43% 22 44.00%
Total (B) 140 10% 70 10% 222 12.70% 114 12.40% 545 33.37% 283 35.02%
Total (A+B) 552 19% 415 23% 598 21.05% 394 21.93% 1188 44.82% 775 47.33%
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Note: The hiring rate is calculated on the basis of the average headcount data of the respective age category in the particular region. Higher percentages in some instances are attributed to a low base in a particular category.

23(c). Details of turnover rate for permanent employees

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Geography Current FY (2024) Previous FY (2023) FY (2022)
Male Female Total Male Female Total Male Female Total
Permanent employees 21.5% 20.3% 21.0% 19.2% 19.3% 19.2% 29.5% 28.2% 29.0%
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Communities

24. Percentage of input material (by value of all inputs) to total inputs sourced from suppliers

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Current FY (2024) Previous FY (2023)
Directly sourced from MSMEs/small producers 31.32% 18.43%
Directly from within India 74.27% 63%
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Note:

1) The reported number on sourcing covers only small producers which are classified as MSMEs

2) *The above data covers only Indian operations.

24(a). Details of social impact assessment undertaken by the company for projects in the current financial year

Name & brief details of Project	Whether conducted by independent external agency (Yes/No)	Results communicated in public domain (Yes/No)	Relevant Web link
Mein Pragati - Impact	Yes	Yes	https://www.crisil.com/content/dam/crisil/crisil-foundation/
Assessment of			generic-pdf/mein-pragati-independent-sakhis.pdf
independent Sakhi cadre
Crisil RE	Yes	Yes	https://www.crisil.com/content/dam/crisil/crisil-foundation/
			generic-pdf/crisil-re-tree-audit-report-2024.pdf

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Annual Report 2024

24(b). Details on CSR projects undertaken in designated aspirational districts as identifed by government bodies	24(b). Details on CSR projects undertaken in designated aspirational districts as identifed by government bodies
Sr. No. State Aspirational District*	Amount Spent
1. Assam Baksa, Barpeta, Darrang, Dhubri, Goalpara, Udalguri	`1.49 Cr
2. Rajasthan Karauli	`0.45 Cr
Note: *As per Government of India data - link:https://nfdb.gov.in/PDF/List%20of%20AD.pdf

24(c).	Details of benefciaries of CSR projects
Sr. No.	CSR Project	No. of persons benefted from CSR Projects	% of benefciaries from vulnerable & marginalisedgroups
1.	Mein Pragati (Assam) *	510,000	100%
2.	Mein Pragati (Rajasthan) *	820,000	100%
3.	Livelihoods (in Assam) **	-	NA
4.	Livelihoods (in Rajasthan) **	178	100%
5.	Mein Pragati (Assam) ***	3,267	100%
6.	Mein Pragati (Rajasthan) ***	2,007	100%

Note:

Includes all rural community members who have been directly reached out through CSR projects in Assam and Rajasthan.

** Overlapping with beneficiaries reported under S. No. 1 and S. No. 2.

*** Covers the Sakhi cadre onboarded, trained and handheld through the CSR project.

Environment

25. Energy consumption based on sources (in giga joules) and energy intensity

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Parameter Current FY (2024) Previous FY (2023) Previous FY (2022)
From renewable sources
Total electricity consumption (A) 17,595.39 14,094.79 1,095.77
Total fuel consumption (B) 0 0 0
Energy consumption through other sources (C) 0 0 0
Total energy consumed from renewable sources (A+B+C) 17,595.39 14,094.79 1,095.77
From non-renewable sources
Total electricity consumption (D) 7,787.49 9,053.44 19,675.65
Total fuel consumption (E) 1,070.33 1,283.47 1,077.00
Energy consumption through other sources (F) 0 0 0
Total energy consumed from non-renewable sources (D+E+F) 8,857.82 10,336.92 20,752.73
Total energy consumed (A+B+C+D+E+F) 26,453.21 24,431.71 21,848.5
Energy intensity per rupee of turnover (Total energy consumed / 8.11 GJ/ C Cr 7.78 GJ/ C Cr 7.89 GJ/ C Cr
Revenue from operations)
Energy intensity per rupee of turnover adjusted for Purchasing 0.0000167 0.0000160 NA
Power Parity (PPP) (Total energy consumed / Revenue from
operations adjusted for PPP)
Energy intensity in terms of physical output NA NA NA
Energy intensity (optional) – per employee 5.46 4.97 4.59
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Note:

1) Independent reasonable external sustainability report assurance was provided by DNV Business Assurance India Private Limited.
2) *The figure has been restated to align with the clarification provided under SEBI circular and Industry Standards Forum note dated December 20, 2024. The PPP conversion factor considered for 2023 and 2024 is 20.66.

144

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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26(a). Details of water withdrawal

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Parameter Current FY (2024) Previous FY (2023) FY (2022)
Water withdrawal by source (in kilolitres)
(i) Surface water 0 0 0
(ii) Groundwater 0 0 0
(iii) Third party water 27,994 29,615 18,976
(iv) Seawater / desalinated water 0 0 0
(v) Others 0 0 0
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 27,994 29,615 18,976
Total volume of water consumption (in kilolitres) 20,880 19,643 18,976
Water intensity per crore rupee of turnover (Total Water consumed / 6.40 / C Cr 6.26 / C Cr 6.85 / C Cr
revenue from operation)
Water intensity per rupee of turnover adjusted for Purchasing Power 0.0000132 0.0000129^ NA
Parity (PPP) (Total water consumption / Revenue from operations
adjusted for PPP)
Water intensity in terms of physical output NA NA NA
Water intensity (optional) – per employee 6.89 NA NA
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Note:

1) Independent reasonable external sustainability report assurance was provided by DNV Business Assurance India Private Limited.
2) The water data covers only India offices of Ahmedabad, Gurugram, Kolkata, Mumbai (two), Pune (one).
3) *The water consumption data has been calculated based on the Central Ground Water Authority (CGWA) guidelines. The estimated consumption is 45 litres per head per working day for offices.
4) ** It may be noted that up to 2022, total water consumed was considered to be equivalent to water withdrawal.
5) ^ The figure has been restated to align with the clarification provided under SEBI circular and Industry Standards Forum note dated December 20, 2024. The PPP conversion factor considered for 2023 and 2024 is 20.66.

26(b). Water discharge by destination and level of treatment (in kilolitres)

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Parameter Current FY (2024) Previous FY (2023) FY (2022)
- - -
(i) Into Surface water
No treatment - - -
With treatment – please specify level of treatment - -
- - -
(ii) Into Groundwater
No treatment - - -
With treatment – please specify level of treatment - - -
- - -
(iii) Into Seawater
No treatment - - -
With treatment – please specify level of treatment - - -
(iv) Sent to third-parties 7,114 9,971 18,976
No treatment (total water discharge - treatment water 5,680 7,489 16,887
consumption)
With treatment – please specify level of treatment 1,434 2,482 2,089
(quantity of STP water usage)
- - -
(v) Others
No treatment - - -
With treatment – please specify level of treatment - - -
Total water discharged (in kilolitres) 7,114 9,971 18,976
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Note:

1) Independent reasonable external sustainability report assurance was provided by DNV Business Assurance India Private Limited.
2) The water data covers only India offices of Ahmedabad, Gurugram, Kolkata, Mumbai (two), Pune (one).
3) Water discharge is net of water withdrawal and consumption. Refer to note 3 and 4 under table 26 (a) on water consumption.

145

Annual Report 2024

26(c). Details of water withdrawal/consumption/discharge in water-stress areas

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Parameter Current FY (2024) Previous FY (2023)
Water withdrawal by source (in kilolitres)
(i) Surface water 0 0
(ii) Groundwater 0 0
(iii) Third party water 5,547.69 7,404.58
(iv) Seawater / desalinated water 0 0
(v) Others 0 0
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 5,547.69 7,404.58
Total volume of water consumption (in kilolitres) 3,500.24 2,863.22
Water intensity per rupee of turnover (Water consumed / turnover) 1.07 / C Cr 0.91 / C Cr
Water discharge by destination and level of treatment (in kilolitres) 0 0
(i) Into Surface water –
a) No treatment
b) With treatment – please specify level of treatment
(ii) Into Groundwater 0 0
a) No treatment
b) With treatment – please specify level of treatment
(ii) Into Seawater 0 0
a) No treatment
b) With treatment – please specify level of treatment
(iii) Sent to third-parties
a) No treatment 2,047.45 4,541.37
b) With treatment – please specify level of treatment 2,047.45 4,541.37
(iv) Others 0 0
a) No treatment
b) With treatment – please specify level of treatment
Total water discharged (in kilolitres) 2,047.45 4,541.37
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Note: Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

1) Water-stress areas have been identified using the AWS tool, maintained and recommended by WRI (World Resources Institute).
2) The source of water supply in water-stress areas is from municipal water.
3) The water data for water-stress area covers only India offices of Ahmedabad, Gurugram, Pune (one).
4) * The water consumption data has been calculated based on the Central Ground Water Authority (CGWA) guidelines. The estimated consumption is 45 litres per head per working day for offices.

27. List innovative technologies, solutions & initiatives undertaken resulting in lower environment footprint adopted by the company, if any

Sr. No.	Initiative undertaken	Details of the initiative (Web-link, if any, may be provided along with summary)	Details of the initiative (Web-link, if any, may be provided along with summary)	Outcome of the initiative
1.	Water	•	Crisil recycles 5.1% of water consumed during 2024	Water
		•	Several water effciency measures have been implemented, including low-fow fxtures,	conservation
			aerators, sensor-based taps, and regular calibration checks

Conservation of water resources for rural communities is a new area of intervention undertaken since 2023 as part of the Company’s CSR programme. During the year, two water harvesting structures were created in Udaipur (in Rajasthan) and Raigarh (in Maharashtra) – both predominantly water scarce regions.

146 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Sr. Initiative Details of the initiative (Web-link, if any, may be provided along with summary) Outcome of No. undertaken the initiative 2. Energy • In 2024, we increased procurement of green energy for our offices, expanding the number Reduced to three offices from one in 2023. This has resulted in increased proportion of energy energy consumption from renewable sources, from 58% in 2023 to 67% in 2024. consumption
• In 2024, 33% of our office area was certified under IGBC’s LEED certification programme
Crisil transitions to a New Green Office in Mumbai
- In the conceptualisation and execution of our new office at Lightbridge, Saki Vihar, careful attention has been devoted to environmental considerations, demonstrating our dedication to creating workspaces that harmonise commercial needs and the natural ecosystem. Few highlights of the office:
- The central atrium features natural greenery, with live plants in the atrium and on every floor, which help maintain optimal oxygen levels within the premises
- The design maximises natural light, reducing the need for artificial lighting
- Entire premises operate on sustainable green energy
- Cabin lighting is equipped with motion sensors to enhance energy efficiency
- Smart elevators are designed to optimise power usage

Note: * The water data covers only India offices of Ahmedabad, Gurugram, Kolkata, Mumbai (two), Pune (one).

28. Details related to waste management

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Parameter Current FY (2024) Previous FY (2023) Previous FY (2022)
Total Waste Generated (in metric tonnes)
Plastic waste (A) 1.34 0.37 0.12
E-waste (B) 3.24 5.24 15.89
Bio-medical waste (C) 0 NA NA
Construction and demolition waste (D) 0.06 0.12 NA
Battery waste (E) 3.62 2.49 NA
Radioactive waste (F) 0 NA NA
Other Hazardous waste. Please specify, if any. (G) 0.04 0.37 0.09
Lubricant oil
Other Non-hazardous waste generated (H).
Please specify, if any.
a) Metal, aluminium and steel 0.23 0.69 0.62
b) Dry and wet waste 113.75 81.48 46.50
c) Wood 0.00 0.90 0.00
Total Waste generated (in metric tonnes) 122.28 91.65 63.21
(A+B + C + D + E + F + G +H)
Waste intensity per rupee of turnover (Total waste generated / 0.04 / C Cr 0.03 / C Cr 0.02 / C Cr
Revenue from operations)
Waste intensity per rupee of turnover adjusted for Purchasing 0.000000077 0.000000060 NA
Power Parity (PPP) (Total waste generated / Revenue from
operations adjusted for PPP)
Waste intensity per employee 0.02 NA NA
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Note:

1) Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.
2) *The figure has been restated to align with the clarification provided under SEBI circular and Industry Standards Forum note dated December 20, 2024. The PPP conversion factor considered for 2023 and 2024 is 20.66.

Annual Report 2024 147

28(a). Details on total waste recovered through recycling, re-using or other recovery operations (in metric tonnes)	28(a). Details on total waste recovered through recycling, re-using or other recovery operations (in metric tonnes)
Category of waste	Current FY (2024) Previous FY (2023) Previous FY (2022)
(i) Recycled	110.97 84.16 53.86
(ii) Re-used	- - -
(iii) Other recovery operations	- - -
Total	110.97 84.16 53.86

Note: Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

28(b). Details on total waste disposed by nature of disposal method (in metric tonnes)

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Category of waste Current FY (2024) Previous FY (2023) Previous FY (2022)
- - -
(i) Incineration
(ii) Landfilling 11.31 7.49 7.09
(iii) Other disposal operations - - 2.26
Total 11.31 7.49 9.35
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Note: Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

29. Details of air emissions (other than GHG emissions) by the entity

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Parameter Please specify unit Current FY (2024) Previous FY (2023) Previous FY (2022)
NOx grams 3,388.17 7,041.94 7,082.25
SOx grams 695.09 806.12 724.87
Particulate matter (PM) grams 482.25 1,223.81 1,445.60
Persistent organic pollutants (POP) grams 0 0 0
Volatile organic compounds (VOC) grams 0 493.92 2,422.00
Hazardous air pollutants (HAP) grams 0 0 0
Others – Carbon dioxide (as CO2) grams 213.38 769.91 631.96
Others – Carbon monoxide (as CO) grams 3,655.26 4,737.73 4,950.09
Total Hydrocarbons grams 2,601.97 5,881.7 6,508.43
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Note: Independent reasonable external sustainability report assurance for was provided by DNV.

30. Emissions of ozone-depleting substances (ODS)

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Refrigerant Gas type CFC 11 equivalent CFC 11 equivalent CFC 11 equivalent
in kg (in 2024) in kg (in 2023) in kg (in 2022)
R410 0.0 0.0 0.0
R407 0.0 0.0 0.0
R32 0.0 0.0 0.0
R22 0.7 0.1 0.4
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Note: The figures have been restated to align the reporting requirement with CFC 11 equivalent as required by GRI standards. Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

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Mission-Critical Decisions, Made with Confidence.

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30(a) Carbon emitted (in Metric tonnes of CO2 equivalent)

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Parameter Current FY (2024) Previous FY (2023) Previous FY (2022)
Total Scope 1 GHG emissions 750.58 598.73 352.73
Total Scope 2 GHG emissions 1,533.64 1,677.92 4,005.91
Total Scope 1 and Scope 2 emissions intensity per rupee of turnover 0.70 / C Cr 0.73 / C Cr 1.57 / C Cr
(Total Scope 1 and Scope 2 GHG emissions / Revenue from
operations)
Total Scope 1 and Scope 2 emission intensity per rupee turnover 0.00000144 0.00000149 NA
adjusted for Purchasing Power Parity
(Total Scope 1 and Scope 2 GHG emissions / Revenue from
operations adjusted for PPP)
Total Scope 1 and Scope 2 emission intensity in terms of physical NA NA NA
output
Total Scope 1 and Scope 2 emission intensity / employee 0.47 0.46 0.92
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Note:

1) Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.
2) The figure has been restated to align with the clarification provided under SEBI circular and Industry Standards Forum note dated December 20, 2024. The PPP conversion factor considered for 2023 and 2024 is 20.66.

30(b) Carbon emitted (in Metric tonnes of CO2 equivalent)

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Parameter Current FY (2024) Previous FY (2023) Previous FY (2022)
Total Scope 3 emissions 13,931.75 13,005.99 6,414.49
Total Scope 3 emissions per crore rupee of turnover 4.27 / C Cr 4.14 / C Cr 2.32 / C Cr
Total Scope 3 emission intensity per employee 2.53 2.35 1.20
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Note: Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

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Modern Slavery Act, 2015

Statement

This statement is published by Crisil Limited about and to enable its subsidiaries that are subject to the Act, including in particular Crisil Irevna UK Ltd and Coalition Development UK Ltd (subsidiaries). Crisil and its subsidiaries are together referred to as Crisil entities. Forced, bonded or compulsory labour, human trafficking and other kinds of slavery signify some of the severest forms of human rights abuse. We are committed to improving our practices to combat slavery and human trafficking.

Organisational structure

Crisil Limited provides ratings, research, and risk and policy advisory services in the knowledge process and business process outsourcing sector. S&P Global Inc is the parent Company. Crisil has its registered office in Mumbai, India. We operate in India, China, Singapore, England, Poland, Argentina, Australia, and the United States of America, and have about 4,000 employees worldwide. Our global annual turnover is in excess of £36 million.

Due-diligence processes for slavery and human trafficking As part of our initiative to identify and mitigate risk, we have in place systems to:

Identify and assess potential risk areas in our supply chains
Mitigate the risk of slavery and human trafficking in our supply chains
Monitor potential risk areas in our supply chains
Protect whistleblowers
Where possible, build long-standing relationships with local suppliers and make clear our expectations of business behaviour

Supplier adherence to our values

We have zero tolerance to slavery and human trafficking. We ensure all those in our supply chain and contractors comply with our values and ethics.

Training

Our supply chains

Our supply chains include consultants, advisors, IT (hardware and software), and other office equipment suppliers, professional services from our lawyers, accountants and other advisers, security, catering, office cleaning and other office facilities services, staffing companies, etc. We require all of our suppliers to conduct business in a lawful and ethical manner as part of our supplier on-boarding process, and accept our trading terms and conditions.

Our policies on slavery and human trafficking

We are committed to ensuring that there is no modern slavery or human trafficking in our supply chains or in any part of our business. Our Modern Slavery Act, 2015, policy reflects our commitment to acting ethically and with integrity in all our business relationships, and implementing and enforcing effective systems and controls, to ensure no slavery and human trafficking takes place in our supply chains.

We provide training to our staff to ensure a high level of understanding of the risks of modern slavery and human trafficking in our supply chains and our business.

Our effectiveness in combating slavery and human trafficking

The Act is relatively new and very few companies, including Crisil entities, have experience of seeking out, let alone detecting, slavery or trafficking among their own staff or among their suppliers. To date, Crisil entities are yet to detect or suspect that any Crisil entities or suppliers employ persons who may be enslaved or trafficked. Therefore, key performance indicators can be set only in respect of reasonable due diligence efforts once experience of the initial outputs of such exercises are collated and analysed. This statement is made pursuant to Section 54(1) of the Modern Slavery Act, 2015, and constitutes our slavery and human trafficking statement.

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to the Management of Crisil Limited

Crisil Limited (Corporate Identity Number L67120MH1987PLC042363, hereafter referred to as ‘Crisil’ or ‘the Company’) commissioned DNV Business Assurance India Private Limited (‘DNV’, ‘us’ or ‘we’) to undertake an independent assurance of the Company’s disclosures in Business Responsibility and Sustainability Report (hereafter referred as ‘BRSR’). The disclosures include BRSR Core indicators as per Annexure I and the rest non-financial disclosures in BRSR as per Annexure II of SEBI circular dated 12 July 2023.

Our Conclusion:

Reasonable level of Assurance- BRSR Core

Based on our review and procedures followed for reasonable level of assurance, DNV is of the opinion that, in all material aspects, the BRSR Core indicators (as listed in Annexure I of this statement) for 2024 are reported in accordance with reporting requirements outlined in Industry Standard on Reporting of BRSR Core.

Limited Level of Assurance- BRSR Report

On the basis of the assessment undertaken, nothing has come to our attention to suggest that the disclosures (as listed in Annexure I of this statement), do not properly adhere to the reporting requirements as per BRSR.

Scope of Work and Boundary

Our competence, and Independence

The scope of our engagement includes independent assurance of ‘BRSR Core’ (Ref: Annexure I of SEBI Circular) – Reasonable level of assurance and rest nonfinancial disclosures in BRSR (Ref: Annexure II of SEBI circular) – Limited Level of Assurance, for reporting period 01/01/2024 to 31/12/2024.

Boundary for reporting and reasonable level of assurance for BRSR core & limited level of assurance for non-core indicators covers the performance of Crisil’s operations across the globe that fall under the direct operational control of the Company’s Legal structure as brought out in the ‘Section A: General Disclosures13’ of BRSR.

Reporting Criteria and Standards

The disclosures have been prepared by Crisil in reference to:

Industry Standard on Reporting of BRSR Core Circular No.: SEBI/HO/CFD/CFDPoD-1/P/CIR/2024/177 dated Dec 20, 2024.
BRSR reporting guidelines (Annexure II) as per SEBI Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021, and incorporated as per Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023.
Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard.

Assurance Methodology/Standard and Level of Assurance

This assurance engagement has been carried out in accordance with DNV’s VeriSustain[TM] protocol, V6.0, which is based on our professional experience and international assurance practice, and on the principles of ISAE 3000 (revised) - Assurance Engagements other than Audits or Reviews of Historical Financial Information.

DNV conducted Reasonable Level of assurance for 9 BRSR Core attributes (Ref: Annexure I of SEBI circular); and Limited Level of assurance for rest Non-Financial indicators BRSR report (Ref: Annexure II of SEBI circular).

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DNV Headquarters, Veritasveien 1, P.O.Box 300, 1322 Høvik, Norway. Tel: +47 67 57 99 00. www.dnv.com DNV Business Assurance India Private Limited

Statement Number: DNV-2025-ASR-765834

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Basis of our conclusion

As part of the assurance process, a multi-disciplinary team of assurance specialists performed assurance work for selected sites of Crisil. We carried out the following activities:

BRSR Core Indicators – Reasonable level of Assurance	Rest non-financial disclosures in BRSR Report – Limited Level of Assurance
Reviewed the disclosures under BRSR Core, encompassing the framework for assurance consisting of a set of Key Performance Indicators (KPIs) under 9 ESG attributes. The Industry Standard on Reporting of BRSR Core used a basis of reasonable level of assurance.	Reviewed the disclosures under BRSR reporting guidelines. Our focus included general disclosures, management processes, principle wise performance (essential indicators, and leadership indicators) and any other key metrics specified under the reporting framework. The BRSR reporting format used a basis of limited level of assurance.
Evaluation of the design and implementation of key systems, processes and controls for collecting, managing and reporting the BRSR Core indicators. Assessment of operational control and reportingboundaries	Understanding the key systems, processes and controls for collecting, managing and reporting the non-financial disclosures in BRSR report. Understand and test, on a sample basis to evaluate adherence to the reporting principles.
Seek extensive evidence across all relevant areas, ensuring a detailed examination of BRSR Core indicators. Engaged directly with stakeholders to gather insights and corroborative evidence for each disclosed indicator.	Collect and evaluate documentary evidence and management representations supporting adherence to the reporting principles. We adopted a risk-based approach, that is, we concentrated our assurance efforts on the issues of high material relevance to the Company’s business and its keystakeholders.
DNV audit team conducted on-site audits for data testing and also, to assess the uniformity in reporting processes and also, quality checks at different locations of the Company. Sites for data testing and reporting system checks were selected based on the percentage contribution each site makes to the reported indicator, complexity of operations at each location (high/low/medium) and reporting system within the organization. Sites selected for audits are listed in Annexure II.	DNV audit team conducted on-site audits for corporate offices and sites. Sample based assessment of site-specific data disclosures was carried out. We were free to choose sites for conducting our assessment.

In both the cases, DNV teams conducted the:

Interviews with selected senior managers responsible for management of disclosures and review of selected evidence to support environmental KPIs and metrics disclosed the Report. We were free to choose interviewees and interviewed those with overall responsibility of monitoring, data collation and reporting the selected indicators.
Verification of the consolidated reported performance disclosures in context to the Principle of Completeness as per VeriSustain[TM] Protocol, V6.0 for both reasonable level and limited level of assurance for the disclosures.

Inherent Limitations

DNV’s assurance engagement assume that the data and information provided by the Company to us as part of our review have been provided in good faith, is true, complete, sufficient, and authentic, and is free from material misstatements. The assurance scope has the following limitations:

The assurance engagement considers an uncertainty of ±5% based on materiality threshold for estimation/measurement errors and omissions.
DNV has not been involved in evaluation or assessment of any financial data/performance of the company. DNV opinion on specific BRSR Core indicators (ref- for total revenue from operations; Principle 3, Question 1(c) of Essential Indicators for Spending on measures towards wellbeing of employees and workers – cost incurred as a % of total revenue of the company; Principle 8, Question 4 of Essential Indicators, Principle 1, Question 8 of Essential Indicators and Principle 1, Question 9 of Essential Indicators) relies on the third party audited financial reports of the Company. DNV does not take any responsibility of the financial data reported in the audited financial reports of the Company.
The assessment is limited to data and information within the defined Reporting Period. Any data outside this period is not considered within the scope of assurance.
Data outside the operations specified in the assurance boundary is excluded from the assurance, unless explicitly mentioned otherwise in this statement.
The assurance does not cover the Company's statements that express opinions, claims, beliefs, aspirations, expectations, aims, or future intentions. Additionally, assertions related to Intellectual Property Rights and other competitive issues are beyond the scope of this assurance.
The assessment does not include a review of the Company's strategy or other related linkages expressed in the Report. These aspects are not within the scope of the assurance engagement.
The assurance does not extend to mapping the Report with reporting frameworks other than those specifically mentioned. Any assessments or comparisons with frameworks beyond the specified ones are not considered in this engagement.
Aspects of the Report that fall outside the mentioned scope and boundary are not subject to assurance. The assessment is limited to the defined parameters.
The assurance engagement does not include a review of legal compliances. Compliance with legal requirements is not within the scope of this assurance, and the Company is responsible for ensuring adherence to relevant laws.

Statement Number: DNV-2025-ASR-765834

DNV Business Assurance India Private Limited

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Responsibility of the Company

The Management of Crisil has the sole responsibility for the preparation of the BRSR Report and is responsible for all information disclosed in the BRSR Core and BRSR Report. The company is responsible for maintaining processes and procedures for collecting, analyzing and reporting the information and also, ensuring the quality and consistency of the information presented in the Report. Crisil is also responsible for ensuring the maintenance and integrity of its website and any referenced BRSR disclosures on their website.

DNV’s Responsibility

In performing this assurance work, DNV’s responsibility is to the Management of the Company; however, this statement represents our independent opinion and is intended to inform the outcome of the assurance to the stakeholders of the Company. DNV disclaims any liability or co-responsibility for any decision a person or entity would make based on this assurance statement.

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Use and distribution of Assurance statement
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For DNV Business Assurance India Private Limited,

For DNV Business Assurance India Private Limited,	For DNV Business Assurance India Private Limited,
Parab, Ankita Digitally signed by Parab, Ankita Date: 2025.03.26 07:09:50 +05'30'	Sharma, Anjana Digitally signed by Sharma, Anjana Date: 2025.03.26 08:25:58 +05'30'
Ankita Parab Lead Verifier Sustainability Services, DNV Business Assurance India Private Limited, India.	Anjana Sharma Technical Reviewer Sustainability Services, DNV Business Assurance India Private Limited, India.
Assurance Team- Roshni Sarage, Suraiya Rahman, Syed Rameez

26/03/2025, Mumbai.

DNV Business Assurance India Private Limited

Statement Number: DNV-2025-ASR-765834

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Annexure I

1. BRSR Core Verified Data- for reasonable level of assurance

Sr. No.	Attribute	BRSR Core Parameter	Unit	Verified Value for 2024
1	Green-house gas (GHG) footprint Greenhouse gas emissions may be measured in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard*	Total Scope 1 emissions	MT of CO2e	750.58
		Total Scope 2 emissions	MT of CO2e	1,533.64
		Total Scope 1 and Scope 2 emission intensity per rupee of turnover	tCO2e/ Revenue from operations in INR Crore	0.7
		Total Scope 1 and Scope 2 emission intensity per rupee of turnover adjusted for PurchasingPower Parity (PPP)	tCO2e/ Revenue from operations adjusted for PPP	0.00000144
		Total Scope 1 and Scope 2 emission intensityin terms ofphysical output	kgCO2e/ total employee count	0.47
2	Water footprint*	Total water consumption	KL	20,880
		Water consumption intensity	Total water consumption in KL / Revenue from operations in INR Crore	6.4
			Total water consumption in KL / Revenue from operations adjusted for PPP	0.0000132
		Water intensity in terms of physical output	Total water consumption in KL/ total employee count	6.89
		Water Discharge by destination and levels of Treatment	KL	7,114
3	Energy footprint	Total energyconsumed	Gigajoules(GJ)	26,453.21
		% of energy consumed from renewable sources	In % terms	67%
		Energy intensity	Energy in GJ/ revenue from operations in INR Crore	8.11
			Energy in GJ/ revenue from operations adjusted to PPP	0.0000167
			Energyin GJ/ total employee count	5.46
4	Embracing circularity - details related to waste management by the entity	Plastic waste(A)	MT	1.34
		E-waste(B)	MT	3.24
		Bio-medical waste(C)	MT	0
		Construction and demolition waste(D)	MT	0.06
		Batterywaste(E)	MT	3.62
		Radioactive waste(F)	MT	0
		Other Hazardous Waste(G)- Lubricant oil	MT	0.04
		Other Non-Hazardous Waste (H) Metal, aluminum and steel Dryand wet waste	MT MT	0.23 113.75
		Total(A+B + C + D + E + F + G+ H)	MT	122.28
		Waste intensity per rupee of turnover from operations	Waste in kg/ revenue from operations in INR Crore	0.04
		Waste intensity per rupee of turnover adjusted for PurchasingPower Parity (PPP)	Waste in kg / revenue from operations adjusted to PPP	0.000000077
		Waste intensityin terms ofphysical output	Waste in kg/ total employee count	0.02
		total waste recovered through recycling, re- usingor other recoveryoperations
		(i)Recycled	MT	110.97
		(ii)Re-used	MT	-
		Total	MT	110.97
		total waste disposed by nature of disposal method
		(i)Incineration	MT	-
		(ii)Landfilling	MT	11.31
		(iii)Other disposal options	MT	-
		Total	MT	11.31
5	Enhancing Employee Wellbeing and Safety	Spending on measures towards well-being of employees and workers – cost incurred as a % of total revenue of the company (ExcludingWorkers)	In % terms	1.6%
		Details of safety related incidents for employees and workers (including contract- workforce e.g. workers in the company's construction sites)	Total recordable work-related injuries	1
			Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked)	0.16
			No. of fatalities	Nil
			High consequence work-related injury or ill-health (excluding fatalities)	NA considering nature of operations
6	Enabling Gender Diversity in Business	Gross wages paid to females as % of wages paid	In % terms	35.25%
		Complaints on PoSH	Total Complaints on Sexual Harassment (POSH)reported	2
			Complaints on PoSH as a % of female employees / workers	0.0009%
			Complaints on PoSH upheld	2
7	Enabling Inclusive Development	Input material sourced from following sources as % of totalpurchases and from	Directly sourced from MSMEs/ small producers	31.32%

DNV Business Assurance India Private Limited

Statement Number: DNV-2025-ASR-765834

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Page	5of5
		within India
			Sourced directlyfrom within India	74.27%
		Job creation in smaller towns – Wages paid to persons employed in smaller towns (permanent or non-permanent /on contract) as % of total wage cost	Location
			Rural	Nil
			Semi-urban	Nil
			Urban	8.74%
			Metropolitan	91.26%
8	Fairness in Engaging with Customers and Suppliers	Instances involving loss / breach of data of customers as a percentage of total data breaches or cyber securityevents	In % terms	Nil
		Number of days of accounts payable	(Accounts payable*365) / Cost of goods/servicesprocured	103
9	Open-ness of business	Concentration of purchases & sales done with trading houses, dealers, and related parties Loans and advances & investments with related parties	Purchases from trading houses as % of total purchases	2.79%
			Number of trading houses where purchases are made from	13
			Purchases from top 10 trading houses as % of totalpurchases from tradinghouses	99.9%
			Sales to dealers / distributors as % of total sales	0.05%
			Number of dealers / distributors to whom sales are made	5
			Sales to top 10 dealers / distributors as % of total sales to dealers / distributors	100%
			Share of RPTs(as respective %age)in
			Purchases	3%
			Sales	12%
			Loans & advances	Nil
			Investments	Nil

2. BRSR non-core- Limited level of assurance

Section A: General Disclosures- 20-a, b, 21, 22, 25

Section C: Principle Wise Performance Disclosure-

Principle 1: Essential Indicator 1, Leadership Indicator 1
Principle 3: Essential Indicator 1-a, 2, 5, 7, 8, 9, 12, 13, 14; Leadership Indicator 3, 5
• Principle 5: Essential Indicator 1, 2, 6, 10; Leadership Indicator 4
Principle 6: Essential Indicator 6, Leadership Indicator 1, 2**, 7
Principle 8: Leadership Indicator 6
Principle 9: Essential Indicator 3
The emission factors for fuel are sourced from the IPCC (Inter-governmental Panel on Climate Change) database. The emission factor considered for non-renewable purchased electricity is 0.727 tCO2e/MWh (as per CEA CO2 baseline database, version 20.0).

** In Scope 3 GHG emissions is calculated for Category 1, 2, 3, 4, 5, 6, and 7 as per GHG Protocol. Category 1 and 2 emissions are estimated following the spend-based method. Category 3 emissions are estimated using average data method. Category 4 and 6 emissions are estimated using the distance based and spend based method. Category 5 and 7 emissions are estimated using the average data method.

Annexure II – Sites selected for audits

S.no	Site	Location
1.	Corporate office	Crisil House, Mumbai
2.	Offices- on-site	Gurgaon Pune
3.	Offices- remote	Saki Vihar, Mumbai Argentina

DNV Business Assurance India Private Limited

Statement Number: DNV-2025-ASR-765834

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Financial Statements

157 Consolidated Financial Statements

226 Standalone Financial Statements

294 Notice

Mission-Critical Decisions, Made with Confidence.

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Independent Auditor’s Report

To the Members of Crisil Limited Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements of Crisil Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), as listed in Annexure 1, which comprise the Consolidated Balance Sheet as at 31 December 2024, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated financial statements, including a material accounting policy information and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate financial statements and on the other financial information of the subsidiaries and the branches of the holding company, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in India of the consolidated state of affairs of the Group as at 31 December 2024, and their consolidated profit (including other comprehensive income), consolidated cash flows and the consolidated changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained together with the audit evidence obtained by the other auditors in terms of their reports referred to in paragraph 15 of the Other Matters section below, is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

Key audit matters are those matters that, in our professional judgment and based on the consideration of the reports of the other auditors on separate financial statements of the subsidiaries and branches of the Holding Company, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter

Revenue recognition

The Group’s income from operations comprises of income from initial ratings and surveillance services, global research and risk solution services, customized research, special assignments and subscriptions to information products and services, revenue from initial public offering (IPO) grading services, independent equity research (IER) services, infrastructure advisory and risk management services. Refer Note 2.18 to the consolidated financial statements, for details of revenue recognized during the year.

How our audit addressed the key audit matter

Our audit of the recognition of contract revenue included, but was not limited to, the following:

Obtained an understanding of the revenue and receivable business process, and assessed the appropriateness of the revenue recognition policies adopted by the Group;
Evaluated key controls around the recognition of contract revenue. Tested the design, implementation and operating effectiveness of these identified key controls during the year and as at the year-end;

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Consolidated

Key audit matter

The application of the accounting standard is complex and is an area of focus in the audit, as it involved application of significant judgements and estimates relating to identification of distinct performance obligations, determination of transaction price of identified performance obligations, the appropriateness of the basis used to measure revenue recognized over a period. Additionally, the standard mandates robust disclosures in respect of revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date.

Due to the significance of the item to the financial statements, complexities involved and management judgement involved for ensuring appropriateness of accounting treatment, this matter has been identified as a key audit matter for the current year’s audit.

How our audit addressed the key audit matter

On a sample of contracts, tested the revenue recognition and our procedures included:
reviewing the contract terms and conditions;
evaluating the identification of performance obligations of the contract;
evaluating the appropriateness of management’s assessment of manner of satisfaction of performance obligations and consequent recognition of revenue; and
evaluating the reasonableness of the estimates involved in the recognition of revenue from initial rating and surveillance services including testing the calculation of fee allocation to rating and surveillance, in determining revenue from infrastructure advisory and risk management services in accordance with the percentage of completion etc.
Tested revenue recognition for cut-off transactions on sample basis to assess whether the timing of revenue recognition is appropriate; and
Evaluated the appropriateness and adequacy of the disclosures made in the accompanying consolidated financial statements for revenue recorded during the year with the relevant accounting standards under the Ind AS framework. This also included evaluating the completeness and accuracy of the information provided.
Assessed whether the disclosures provided sufficient information for users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.
Evaluated the adequacy of the disclosures related to the significant judgments and estimates made by management in applying the revenue recognition policies. This included assessing whether the Group provided sufficient information about the key judgments and estimates that could significantly affect the amount and timing of revenue recognition.

Information other than the Consolidated Financial Statements and Auditor’s Report thereon

The Holding Company’s Board of Directors are responsible for the other information. The other information comprises the information included in the Directors’ Report, but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Mission-Critical Decisions, Made with Confidence.

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Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The accompanying consolidated financial statements have been approved by the Holding Company’s Board of Directors. The Holding Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with the Ind AS specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in India. The Holding Company’s Board of Directors are also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of consolidated Ind AS financial statements. Further, in terms of the provisions of the Act the respective Board of Directors of the companies included in the Group covered under the Act are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial statements have been used for the purpose of preparation of the consolidated financial statements by the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those respective Board of Directors are also responsible for overseeing the financial reporting process of the companies included in the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Standards on Auditing specified under section 143(10) of the Act we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls;
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;

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Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern;
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation; and
Obtain sufficient appropriate audit evidence regarding the financial statements of the entities or business activities within the Group, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities included in the financial statements, of which we are the independent auditors. For the other entities included in the financial statements, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

We did not audit the financial statements of seven (7) subsidiaries, and two (2) branches whose financial statements reflects total assets of 10,373 lakhs as at 31 December 2024, total revenues of 11,479 lakhs and net cash outflows amounting to ` 513 lakhs for the year ended on that date, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and branches, and our report in terms of sub-section (3) of section 143 of the Act in so far as it relates to the aforesaid subsidiaries and branches, are based solely on the reports of the other auditors.

Further, of these subsidiaries, six (6) subsidiaries and two (2) branches, are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company’s management has converted the financial statements of such subsidiaries and branches located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company’s management. Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of such subsidiaries and branches located outside India, is based on the report of other auditors and branch auditors and the conversion adjustments

160 Annual Report 2024

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prepared by the management of the Holding Company and audited by us.

Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the above matters with respect to our reliance on the work done by and the reports of the other auditors and branch auditors.

We did not audit the financial information of one (1) subsidiary, whose financial information reflect total assets of 239 lakhs as at 31 December 2024, total revenues of 711 lakhs and net cash inflows amounting to ` 35 lakhs for the year ended on that date, as considered in the consolidated financial statements. This financial information is unaudited and have been furnished to us by the management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of the aforesaid subsidiary, is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the management, this financial information is not material to the Group.
Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the above matter with respect to our reliance on the financial information certified by the management.

Report on Other Legal and Regulatory Requirements

As required by section 197(16) of the Act based on our audit and on the consideration of the reports of the other auditors, referred to in paragraph 15, on separate financial statements of the subsidiaries, we report that the Holding Company and two (2) subsidiaries incorporated in India whose financial statements have been audited under the Act have paid remuneration to their respective directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act. Further, we report that one (1) subsidiary incorporated in India whose financial statements have been audited under the Act have not paid or provided for any managerial remuneration during the year. Accordingly, reporting under section 197(16) of the Act is not applicable in respect of such subsidiary.
As required by clause (xxi) of paragraph 3 of Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government of India in terms of section 143(11) of the Act based on the consideration of the Order reports issued by us and by the respective other auditors as mentioned in paragraph 15 above, of companies included in the consolidated financial statements for the year ended 31 December 2024 and covered under the Act we report.

Following are the adverse remarks reported by us in the Order reports of the companies included in the consolidated financial statements for the year ended 31 December 2024 for which such Order reports have been issued till date:

S. No.	Name	CIN	Holding Company / Subsidiary / Associate / Joint Venture	Clause number of the CARO report which isqualifed or adverse
1	Crisil Limited	L67120MH1987PLC042363	HoldingCompany	(i)(c)

As required by section 143(3) of the Act, based on our audit and on the consideration of the reports of the other auditors on separate financial statements and other financial information of the subsidiaries, incorporated in India whose financial statements have been audited under the Act, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the aforesaid consolidated financial statements;
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors;
c) The reports on the accounts of the branch offices of the Holding Company audited under section 143(8) of the Act by branch auditors have been sent to us and have been properly dealt with in preparing this report;
d) The consolidated financial statements dealt with by this report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements;
e) In our opinion, the aforesaid consolidated financial statements comply with Ind AS specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015;
f) On the basis of the written representations received from the directors of the Holding Company, and its subsidiaries and taken on record by the Board of

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Directors of the Holding Company, its subsidiaries, and the reports of the statutory auditors of its subsidiaries, covered under the Act, none of the directors of the Group companies, are disqualified as on 31 December 2024 from being appointed as a director in terms of section 164(2) of the Act.

g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Holding Company, and its subsidiaries, covered under the Act, and the operating effectiveness of such controls, refer to our separate report in ‘Annexure II’ wherein we have expressed an unmodified opinion; and
h) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate financial statements and other financial information of the subsidiaries incorporated in India whose financial statements have been audited under the Act:
i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group, its associates and joint ventures as detailed in note 37 to the consolidated financial statements;
ii. The Holding Company and its subsidiaries, did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 December 2024;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company, and its subsidiaries during the year ended 31 December 2024;
iv. a. The respective managements of the Holding Company and its subsidiaries, incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries respectively that, to the best of their knowledge and belief, as disclosed in note 44(viii) to the consolidated financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or

any other sources or kind of funds) by the Holding Company or its subsidiaries, to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Holding Company, or any such subsidiaries, associates and joint ventures (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b. The respective managements of the Holding Company and its subsidiaries, incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries, that, to the best of their knowledge and belief, as disclosed in the note 44(ix) to the accompanying consolidated financial statements, no funds have been received by the Holding Company or its subsidiaries, from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Holding Company, or any such subsidiaries, associates and joint ventures shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c. Based on such audit procedures performed by us and that performed by the auditors of the subsidiaries, as considered reasonable and appropriate in the circumstances, nothing has come to our or other auditors’ notice that has caused us or the other auditors to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The interim dividend declared and paid by the Holding Company and its subsidiaries during the year ended 31 December 2024 is in compliance with section 123 of the Act.

162 Annual Report 2024

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The final dividend paid by the Holding Company during the year ended 31 December 2024 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

As stated in note 43 to the accompanying consolidated financial statements, the Board of Directors of the Holding Company have proposed final dividend for the year ended 31 December 2024 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

January 2024, have used an accounting and contract management software for maintaining their books of account which have a feature of recording audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we and respective auditors of the above referred subsidiaries did not come across any instance of audit trail feature being tampered with.

For Walker Chandiok & Co LLP

Chartered Accountants Firm’s Registration No.: 001076N/N500013

vi. Based on our examination which included test checks and that performed by the respective auditors of the subsidiaries of the Holding Company which are companies incorporated in India and audited under the Act, the Holding Company and it subsidiaries, in respect of financial year(s) commencing on or after 1

Manish Gujral

Partner Membership No.: 105117 UDIN: 25105117BMOLIV4433

Place: Mumbai Date: 10 February 2025

Annexure 1

List of entities included in the Statement

Crisil lrevna UK Limited
Crisil lrevna US LLC
Crisil lrevna Poland Sp.Z.oo.
Crisil lrevna Information Technology (Hangzhou) Co. Ltd.
Coalition Development Limited
Coalition Development Singapore Pte. Ltd.
Crisil lrevna Argentina S.A
Crisil Ratings Limited
Greenwich Associates LLC (Merged with Crisil lrevna US LLC, w.e.f. 1 April 2023)
Greenwich Associates Singapore Pte. Limited
Greenwich Associates Japan K. K.
Greenwich Associates Canada, ULC (Winded up, w.e.f. 31 July 2023)
Greenwich Associates UK Limited
Crisil lrevna Information Technology Colombia SAS (w.e.f. 25 October 2023)
Crisil lrevna Australia Pty Ltd.
Peter Lee Associates Pty Limited (w.e.f. 17 March 2023) (Merged with Crisil lrevna Australia Pty Ltd., w.e.f. 2 December 2024)
Bridge to India Private Limited (w.e.f. 30 September 2023)
Crisil ESG Ratings and Analytics Limited (w.e.f. 26 September 2023)
Crisil Limited - Dubai Branch, Dubai (U.A.E.)
Crisil Limited - Cambodia Branch

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Annexure II

Annexure II to the Independent Auditor’s Report of even date to the members of Crisil Limited on the consolidated financial statements for the year ended 31 December 2024

Independent Auditor’s Report on the internal financial controls with reference to financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act’)

In conjunction with our audit of the consolidated financial statements of Crisil Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), as at and for the year ended 31 December 2024, we have audited the internal financial controls with reference to financial statements of the Holding Company and its subsidiary companies, which are companies covered under the Act, as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The respective Board of Directors of the Holding Company and its subsidiary companies, which are companies covered under the Act, are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to Consolidated Financial Statements criteria established by the respective Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (‘Guidance Note’) issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Company’s business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor’s Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements

Our responsibility is to express an opinion on the internal financial controls with reference to financial
statements of the Holding Company and its subsidiary companies, as aforesaid, based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements, and the Guidance Note issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements includes obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained {and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matter(s) paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to financial statements of the Holding Company, its subsidiary companies, as aforesaid.

Meaning of Internal Financial Controls with Reference to Financial Statements

A company’s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with

164 Annual Report 2024

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generally accepted accounting principles. A company’s internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and based on the consideration of the reports of the other auditors on internal financial controls with reference to financial statements of the subsidiary companies, the Holding Company and its subsidiary companies, which are companies covered under the Act, have in all material respects, adequate internal financial controls with reference
to financial statements and such controls were operating effectively as at 31 December 2024, based on the internal financial controls with reference to Consolidated Financial Statements criteria established by the respective Companies considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

Other Matter

We did not audit the internal financial controls with reference to financial statements in so far as it relates to one (1) subsidiary, which are companies covered under the Act, whose financial statements reflect total assets of 200 lakhs and net assets of 147 lakhs as at 31 December 2024, total revenues of 300 lakhs and net cash outflows amounting to 110 lakhs for the year ended on that date, as considered in the consolidated financial statements. The internal financial controls with reference to financial statements in so far as it relates to such subsidiary companies have been audited by other auditor whose reports have been furnished to us by the management and our report on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements for the Holding Company and its subsidiary company, as aforesaid, under Section 143(3)(i) of the Act in so far as it relates to such subsidiary company, is based solely on the reports of the auditors of such company. Our opinion is not modified in respect of this matter with respect to our reliance on the work done by and on the report of the other auditors.

For Walker Chandiok & Co LLP

Chartered Accountants Firm’s Registration No.: 001076N/N500013

Manish Gujral

Partner Membership No.: 105117 UDIN: 25105117BMOLIV4433

Place: Mumbai Date: 10 February 2025

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Consolidated

Consolidated Balance Sheet

as at December 31, 2024

==> picture [490 x 458] intentionally omitted <==

----- Start of picture text -----

( C lakh)
Particulars Notes As at As at
December 31, 2024 December 31, 2023
ASSETS
1. Non-current assets
(a) Property, plant and equipment 3 16,003 4,446
(b) Right of use assets 4 28,262 5,529
(c) Goodwill 5 42,464 42,080
(d) Other intangible assets 6 10,834 11,409
(e) Intangible assets under development 7 5,375 3,086
(f) Capital Work-in-progress 8 85 -
(g) Financial assets
i. Investments 9 38,966 27,813
ii. Other fnancial assets 10 1,808 1,406
(h) Deferred tax assets (net) 11 7,641 8,573
(i) Tax assets (net) 12 24,847 16,477
(j) Other non-current assets 13 3,623 905
Total non-current assets 1,79,908 1,21,724
2. Current assets
(a) Financial assets
i. Investments 9 1,06,441 77,800
ii. Trade receivables 14 54,979 67,238
iii. Cash and cash equivalents 15 30,191 36,612
iv. Bank balances other than (iii) above 16 254 378
v. Loans 17 617 388
vi. Other fnancial assets 18 4,238 3,606
(b) Other current assets 19 17,550 21,993
Total current assets 2,14,270 2,08,015
TOTAL ASSETS 3,94,178 3,29,739
EQUITY AND LIABILITIES
1. Equity
(a) Equity share capital 20 731 731
(b) Other equity 2,55,751 2,18,195
Total equity 2,56,482 2,18,926
Liabilities
2. Non-current liabilities
(a) Financial liabilities
i. Lease liabilities 40 20,157 3,076
ii. Other fnancial liabilities 22 3,982 4,702
(b) Provisions 23 4,382 4,040
(c) Other non-current liabilities 24 - 19
Total non-current liabilities 28,521 11,837
3. Current liabilities
(a) Financial liabilities
i. Lease liabilities 40 4,843 1,656
ii. Trade payables 25
- Total outstanding dues of micro enterprises and small enterprises 397 1,064
- Total outstanding dues of creditors other than micro enterprises and 18,141 13,192
small enterprises
iii. Other fnancial liabilities 26 41,444 36,279
(b) Other current liabilities 27 32,690 36,287
(c) Provisions 28 11,495 10,109
(d) Tax liabilities (net) 29 165 389
Total current liabilities 1,09,175 98,976
TOTAL EQUITY AND LIABILITIES 3,94,178 3,29,739
Summary of material accounting policies 2
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The accompanying notes are an integral part of the consolidated financial statements. This is the consolidated balance sheet referred to in our audit report of even date.

For Walker Chandiok & Co LLP

For and on behalf of the Board of Directors of Crisil Limited

Chartered Accountants Firm Registration No.:001076N/N500013

Manish Gujral Partner Membership No.: 105117

Place: Mumbai Date: February 10, 2025

Yann Le Pallec

Chairman [DIN: 05173118]

Dinesh Venkatasubramanian Chief Financial Officer

Place: Guwahati Date: February 10, 2025

Amish Mehta Managing Director & Chief Executive Officer [DIN: 00046254]

Minal Bhosale Company Secretary

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Mission-Critical Decisions, Made with Confidence.

==> picture [93 x 33] intentionally omitted <==

Consolidated Statement of Profit and Loss

for the year ended December 31, 2024

==> picture [489 x 456] intentionally omitted <==

----- Start of picture text -----

( C lakh)
Particulars Notes Year ended Year ended
December 31, 2024 December 31, 2023
Income
Revenue from operations 30 3,25,978 3,13,952
Other income 31 8,964 9,364
Total income 3,34,942 3,23,316
Expenses
Employee benefits expense 32 1,76,509 1,74,777
Finance costs 33 403 366
Depreciation and amortisation expenses 3, 4 & 6 6,995 10,378
Other expenses 34 58,388 51,025
Total expenses 2,42,295 2,36,546
Profit before tax 92,647 86,770
Tax expense/ (credit) 11
Current tax 22,728 22,313
Deferred tax 1,512 (1,387)
Total tax expense 24,240 20,926
Profit after tax for the year 68,407 65,844
Other comprehensive (income)/expense (OCI)
A. Items that will be reclassified to profit or loss:
- Exchange differences in translating the financial statements of a (979) 1,225
foreign operation
- The effective portion of gain and loss on hedging instruments in a cash 877 (1,717)
flow hedge
- Tax effect on above (221) 432
B. Items that will not be reclassified to profit or loss:
- Remeasurements of the defined benefit plans 482 115
- Equity instruments through other comprehensive income (11,154) (8,735)
- Tax effect on above (338) (100)
Total other comprehensive (income)/ loss net of tax for the year (11,333) (8,780)
Total comprehensive income for the year 79,740 74,624
Profit attributable to:
Owners of the Company 68,407 65,844
Non-controlling interest - -
Total comprehensive income attributable to:
Owners of the Company 79,740 74,624
Non-controlling interest - -
Earnings per share : Nominal value of J 1 per share 47
Basic 93.55 90.08
Diluted 93.55 90.07
Summary of material accounting policies 2
----- End of picture text -----

The accompanying notes are an integral part of the consolidated financial statements. This is the consolidated statement of profit and loss referred to in our audit report of even date

For Walker Chandiok & Co LLP

For and on behalf of the Board of Directors of Crisil Limited

Chartered Accountants

Firm Registration No.:001076N/N500013

Manish Gujral Partner Membership No.: 105117

Place: Mumbai Date: February 10, 2025

Yann Le Pallec Chairman [DIN: 05173118]

Dinesh Venkatasubramanian Chief Financial Officer

Place: Guwahati Date: February 10, 2025

Amish Mehta

Managing Director & Chief Executive Officer [DIN: 00046254]

Minal Bhosale

Company Secretary

167

Annual Report 2024

Consolidated

Consolidated Statement of Cash Flow

for the year ended December 31, 2024

==> picture [489 x 610] intentionally omitted <==

----- Start of picture text -----

( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
A. Cash flow from operating activities:
Profit before tax 92,647 86,770
Adjustments for :
Depreciation and amortisation expenses 6,995 10,378
Interest income on financial assets carried at amortised cost (193) (256)
Modification/ waiver of lease rent (7) (148)
Exchange (gain)/ loss on translation of assets and liabilities 962 (3,274)
Unrealised foreign exchange (gain)/ loss (410) 1,435
Profit on sale of property, plant and equipment (36) (314)
Profit on sale of current investments (3,090) (1,779)
Gain on fair valuation of current investments (3,088) (1,833)
Provision for doubtful trade receivables 58 62
Provision on other financial assets - 23
Excess provision written back (21) -
Interest on bank deposits (598) (619)
Share based payment to employees - 1
Dividend on investments (472) (839)
Finance costs 403 366
Other interest income (7) (7)
Operating profit before working capital changes 93,143 89,966
Movements in working capital
(Increase)/decrease in trade receivables 12,591 6,093
(Increase)/decrease in loans (229) (65)
(Increase)/decrease in other financial assets (2,869) (494)
(Increase)/decrease in other assets 2,538 (5,357)
Increase/(decrease) in trade payables 4,299 17
Increase/(decrease) in provisions 1,236 2,254
Increase/(decrease) in other financial liabilities 727 5,476
Increase/(decrease) in other liabilities (3,593) 4,563
Cash generated from operations 1,07,843 1,02,453
Taxes paid, net (31,337) (24,420)
Net cash generated from operating activities - (A) 76,506 78,033
B. Cash flow from investing activities :
Purchase of property, plant and equipment and intangible assets (17,316) (6,294)
Proceeds from sale of property, plant and equipment and intangible assets 214 383
Investments in mutual funds (1,02,216) (90,505)
Sales proceeds from investments in mutual funds 79,753 65,581
Investment in subsidiaries (54) (3,274)
Other interest income 7 7
Interest on bank deposits 608 592
Fixed deposits with maturity more than three months (placed)/ matured (net) (98) (2)
Dividend on investments 472 839
Net cash used in investing activities - (B) (38,630) (32,673)
C. Cash flow from financing activities :
Receipts from allotment of shares and share application money 242 920
Dividend paid (42,412) (35,816)
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==> picture [93 x 33] intentionally omitted <==

Consolidated Statement of Cash Flow

for the year ended December 31, 2024

==> picture [489 x 225] intentionally omitted <==

----- Start of picture text -----

( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Principal payment of lease liabilities (1,609) (5,506)
Finance cost paid towards lease liabilities (403) (366)
Net cash used in financing activities - (C) (44,182) (40,768)
Net (decrease)/ increase in cash and cash equivalents (A+B+C) (6,306) 4,592
Add / (less) : Adjustment towards acquisition - (D) - 419
Net (decrease)/ increase in cash and cash equivalents (A+B+C+D) (6,306) 5,011
Cash and cash equivalents - Opening balance 36,612 31,925
Add : Exchange difference on translation of foreign currency cash and cash equivalents (115) (324)
Cash and cash equivalents - Closing balance 30,191 36,612
Net (decrease)/ increase in cash and cash equivalents (6,306) 5,011
Components of cash and cash equivalents (refer to note 15):
Cash on hand 3 3
Balances with banks on current account 14,775 14,952
Deposits with original maturity of less than three months 15,413 21,657
Total 30,191 36,612
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Reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities

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( C lakh)
Particulars As at December 31, 2024 As at December 31, 2023
Lease liabilities Total Lease liabilities Total
Balance at the beginning of the year 4,732 4,732 8,346 8,346
Changes from financing cash flows
Repayment of lease liabilities - principal portion (1,609) (1,609) (5,506) (5,506)
Payment of interest on lease liabilities (403) (403) (366) (366)
Total changes from financing cash flows (2,012) (2,012) (5,872) (5,872)
Other changes
New leases net off closures/disposals 21,877 21,877 1,892 1,892
Interest expense on lease liabilities 403 403 366 366
Total changes 22,280 22,280 2,258 2,258
Balance at the end of the year 25,000 25,000 4,732 4,732
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‘-*’ in amounts column denote amount less than C 50,000

The accompanying notes are an integral part of the consolidated financials statements. This is the consolidated statement of cash flow referred to in our audit report of even date

For Walker Chandiok & Co LLP

For and on behalf of the Board of Directors of Crisil Limited

Chartered Accountants

Firm Registration No.:001076N/N500013

Manish Gujral Partner Membership No.: 105117

Place: Mumbai Date: February 10, 2025

Yann Le Pallec Chairman [DIN: 05173118]

Dinesh Venkatasubramanian Chief Financial Officer

Place: Guwahati Date: February 10, 2025

Amish Mehta

Managing Director & Chief Executive Officer [DIN: 00046254]

Minal Bhosale Company Secretary

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lakh) lakh) lakh) 242 - (14) -
( C ( C ( C 68,407 11,333
Total 2,18,195 (20,473) (21,939) 2,55,751
Hedge reserve 7 - - - (656) - - - - (649)
731 731 Currency fluctuation reserve (826) - - - 979 - - - - 153
income (OCI) - - - - - - -
Balance as at December 31, 2024 Balance as at December 31, 2023
Equity (16,673) 11,371 (5,302)
Items of other comprehensive
instruments through OCI
Retained earnings 1,82,010 68,407 - - (361) (20,473) (21,939) (14) - 2,07,630
Share- based payment reserve 3,022 - - - - - - - (84) 2,938
- - General reserve 14,115 - - - - - - - - 14,115
Securities premium 36,478 - 277 - - - - - 84 36,839
Changes in equity share capital during the year Changes in equity share capital during the year Reserves & Surplus
Capital redemption reserve 27 - - - - - - - - 27
50,000. C Share application money pending allotment 35 - (35) - - - - - - -
731 731
Balance as at January 1, 2024 Balance as at January 1, 2023
for the year ended December 31, 2024 A. Equity Share Capital (refer to note 20) ‘-’ in amounts columns denote amounts less than B. Other equity (refer to note 21) Particulars Balance as at January 1, 2024 Profit for the year Allotment of shares Additions during the year Other comprehensive income Final dividend (refer to note 43) Interim dividend (refer to note 43) Application of Ind AS in Bridge to India Energy Private Limited Exercise of stock option Balance as at December 31, 2024
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Total	Total	1,78,467	65,844	885	35	8,780	(16,808)	(19,008)	-	2,18,195
Items of other comprehensive income (OCI)	Hedge reserve	(25,479) 399 (1,278)	- - -	- - -	- - -	8,806 (1,225) 1,285	- - -	- - -	- - -	(16,673) (826) 7
	Currency fuctuation reserve
	Equity instruments through OCI
Reserves & Surplus	Retained earnings	Balance as at January 1, 2023 4 27 35,328 14,115 3,283 1,52,068	Proft for the year - - - - - 65,844	Allotment of shares (4) - 889 - - -	Additions during the year 35 - - - - -	Other comprehensive income - - - - - (86)	Final dividend (refer to note 43) - - - - - (16,808)	Interim dividend (refer to note 43) - - - - - (19,008)	Exercise of stock option - - 261 - (261) -	Balance as at December 31, 2023 35 27 36,478 14,115 3,022 1,82,010
	Share- based payment reserve
	General reserve
	Securities premium
	Capital redemption reserve
	Share application money pending allotment
Particulars

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Summary of material accounting policies and other explanatory information to the consolidated financial statements as at and for the year ended December 31, 2024

1. Corporate information

Crisil Limited (‘the Company’ or ‘Crisil’ or ‘Parent’) (CIN: L67120MH1987PLC042363) and its subsidiaries (collectively referred to as ‘the Group’) is a globallydiversified analytical Company providing ratings, research, risk and policy consulting services. We are India’s leading ratings agency and the foremost provider of high-end research to the world’s largest banks and leading corporations. We deliver analysis, opinions, and solutions that make markets function better.

Crisil Limited is a public limited company, domiciled in India. The registered office of the Company is located at Crisil House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. The equity shares of the Company are listed on recognised stock exchanges in India-the Bombay Stock Exchange and the National Stock Exchange.

S&P Global Inc. the ultimate Holding Company, through its subsidiaries owned 66.64% as on December 31, 2024 of the Company’s equity share capital. (refer to note 20).

These consolidated financial statements for the year ended December 31, 2024 were approved by the Board of Directors on February 10, 2025.

the ability to direct relevant activities, those which significantly affect the entity’s returns. In assessing control, potential voting rights are considered only if the rights are substantive. The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. For the purpose of preparing these consolidated financial statements, the accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Company.

Transactions eliminated on consolidation:

The financial statements of the Group Companies are consolidated on a line-by-line basis and all intragroup balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in full while preparing these consolidated financial statements.

Functional and presentation currency:

These consolidated financial statements are presented in Indian rupees, which is the functional currency of the parent company. All financial information is presented in rounded to the nearest lakh, except when otherwise indicated.

2.3 Basis of preparation

2. Summary of material accounting policies

2.1 Statement of compliance

These consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.

These consolidated financial statements have been prepared under the historical cost convention on an accrual basis, except for certain financial instruments which are measured at fair value at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services on the transaction date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

2.2 Basis of consolidation

The Company consolidates all entities which are controlled by it. The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as disclosed in note 2.6. Control exists when the Company has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give

The consolidated financial statements have been prepared on going concern basis. The accounting policies are applied consistently to all the periods presented in the consolidated financial statements.

All the assets and liabilities have been classified as current or non-current as per the Group’s normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of

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products and time between the acquisition of assets for processing and their realization in cash or cash equivalents, the Group has ascertained its operating cycle as twelve months for the purpose of current / non-current classification of assets and liabilities.

2.4 Use of estimates and judgements

The preparation of the consolidated financial statements in conformity with Ind AS requires the management to make estimates, judgements and assumptions that affect the reported balances of assets and liabilities (including contingent liabilities) as at the date of the consolidated financial statements and the reported income and expenses for the years presented. Application of accounting policies that require critical accounting estimates involving complex and subjective judgements and the use of assumptions in these consolidated financial statements have been disclosed below. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements.

Estimates and assumptions are required in particular for:

Useful life and residual value of property, plant and equipment (PPE) and intangible assets
Useful lives of PPE and intangible assets are based on the life prescribed in Schedule II of the Companies Act, 2013. In cases, where the useful lives are different from that prescribed in Schedule II, they are based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers’ warranties and maintenance support. Assumptions also need to be made, when the Group assesses, whether an asset may be capitalised and which components of the cost of the asset may be capitalised.
Goodwill impairment
The Group estimates the value in use of the cash generating unit (CGU) based on the future cash flows after considering current economic

conditions and trends, estimated future operating results and anticipated future economic and regulatory conditions.

Goodwill is tested for impairment, relying on a number of factors including operating results, business plans and future cash flows. Calculating the future net cash flows expected to be generated to determine if impairment exists and to calculate the impairment involves significant assumptions, estimation and judgment. The estimated cash flows are prepared using internal forecasts.

Leases
Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to the Group’s operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.
Revenue recognition
Revenue from rendering of services is recognised when the obligation to render services based on agreements/arrangements with the customers are satisfied and when there are no longer any unfulfilled obligations. The performance obligations in our contracts are fulfilled at the time of delivery or upon formal customer acceptance depending on customer terms. Revenue is only recognised to the extent that it is highly probable a significant reversal will not occur.

The Group exercises judgement in determining whether the performance obligation is satisfied at a point in time or over a period of time. The Group considers indicators such as how customer consumes benefits as services are rendered or who controls the asset as it is being created or

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existence of enforceable right to payment for performance to date and alternate use of such product or service, transfer of significant risks and rewards to the customer, acceptance of delivery by the customer, etc.

Revenue for fixed-price contract is recognised using percentage-of-completion method. The Group uses judgement to estimate the future cost-to-completion of the contracts which is used to determine the degree of completion of the performance obligation.

Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. As actuarial valuation involves making various assumptions that may be different from the actual development in the future, key actuarial assumptions include discount rate, trends in salary escalation, attrition and mortality rate. The discount rate is determined by reference to market yields at the end of the reporting period on government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligations.

Valuation of taxes on income

Significant judgments are involved in determining the provision for income taxes, including the amount expected to be paid or recovered in connection with uncertain tax positions. Uncertain tax position is with regards to items of expense or transaction that may be challenged by tax authorities. The Group reviews the carrying amount of deferred tax assets at the end of each reporting period. The policy for the same has been explained under note 2.23.

Provisions and contingent liabilities

Provision is recognised when the Group has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions (excluding retirement obligations and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation as at the

Balance Sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates.

Contingent liabilities are disclosed in respect of possible obligations that arise from past events, but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group.

Business combinations and intangible assets
Business combinations are accounted for using Ind AS 103, Business Combinations. Ind AS 103 requires the identifiable intangible assets and contingent consideration to be fair valued in order to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets. These valuations are conducted by valuation experts.
Impairment of financial assets

The impairment provision for financial assets disclosed are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

Share-based payments
Estimating fair value for share-based payments requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. The estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the option, volatility and dividend yield and making assumptions about them.

2.5 Cash flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments and item of income or expenses associated with investing or financing cash flows. Cash flow from operating, investing and financing activities are segregated.

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2.6 The consolidated financial statements represent consolidation of accounts of the Company, its subsidiaries as detailed below:

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Name of the entities Country of Ownership in % either directly or
incorporation through subsidiaries
December 31, December 31,
2024 2023
Crisil Ratings Limited India 100% 100%
Crisil ESG Ratings & Analytics Limited (refer to note 45.2) India 100% 100%
Bridge To India Energy Private Limited (refer to note 45.1) India 100% 100%
Crisil Irevna UK Limited United Kingdom 100% 100%
Crisil Irevna US LLC (refer to note 45.3) United States of America 100% 100%
Crisil Irevna Argentina S.A. Argentina 100% 100%
Crisil Irevna Poland Sp.zo.o. Poland 100% 100%
Coalition Development Limited United Kingdom 100% 100%
Coalition Development Singapore Pte Limited Singapore 100% 100%
Crisil Irevna Information Technology (Hangzhou) Co., Ltd China 100% 100%
Crisil Irevna Australia Pty Ltd Australia 100% 100%
Crisil Irevna Information Technology Colombia SAS Columbia 100% 100%
(refer to note 45.5)
Peter Lee Associates Pty. Limited (refer to note 45.4) Australia 100% 100%
Greenwich Associates Singapore PTE. LTD. Singapore 100% 100%
Greenwich Associates Japan K.K. Japan 100% 100%
Greenwich Associates UK Limited United Kingdom 100% 100%
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2.7 Property, plant and equipment

Property, plant and equipment (PPE) are measured at cost less accumulated depreciation and impairment losses, if any. Amount capitalised under property, plant and equipment includes purchase price, duties and taxes, other incidental expenses incurred during the construction / installation stage. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss on disposal of an item of property, plant and equipment is recognised in the statement of profit and loss.

Capital work in progress comprises of the cost of PPE that are not ready for their intended use as of balance sheet date.

changes in circumstances indicate that the asset may be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Other intangible assets are carried at cost less accumulated amortisation and impairment losses, if any. The cost of an intangible asset comprises of its purchase price, including any import duties and other taxes (other than those subsequently recoverable from the taxing authorities), and any directly attributable expenditure on making the asset ready for its intended use. Intangible assets arising on acquisition of business are measured at fair value as at date of acquisition. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. The amortisation expense on intangible assets with finite life is recognised in the statement of profit and loss under the head ‘Depreciation and amortisation expense’.

2.8 Goodwill and other intangibles assets

Goodwill is not amortised but it is tested for impairment annually or more frequently if events or

Expenditure on development eligible for capitalisation are carried as intangible assets under development where such assets are not yet ready for their intended use.

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An intangible asset is derecognised upon disposal or when no future economic benefits are expected from its use. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and loss when the asset is derecognised.

2.9 Depreciation and amortisation

Based on internal assessment and independent technical evaluation carried out by external valuers the management believes that the useful lives as given below best represent the period over which management expects to use these assets. Hence in certain class of assets, the useful lives is different from the useful lives prescribed under Part C of Schedule II of the Companies Act, 2013. Depreciation/amortisation is provided on a straight-line basis so as to expense the cost less residual value over their estimated useful lives.

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Type of asset Estimated Useful Life
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Type of asset	Estimated Useful Life
Buildings	20years
Furniture and fxtures	4 to 16years
Offce equipment	3 to 10years
Computers	3years
Vehicles	3years
Customer relationship	3 to 12years
Technology	5years
Brand	8 to 20years
Database	3 to 5years
Tradename	7years
Platform	5years
Software	1 to 3years

The estimated useful lives of PPE and intangible assets as well as the depreciation and amortisation period are reviewed at the end of each financial year and the depreciation and amortisation method is revised to reflect the changed pattern, if any.

Leasehold improvements are amortised over the lease term or useful life of the asset, whichever is lower.

2.10 Impairment

a) Impairment of non-financial assets
(i) Goodwill

Goodwill is tested for impairment on an annual basis or whenever there is an indication that goodwill may be impaired. For goodwill impairment testing, the carrying

amount of the CGUs (including allocated goodwill) is compared with its recoverable amount by the Group. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Valuein-use is the present value of the future cash flows expected to be derived from the CGU. Total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU prorata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised in the statement of profit and loss and is not reversed in the subsequent period.

(ii) Other non financial assets

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/ external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount in the statement of profit and loss. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) has no impairment loss been recognised for the asset in the prior years. An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s (CGU) net selling price and its value in use.

The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Value in use is the present value of an asset calculated by estimating its net future value including the disposal value. In determining net selling price, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used.

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After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

Goodwill is measured at cost less accumulated impairment loss.

2.12 Leases

b) Impairment of financial assets

In accordance with Ind-AS 109, the Group applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:
i) Financial assets that are measured at amortised cost e.g., loans, deposits, and bank balance.
ii) Trade receivables.

The Group follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables which do not contain a significant financing component. The application of simplified approach does not require the Group to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date.

For all other financial assets, ECL is measured at an amount equal to the twelve month ECL unless there has been a significant increase in credit risk from the initial recognition in which case those are measured at lifetime ECL.

2.11 Business combinations

Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103. The acquisition date is the date on which control is transferred to the acquirer. The Group measures goodwill as of the applicable acquisition date at the fair value of the consideration transferred, less the net recognised amount of the identifiable assets acquired and liabilities (including contingent liabilities) acquired.

When the fair value of the net identifiable assets acquired and liabilities acquired exceeds the consideration transferred, a bargain purchase gain is recognised as capital reserve. Business combinations between entities under common control is accounted at carrying value.

Transaction cost that the Group incurs in connection with business combinations such as finder fees, legal fees and other professional and consulting fees are expensed as incurred.

The Group’s lease assets consists of office premises. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:

(i) the contract involves the use of an identified asset
(ii) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and
(iii) the Group has the right to direct the use of the asset

Where the Group is a lessee

The Group determines the lease term as the noncancellable period of a lease, together with periods covered by an option to extend the lease, where the Group is reasonably certain to exercise that option.

At the date of commencement of the lease, the Group recognises a right of use asset and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and leases of low value assets. For these short-term and leases of low value assets, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.

The cost of the right of use asset measured at inception shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located.

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assets is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right of use asset. The estimated useful lives of right of use assets are determined on the same basis as those of property, plant and equipment.

Right of use assets are tested for impairment whenever there is any indication that their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in the statement of profit and loss.

The Group measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses incremental borrowing rate.

The lease payments shall include fixed payments, variable lease payments based on an index or rate, residual value guarantees, exercise price of a purchase option where the Group is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.

The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments.

Lease liability and right of use assets have been presented separately in the Balance Sheet and lease payments are classified as cash used in financing activities in the statement of cash flows.

2.13 Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.14 Fair value of financial instruments

In determining the fair value of the financial instruments the Group uses variety of methods and assumptions that are based on market conditions and risk existing at each reporting date. The method used to determine the fair value includes discounted cash flow analysis, available quoted market prices and dealer

quotes. All method of assessing fair value results in general approximation of value and such value may never actually be realised. For all other financial instruments the carrying amounts approximates fair value due to short term maturity of those instruments.

2.15 Financial instruments

Initial recognition

The Group recognises financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognised at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

Subsequent measurement

a) Non-derivative financial instruments
(i) Financial assets carried at amortised cost A financial asset is subsequently measured at amortised cost if it is held with in a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For financial assets maturing within one year from the balance sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.
(ii) Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is subsequently measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

If the Group decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding

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dividends, are recognized in the other comprehensive income. There is no recycling of the amounts from other comprehensive income (OCI) to profit and loss, even on sale of investment. However, the Group may transfer the cumulative gain or loss within equity.

(iii) Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.

(iv) Financial liabilities

Financial liabilities are subsequently carried at amortised cost using the effective interest method, except for contingent consideration recognised in a business combination which is subsequently measured at FVTPL. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

b) Derivative financial instruments

The Group uses derivative financial instruments i.e. foreign exchange forward and options contracts to manage its exposure to foreign exchange risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

The Group uses hedging instruments that are governed by the policies of the Group.

(i) Cash flow hedges

criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in the cash flow hedging reserve is transferred to the statement of profit and loss upon the occurrence of the related forecasted transaction.

(ii) Receivable hedge

Changes in fair value of foreign currency derivative instruments not designated as cash flow hedges and the ineffective portion of cash flow hedges are recognised in the statement of profit and loss and reported within foreign exchange gains/(losses).

Derecognition of financial instruments

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. The changes in fair value of equity investments designated at FVTOCI are accumulated within ‘Equity instruments at OCI’ reserve within equity. The Group transfers amounts from this reserve to retained earnings when these equity instruments are derecognised. A financial liability (or a part of a financial liability) is derecognised from the Group’s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

2.16 Provision, contingent liabilities and contingent assets:

A provision is recognised when the Group has a present obligation (legal or constructive) as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingent liabilities are disclosed for:

(i) possible obligations which will be confirmed only by future events not wholly within the control of the Group or

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(ii) present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are disclosed where an inflow of economic benefits is probable.

2.17 Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprises of cash at bank, cash on hand and shortterm investments with an original maturity of three months or less.

2.18 Revenue recognition

Income from operations

Income from operations comprises income from initial rating and surveillance services, global research and risk solutions, customised research, core research program, customer projects and experienced management programs, special assignments and subscriptions to information products and services, IPO grading services, independent equity research (IER) services, infrastructure consulting and risk management services.

Revenue from Initial rating fees are deemed to accrue on the date the rating is awarded and a portion of it is deferred basis an estimate that will be attributed to future surveillance recorded equally over 11 months and recognise the deferred revenue over the estimated surveillance periods.
Surveillance fee, subscription to information products and services, coalition business and revenue from IER are accounted on a time proportion basis and revenue is straight lined over the period of performance.
Revenue from customised research and IPO grading are recognised in the period in which such assignments are carried out in a time proportion basis.
Global research and risk solutions revenue consists of time and material contracts which is recognised on output basis measured by number of hours/ days/weeks worked at the rates specified in the agreements.
Core research program revenue is recognised at a point in time when research report is delivered to the customer.
Revenue from infrastructure consulting, risk management services and customer projects and experience management program services are recognised in accordance with percentage completion method.
Percentage of completion for infrastructure consulting is determined based on the project cost incurred to date as a percentage of total estimated project cost required to complete the project.
Revenue from risk management services comprise of revenue from sale of software and annual maintenance contracts. Revenue from sale of software licenses are recognised upon delivery of these licenses which constitute transfer of all risks and rewards. Revenue from consultancy services and sale of software which involves customisation are recognised over execution period. Revenue from annual maintenance contracts are recognised on a time proportion basis.

Provision for estimated losses, if any, on uncompleted contracts are recorded in the year in which such losses become certain based on the current estimates.

Unbilled receivables (only where act of invoicing is pending) when there is unconditional right to receive cash, and only passage of time is required, as per contractual terms is classified under ‘Trade Receivables’.

Accrued revenue where the right to consideration is conditional upon factors other than the passage of time are contract assets which are classified as nonfinancial asset as the contractual right to consideration is dependent on completion of contractual milestones.

Unearned and deferred revenue (“contract liability”) is recognised when there are billings in excess of revenues.

The billing schedules agreed with customers include periodic performance based payments and/or milestone based progress payments. Invoices are payable within contractually agreed credit period. Contracts are subject to modification to account for changes in contract specification and requirements. The Group reviews modification to contract in conjunction with the original contract, basis which the transaction price could be allocated to a new performance obligation or transaction price of an existing obligation could undergo a change. In the event transaction price is revised for existing obligation, a cumulative adjustment is accounted for.

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2.19 Other Income

Grant income

Grants and subsidies are recognised at fair value where there is reasonable assurance that the grant/ subsidy will be received and all attaching conditions will be complied with.

Interest income

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

Dividend income

Dividend income is recognised when the Group’s right to receive payment is established by the balance sheet date.

Profit /(loss) on sale of current investment

Profit /(loss) on sale of current investment is accounted when the sale is executed. On disposal of such investments, the difference between the carrying amount and the disposal proceeds, net of expenses, is recognised in the statement of profit and loss.

2.20 Retirement and other employee benefits

Short term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Defined contribution plans

The Group’s obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.

Defined benefit plans

The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurement of the net defined benefit liability, which comprise actuarial gains and losses and the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in OCI. Net interest expense (income) on the net defined liability (asset) is computed by applying the discount rate, used to measure the net defined liability (asset). Net interest expense and other expenses related to defined benefit plans are recognised in the statement of profit and loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in the statement of profit and loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Short term compensated absences are provided for based on estimates. Long term compensated absences are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method. The Group presents the leave as a current liability in the balance sheet, to the extent it does not have an unconditional right to defer its settlement for twelve months after the reporting date. Where the Group has the unconditional legal and contractual right to defer the settlement for a period beyond twelve months, the same is presented as non-current liability.

In respect of foreign subsidiaries retirement benefits are governed and accrued as per local statutes and there are no defined benefit plan. The amount contributed to the defined contribution plan is charged to the statement of profit and loss account on accrual basis.

2.21 Employee stock compensation cost

The Group recognises expense relating to share based payment in net profit using fair value in accordance with Ind AS 102-Share Based Payment.

The grant date fair value of options granted to employees is recognised as an employee expense, with

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a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options. The expense is recorded for each separately vesting portion of the award as if the award was, in substance, multiple awards. The increase in equity recognised in connection with share based payment transaction is presented as a separate component in equity under “Share based payment reserve”. The amount recognised as an expense is adjusted to reflect the actual number of stock options that vest.

2.22 Foreign currency

Functional currency

The functional currency of the Group and its Indian subsidiaries is the Indian Rupee (INR), whereas the functional currency of the foreign subsidiaries is mentioned in AOC-1. These consolidated financial statements are presented in Indian Rupees (rounded off to the nearest lakh except otherwise indicated).

The financial statements of subsidiary companies whose functional currency is the currency of a hyperinflationary economy are adjusted for the effects of changes in general price index (to reflect the change in purchasing power of the local currency) and expressed in terms of the current unit of measurement at the closing date of the reporting period, in accordance with Ind AS 29 “Financial Reporting in Hyperinflationary Economies”.

Subsidiaries with the currency of hyperinflationary economy as their functional currency are restated as per Ind AS 29 before consolidation in accordance with Ind AS 110 ‘Consolidated Financial Statements’. Once restated, all items of the financial statements of such a subsidiary is converted to INR at the closing exchange rate. To determine the existence of hyperinflation, the Group assesses the qualitative characteristics of the economic environment of the country such as the trend of inflation rate over the past three years.

Foreign currency translation

Assets and liabilities of the entities with functional currency other than the presentation currency have been translated to the presentation currency using exchange rates prevailing on the balance sheet date. The statement of profit and loss has been translated using monthly average exchange rates prevailing during the year. Translation adjustment have been reported as foreign currency translation reserve in the statement of changes in equity.

2.23 Taxes on income

Income tax expense comprises current and deferred tax. It is recognised in the statement of profit and loss except to the extent it relates to the items recognised directly in equity or in OCI.

Current tax

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretations and establishes provisions where appropriate.

Current tax assets and liabilities are offset only if, the Group:

a) has a legally enforceable right to set off the recognised amounts; and
b) intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The current income tax for overseas subsidiaries has been computed based on the tax laws applicable to each subsidiary in the respective jurisdiction in which they operate.

Deferred tax

Foreign currency transactions

Foreign currency transactions are recorded at exchange rates prevailing on the date of transaction. Foreign currency denominated monetary assets and liabilities are restated into the functional currency using exchange prevailing at the balance sheet date. Gains and losses arising on settlement and restatement of foreign currency denominated monetary assets and liabilities are recognised in the statement of profit and loss. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not translated.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes (including those arising from consolidation adjustments).

Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.

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Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if:

a) The Company has a legally enforceable right to set off current tax assets against current tax liabilities; and
b) The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.

2.24 Segment reporting policies

The Managing Director and Chief Executive Officer of the Group has been identified as the Chief Operating Decision Maker (CODM) as defined by Ind AS 108 Operating Segments. The CODM evaluates the Group’s performance and allocates resources based on an analysis of various performance indicators by industry classes. Accordingly, segment information has been presented for industry classes.

The Group is structured into two reportable business segments – 1. Ratings services 2. Research, Analytics and Solutions. The reportable business segments are in line with the segment wise information which is being presented to the CODM. Geographical information on revenue and industry revenue information is collated based on individual customers invoices or in relation to which the revenue is otherwise recognised. The accounting principles used in the preparation of the consolidated financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the significant policies.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Property, plant and equipment that are used interchangeably among segments are not allocated to reportable segments.

Inter segment transfers

The Group generally accounts for inter segment services and transfers as if the services or transfers were to third parties at arm length price.

Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

Unallocated items

Unallocable income and expenses includes general corporate income and expense items which are not identified to any business segment.

2.25 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the period is adjusted for events such as buy back, Employee Stock Option Scheme (ESOS), etc. that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the Group has adopted treasury stock method to compute the new shares that can possibly be created by un-exercised stock options. The net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

2.26 Dividend

The final dividend on shares is recorded as a liability on the date of approval by the shareholders. Interim dividend is recognised as a liability on the date of declaration by the Company’s Board of Directors.

2.27 Recent accounting pronouncements

Application of new and revised Indian Accounting Standards (Ind AS)

All the Ind AS issued and notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) till the consolidated financial statements are authorised, have been considered in preparing these consolidated Financial Statements.

Application of new accounting pronouncements

‘Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended December 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

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Net carrying amount	As at December 31, 2024	-	1,196	3,359	3,378	475	7,595	16,003	(`C`lakh)	Net carrying amount	As at December 31, 2023	-	246	605	2,706	503	386	4,446
Accumulated depreciation	As at December 31, 2024	10	366	610	10,820	760	1,795	14,361			As at December 31, 2023	10 - - - - 10	1,537 40 1,104 20 14 479	1,356 90 282 15 19 1,160	11,152 2,078 1,610 (171) - 11,449	425 238 75 26 34 580	4,033 140 468 (406) 4 3,295	18,513 2,586 3,539 (516) 71 16,973
	Adjustments	-	-	-	-	-	-	-		tion	Adjustments (refer to note 45)
	Currency translation reserve	-	(47)	(9)	42	1	(9)	(22)		ted deprecia	Currency translation reserve
	Deductions	-	313	679	2,575	119	1,679	5,365		Accumula	Deductions
	For the year	-	247	138	1,904	298	188	2,775			For the year
	As at January 1, 2024	10	479	1,160	11,449	580	3,295	16,973			As at January 1, 2023
Gross carrying amount	As at December 31, 2024	10	1,562	3,969	14,198	1,235	9,390	30,364			As at December 31, 2023	Buildings 10 - - - - 10	Furniture and fxtures 1,742 110 1,113 (28) 14 725	Offce equipments 1,660 433 288 (61) 21 1,765	Computers 14,742 1,640 1,622 (639) 34 14,155	Vehicles 908 307 114 (18) - 1,083	Leasehold improvements 4,188 911 471 (951) 4 3,681	Total 23,250 3,401 3,608 (1,697) 73 21,419
	Adjustments	-	-	-	-	-	-	-		t	Adjustments (refer to note 45)
	Currency translation reserve	-	(69)	(32)	(12)	0	(11)	(124)		rrying amoun	Currency translation reserve
	Deductions	-	316	706	2,681	160	1,679	5,542	r 31, 2023	Gross ca	Deductions
	Additions	-	1,222	2,942	2,736	312	7,399	14,611	ecembe		Additions
	As at January 1, 2024	10	725	1,765	14,155	1,083	3,681	21,419	ended D		As at January 1, 2023
Particulars		Buildings	Furniture and fxtures	Offce equipments	Computers	Vehicles	Leasehold improvements	Total	For the year	Particulars

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lakh) As at lakh) As at 5,529 5,529
( C Net carrying amount December 31, 2024 28,262 28,262 ( C Net carrying amount December 31, 2023
As at December 31, 2024 9,716 9,716 As at December 31, 2023 7,762 7,762
Adjustments (4) (4) Adjustments 120 120.00
Currency translation reserve (116) (116) Currency translation reserve 34 34
Deletion/ 6 6 Deletion/ 12,689 12,689
Accumulated depreciation Accumulated depreciation
modification modification
For the year 2,080 2,080 For the year 5,152 5,152
As at January 1, 2024 7,762 7,762 As at January 1, 2023 15,145 15,145
As at December 31, 2024 37,978 37,978 As at December 31, 2023 13,291 13,291
Adjustments (3) (3) Adjustments 224 224
Currency translation reserve (82) (82) Currency translation reserve 24 24
Gross carrying amount Deletion/ 29 29 Gross carrying amount Deletion/ 12,689 12,689
modification modification
Additions 24,801 24,801 Additions 1,927 1,927
As at January 1, 2024 13,291 13,291 As at January 1, 2023 23,805 23,805
Particulars Building Total For the year ended December 31, 2023 Particulars Building Total
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5. Goodwill

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Carrying value at the beginning of the year 42,080 37,983
Goodwill on business combination (refer to note 45)
- On acquisition of Peter Lee Associates Pty. Limited - 1,694
- On acquisition of Bridge To India energy private limited - 464
- On purchase price adjustment of Bridge To India Energy Private Limited 54 -
Foreign currency exchange gain 330 1,939
Carrying value at the end of the year 42,464 42,080
Goodwill has been allocated in the following CGU's:
Crisil Integral Q 9,353 9,272
Crisil Coalition Greenwich 28,973 28,724
Crisil Intelligence - Business Intelligence & Risk Solutions 3,621 3,621
Crisil Intelligence - Consulting (Energy) 517 463
Total 42,464 42,080
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For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or Groups of CGU’s, which benefit from the synergies of the acquisition. The chief operating decision maker reviews the goodwill for any impairment at the CGU’s level.

The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use, both of which are calculated by the Group using a discounted cash flow analysis. These calculations use pre tax cash flow projections over a period of three years, based on financial budgets approved by the management. For calculation of the recoverable amount, the Group has used the following rates:

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Particulars As at As at
December 31, 2024 December 31, 2023
Growth rate 5.00% 5.00%
Discount rate 24.70% 19.40%
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The above discount rate is based on the weighted average cost of capital of the Company or Group. These estimates are likely to differ from future actual results of operations and cash flows.

An analysis of sensitivity of the computation to a change in key parameters (growth rate and discount rate) based on reasonably probable assumptions, did not identify any probable scenario in which recoverable amount of the CGU would decrease below its carrying amount.

As at December 31, 2024 and December 31, 2023, the estimated recoverable amount of the CGU exceeded its carrying amount, hence impairment is not triggered.

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Net carrying amount	As at December 31, 2024	3,299	-	191	5,759	-	-	1,585	10,834	(`C`lakh)	Net carrying amount	As at December 31, 2023	3,453	-	456	6,521	-	-	979	11,409
Accumulated amortisation	As at December 31, 2024	1,073	2,101	4,620	5,457	467	985	14,286	28,989			As at December 31, 2023	599 219 - 6 - 824	2,101 - - - - 2,101	3,346 918 - 27 - 4,291	3,801 737 - 76 - 4,614	467 - - - - 467	972 13 - - - 985	12,969 753 634 65 (3) 13,150	24,255 2,640 634 174 (3) 26,432
	Adjustments	-	-	-	-	-	-	-	-		n	Adjustments (refer to note 45)
	Currency translation reserve	23	-	76	67	-	-	253	419		d amortisatio	Currency translation reserve
	Deductions	-	-	-	-	-	-	2	2		Accumulate	Deductions
	For the year	226	-	253	776	-	-	885	2,140			For the year
	As at January 1, 2024	824	2,101	4,291	4,614	467	985	13,150	26,432			As at January 1, 2023
Gross carrying amount	As at December 31, 2024	4,372	2,101	4,811	11,216	467	985	15,871	39,823			As at December 31, 2023	Brand 4,081 - - 31 165 4,277	Technology 2,101 - - - - 2,101	Database 4,304 - - 31 412 4,747	Customer relationship 9,307 - - 157 1,671 11,135	Tradename 467 - - - - 467	Platform 985 - - - - 985	Software 13,528 1,173 634 59 3 14,129	Total 34,773 1,173 634 278 2,251 37,841
	Adjustments	-	-	-	-	-	-	-	-			Adjustments (refer to note 45)
	Currency translation reserve	95	-	64	81	-	-	250	490		ng amount	Currency translation reserve
	Deductions	-	-	-	-	-	-	2	2	31, 2023	Gross carryi	Deductions
	Additions	-	-	-	-	-	-	1,494	1,494	ended December		Additions
	As at January 1, 2024	4,277	2,101	4,747	11,135	467	985	14,129	37,841			As at January 1, 2023
Particulars		Brand	Technology	Database	Customer relationship	Tradename	Platform	Software	Total	For the year	Particulars

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7. Intangible assets under development

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Software 5,375 3,086
Total 5,375 3,086
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7.1 Movement of Intangible assets under development

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( C lakh)
Particulars Amount
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Balance as at January1, 2023	1,359
Add : Additions duringtheyear	2,869
Less: Capitalisation duringtheyear	(1,142)
Balance as at December 31, 2023	3,086
Add : Additions duringtheyear	3,640
Less: Capitalisation duringtheyear	(1,351)
Balance as at December 31, 2024	5,375

7.2 Ageing for intangible assets under development

Ageing as at December 31, 2024:

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( C lakh)
Particulars Amount in intangible assets under development for a period of Total
Less than 1-2 years 2-3 years More than
1 year 3 years
Projects in progress 3,282 1,782 311 - 5,375
Projects temporarily suspended - - - - -
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Ageing as at December 31, 2023:

	(`C`lakh)
Particulars	Amount in intangible assets under development for aperiod of Total Less than 1year 1-2 years 2-3 years More than 3years
Project inprogress	2,780 306 - - 3,086
Projects temporarilysuspended	- - - - -

7.3 Personnel expenses to the extent of C 807 lakh (Previous year : C 1,424 lakh) is considered for capitalisation as intangible assets.
7.4 As at December 31, 2024 and December 31, 2023 there were no project the completion of which was overdue or exceeded cost compared to original plan.

8. Capital Work-in-progress

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Computers 85 -
Total 85 -
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8.1 Movement of Capital Work-in-progress

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( C lakh)
Particulars Amount
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Balance as at January1, 2023	-
Add : Additions duringtheyear	-
Less: Capitalisation duringtheyear	-
Balance as at December 31, 2023	-
Add : Additions duringtheyear	13,753
Less: Capitalisation duringtheyear	(13,668)
Balance as at December 31, 2024	85

8.2 Ageing for Capital Work-in-progress

Ageing as at December 31, 2024:

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( C lakh)
Particulars Amount in capital work-in-progress for a period of Total
Less than 1-2 years 2-3 years More than
1 year 3 years
Projects in progress 85 - - - 85
Projects temporarily suspended - - - - -
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Ageing as at December 31, 2023:

	(`C`lakh)
Particulars	Amount in capital work-in-progress for aperiod of Total Less than 1year 1-2 years 2-3 years More than 3years
Project inprogress	- - - - -
Projects temporarilysuspended	- - - - -

8.3 As at December 31, 2024 there were no project the completion of which was overdue or exceeded cost compared to original plan.

9. Investments

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A. Non-current investments As at December 31, 2024 As at December 31, 2023
Number of J lakh Number of J lakh
shares shares
Unquoted equity investments carried at fair value through OCI
(refer to note 9.1 and 35)
Equity Shares of National Commodity and Derivative Exchange 18,75,000 2,680 18,75,000 2,582
Limited of C 10 each, fully paid up
Equity Shares of Caribbean Information and Credit Rating Agency 3,00,000 106 3,00,000 276
of US $ 1 each, fully paid up
Sub - total (a) 2,786 2,858
Quoted equity investments carried at fair value through OCI
(refer to note 9.1 and 35)
Equity Share of ICRA Limited of C 10 each, fully paid up (refer to 1 - 1 -
note 9.2)
Equity Shares of CARE Ratings Limited of C 10 each, fully paid up 26,22,431 36,180 26,22,431 24,955
Sub - total (b) 36,180 24,955
Total non-current investments - (a + b) 38,966 27,813
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B. Current investments As at December 31, 2024 As at December 31, 2023
Number J lakh Number J lakh
of units of units
Investments in mutual funds
(Unquoted investments carried at fair value through profit and
loss) (refer to note 35)
Canara Robeco Savings Fund - Direct Plan- Growth 1,75,31,954 7,294 1,25,72,506 4,857
Canara Robeco Liquid Fund - Direct Plan- Growth 7,069 216 - -
DSP Low Duration Fund - Direct Plan- Growth 6,47,53,456 12,736 4,80,16,537 8,764
- -
DSP Banking & PSU Debt Fund - Direct Plan- Growth 2,03,62,339 4,463
ICICI Prudential Corporate Bond Fund - Direct Plan- Growth 3,74,89,832 11,193 3,34,02,360 9,210
- -
ICICI Prudential Savings Fund - Direct Plan- Growth 10,81,839 5,294
- -
ICICI Prudential Banking and PSU Debt Plan - Direct Plan- Growth 2,30,24,748 7,512
HSBC Ultra Short Duration Fund - Direct Plan- Growth 9,28,379 12,263 7,34,582 9,010
HSBC Money Market Fund - Direct Plan- Growth 2,69,76,448 7,178 2,05,34,661 5,070
- -
Nippon India Corporate Bond Fund - Direct Plan- Growth 87,25,432 4,808
Bandhan Bond Fund Short Term Plan - Direct Plan- Growth 6,13,45,555 9,314 1,65,61,126 8,915
Invesco India Money Market Fund - Direct Plan- Growth 4,11,872 12,478 1,33,304 3,752
Invesco India Low Duration Fund - Direct Plan- Growth 1,96,431 7,435 - -
- -
Aditya Birla Sun Life Banking & PSU Debt Fund - 11,19,867 4,071
Direct Plan- Growth
- -
Aditya Birla Sun Life Corporate Bond Fund - Direct Plan- Growth 46,16,531 5,068
Sundaram Low Duration Fund - Direct Plan- Growth - - 1,49,5248 4,930
Sundaram Ultra Short Term Fund - Direct Plan- Growth - - 1,90,895 4,991
UTI Money Direct Fund - Direct Plan- Growth 5,71,237 184 1,34,329 3,736
Mirae Asset Low Duration Fund - Direct Plan- Growth 1,81,031 4,269 - -
- -
TATA Treasury Advantage Fund - Direct Plan- Growth 1,29,445 5,024
Union Liquid Fund - Growth - Direct Plan- Growth 8,375 206 - -
Total current investments (c) 1,06,441 77,800
Total investments (a + b + c) 1,45,407 1,05,613
C. Summary of Investments (Non-current + Current) As at December 31, 2024 As at December 31, 2023
Aggregate amount of quoted investments 36,180 24,955
Aggregate market value of quoted investments 36,180 24,955
Aggregate amount of unquoted investments 1,09,227 80,658
Aggregate amount of impairment in value of investments - -
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9.1 The total dividend recognised pertaining to FVTOCI instruments for the year ended December 31, 2024 was C 472 lakh (Previous year C 839 lakh). The Group recognises dividend in statement of profit and loss under the head “other income”.

9.2 ‘-*’ in amounts columns denote amount less than C 50,000.

190 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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10. Other financial assets (Non-current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Unsecured, considered good, unless otherwise stated
Security and other deposits 1,698 1,384
Interest accrued on fixed deposits 2 1
Other bank balances
Deposits with remaining maturity of more than twelve months 108 21
{Deposits includes fixed deposits with banks C 36 lakh (Previous year: C 20 lakh)
marked as lien for guarantees issued by banks on behalf of the Group}
Total 1,808 1,406
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11. Income tax

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Current tax 22,728 22,313
Deferred tax 1,512 (1,387)
Total income tax expense recognised in current year 24,240 20,926
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The tax year for the Indian entities being the year ending March 31, 2025, the tax expense for the year is the aggregate of the provision made for the three months ended March 31, 2024 and the provisions for the nine months period ended December 31, 2024. The tax provision for the nine months has been calculated separately.

The reconciliation between income tax provision of the Group and amounts computed by applying the Indian statutory income tax rate to profit before taxes is summarised below:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Profit before income tax 92,647 86,770
Enacted income tax rate in India for fiscal year ended March 31, 2025 and March 31, 25.168% 25.168%
2024. (in %)
Computed expected tax expense 23,317 21,838
Effect of:
Income not chargeable to tax (including non-taxable income) (123) (1,257)
Expenses that are not deductible in determining taxable profit 516 322
Income subject to different tax rates 662 235
Tax expense/ (reversal) of prior years 191 (132)
Others (323) (80)
Total income tax expense recognised in the statement of profit and loss 24,240 20,926
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191

Annual Report 2024

Consolidated

Deferred tax

The tax effect of significant temporary differences that resulted in deferred income tax assets and liabilities are as follows:

As at December 31, 2024

( C lakh)

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Particulars Opening Recognised in Recognised Adjustments Exchange Closing
balance profit and loss in OCI difference balance
(expense)/ (expense)/
credit credit
Deferred tax liability on:
Gains from investments 536 - (217) - - 319
Gains from mutual funds 663 769 - - - 1,432
Provision for ESOS 51 3 - - 2 56
Discounting of security deposits 36 - - - - 36
Gross deferred tax liability 1,286 772 (217) - 2 1,843
Deferred tax asset on:
Provision for compensated absences 2,243 336 - - (1) 2,578
Provision for bonus and commission 3,272 (948) - - 8 2,332
Provision for gratuity 1,229 (35) 121 - - 1,315
Provision for LTIP 659 (0) - - (11) 648
Provision for doubtful trade receivables 416 1 - - (2) 415
Initial rating fees and other deferred revenue 329 62 - - - 391
Business combination 563 - - - - 563
Gains / losses on forward contract (3) - 221 - - 218
Property, plant and equipment and other (161) 113 - - 49 1
intangibles assets
Lease liability and right of use assets 120 (133) - - (0) (14)
40A(ia) of the Income Tax Act, 1961 and other 1,025 96 - - (10) 1,111
items
Brought forward losses 21 (145) - - (7) (131)
Interest expense disallowance 146 (86) - - (3) 57
Gross deferred tax asset 9,859 (740) 342 - 23 9,484
Net deferred tax asset 8,573 (1,512) 559 - 21 7,641
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As at December 31, 2023

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( C lakh)
Particulars Opening Recognised in Recognised Adjustments Exchange Closing
balance profit and loss in OCI difference balance
(expense)/ (expense)/
credit credit
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Deferred tax liability on:
Gains from investments	607	-	(71)	-	-	536
Gains from mutual funds	205	458	-	-	-	663
Provision for ESOS	99	(35)	-	-	(13)	51
Discountingof securitydeposit	36	-	-	-	-	36
Property, plant and equipment and	(370)	70	-	569	(108)	161
intangibles
Gross deferred tax liability	577	493	(71)	569	(121)	1,447
Deferred tax asset on:
Provision for compensated absences	1,905	336	-	-	2	2,243
Provision for bonus and commission	2,532	770	-	-	(30)	3,272
Provision forgratuity	919	280	29	1	-	1,229

192

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Provision for LTIP	463	164	-	-	32	659
Provision for doubtful trade receivables	556	(141)	-	-	1	416
Initial ratingfees and other deferred revenue	296	33	-	-	-	329
Business combination	563	-	-	-	-	563
Gains/ losses on forward contract	429	-	(432)	-	-	(3)
Lease liabilityand right of use assets	299	(180)	-	(31)	32	120
40A(ia) of the Income Tax Act, 1961 and other	533	472	-	-	20	1,025
items
Brought forward losses	21	-	-	-	-	21
Interest expense disallowance	-	146	-	-	-	146
Gross deferred tax asset	8,516	1,880	(403)	(30)	57	10,020
Net deferred tax asset	7,939	1,387	(332)	(599)	178	8,573

12. Tax assets (Non-current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Advance taxes paid (net of provision for taxation) 24,847 16,477
Total 24,847 16,477
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13. Other non-current assets

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Capital advance 1,004 191
Prepaid expenses 302 290
Balance with government authority 2,317 424
Total 3,623 905
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14. Trade receivable (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Trade receivables considered good- secured - -
Trade receivables considered good- unsecured 54,979 67,238
Trade receivables which have significant increase in credit risk - -
Trade receivables - credit impaired 1,703 1,881
Less: Allowance for doubtful trade receivables (1,703) (1,881)
Total 54,979 67,238
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14.1 The balance lying in unbilled receivables as at December 31, 2023 is significantly billed during the current year.

14.2 The Group uses a provision matrix to determine impairment loss allowance on the portfolio trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward looking estimates. At period end, the historical observed default rates are updated and changes in the forward looking estimates are analysed. Specific allowance for loss is also been provided by the management based on expected recovery on individual customers.

193

Annual Report 2024

Consolidated

14.3 Reconciliation of loss allowance:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2024
Opening balance 1,881 2,381
Add: Provided during the period 58 62
Less: Utilisation (236) (562)
Closing balance 1,703 1,881
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14.4 Ageing for trade receivables for each of the category

As at December 31, 2024

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( C lakh)
Particulars Unbilled Outstanding for following periods from due date of payment Total
Not Less than 6 months- 1-2 2-3 More than
Due 6 months 1 year years years 3 years
- - -
(i) Undisputed trade receivables- 15,568 21,157 17,033 1,221 54,979
considered good
- - - - - - - -
(ii) Undisputed trade receivables-
which have significant increase
in credit risk
(iii) Undisputed trade receivables- 113 - 204 366 1,020 - - 1,703
credit impaired
- - - - - - - -
(iv) Disputed trade receivables-
considered good
- - - - - - - -
(v) Disputed trade receivables-
which have significant increase
in credit risk
- - - - - - - -
(vi) Disputed trade receivables-
credit impaired
Total 15,681 21,157 17,237 1,587 1,020 - - 56,682
Less: Allowance for doubtful trade (1,703)
receivables
Total 54,979
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As at December 31, 2023

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consideredgood
(ii) Undisputed trade receivables-	-	-	-	-	-	-	-	-
which have signifcant increase
in credit risk
(iii) Undisputed trade receivables-	103	-	301	817	477	178	5	1,881
credit impaired
(iv) Disputed trade receivables-	-	-	-	-	-	-	-	-
consideredgood
(v) Disputed trade receivables-	-	-	-	-	-	-	-	-
which have signifcant increase
in credit risk
(vi) Disputed trade receivables-	-	-	-	-	-	-	-	-
credit impaired
Total	15,543	24,605	26,992	1,319	477	178	5	69,119
Less: Allowance for doubtful trade								(1,881)
receivables
Total								67,238

194

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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15. Cash and cash equivalents (Current)

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2024
Cash on hand 3 3
Balances with banks :
On current accounts 14,775 14,952
Deposits with original maturity of less than 3 months 15,413 21,657
{Deposits includes fixed deposits with banks C 7 lakh (Previous year: C 29 lakh)
marked as lien for guarantees issued by banks on behalf of the Group}
Total 30,191 36,612
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16. Other bank balances (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Earmarked balances with banks (refer to note 16.1) 70 112
Deposits with original maturity for more than 3 months but less than 12 months 184 266
{Deposits includes fixed deposits with banks C 33 lakh (Previous year: C 88 lakh)
marked as lien for guarantees issued by banks on behalf of the Group}
Total 254 378
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16.1 Earmarked balances with banks relate to unpaid dividends. The Group has complied with the applicable regulations for maintenance of unpaid dividend accounts as per Section 129 of the Companies Act, 2013.

17. Loans (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Unsecured, considered good, unless otherwise stated
Loans to employees (refer to note 17.1) 617 388
Total 617 388
Sub-classification of loans:
Loan receivables considered good- secured - -
Loan receivables considered good- unsecured 617 388
Loan receivables which have significant increase in credit risk - -
Loan receivables - credit impaired - -
Less: Allowance for impairment loss - -
Total 617 388
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17.1 There are no loans given to promoters, directors, key managerial persons and related parties.

195

Annual Report 2024

Consolidated

18. Other financial assets (Current)

( C lakh)

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Particulars As at As at
December 31, 2024 December 31, 2023
Unsecured, considered good, unless otherwise stated
Deposits with remaining maturity of less than twelve months 93 -
{Deposits includes fixed deposits with banks C 14 lakh (Previous year: C 88 lakh)
marked as lien for guarantees issued by banks on behalf of the Group}
Interest accrued on deposits 42 53
Fair value of foreign currency forward contract (refer to note 35.2) - 11
Security deposits
- Considered good 3,636 3,002
- Considered doubtful 144 169
Others
- Considered good 467 540
- Considered doubtful 96 84
Less: Allowance for impairment loss (240) (253)
Total 4,238 3,606
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19. Other assets (current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Prepaid expense 3,410 3,956
Balances with government authorities 3,472 8,880
Advances to suppliers and employees 5,013 5,020
Accrued revenue 5,655 4,137
Total 17,550 21,993
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20. Equity share capital

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Authorised capital :
195,000,000 Equity shares of C 1 each (Previous year: 195,000,000 equity shares of 1,950 1,950
C 1 each)
Issued, subscribed and paid up:
73,129,790 equity shares of C 1 each fully paid up (Previous year: 73,113,605 equity 731 731
shares of C 1 each)
Total 731 731
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(a) Reconciliation of equity shares outstanding at the beginning and at the end of the year

Equity shares

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Particulars As at December 31, 2024
J lakh Nos.
At the beginning of the year (face value of C 1 per share) 731 7,31,13,605
Add : Issued during the year - under employee stock option scheme (ESOS) - 16,185
(refer to note 46)
Outstanding at the end of the year 731 7,31,29,790
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196

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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	(`C`lakh)
Particulars	As at December 31, 2023
	`J`lakh Nos.
At the beginningof theyear (face value of`C`1per share)	731 7,30,64,044
Add : Issued during the year - under employee stock option scheme (ESOS) (refer to note 46)	-* 49,561
Outstanding at the end of theyear	731 7,31,13,605

‘-*’ in amounts column denote amount less than C 50,000

(b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of C 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Shares held by holding/ultimate holding Company and/ or their subsidiaries

Out of equity shares issued by the Company, shares held by its Holding Company, ultimate holding Company and their subsidiaries/ associates are as below:

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Group Holding of the S&P Global Inc.
31,209,480 equity shares of C 1 each fully paid held by S&P India, LLC, fellow 312 312
subsidiary (Previous year: 31,209,480 equity shares of C 1 each)
11,523,106 equity shares of C 1 each fully paid held by S&P Global Asian Holdings 115 115
Pte. Limited, fellow subsidiary (Previous year: 11,523,106 equity shares of C 1 each)
6,000,000 equity shares of C 1 are held by Standard & Poor's International LLC, fellow 60 60
subsidiary (Previous year: 6,000,000 equity shares of C 1 each)
Total 487 487
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(d) The Company has neither issued shares for consideration other than cash or bonus shares nor there has been any buy back of shares during the five years immediately preceding the date of balance sheet.

(e) Details of shareholders holding more than 5% shares in the Company.

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Name of the shareholder As at December 31, 2024
% holding Nos.
in the class
Equity shares of J 1 each fully paid
1. Group Holding of the S&P Global Inc.
a) S&P India, LLC 42.68% 3,12,09,480
b) S&P Global Asian Holdings Pte. Limited 15.76% 1,15,23,106
c) Standard & Poor's International LLC 8.20% 60,00,000
2. Jhunjhunwala Rekha Rakesh 5.19% 37,99,000
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Annual Report 2024 197

Consolidated

( C lakh)

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Name of the shareholder As at December 31, 2023
% holding in the class Nos.
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Equity shares of`J`1 each fully paid
1. GroupHoldingof the S&P Global Inc.
a) S&P India, LLC	42.69%	3,12,09,480
b) S&P Global Asian Holdings Pte. Limited	15.76%	1,15,23,106
c) Standard & Poor's International LLC	8.21%	60,00,000
2. Jhunjhunwala Rekha Rakesh	5.47%	40,00,000

As per records of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

(f) Disclosure of Shareholding of Promoters

As at December 31, 2024

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Promoter Name Shares held by Promoters % change
As at December 31, 2024 As at December 31, 2023 during the
year
No. of shares % of total shares No. of shares % of total shares
S&P India, LLC 3,12,09,480 42.68% 3,12,09,480 42.69% -0.01%
S&P Global Asian Holdings Pte. Limited 1,15,23,106 15.76% 1,15,23,106 15.76% 0.00%
Standard & Poor's International LLC 60,00,000 8.20% 60,00,000 8.21% 0.01%
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As at December 31, 2023

Promoter Name	Shares held by Promoters % change during the year As at December 31, 2023 As at December 31, 2022 No. of shares % of total shares No. of shares % of total shares
S&P India, LLC	3,12,09,480 42.69% 3,12,09,480 42.72% -0.03%
S&P Global Asian Holdings Pte. Limited	1,15,23,106 15.76% 1,15,23,106 15.77% -0.01%
Standard & Poor's International LLC	60,00,000 8.21% 60,00,000 8.21% 0.00%

(g) Shares reserved for issue under options

For details of shares reserved for issue under the ESOS of the Company (refer to note 46).

(h) Capital management

The Group is predominantly equity financed and continues to maintain adequate amount of liquidity to meet strategic and growth objectives. The Group manages its capital to ensure that it will be able to continue as going concerns while maximising the return to its stakeholders. The Group has ensured a balance between earning adequate returns on treasury asset and need to cover financial and business risk. The Group actively monitors its portfolio and has a policy in place for investing surplus funds. Appropriate limits and controls are in place to ensure that investments are made as per policy. The Group has an overdraft and other loan facilities (unsecured) sanctioned from banks to support any temporary funding requirements, as and when required.

21. Explanation of reserves

a) General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to the retained earnings.

198 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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b) Securities premium

The amount received in excess of face value of the equity shares is recognised in securities premium.

c) Share based payment reserve

The share based payment reserve account is used to record the value of equity-settled share based payment transactions with employees. The amounts recorded in this account are transferred to share premium upon exercise of stock options by employees.

d) Other comprehensive income (OCI)

Other comprehensive income includes fair value changes in equity instruments, hedge reserve and currency fluctuation reserve through OCI.

e) Hedge reserve

Forward contracts are stated at fair value at each reporting date. Changes in the fair value of the forward contracts that are designated and effective as hedges of future cash flows are recognized directly in OCI and accumulated under the hedging cash flow hedge reserve, net of applicable deferred income taxes.

f) Currency fluctuation reserve

Exchange difference relating to the translation of the results and net assets of the Group’s foreign operations from their respective functional currencies to the Group’s functional currency is recognised directly in other comprehensive income and accumulated in the currency fluctuation reserve.

g) Retained earnings

Retained earnings represent the cumulative profits of the Group and the effects of measurements of defined benefit obligation.

h) Capital redemption reserve

The Group has recognised capital redemption reserve on buyback of equity shares from its retained earnings. The amount in capital redemption reserve is equal to nominal amount of the equity shares bought back.

i) Share application money pending allotment

It represent the amount received on the application on which allotment is not yet made (pending allotment).

22. Other financial liabilities (Non-current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Employee related payables 3,982 4,702
Total 3,982 4,702
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23. Provisions (Non-current)

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----- Start of picture text -----

( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Gratuity (refer to note 41) 4,382 4,040
Total 4,382 4,040
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Annual Report 2024 199

Consolidated

24. Other non-current liabilities

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----- Start of picture text -----

( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Unearned revenue - 19
Total - 19
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25. Trade payables (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Total outstanding dues of micro enterprises and small enterprises (as per 397 1,064
intimations received from suppliers)
Total outstanding dues of creditors other than micro enterprises and small 18,141 13,192
enterprises
Total 18,538 14,256
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25.1 Ageing for trade payables for each of the category

As at December 31, 2024

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( J lakh)
Particulars Unbilled Outstanding for following periods Total
from due date of payment
Less than 1 - 2 2 - 3 More than
1 year years years 3 years
(i) MSME 368 26 3 - - 397
(ii) Others 17,194 898 4 13 32 18,141
- - - - - -
(iii) Disputed dues - MSME
- - - - - -
(iv) Disputed dues - Others
Total 17,562 924 7 13 32 18,538
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As at December 31, 2023

	(`J`lakh)
Particulars Unbilled	Outstanding for following periods from due date ofpayment Total Less than 1year 1 - 2 years 2 - 3 years More than 3years
(i) MSME 1,053	11 - - - 1,064
(ii) Others 12,239	928 5 17 3 13,192
(iii) Disputed dues - MSME -	- - - - -
(iv) Disputed dues - Others -	- - - - -
Total 13,292	939 5 17 3 14,256

200 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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26. Other financial liabilities (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Employee related payables 37,697 34,653
Capital creditors 2,463 238
Unpaid dividend (Investor education and protection fund will be credited as and 70 112
when due)
Fair value of foreign currency forward contract (refer to note 35.2) 867 -
Earnout payables - 873
Others 347 403
Total 41,444 36,279
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27. Other liabilities (current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Statutory liabilities 6,309 8,811
Unearned revenue (refer to note 27.1) 25,718 27,456
Others 663 20
Total 32,690 36,287
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27.1 The balance lying in ‘Unearned revenue’ as at December 31, 2023 is fully recognised as revenue during the current year.

28. Provisions (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Compensated absences (refer to note 41) 10,736 9,350
Gratuity (refer to note 41) 759 759
Total 11,495 10,109
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29. Tax liabilities (Current)

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----- Start of picture text -----

( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Provision for tax (net of advance tax) 165 389
Total 165 389
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30. Revenue from operations

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Ratings services 90,915 77,239
Research, Analytics and solutions 2,35,063 2,36,713
Total 3,25,978 3,13,952
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201

Annual Report 2024

Consolidated

30.1 The Group disaggregates revenue from contracts with customers by nature of services.

30.2 The Group has applied practical expedient and has not disclosed information about remaining performance obligations in contracts where the original contract duration is one year or less or where the entity has right to consideration that corresponds directly with the value of entity’s performance completed to date.

31. Other income

( C lakh)

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Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Interest on :
- Bank deposits 598 619
- Financial assets carried at amortised cost 193 256
- Others 7 7
-
Inflation adjustment results (refer to note 42) 2,704
Profit on sale of property, plant and equipment 36 314
Dividend from equity investments measured at FVTOCI 472 839
Foreign exchange gain (net) 730 -
Profit on sale of current investments 3,090 1,779
Gain on fair valuation of current investments 3,088 1,833
Grant income 29 7
Modification/ waiver of lease rent 7 148
Excess provision written back 21 -
Miscellaneous income 693 858
Total 8,964 9,364
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‘-*’ in amounts column denote amount less than C 50,000

32. Employee benefits expense

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Salaries, wages and bonus 1,57,875 1,56,095
Share based payment to employees (refer note 46) - 1
Contribution to provident and other funds (refer to note 41) 11,813 11,882
Staff training and welfare expenses 6,821 6,799
Total 1,76,509 1,74,777
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33. Finance costs

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Interest on lease liability (refer to note 40) 403 366
Total 403 366
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34. Other expenses

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Repairs and maintenance - buildings 2,320 1,552
Repairs and maintenance - others 5,157 4,235
Electricity 742 659
Communication expenses 1,326 1,175
Insurance 310 216
Rent (refer to note 40) 4,028 727
Rates and taxes 352 170
Printing and stationery 228 335
Conveyance and travelling 4,555 3,941
Books and periodicals 1,103 1,554
Remuneration to non-whole time directors (refer to note 39) 328 297
Business promotion and advertisement 1,151 316
Foreign exchange loss - 158
Professional fees 14,588 12,622
Associate service fee 13,220 14,762
Software purchase and maintenance expenses 5,318 4,351
Provision for doubtful trade receivables 58 62
Provision on other financial assets - 23
Corporate social responsibility (CSR) expenses (refer to note 39) 1,245 895
Auditors' remuneration 284 272
Recruitment expenses 1,065 1,745
Sales commission 447 436
Miscellaneous expenses 563 522
Total 58,388 51,025
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35. Financial instruments

The carrying value and fair value of financial instruments by categories as at December 31, 2024 are as follows:

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( C lakh)
Particulars Amortised Financial assets/ Financial assets/ Derivative Total Total fair
cost liabilities at FVTPL liabilities at FVTOCI instruments carrying value
Designated Mandatory Equity Mandatory in hedging value
upon initial instruments relationship
recognition designated
upon initial
recognition
Assets
Investments
- Quoted equity investments - - - 36,180 - - 36,180 36,180
- - - - -
- Unquoted equity 2,786 2,786 2,786
investments
- Mutual funds - - 1,06,441 - - - 1,06,441 1,06,441
Cash and cash equivalents 30,191 - - - - - 30,191 30,191
Other bank balances 254 - - - - - 254 254
Trade receivables 54,979 - - - - - 54,979 54,979
Loans 617 - - - - - 617 617
- - - - -
Other financial assets 6,046 6,046 6,046
Total 92,087 - 1,06,441 38,966 - - 2,37,494 2,37,494
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203

Annual Report 2024

Consolidated

( C lakh)

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Particulars Amortised Financial assets/ Financial assets/ Derivative Total Total fair
cost liabilities at FVTPL liabilities at FVTOCI instruments carrying value
Designated Mandatory Equity Mandatory in hedging value
upon initial instruments relationship
recognition designated
upon initial
recognition
Liabilities
Lease liabilities 25,000 - - - - - 25,000 25,000
Trade payables 18,538 - - - - - 18,538 18,538
Other financial liabilities 44,559 - - - - 867 45,426 45,426
Total 88,097 - - - - 867 88,964 88,964
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The carrying value and fair value of financial instruments by categories as at December 31, 2023 are as follows:

( C lakh)

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Assets
Investments
- Quoted equityinvestments	-	-	-	24,955	-	-	24,955	24,955
- Unquoted equity	-	-	-	2,858	-	-	2,858	2,858
investments
- Mutual funds	-	-	77,800	-	-	-	77,800	77,800
Cash and cash equivalents	36,612	-	-	-	-	-	36,612	36,612
Other bank balances	378	-	-	-	-	-	378	378
Trade receivables	67,238	-	-	-	-	-	67,238	67,238
Loans	388	-	-	-	-	-	388	388
Other fnancial assets	5,001	-	-	-	-	11	5,012	5,012
Total	1,09,617	-	77,800	27,813	-	11	2,15,241	2,15,241
Liabilities
Lease liabilities	4,732	-	-	-	-	-	4,732	4,732
Tradepayables	14,256	-	-	-	-	-	14,256	14,256
Other fnancial liabilities	40,981	-	-	-	-	-	40,981	40,981
Total	59,969	-	-	-	-	-	59,969	59,969

35.1 Fair value hierarchy

For financial reporting purpose, fair value measurements are categorized into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

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The following table presents the fair value measurement hierarchy of financial assets and liabilities measured at fair value as at December 31, 2024 and December 31, 2023.

( C lakh)

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Particulars As at December 31, 2024 As at December 31, 2023
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial assets measured at fair value:
A. Investments at FVTPL
1. Mutual funds 1,06,441 - - 77,800 - -
B. Investments at FVTOCI
1. Quoted equity shares 36,180 - - 24,955 - -
2. Unquoted equity shares - - 2,786 - - 2,858
C. Forward contracts receivable - - - - 11 -
Financial liabilities measured at fair
value:
A. Forward contracts payable - 867 - - - -
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Reconciliation of Level 3 fair value measurements of financial assets and financial liabilities is given below :

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Opening balance 2,858 3,161
Gain recognised in profit and loss - -
Gain/ (loss) recognised in other comprehensive income (72) (303)
Closing balance 2,786 2,858
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35.2 Derivative financial instruments and hedging activity

The Group’s risk management policy is to hedge substantial amount of forecast transactions for each of the major currencies presently US$, GBP £ and Euro €. The hedge limits are governed by the risk management policy. The Group uses forward foreign exchange contracts to mitigate exchange rate exposure arising from forecast sales in foreign currencies. All forward exchange contracts have been designated as hedging instruments in cash flow hedges in accordance with Ind AS 109. Details of currency hedge and forward contract values are as under:

As at December 31, 2024

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Type of Hedge Currency Number of Nominal Carrying Maturity Weighted Changes in Change in the
contracts value amount of date average fair value hedging item used
(Foreign hedging strike of hedging as the basis for
currency instrument price/ instrument recognising hedge
in '000) ( J lakh) rate ( J lakh) effectiveness
( J lakh)
Cash flow hedge
Foreign exchange USD 18 65,178 55,610 Jan to 85.32 (1,011) 1,011
forward contracts Dec'25
GBP 11 5,721 6,246 Jan to 109.17 21 (21)
Dec'25
EUR 12 5,469 5,121 Jan to 93.63 123 (123)
Dec'25
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Annual Report 2024 205

Consolidated

As at December 31, 2023

Type of Hedge	Currency Number of contracts Nominal value (Foreign currency in '000) Carrying amount of hedging instrument (`J`lakh) Maturity date Weighted average strike price/ rate Changes in fair value of hedging instrument (`J`lakh) Change in the hedging item used as the basis for recognising hedge effectiveness (`J`lakh)
Cash fow hedge
Foreign exchange forward contracts	USD 18 73,889 62,179 Jan to Dec'24 84.15 165 (165)
	GBP 11 7,515 7,892 Jan to Dec'24 105.01 (121) 121
	EUR 12 5,223 4,853 Jan to Dec'24 92.91 (33) 33

Movement in cash flow hedging reserve

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( C lakh)
Particulars Foreign exchange
forward contract
As at January 1, 2023 (1,278)
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Particulars As at January 1, 2023	Foreign exchange forward contract (1,278)
Add: Changes in fair value of effectiveportion of outstandingforecasted cash fow hedge	1,554
Less: Amounts reclassifed to statement ofproft or loss	163
Less: Tax relatingto above (net)	(432)
As at January 1, 2024	7
Add: Changes in fair value of effectiveportion of outstandingforecasted cash fow hedge	(735)
Add: Amounts reclassifed to statement ofproft or loss	(142)
Less: Tax relatingto above (net)	221
As at December 31, 2024	(649)

The Group uses foreign exchange forward contracts to hedge its exposure in foreign currency risk. Hedge is broadly classified as revenue hedge and receivable hedge.

Revenue hedge: For forecasted revenue transaction, the Group will adopt cash flow hedge and record mark to market through OCI. Effective hedge is routed through OCI in the balance sheet and the ineffective portion is immediately routed through the statement of profit and loss.

36. Financial risk management

The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities by category are summarised in note 35. The main types of risks are market risk (foreign currency exchange rate risk and price risk), business and credit risks and liquidity risk. The Group has in place a robust risk management policy with overall governance and oversight from the Audit Committee and Board of Directors. Risk Assessment is conducted periodically and the Group has a mechanism to identify, assess, mitigate and monitor various risks to key business objectives.

The policies for managing specific risk are summarised below:-

36.1 Market risk

Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market price. Such changes may result from changes in foreign currency exchange rates, interest rates, price and other market changes, the Group exposure to market risk is mainly due to foreign exchange rates and price risk.

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Foreign currency exchange rate risk

The Group exposure to market risk includes changes in foreign exchange rates. Exposures to currency exchange rates arise from the Group’s overseas operations, which are primarily denominated in US dollars (USD), EURO, and Pounds Sterling (GBP). As at December 31, 2024 and December 31, 2023, we have entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign currency exchange rates. The details in respect of the outstanding foreign exchange forward contracts are given under note 35.2.

Following is the currency profile of non-derivative financial assets and financial liabilities:

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Particulars As at December 31, 2024 As at December 31, 2024
(Foreign Currency in ‘000) ( J lakh)
Financial assets Financial liabilities Financial assets Financial liabilities
USD 44,871 2,068 38,383 1,769
GBP 791 444 851 477
EURO 6,344 339 5,658 302
Others 659 1,226 309 285
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Particulars	As at December 31, 2023 As at December 31, 2023
	(Foreign Currency in ‘000) (`J`lakh)
	Financial assets Financial liabilities Financial assets Financial liabilities
USD	52,547 1,947 43,798 1,623
GBP	768 555 819 591
EURO	5,789 180 5,358 166
Others	2,646 5,309 831 482

For the year ended December 31, 2024, every 5% increase/decrease of the respective foreign currencies compared to functional currency of the Group would impact operating margins by C 2,118 lakh (+/-2.33%) and equity (+/-0.83%). For the year ended December 31, 2023, operating margins would increase/decrease by C 2,397 lakh (+/- 2.72%) and equity (+/- 1.10%) . Exposure to foreign currency exchange rate vary during the year depending upon the volume of overseas transactions. Nonetheless, the analysis above is considered to be representative of the Group’s exposure to currency risk.

Price risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The Group has adopted disciplined practices including position sizing, diversification, valuation, loss prevention, due diligence, and exit strategies in order to mitigate losses.

The Group is exposed price risk arising mainly from investments in mutual funds recognized at FVTPL. The details of such investment are given under note 9. If the prices had been higher/lower by 5% from the market prices existing as at reporting dates, profit would increase/decrease by C 5,322 lakh and C 3,890 lakh for the year ended December 31, 2024 and December 31, 2023 respectively.

The Group is exposed price risk arising mainly from investments in quoted equity instruments recognized at FVTOCI. The details of such investment are given under note 9. If the equity prices had been higher/lower by 5% from the market prices existing as at the reporting date, OCI for the year ended December 31, 2024 would increase/decrease by C 1,809 lakh and C 1,248 lakh for the year ended December 31, 2023.

36.2 Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. For the Group, liquidity risk arises from obligations on account of financial liabilities - lease liabilities, trade payables and other financial liabilities.

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Consolidated

Liquidity risk management

The Group continues to maintain adequate amount of liquidity/treasury to meet strategic and growth objectives. The Group has ensured a balance between earning adequate returns on liquidity/treasury assets and the need to cover financial and business risks. Group’s treasury department is responsible for liquidity and funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Group’s net liquidity position through rolling forecasts on the basis of expected cash flows.

The table below provides details regarding the contractual maturities of significant financial liabilities on undiscounted basis:

( C lakh)

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Particulars As at December 31, 2024 As at December 31, 2023
within 1 year 1-5 years More than within 1 year 1-5 years More than
5 years 5 years
Lease liabilities 2,943 18,921 15,710 1,563 2,075 -
Trade payables 18,538 - - 14,256 - -
Other financial liabilities 41,444 3,982 - 36,279 4,702 -
Total 62,925 22,903 15,710 52,098 6,777 0
----- End of picture text -----

36.3 Business and credit risks

To mitigate the risk arising from high dependence on any one business for revenues, the Group has adopted a strategy of diversifying in new products/services and into different business segments. To address the risk of dependence on a few large clients and a few sectors in the business segments, the Group has also actively sought to diversify its client base and industry segments.

Credit risk refers to risk that a counter party will default on its contractual obligations resulting in financial loss to the Group. The Group is exposed to this risk for receivables from customers.

To manage credit risk, the Group periodically assesses the financial reliability of customers and other counterparties, taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly. The Group uses a provision margin to compute the expected credit loss allowance for trade receivables.

Further, the Group doesn’t have significant credit risk exposure to any single counter party or a group of counter parties and have adequate provision for credit risk/bad debts. Trade receivables are monitored on periodic basis for any non-recoverability of the dues. Bank balances are held with only high rated banks. Refer note 14.4 for trade receivables aging and note 14.3 reconciliation of loss allowance.

37. Contingent liabilities and capital commitments :

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
A. Contingent liabilities
Claims against the Group not acknowledged as debts
Disputed income tax, sales tax, service tax and GST demand 65,839 54,059
65,839 54,059
B. Capital commitment
Estimated amount of contracts (net of advances) remaining to be executed on 586 945
capital account and not provided for
Total 66,425 55,004
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38. Segment reporting

Business segments:

A description of the types of products and services provided by each reportable segment is as follows:

Ratings services – Ratings services includes credit ratings for corporates, banks, bank loans, credit analysis services, grading services and global analytical services.

Research, Analytics and solutions – Research, Analytics and solutions segment includes global research and risk solutions, industry reports, customized research assignments, subscription to data services, independent equity research (IER), IPO gradings, training, credit ratings for small and medium enterprises (SME), advisory services and a comprehensive range of risk management tools, analytics and solutions to financial institutions, banks and corporates in India.

Segment reporting for the year ended December 31, 2024

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( C lakh)
Particulars Business segments Total
Ratings Research,
services Analytics and
Solutions
Operating revenue (refer to note 30) 90,915 2,35,063 3,25,978
Segment results 39,801 50,521 90,322
Add / (less) unallocables:
1. Unallocable income
Interest income 798
Profit/ gain on current investments 6,178
Profit on sale of property, plant and equipment 36
Grant income 29
Others 1,165
2. Unallocable expenditure (967)
3. Depreciation and amortisation expenses (Unallocable) (4,914)
Profit before tax 92,647
Tax expense (24,240)
Profit after tax 68,407
Segment assets 46,878 1,34,523 1,81,401
Unallocable assets 2,12,777
Segment liabilities 30,060 61,390 91,450
Unallocable liabilities 46,246
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Revenue and non-current assets by geographic segments:

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----- Start of picture text -----

( C lakh)
Geography Revenue Non-current
assets [#]
India 98,610 79,369
Europe 71,051 3,949
North America 1,27,610 17,974
Rest of the world 28,707 745
Total 3,25,978 1,02,037
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Annual Report 2024 209

Consolidated

Segment reporting for the year ended December 31, 2023

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----- Start of picture text -----

( C lakh)
Particulars Business segments Total
Ratings Research,
services Analytics and
Solutions
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Operatingrevenue (refer to note 30)	77,239	2,36,713	3,13,952
Segment results	33,465	49,363	82,828
Add / (less) unallocables :
1. Unallocable income
Interest income			882
Proft/gain on current investments			3,612
Proft on sale ofproperty,plant and equipment			314
Grant income			7
Others*			4,401
2. Unallocable expenditure			(47)
3. Depreciation and amortisation expenses (Unallocable)			(5,227)
Proft before tax			86,770
Tax expense			(20,926)
Proft after tax			65,844
Segment assets	28,648	1,56,886	1,85,534
Unallocable assets**			1,44,205
Segment liabilities	23,389	66,274	89,663
Unallocable liabilities**			21,150

Revenue and non-current assets by geographic segments:

		(`C`lakh)
Geography	Revenue	Non-current assets#
India	84,645	25,095
Europe	77,732	22,035
North America	1,26,995	18,254
Rest of the world	24,580	2,071
Total	3,13,952	67,455

Notes to segmental results :

Other income which have been allocated to business segments have not been considered in determining unallocable income.
** Assets and liabilities used interchangeably between business segments have been classified as unallocable. The Group believes that it is currently not practical to allocate these assets and liabilities since a meaningful segregation of the available data is not feasible.
Non-current assets for the purpose of geographical segment does not include deferred tax assets, tax assets and financial instruments.

Entity wide disclosures:

None of the customers for the year ended December 31, 2024 and December 31, 2023 constituted 10% or more of the the total revenue of the Group.

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39. List of related parties

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Parties Relationship
----- End of picture text -----

Relatedparties where control exists
S&P Global Inc.	The Ultimate HoldingCompany
Crisil Foundation	Controlled trust
Other related parties (to the extent where transactions
have takenplace)
S&P India, LLC	Fellow subsidiary
Standard & Poor's International LLC	Fellow subsidiary
Standard & Poor's South Asia Services Private Limited	Fellow subsidiary
S&P Global Limited	Fellow subsidiary
S&P Trucost Limited	Fellow subsidiary
S&P Global Asian Holdings Pte. Limited	Fellow subsidiary
S&P Global Canada Corp.	Fellow subsidiary
S&P Global UK Limited	Fellow subsidiary
S&P Global Ratings UK Limited	Fellow subsidiary
S&P Global Ratings Europe Limited	Fellow subsidiary
Standard & Poor’s Financial Services, LLC	Fellow subsidiary
S&P Global Ratings Singapore Pte Ltd	Fellow subsidiary
S&P Global Ratings HongKongLimited	Fellow subsidiary
S&P Global Ratings Australia PtyLtd	Fellow subsidiary
S&P Global Ratings Japan Inc.	Fellow subsidiary
S&P Global Market Intelligence LLC	Fellow subsidiary
S&P Global Market Intelligence Inc.	Fellow subsidiary
S&P Dow Jones Indices LLC	Fellow subsidiary
S&P Global Asian Holdings Pte. Limited	Fellow subsidiary
S&P Global UK Limited	Fellow subsidiary
Markit GroupLimited	Fellow subsidiary
IHS Global FZ LLC	Fellow subsidiary
IHS Global Inc.	Fellow subsidiary
Markit North America, Inc	Fellow subsidiary
Asia Index Private Limited	Fellow subsidiary
Key Management Personnel
Girish Paranjpe	Independent Director
Amar RajBindra	Independent Director
Shyamala Gopinath	Independent Director
Vinita Bali	Independent Director (upto February14, 2024)
Nishi Vasudev	Independent Director (with effect from January27, 2024)
Saugata Saha	Director (with effect from February17, 2024)
Girish Ganeshan	Director (with effect from April 19, 2023)
Ewout Steenbergen	Chairman (upto February17, 2024)
Yann Le Pallec	Chairman (With effect from February17, 2024)
Amish Mehta*	ManagingDirector & Chief Executive Offcer
SanjayChakravarti*	Chief Financial Offcer (upto October 28, 2024)
Dinesh Venkatasubramanian*	Chief Financial Offcer (With effect from October 28, 2024)
Minal Bhosale*	CompanySecretary

Related Party under the Companies Act, 2013

211

Annual Report 2024

Consolidated

Transactions with related parties

( C lakh)

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----- Start of picture text -----

Name of the related party Nature of transaction / As at and As at and
outstanding balances for the year ended for the year ended
December 31, 2024 December 31, 2023
S&P Global Canada Corp. Professional services rendered 387 285
Amount receivable 149 -
S&P Global Ratings Europe Limited Professional services rendered 4,544 4,069
Reimbursement of expenses received 17 9
Amount receivable 775 681
S&P Global Ratings UK Limited Professional services rendered 3,257 2,951
Amount receivable 559 489
Standard & Poor’s Financial Services, Professional services rendered 19,370 17,101
LLC
Reimbursement of expenses paid 660 625
Amount payable 14 -
Amount receivable - -
S&P Global Ratings Singapore Pte Ltd Professional services rendered 713 600
Amount receivable 87 -
S&P Global Ratings Hong Kong Limited Professional services rendered 2,347 1,755
Amount receivable 313 143
S&P Global Ratings Australia Pty Ltd Professional services rendered 961 854
Amount receivable 101 74
S&P Global Ratings Japan Inc. Professional services rendered 332 334
Amount receivable 51 20
S&P Global Market Intelligence LLC Subscription fees paid 405 481
Professional services rendered 2,003 1,295
Professional fee paid - 52
Amount receivable 392 380
S&P Dow Jones Indices LLC Professional services rendered 33 3
Amount receivable 28 -
Standard & Poor's International LLC Dividend paid 3,480 2,940
Share capital outstanding 60 60
Amount receivable - -
S&P India, LLC Dividend paid 18,101 15,293
Share capital outstanding 312 312
S&P Global Asian Holdings Pte. Limited Dividend paid 6,683 5,646
Share capital outstanding 115 115
IHS Global FZ LLC Professional services rendered 37 17
IHS Global Inc. Professional services rendered 54 -
Amount receivable 13 -
Standard & Poor's South Asia Services Reimbursement of expenses received 574 733
Private Limited Amount receivable 0 -
S&P Trucost Limited Professional services rendered 517 483
Amount receivable 106 189
Markit Group Limited Rent paid 793 50
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Mission-Critical Decisions, Made with Confidence.

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( C lakh)
Name of the related party Nature of transaction / As at and As at and
outstanding balances for the year ended for the year ended
December 31, 2024 December 31, 2023
Asia Index Private Limited Reimbursement of expenses paid 4 2
Amount payable - -
Markit North America, Inc Professional services rendered - 424
Amount receivable - 2
S&P Global Inc. Professional services rendered 985 94
Rent paid 265 106
Amount payable 23 -
Amount receivable 525 91
S&P Global Market Intelligence Inc. Reimbursement of expenses received 78 78
Amount receivable 37 18
S&P Global Limited Rent paid - -
S&P Global UK Limited Professional services rendered 3,364 3,078
Amount receivable 462 725
Crisil Foundation Donation 1,238 895
Loan given - 350
Loan repaid - 350
Interest income - 7
Amount received by Crisil on behalf of - 2
Crisil foundation
Reimbursement of expenses received 70 113
Amount receivable 124 143
Girish Paranjpe Sitting fees and commission 79 77
Shyamala Gopinath Sitting fees and commission 97 89
Amount payable 1 -
Vinita Bali Sitting fees and commission 1 57
Amar Raj Bindra Sitting fees and commission 76 74
Amount payable 1 -
Nishi Vasudeva Sitting fee and commission 57 -
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Remuneration to Key Management Personnel

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( C lakh)
Nature of transaction As at and As at and
for the year ended for the year ended
December 31, 2024 December 31, 2023
short-term employee benefits 1,387 1,232
other long-term benefits 547 303
share-based payment [Options alloted (Number)] 4,832 1,000
----- End of picture text -----

‘-*’ in amounts column denote amount less than C 50,000

Notes:

All related party transactions entered during the year were in ordinary course of the business and on arm’s length basis.
Transactions with key management personnel does not include post-employment benefits based on actuarial valuation as it is done for the Company as a whole.

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40. Leases

The Group has elected not to recognise right of use assets and lease liabilities for short term leases (lease term of 12 months or less) and leases of low-value and has recognised the lease payments for such leases as an expense over the lease term.

40.1 The following is the movement in lease liabilities :

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Opening balance 4,732 8,346
Adjustments - 107
Less: Modification of lease term (7) (262)
Add: Additions 21,877 2,051
Add : Forex adjustment 37 (4)
Add: Interest recognised during the year 403 366
Less: Deductions (23) -
Less: Payment (including interest on lease liabilities) (2,019) (5,872)
Closing balance 25,000 4,732
Bifurcation of lease liability:
Non-current 20,157 3,076
Current 4,843 1,656
Total 25,000 4,732
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40.2 The table below provides details regarding the contractual maturities of lease liabilities as at December 31, 2024 on an undiscounted basis:

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----- Start of picture text -----

( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Future minimum lease payments:
Not later than one year 2,943 1,563
Later than one year and not later than five years 18,921 2,075
Later than five years 15,710 -
Total 37,574 3,638
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The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Rental expense recorded for short term leases as per Ind AS 116 was C 4,028 lakh (Previous year C 727 lakh) for the year.

The Group has recognised interest on lease liability of C 406 lakh (Previous year C 366 lakh) under finance costs. The aggregate depreciation on ROU assets has been included under depreciation expense in the Statement of Profit and Loss.

41. Gratuity and other post employment benefits plans

In accordance with the Payment of Gratuity Act, 1972 the Group provides for gratuity, a defined benefit retirement plan covering eligible employees (completed continuous services of five years or more) of the Group. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment at fifteen days salary of an amount based on the respective employee’s salary and tenure of employment with the Group.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the respective plans.

214 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Net employee benefit expense recognised in Statement of Profit and Loss and OCI:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Employee benefits expense
Current service cost 1,051 940
Interest cost on defined benefit obligation 297 256
Adjustment (17) (1)
Net impact on profit (before tax) 1,331 1,195
Remeasurement of the net defined benefit plans:
Re-measurement - actuarial (gain)/loss 466 144
Expected return on plan assets 16 (29)
Adjustment - -
Net impact on OCI (before tax) 482 115
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Balance Sheet:

Details of provision for gratuity benefit

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Present value of funded obligations 8,461 7,090
Fair value of plan assets (3,320) (2,291)
Net liability 5,141 4,799
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Changes in the present value of the defined benefit obligation are as follows:

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Opening defined benefit obligation 7,090 6,299
Current service cost 1,051 940
Interest cost 493 442
Acquisitions (credit)/ cost 9 6
Actuarial (gain)/loss- experience 74 144
Actuarial (gain)/loss- demograpic assumptions -
Actuarial (gain)/loss- financial assumptions 392 (1)
Exchange gain (14) (2)
Benefits directly paid by the Group entities (4) (33)
Benefits paid (630) (705)
Closing defined benefit obligation 8,461 7,090
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Changes in the fair value of plan assets are as follows:

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----- Start of picture text -----

( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Opening fair value of plan assets 2,291 2,734
Interest income on plan assets 186 187
Contribution by employer 1,489 47
Return on plan assets greater / (lesser) than discount rate recognised in OCI (16) 29
Benefits paid (630) (706)
Closing fair value of plan assets 3,320 2,291
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Maturity profile of defined benefit obligation:

Particulars	Year ended December 31, 2024 Year ended December 31, 2023
Weighted average duration of defned beneft obligation	4 - 7years 4 - 7years
The defined benefit obligation shall mature after December 31, 2024 as follows:
Particulars `J`lakh
December 31, 2025 877
December 31, 2026 933
December 31, 2027 1,136
December 31, 2028 1,308
December 31, 2029 1,416
December 31, 2030 to December 31, 2034 7,255

The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:

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----- Start of picture text -----

Particulars As at As at
December 31, 2024 December 31, 2023
Investment with insurer 100% 100%
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The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

The principal assumptions used in determining gratuity for the Group’s plans is as below:

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Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Discount rate 6.70% 7.20%
Rate of return on plan assets Mortality rate 7.00% 7.00%
Indian Assured Lives Mortality Indian Assured Lives Mortality
(2006-08) Ult. (2006-08) Ult.
Expected employee turnover
Service years Rates Rates
Service < 5 20.00% 20.00%
Service => 5 10.00% 10.00%
Increment 10% for first 4 years starting 10% for first 4 years starting
2024 and 7% thereafter 2024 and 7% thereafter
Expected employer's contribution next year ( C lakh) 835 737
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Broad category of plan assets as per percentage of total plan assets of the gratuity:

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Particulars As at As at
December 31, 2024 December 31, 2023
Government securities 88% 88%
Fixed deposits, debentures and bonds 3% 3%
Others 9% 9%
Total 100% 100%
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216

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Mission-Critical Decisions, Made with Confidence.

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The significant actuarial assumptions for the determination of defined benefit obligations are discount rate and salary escalation rate. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, holding all other assumptions constant.

Discount rate	`J`lakh
Effect on DBO due to 0.5% increase in discount rate	(287)
Effect on DBO due to 0.5% decrease in discount rate	306
Salary escalation rate	`J`lakh
Effect on DBO due to 0.5% increase in salaryescalation rate	10,177
Effect on DBO due to 0.5% decrease in salaryescalation rate	(9,930)

The Group has recognised the following amounts in the statement of profit and loss:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
i. Contribution to provident fund 3,515 1,474
ii. Contribution to gratuity fund 1,331 1,195
iii. Contribution to other funds 6,967 9,213
Total 11,813 11,882
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A provision of C 10,736 lakh has been made for compensated absences as at December 31, 2023 (Previous year: C 9,350 lakh).

42. Application of Ind AS 29 in financial reporting of Argentina subsidiary

Ind AS 29 “Financial reporting in Hyperinflation Economies”, which requires that the financial statements of entities whose functional currency is that of Hyperinflation economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing rate of the reporting period, was applicable for the Company’s Argentine subsidiary in previous year. The inflation adjustment was calculated by means of conversion factor derived from the Argentine price indexes published by the Argentina’s Official Statistics Bureau (‘INDEC’). The average index for the year ended December 31, 2023, was 3.00.

The main procedures for the above mentioned adjustment are as follows:

i. Monetary assets and liabilities which are carried at amounts current at the balance sheet date are not restated because they are already expressed in terms of the monetary unit current at the balance sheet date.
ii. Non-monetary assets and liabilities which are not carried at amounts current at the balance sheet date, and components of shareholders’ equity are adjusted by applying the relevant conversion factors.
iii. All items in the income statement are restated by applying the relevant conversion factors.
iv. The effect of inflation on the Company’s net monetary position is included in the income statement, in finance cost, net, under the caption “Inflation adjustment results”.

With effect from January 2024, Argentina functional currency is converted to US dollar. Due to this, there is no hyperinflation impact included in current year.

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Annual Report 2024

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43. Dividend

Details of dividend paid on equity shares are as under:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Final dividend for the year 2023 (Previous year: 2022) C 28 per equity share of C 1 20,473 16,808
each (Previous year: C 23 per share)
Interim dividend for the year 2024 (Previous year: 2023) C 30 per equity share of C 1 21,939 19,008
each (Previous year: C 26 per share)
Total 42,412 35,816
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The Board of Directors at its meeting held on February 10, 2025 have recommended a payment of final dividend of C 26 per equity share of face value of C 1 each for the financial year ended December 31, 2024. The above is subject to approval at the ensuing Annual General Meeting of the Company and hence is not recognised as a liability.

44. Additional regulatory information required by schedule III

i) The Group does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Group for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
ii) The Group has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
iii) The Group has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
iv) The Group has not traded or invested in crypto currency or virtual currency during the year.
v) The Group did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the year.
vi) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
vii) The Group has not been sanctioned working capital limits by banks or financial institutions on the basis of security of current assets at any point of time during the year.
viii) No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Group to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries.
ix) No funds have been received by the Group from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Group shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
x) The group has not revalued its property, plant and equipment (including right of use assets) or intangible assets or both during the current or previous year.

218 Annual Report 2024

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45. Business Combinations

Business combinations are accounted for using the acquisition accounting method as at the date of the acquisition, which is the date at which control is transferred to the Group. The consideration transferred in the acquisition and the identifiable assets acquired and liabilities assumed are recognised at fair values on their acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed.

45.1 Acquisition of Bridge to India Energy Private Limited

The Company has completed the acquisition of 100% stake in ‘Bridge To India Energy Private Limited’ (Bridge to India) on September 30, 2023. Bridge To India is a renewable energy (RE) consulting & knowledge services provider to financial and corporate clients in India. The acquisition will augment Crisil’s existing offerings and bolster our market positioning in the renewable energy space. The transaction is at a total consideration of C 721 lakh. Accordingly, Bridge To India became a wholly owned subsidiary of the Company with effect from the said date.

Assets acquired, and liabilities assumed is as under:

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Particulars J lakh
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Total identifable assets (A)	550
Total identifable liabilities (B)	293
Goodwill (C)	464
Total net assets (A-B+C)	721

Merger of Bridge To India Energy Private Limited with Crisil Limited

The Board of Directors of the Company at their meeting held on October 16, 2024, has approved the Scheme of Amalgamation (‘Scheme’) for merger of its whollyowned subsidiary, Bridge To India Energy Private Limited with the Company, pursuant to Sections 230-232 of the Companies Act, 2013. The Scheme is subject to the approval of National Company Law Tribunal and other requisite statutory approvals.

45.2 Incorporation of Crisil ESG Ratings and Analytics Limited

Pursuant to SEBI notification dated July 3, 2023 under the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2023, Crisil’s Board of Directors approved the transfer of its ESG rating business to step down subsidiary of Crisil, incorporated on September 26, 2023. On April 25, 2024, Crisil ESG Ratings and Analytics Limited (Crisil ESG Ratings) has received the license from SEBI to commence the business of ESG Rating Providers.

On receipt of license, the whole of assets and liabilties of the transferred business became the assets and liabilties of the resulting company and were transferred at the book value, as appearing in the books of the Company as of May 3, 2024.

45.3 Merger of Crisil Irevna US LLC and Greenwich Associates LLC

The Board of Directors of Crisil Irevna US LLC and Greenwich Associates LLC vide board resolution dated October 21, 2022 had approved a scheme of amalgamation. The scheme has received approval of the competent authorities and accordingly Greenwich Associates LLC has been merged with Crisil Irevna US LLC with effect from April 1, 2023. The merger has no impact on the consolidated financial results of the Group. In accordance with Appendix C to Ind AS 103 ‘Business Combination’, the financial information of Crisil Irevna US LLC in the consolidated financial statements in respect of prior period have been restated as if business combination had occurred from the beginning of the preceding period.

45.4 Acquisition of Peter Lee Associates Pty. Limited

On March 17, 2023, Crisil Irevna Australia Pty Ltd (the Company), completed the acquisition of 100% of the equity share capital of Peter Lee Associates Pty Limited (PLA) through a Business Purchase Agreement (BPA), and consequently, PLA become a wholly owned subsidiary of the Company. Further on October 17, 2024, the Board of Directors of Company approved purchase of business of PLA. This transaction was closed on December 2 2024.

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Peter Lee is an Australian research and consulting firm providing benchmarking research programs to the financial services sector. Peter Lee conducts annual research programs across Australia and New Zealand in various areas in banking, markets and investment management. The acquisition will complement Crisil’s existing portfolio of products and expand offerings to new geographies and segments across financial services including commercial banks and investment management. The deal will accelerate Crisil’s strategy in the APAC region to be the foremost player in the growing market.

The total consideration is C 3,421 lakh (AUD 6.18 million), which includes upfront and deferred consideration.

Assets acquired, and liabilities assumed is as under:

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----- Start of picture text -----

Particulars J lakh
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Total identifable assets (A)	2,746
Total identifable liabilities (B)	1,019
Goodwill (C)	1,694
Total net assets (A-B+C)	3,421

45.5 Incorporation of Crisil Irevna Information Technology Colombia SAS

The Board of Directors of Crisil Irevna UK Limited, subsidiary of Crisil Limited has approved the incorporation of a wholly owned subsidiary in the name of “Crisil Irevna Information Technology Colombia SAS” in Colombia to carry out research, risk and analytics services. On October 25, 2023, the Certificate of Incorporation has been received from the Chamber of Commerce (Colombia) in the name of “Crisil Irevna Information Technology Colombia SAS”.

45.6 Closure of Greenwich Associates Canada, ULC

Greenwich Associates Canada, ULC (subsidiary of Crisil Irevna US LLC) has been closed post receiving the requisite approval of the competent authorities w.e.f July 31, 2023. The same has no impact on the consolidated financial results of the Group.

46. Employee stock option scheme (ESOS)

The Group has formulated an ESOS based on which employees are granted options to acquire the equity shares of the parent Company that vests in a graded manner. The options are granted at the closing market price prevailing on the stock exchange, immediately prior to the date of grant. Details of the ESOS granted are as under :

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----- Start of picture text -----

Particulars Date of grant Number Exercise Vesting condition Exercise Weighted
of options price period average price
granted ( J ) ( J )
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ESOS 2014 (3) 16-Dec-16 82,100 2,180.85 Vested equally in the period of 3 to 5 years subject to conditions within 2 years from date of vesting ESOS 2014 (4) 09-Mar-17 13,400 1,997.35 ESOS 2014 (5) 17-Jul-17 25,000 1,956.55 ESOS 2014 (6) 08-Jan-18 8,000 1,919.25 ESOS 2014 (7) 24-Jan-18 2,38,970 1,969.45	734.46
	680.28
	626.51
	623.48
	651.23
ESOS 2014 (8) 04-Apr-18 1,64,457 1,841.35 Vested equally in the period of 1 to 3 years subject to conditions within 2 years from date of vesting ESOS 2014 (9) 16-Apr-19 2,26,155 1,568.85	410.12
	332.35

*Weighted average price of options as per Black-Scholes Option Pricing model at the grant date.

220 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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The summary for each scheme as at December 31, 2024

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----- Start of picture text -----

Particulars ESOS - 2014
Number of Wtd. avg. exercise
options price ( J )
Outstanding at the beginning of the year 23,163 1,764.82
Add: Granted during the year - N.A.
Less: Exercised during the year 16,185 1,713.51
Less: Expired/ forfeited during the year 3,944 1,852.40
Outstanding at the end of the year 3,034 1,925.34
Exercisable at the end of the year 3,034 1,925.34
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The summary for each scheme as at December 31, 2023

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----- Start of picture text -----

Particulars ESOS - 2011 ESOS - 2014
Number of Wtd. avg. exercise Number of Wtd. avg. exercise
options price ( J ) options price ( J )
Outstanding at the beginning of the year 4,280 2,180.85 97,172 1,791.26
Add: Granted during the year - N.A. - N.A.
Less: Exercised during the year 4,280 2,180.85 45,281 1,756.70
Less: Expired/ forfeited during the year - N.A. 28,728 1,867.06
Outstanding at the end of the year - N.A. 23,163 1,764.82
Exercisable at the end of the year - N.A. 23,163 1,764.82
Particulars Date Wtd. avg. exercise price ( J )
Weighted average share price at the date of exercise. February 16, 2024 4,221.84
April 16, 2024 5,029.42
July 16, 2024 4,118.59
October 16, 2024 4,579.98
Particulars Range of exercise prices Wtd. avg. remaining
( J ) contractual life
Range of exercise prices and weighted average remaining contractual life. 1568.85 to 1,969.45 8 days
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Cash inflow on exercise of options at the weighted average share price at the date of exercise.

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----- Start of picture text -----

Particulars Year ended December 31, 2024 Year ended December 31, 2023
Numbers J lakh Numbers J lakh
Exercised during the year (Excludes share application 16,185 242 16,185 243
money pending allotment)
Total 16,185 242 16,185 243
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There are no cash settled plans implemented by the Company and hence there is no further liability booked in the books.

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The estimates of future cash inflow that may be received upon exercise of options.

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----- Start of picture text -----

Particulars Year ended December 31, 2024 Year ended December 31, 2023
Numbers J lakh Numbers J lakh
Not later than two years 3,034 58 23,163 409
Total 3,034 58 23,163 409
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47. Earnings per share

The following reflects the profit and share data used in the basic and diluted earnings per share (EPS) computations:

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----- Start of picture text -----

( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Net profit for calculation of basic/diluted EPS 68,407 65,844
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Weighted average number of equity shares in calculating basic EPS 7,31,24,217 7,30,94,435
Effect of dilution:
Add: weighted average stock options granted under ESOS 1,834 12,401
Weighted average number of equity shares in calculating diluted EPS 7,31,26,051 7,31,06,836
Earnings per share : Nominal value of J 1 Year ended Year ended
December 31, 2024 December 31, 2023
( J ) ( J )
Basic () 93.55 90.08<br>Diluted () (On account of ESOS, refer to note 46) 93.55 90.07
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Mission-Critical Decisions, Made with Confidence.

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48. Statement pursuant to details to be furnished for subsidiaries as prescribed by Companies Act, 2013

As at and for the year ended December 31, 2024

==> picture [470 x 454] intentionally omitted <==

----- Start of picture text -----

Name of the entity Net Assets, i.e., total assets Share in profit or loss Share in other Share in total comprehensive
minus total liabilities comprehensive income income
As % of J lakh As % of J lakh As % of J lakh As % of J lakh
consolidated consolidated consolidated consolidated
net assets profit or loss other total
comprehensive comprehensive
income income
1 2 3 4 5 6 7 8 9
Parent: Crisil Limited 69.4% 1,77,900 90.0% 61,588 90.3% 10,232 90.1% 71,820
Subsidiaries
Indian
1. Crisil Ratings Limited 7.8% 20,087 36.9% 25,265 0.0% - 31.7% 25,265
2. Bridge to India Energy Private 0.1% 147 0.1% 89 0.0% - 0.1% 89
Limited (Refer to note 45.1)
3. Crisil ESG Ratings and 0.3% 821 -0.3% (236) 0.0% - -0.3% (236)
Analytics Limited (Refer to
note 45.2)
Foreign
1. Crisil Irevna Argentina S.A. 0.3% 654 0.3% 210 0.0% - 0.3% 210
2. Crisil Irevna Poland SP.Zo.o. 0.3% 846 0.3% 205 0.0% - 0.3% 205
3. Crisil Irevna UK Limited 24.9% 63,755 26.7% 18,278 0.0% - 22.9% 18,278
4. Crisil Irevna US LLC (Refer to 9.5% 24,427 1.4% 981 0.0% - 1.2% 981
note 45.3)
5. Crisil Irevna Information 0.3% 892 0.5% 345 0.0% - 0.4% 345
Technology (Hangzhou) Co. Ltd.
6. Coalition Development Limited 2.7% 6,944 22.6% 15,475 0.0% - 19.4% 15,475
7. Coalition Development 0.2% 398 0.0% 31 0.0% - 0.0% 31
Singapore Pte Limited
8. Greenwich Associates 0.3% 686 0.2% 126 0.0% - 0.2% 126
Singapore PTE. LTD.
9. Greenwich Associates Japan 0.1% 207 0.0% 20 0.0% - 0.0% 20
K.K.
10. Greenwich Associates UK 0.6% 1,656 0.1% 77 0.0% - 0.1% 77
Limited
11. Crisil Irevna Australia Pty Ltd 1.4% 3,686 0.4% 282 0.0% - 0.4% 282
12. Peter Lee Associates Pty. 0.1% 260 0.3% 188 0.0% - 0.2% 188
Limited (Refer to note 45.4)
13. Crisil Irevna Information 0.0% 123 0.1% 47 0.0% - 0.1% 47
Technology Colombia SAS
(Refer to note 45.5)
Total elimination/adjustment -18.3% (47,006) -79.7% (54,564) 9.7% 1,101 -67.0% (53,463)
TOTAL 100% 2,56,482 100% 68,407 100% 11,333 100% 79,740
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Consolidated

As at and for the year ended December 31, 2023

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Parent: Crisil Limited	Parent: Crisil Limited	68.1%	1,48,982	101.5%	66,826	114.1%	10,014	103.0%	76,840
Subsidiaries
Indian
1.	Crisil Ratings Limited	4.8%	10,490	30.7%	20,238	0.0%	-*	27.1%	20,238
2.	Bridge to India Energy Private	0.1%	198	0.0%	15	0.0%	-	0.0%	15
	Limited(Refer to note 45.1)
3.	Crisil ESG Ratings and Analytics	0.5%	1,057	0.0%	7	0.0%	-	0.0%	7
	Limited(Refer to note 45.2)
Foreign
1.	Crisil Irevna Argentina S.A.	0.2%	504	-0.9%	(610)	0.0%	-	-0.8%	(610)
2.	Crisil Irevna Poland SP.Zo.o.	0.3%	663	0.3%	192	0.0%	-	0.3%	192
3.	Crisil Irevna UK Limited	29.3%	64,207	37.6%	24,745	0.0%	-	33.2%	24,745
4.	Crisil Irevna US LLC (Refer to note	10.5%	22,972	-3.9%	(2,593)	0.0%	-	-3.5%	(2,593)
	45.3)
5.	Crisil Irevna Information	0.4%	891	0.5%	352	0.0%	-	0.5%	352
	Technology (Hangzhou)Co. Ltd.
6.	Coalition Development Limited	4.6%	10,118	20.8%	13,682	0.0%	-	18.3%	13,682
7.	Coalition Development Singapore	0.2%	369	0.0%	15	0.0%	-	0.0%	15
	Pte Limited
8.	Greenwich Associates Singapore	0.3%	562	0.2%	150	0.0%	-	0.2%	150
	PTE. LTD.
9.	Greenwich Associates Japan K.K.	0.1%	203	0.0%	9	0.0%	-	0.0%	9
10.	Greenwich Associates Canada ULC	0.0%	-	-0.9%	(610)	0.0%	-	-0.8%	(610)
	(Refer to note 45.6)
11.	Greenwich Associates UK Limited	0.7%	1,537	0.1%	91	0.0%	-	0.1%	91
12.	Crisil Irevna Australia Pty Ltd	1.2%	2,673	0.0%	21	0.0%	-	0.0%	21
	(Refer to note 45.4)
13.	Peter Lee Associates Pty. Limited	0.1%	285	0.3%	201	0.0%	-	0.3%	201
	(Refer to note 45.5)
14.	Crisil Irevna Information	0.0%	-	0.0%	-	0.0%	-	0.0%	-
	TechnologyColombia SAS
Total elimination/adjustment		-21.3%	(46,785)	-86.4%	(56,887)	-14.1%	(1,234)	-77.7%	(58,121)
TOTAL		100%	2,18,926	100%	65,844	100%	8,780	100%	74,624

‘-*’ in amounts column denote amount less than C 50,000

49. The figures for the previous year have been regrouped/ rearranged wherever necessary to conform to the current year’s classification.

This is the summary of material accounting policies and other explanatory information referred to in our report of even date.

For Walker Chandiok & Co LLP

For and on behalf of the Board of Directors of Crisil Limited

Chartered Accountants Firm Registration No.:001076N/N500013

Manish Gujral

Partner Membership No.: 105117

Place: Mumbai Date: February 10, 2025

Yann Le Pallec Chairman [DIN: 05173118]

Dinesh Venkatasubramanian Chief Financial Officer

Place: Guwahati Date: February 10, 2025

Amish Mehta

Managing Director & Chief Executive Officer [DIN: 00046254]

Minal Bhosale

Company Secretary

224 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

==> picture [93 x 33] intentionally omitted <==

16	Crisil Irevna Information Technology Colombia SAS	The date since when subsidiary was acquired/ Investment in subsidiary 3-Jun-19 26-Sep-23 30-Sep-23 21-May-07 14-Nov-08 19-Oct-04 19-Oct-04 22-Jul-10 3-Jul-12 3-Jul-12 26-Feb-20 26-Feb-20 26-Feb-20 28-Aug-20 17-Mar-23 25-Oct-23	Reporting period for the subsidiary concerned, if different from the holding Company’s reporting period December 31, 2024 December 31, 2024 March 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024	Reporting currency INR INR INR USD PLN GBP USD CNY GBP SGD SGD JPY USD AUD AUD COP	Exchange rate as on the last date (INR) 1.00 1.00 1.00 85.54 20.89 107.59 85.54 11.72 107.59 62.97 62.97 0.54 85.54 53.18 53.18 0.02	Equity share capital 2,610 1,050 18 172 9 4,441 28,421 247 151 - - 65 1,089 3,335 1 84	Reserves & surplus 17,477 (229) 129 482 837 59,314 (3,994) 645 6,793 398 686 142 567 351 259 38	Total assets 42,860 1,298 226 1,186 1,283 74,647 43,133 1,322 14,213 486 1,298 333 2,150 4,407 260 239	Total liabilities 22,773 477 79 532 438 10,893 18,706 431 7,268 88 612 126 494 721 - 117	Investments 1,050 - - - - 3,419 1,154 - - - - - - 3,367 - -	Turnover 57,970 266 300 3,358 3,040 36,759 48,052 3,520 62,713 695 2,822 911 2,125 700 1,668 711	Proft before taxation 33,925 (312) 112 118 260 18,173 2,423 408 20,642 35 176 43 102 364 187 74	Tax expense 8,660 (77) 23 (91) 55 (105) 1,442 63 5,167 4 50 23 25 82 (1) 27	Proft after taxation 25,265 (236) 89 210 205 18,278 981 345 15,475 31 126 20 77 282 188 47	Dividend Paid 15,800 - 130 - - 19,030 - 354 18,811 - - - - - 191 -	% of shareholding 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%	‘-’ in amounts column denote amount less than`C`50,000 For and on behalf of the Board of Directors of Crisil Limited Yann Le Pallec Amish Mehta Dinesh Venkatasubramanian Minal Bhosale* Chairman Managing Director & Chief Executive Offcer Chief Financial Offcer Company Secretary [DIN: 05173118] [DIN: 00046254] Place: Guwahati Date: February 10, 2025
15	Peter Lee Associates Pty. Limited
14	Crisil Irevna Australia Pty Ltd
13	Greenwich Associates UK Limited
12	Greenwich Associates Japan K.K.
11	Greenwich Associates Singapore PTE. LTD.
10	Coalition Development Singapore Pte Limited
9	Coalition Development Limited
8	Crisil Irevna Information Technology (Hangzhou) Co. Ltd.
7	Crisil Irevna US LLC
6	Crisil Irevna UK Limited
5	Crisil Irevna Poland SP.Zo.o.
4	Crisil Irevna Argentina S.A.
3	Bridge To India Energy Private Limited
2	Crisil ESG Ratings & Analytics Limited
1	Crisil Ratings Limited
Sl. No.	Name of the subsidiary

225

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Standalone

Independent Auditor’s Report

To the Members of Crisil Limited Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Crisil Limited (‘the Company’), which comprise the Balance Sheet as at 31 December 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information, in which are included the returns for the year ended on that date audited by the branch auditors of the Company’s branches located at Dubai (U.A.E.) and Cambodia.
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the branch auditors as referred to in paragraph 15 below, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 December 2024, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained together with the audit evidence obtained by the branch auditors, in terms of their reports referred to in paragraph 15 of the Other Matter section below is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

Key audit matters are those matters that, in our professional judgment, and based on the consideration of the reports of the branch auditors as referred to paragraph 15 below, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the matter described below to be the key audit matters to be communicated in our report.

Key audit matter Revenue recognition

The Company’s income from operations comprises of income from global research and analytical services, customized research, special assignments and subscriptions to information products and services, revenue from initial public offering (IPO) grading services, independent equity research (IER) services, infrastructure advisory and risk management services. Refer Note 2.14 to the standalone financial statements, for details of revenue recognized during the year.

How our audit addressed the key audit matter Our audit of the recognition of contract revenue included, but was not limited to, the following:

Obtained an understanding of the revenue and receivable business process, and assessed the appropriateness of the revenue recognition policies adopted by the Company;
Evaluated key controls around the recognition of contract revenue. Tested the design, implementation and operating effectiveness of these identified key controls during the year and as at the year-end;

226 Annual Report 2024

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Key audit matter

The application of the accounting standard is complex and an area of focus in the audit, as it involved application of significant judgments and estimates relating to identification of distinct performance obligations, determination of transaction price of identified performance obligation, the appropriateness of the basis used to measure revenue recognized over a period. Additionally, the standard mandates robust disclosures in respect of revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet.

Due to the significance of the item to the financial statements, complexities involved, and management judgment involved for ensuring appropriateness of accounting treatment, this matter has been identified as a key audit matter for the current year’s audit.

How our audit addressed the key audit matter

On a sample of contracts, tested the revenue recognition and our procedures included:
reviewing the contract terms and conditions;
evaluating the identification of performance obligations of the contract;
evaluating the appropriateness of management’s assessment of manner of satisfaction of performance obligations and consequent recognition of revenue; and
evaluating the reasonableness of the estimates involved in the recognition of revenue including in determining revenue from infrastructure advisory and risk management services in accordance with the percentage of completion etc.
Tested revenue recognition for cut off transactions on sample basis to assess whether the timing of revenue recognition is appropriate; and
Evaluated the appropriateness and adequacy of the disclosures made in the accompanying standalone financial statements for revenue recorded during the year with the relevant accounting standards under the Ind AS framework. This also included evaluating the completeness and accuracy of the information provided.
Assessed whether the disclosures provided sufficient information for users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.
Evaluated the adequacy of the disclosures related to the significant judgments and estimates made by management in applying the revenue recognition policies. This included assessing whether the Company provided sufficient information about the key judgments and estimates that could significantly affect the amount and timing of revenue recognition.

Information other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors are responsible for the other information. The other information comprises the information included in the Directors’ Report, but does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Annual Report 2024 227

Standalone

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The accompanying standalone financial statements have been approved by the Company’s Board of Directors. The Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS specified under section 133 of the Act and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or

error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls;
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern;

228 Annual Report 2024

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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation; and
Obtain sufficient appropriate audit evidence regarding the financial statements of the Company and its branches to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit of financial statements of the Company, of which we are the independent auditors. For the branches included in the financial statements, which have been audited by the branch auditors, such branch auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

We did not audit the financial statements of two (2) branches included in the standalone financial statements of the Company whose financial statements reflects total assets of ` 1,238 lakhs
as at 31 December 2024, and the total revenues of 2,259 lakhs, total net profit after tax of 169 lakhs, total comprehensive income of 456 lakhs, and cash outflows (net) of 151 lakhs respectively for the year ended on that date, as considered in the standalone financial statements. These financial statements have been audited by the branch auditors whose reports have been furnished to us by the management, and our opinion on the standalone financial statements, in so far as it relates to the amounts and disclosures included in respect of branches, and our report in terms of sub-section (3) of section 143 of the Act in so far as it relates to the aforesaid branches, is based solely on the report of such branch auditors.
Further these branches are located outside India whose financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by branch auditors under generally accepted auditing standards applicable in their respective countries. The Company’s management has converted the financial statements of such branches from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Company’s management. Our opinion on the standalone financial statements, in so far as it relates to the amounts and disclosures included in respect of such branches, is based on the report of branch auditors and the conversion adjustments prepared by the management of the Company and audited by us.

Our opinion above on the standalone financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the above matters with respect to our reliance on the work done by and the reports of the branch auditors.

Report on Other Legal and Regulatory Requirements

As required by section 197(16) of the Act based on our audit, and on the consideration of the reports of the branch auditors as referred to in paragraph 15 above, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.
As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government

229

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Standalone

of India in terms of section 143(11) of the Act we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

Further to our comments in Annexure I, as required by section 143(3) of the Act based on our audit, and on the consideration of the reports of the branch auditors as referred to in paragraph 15 above, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the accompanying standalone financial statements;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us;
c) The reports on the accounts of the branch offices of the Company audited under section 143(8) of the Act by the branch auditors have been sent to us and have been properly dealt with by us in preparing this report;
d) The standalone financial statements dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;
e) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;
f) On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 December 2024 from being appointed as a director in terms of section 164(2) of the Act;
g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company as on 31 December 2024 and the operating effectiveness of such controls, refer to our separate report in Annexure II wherein we have expressed an unmodified opinion; and
h) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the branch auditors as referred to in paragraph 15 above:
i. the Company, as detailed in note 37 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 December 2024;
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 December 2024;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31 December 2024;
iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note 50(viii) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;
- b. The management has represented that, to the best of its knowledge and belief, as disclosed in note 50(ix) to the standalone financial statements, no funds have been received by

230 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

==> picture [93 x 33] intentionally omitted <==

the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The interim dividend declared and paid by the Company during the year ended 31 December 2024 is in compliance with section 123 of the Act

The final dividend paid by the Company during the year ended 31 December 2024 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend; and

As stated in note 45 to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 December 2024 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination which included test checks, the Company, in respect of financial years commencing on or after 1 January 2024, has used an accounting and contract management software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.

For Walker Chandiok & Co LLP

Chartered Accountants Firm’s Registration No.: 001076N/N500013

Manish Gujral

Partner Membership No.: 105117 UDIN: 25105117BMOLIU5646

Place: Mumbai Date: 10 February 2025

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Annexure I

Annexure I referred to in paragraph 17 of the Independent Auditor’s Report of even date to the members of Crisil Limited on the standalone financial statements for the year ended 31 December 2024

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment, capital work-in-progress, and relevant details of right-ofuse assets.
- (B) The Company has maintained proper records showing full particulars of intangible assets.
(b) The property, plant and equipment, capital work-in-progress, and relevant details of right-of-use assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification programme adopted by the Company, is reasonable having regard to the size of the Company and the nature of its assets.
(c) The title deeds of all the immovable properties held by the Company (other than properties where the Company is a lessee), disclosed in Note 3 to the standalone financial statements, are held in the name of the Company. For properties where the Company is a lessee, the lease arrangements have been duly executed in favour of the Company except in following cases:

Description of property	Right- of-Use Asset Value (`Lakhs)	Location	Details of Lessor	Period held as on 31 December 2024	Reason for non- execution of lease agreement
Building	22,945	Lightbridge IT Park, Saki	Gamma Constructions Pvt	27 days	Operational
		Vihar Road, Andheri East,	Ltd & Nathan Properties		delays
		Mumbai – 400 072	Pvt Ltd

(d) The Company has adopted cost model for its Property, Plant and Equipment including right-of-use assets and intangible assets. Accordingly, reporting under clause 3(i)(d) of the Order is not applicable to the Company.
(e) No proceedings have been initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made thereunder.
(ii) (a) The Company does not hold any inventory/tangible inventory. Accordingly, reporting under clause 3(ii)(a) of the Order is not applicable to the Company.
(b) The Company has not been sanctioned working capital limits by banks or financial institutions on the basis of security of current assets at any point of time during the year. Accordingly, reporting under clause 3(ii)(b) of the Order is not applicable to the Company.
(iii) The Company has not made investments in, provided any guarantee or security to companies, firms, limited liability partnerships during the year. Further, the Company has granted loans to other parties during the year, in respect of which:
(a) The Company has provided loans to Others during the year as per details given below:

==> picture [449 x 16] intentionally omitted <==

----- Start of picture text -----

Particulars Loans
----- End of picture text -----

Aggregate amount provided/granted during the year (`Lakhs):
- Others	1,092
Balance outstanding as at balance sheet date (`Lakhs):
- Others	530

232 Annual Report 2024

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(b) The Company has not made any investment, provided any guarantee, given any security or granted any advances in the nature of loans during the year. However, in our opinion and according to the information and explanations given to us, terms and conditions of the grant of all loans are, prima facie, not prejudicial to the interest of the Company.
(c) In respect of loans granted by the Company, the schedule of repayment of principal has been stipulated and the repayments/receipts of principal are regular. Further, no interest is receivable on such loans.
(d) There is no overdue amount in respect of loans granted to such other parties.
(e) The Company has granted loans which had fallen due during the year and were repaid on or before the due date. Further, no fresh loans were granted to any party to settle the overdue loans.
(f) The Company has not granted any loans, which are repayable on demand or without specifying any terms or period of repayment.
iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of section 186 of the Act in respect of loans and investments made and guarantees and security provided by it, as applicable. Further, the

Company has not entered into any transaction covered under section 185 of the Act.

(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits or there are no amounts which have been deemed to be deposits within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.
(vi) The Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the Act, in respect of Company’s products/ services / business activities. Accordingly, reporting under clause 3(vi) of the Order is not applicable.
(vii) (a) In our opinion and according to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues including goods and services tax, provident fund, employees’ state insurance, income-tax, salestax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they became payable
(b) According to the information and explanations given to us, we report that there are no statutory dues referred in sub-clause (a) which have not been deposited with the appropriate authorities on account of any dispute except for the following

==> picture [449 x 53] intentionally omitted <==

----- Start of picture text -----

Name Nature Amount Amount Period to Forum In the name of
of the of dues ( ` in paid which the where
statute lakhs) amount dispute is
relates pending
Income Income 6 - AY 2005-06 CIT(A) Crisil Risk and Infrastructure Solutions Limited
----- End of picture text -----

of the statute of dues Income Income	(`in lakhs) paid which the amount relates where dispute is pending 6 - AY 2005-06 CIT(A) Crisil Risk and Infrastructure Solutions Limited
Tax Act, 1961 tax*	36 - AY 2006-07 CIT(A) Crisil Risk and Infrastructure Solutions Limited
	17 4 AY 2006-07 CIT(A) Crisil Limited
	832 - AY 2008-09 Madras High Court Irevna Research Services Limited
	86 - AY 2008-09 AO Crisil Risk and Infrastructure Solutions Limited
	0#^ 0#^ AY 2008-09 AO Crisil Limited
	0#^ 0#^ AY 2009-10 AO Crisil Limited
	138 138 AY 2009-10 CIT(A) Pipal Research Analytics & Information Services India Pvt Ltd
	82 32 AY 2010-11 AO Crisil Risk and Infrastructure Solutions Limited
	40# 40# AY 2010-11 AO Crisil Limited
	106 - AY 2011-12 AO Crisil Risk and Infrastructure Solutions Limited
	21# 21# AY 2011-12 AO Crisil Limited
	10# 10# AY 2012-13 AO Crisil Limited

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----- Start of picture text -----

Name Nature Amount Amount Period to Forum In the name of
of the of dues ( ` in paid which the where
statute lakhs) amount dispute is
relates pending
118 71 AY 2012-13 ITAT Pipal Research Analytics & Information Services
----- End of picture text -----

of the statute of dues	(`in lakhs) paid which the amount relates where dispute is pending 118 71 AY 2012-13 ITAT Pipal Research Analytics & Information Services
	India Pvt Ltd
	7 7 AY 2013-14 CIT(A) Crisil Risk and Infrastructure Solutions Limited
	55 3 AY 2013-14 CIT(A) Mercator lnfo-Services India Pvt Ltd
	3,130 2,521 AY 2013-14 CIT(A) Crisil Limited
	143 8 AY 2014-15 CIT(A) Mercator lnfo-Services India Pvt Ltd
	5,495 805 AY 2014-15 CIT(A) Crisil Limited
	2,110 391 AY 2016-17 CIT(A) Crisil Limited
	2,427 450 AY 2017-18 CIT(A) Crisil Limited
	2,391 443 AY 2018-19 CIT(A) Crisil Limited
	5,660 - AY 2014-15 CIT(A) Crisil Limited
	232 19 AY 2015-16 CIT(A) Mercator lnfo-Services India Pvt Ltd
	5,995 - AY 2015-16 CIT(A) Crisil Limited
	5,879 2,376 AY 2016-17 CIT(A) Crisil Limited
	6,584 825 AY 2017-18 CIT(A) Crisil Limited
	5 - AY 2017-18 CIT(A) Pragmatix Solutions Pvt. Ltd.
	111 - AY 2018-19 CIT(A) Crisil Risk and Infrastructure Solutions Limited
	8,175 1,025 AY 2018-19 CIT(A) Crisil Limited
	30 - AY 2018-19 CIT(A) Pragmatix Solutions Pvt. Ltd.
	6,324 945 AY 2020-21 CIT(A) Crisil Limited
	6,003 1,050 AY 2021-22 CIT(A) Crisil Limited
Finance Act, 1994 Service tax	13 1 FY 2013-14 to June 2017 CESTAT Crisil Risk and Infrastructure Solutions Limited
	20 - Apr 2013 to June 2017 Commissioner (Appeals) Crisil Risk and Infrastructure Solutions Limited
	140 11 FY 2013-14 to June 2017 CESTAT Crisil Limited
Goods and Service Tax Act, 2017 Goods and Service Tax	65 7 2017-18 Joint Commissioner (Appeals) Crisil Limited
	146 15 2018-19 to 2021-22 Joint Commissioner (Appeals) Crisil Limited
	56 6 2019-20 Joint Commissioner (Appeals) Crisil Limited

Amounts related to Income tax includes interest amounting to ` 11,303 lakhs from the date of order received from relevant authority to the reporting date.

Amounts reported have been updated to the extent of amount remaining in dispute basis the orders received by the Company ^represent amounts less than ` 50,000

(viii) According to the information and explanations given to us, we report that no transactions were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not been previously recorded in the books of accounts.
(ix) (a) According to the information and explanations given to us, we report that the Company does not have any loans or other borrowings from any

lender. Accordingly, reporting under clause 3(ix)(a) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us including representation received from the management of the Company, and on the basis of our audit procedures, we report that the Company has not been declared a willful defaulter by any bank or financial institution or government or any government authority.

234 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

==> picture [93 x 33] intentionally omitted <==

(c) In our opinion and according to the information and explanations given to us, the Company has not raised any money by way of term loans during the year and did not have any term loans outstanding at the beginning of the current year. Accordingly, reporting under clause 3(ix)(c) of the Order is not applicable to the Company.
(d) In our opinion and according to the information and explanations given to us, the Company has not raised any funds on short term basis during the year. Accordingly, reporting under clause 3(ix) (d) of the Order is not applicable to the Company.
(e) In our opinion and according to the information and explanations given to us and on an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.
(f) In our opinion and according to the information and explanations given to us, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.
(x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments), during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable to the Company.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures during the year. Accordingly, reporting under clause 3(x)(b) of the Order is not applicable to the Company.
(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or no fraud on the Company has been noticed or reported during the period covered by our audit.
(b) According to the information and explanations given to us including the representation made to us by the management of the Company, no report under sub-section 12 of section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014, with the Central Government for the period covered by our audit.
(c) According to the information and explanations given to us, the Company has received whistle blower complaints during the year, which have been considered by us while determining the nature, timing and extent of audit procedures.
(xii) The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it.
Accordingly, reporting under clause 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, all transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further, the details of such related party transactions have been disclosed in the standalone financial statements, as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.
(xiv) (a) In our opinion and according to the information and explanations given to us, the Company has an internal audit system which is commensurate with the size and nature of its business as required under the provisions of section 138 of the Act.
(b) We have considered the reports issued by the Internal Auditors of the Company till date for the period under audit.
(xv) According to the information and explanation given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and accordingly, reporting under clause 3(xv) of the Order with respect to compliance with the provisions of section 192 of the Act are not applicable to the Company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under clauses 3(xvi)(a), (b) and (c) of the Order are not applicable to the Company.
(d) Based on the information and explanations given to us and as represented by the management of the Company, the Group (as defined in Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC.
(xvii) The Company has not incurred any cash losses in the current financial year as well as the immediately preceding financial year.

235

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(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, reporting under clause 3(xviii) of the Order is not applicable to the Company.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information in the standalone financial statements, our knowledge of the plans of the Board of Directors and management and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.
(xx) According to the information and explanations given to us, the Company does not have any unspent amounts towards Corporate Social Responsibility in respect of any ongoing or other than ongoing project as at the end of the financial year. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

Manish Gujral

Partner

Membership No.: 105117 UDIN: 25105117BMOLIU5646

Place: Mumbai Date: 10 February 2025

Annexure II

Annexure II to the Independent Auditor’s Report of even date to the members of Crisil Limited on the financial statements for the year ended 31 December 2024

Independent Auditor’s Report on the internal financial controls with reference to the standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act’)

In conjunction with our audit of the standalone financial statements of Crisil Limited (‘the Company’) as at and for the year ended 31 December 2024, we have audited the internal financial controls with reference to financial statements of the Company as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The Company’s Board of Directors is responsible for establishing and maintaining internal financial
controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’) (“the Guidance Note”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Company’s business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

236 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

==> picture [93 x 33] intentionally omitted <==

Auditor’s Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements

Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements, and the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (‘the Guidance Note’) issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements includes obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls with reference to financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A company’s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such controls were operating effectively as at 31 December 2024, based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in Guidance Note issued by ICAI.

For Walker Chandiok & Co LLP

Chartered Accountants Firm’s Registration No.: 001076N/N500013

Manish Gujral

Partner Membership No.: 105117 UDIN: 25105117BMOLIU5646

Place: Mumbai

Date: 10 February 2025

237

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Standalone

Standalone Balance Sheet

as at December 31, 2024

==> picture [490 x 458] intentionally omitted <==

----- Start of picture text -----

( C lakh)
Particulars Notes As at As at
December 31, 2024 December 31, 2023
ASSETS
1. Non-current assets
(a) Property, plant and equipment 3 14,932 3,496
(b) Right of use assets 4 26,078 3,937
(c) Goodwill 5 3,621 3,621
(d) Other Intangible assets 6 903 888
(e) Intangible assets under development 7 1,631 878
(f) Capital Work-in-progress 8 85 -
(g) Financial assets
i. Investments 9 54,327 43,120
ii. Other fnancial assets 10 1,763 1,276
(h) Deferred tax assets (net) 11 5,488 5,715
(i) Tax assets (net) 12 18,575 12,318
(j) Other non-current assets 13 3,622 820
Total non-current assets 1,31,025 76,069
2. Current assets
(a) Financial assets
i. Investments 9 71,981 56,411
ii. Trade receivables 14 28,459 37,582
iii. Cash and cash equivalents 15 9,230 10,437
iv. Bank balances other than (iii) above 16 348 378
v. Loans 17 530 355
vi. Other financial assets 18 4,021 4,015
(b) Other current assets 19 14,730 19,137
Total current assets 1,29,299 1,28,315
TOTAL ASSETS 2,60,324 2,04,384
EQUITY AND LIABILITIES
1. Equity
(a) Equity share capital 20 731 731
(b) Other equity 1,77,900 1,48,251
Total equity 1,78,631 1,48,982
Liabilities
2. Non-current liabilities
(a) Financial liabilities
i. Lease liabilities 41 18,504 1,775
ii. Other financial liabilities 22 2,536 2,392
(b) Provisions 23 4,601 3,543
(c) Other non-current liabilities 24 - 19
Total non-current liabilities 25,641 7,729
3. Current liabilities
(a) Financial liabilities
i. Lease liabilities 41 4,220 1,351
ii. Trade payables 25
- Total outstanding dues of micro enterprises and small enterprises 1,148 1,032
- Total outstanding dues of creditors other than micro enterprises and 10,043 11,341
small enterprises
iii. Other financial liabilities 26 22,888 16,570
(b) Other current liabilities 27 9,235 9,470
(c) Provisions 28 8,518 7,909
Total current liabilities 56,052 47,673
TOTAL EQUITY AND LIABILITIES 2,60,324 2,04,384
Summary of material accounting policies 2
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The accompanying notes are an integral part of the standalone financial statements. This is the balance sheet referred to in our audit report of even date

For Walker Chandiok & Co LLP

For and on behalf of the Board of Directors of Crisil Limited

Chartered Accountants Firm Registration No.:001076N/N500013

Manish Gujral

Partner Membership No.: 105117

Place: Mumbai Date: February 10, 2025

Yann Le Pallec Chairman [DIN: 05173118]

Dinesh Venkatasubramanian Chief Financial Officer

Place: Guwahati Date: February 10, 2025

Amish Mehta

Managing Director & Chief Executive Officer [DIN: 00046254]

Minal Bhosale

Company Secretary

238 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Standalone Statement of Profit and Loss

for the year ended December 31, 2024

==> picture [489 x 427] intentionally omitted <==

----- Start of picture text -----

( C lakh)
Particulars Notes Year ended Year ended
December 31, 2024 December 31, 2023
Income
Revenue from operations 29 1,66,489 1,62,836
Other income 30 50,069 49,326
Total income 2,16,558 2,12,162
Expenses
Employee benefits expense 31 87,672 80,240
Finance costs 32 311 328
Depreciation and amortisation expenses 33 4,327 6,692
Other expenses 34 53,706 48,564
Total expenses 1,46,016 1,35,824
Profit before tax 70,542 76,338
Tax expense/ (credit) 11
Current tax 8,125 10,105
Deferred tax 829 (593)
Total tax expense 8,954 9,512
Profit after tax for the year 61,588 66,826
Other comprehensive (income) / expense (OCI)
A. Items that will be reclassified to profit or loss:
- Exchange differences in translating the financial statements of a (9) (9)
foreign operation
- The effective portion of gain and loss on hedging instruments in a cash 877 (1,717)
flow hedge
- Tax effect on above (221) 432
B. Items that will not be reclassified to profit or loss:
- Remeasurements of the defined benefit plans 656 115
- Equity instruments through other comprehensive income (11,154) (8,735)
- Tax effect on above (381) (100)
Total other comprehensive (income)/ loss net of tax for the year (10,232) (10,014)
Total comprehensive income for the year 71,820 76,840
Earnings per share : Nominal value of C 1 per share 44
Basic 84.22 91.42
Diluted 84.22 91.41
Summary of material accounting policies 2
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The accompanying notes are an integral part of the standalone financial statements. This is the statement of profit and loss referred to in our audit report of even date.

For Walker Chandiok & Co LLP

For and on behalf of the Board of Directors of Crisil Limited

Chartered Accountants

Firm Registration No.:001076N/N500013

Manish Gujral

Partner Membership No.: 105117

Place: Mumbai Date: February 10, 2025

Yann Le Pallec

Chairman [DIN: 05173118]

Dinesh Venkatasubramanian Chief Financial Officer

Place: Guwahati Date: February 10, 2025

Amish Mehta

Managing Director & Chief Executive Officer [DIN: 00046254]

Minal Bhosale

Company Secretary

239

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Standalone

Standalone Statement of Cash Flow

for the year ended December 31, 2024

==> picture [489 x 586] intentionally omitted <==

----- Start of picture text -----

( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
A. Cash flow from operating activities:
Profit before tax 70,542 76,338
Adjustments for:
Depreciation and amortisation expenses 4,327 6,692
Interest income on financial assets carried at amortised cost (193) (256)
-
Modification/waiver of lease rent (1)
Unrealised foreign exchange loss/ (gain) (130) 605
Profit on sale of property, plant and equipment (36) (323)
Gain on fair valuation of current investments (2,135) (1,272)
Profit on sale of current investments (1,953) (1,237)
Finance costs 311 328
Provision for doubtful trade receivables 385 -
Provision for other financial assets - 23
Excess provison written back (21) -
Interest on bank deposits (38) (78)
Other interest income - (7)
Dividend on investments (35,785) (39,044)
Exchange (gain)/ loss on translation of assets and liabilities (9) 9
Share based payment to employees - 1
Operating profit before working capital changes 35,264 41,779
Movements in working capital
(Increase)/decrease in trade receivables 8,718 (3,484)
(Increase)/decrease in loans (175) (74)
(Increase)/decrease in other financial assets (2,436) (774)
(Increase)/decrease in other assets 2,450 (4,291)
Increase/(decrease) in trade payables (1,168) 1,374
Increase/(decrease) in provisions 1,030 2,167
Increase/(decrease) in other financial liabilities 2,802 2,855
Increase/(decrease) in other liabilities (126) 498
Cash generated from operations 46,359 40,050
Taxes paid, net (14,328) (11,934)
Net cash generated from operating activities - (A) 32,031 28,116
B. Cash flow from investing activities:
Purchase of property, plant and equipment and intangible assets (13,929) (2,966)
Proceeds from sale of property, plant and equipment and intangible assets 124 355
Other interest income - 7
Investment in mutual funds (61,387) (63,980)
Sale proceeds from investments in mutual funds 49,905 43,008
Investment in subsidiary (54) (721)
Fixed deposits with maturity more than three months (placed)/ matured (net) (99) (41)
Demerger of business undertaking, net of cash (63) -
Interest on bank deposits 41 67
Dividend on investments 35,785 39,044
Net cash generated from investing activities - (B) 10,323 14,773
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240

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

==> picture [93 x 33] intentionally omitted <==

Standalone Statement of Cash Flow

for the year ended December 31, 2024

( C lakh)

==> picture [489 x 214] intentionally omitted <==

----- Start of picture text -----

Particulars Year ended Year ended
December 31, 2024 December 31, 2023
C. Cash flow from financing activities:
Receipts from allotment of shares and share application money 242 920
Dividend paid (42,412) (35,816)
Principal payment of lease liabilities (1,063) (4,473)
Finance cost paid towards lease liabilities (311) (328)
Net cash used in financing activities - (C) (43,544) (39,697)
Net (decrease)/ increase in cash and cash equivalents (A+B+C) (1,190) 3,192
Cash and cash equivalents - Opening balance 10,437 7,227
Add : Exchange difference on translation of foreign currency cash and cash equivalents (17) 18
Cash and cash equivalents - Closing balance 9,230 10,437
Net (decrease)/ increase in cash and cash equivalents (1,190) 3,192
Components of cash and cash equivalents (refer to note 15):
Cash on hand and balances with banks on current account 9,220 10,145
Deposits with original maturity of less than three months 10 292
Total 9,230 10,437
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Reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities

==> picture [489 x 164] intentionally omitted <==

----- Start of picture text -----

( C lakh)
Particulars As at December 31, 2024 As at December 31, 2023
Lease liabilities Total Lease liabilities Total
Balance at the beginning of the year 3,126 3,126 7,164 7,164
Changes from financing cash flows
Repayment of lease liabilities - principal portion (1,063) (1,063) (4,473) (4,473)
Payment of interest on lease liabilities (311) (311) (328) (328)
Total changes from financing cash flows (1,374) (1,374) (4,801) (4,801)
Other changes
New leases net off closures/disposals 20,661 20,661 435 435
Interest expense on lease liabilities 311 311 328 328
Total changes 20,972 20,972 763 763
Balance at the end of the year 22,724 22,724 3,126 3,126
----- End of picture text -----

The accompanying notes are an integral part of the standalone financial statements. This is the statement of cash flow referred to in our audit report of even date.

For Walker Chandiok & Co LLP

For and on behalf of the Board of Directors of Crisil Limited

Chartered Accountants

Firm Registration No.:001076N/N500013

Manish Gujral Partner Membership No.: 105117

Place: Mumbai Date: February 10, 2025

Yann Le Pallec

Chairman

[DIN: 05173118]

Dinesh Venkatasubramanian Chief Financial Officer

Place: Guwahati Date: February 10, 2025

Amish Mehta

Managing Director & Chief Executive Officer [DIN: 00046254]

Minal Bhosale

Company Secretary

241

Annual Report 2024

Standalone

==> picture [378 x 635] intentionally omitted <==

----- Start of picture text -----

lakh) lakh) lakh) Total 242 -
( C ( C ( C 61,588 10,232
1,48,251 (20,473) (21,939) 1,77,900
Hedge reserve 7 - - (656) - - - (649)
731 731 - - 9 - - -
Currency fluctuation reserve 320 329
Income (OCI)
- - - - -
Balance as at December 31, 2024 Balance as at December 31, 2023
Equity 11,371 (5,302)
Items of Other Comprehensive Instruments through OCI (16,673)
Retained earnings 1,10,920 61,588 - (492) (20,473) (21,939) - 1,29,604
Share- based payment reserve 3,022 - - - - - (84) 2,938
- -
General reserve 14,115 - - - - - - 14,115
Changes in equity share capital during the year Changes in equity share capital during the year Reserves & Surplus Securities premium 36,478 - 277 - - - 84 36,839
Capital reserve 27 - - - - - - 27
50,000. redemption
C
Share application money pending allotment 35 - (35) - - - - -
731 731
Balance as at January 1, 2024 Balance as at January 1, 2023
for the year ended December 31, 2024 A. Equity Share Capital (refer to note 20) ‘-’ in amounts columns denote amounts less than B. Other equity (refer to note 21) Particulars Balance as at January 1, 2024 Profit for the year Allotment of shares Other comprehensive income Final dividend (refer to note 45) Interim dividend (refer to note 45) Exercise of stock option Balance as at December 31, 2024
----- End of picture text -----*

242

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==> picture [93 x 33] intentionally omitted <==

Total	Total	1,06,307	66,826	885	35	10,014	(16,808)	(19,008)	-	1,48,251
Items of Other Comprehensive Income (OCI)	Hedge reserve	(25,479) 311 (1,278)	- - -	- - -	- - -	8,806 9 1,285	- - -	- - -	- - -	(16,673) 320 7
	Currency fuctuation reserve
	Equity Instruments through OCI
Reserves & Surplus	Retained earnings	Balance as at January 1, 2023 4 27 35,328 14,115 3,283 79,996	Proft for the year - - - - - 66,826	Allotment of shares (4) - 889 - - -	Additions during the year 35 - - - - -	Other comprehensive income - - - - - (86)	Final dividend (refer to note 45) - - - - - (16,808)	Interim dividend (refer to note 45) - - - - - (19,008)	Exercise of stock option - - 261 - (261) -	Balance as at December 31, 2023 35 27 36,478 14,115 3,022 1,10,920
	Share- based payment reserve
	General reserve
	Securities premium
	Capital redemption reserve
	Share application money pending allotment
Particulars

243

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Standalone

Summary of material accounting policies and other explanatory information to the standalone financial statements as at and for the year ended December 31, 2024

1. Corporate information

Crisil Limited (“the Company” or “Crisil”) [CIN : L67120MH1987PLC042363] is a globally-diversified analytical Company providing ratings services & research, analytics and solutions services. We are India’s leading ratings agency and the foremost provider of high-end research to the world’s largest banks and leading corporations. We deliver analysis, opinions, and solutions that make markets function better.

Crisil Limited is a public limited Company, domiciled in India. The registered office of the Company is located at Crisil House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. The equity shares of the Company are listed on recognised stock exchanges in India- The Bombay Stock Exchange and the National Stock Exchange.

S&P Global Inc. the ultimate holding Company, through its subsidiaries owned 66.64% as on December 31, 2024 of the Company’s equity share capital (refer to note 20).

These standalone financial statements for the year ended December 31, 2024 were approved by the Board of Directors on February 10, 2025.

2. Summary of material accounting policies

2.1 Statement of compliance

These standalone financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.

Functional and presentation currency

These standalone financial statements are presented in Indian rupees, which is the functional currency of the Company. All financial information is rounded to the nearest lakh, except when otherwise indicated.

2.2 Basis of preparation

These standalone financial statements have been prepared under the historical cost convention on an

accrual basis, except for certain financial instruments which are measured at fair value at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services on the transaction date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The standalone financial statements have been prepared on going concern basis. The accounting policies are applied consistently to all the periods presented in the standalone financial statements.

All the assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria as set out in Schedule III to the Companies Act, 2013. Based on the nature of products and time between the acquisition of assets for processing and their realisation in cash or cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current / non-current classification of assets and liabilities.

2.3 Use of estimates and judgments

The preparation of the standalone financial statements in conformity with Ind AS requires the management to make estimates, judgments and assumptions that affect the reported balances of assets and liabilities (including contingent liabilities) as at the date of the financial statements and the reported income and expenses for the years presented. Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these standalone financial statements have been disclosed below. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the standalone financial statements.

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Estimates and assumptions are required in particular for:

Useful life and residual value of property, plant and equipment (PPE) and intangible assets
Useful lives of PPE and intangible assets are based on the life prescribed in Schedule II of the Companies Act, 2013. In cases, where the useful lives are different from that prescribed in Schedule II, they are based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers’ warranties and maintenance support. Assumptions also need to be made, when it is assessed, whether an asset may be capitalised and which components of the cost of the asset may be capitalised.
Goodwill impairment
The Company estimates the value in use of the cash generating unit (CGU) based on the future cash flows after considering current economic conditions and trends, estimated future operating results and anticipated future economic and regulatory conditions.

Leases
Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to the Company’s operations

taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Revenue recognition

Revenue from rendering of services is recognised when the obligation to render services based on agreements/arrangements with the customers are satisfied and when there are no longer any unfulfilled obligations. The performance obligations in our contracts are fulfilled at the time of delivery or upon formal customer acceptance depending on customer terms. Revenue is only recognised to the extent that it is highly probable a significant reversal will not occur.

The Company exercises judgement in determining whether the performance obligation is satisfied at a point in time or over a period of time. The Company considers indicators such as how customer consumes benefits as services are rendered or who controls the asset as it is being created or existence of enforceable right to payment for performance to date and alternate use of such product or service, transfer of significant risks and rewards to the customer, acceptance of delivery by the customer, etc.

Revenue for fixed-price contract is recognised using percentage-of-completion method. The Company uses judgement to estimate the future cost-to-completion of the contracts which is used to determine the degree of completion of the performance obligation.

• Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. As actuarial valuation involves making various assumptions that may be different from the actual development in the future, key actuarial assumptions include discount rate, trends in salary escalation, attrition and mortality rate. The discount rate is determined by reference to market yields at the end of the reporting period on government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligations.

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Valuation of taxes on income
Significant judgments are involved in determining the provision for income taxes, including the amount expected to be paid or recovered in connection with uncertain tax positions. Uncertain tax position is with regards to items of expense or transaction that may be challenged by tax authorities. The Company reviews the carrying amount of deferred tax assets at the end of each reporting period. The policy for the same has been explained under note 2.18.
Provisions and contingent liabilities
Provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions (excluding retirement obligations and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation as at the Balance Sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates.

Business combinations and intangible assets
Business combinations are accounted for using Ind AS 103, Business Combinations. Ind AS 103 requires the identifiable intangible assets and contingent consideration to be fair valued in order to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets. These valuations are conducted by valuation experts.
Impairment of financial assets
The impairment provision for financial assets disclosed are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment

calculation, based on the Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

Share-based payments
Estimating fair value for share-based payments requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. The estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the option, volatility and dividend yield and making assumptions about them.

2.4 Property, plant and equipment (PPE)

Capital work in progress comprises of the cost of PPE that are not ready for their intended use as of balance sheet date.

2.5 Goodwill and other intangibles assets

Goodwill is not amortised but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

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the taxing authorities), and any directly attributable expenditure on making the asset ready for its intended use. Intangible assets arising on acquisition of business are measured at fair value as at date of acquisition. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company. The amortisation expense on intangible assets with finite life is recognised in the statement of profit and loss under the head ‘Depreciation and amortisation expense’.

Expenditure on development eligible for capitalisation are carried as intangible assets under development where such assets are not yet ready for their intended use.

2.6 Depreciation and amortisation

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Type of asset Estimated useful life
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Buildings	20 Years
Furniture and fxtures	10 Years
Offce equipment	3 to 10 Years
Computers	3 Years
Vehicles	3 Years
Customer relationship	4 to 5 Years
Database	5 Years
Platform	5 Years
Software	1 to 3 Years

The estimated useful lives of PPE and intangible assets as well as the depreciation and amortisation period

are reviewed at the end of each financial year and the depreciation and amortisation method is revised to reflect the changed pattern, if any.

Leasehold improvements are amortised over the lease term or useful life of the asset, whichever is lower.

2.7 Impairment

a) Impairment of non-financial assets

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount in the statement of profit and loss. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) has no impairment loss been recognised for the asset in the prior years. An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s (CGU) net selling price and its value in use.

After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

b) Impairment of financial assets

In accordance with Ind-AS 109, the Company applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:

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i) Financial assets that are measured at amortised cost e.g., loans, deposits, and bank balances.
ii) Trade receivables.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables which do not contain a significant financing component. The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date.

2.8 Leases

The Company’s lease assets consists of office premises. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and
(iii) the Company has the right to direct the use of the asset

Where the Company is a lessee

The Company determines the lease term as the noncancellable period of a lease, together with periods covered by an option to extend the lease, where the Company is reasonably certain to exercise that option.

At the date of commencement of the lease, the Company recognises a right of use asset and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and leases of low value assets. For these short-term and leases

of low value assets, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.

The right of use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right of use assets is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right of use asset. The estimated useful lives of right of use assets are determined on the same basis as those of property, plant and equipment.

The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate.

The lease payments shall include fixed payments, variable lease payments based on an index or rate, residual value guarantees, exercise price of a purchase option where the Company is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.

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Lease liability and right of use assets have been presented separately in the Balance Sheet and lease payments are classified as cash used in financing activities in the statement of cash flows.

2.9 Share capital

Ordinary shares are classified as equity, incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from proceeds.

2.10 Fair value of financial instruments

In determining the fair value of the financial instruments the Company uses variety of methods and assumptions that are based on market conditions and risk existing at each reporting date. The method used to determine the fair value includes discounted cash flow analysis, available quoted market prices and dealer quotes. All method of accessing fair value results in general approximation of value and such value may never actually be realised. For all other financial instruments the carrying amounts approximates fair value due to short term maturity of those instruments.

2.11 Financial instruments

Initial recognition

The Company recognises financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognised at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

Subsequent measurement

a) Non-derivative financial instruments
(i) Financial assets carried at amortised cost

A financial asset is subsequently measured at amortised cost if it is held with in a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For

financial assets maturing within one year from the balance sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

(ii) Financial assets at fair value through other comprehensive income (FVTOCI)

If the Company decides to classify an equity instrument as at FVOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the other comprehensive income (OCI). There is no recycling of the amounts from OCI to profit and loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

(iii) Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.

(iv) Financial liabilities

b) Derivative financial instruments

The Company uses derivative financial instruments i.e. foreign exchange forward and options contracts to manage its exposure to foreign exchange risks. Such derivative financial instruments are initially recognised at fair value

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on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

The Company uses hedging instruments that are governed by the policies of the Company.

(i) Cash flow hedges

Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognised in other comprehensive income and presented within equity in the cash flow hedging reserve to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are recognised in the statement of profit and loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in the cash flow hedging reserve is transferred to the statement of profit and loss upon the occurrence of the related forecasted transaction.

2.12 Provision, contingent liabilities and contingent assets:

A provision is recognised when the Company has a present obligation (legal or constructive) as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance costs.

Contingent liabilities are disclosed for:

(i) possible obligations which will be confirmed only by future events not wholly within the control of the Company or
(ii) present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are disclosed wherein an inflow of economic benefits is probable.

2.13 Cash and cash equivalents

(ii) Receivable hedge
Changes in fair value of foreign currency derivative instruments not designated as cash flow hedges and the ineffective portion of cash flow hedges are recognised in the statement of profit and loss and reported within foreign exchange gains/(losses).

Derecognition of financial instruments

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. The changes in fair value of equity investments designated at FVTOCI are accumulated within ‘Equity instruments at OCI’ reserve within equity. The Company transfers amounts from this reserve to retained earnings if these equity instruments are derecognised. A financial liability (or a part of a financial liability) is derecognised from the Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

Cash and cash equivalents in the balance sheet comprises of cash at bank, cash on hand and shortterm investments with an original maturity of three months or less.

2.14 Revenue recognition

Income from operations

Income from operations comprises income from global research and risk solutions, customised research, special assignments and subscriptions to information products and services, independent equity research (IER) services, IPO grading services, infrastructure consulting and risk management services.

Subscription to information products and services and revenue from IER are accounted on a time proportion basis and revenue is straight lined over the period of performance.
Revenue from customised research and IPO grading are recognised in the period in which such assignments are carried out in a time proportion basis.

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Global research and risk solutions revenue consists of time and material contracts which is recognised on output basis measured by number of hours/ days/weeks worked at the rates specified in the agreements.
Revenue from infrastructure consulting, risk management services and customer projects and experience management program services are recognised in accordance with percentage completion method.
Percentage of completion for infrastructure consulting is determined based on the project cost incurred to date as a percentage of total estimated project cost required to complete the project.
Revenue from risk management services comprise of revenue from sale of software and annual maintenance contracts. Revenue from sale of software licenses are recognised upon delivery of these licenses which constitute transfer of all risks and rewards. Revenue from consultancy services and sale of software which involves customisation are recognised over execution period. Revenue from annual maintenance contracts are recognised on a time proportion basis.

Provision for estimated losses, if any, on uncompleted contracts are recorded in the year in which such losses become certain based on the current estimates.

Revenue from group companies is recognised based on transaction price which is at arm’s length.

Unearned and deferred revenue (“contract liability”) is recognised when there are billings in excess of revenues.

The billing schedules agreed with customers include periodic performance based payments and/or milestone based progress payments. Invoices are payable within contractually agreed credit period.

Contracts are subject to modification to account for changes in contract specification and requirements. The Company reviews modification to contract in conjunction with the original contract, basis which the transaction price could be allocated to a new performance obligation or transaction price of an existing obligation could undergo a change. In the event transaction price is revised for existing obligation, a cumulative adjustment is accounted for.

2.15 Other Income

Interest income

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

Dividend income

Dividend Income is recognised when the Company’s right to receive payment is established by the balance sheet date.

Profit /(loss) on sale of current investment

2.16 Retirement and other employee benefits

Short term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Defined benefit plans

The Company’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

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The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Company, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurement of the net defined benefit liability, which comprise actuarial gains and losses and the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in OCI. Net interest expense (income) on the net defined liability (assets) is computed by applying the discount rate, used to measure the net defined liability (asset). Net interest expense and other expenses related to defined benefit plans are recognised in the statement of profit and loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in the statement of profit and loss. The Company recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Short term compensated absences are provided for based on estimates. Long term compensated absences are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method. The Company presents the leave as a current liability in the balance sheet, to the extent it does not have an unconditional right to defer its settlement for 12 months after the reporting date. Where the Company has the unconditional legal and contractual right to defer the settlement for a period beyond twelve months, the same is presented as non-current liability.

Defined contribution plans

Retirement benefits in the form of provident fund is a defined contribution plan and is charge to the statement of profit and loss for each period of service rendered by the employees. Excess or short of contribution is recognised as an asset or liability in the financial statement. There are no other obligations other than the contribution payable to the respective authorities.

Employee stock compensation cost

The Company recognises expense relating to share based payment in net profit using fair value in accordance with Ind AS 102-Share Based Payment.

The grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options. The expense is recorded for each separately vesting portion of the award as if the award was, in substance, multiple awards. The increase in equity recognised in connection with share based payment transaction is presented as a separate component in equity under “share-based payment reserve”. The amount recognised as an expense is adjusted to reflect the actual number of stock options that vest.

2.17 Foreign currency transactions

2.18 Taxes on income

Income tax expense comprises current and deferred tax. It is recognised in the statement of profit and loss except to the extent that it relates items recognised directly in equity or in OCI.

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretations and establishes provisions where appropriate.

Current tax assets and liabilities are offset only if, the Company:

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a) has a legally enforceable right to set off the recognised amounts; and
b) intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax assets and liabilities are offset only if:

a) The Company has a legally enforceable right to set off current tax assets against current tax liabilities; and
b) The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.

2.19 Earnings per share

the period is adjusted for events such as buy back, Employee Stock Option Scheme (ESOS), etc. that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the Company has adopted treasury stock method to compute the new shares that can possibly be created by un-exercised stock options. The net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

2.20 Dividend

2.21 Cash flow statement

2.22 Recent accounting pronouncement

Application of new and revised Indian Accounting Standards (Ind AS)

All the Ind AS issued and notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) till the standalone financial statements are authorised, have been considered in preparing these Standalone Financial Statements.

Application of new accounting pronouncements

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Net carrying amount	As at December 31, 2024	-	999	3,253	2,911	271	7,498	14,932	(`C`lakh)	Net carrying amount	As at December 31, 2023	-	173	580	2,001	365	377	3,496
Accumulated depreciation	As at December 31, 2024	10	360	538	6,177	468	1,373	8,926			As at December 31, 2023	10 - - - 10	493 21 68 - 446	1,095 59 66 - 1,088	5,653 1,535 458 - 6,730	255 196 73 - 378	2,763 97 - - 2,860	10,269 1,908 665 - 11,512
	Adjustments (Note 48)	-	-	-	2	-	-	2		eciation	Adjustments
	Deductions	-	299	650	2,009	119	1,651	4,728		Accumulated depr	Deductions
	For the year	-	213	100	1,458	209	164	2,144			For the year
	As at January 1, 2024	10	446	1,088	6,730	378	2,860	11,512			As at January 1, 2023
Gross carrying amount	As at December 31, 2024	10	1,359	3,791	9,088	739	8,871	23,858		mount	As at December 31, 2023	Buildings 10 - - - 10	Furniture and fxtures 600 89 70 - 619	Offce equipments 1,365 372 69 - 1,668	Computers 8,284 912 465 - 8,731	Vehicles 662 174 93 - 743	Leasehold improvements 2,861 376 - - 3,237	Total 13,782 1,923 697 - 15,008
	Adjustments (Note 48)		-	-	2	-	-	2			Adjustments
	Deductions	-	299	694	2,013	160	1,650	4,816		ss carrying a	Deductions
	Additions	-	1,039	2,817	2,372	156	7,284	13,668	r 31, 2023	Gro	Additions
	As at January 1, 2024	10	619	1,668	8,731	743	3,237	15,008	For the year ended Decembe		As at January 1, 2023
Particulars		Buildings	Furniture and fxtures	Offce equipments	Computers	Vehicles	Leasehold improvements	Total		Particulars

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lakh) As at lakh) As at 3,937 3,937
( C Net carrying amount December 31, 2024 26,078 26,078 ( C Net carrying amount December 31, 2023
As at December 31, 2024 4,572 4,572 As at December 31, 2023 3,128 3,128
Adjustments - - Adjustments - -
Deletion/ modification 2 2 Deletion/ modification 12,689 12,689
Accumulated depreciation For the year 1,446 1,446 Accumulated depreciation For the year 4,162 4,162
As at January 1, 2024 3,128 3,128 As at January 1, 2023 11,655 11,655
As at December 31, 2024 30,650 30,650 As at December 31, 2023 7,065 7,065
Adjustments - - Adjustments - -
Deletion/ modification 25 25 Deletion/ modification 12,689 12,689
Gross carrying amount Additions 23,610 23,610 Gross carrying amount Additions 453 453
As at January 1, 2024 7,065 7,065 As at January 1, 2023 19,301 19,301
Particulars Buildings Total For the year ended December 31, 2023 Particulars Buildings Total
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5. Goodwill

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Carrying value at the beginning of the year 3,621 3,621
Carrying value at the end of the year 3,621 3,621
Goodwill has been allocated in the following CGU's:
Crisil Intelligence - Business Intelligence & Risk Solutions 3,621 3,621
Total 3,621 3,621
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For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU, which benefit from the synergies of the acquisition. The chief operating decision maker reviews the goodwill for any impairment at the CGU level.

The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use, both of which are calculated by the Company using a discounted cash flow analysis. These calculations use pre tax cash flow projections over a period of three years, based on financial budgets approved by the management. For calculation of the recoverable amount, the Company has used the following rates:

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Particulars As at As at
December 31, 2024 December 31, 2023
Growth rate 5.00% 5.00%
Discount rate 24.70% 19.40%
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The above discount rate is based on the weighted average cost of capital of the Company. These estimates are likely to differ from future actual results of operations and cash flows.

As at December 31, 2024 and December 31, 2023, the estimated recoverable amount of the CGU exceeded its carrying amount, hence impairment is not triggered.

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Net carrying amount	As at December 31, 2024	-	-	903	903	(`C`lakh)	Net carrying amount	As at December 31, 2023	-	-	888	888
Accumulated amortisation	As at December 31, 2024	478	985	6,274	7,737			As at December 31, 2023	472 6 - 478	972 13 - 985	5,123 603 187 5,539	6,567 622 187 7,002
	Deductions	-	-	2	2		amortisation	Deductions
	For the year	-	-	737	737		Accumulated	For the year
	As at January 1, 2024	478	985	5,539	7,002			As at January 1, 2023
Gross carrying amount	As at December 31, 2024	478	985	7,177	8,640			As at December 31, 2023	Customer relationship 478 - - 478	Platform 985 - - 985	Software 5,574 1,040 187 6,427	Total 7,037 1,040 187 7,890
	Deductions	-	-	2	2		ng amount	Deductions
	Additions	-	-	752	752	1, 2023	Gross carryi	Additions
	As at January 1, 2024	478	985	6,427	7,890	December 3		As at January 1, 2023
Particulars		Customer relationship	Platform	Software	Total	For the year ended	Particulars

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7. Intangible assets under development

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Software 1,631 878
Total 1,631 878
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7.1 Movement of Intangible assets under development

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( C lakh)
Particulars Amount
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Balance as at 1 January2023	938
Add : Additions duringtheyear	949
Less: Capitalisation duringtheyear	(1,009)
Balance as at December 31, 2023	878
Add : Additions duringtheyear	1,365
Less: Capitalisation duringtheyear	(612)
Balance as at December 31, 2024	1,631

7.2 Ageing for intangible assets under development

Ageing as at December 31, 2024:

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( C lakh)
Particulars Amount in intangible assets under development for a period of Total
Less than 1-2 years 2-3 years More than
1 year 3 years
Projects in progress 1,366 265 - - 1,631
Projects temporarily suspended - - - - -
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Ageing as at December 31, 2023:

	(`C`lakh)
Particulars	Amount in intangible assets under development for aperiod of Total Less than 1year 1-2 years 2-3 years More than 3years
Project inprogress	878 - - - 878
Projects temporarilysuspended	- - - - -

7.3 Personnel expenses to the extent of C 539 lakh (Previous year: C 534 lakh) is considered for capitalisation as intangible assets.
7.4 As at December 31, 2024 and December 31, 2023, there were no project the completion of which was overdue or exceeded cost compared to original plan.

8. Capital Work-in-progress

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Computers 85 -
Total 85 -
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258 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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8.1 Ageing for Capital Work-in-progress

Ageing as at December 31, 2024:

( C lakh)

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----- Start of picture text -----

Particulars Amount in capital work-in-progress for a period of Total
Less than 1-2 years 2-3 years More than
1 year 3 years
Projects in progress 85 - - - 85
Projects temporarily suspended - - - - -
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Ageing as at December 31, 2023:

	(`C`lakh)
Particulars	Amount in capital work-in-progress for aperiod of Total Less than 1year 1-2 years 2-3 years More than 3years
Project inprogress	- - - - -
Projects temporarilysuspended	- - - - -

8.2 As at December 31, 2024 there were no project the completion of which was overdue or exceeded cost compared to original plan.

8.3 Movement in Capital Work-in-progress

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( C lakh)
Particulars Amount
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Balance as at 1 January2023	-
Add : Additions duringtheyear	-
Less: Capitalisation duringtheyear	-
Balance as at December 31, 2023	-
Add : Additions duringtheyear	13,753
Less: Capitalisation duringtheyear	(13,668)
Balance as at December 31, 2024	85

9. Investments

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A. Non-current investments As at December 31, 2024 As at December 31, 2023
Number of J lakh Number of J lakh
shares shares
Investments in subsidiaries (Companies under same
management)
Unquoted equity investments carried at cost
Equity Shares of Crisil Irevna UK Limited, of £ 1 each, fully paid up 55,14,100 11,585 55,14,100 11,585
(refer to note 9.1)
Equity Shares of Crisil Irevna Argentina S.A. of ARS 1 each, fully 7,04,018 147 7,04,018 147
paid up (refer to note 9.1)
100% Investment in the capital of Crisil Irevna Information & - 244 - 244
Technology (Hangzhou) Co., Limited (refer to note 9.1)
Equity Shares of Crisil Ratings Limited of C 1 each, fully paid up 26,10,00,000 2,610 26,10,00,000 2,610
Equity Shares of Bridge to India Energy Private Limited of C 10 1,78,960 775 1,78,960 721
each, fully paid up (refer to note 49)
Sub - total (a) 15,361 15,307
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259

Annual Report 2024

Standalone

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A. Non-current investments As at December 31, 2024 As at December 31, 2023
Number of J lakh Number of J lakh
shares shares
Other investments
Unquoted equity investments carried at fair value through OCI
(refer to notes 9.2 and 36)
Equity Shares of Caribbean Information and Credit Rating Agency 3,00,000 106 3,00,000 276
of US $1 each, fully paid up
Equity Shares of National Commodity and Derivative Exchange 18,75,000 2,680 18,75,000 2,582
Limited of C 10 each, fully paid up
Sub - total (b) 2,786 2,858
Quoted equity investments carried at fair value through OCI
(refer to notes 9.2 and 36)
Equity Share of CARE Ratings Limited of C 10 each, fully paid up 26,22,431 36,180 26,22,431 24,955
Equity Share of ICRA Limited of C 10 each, fully paid up 1 - 1 -
(refer to note 9.3)
Sub - total (c) 36,180 24,955
Total non-current investments (A) = (a + b + c) 54,327 43,120
B. Current investments As at December 31, 2024 As at December 31, 2023
Number of J lakh Number of J lakh
Units Units
Investments in mutual funds
(Unquoted investments carried at fair value through profit and
loss) (refer to note 36)
HSBC Ultra Short Duration Fund - Direct Plan - Growth 5,43,171 7,175 4,11,854 5,051
HSBC Money Market Fund - Direct Plan - Growth 2,69,76,448 7,178 2,05,34,661 5,070
Nippon India Corporate Bond Fund - Direct Plan - Growth - - 87,25,432 4,808
Bandhan Bond Fund Short Term Plan - Direct Plan - Growth - - 93,01,378 5,007
Bandhan Ultra Short Term Fund - Direct Plan - Growth 3,28,34,624 4,870 - -
ICICI Prudential Banking and PSU Debt Plan - Direct Plan - Growth 2,30,24,748 7,512 - -
Invesco India Money Market Fund - Direct Plan - Growth 2,47,512 7,498 60,397 1,700
Invesco India Low Duration Fund - Direct Plan - Growth 1,96,431 7,435 - -
Sundaram Low Duration Fund - Direct Plan - Growth - - 1,49,524 4,930
Sundaram Ultra Short Term Fund - Direct Plan - Growth - - 1,90,895 4,991
ICICI Prudential Savings Fund - Direct Plan - Growth - - 10,81,839 5,294
ICICI Prudential Corporate Bond Fund - Direct Plan - Growth 2,42,79,128 7,249 1,90,75,485 5,260
- -
Aditya Birla Sun Life Banking & PSU Debt Fund - Direct Plan - 11,19,867 4,071
Growth
DSP Banking & PSU Debt Fund - Direct Plan - Growth - - 2,03,62,339 4,463
Canara Robeco Savings Fund - Direct Plan Growth 1,75,31,954 7,294 1,25,72,506 4,857
Mirae Asset Low Duration Fund - Direct Plan - Growth 1,81,031 4,269 - -
DSP Low Duration Fund - Direct Plan - Growth 3,77,79,348 7,430 2,72,81,571 4,980
Total current investments (B) 71,981 56,411
Total investments (A + B) 1,26,308 99,531
C. Summary of Investments (Non-current + Current) As at December 31, 2024 As at December 31, 2023
Aggregate amount of quoted investments 36,180 24,955
Aggregate market value of quoted investments 36,180 24,955
Aggregate amount of unquoted investments 90,128 74,576
Aggregate amount of impairment in value of investments - -
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260

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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9.1 Includes deemed investment on account of share based payment recharge to employees of subsidiary companies.
9.2 The total dividend recognised pertaining to FVTOCI instruments for the year ended December 31, 2024 was C 472 lakh (Previous year: C 839 lakh). The Company recognises dividend in statement of profit and loss under the head ‘other income’.
9.3 ‘-*’ in amounts column denote amounts less than C 50,000.

10. Other financial assets (Non-current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Unsecured, considered good, unless otherwise stated
Security deposits 1,653 1,254
Interest accrued on fixed deposits 2 1
Other bank balances
Deposits with remaining maturity of more than twelve months 108 21
{Deposit includes fixed deposits with banks C 36 lakh (Previous year: C 20 lakh)
marked as lien for guarantees issued by banks on behalf of the Company}
Total 1,763 1,276
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11. Income tax

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----- Start of picture text -----

( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Current tax 8,125 10,105
Deferred tax 829 (593)
Total income tax expense recognised in current year 8,954 9,512
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The tax year for the Company being the year ending March 31, 2025, the tax expense for the year is the aggregate of the provision made for the three month period ended March 31, 2024 and the provision for the nine month period ended December 31, 2024. The tax provision for the nine month period has been calculated seperately.

The reconciliation between the provision of income tax of the Company and amounts computed by applying the Indian statutory income tax rate to profit before taxes is summarised below:

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Profit before tax 70,542 76,338
Enacted income tax rate in India for fiscal year ended March 31, 2025 and March 31, 25.168% 25.168%
2024 (in %).
Computed expected tax expense 17,754 19,213
Effect of:
Income not chargable to tax (including non-taxable income) (9,006) (9,827)
Expenses that are not deductible in determining taxable profit 196 129
Tax expense/(reversal) of prior years 11 20
Others (1) (23)
Total income tax expense recognised in the statement of profit and loss 8,954 9,512
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Annual Report 2024 261

Standalone

Disclosure in relation to Undisclosed Income

The Company does not have any such transactions which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

Deferred tax

The tax effect of significant temporary differences that resulted in deferred income tax assets and liabilities are as follows:

As at December 31, 2024

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( C lakh)
Particulars Opening Recognised in Recognised in OCI Closing
balance profit and loss (expense)/ credit balance
(expense)/ credit
Deferred tax liability on:
Gains from other investments 534 - (216) 318
Gains from mutual funds 431 537 - 968
Gains / losses on forward contracts 4 - (221) (217)
Gross deferred tax liability 969 537 (437) 1,069
Deferred tax asset on:
Discounting on security deposits 14 11 - 25
Provision for compensated absences 1,825 295 - 2,120
Provision for bonus and commission 2,074 (777) - 1,297
Provision for gratuity 1,057 (40) 165 1,182
Provision for doubtful trade receivables 164 60 - 224
40A(ia) of the Income Tax Act, 1961 and other items 67 16 - 83
Property, plant and equipment and other intangible 1,374 304 - 1,678
assets
Lease liability and right of use assets 109 (161) - (52)
Gross deferred tax asset 6,684 (292) 165 6,557
Net deferred tax asset 5,715 (829) 602 5,488
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As at December 31, 2023

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Deferred tax liability on:
Gains from other investments	605	-	(71)	534
Gains from mutual funds	112	319	-	431
Gains / losses on forward contracts	(428)	-	432	4
Business combination	5	(5)	-	-
Gross deferred tax liablity	294	314	361	969
Deferred tax asset on:
Discountingon securitydeposits	14	-	-	14
Provision for compensated absences	1,534	291	-	1,825
Provision for bonus and commission	1,509	565	-	2,074
Provision forgratuity	773	255	29	1,057
Provision for doubtful trade receivables	402	(238)	-	164
40A(ia)of the Income Tax Act,1961 and other items	32	35	-	67
Property, plant and equipment and other intangible	1,229	145	-	1,374
assets
Lease liabilityand right of use assets	255	(146)	-	109
Gross deferred tax asset	5,748	907	29	6,684
Net deferred tax asset	5,454	593	(332)	5,715

262

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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12. Tax assets (Non-current)

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----- Start of picture text -----

( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Advance income-tax (net of provision for taxation) 18,575 12,318
Total 18,575 12,318
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13. Other non-current assets

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----- Start of picture text -----

( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Capital advances 1,004 159
Prepaid expenses 301 237
Balance with government authority 2,317 424
Total 3,622 820
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14. Trade receivables (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Trade receivables considered good- secured - -
Trade receivables considered good- unsecured (refer to note 40) 28,459 37,582
Trade receivables which have significant increase in credit risk - -
Trade receivables - credit impaired 933 785
Less: Allowance for doubtful trade receivables (933) (785)
Total 28,459 37,582
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14.1 The balance lying in unbilled receivables as at December 31, 2023 is significantly billed during the current year.

14.2 The Company uses a provision matrix to determine impairment loss allowance on the portfolio trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward looking estimates. At period end, the historical observed default rates are updated and changes in the forward looking estimates are analysed. Specific allowance for loss is also been provided by the management based on expected recovery on individual customers.

14.3 Reconciliation of loss allowance:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Opening balance 785 1,693
Add: Provided during the year 385 (471)
Less: Utilisation (237) (437)
Closing balance 933 785
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Annual Report 2024 263

Standalone

14.4 Ageing for trade receivables for each of the category

As at December 31, 2024

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( C lakh)
Particulars Unbilled Outstanding for following periods from due date of payment Total
Not Less than 6 months- 1-2 2-3 More than
Due 6 months 1 year years years 3 years
(i) Undisputed trade receivables- 4,686 8,916 14,147 708 2 - - 28,459
considered good
- - - - - - - -
(ii) Undisputed trade receivables-
which have significant increase
in credit risk
(iii) Undisputed trade receivables- 101 - 187 287 358 - - 933
credit impaired
- - - - - - - -
(iv) Disputed trade receivables-
considered good
- - - - - - - -
(v) Disputed trade receivables-
which have significant increase
in credit risk
- - - - - - - -
(vi) Disputed trade receivables-
credit impaired
Total 4,787 8,916 14,334 995 360 - - 29,392
Less: Allowance for doubtful trade (933)
receivables
Total 28,459
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As at December 31, 2023

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(i) Undisputed trade receivables-	6,199	10,001	20,818	564	-	-	-	37,582
consideredgood
(ii) Undisputed trade receivables-	-	-	-	-	-	-	-	-
which have signifcant increase
in credit risk
(iii) Undisputed trade receivables-	74	-	262	296	141	7	5	785
credit impaired
(iv) Disputed trade receivables-	-	-	-	-	-	-	-	-
consideredgood
(v) Disputed trade receivables-	-	-	-	-	-	-	-	-
which have signifcant increase
in credit risk
(vi) Disputed trade receivables-	-	-	-	-	-	-	-	-
credit impaired
Total	6,273	10,001	21,080	860	141	7	5	38,367
Less: Allowance for doubtful trade								(785)
receivables
Total								37,582

264 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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15. Cash and cash equivalents (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Balances with banks:
On current accounts 9,220 10,145
Deposits with original maturity of less than 3 months 10 292
{Deposit includes fixed deposits with banks C 7 lakh (Previous year: Nil) marked as
lien for guarantees issued by banks on behalf of the Company}
Total 9,230 10,437
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16. Other bank balances (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Earmarked balances with banks (refer to note 16.1) 70 112
Deposit with original maturity for more than 3 months but less than 12 months 278 266
{Deposit includes fixed deposits with banks C 33 lakh (Previous year: C 88 lakh)
marked as lien for guarantees issued by banks on behalf of the Company}
Total 348 378
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16.1 Earmarked balances with banks relate to unpaid dividends. The Company has complied with the applicable regulations for maintenance of unpaid dividend accounts as per Section 129 of the Companies Act, 2013.

17. Loans (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Unsecured, considered good, unless otherwise stated
Loans to employees (refer to note 17.1) 530 355
Total 530 355
Sub-classification of loans:
- -
Loan receivables considered good- secured
Loan receivables considered good- unsecured 530 355
- -
Loan receivables which have significant increase in credit risk
- -
Loan receivables - credit impaired
- -
Less: Allowance for impairment loss
Total 530 355
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17.1 There are no loans given to promoters, directors, key managerial persons and related parties.

265

Annual Report 2024

Standalone

18. Other financial assets (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Unsecured, considered good, unless otherwise stated
Accrued interest on fixed deposit 26 30
Fair value of foreign currency forward contract (refer to note 36.2) - 11
Security deposits
- Considered good 3,316 2,846
- Considered doubtful 130 155
Others
- Considered good 679 1,128
- Considered doubtful 32 32
Less: Allowance for impairment loss (162) (187)
Total 4,021 4,015
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19. Other assets (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Prepaid expense 2,731 3,148
Balances with government authorities 2,552 8,215
Accrued revenue 5,655 4,137
Advances to suppliers and employees 3,792 3,637
Total 14,730 19,137
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20. Equity share capital

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Authorised capital:
195,000,000 equity shares of C 1 each (Previous year: 195,000,000 equity shares of 1,950 1,950
C 1 each)
Issued, subscribed and paid up:
73,129,790 equity shares of C 1 each fully paid up (Previous year: 73,113,605 equity 731 731
shares of C 1 each)
Total 731 731
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(a) Reconciliation of shares outstanding at the beginning and at the end of the year

Equity shares

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----- Start of picture text -----

Particulars As at December 31, 2024
J lakh Nos.
At the beginning of the year (face value of C 1 per share) 731 7,31,13,605
Add: Issued during the year - under employee stock option scheme (ESOS) - 16,185
(refer to note 47)
Outstanding at the end of the year 731 7,31,29,790
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266

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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	(`C`lakh)
Particulars	As at December 31, 2023
	`J`lakh Nos.
At the beginningof theyear (face value of`C`1per share)	731 7,30,64,044
Add: Issued during the year - under employee stock option scheme (ESOS) (refer to note 47)	-* 49,561
Outstanding at the end of theyear	731 7,31,13,605

‘-*’ in amounts column denote amount less than C 50,000

(b) Terms/rights attached to equity shares

(c) Shares held by holding/ultimate holding Company and/ or their subsidiaries

Out of equity shares issued by the Company, shares held by its Holding Company, Ultimate Holding Company and their subsidiaries/ associates are as below:

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Group Holding of the S&P Global Inc.
31,209,480 equity shares of C 1 each fully paid held by S&P India, LLC, fellow 312 312
subsidiary (Previous year: 31,209,480 equity shares of C 1 each)
11,523,106 equity shares of C 1 each fully paid held by S&P Global Asian Holdings 115 115
Pte. Limited, fellow subsidiary (Previous year: 11,523,106 equity shares of C 1 each)
6,000,000 equity shares of C 1 are held by Standard & Poor's International LLC, 60 60
fellow subsidiary (Previous year: 6,000,000 equity shares of C 1 each)
Total 487 487
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(e) Details of shareholders holding more than 5% shares in the Company

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Name of the shareholder As at December 31, 2024
% holding Nos.
in the class
Equity shares of J 1 each fully paid
1. Group Holding of the S&P Global Inc.
a) S&P India, LLC 42.68% 3,12,09,480
b) S&P Global Asian Holdings Pte. Limited 15.76% 1,15,23,106
c) Standard & Poor’s International LLC 8.20% 60,00,000
2. Jhunjhunwala Rekha Rakesh 5.19% 37,99,000
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Annual Report 2024 267

Standalone

	(`C`lakh)
Particulars	As at December 31, 2023
	% holding in the class Nos.
Equity shares of`J`1 each fully paid
1. GroupHoldingof the S&P Global Inc.
a) S&P India, LLC	42.69% 3,12,09,480
b) S&P Global Asian Holdings Pte. Limited	15.76% 1,15,23,106
c) Standard & Poor's International LLC	8.21% 60,00,000
2. Jhunjhunwala Rekha Rakesh	5.47% 40,00,000

(f) Disclosure of Shareholding of Promoters

As at December 31, 2024

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As at December 31, 2023

Promoter Name	Shares held by Promoters % change during the year As at December 31, 2023 As at December 31, 2022 No. of shares % of total shares No. of shares % of total shares
S&P India, LLC	3,12,09,480 42.69% 3,12,09,480 42.72% -0.03%
S&P Global Asian Holdings Pte. Limited	1,15,23,106 15.76% 1,15,23,106 15.77% -0.01%
Standard & Poor's International LLC	60,00,000 8.21% 60,00,000 8.21% -0.01%

(g) Shares reserved for issue under options

For details of shares reserved for issue under the ESOS of the Company (refer to note 47).

(h) Capital management

The Company is predominantly equity financed and continues to maintain adequate amount of liquidity to meet strategic and growth objectives. The Company manages its capital to ensure that it will be able to continue as going concerns while maximising the return to its stakeholders. The Company has ensured a balance between earning adequate returns on treasury asset and need to cover financial and business risk. The Company actively monitors its portfolio and has a policy in place for investing surplus funds. Appropriate limits and controls are in place to ensure that investments are made as per policy. The Company has an overdraft and other loan facilities (unsecured) sanctioned from banks to support any temporary funding requirements, as and when required.

21. Explanation of reserves

a) General reserve

268 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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other comprehensive income, items included in the general reserve will not be reclassified subsequently to the retained earnings.

b) Securities premium

The amount received in excess of face value of the equity shares is recognised in securities premium.

c) Retained earnings

Retained earnings represent the cumulative profits of the Company and the effects of measurements of defined benefit obligation.

d) Share-based payment reserve

The share-based payment reserve account is used to record the value of equity-settled share based payment transactions with employees. The amounts recorded in this account are transferred to share premium upon exercise of stock options by employees.

e) Currency fluctuation reserve

Exchange difference relating to the translation of the results and net assets of the Company’s foreign operations from their respective functional currencies to the Company’s functional currency is recognised directly in other comprehensive income and accumulated in the currency fluctuation reserve.

f) Other comprehensive income (OCI)

Other comprehensive income includes fair value changes in equity instruments and hedge reserve through OCI.

g) Hedge reserve

h) Capital redemption reserve

The Company has recognised Capital Redemption Reserve on buyback of equity shares from its retained earnings. The amount in capital redemption reserve is equal to nominal amount of the equity shares bought back.

i) Share application money pending allotment

It represent the amount received on the application on which allotment is not yet made (pending allotment).

22. Other financial liabilities (non-current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Employee related payables 2,536 2,392
Total 2,536 2,392
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23. Provisions (non-current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Gratuity (refer to note 42) 4,601 3,543
Total 4,601 3,543
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Annual Report 2024 269

Standalone

24. Other non-current liabilities

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Unearned revenue - 19
Total - 19
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25. Trade payables (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Total outstanding dues of micro enterprises and small enterprises (as per intimation 1,148 1,032
received from suppliers) (refer to note 25.1)
Total outstanding dues of creditors other than micro enterprises and small 10,043 11,341
enterprises (refer to note 40)
Total 11,191 12,373
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25.1 Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 is provided as under

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
- Principal amount remaining unpaid, but not due 1,148 1,032
- Interest due thereon as at year end - -
- Interest paid by the Company in terms of Section 16 of Micro, Small and Medium - -
Enterprises Development Act, 2006 along with the amount of the payment made
to the supplier beyond the appointed day during the year
- Interest due and payable for the period of delay in making payment (which have been - -
paid but beyond the appointed day during the year) but without adding the interest
specified under Micro, Small and Medium Enterprises Development Act, 2006
- Interest accrued and remaining unpaid as at year end 8 -
- Further interest remaining due and payable even in the succeeding years, - -
until such date when the interest dues as above are actually paid to the small
enterprise
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The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status its suppliers.

25.2 Ageing for trade payables for each of the category:

As at December 31, 2024

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( J lakh)
Particulars Unbilled Outstanding for following periods Total
from due date of payment
Less than 1 - 2 2 - 3 More than
1 year years years 3 years
(i) MSME 1,122 24 2 - - 1,148
(ii) Others 9,469 544 - 13 17 10,043
(iii) Disputed dues - MSME - - - - - -
(iv) Disputed dues - Others - - - - - -
Total 10,591 568 2 13 17 11,191
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270 Annual Report 2024

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As at December 31, 2023

As at December 31, 2023
	(`J`lakh)
Particulars Unbilled	Outstanding for following periods from due date ofpayment Total Less than 1year 1 - 2 years 2 - 3 years More than 3years
(i) MSME 1,021	11 - - - 1,032
(ii) Others 6,435	4,892 1 10 3 11,341
(iii) Disputed dues - MSME -	- - - - -
(iv) Disputed dues - Others -	- - - - -
Total 7,456	4,903 1 10 3 12,373

26. Other financial liabilities (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Employee related payables 19,337 16,220
Capital creditors 2,414 238
Fair value of foreign currency forward contract (refer to note 36.2) 867 -
Unpaid dividend (Investor education and protection fund will be credited as and 70 112
when due)
Others 200 -
Total 22,888 16,570
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27. Other liabilities (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Statutory liabilities 3,008 4,034
Unearned revenue (refer to note 27.1) 5,565 5,420
Others 662 16
Total 9,235 9,470
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27.1 The balance lying in ‘Unearned revenue’ as at December 31, 2023 is fully recognised as revenue during the current year.

28. Provisions (Current)

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Compensated absences (refer to note 42) 8,422 7,251
Gratuity (refer to note 42) 96 658
Total 8,518 7,909
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29. Revenue from operations

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Ratings services 31,151 28,059
Research, Analytics and solutions 1,35,338 1,34,306
Other operating revenue
Excess provision written back - 471
Total 1,66,489 1,62,836
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29.1 The Company disaggregates revenue from contracts with customers by nature of services which has been described above. Further, disaggregation of revenue by geographical region is as under :

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( C lakh)
Geographical region Year ended Year ended
December 31, 2024 December 31, 2023
India 43,745 34,946
Europe 35,276 33,437
North America 77,531 83,914
Rest of the world 9,937 10,068
Total 1,66,489 1,62,365
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29.2 The Company has applied practical expedient and has not disclosed information about remaining performance obligations in contracts where the original contract duration is one year or less or where the entity has right to consideration that corresponds directly with the value of entity’s performance completed to date.

30. Other income

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Interest on:
- Bank deposits 38 78
- Financial assets carried at amortised cost 193 256
- Others - 7
Profit on sale of property, plant and equipment 36 323
Dividend from:
- Equity investments measured at FVTOCI 472 839
- Subsidiary companies (refer to note 40) 35,313 38,205
Foreign exchange gain (net) 935 483
Profit on sale of current investments 1,953 1,237
Gain on fair valuation of current investments 2,135 1,272
Excess provision written back 21 -
Support and management fees (refer to note 40) 8,968 6,522
Miscellaneous income 5 104
Total 50,069 49,326
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‘-*’ in amounts column denote amount less than C 50,000

31. Employee benefits expense

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Salaries, wages and bonus 82,081 75,799
Share based payment to employees (refer to note 47) - 1
Contribution to provident and other funds (refer to note 42) 4,072 3,545
Staff training and welfare expenses 3,089 2,762
Less: Recoveries from subsidiaries towards overhead allocated (1,570) (1,867)
Total 87,672 80,240
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272

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32. Finance costs

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Interest on lease liability (refer to note 41) 311 328
Total 311 328
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33. Depreciation and amortisation expenses

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Depreciation on property, plant and equipment (refer to note 3) 2,144 1,908
Depreciation on right of use assets (refer to note 4) 1,446 4,162
Amortisation on intangible assets (refer to note 6) 737 622
Total 4,327 6,692
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34. Other expenses

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Repairs and maintenance - buildings 1,986 1,243
Repairs and maintenance - others 4,642 3,848
Electricity 594 513
Communication expenses 836 611
Insurance 246 164
Rent (refer to note 41) 2,457 44
Rates and taxes 16 12
Printing and stationery 75 149
Conveyance and travelling 2,215 2,089
Books and periodicals 558 774
Remuneration to non-whole time directors (refer to note 40) 235 225
Business promotion and advertisement 323 65
Professional fees (refer to note 40) 33,240 32,724
Associate service fee 2,966 3,257
Software purchase and maintenance expenses 4,253 3,458
Provision on other financial assets - 23
Provision for doubtful trade receivables 385 -
Corporate social responsibility (CSR) expenses (refer to notes 40 and 46) 766 495
Donation 3 2
Auditors' remuneration (refer to note 38) 93 97
Recruitment expenses 396 455
Miscellaneous expenses 237 185
Less : Recoveries from subsidiaries towards overhead allocated (2,816) (1,869)
Total 53,706 48,564
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35. Financial risk management

The Company is exposed to various risks in relation to financial instruments. The Company’s financial assets and liabilities by category are summarised in note 36. The main types of risks are market risk (foreign currency exchange rate risk and price risk), business and credit risks and liquidity risk. The Company has in place a robust risk management policy with overall governance and oversight from the Audit Committee and Board of Directors. Risk assessment is conducted periodically and the Company has a mechanism to identify, assess, mitigate and monitor various risks to key business objectives.

The policies for managing specific risk are summarised below:

35.1 Market risk

Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market price. Such changes may result from changes in foreign currency exchange rates, interest rate, price and other market changes. The Company’s exposure to market risk is mainly due to foreign exchange rates and price risk.

Foreign currency exchange rate risk

The Company’s exposure to market risk includes changes in foreign exchange rates. Most of the Company’s transactions are carried out in INR. Exposures to currency exchange rates arise from the Company’s overseas operations, which are primarily denominated in US dollars (USD), Pounds Sterling (GBP), EURO and Emirati Dirhams (AED). As at December 31, 2024 and December 31, 2023, the Company has entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign currency exchange rates. The details in respect of the outstanding foreign exchange forward contracts are given under note 36.2.

Following is the currency profile of non-derivative financial assets and financial liabilities:

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Particulars As at December 31, 2024
(Foreign Currency in '000) ( J lakh)
Financial assets Financial liabilities Financial assets Financial liabilities
USD 33,516 3,955 28,670 3,383
GBP 396 80 426 86
EURO 2,341 104 2,088 93
AED - 155 - 36
Others 453 167 188 90
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Particulars	As at December 31, 2023
	(Foreign Currency in '000) (`J`lakh)
	Financial assets Financial liabilities Financial assets Financial liabilities
USD	41,475 6,353 34,569 5,296
GBP	549 18 586 19
EURO	1,856 24 1,718 23
AED	1,736 1,716 394 389
Others	233 2,778 70 465

For the year ended December 31, 2024, every 5% increase/decrease of the respective foreign currencies compared to functional currency of the Company would impact operating margins by C 1,384 lakh (+/- 5.51%) and equity (+/- 0.78%). For the year ended December 31, 2023, operating margins would increase/decrease by C 1,557 lakh (+/-4.58 %) and equity (+/- 1.05%). Exposure to foreign currency exchange rate vary during the year depending upon the volume of overseas transactions. Nonetheless, the analysis above is considered to be representative of the Company’s exposure to currency risk.

274 Annual Report 2024

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Price risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The Company has adopted disciplined practices including position sizing, diversification, valuation, loss prevention, due diligence, and exit strategies in order to mitigate losses.

The Company is exposed to price risk arising mainly from investments in mutual funds recognized at FVTPL. The details of such investment are given under note 9. If the prices had been higher/lower by 5% from the market prices existing as at the reporting date, profit would increase/decrease by C 3,599 lakh and C 2,821 lakh for the year ended December 31, 2024 and for the year ended December 31, 2023 respectively.

The Company is also exposed to price risk arising mainly from investments in equity instruments recognized at FVTOCI. The details of such investment are given under note 9. If the equity prices had been higher/lower by 5% from the market prices existing as at the reporting date, OCI for the year ended December 31, 2024 would increase/decrease by C 1,809 lakh and C 1,248 lakh for the year ended December 31, 2023.

35.2 Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. For the Company, liquidity risk arises from obligations on account of financial liabilities - lease liabilities, trade payables and other financial liabilities.

Liquidity risk management

The Company continues to maintain adequate amount of liquidity/treasury to meet strategic and growth objectives. The Company has ensured a balance between earning adequate returns on liquidity/treasury assets and the need to cover financial and business risks. The Company’s treasury department is responsible for liquidity and funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company’s net liquidity position through rolling forecasts on the basis of expected cash flows.

The table below provides details regarding the contractual maturities of significant financial liabilities on undiscounted basis:

( C lakh)

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Particulars As at December 31, 2024 As at December 31, 2023
Within 1 year - More than Within 1 year - More than
1 year 5 years 5 years 1 year 5 years 5 years
Lease liabilities 2,233 17,149 15,710 1,351 2,075 -
Trade payables 11,191 - - 12,373 - -
- -
Other financial liabilities 22,888 2,536 16,570 2,392
Total 36,312 19,685 15,710 30,294 4,467 -
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35.3 Business and credit risks

To mitigate the risk arising from high dependence on any one business for revenues, the Company has adopted a strategy of diversifying in new products/services and into different business segments. To address the risk of dependence on a few large clients and a few sectors in the business segments, the Company has also actively sought to diversify its client base and industry segments.

Credit risk refers to risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. The Company is exposed to this risk for receivables from customers.

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To manage credit risk, the Company periodically assesses the financial reliability of customers and other counterparties, taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivable.

Further the Company doesn’t have significant credit risk exposure to any single counter party or a group of counter parties and have adequate provision for credit risk/bad debts. Trade receivables are monitored on periodic basis for any non-recoverability of the dues. Bank balances are held with only high rated banks. Refer notes 14.3 and 14.4 for trade receivables ageing and reconciliation of loss allowance.

36. Financial Instruments

The carrying value and fair value of financial instruments by categories as at December 31, 2024 are as follows:

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( C lakh)
Particulars Amortised Financial assets/ Financial assets/liabilities Derivative Total Total fair
cost liabilities at FVTPL at FVTOCI instruments carrying value
Designated Mandatory Equity Mandatory in hedging value
upon initial instrument relationship
recognition designated
upon initial
recognition
Assets
Investments
- - - - -
- Quoted equity investments 36,180 36,180 36,180
- - - - -
- Unquoted equity 2,786 2,786 2,786
investments
- Mutual funds - - 71,981 - - - 71,981 71,981
- - - - -
Cash and cash equivalents 9,230 9,230 9,230
Other bank balances 348 - - - - - 348 348
Trade receivables 28,459 - - - - - 28,459 28,459
Loans 530 - - - - - 530 530
- - - - -
Other financial assets 5,784 5,784 5,784
Total 44,351 - 71,981 38,966 - - 1,55,298 1,55,298
Liabilities
Lease liabilities 22,724 - - - - - 22,724 22,724
- - - - -
Trade payables 11,191 11,191 11,191
Other financial liabilities 24,557 - - - - 867 25,424 25,424
Total 58,472 - - - - 867 59,339 59,339
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276 Annual Report 2024

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The carrying value and fair value of financial instruments by categories as at December 31, 2023 are as follows:

	(`C`lakh)
Particulars Amortised cost	Financial assets/ liabilities at FVTPL Financial assets/liabilities at FVTOCI Derivative instruments in hedging relationship Total carrying value Total fair value Designated upon initial recognition Mandatory Equity instrument designated upon initial recognition Mandatory
Assets
Investments
- Quoted equityinvestments -	- - 24,955 - - 24,955 24,955
- Unquoted equity investments -	- - 2,858 - - 2,858 2,858
- Mutual funds -	- 56,411 - - - 56,411 56,411
Cash and cash equivalents 10,437	- - - - - 10,437 10,437
Other bank balances 378	- - - - - 378 378
Trade receivables 37,582	- - - - - 37,582 37,582
Loans 355	- - - - - 355 355
Other fnancial assets 5,280	- - - - 11 5,291 5,291
Total 54,032	- 56,411 27,813 - 11 1,38,267 1,38,267
Liabilities
Lease liabilities 3,126	- - - - - 3,126 3,126
Tradepayables 12,373	- - - - - 12,373 12,373
Other fnancial liabilities 18,962	- - - - - 18,962 18,962
Total 34,461	- - - - - 34,461 34,461

36.1 Fair value hierarchy

For financial reporting purpose, fair value measurements are categorised into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The following table presents the fair value measurement hierarchy of financial assets and liabilities measured at fair value as at December 31, 2024 and December 31, 2023.

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( C lakh)
Particulars As at December 31, 2024 As at December 31, 2023
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial assets measured at fair value:
A Investments at FVTPL
1. Mutual Funds 71,981 - - 56,411 - -
B Investments at FVTOCI
1. Quoted equity shares 36,180 - - 24,955 - -
2. Unquoted equity shares - - 2,786 - - 2,858
C Forward contracts receivable - - - - 11 -
Financial liabilities measured at fair value:
A Forward contracts payable - 867 - - - -
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Reconciliation of Level 3 fair value measurements of financial assets and financial liabilities is given below :

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Opening balance 2,858 3,161
Gain recognised in profit and loss - -
Gain/ (loss) recognised in other comprehensive income (72) (303)
Closing balance 2,786 2,858
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36.2 Derivative financial instruments and hedging activity

The Company’s risk management policy is to hedge substantial amount of forecast transactions for each of the major currencies presently US$, GBP £ and Euro €. The hedge limits are governed by the risk management policy. The Company uses forward foreign exchange contracts to mitigate exchange rate exposure arising from forecast sales in foreign currencies. All forward exchange contracts have been designated as hedging instruments in cash flow hedges in accordance with Ind AS 109. Details of currency hedge and forward contract value are as under :

As at December 31, 2024

Type of Hedge	Currency Number of contracts Nominal value (Foreign currency in '000) Carrying amount of hedging instrument (`J`lakh) Maturity date Weighted average strike price/rate Changes in fair value of hedging instrument (`J`lakh) Change in the hedging item used as the basis for recognising hedge effectiveness (`J`lakh)
Cash fow hedge
i) Foreign exchange forward contracts	USD 18 65,178 55,610 Jan to Dec'25 85.32 (1,011) 1,011
	GBP 11 5,721 6,246 Jan to Dec'25 109.17 21 (21)
	EUR 12 5,469 5,121 Jan to Dec'25 93.63 123 (123)
As at December 31, 2023
Type of Hedge	Currency Number of contracts Nominal value (Foreign currency in '000) Carrying amount of hedging instrument (`J`lakh) Maturity date Weighted average strike price/rate Changes in fair value of hedging instrument (`J`lakh) Change in the hedging item used as the basis for recognising hedge effectiveness (`J`lakh)
Cash fow hedge
i) Foreign exchange forward contracts	USD 18 73,889 62,179 Jan to Dec'24 84.15 165 (165)
	GBP 11 7,515 7,892 Jan to Dec'24 105.01 (121) 121
	EUR 12 5,223 4,853 Jan to Dec'24 92.91 (33) 33

278 Annual Report 2024

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Movement in cash flow hedging reserve

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( C lakh)
Particulars Foreign exchange
forward contract
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As at January 1, 2023	(1,278)
Add: Changes in fair value of effectiveportion of outstandingforecasted cash fow hedge	1,554
Less: Amounts reclassifed to statement ofproft or loss	163
Less: Tax relatingto above (net)	(432)
As at January 1, 2024	7
Add: Changes in fair value of effectiveportion of outstandingforecasted cash fow hedge	(735)
Less: Amounts reclassifed to statement ofproft or loss	(142)
Less: Tax relatingto above (net)	221
As at December 31, 2024	(649)

The Company uses foreign exchange forward contracts to hedge its exposure in foreign currency risk. Hedge is broadly classified as revenue hedge and receivable hedge.

Revenue hedge: For forecasted revenue transaction, the Company will adopt cash flow hedge and record mark to market through OCI. Effective hedge is routed through OCI in the balance sheet and the ineffective portion is immediately routed through the statement of profit and loss.

37. Contingent liabilities and capital commitments :

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
A. Contingent liabilities
Claims against the Company not acknowledged as debts
Disputed income tax, sales tax, service tax and GST demand 60,380 49,778
60,380 49,778
B. Capital commitment
Estimated amount of contracts (net of advances) remaining to be executed on 585 907
capital account and not provided for
Total 60,965 50,685
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38. Auditors’ remuneration includes :

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Audit fees (including limited review fees) 82 81
In any other matter:
Certification work 9 7
Out of pocket expenses 2 9
Total 93 97
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39. Segment reporting

In accordance with Paragraph 4 of Indian Accounting Standard (Ind AS) 108 - Operating Segments, segment information has been given in the consolidated financial statements of the Company, and therefore, no separate disclosure on segment Information is given in these standalone financial statements.

One customer for the year ended December 31, 2024 (December 31, 2023: Nil) constituted 10% or more of the the total revenue of the Company.

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40. List of related parties

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Parties Relationship
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Relatedparties where control exists
S&P Global Inc.	Ultimate HoldingCompany
Crisil Irevna UK Limited	Subsidiary
Crisil Irevna US LLC (Greenwich Associates LLC has	Subsidiary of Crisil Irevna UK Limited
been merged with Crisil Irevna US LLC w.e.f April 1,
2023)
Crisil Irevna Poland Sp.zo.o	Subsidiaryof Crisil Irevna UK Limited
Crisil Irevna Argentina S.A.	Subsidiary
Crisil Irevna Information & Technology (Hangzhou) Co.	Subsidiary
Limited
Coalition Development Limited	Subsidiaryof Crisil Irevna UK Limited
Coalition Development Singapore Pte Limited	Subsidiaryof Coalition Development Limited
Crisil Ratings Limited	Subsidiary
Crisil Irevna Australia PtyLtd	Subsidiaryof Crisil Irevna UK Limited
Peter Lee Associates Pty. Limited	Subsidiaryof Crisil Irevna UK Limited (with effect from March 17, 2023)
Crisil Irevna Information TechnologyColombia SAS	Subsidiaryof Crisil Irevna UK Limited (with effect from October 25, 2023)
Greenwich Associates Singapore PTE. LTD.	Subsidiaryof Crisil Irevna US LLC
Greenwich Associates Japan K.K.	Subsidiaryof Crisil Irevna US LLC
Greenwich Associates Canada ULC	Subsidiaryof Crisil Irevna US LLC (upto July31, 2023)
Greenwich Associates UK Limited	Subsidiaryof Crisil Irevna US LLC
Bridge to India EnergyPrivate Limited	Subsidiary(refer to note 49)
Crisil ESG Ratings and Analytics Limited	Subsidiaryof Crisil Ratings Limited (with effect from September 26, 2023)
Crisil Foundation	Controlled Trust
Other related parties (to the extent where
transaction have takenplace)
S&P India, LLC	Fellow subsidiary
Standard & Poor's International LLC	Fellow subsidiary
Standard & Poor's South Asia Services Private Limited	Fellow subsidiary
S&P Global Asian Holdings Pte. Limited	Fellow subsidiary
S&P Global Canada Corp.	Fellow subsidiary
S&P Global UK Limited	Fellow subsidiary
S&P Global Ratings Europe Limited	Fellow subsidiary
S&P Global Ratings UK Limited	Fellow subsidiary
Standard & Poor’s Financial Services, LLC	Fellow subsidiary
S&P Global Ratings Singapore Pte Ltd	Fellow subsidiary
S&P Global Ratings HongKongLimited	Fellow subsidiary
S&P Global Ratings Australia PtyLtd	Fellow subsidiary
S&P Global Ratings Japan Inc.	Fellow subsidiary
S&P Global Market Intelligence LLC	Fellow subsidiary
S&P Trucost Limited	Fellow subsidiary
S&P Dow Jones Indices LLC	Fellow subsidiary
IHS Global FZ LLC	Fellow subsidiary
IHS Global Inc.	Fellow subsidiary
Markit North America, Inc	Fellow subsidiary
Asia Index Private Limited	Fellow subsidiary
Key Management Personnel
Girish Paranjpe	Independent Director
Vinita Bali	Independent Director (upto February14, 2024)
Shyamala Gopinath	Independent Director

280

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Parties Relationship
----- End of picture text -----

Amar RajBindra	Independent Director
Girish Ganeshan	Director (with effect from April 19, 2023)
Ewout Steenbergen	Chairman (upto February17, 2024)
Nishi Vasudev	Independent Director (with effect from January27, 2024)
Yann Le Pallec	Chairman (with effect from February17, 2024)
Saugata Saha	Director (with effect from February17, 2024)
Amish Mehta *	ManagingDirector and Chief Executive Offcer
SanjayChakravarti *	Chief Financial Offcer (upto October 28, 2024)
Dinesh Venkatasubramanian*	Chief Financial Offcer (with effect from October 28, 2024)
Minal Bhosale *	CompanySecretary

Related parties as per Companies Act, 2013

Transactions with related parties

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( C lakh)
Name of the related party Nature of transaction / outstanding balances As at and for As at and for
the year ended the year ended
December 31, 2024 December 31, 2023
S&P Global UK Limited Professional services rendered 869 1,113
Amount receivable 135 366
S&P Global Canada Corp. Professional services rendered 298 285
Amount receivable 56 -
S&P Global Ratings Europe Professional services rendered 4,544 4,069
Limited Amount receivable 774 675
S&P Global Ratings UK Limited Professional services rendered 3,257 2,951
Amount receivable 559 489
Standard & Poor’s Financial Professional services rendered 18,691 17,101
Services, LLC
S&P Global Ratings Singapore Professional services rendered 673 600
Pte Ltd Amount receivable 70 -
S&P Global Ratings Hong Kong Professional services rendered 1,331 1,755
Limited Amount receivable 81 143
S&P Global Ratings Australia Professional services rendered 961 854
Pty Ltd Amount receivable 101 74
S&P Global Ratings Japan Inc. Professional services rendered 332 334
Amount receivable 51 20
S&P Global Inc. Professional services rendered 741 94
Reimbursement of expenses received - 91
Amount receivable 298
IHS Global FZ LLC Professional services rendered 37 17
IHS Global Inc. Professional services rendered 54 -
Amount receivable 13 -
Standard & Poor's South Asia Reimbursement of expenses received 574 733
Services Private Limited Amount receivable - -
S&P Dow Jones Indices LLC Professional services rendered 33 -
Amount receivable 25 -
S&P Global Market Intelligence Subscription fees paid 177 157
LLC Professional fees paid - 52
Professional services rendered 1,855 1,284
Amount receivable 377 380
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281

Annual Report 2024

Standalone

( C lakh)

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----- Start of picture text -----

Name of the related party Nature of transaction / outstanding balances As at and for As at and for
the year ended the year ended
December 31, 2024 December 31, 2023
Markit North America, Inc Professional services rendered - 424
Amount receivable - 2
S&P Trucost Limited Professional services rendered - 227
Amount receivable - 34
S&P India, LLC Dividend paid 18,101 15,293
Share capital outstanding 312 312
Standard & Poor's International Dividend paid 3,480 2,940
LLC Share capital outstanding 60 60
S&P Global Asian Holdings Pte. Dividend paid 6,683 5,646
Limited Share capital outstanding 115 115
Asia Index Private Limited Reimbursement of expenses paid 4 2
Crisil Irevna UK Limited Professional services rendered 25,228 11,245
Professional services paid 460 -
Support and management fee 3,214 995
Amount received on behalf of Company 10 -
Reimbursement of expenses received 14 63
Reimbursement of expenses paid - 1
Sale of property, plant and equipment 2 1
Transfer of employee related liabilities 31 50
Dividend income 19,030 20,941
Investment outstanding 11,585 11,585
Amount receivable 70 153
Crisil Irevna Australia Pty Ltd Professional services paid 161 513
Support and management fee 7
Amount payable 21 70
Crisil Irevna US LLC Professional services rendered 5,437 3,344
Billing done on behalf of Company - 55
Professional fees paid 5,537 13,457
Support and management fee 1,831 2,472
Reimbursement of expenses received 10 41
Reimbursement of expenses paid 669 623
Sale of property, plant and equipment - 1
Transfer of employee related liabilities - 63
Amount received by Crisil on behalf of Irevna US - 65
Amount received by Irevna US on behalf of Crisil 7,255 1,981
Amount receivables (net) - 995
Amount payable (net) 295 -
Crisil Irevna Poland Sp.zo.o Professional fees paid 483 1,888
Amount payable - 189
Crisil Irevna Argentina, S.A. Professional fees paid 831 2,683
Investment outstanding 147 147
Amount payable - 418
Crisil Irevna Information & Dividend income 354 284
Technology (Hangzhou) Co. Professional fees paid 866 3,393
Limited
Investment outstanding 244 244
Amount payable - 290
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282

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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( C lakh)

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Name of the related party Nature of transaction / outstanding balances As at and for As at and for
the year ended the year ended
December 31, 2024 December 31, 2023
Coalition Development Limited Professional services rendered 11,114 9,361
Support and management fee 2,461 1,659
Transfer of project cost 1,903 1,450
Reimbursement of expense received 8 -
Sale of property, plant and equipment 2 -
Amount receivable 3,053 3,154
Coalition Development Professional fees paid 139 482
Singapore Pte Limited Reimbursement of expense received 4 -
Amount payable 3 64
Crisil Foundation Donation 766 495
Amount received by Crisil on behalf of Crisil - 2
foundation
Loan given - 350
Loan repaid - 350
Interest income - 7
Reimbursement of expense received 70 113
Amount receivable 124 143
Crisil Ratings Limited Investment outstanding 2,610 2,610
Professional fees rendered 118 179
Professional fees paid 212 201
Transfer of funds received from customer on 587 788
behalf of the other entity
Transfer of employee related liabilities 343 125
Dividend income 15,800 16,980
Sale of property, plant and equipment 2 21
Purchase of property, plant and equipment - 3
Support and management fee 3,661 3,736
Expenses recovered 3,356 2,224
Amount receivable (net) 1,216 585
Peter Lee Associates Pty Support and management fee 138 -
Limited
Bridge To India Energy Private Investment outstanding 721 721
Limited Expenses recovered 2 -
Dividend income 129 -
Reimbursement of expenses paid 91 -
Reimbursement of expenses received 55 -
Purchase of property, plant and equipment 1 -
Transfer of employee related liabilities 16 -
Amount receivable 18 -
Greenwich Associates Reimbursement of expense received 3 -
Singapore Pte Ltd Amount receivable 3 4
Crisil Irevna Information Reimbursement of expense received 4 -
Technology Colombia SAS Amount receivable 4 -
Greenwich Associates UK Reimbursement of expense received 3 -
Limited Amount receivable 3 -
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283

Annual Report 2024

Standalone

( C lakh)

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----- Start of picture text -----

Name of the related party Nature of transaction / outstanding balances As at and for As at and for
the year ended the year ended
December 31, 2024 December 31, 2023
Crisil ESG Ratings and Analytics Reimbursement of expense received 80 -
Limited Professional fees rendered 20 -
Professional fees paid 2 -
Reimbursement of expenses paid 155 -
Purchase consideration received 22 -
Amount receivable 185 -
Girish Paranjpe Sitting fees and commission 60 59
Shyamala Gopinath Sitting fees and commission 60 54
Amount Payable 1 -
Vinita Bali Sitting fees and commission 1 57
Nishi Vasudeva Sitting fees and commission 57 -
Amar Raj Bindra Sitting fees and commission 57 55
Amount Payable 1 -
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Remuneration to Key Management Personnel

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( C lakh)
Nature of transaction As at and for As at and for
the year ended the year ended
December 31, 2024 December 31, 2023
short-term employee benefits 1,387 1,232
other long-term benefits 547 303
share-based payment [Options alloted (Number)] 4,832 8,878
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‘-*’ in amounts column denote amount less than C 50,000

Notes:

All related party transactions entered during the year were in ordinary course of the business and on arm’s length basis.
Transactions with key management personnel does not include post-employment benefits based on actuarial valuation as it is done for the Company as a whole.

41. Leases

The Company has elected not to recognise right of use assets and lease liabilities for short term leases (lease term of 12 months or less) and leases of low-value and has recognised the lease payments for such leases as an expense over the lease term.

41.1 The following is the movement in lease liabilities:

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Opening balance 3,126 7,164
Additions during the year 20,686 435
Add: Interest recognised during the year 311 328
Less: Impact of lease modification (1) -
Less: Payment (including interest on lease liabilities) (1,375) (4,801)
Less: Deductions (23) -
Closing balance 22,724 3,126
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284

Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Bifurcation of lease liability:
Non-current 18,504 1,775
Current 4,220 1,351
Total 22,724 3,126
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41.2 The table below provides details regarding the contractual maturities of lease liabilities as at December 31, 2024 on an undiscounted basis:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Future minimum lease payments :
Not later than one year 2,233 1,351
Later than one year and not later than five years 17,149 2,075
Later than five years 15,710 -
Total 35,092 3,426
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The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Rental expense recorded for short term leases as per Ind AS 116 was C 2,457 lakh (Previous year: C 44 lakh) for the year.

The Company has recognised interest on lease liability of C 311 lakh (Previous year: C 328 lakh) under finance costs. The aggregate depreciation on ROU assets has been included under ‘Depreciation and amortisation expenses’ in the Statement of Profit and Loss (refer to note 33).

42. Gratuity and other post employment benefits plans

In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity, a defined benefit retirement plan covering eligible employees (completed continuous services of five years or more) of the Company. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment at fifteen days salary of an amount based on the respective employee’s salary and tenure of employment with the Company.

The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the respective plans.

Net employee benefit expense recognised in statement of Profit and Loss and OCI:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Employee benefits expense:
Current service cost 932 838
Interest cost on defined benefit obligation 266 221
Adjustment (3) (7)
Net impact on profit (before tax) 1,195 1,052
Remeasurement of the net defined benefit plans:
Re-measurement - actuarial (gain)/loss 390 146
Expected return on plan assets 266 (31)
Net impact on OCI (before tax) 656 115
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285

Annual Report 2024

Standalone

Balance Sheet:

Details of provision for gratuity benefit:

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Present value of funded obligations 7,314 6,117
Fair value of plan assets (2,617) (1,916)
Net liability 4,697 4,201
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Changes in the present value of the defined benefit obligation are as follows:

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Opening defined benefit obligation 6,117 5,399
Current service cost 932 838
Interest cost 426 380
Acquisitions/ transfer (credit)/ cost 23 26
Actuarial (gain)/loss 50 146
Actuarial (gain)/loss (financial assumptions) 340 (1)
Exchange loss/(gain) 9 (1)
Benefits paid directly by Company (6) (33)
Benefits paid from plan assets (577) (637)
Closing defined benefit obligation 7,314 6,117
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Changes in the fair value of plan assets are as follows:

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( C lakh)
Particulars As at As at
December 31, 2024 December 31, 2023
Opening fair value of plan assets 1,916 2,326
Interest (income) / expense on plan assets 160 159
Contribution by employer 1,384 37
Return on plan assets greater / (lesser) than discount rate (266) 31
Benefits paid (577) (637)
Closing fair value of plan assets 2,617 1,916
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Maturity profile of defined benefit obligation:

	(`C`lakh)
Particulars	Year ended December 31, 2024 Year ended December 31, 2023
Weighted average duration of defned beneft obligation	4 - 7years 4 - 7.1years

The defined benefit obligation shall mature after December 31, 2024 as follows:

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Particulars J lakh
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December	31,	2025				742
December	31,	2026				794
December	31,	2027				987
December	31,	2028				1,124
December	31,	2029				1,235
December	31,	2030	to December	31,	2034	6,347

286 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:

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Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Investment with insurer 100% 100%
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The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

The principal assumptions used in determining gratuity for the Company’s plans is as below:

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Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Discount rate 6.70% 7.20%
Rate of return on plan assets Mortality rate 7.00% 7.00%
Indian Assured Lives Mortality Indian Assured Lives Mortality
(2006-08) Ult. (2006-08) Ult.
Expected employee turnover
Service years Rates Rates
Service < 5 20.00% 20.00%
Service => 5 10.00% 10.00%
Increment 10% for First 4 years starting 10% for First 4 years starting
2024 and 7% thereafter 2023 and 7% thereafter
Expected employer's contribution next year ( C lakh) 717 635
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Broad category of plan assets as per percentage of total plan assets of the gratuity:

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Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Government securities 81% 88%
Fixed deposits, debentures and bonds 9% 3%
Others 10% 9%
Total 100% 100%
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The actuarial assumptions for the determination of defined benefit obligations are discount rate and salary escalation rate. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, holding all other assumptions constant.

Discount rate `J`lakh
Effect on DBO due to 0.5% increase in discount rate (249)
Effect on DBO due to 0.5% decrease in discount rate 266
Salary escalation rate `J`lakh
Effect on DBO due to 0.5% increase in salaryescalation rate 198
Effect on DBO due to 0.5% decrease in salaryescalation rate (199)

Annual Report 2024 287

Standalone

The Company has recognised the following amounts in the statement of profit and loss:

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( J lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
i. Contribution to provident fund 2,490 2,167
ii. Contribution to gratuity fund 1,195 1,052
iii. Contribution to other funds 387 326
Total 4,072 3,545
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The expenses for compensated absences have been recognised in the same manner as gratuity and a provision of C 8,422 lakh has been made as at December 31, 2024 (Previous year: C 7,251 lakh).

43. Ratios

The ratios for the year ended December 31, 2024 and December 31, 2023 are as follows:

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Particulars Numerator Denominator As at As at Variance
December December (in %)
31, 2024 31, 2023
Current ratio (in times) Current Assets Current Liabilities 2.31 2.69 -14.3%
Debt-Equity ratio (in times) ** Total debt (i) Total equity 0.13 0.02 506.3%
Debt Service coverage ratio Earnings available for Debt service (iii) 48.14 15.31 214.3%
(in times) ^ debt service (ii)
Return on equity Profit after taxes Average total equity 37.6% 52.2% -28.0%
(ROE - in %) [#]
Inventory turnover ratio Not Not
Applicable Applicable
Trade receivables turnover ratio Revenue Average trade 5.04 4.39 14.9%
(in times) receivables
Trade payable turnover ratio Purchase of services Average trade 4.53 4.13 9.6%
(in times) payables
Net capital turnover ratio (in times) Revenue Average working 2.16 2.56 -15.5%
capital
Net profit ratio (in %) Profits after taxes Revenue 37.0% 41.0% -9.9%
Return on capital employed Earning before interest Average capital 40.1% 59.2% -32.3%
(ROCE - in %) [#] and taxes employed (iv)
Return on investment (ROI - in %) Income generated from Weighted average 19.8% 22.7% -12.9%
invested funds investment (v)
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43.1 Definitions

(i) Total debt represents lease liabilities.
(ii) Earnings available for debt service = Net profit after taxes + Non-cash operating expenses like depreciation and other amortisation + Interest -profit on sale of property, plant and equipment etc.

(iii) Debt service = Interest & lease payments

(iv) Capital employed = Tangible net worth + Total debt
(v) Investments include quoted investment, unquoted investment and mutual funds.

Variances more than 25% have been explained as follows:

^ Increase in debt-service ratio is due to reduced interest cost, along with reduced lease payments in the current year.

** Increase in lease liabilities due to new lease addition along with increase in net worth has led to increase in debt equity ratio

Earnings decreased because of lower dividend income, along with increase in overall expenses in the current year

288 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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44. Earnings per share

The following reflects the profit and share data used in the basic and diluted earnings per share (EPS) computations:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Net profit for calculation of basic and diluted EPS 61,588 66,826
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
(Nos.) (Nos.)
Weighted average number of equity shares in calculating basic EPS 7,31,24,217 7,30,94,435
Effect of dilution:
Add: Weighted average stock options granted under ESOS 1,834 12,401
Weighted average number of equity shares in calculating diluted EPS 7,31,26,051 7,31,06,836
Earnings per share : Nominal value of J 1 Year ended Year ended
December 31, 2024 December 31, 2023
( J ) ( J )
Basic 84.22 91.42
Diluted (On account of ESOS, refer to note 47) 84.22 91.41
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45. Dividend

Details of dividend paid on equity shares are as under:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
Final dividend for the year 2023 (Previous year: 2022) C 28 per equity share (Previous 20,473 16,808
year: C 23 per share) of C 1 each
Interim dividend for the year 2024 (Previous year: 2023) C 30 per equity share 21,939 19,008
(Previous year: C 26 per share) of C 1 each
Total 42,412 35,816
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Proposed dividend

46. Corporate Social Responsibility

The details of Corporate Social Responsibility as prescribed under section 135 of the Companies Act, 2013 is as follows:

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( C lakh)
Particulars Year ended Year ended
December 31, 2024 December 31, 2023
1. Amount required to be spent by the Company during the year 738 494
2. Amount spent during the year on:
i) Construction/ acquisition of any asset - -
ii) For purposes other than (i) above 766 495
3. Shortfall at the end of the year - -
4. Total of previous year shortfall - -
5. Reason for shortfall NA NA
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Nature of CSR activities include “education and women empowerment – financial capability building” and “conservation of environment”. Refer to note 40 for related party transactions.

289

Annual Report 2024

Standalone

47. Employee stock option scheme (ESOS)

The Company has formulated an ESOS based on which employees are granted options to acquire the equity shares of the Company that vests in a graded manner. The options are granted at the closing market price prevailing on the stock exchange, immediately prior to the date of grant. Details of the ESOS granted are as under :

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Details Date of grant Number Exercise Vesting condition Exercise Weighted
of options price period average price
granted ( J ) ( J )
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ESOS 2014 (3) 16-Dec-16 82,100 2,180.85 Vested equally in the period of 3 to 5 years subject to conditions within 2 years from date of vesting ESOS 2014 (4) 09-Mar-17 13,400 1,997.35 ESOS 2014 (5) 17-Jul-17 25,000 1,956.55 ESOS 2014 (6) 08-Jan-18 8,000 1,919.25 ESOS 2014 (7) 24-Jan-18 2,38,970 1,969.45	734.46
	680.28
	626.51
	623.48
	651.23
ESOS 2014 (8) 04-Apr-18 1,64,457 1,841.35 Vested equally in the period of 1 to 3 years subject to conditions within 2 years from date of vesting ESOS 2014 (9) 16-Apr-19 2,26,155 1,568.85	410.12
	332.35

*Weighted average price of options as per Black-Scholes Option Pricing model at the grant date.

The summary for each scheme as at December 31, 2024

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The summary for each scheme as at December 31, 2023

Particulars	ESOS - 2011 ESOS - 2014	ESOS - 2011 ESOS - 2014
	Number of options Wtd. avg. exercise price (`J`) Number of options Wtd. avg. exercise price (`J`)
Outstandingat the beginningof theyear	4,280	2,180.85 2,42,489 1,791.26
Add: Granted duringtheyear	-	N.A. - N.A.
Less: Exercised duringtheyear	4,280	2,180.85 45,281 1,756.60
Less: Expired/ forfeited duringtheyear	-	N.A. 28,728 1,867.06
Outstandingat the end of theyear	-	N.A. 23,163 1,764.82
Exercisable at the end of theyear	-	N.A. 23,163 1,764.82

Particulars		Date Wtd. avg. exerciseprice (`J`)
Weighted average share price at the date of exercise.		February16, 2024 4,221.84
		April 16, 2024 5,029.42
		July16, 2024 4,118.59
		October 16, 2024 4,579.98

290 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Particulars	Range of exercise prices (`J`)	Wtd. avg. remaining contractual life
Range of exerciseprices and weighted average remainingcontractual life.	1568.85 to 1,969.45	8 days

Cash inflow on exercise of options at the weighted average share price at the date of exercise.

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Particulars Year ended December 31, 2024 Year ended December 31, 2023
Numbers J lakh Numbers J lakh
Exercised during the year (Excludes share application 16,185 242 49,561 885
money pending allotment)
Total 16,185 242 49,561 885
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There are no cash settled plans implemented by the Company and hence there is no further liability booked in the books.

The estimates of future cash inflow that may be received upon exercise of options.

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Particulars As at December 31, 2024 As at December 31, 2023
Numbers J lakh Numbers J lakh
Not later than two years 3,034 58 23,163 409
Total 3,034 58 23,163 409
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48. Incorporation of Crisil ESG Ratings and Analytics Limited

48.1 The details of assets and liabilities transferred to Crisil ESG Ratings & Analytics Limited are as under :

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( C in Lakhs)
Particulars As at
May 3, 2024
A. Assets
Property, plant and equipment 2
Cash and bank balances 141
Trade receivables 85
Total Assets 228
B. Liabilities
Other financial liabilities 37
Other Current Liabilities 169
Total Liabilities 206
C. Net Assets 22
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Annual Report 2024 291

Standalone

49. Bridge To India Energy Private Limited

49.1 Merger of Bridge to India Energy Private Limited with Crisil Limited

The Board of Directors of the Company at their meeting held on October 16, 2024, has approved the Scheme of Amalgamation (‘Scheme’) for merger of its wholly-owned subsidiary, Bridge To India Energy Private Limited with the Company, pursuant to Sections 230-232 of the Companies Act, 2013. The Scheme is subject to the approval of National Company Law Tribunal and other requisite statutory approvals.

49.2 Acquisition of Bridge To India Energy Private Limited

The Company has completed the acquisition of 100% stake in ‘Bridge To India Energy Private Limited’ (Bridge To India) on September 30, 2023. Bridge To India is a renewable energy (RE) consulting & knowledge services provider to financial and corporate clients in India. The acquisition will augment Crisil’s existing offerings and bolster our market positioning in the renewable energy space. The transaction is at a total consideration of C 721 lakh. Accordingly, Bridge To India became a wholly owned subsidiary of the Company with effect from the said date.

50. Additional regulatory information required by schedule III:

i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
ii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
iii) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
iv) The Company has not traded or invested in crypto currency or virtual currency during the year.
v) The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the year.
vi) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
vii) The Company has not been sanctioned working capital limits by banks or financial institutions on the basis of security of current assets at any point of time during the year.
viii) No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries.
ix) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
x) The Company has not revalued its property, plant and equipment (including right of use assets) or intangible assets or both during the current or previous year.

292 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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51. The figures for the previous year have been regrouped/ rearranged wherever necessary to conform to the current year’s classification.

This is the summary of material accounting policies and other explanatory information referred to in our report of even date.

For Walker Chandiok & Co LLP

For and on behalf of the Board of Directors of Crisil Limited

Chartered Accountants Firm Registration No.:001076N/N500013

Manish Gujral

Partner Membership No.: 105117

Place: Mumbai Date: February 10, 2025

Yann Le Pallec Chairman [DIN: 05173118]

Dinesh Venkatasubramanian Chief Financial Officer

Place: Guwahati Date: February 10, 2025

Amish Mehta

Managing Director & Chief Executive Officer [DIN: 00046254]

Minal Bhosale

Company Secretary

293

Annual Report 2024

Notice

Notice is hereby given that the Thirty-Eighth Annual General Meeting (AGM) of the members of Crisil Limited (‘the Company’) will be held on Wednesday, April 30, 2025, at 3:30 pm IST through video conferencing (VC) and/or other audio-visual means (OAVM), without in-person presence of shareholders.

In view of the circulars issued by the Ministry of Corporate Affairs (MCA) dated April 8, 2020, April 13, 2020, May 5, 2020, January 13, 2021, December 14, 2021, May 5, 2022, December 28, 2022, September 25, 2023 and September 9, 2024 (hereinafter referred to as the circulars), companies are permitted to conduct the AGM through VC/OAVM, subject to compliance of various conditions mentioned therein. In keeping with the circulars, the Board of Directors has approved holding of the 38[th] AGM through VC and/or OAVM.

Notice is hereby given that the following business will be transacted at the AGM:

Ordinary business

1. Adoption of financial statements

To receive, consider and adopt:
a. The Audited Financial Statements of the Company for the year ended December 31, 2024, together with the reports of the Board of Directors and the auditors thereon, and
b. The Audited Consolidated Financial Statements of the Company for the year ended December 31, 2024, together with the report of the auditors thereon.

2. Declaration of dividend

To declare final dividend on equity shares of C 26 per equity share and to approve and confirm the declaration and payment of three interim dividends aggregating to C 30 per equity share for the year ended December 31, 2024.

3. Re-appointment of Mr Girish Ganesan

To reappoint Mr Girish Ganesan (DIN: 10104741) as a Director of the Company, who retires by rotation and being eligible, seeks reappointment.

Special business

4. Appointment of Secretarial Auditors

To consider, and if thought fit, to pass the following resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Section 204 of the Companies Act, 2013, and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, read with Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including any statutory modification(s) or re-enactment(s) thereof for the time being in force, M/s S. N. Ananthasubramanian & Co. (SNACO), a firm of Practising Company Secretaries (firm registration no. P1991 MH040400), be and is hereby appointed as the Secretarial Auditors of the Company, for a term of five consecutive financial years commencing from January 1, 2025 till December 31, 2029, at such remuneration as may be determined by the Board of Directors of the Company (including its Committee thereof) in consultation with the Secretarial Auditors.

RESOLVED FURTHER THAT the Board of Directors of the Company (including its Committee thereof), be and are hereby severally authorised to do all such acts, deeds, matters and things as may be considered necessary, desirable or expedient to give effect to this Resolution.”

By order of the Board For Crisil Limited

Minal Bhosale Company Secretary ACS 12999

Guwahati, February 10, 2025

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Notes

For joining the AGM through VC/OAVM:

The instructions for participating in the AGM through VC/OAVM are as under:
i. Members will be provided with a facility to attend the AGM through the National Securities Depository Limited (NSDL) integrated e-voting and AGM attendance system (hereinafter referred to as the NSDL e-voting system).
ii. Members have alternative ways to access the NSDL e-voting system. For the detailed procedure to access the NSDL e-voting system, see note no. 6, Step 1: Access to NSDL e-voting system.
iii. After successful login, you can see the link of VC/ OAVM in the Join General Meeting menu against the Company name. Click on VC/OAVM link under the Join General Meeting menu.
iv. Members who do not have the user ID and password for e-voting through the NSDL e-voting system, or have forgotten them, may retrieve the same by following the procedure stated in the instructions related to e-voting, mentioned in the Notice.
v. Members can participate in the AGM through smartphone/laptop. However, for better experience and smooth participation, members are advised to join through a laptop connected through broadband. Please note that members connecting from mobile devices or tablets or through laptops, etc., connected via mobile hotspot may experience audio/ video loss due to fluctuation in their network. It is, therefore, recommended to use a stable Wi-Fi or LAN connection to mitigate any kind of aforesaid glitches.
vi. For the convenience of the members and proper conduct of AGM, members can login and join the AGM 15 minutes before the scheduled time for the AGM. Access will be open throughout the proceedings of the AGM as well.
vii. Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
viii. Members who would like to express their views/ pose questions/register as speaker shareholders at the AGM, may send their questions in advance, at least 48 hours before the start of the AGM,

i.e. by 3:30 pm IST, Monday, April 28, 2025, from their registered email address mentioning their name, demat account number/folio number and mobile number, to the Company’s email address: [email protected]. Only the questions/queries received by the Company until 3:30 pm IST, Monday, April 28, 2025, shall be considered and responded to at the AGM. The Company reserves the right to restrict the number of speakers as appropriate for the smooth conduct of the AGM. To give all speakers an opportunity to participate and complete the AGM’s proceedings within the specified 2 hours, members are requested to keep their queries brief and restrict their speaking time to 3 minutes.

ix. Members who need assistance before or during the AGM with use of technology, can:
- Send a request at [email protected] or call +022 - 4886 7000
- Specifically for assistance with the VC/OAVM facility, contact Mr Sanjeev Yadav, Assistant Manager, NSDL, at the designated email ID: [email protected] or [email protected] or on telephone number +91- 9324006225; or
- Specifically for escalation/assistance with e-voting, contact Ms Pallavi Mhatre, Senior Manager, NSDL, at the designated email ID: [email protected] or [email protected] or on telephone number +022 - 2499 4545.
Corporate members are requested to send a scanned copy of a duly certified copy of the Board Resolution authorising their representative(s) with the attested specimen signature of the authorised representative to the Company at [email protected] for participating in the AGM.
As physical attendance of the members is dispensed with by law for VC/OAVM facilitated AGMs, the facility of appointment of proxies by members will not be available for the meeting.

Instructions related to e-voting:

The Company will provide an e-voting facility to the members so as to facilitate them to cast their vote on all resolutions set forth in this Notice electronically, through e-voting services provided by NSDL.
The remote e-voting period shall commence at 10:00 am IST on Saturday, April 26, 2025, and end at 5:00 pm IST on Tuesday, April 29, 2025. The remote e-voting module shall be disabled at 5:00 pm IST on Tuesday,

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April 29, 2025. Once the vote on a resolution is cast by a member, the member shall not be allowed to change it subsequently or cast the vote again.

The procedure and instructions for e-voting are as follows:
Voting electronically on the NSDL e-voting system involves the following two steps:

Step 1: Access to the NSDL e-voting system

A. Login method for e-voting and joining virtual meetings for individual shareholders holding securities in demat mode

In terms of the SEBI circular dated December 9, 2020, on the e-voting facility provided by listed companies, individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with the depositories and depository participants. Shareholders are advised to update their mobile number and email addresses in their demat accounts in order to access the e-voting facility.

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----- Start of picture text -----

Type of shareholders Login method
----- End of picture text -----

Individual	A. NSDL IDeAS facility
shareholders holding	If you are already registered for NSDL’s IDeAS facility, please visit the e-services website of NSDL. Open
securities in demat	the web browser by typing the following URL: https://eservices.nsdl.com, either on a personal computer or
mode with NSDL	a mobile. Once the home page of e-services is launched, click on the ‘Benefcial Owner’ icon under ‘Login’,
	which is available under the ‘IDeAS’ section. A new screen will open. Enter your user ID and password.
	After successful authentication, you will see e-voting services displayed on the screen. Click on ‘Access to
	e-Voting’ under ‘E-voting Services’ and you will be able to see the e-voting page. Click on options available
	against the Company name or e-voting service provider, NSDL, and you will be re-directed to the NSDL
	e-voting website where you can cast your vote during the remote e-voting period or join the virtual meeting
	and e-vote during the meeting.
	If you are not registered for IDeAS e-services, the option to register is available at https://eservices.nsdl.
	com. Select the ‘Register Online for IDeAS’ portal or click on https://eservices.nsdl.com/SecureWeb/
	IdeasDirectReg.jsp
	B. E-voting website of NSDL

Visit the e-voting website of NSDL, open the web browser by typing the following URL: https://www. evoting.nsdl.com/, either on a personal computer or on a mobile. Once the home page of the e-voting system is launched, click on the icon ‘Login’, which is available under ‘Shareholder/Member’ section. A new screen will open. Enter your user ID (your 16-digit demat account number with NSDL), password/ OTP and a verification code as prompted. After successful authentication, you will be redirected to NSDL’s depository site where you can see the e-voting page. Click on options available against Company name or e-voting service provider, NSDL, and you will be redirected to the e-voting website of NSDL where you can cast your vote during the remote e-voting period or join the virtual meeting and e-vote during the meeting.

Individual 1. Existing users who have opted for CDSL Easi/Easiest facility can login through their user ID and password. shareholders holding An option will be made available to reach the e-voting page without any further authentication. Users can securities in demat login to Easi/Easiest on www.cdslindia.com. Once the page opens, click on New System Myeasi and login mode with CDSL using your existing user ID and password.
After successful login to Easi/Easiest, the user will be able to see the e-voting menu. The menu will have links to the website of the e-voting service provider, i.e., NSDL. Click on NSDL to cast your vote.
If the user is not registered for Easi/Easiest, the option to register is available at CDSL website: www.cdslindia.com.
Alternatively, users can directly access the e-voting page by providing their demat account number and PAN on the CDSL homepage: www.cdslindia.com. The system will authenticate the user by sending an OTP to their registered mobile number and email as recorded in the demat account. After successful authentication, the user will be provided links for the respective ESP i.e., NSDL where the e-voting is in progress.

Individual You can also login using the login credentials of your demat account through your Depository Participant shareholders (holding registered with NSDL/CDSL for the e-voting facility. Once logged in, you will see the e-voting option. Once you click securities in demat on the e-voting option, you will be redirected to the NSDL/CDSL depository site after successful authentication, mode) login through wherein you can see the e-voting feature. Click on options available against the Company name or e-voting their depository service provider, i.e. NSDL and you will be redirected to the e-voting website of NSDL where you can cast your participants vote during the remote e-voting period or join the virtual meeting and e-vote during the meeting.

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Important note: Members who are unable to retrieve their user ID/password are advised to use the Forgot user ID and Forget Password option available at the abovementioned website.

Helpdesk for individual shareholders holding securities in demat mode for any technical issues related to login through the Depository, i.e. NSDL and CDSL:

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Login type Helpdesk details
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Individual	Members facing any technical
shareholders	issue with login can contact
holding securities in	NSDL helpdesk by sending a
demat mode	request at [email protected] or
with NSDL	call +022 - 4886 7000
Individual	Members facing any technical issue
shareholders	in login can contact CDSL helpdesk
holding securities	by sending a request at helpdesk.
in demat mode with	[email protected] or contact
CDSL	at toll free no. 1800-21-09911

B. Login method for e-voting and joining the virtual meeting for shareholders other than individual shareholders holding securities in demat mode and shareholders holding securities in physical mode

How to login to NSDL e-voting website?

a) Visit the e-voting website of NSDL. Open the web browser by typing the following URL: https://www. evoting.nsdl.com, either on a personal computer or on a mobile.
b) Once the home page of the e-voting system is launched, click on the ‘Login’ icon, which is available under the ‘Shareholder/Member’ section.
c) A new screen will open. Enter your user ID, password/ OTP and the verification code as shown on the screen.
Alternatively, if you are registered for NSDL e-services, i.e. IDeAS, you can login to https://eservices.nsdl. com with your existing IDeAS login. Once you login to NSDL e-services after using login credentials, click on e-voting and proceed to step 2 — i.e., Cast your vote electronically.
d) Your user ID details are given below:

Manner of holding Your user ID is: shares, i.e. demat (NSDL or CDSL) or physical

a) For members 8-character DP ID followed by who hold shares 8-digit client ID in demat account For example, if your DP ID with NSDL is IN300 and Client ID is 12, then your user ID is IN30012**

Manner of holding Your user ID is: shares, i.e. demat (NSDL or CDSL) or physical

b) For members 16-digit beneficiary ID who hold shares For example, if your in demat account beneficiary ID is with CDSL 12**, then your user ID is 12**
c) For members EVEN number followed by the holding shares in folio number registered with physical form the Company For example, if the folio number is 001 and EVEN is 101456, then user ID is 101456001
e) Password details for shareholders other than individual shareholders are given below:
1) If the member is already registered for e-voting, you can use your existing password to log in and cast your vote.
2) If the member is using NSDL’s e-voting system for the first time, the member will need to retrieve the ‘initial password’ which was communicated to the member. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the system will ask the member to change the password.
3) How to retrieve the ‘initial password’?
- (i) If your email ID is registered with your demat account or with the Company, your ‘initial password’ is communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the PDF attachment. The password to open the file is the 8-digit client ID for NSDL account, last 8 digits of client ID for CDSL account, or folio number for shares held in physical form. The PDF attachment contains your ‘user ID’ and ‘initial password’.
- (ii) If your email ID is not registered, please refer to point no. 26 below.
f) If the member is unable to retrieve or has not received the ‘initial password’ or has forgotten the password, follow the steps given below:
1) Click on ‘Forgot user details/password?’ (If you are holding shares in your demat account with NSDL or CDSL) option available on www.evoting.nsdl.com.

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2) ‘Physical user reset password?’ (if you hold shares in physical mode) option available on www.evoting.nsdl.com.
3) If you are still unable to get the password by the aforesaid two options, you can send a request to [email protected] mentioning the demat account number/folio number, your PAN, your name and your registered address, etc.
4) Members can also use the OTP-based login to cast the votes on the e-voting system of NSDL.
g) After entering the password, agree to ‘Terms and Conditions’ by selecting the check box.
h) Next, click the Login button.
i) After you click on the Login button, the home page of e-voting will open.

Step 2: Cast your vote electronically and join the general meeting on NSDL’s e-voting system

How to cast your vote electronically and join the general meeting on the NSDL e-voting system?

a. After successfully logging in at Step 1, you will be able to see all the companies ‘EVEN’ in which you hold shares and whose voting cycle and general meeting are active.
b. Select ‘EVEN’ of the company for which you wish to cast your vote during the remote e-voting period and to cast your vote during the general meeting. To join the virtual meeting, you need to click on VC/OAVM link under the ‘Join General Meeting’ section.
c. The e-voting page opens.
d. Cast your vote by selecting appropriate options, i.e., assent or dissent, verify/modify the number of shares for which you wish to cast your vote and click the ‘Submit’ button and then the ‘Confirm’ button, when prompted.
e. Once confirmed, ‘Vote cast successfully’ will be displayed on the screen.
f. You can also take the printout of votes cast by you by clicking on the print option on the confirmation page.
g. Once you confirm the vote on the resolution, you will not be allowed to modify the vote.

Instructions for Members for e-voting on the day of the AGM are as under

In terms of the provisions of Section 107 of the Companies Act, 2013, since the resolutions as set out in this notice are being conducted through e-voting, the said resolutions will not be decided by a show of hands at the AGM.
Members who are participating in the AGM through VC/OAVM on April 30, 2025, can cast their vote during the meeting electronically through e-voting services provided by NSDL.
The e-voting at the AGM will begin once the Chairman or Company Secretary announces the commencement of the e-voting during the AGM.
The e-voting module shall be disabled by NSDL for voting after the conclusion of the meeting.
Once the vote on a resolution is cast by a member, the member shall not be allowed to change it subsequently.
The procedure for e-voting at the AGM is the same as mentioned above for remote e-voting, and the same e-voting credentials need to be entered while e-voting at the AGM.
Members who have cast their vote by remote e-voting prior to the AGM may also attend the AGM through VC/ OAVM but shall not be entitled to cast their vote again.
Members can reach out for assistance in this respect to NSDL personnel at phone numbers and email IDs mentioned in 1(ix) above.

Instructions commonly applicable to e-voting prior to, or at, the AGM

A person whose name is recorded in the register of members or in the register of beneficial owners maintained by the depositories as on the cut-off date (i.e., April 23, 2025) shall only be entitled to attend the AGM through VC/OAVM on April 30, 2025, and avail the aforesaid facility of remote e-voting as well as e-voting at the AGM.
Any person who acquires shares of the Company after dispatch of this Notice and holds shares as of the cutoff date (i.e., April 23, 2025) may obtain login ID and password by sending a request to [email protected], with a copy to [email protected], by mentioning her/ his folio number or DP ID and client ID. However, if you are already registered with NSDL for e-voting, you can use your existing user ID and password for casting your vote and attending the AGM.

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In case of joint shareholders, only such a joint holder who is higher in the order of names will be entitled to vote.
A member entitled to attend and vote at the AGM is entitled to appoint a proxy to attend and vote instead of himself and a proxy need not be a member of the Company. Since this AGM is being held through VC/ OAVM, as per the framework provided in MCA Circulars, the facility for appointment of proxies by the members will not be available for this AGM.
Corporate/Institutional members (corporate/ Fls / Flls / trusts / mutual funds / banks, etc) are required to send a scan (PDF format) of the relevant Board resolution to the Scrutiniser through e-mail to scrutinizer@snaco. net, with a copy to [email protected].
It is strongly recommended not to share the e-voting password with any other person and take utmost care to keep your password confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such an event, you will need to go through the ‘Forgot user details/Password?’ or ‘Physical user reset password?’ option available on www.evoting.nsdl.com to reset the password.
In case of any queries, you may refer to the frequently asked questions (FAQs) and e-voting user manual for shareholders available in the Download section of www.evoting.nsdl.com; or contact the NSDL helpdesk by sending a request to [email protected] or call on +022 - 4886 7000; or contact the CDSL helpdesk by sending a request to [email protected] or contact on the toll free no. 1800-21-09911.
The e-voting credentials sent along with the notice will be considered for the purpose of remote e-voting, attending and e-voting at the AGM.
Mr S. N. Ananthasubramanian, Practising Company Secretary, or failing him, Mr S.N. Viswanathan, Practising Company Secretary, have been appointed as Scrutinisers for scrutinising the e-voting process in a fair and transparent manner. The Scrutiniser shall, within a period not exceeding three working days from the conclusion of the e-voting period, unblock the votes in the presence of at least two witnesses not in the employment of the company and make a Scrutiniser’s Report of the votes cast in favour or against, forthwith to the Chairman of the company.
The results of remote e-voting and e-voting at the AGM on resolutions shall be aggregated and declared on or after the AGM, and the resolutions will be deemed to be passed on the AGM date subject to the receipt of the requisite number of votes in favour of the resolutions.
The results declared, along with the Scrutiniser’s Report, shall be made available on the Company’s website www.crisil.com and on the website of NSDL within 48 hours of the conclusion of the AGM and be communicated to the stock exchanges where the shares of the company are listed, viz. BSE Ltd and National Stock Exchange of India Ltd.

Updation of email Address to receive e-copy of annual report, attendance and e-voting credentials

In accordance with Section 101 of the Companies Act, 2013, read with Rule 18 of the Companies (Management and Administration) Rules, 2014, and the aforesaid circulars, the Annual Report of the Company for financial year 2024, including the Notice convening the AGM, is being sent by email to the members whose email addresses are available with the depositories for communication purposes or are obtained directly from the members, as per Section 136 of the Companies Act, 2013, and Rule 11 of the Companies (Accounts) Rules, 2014. The same is also available on the company’s website www.crisil.com, on the website of the stock exchanges i.e., BSE Limited and National Stock Exchange of India Limited and on NSDL’s website at www.evoting.nsdl.com. Members whose email IDs are not registered with the depositories can, in order to procure user ID and password and to register e-mail IDs for e-voting for the resolutions set out in this notice, follow the below-mentioned process:
a) In case shares are held in physical mode, please provide the folio number, name of the shareholder, scanned copy of the share certificate (front and back), PAN (self- attested scanned copy of PAN card), and Aadhaar (self-attested scanned copy of Aadhaar card) by email to [email protected].
b) In case shares are held in demat mode, please provide the DPID-CLID (16-digit DPID + CLID or 16-digit beneficiary ID), name, client master or copy of the Consolidated Account statement, PAN (self-attested scanned copy of PAN card), and Aadhaar (self-attested scanned copy of Aadhaar card) to [email protected]. If you are an individual shareholder holding securities in

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demat mode, you are requested to refer to the login method explained in step 1 (A), i.e., login method for e-voting for individual shareholders holding securities in demat mode.

c) Alternatively, shareholders/members may send a request to [email protected] for procuring user ID and password for e-voting by providing the abovementioned documents.
d) As per the SEBI circular dated December 9, 2020, on e-voting facility provided by listed companies, individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access the e-voting facility.

Instructions related to the payment of final dividend for the year ending December 31, 2024

The register of members and share transfer books of the company will remain closed from Tuesday, April 15, 2025, to Wednesday, April 16, 2025 (both days inclusive), for determining the names of members eligible for dividend on equity shares, if declared at the AGM.
Dividend as recommended by the Board of Directors, if declared at the AGM, shall be paid on May 6, 2025:
(i) to those members whose names appear on the Register of Members of the company after giving effect to all valid transfers in physical form lodged with the company and its Registrar and Transfer Agents before Monday, April 14, 2025; and,
(ii) in respect of shares held in electronic form, on the basis of beneficial ownership as per the details furnished by the NSDL and CDSL at the close of business hours on Monday, April 14, 2025.

Efforts are underway to update PAN and bank account details of shareholder(s) as required by SEBI. The regulator, vide circular dated November 3, 2021, and December 15, 2021, has mandated holders of physical securities to furnish PAN, KYC and nomination details.

Members are requested to submit their PAN, KYC and nomination details to the Company’s registrars through the forms available at https://www.crisil.com/ content/crisilcom/en/home/investors/shareholderservices/forms-for-download.html. Crisil has sent communications in this regard to eligible shareholders.

Members are requested to note that the company’s shares are under compulsory electronic trading for all investors. Members are, therefore, requested to dematerialise their shareholding to avoid inconvenience. Members whose shares are in electronic mode are requested to inform about the change of address and updates of bank account(s) to their respective Depository Participants. Members holding shares in the physical form are requested to advise such changes to the company’s Registrar and Transfer Agent, KFin Technologies Limited. Members are encouraged to use the Electronic Clearing Services (ECS) for receiving dividends. Members desirous of availing the ECS facility for payment of dividend may download the required ECS mandate form from the website of the company, www.crisil.com.
The company has transferred the unclaimed or unencashed dividends for financial years up to 2017 to the Investor Education and Protection Fund (IEPF) established by the central government. The company transfers the unclaimed or un-encashed dividend to IEPF after the expiry of seven years from the date of transfer to unpaid dividend account.

Members who have a valid claim to any unclaimed dividends which are not yet transferred may claim the same from the company immediately. The detailed dividend history, due dates for transfer to IEPF, and the details of unclaimed amounts lying with the Company in respect of dividends declared since 2018 are available on the website of the Company, www.crisil.com.

Also, pursuant to Section 124(2) of the Companies Act, 2013, the Company has uploaded details of unpaid and unclaimed amounts lying with the Company in respect of dividends declared in financial year 2024, on the website of the company, www.crisil.com.

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General instructions

All the documents referred to in the Notice will be available for inspection in the electronic mode by the members between 11:00 a.m. and 1:00 p.m. on all working days, except Saturdays, from the date hereof up to the date of the meeting by sending an email to [email protected].
The certificate from the Secretarial Auditors of the company certifying that the Company’s Employee Stock Option Scheme – 2011, Employee Stock Option Scheme – 2012 and Employee Stock Option Scheme – 2014 are being implemented in accordance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, and in accordance with the resolutions passed by the members of the company will be available for inspection by the members during the AGM in electronic mode upon login at NSDL e-voting system at www.evoting.nsdl.com. Members can also inspect the same by sending an email to [email protected] up to the date of this AGM (i.e., April 30, 2025).
The Annual Report of the company along with the Notice of the 38[th] Annual General Meeting is also available on the website of the company, www.crisil.com and on the websites of BSE Ltd and National Stock Exchange of India Ltd. As per Section 136(1), the copies of the aforesaid documents will also be available for inspection in electronic mode between 11:00 a.m. and 1:00 p.m. on all working days, excluding Saturdays, by sending an email to [email protected].
The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Companies Act, 2013 and the Register of Contracts or Arrangements in which Directors are interested maintained under Section 189 of the Companies Act, 2013, will be available for inspection by the members during the AGM in electronic mode upon login at the NSDL e-voting system at www.evoting.nsdl. com. Members can also inspect the same by sending an email to [email protected] up to the date of this AGM (i.e., April 30, 2025).
SEBI has mandated the submission of PAN by every participant in the securities market. Members holding shares in the electronic form are, therefore, requested to submit their PAN to the Depository Participants with whom they are maintaining their demat accounts. Members holding shares in the physical form can submit their PAN details to the company or to the Registrar and Share Transfer Agent.
Since the AGM will be held through VC/OAVM means, the route map is not annexed in this Notice. The Registered Office of the company will be deemed to be the venue of the AGM.

By order of the Board For Crisil Limited

Minal Bhosale Company Secretary ACS 12999

Guwahati, February 10, 2025

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EXPLANATORY STATEMENT UNDER SECTION 102 OF THE COMPANIES ACT, 2013

Item number 4

Pursuant to provisions of Section 204 of the Companies Act, 2013, and relevant rules thereunder, read with Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations, 2015”), every listed company is required to annex with its Board’s Report, a secretarial audit report, issued by a Practising Company Secretary. For this purpose, the Board of Directors of the Company had appointed M/s S. N. Ananthasubramanian & Co. (SNACO), a firm of Practising Company Secretaries, as Secretarial Auditors of the Company for the financial year 2024 and they have issued their report which is annexed to the report of the Board of Directors of the Company as a part of the Annual Report.

SEBI vide its notification dated December 12, 2024, amended the SEBI Listing Regulations, 2015. The amended regulations require companies to obtain shareholders’ approval for appointment of Secretarial Auditors, in addition to approval by the Board of Directors. Further, such Secretarial Auditor must be a peer reviewed company secretary and should not have incurred any of the disqualifications as specified by SEBI.

In light of the aforesaid, the Board of Directors of the Company, pursuant to the recommendations of the Audit Committee, has recommended appointment of SNACO, a firm of Practising Company Secretaries, as the Secretarial Auditors of the Company for a term of five consecutive financial years commencing from January 1, 2025 till December 31, 2029.

SNACO has a rich history that stretches over three decades, and the team is mentored by a senior professional of repute who has worked with a large engineering conglomerate having multinational operations. Further, the firm boasts a diverse and distinguished client base, encompassing local, national and international corporates across a broad range of sectors.

SNACO was established in 1991, by Mr S. N. Ananthasubramanian, a fellow member and past president of the Institute of Company Secretaries of India. This Mumbai based firm is led by a team of five partners and has a team of experienced and qualified company secretaries. Over the years, SNACO has built a diverse client base, serving local, national and international corporates. Its clientele spans companies in the public sector, BFSI sector, insurance firms,

market infrastructure institutions, emerging businesses, leading corporates, and not-for-profit organisations.

SNACO was appointed as Secretarial Auditors for Crisil in 2024. Its first audit report under this engagement was issued for the financial year 2024. SNACO deployed a team of professionals, demonstrating their expertise and proficiency in handling secretarial audit for Crisil. SNACO’s approach towards the Company’s secretarial audit and its fee model has been found to be suitable and aligns with the Company’s requirements.

Furthermore, in terms of the amended regulations, SNACO has provided a confirmation that they have subjected themselves to the peer review process of the Institute of Company Secretaries of India and hold a valid peer review certificate. SNACO has confirmed that they are not disqualified from being appointed as Secretarial Auditors and that they have no conflict of interest. SNACO has further furnished a declaration that they have not taken up any prohibited non-secretarial audit assignments for the Company, its holding and subsidiary companies.

The proposed remuneration to be paid to SNACO for the financial year ending December 31, 2025, is C 3,00,000/(Rupees Three Lakh only) plus applicable taxes and out-ofpocket expenses. Besides the audit services, the Company would also obtain certifications which are to be mandatorily received from the Secretarial Auditors under various statutory regulations from time to time, for which the auditors will be remunerated separately on mutually agreed terms. The Board of Directors and the Audit Committee shall approve revisions to the remuneration of the Secretarial Auditors, for the balance part of the tenure based on review and any additional efforts on account of changes in regulations, restructuring or other considerations.

The Board of Directors in consultation with the Audit Committee may alter or vary the terms and conditions of appointment, including remuneration, in such manner and to such extent as may be mutually agreed with the Secretarial Auditors.

None of the Directors and Key Managerial Personnel of the Company and their relatives, are concerned or interested, financially or otherwise, in this resolution.

The Board recommends the Ordinary Resolution set out at item number 4 of the notice for approval by the members.

302 Annual Report 2024

Mission-Critical Decisions, Made with Confidence.

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Annexure to the Notice

Additional information on the director recommended for appointment / reappointment as required under Regulation 36(3) of the SEBI Listing Regulations, 2015, and Secretarial Standard 2 on General Meetings

Item number 3

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Particulars Mr Girish Ananthanarayanan Ganesan (DIN: 10104741)
Age 44 years
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Particulars Age	Mr Girish Ananthanarayanan Ganesan (DIN: 10104741) 44years
Qualifcations	Honors degree in Political Science and Economics, and post-graduate education in Human
	Resources Management.
Experience (including brief resume)	Girish Ganesan is Chief People Offcer for S&P Global, and a member of the Company’s
	Executive Leadership Team.
	Most recently, Mr Ganesan served as Senior Vice President of People for S&P Global,
	overseeing the people function for multiple areas of the Company across 32 countries
	including S&P Global Ratings, Sustainable 1, Enterprise Technology and Kensho. Mr Ganesan
	has served as the Enterprise Workforce Lead on S&P Global’s AI Council.
	Prior to joining S&P, Mr Ganesan was the Global Head of Diversity and Inclusion and Head of
	U.S. Talent at TD Bank Group. He was responsible for the strategy and execution of practices
	and programs that positioned the bank and its 90,000 employees, globally, as an inclusive
	organization. Prior to TD Bank Group, he was with Manulife where he held a variety of senior
	positions in total rewards, shared services, and HR business consulting.
	Mr Girish Ganesan was named one of 2023 Top 10 HR Leaders to follow by CIO Magazine and
	one of 2019 Canada’s Top 40 under 40 and has previously been recognized with prestigious
	awards including the Golden Globe Tiger Award for Excellence in HR Leadership in 2015
	endorsed by World HRD Congress.
	Born in New Delhi and educated in U.S., Canada, and India, Mr Ganesan has an honors degree
	in Political Science and Economics, and post-graduate education in Human Resources
	Management. He also holds the Certifed Human Resources Leader (CHRL) designation.
	Mr Girish Ganesan previously served as a Director on the Board of Association of Talent
	Development(ATD)and HR Professional Association(HRPA).
Nature of expertise in specifc	Strategic orientation, people orientation, technology and business transformation,
functional areas	experience in M&A, global business experience,stakeholder management.
Terms and conditions of	As per the resolution at Item no. 3 of this Notice. Further, Mr Girish Ganesan’s offce as
Re-appointment	director shall be subject to retirement byrotation.
Remuneration proposed to be paid	Sitting Fees and commission as may be approved by the Company in accordance with the
	applicableprovisions of law
Remuneration last drawn	Till date he has waived all sittingfees and commission
Date of frst appointment on Board	April 19,2023
Number of Board meetings attended	5 out of 6 Board meetings held during 2024
duringtheyear
Disclosure of inter-se relationships	NIL
between directors and key
managerialpersonnel
Shareholding in the Company (including	NIL
shareholdingas benefcial owner)
Directorships of other Boards (including	NIL
Directorships on the Board of listed
companies)as on December 31,2024
Memberships/ Chairmanship of	Membership in Crisil Limited:
Committees (including Memberships/	• Nomination and Remuneration Committee.
Chairmanship of Committees of Board of listed entities)as on December 31,2024	• Stakeholder’s Relationship Committee
Names of the listed entities from which	NIL
the appointee has resigned in the past
threeyears

By order of the Board For Crisil Limited

Minal Bhosale Company Secretary ACS 12999

Guwahati, February 10, 2025

303

Annual Report 2024

Registered Office:

Crisil Limited* Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai - 400 072, Maharashtra, India

Argentina

Crisil Irevna Argentina S.A. Avenida del Libertador General San Martin 174, 10[th] floor. Vicente López, Buenos Aires, Argentina

Australia

Crisil Irevna Australia Pty Ltd, Level 1, Suite 2, 60 Carrington Street, Sydney NSW 2000

Cambodia

Office No.8 F-01/17B, Street Sopheak Mongkul, Phum 14, Sangkat, Tonle Bassac, Khan Chamkarmon, Phnom Penh, Cambodia

China

Crisil Irevna Information Technology (Hangzhou) Co. Ltd. 1602, 1603 & 1606, Hengxin Mansion, #588, JiangNan Road, Binjiang Hangzhou 310052

Colombia

Crisil Irevna Information Technology Colombia S. A.S. Carrera 19 A No. 90-13, Bogotá, Colombia

India

Ahmedabad

D - 709/710, The First, Near Keshavbaug, Off. 132” Ring Road, Vastrapur, Ahmedabad - 380 015

Bengaluru

W - 101, 1[st] floor, Sunrise Chambers, 22, Ulsoor Road, Bengaluru – 560042

Chennai

9[th] Floor, A Wing Prestige Polygon IT park Anna Salai, Teynampet Chennai – 600 018

Gurugram

Plot No. 46, Sector 44, Opp PF Office, Gurugram-122003

Hyderabad

Smartworks - Aurobindo Galaxy, 7[th] Floor Plot No. 1 forming part of Sy. No. 83/1, Hyderabad Knowledge City, Raidurg, Hyderabad - 500 081

Kolkata

BioWonder, Unit No 1002, 10[th] Floor, 789, Anandpur Main Road, EM Bypass,West Bengal, Kolkata- 700107

Pune

1187/17, Ghole Road, Shivaji Nagar, Pune - 411 005

IT - 3, 1[st] Floor , Qubix Business Park Private Limited, Neopro SEZ, Plot No 2, Blue Ridge Township, Rajiv Gandhi Infotech Park, Phase 1, Hinjewadi, Pune- 411057

Japan

Greenwich Associates, 2-7-2 Marunouchi JP Tower 14F, Chiyoda-ku, Tokyo, 100-7014 Japan

Poland

Crisil Irevna Poland Sp. z.oo. Renaissance Business Centre, 6[th] Floor Sw. Mikołaja 7, 50-125, Wrocław

Singapore

Greenwich Associates Singapore Pte. Ltd. The Great Room, 1 George Street, #10-01 Singapore 049 145

Switzerland

Crisil Irevna UK Ltd. Zweigniederlassung Schweiz, Mühlebachstrasse 32, 8008 Zurich

United Kingdom

London

Crisil Irevna UK Limited & Coalition Development Ltd. Script 41 to 46, Featherstone Street, London EC1Y 8RN

Crisil Irevna UK Limited Farringdon, 1 Giltspur Street, London EC1A 9DD

United States of America New York

Crisil Limited & Coalition Development Limited. 44[th] Floor, 55 water Street, New York NY 10041

Stamford

Crisil Irevna US LLC 281 Tresser Boulevard, 11[th] Floor, Stamford, CT 06901

United Arab Emirates

Dubai

Crisil Limited Office No.201, Office Court Building, Unit No. RP004, PO Box No. 121 086

*w.e.f. March 19, 2025

Disclaimer

Crisil (“Company”/ “Crisil”) respects your privacy. We may use your contact information such as your name, address and email id to fulfill your request and service your account and to provide you with additional information from Crisil. For further information on Crisil’s privacy policy please visit https://www.crisil.com/content/ crisilcom/en/home/crisil-privacy-notice.html. The Annual Report (“Report”) contains forward-looking statements based on our current expectations, assumptions, estimates and projections regarding the Company’s businesses. These forward looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Crisil cannot give assurance to the correctness of forward-looking statements which may sometimes use terminology such as “targets”, “believes”, “expects”, “aims”, “assumes”, “intends”, “plans”, “seeks”, “will”, “may”, “anticipates”, “would”, “could”, “continues”, “estimate”, “milestone” or other words of similar meaning and similar expressions or the negatives thereof. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by the forward-looking statements. Given the aforementioned uncertainties, prospective or present shareholders/investors and users of this Report are cautioned not to place undue reliance on any of these forward-looking statements. No part of this Report should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever; and independent legal, investment, tax, financial advice (as relevant) should be sought in this regard. The Company does not undertake to update the forward-looking statements in the future unless legally required. The Annual Report does not constitute a recommendation regarding the securities of Crisil. This Report and its contents are proprietary in nature must not be distributed, published or reproduced in any manner or form without prior written consent of Crisil.

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Registered Office:

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Crisil Limited

Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai - 400 072, Maharashtra, India Phone : +91 22 6137 3000 www.crisil.com | www.spglobal.com

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Crisil Sustainability 2024 Report

INTRODUCTION

About Crisil	04
Global Presence	06
Awards and Recognition	07
Message from MD and CEO	08
Sustainability Highlights 2024	10
About the Report	12
Our Sustainability Goalposts	15
Sustainability Governance @ Crisil	16
Aligning with UN SDGs	18

MATERIALITY ASSESSMENT AND BUSINESS STRATEGY

Materiality Assessment	21
Business Strategy	22

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE
Governance Structure	25
Business Ethics, Transparency and Accountability	27
Data Privacy, Data Protection and Data Security	29
Business Continuity	30
Risk Management	31

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E
P. 33
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ENVIRONMENT

ENVIRONMENT
Environmental Policy	33
Energy Conservation	34
Green Building	34
Reduced GHG Emissions	34
Expanding the Green Footprint	36
Water Conservation	37
Waste Management	37

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S
P. 39
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SOCIAL CAPITAL

SOCIAL CAPITAL
Inclusion	39
Global Workforce and Culture	39
Women in Workforce	41
Initiatives for Accessibility	42
Equal Opportunities and Treatment	42
Talent Management, Learning and Development	43
Promoting Health and Wellness	45
Respect for Human Rights	45
Driving Social Change amongst Local Communities	46

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G
P. 50
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RESPONSIBLE BUSINESS CONDUCT

RESPONSIBLE BUSINESS CONDUCT
Stakeholder Engagement	50
Sustainable Supply Chain	52
Our Sustainability Products and Services	54
Responsible Public Engagement	56

Sustainability Databook	57
GHG Computational Methodology	73
GRI Content Index	77
SASB Index	85
Business Responsibility and
Sustainability Report	86
Assurance Statement	112

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Read this report online at www.crisil.com

Sustainability Report 2024

Preface

IT IS CRUCIAL FOR COMPANIES TO INTEGRATE NEW THINKING AND ADVANCE SUSTAINABILITY ISSUES THAT MATTER TO THEIR STAKEHOLDERS AND FOR BUSINESS SUCCESS.

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In 2024, we undertook efforts towards developing and nurturing our talent by adopting people-first policies and remained committed to ensuring an inclusive environment.

Working at the intersection of analytics and sustainability, Crisil continues to lead the way in advancing responsible environmental and social policies, as well as promoting strong governance practices.

In 2023, we reaffirmed our commitment to sustainability through a dedicated ESG policy.

During 2024, we also furthered our initiatives in renewable energy usage, responsible waste disposal and resource optimisation. This underscores our efforts to achieve ambitious sustainability targets and environmental objectives.

The quality of our people has been our hallmark, and it is their expertise and dedication that enables us to deliver valuable outcomes for our stakeholders. We take pride in having a workforce with 40+ nationalities and a large talent pool of women employees in leading roles.

We also strived to ensure inclusivity in our supplier base, which strengthens our position in the marketplace further. Keeping integrity at the core of our partnerships, we encourage our suppliers to adhere to best-in-class policies and practices, as well as train them on key sustainability principles.

Our engagement with communities in the financial inclusion space runs deep and wide across India. The combined impact of our flagship Mein Pragati programme, partnership with RBI for CFL programme and the Gram Shakti certifications has driven social change by enabling last-mile financial inclusion for rural communities in over 100,000+ villages in India till date. The report highlights our commitment to sustainability and value creation, shaping the direction of our sustainability strategy, which lays out a roadmap for further action, with continuous monitoring and assessment of emerging issues and trends.

Sustainability Report 2024

About Crisil

Our vision

To be the global analytics company that leaders seek for insights at critical moments.

Our mission

We deliver insights with the highest standards to help clients make mission‑critical decisions.

Who we are

We are a global insights‑driven analytics company with unparalleled rigour and domain expertise offering clients the confidence to take mission‑critical decisions.

We help organisations uncover irrefutable insights and turn risks into opportunities to achieve the success they seek. We set the standard by which our industry is measured.

Introduction

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A legacy of impact and innovation

Pioneering the credit rating Industry since 1987 – Our journey began in 1987 as India’s first-ever credit rating agency. As pioneers, we shaped the ratings industry and set the standards by creating them.

Expanding our service offerings – Expanding our service offerings in analytics is in our DNA. This is the foundation for expanding our offerings into benchmarking, research, consulting services, analytics and ESG.

A diverse team serving clients worldwide – Our ambitious spirit has allowed us to expand our global footprint to the America, Europe, Middle East, Asia-Pacific and Australia. Today, we are an industry leader with over 4,000 employees in more than 40 nationalities, serving hundreds of clients globally.

Innovating for the future: embedding change in our legacy – To enhance our offerings, we embed innovation in everything we do. It is a legacy we are committed to cementing in our history.

How we deliver value

We go above and beyond

Unequivocal confidence

We consistently deliver We provide more than unequivocal confidence just a service. We are in every interaction, dedicated to client ensuring reliability and success, entrenched in trust that our clients can their business to foster depend on day after day. enduring relationships.

Proven strategic thinkers

With teams comprising subject-matter experts with top credentials, we are adept at identifying potential problems, isolating opportunities and unveiling critical insights.

What we do

We always strive to help our clients see the bigger picture to multiply their impact, success, and potential. We are unbound by geography, industry, or sector. No matter the business area, we get to the heart of the matter. We deploy our analytical skills and proprietary methodologies to constantly evolve our capabilities and mitigate and transform risk into opportunities for our clients.

Visit Crisil Website for more details on our business offerings

Sustainability Report 2024

Global Presence

Workforce

4,666 Employees

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USA
•New York,
•Stamford
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25 Offices

Outreach

11,500+ Clients

Market outreach in

50 countries

Revenue

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Colombia
Bogota
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` crore 3,259.78

in 2024

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Argentina
Buenos Aires
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Lives touched

13 lakh+ CSR beneficiaries

Map not to scale. For illustrative purposes only.

Introduction

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Cambodia
Phnom Penh
United Kingdom
London
China
Hangzhou
Switzerland
Muhlebachstrasse
Japan
Tokyo
Singapore
India
•Mumbai (HQ)
•Ahmedabad
•Bengaluru
•Chennai
•Gurugram
•Hyderabad
•Kolkata Australia
Poland
•Pune
Wroclaw Sydney
UAE
Dubai
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Awards bagged by Crisil in 2024

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Crisil featured in Chartis
RiskTech100 [®] 2025 list
and won in the Model
Validation category for the
3 [rd] consecutive year
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‘Category Leader’ in Model Validation Tools and Accelerators in Chartis STORM 2024 ranking report besides ranking in QuantTech50, BuySideRisk50 and RetailFinanceAnalytics50

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Sustainability Report 2024

Message from MD and CEO

IN 2024, WE REAFFIRMED OUR COMMITMENT TO MAKE A MEANINGFUL ENVIRONMENTAL IMPACT AND STROVE TO OFFSET CARBON EMISSIONS BY INCREASING THE USE OF GREEN ENERGY IN OUR OFFICES.

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Dear Stakeholders,

It is my privilege to present our fourth Sustainability Report, which emphasises our steadfast commitment to sustainability across all aspects of our business.

Introduction

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GREAT PLACE TO WORK (GPTW) CERTIFICATION FOR THE FIFTH CONSECUTIVE YEAR AND FEATURED IN INDIA’S BEST WORKPLACES FOR WOMEN IN 2024

Continuous upskilling in emerging technologies and research domains relevant to global financial institutions ensures that our research insights and

solutions are relevant and valued by our clientele. Our subsidiary, Crisil ESG Ratings & Analytics, is the first provider of ESG ratings in India and offers a full range of sustainability solutions.

We are committed to upholding the highest standards of corporate governance and setting benchmarks for ethical and responsible business practices, catering to the interests of all stakeholders.

I would like to thank our stakeholders for joining us in our journey.

Amish Mehta

Managing Director & CEO Crisil Limited

Sustainability Report 2024

Sustainability Highlights 2024

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ENVIRONMENT

Committed to the

SBTi framework

for emission reduction

64% reduction in our Scope 1 and Scope 2 carbon emissions over 2019 (baseline)**

67% of energy from renewable sources versus 58% last year**

70,000 trees planted

91% of office waste recycled**

90% paper for office printing use in India offices is eco-friendly**

SOCIAL

40%

women in workforce

40+

unique nationalities in workforce

10+

inclusion-themed events and trainings

Expanded social assessments to China office

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GOVERNANCE

Externally Assured Sustainability Report with “Reasonable Assurance”

on core metrics of BRSR standards

11 sustainability

themed events for employee awareness

83%

of workforce trained on Sustainability

Focussed compliance drives and awareness sessions on

Code of Ethics and Personal Tradin Polic g y

As a pilot programme, initiated usage of electric vehicles in major Indian cities for airport pickups and drops

Three offices migrated to

green energy (Mumbai, Pune, Ahmedabad)

Introduction

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COMMUNITY

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SUPPLY CHAIN SUSTAINABILITY

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SUSTAINABILITY OFFERINGS

13 lakh+

beneficiaries of CSR Mein Pragati programme

31% procurement through MSME vendors[##]

15 sustainability themed offerings and climate solutions

5,200+ Crisil Sakhis drive our CSR initiatives

Operating 675 Centres for Financial Literacy, established under a Reserve Bank of India sponsored programme

Vendors representing 22% of annual procurement spend trained in sustainability

Vendors representing 15% of annual procurement spend assessed for sustainability practices

Insights and thought leadership through 7+ sustainability events

2,000+

small businesses rated/assessed by Crisil[#]

9 lakh+

applications to financial services through Mein Pragati and facilitated by Sakhi cadre

4,571

employee volunteering hours

Having turnover of less than ` 50 crore amongst Indian businesses
Number of MSME vendors covering only India operations
** As per reported boundaries for environmental metrics.

Sustainability Report 2024

About the Report

Our sustainability reporting comprises a broad range of disclosures pertaining to economic, social and environmental parameters. This demonstrates our efforts towards building a sustainable organisation.

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Sustainability Report
Highlights of Crisil’s performance on Sustainability data book
sustainability aspects in 2024 1 8
Business Responsibility and
Sustainability Report Dedicated
Prepared in accordance with SEBI 2 7 Sustainability page
circular dated July 12, 2023 Approach to
reporting
GRI Report CSR Microsite
Prepared in reference with 3 6
Global Reporting Initiative (GRI)
Standards 2021
External Assurance 4 5 SASB Index
Crisil’s Sustainability Report 2024 is Prepared in reference to SASB
externally assured including (Sustainability Accounting Standards
Core metrics at reasonable Board - Professional and Commercial
assurance standards Services standard)
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This is Crisil’s fourth Sustainability Report in continuation to our inaugural Sustainability Report 2021. This report outlines Crisil’s performance in all three domains, E (Environmental), S (Social) and G (Governance), during calendar year 2024. Hence, all the metrics stated in this report pertain to calendar year 2024 unless stated otherwise.

Crisil operates primarily in the services sector, focussing on ratings, analytics and research, where intellectual assets play a significant role compared with physical assets. As such, we place particular emphasis on governance and social factors, along with their associated implications. We have taken efforts to minimise our environmental footprint to a great extent by undertaking energy transition to renewable energy at various offices and other similar measures outlined in greater detail in this report.

Sustainability highlights in the earlier section of this report provide an overview of our Sustainability performance for 2024. Supporting global efforts towards fair and transparent disclosures, this report is prepared with reference to global frameworks including the GRI and SASB. This report in conjunction with our Business Responsibility and Sustainability Report 2024 and Sustainability Databook 2024 (a part of Crisil Annual Report 2024) and the GRI and SASB indices, is a reflection of our initiatives and outcomes towards building a sustainable culture within our organisation.

Our Sustainability Report is externally assured. Further, the core metrics reported in 2024 are externally assured at a reasonable level.

Refer to the Materiality Assessment section of this report

Introduction

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Reporting boundaries for Crisil

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Data Basis Exclusions Restatement over 2023
Financial Crisil’s consolidated global Indicated at appropriate places in
operations the report
ENVIRONMENTAL
The energy usage and emissions Excluded offices: India (three), the
data cover Crisil’s consolidated UK (one), the US (one), Japan(one),
Energy
global operations, except offices the UAE (one), Switzerland (one),
Scope 1 and
Scope 2 [@] * with no operational control and Singapore (one), Colombia (one)
offices with occupancy of less than and Cambodia (one)
or equal to 10 employees
Scope 3 business travel data Excluded offices : Colombia (one)
Scope 3:
includes consolidated global and Cambodia (one)
business travel
operations
Scope 3 work from home includes In 2024, moved Colombia
Scope 3:
consolidated global operations and Switzerland offices from
work from home
exclusion to inclusion
Scope 3: Scope 3 purchased goods includes
purchased goods consolidated global operations
Waste management data relates Excluded office: Mumbai (one)
only to India offices, except the
Waste
offices with occupancy of less than
or equal to 10 employees
Water data covers only India offices Excluded offices: India (six), Poland
of Ahmedabad, Gurugram, Kolkata, (one), Argentina (one), China (one),
Mumbai (two) and Pune (one) US (two), UK (two), Japan (one), UAE
Water
(one), Singapore (one), Australia
(one), Switzerland (one), Colombia
(one) and Cambodia (one).
Crisil’s consolidated global Indicated at appropriate places in
SOCIAL operations. Data related to HR the report
metrics covers only permanent
employees unless stated otherwise
All policies, trainings, stakeholder All Board-related data / metrics
engagement effor ts and are related to Crisil on a standalone
GOVERNANCE other reported metrics cover basis. Other exclusions, if any, are
consolidated operations, including indicated at appropriate places in
subsidiaries the report
India operations of Crisil Overseas operations of Crisil are
COMMUNITIES
excluded
Crisil’s consolidated global Excluded offices: Argentina, Japan,
operations Poland, Columbia & China
SUPPLY CHAIN Total procurement spend has
been considered excluding rental,
employee and associate cost,
utilities and bank charges
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@ Energy/emissions data for Q4 for Australia, November and December 2024 for USA (one) and December 2024 for Argentina and Poland offices have been estimated based on previous 3 months.
Refer GHG computational methodology on page 73 of this report.
Crisil had 26 operational offices during 2024, however one India office was shut down in March 2024.

Sustainability Report 2024

Our Sustainability Ambitions

Our commitment to sustainability - Crisil’s Sustainability Statement

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At Crisil, we endeavour to make sustainability foundational to everything we do

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We minimise our carbon footprint and contribute to protecting the ecosphere of the communities we work in

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Inclusivity and employee well-being are essential for our long-term sustainable growth

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We are committed to upholding the highest standards of corporate governance

We integrate sustainability factors in our offerings

Our sustainability research, data, insights, assessments and solutions empower customers and stakeholders to make decisions with conviction and contribute to sustainable progress globally

Introduction

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Our Sustainability Goalposts

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Crisil’s commitment to emissionrelated goals

Being a subsidiary of S&P Global Inc, Crisil is covered under S&P’s SBTi commitment.

Resource footprint

Maintaining 80%+ solid waste recycling at India locations
Switching to recycled paper
Increasing green cover through plantation

Visit SBTi website for S&P’s validated SBTi commitment.

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Social

Governance

Focussing on learning quotient by increasing learning hours per employee
Improving inclusivity and belonging of employees across diverse cultures, genders, capabilities, and ages
Increasing outreach of the CSR programme, thereby impacting lives of communities positively
Increasing employee volunteering
Improving employee training and awareness on sustainability
Supplier inclusion
Driving sustainability consciousness in the supply chain by increasing social assessments, training and coverage for emissions data
Setting the highest standards of corporate governance

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Sustainability products

Sustainability offerings

Sustainability Report 2024

Sustainability Governance @ Crisil

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Sustainability statement Oversight -
and Policy ESG Core Group
Employee training, Senior management
awareness and Sustainability sponsors for E,S
participation Governance and G vectors
Annual goal-setting
Sustainability reporting
with regular reviews
and assurance
and monitoring
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Crisil’s ESG Core Group Committee is a managementlevel steering committee, chaired by the MD and CEO. The committee’s primary objective is to identify and define the sustainability strategy and goals and review the performance and disclosure across sustainability themes. In addition, the Board annually reviews sustainability goals and implementation action plans. The goals are then communicated to Crisil’s businesses and the progress is tracked and reviewed by the ESG Core Group.

ESG communication programme

Our employees embody our core values and we believe engaging with them regularly is the key to successful implementation of our sustainability strategy. What started as a training initiative two years back, transformed into a full-fledged communication programme with four major pillars mentioned below:

The group met six times in 2024 and actively reviewed and enhanced Crisil’s current sustainability practices to meet best-in-class international standards.

Read Crisil’s ESG Policy

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----- Start of picture text -----

Thematic
Employee
speaker
training sessions
Quarterly Contests and
Interactive
newsletters
events
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Introduction

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Creating sustainability awareness among employees

To increase sustainability awareness among employees, a new initiative was launched in 2024 — organising company‑wide programmes focussing on sustainability themes on UN‑recognised days. Awareness sessions were held on the occasion of World Earth Day, MSME Day and International Day of Clean Air for Blue Skies. Industry experts and leaders from pioneering companies were invited as guest speakers for these sessions.

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Complementing these speaker sessions, contests based on the themes of responsible waste management practices and paper usage were organised for employees. A week‑long photo contest was also held, urging employees to capture and caption activities that contribute to reduction in emissions.

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Quarterly newsletters were issued during the year, providing updates on key sustainability metrics and keeping employees informed about the progress of the initiatives.

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Sustainability Report 2024

Aligning with UNSDGs

The United Nations Sustainable Development Goals (UNSDGs) lay out an ambitious global strategy for pursuing sustainability in environmental, social and economic development by 2030. In addition to our efforts and initiatives aimed at generating value for all our stakeholders, we also take up programmes to align with the UNSDGs.

Our business allows us to make a difference on the seven SDGs listed below:

The table also provides a snapshot of the progress Crisil has made in achieving these goals in 2024.

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UNSDG icon SDG elaboration Description Metrics and achievements Initiatives
Achieve gender • End all forms of • Women in the workforce: We strive to promote gender
equality and discrimination 40% equality and enable participation
empower all of women in workforce
• Ensure women’s full and • Total hours of training
SDG 5 women and girls
effective participation, imparted to women: Read more on page 41 of this
Gender
and equal leadership 45,318 hours report
Equality
opportunities
• Average number of To read more about our
• Adopt sound policies training hours of women endeavours in Mein Pragati,
for promotion of gender employees at 20.81 hours please see page 46 of this report
equality
• 5,200+ Sakhis steer Mein
Pragati programme in
Assam and Rajasthan
Ensure access • Increase the share of • Energy intensity 5.46 We are committed to reducing our
to affordable, renewable energy GJ per employee, which energy footprint by implementing
reliable, is lower than 8.53 GJ energy-efficient solutions in our
• Improve energy efficiency
SDG 7 sustainable and per employee in 2019 operations
Affordable modern energy (Baseline)
In 2024, Crisil transitioned two of
and clean for all
• % of green energy has its offices Pune and Ahmedabad
energy increased from 58% in to green energy. Crisil House
2023 to 67% in 2024 Mumbai, our largest premise in
2024, continued to run on green
energy
To read more about our
endeavours in these areas,
please see ‘Energy conservation’
on page 34 of this report
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@Number of MSME vendors cover only India operations.

**The training hours include both on-roll and off-roll employees trained during the year.

Introduction

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UNSDG icon SDG elaboration Description Metrics and achievements Initiatives
Promote • Ensure decent work for • Employees with We promote a work culture of
sustained, all, including persons with disabilities: 12 inclusivity and safety, where all
inclusive and disabilities, and equal pay employees are treated equally
• All India offices, as well as
SDG 8 sustainable and where their rights are
• Eradicate forced labour major offices in the UK,
Decent economic safeguarded
and end modern slavery US, and China assessed
work and growth, full and child labour for child labour and forced Our CSR arm, Crisil Foundation
economic and productive labour enables and strengthens
growth employment, • Strengthen capacity access to banking and financial
and decent work and access to banking, • No complaints on child
services among underprivileged
for all insurance and financial labour and forced labour
communities through its Mein
services for all
• Managed 675 RBI Centres Pragati programme and RBI’s
• Promote and support for Financial Literacy MoneyWise Centres for Financial
MSMEs, including their during 2024 Literacy
access to financial
• Beneficiaries of Mein To read more about our
services
Pragati programme during endeavours in these areas, refer
2024: 13 lakh+ to ‘Social Capital’ on page 38,
‘Mein Pragati (in Assam and
• 9 lakh+ applications to
Rajasthan)’ on page 46, and ‘RBI’s
financial services through
MoneyWise Centres for Financial
Mein Pragati
Literacy’ on page 49 of this report
Build resilient • Increase integration of • 2,000+ small businesses [#] Crisil helps a wide array of
infrastructure, small-scale industrial rated/assessed by Crisil MSMEs and small-scale
promote inclusive and other enterprises enterprises gain access to credit
• Number of MSME
SDG 9 and sustainable into value chains vendors [@] : 373 Further, our universe of suppliers
Industry, industrialisation, includes those belonging to the
Innovation and foster • Percentage spend on marginalised communities
and innovation MSME suppliers^ (in value
infrastructure terms): 31.32% To read more about our
endeavours in these areas, please
see ‘Sustainable supply chain’ on
page 52 of this report
Reduce inequality • Empower and promote • Women in workforce: 40% We promote a work culture of
within and among social, economic and inclusivity and safety, where all
• 10+ inclusion-themed
countries political inclusion of all, employees are treated equally
events and trainings
SDG 10 irrespective of age, sex, To read more about our efforts in
Reduce disability, race, ethnicity, • Employees with these areas, please see ‘Social
inequality origin, religion or disabilities: 12 Capital’ on page 38 to 46 of this
economic or other status
• Employees belonging to report
• Ensure equal opportunity 40+ nationalities
and reduce inequalities by
• Crisil policy on equal
eliminating discriminatory
opportunities at the
laws, policies and
workplace
practices and promoting
appropriate legislation,
policies and action in this
regard
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Having turnover of less than ` 50 crore among Indian businesses.
^ The aforesaid % covers only India-based suppliers and India-based spend.

Sustainability Report 2024

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UNSDG icon SDG elaboration Description Metrics and achievements Initiatives
Take urgent • Integrate climate change • GHG emissions Being in the financial services
action to combat measures into policies, (Scope 1, 2): 2284.22 sector, our environment footprint
climate change strategies and planning MtCO2e is relatively limited. However, we
SDG 13 and its impacts are making dedicated efforts
• Scope 1 and 2 GHG
Climate towards reducing our GHG
emissions have reduced by
action emissions.
64% over 2019 baseline
For more details, please see
• Water conservation efforts
‘Expanding the green footprint’
positively impacted three
on page 36 and ‘Reduced GHG
villages
emissions’ on page 34 of this
report
Protect, restore • Halt deforestation, • Trees planted: 70,000 Crisil Re, the flagship programme
and promote restore degraded forests, of Crisil Foundation, undertakes
• Trees maintained: 96,500
sustainable use and substantially dedicated efforts for increasing
SDG 15 of terrestrial increase afforestation • Employee tree ratio: 1:27 afforestation through plantation
Life on land ecosystems, and maintenance of trees
• Restore degraded land • Recycled 91% of waste
sustainably
and soil, including generated pan India Further, Crisil is making efforts
manage
land affected by to enhance eco-friendly paper
forests, combat • 90% paper for office
desertification, drought usage for office use and further
desertification, printing use in India offices
and floods recycling waste generated in
halt and reverse is eco-friendly
operations
land degradation,
and halt For more details, please see
biodiversity loss ‘Expanding the green footprint’
on page 36 and ‘Waste
management’ on page 37 of this
report
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Materiality Assessment and Business Strategy

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Materiality Assessment

In keeping with Crisil’s commitment to enhancing its sustainability performance, and pinpoint and refine the key focus areas that need action, the company conducted a materiality re-assessment in 2023. Based on the exercise, facilitated by an external consultancy, we identified 15 material topics that will drive our sustainability strategy

going forward. The exercise also helped us identify the risks each of these areas face and opportunities we have.

We recognise that materiality is a dynamic process, and we shall continue to monitor the evolution of global issues, stakeholder expectations and changes within the company.

Please see the Sustainability page on Crisil website for details on our materiality approach

Materiality matrix

The following materiality matrix indicates the prioritised material topics. The topics on the top, right corner are the most significant.

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Data privacy and Information security
Ethical conduct
Strong governance
Innovation and technology
oversight
Talent retention
and succession
Employee enablement
Risk management
and wellbeing
Responsible products and engagement
Human rights
Diversity, Equity and Inclusion
Diversifying Supply chain
service footprint sustainability and Environment sustainability
responsible sourcing
Corporate citizenship
ESG product and offerings
LOW MODERATE HIGH
Importance to Stakeholders
HIGH
MODERATE
Importance to Crisil
LOW
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Please see Table 8 of ESG Databook for a detailed discussion on top 10 material topics

Sustainability Report 2024

Business Strategy

We take pride in our extraordinary rigour and domain expertise that gives our clients the confidence to take mission-critical decisions. Our purpose of making markets function better is enshrined in our ethos, while we deliver insights of the highest standards to help our clients globally. Our strategy for the next few years is to strengthen our position through sustainable growth across businesses.

We are a prominent credit rating agency in India. We have a rich history of bringing forth innovations and we will continue to differentiate ourselves in the growing Indian credit ratings market through analytical excellence, enhanced customer service and active engagement with investors. We will continue to focus on high-growth segments of the Indian economy and deliver differentiated quality experience for our customers.

Given the opportunities arising out of healthy growth that is projected in India and emerging markets over next few years, we also see growing demand in data, analytics, insights and consulting spaces. Crisil Intelligence will work towards strengthening its already formidable standing in select sectors, such as banking, financial services and insurance (BFSI), infrastructure and energy, through enhanced offerings.

Globally, we have identified a few key areas in private markets, risk & regulatory landscape and lending value chain, which present meaningful growth opportunities for Crisil Integral IQ. Through our extraordinary expertise, we will continue to engage with our premier clients as embedded and unwavering partners, helping them achieve their goals and success.

Crisil Coalition Greenwich will further enhance its value proposition towards sharper, actionable and futuristic benchmarking offerings catering to its marquee client base.

Our partnership with our parent, S&P Global Inc. (SPGI) is another key pillar in our growth. We will continue to deepen the partnership by undertaking strategic initiatives for various divisions within SPGI. We will also forge impactful partnerships with industry leading organisations to develop unique and innovative go-to-market offerings.

Our talent pool is our biggest asset that enables us to stay ahead of our competitors. We will continue to invest significantly to augment the capabilities of our talent pool with new skills, technologies, etc. This will also enable us to be a key source of talent for SPGI.

We have already embarked on our journey to embrace disruptive technologies such as GenAI by establishing enabling infrastructure and training employees. The focus will be on commercialisation of opportunities by launching pertinent offerings. Further, we will leverage these disruptive technologies to derive internal efficiencies.

We recently rolled out a new brand strategy to enhance our global visibility and we expect it to drive growth via impactful marketing.

Our strong guardrails of risk, information security and compliance will ensure that our foundation remains as strong as ever, while we chase our ambition.

Materiality Assessment and Business Strategy

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Higher share of client wallets in targeted geographies Capture material Business opportunities in India Growth Leverage partnerships

Data analytics and insights Risk, lending and regulatory landscape Benchmarking in newer areas

Pursue Growth via Adjacencies

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Risk awareness and Cyber security Develop Data Automation, Foundational AI, ML Capabilities Augment talent capability

Sustainability Report 2024

Corporate Governance

The Board has a critical role in overseeing Crisil’s journey of excellence. Its members offer diverse points of view and opinions to shape its strategy. The Board also has strong operational oversight on performance, risk, audit, compliance and stakeholder issues.

The Board comprises members with high competence and expertise. There are dedicated Board committees to focus on topics related to audit, risk, stakeholder engagement, succession, talent management and management compensation. Crisil has an Executive Committee comprising the MD and CEO and a team of senior executives with appropriate roles and responsibilities. The Board and senior management are committed to continuous development and undertake annual evaluation, succession planning, regular trainings and review of previous performance.

Corporate Governance

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Governance Structure

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Board of Directors
Board Committees
Audit Nomination and Stakeholders’ Risk Management Corporate Social
Committee Remuneration Relationship Committee Responsibility
Committee Committee Committee
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Board demographics

Percentage of Board positions

Nationality

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----- Start of picture text -----

37.5%
50%
12.5%
Non-Executive, Independent Directors
Executive Directors
Non-Executive Directors
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----- Start of picture text -----

12.5%
12.5%
62.5%
12.5%
India
United States of America
France
Canada
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Gender Composition

Age

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----- Start of picture text -----

0%
25%
50%
37%
75%
13%
59-64 years 65-70 years Male Female
>70 years <58 years
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Tenure

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----- Start of picture text -----

13%
37%
50%
<2 years 2-5 years
> 5 and < = 10 years
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Sustainability Report 2024

Remuneration Policy

The Nomination and Remuneration Policy of Crisil lays down detailed guidelines for the remuneration of the Board, Managing Director, Senior Management and employees, and covers fixed and variable components. Long-term incentives are envisaged for the Management and key talent to bind their performance to the Company’s long-term sustainability. These are in the form of Employee Stock Option Scheme (ESOS) with staggered vesting and/or performance-linked long-term incentive plan, with payouts in multiple tranches linked to the Company’s performance. The annual variable pay approach links to business, financial and non-financial sustainability goals through the balance scorecard model by linking individual performance to the Company’s achievements, particularly with respect to environmental measures and overall human capital governance.

For more detailed disclosures on the remuneration of the Board and CEO compensation, please refer to the ‘Remuneration Policy’ section of the Corporate Governance report forming a part of our Annual Report.

Refer to Corporate Governance Report section in Crisil Annual Report 2024

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Taxation Policy

Crisil’s Taxation Policy seeks to define the Company’s ethos and commitment to uphold complete transparency with tax authorities in both letter and spirit.

Read Crisil’s Taxation policy

More details on Crisil’s Corporate Governance framework are available in the Corporate Governance Report section of the Annual Report.

Refer to Corporate Governance Report section in Crisil Annual Report 2024

Related Party Transactions

The Related Party Transaction Policy was adopted by Crisil to outline the processes for identifying and approving transactions involving related parties. Transactions with related parties are disclosed in our Annual report. They are disclosed to the stock exchanges on a half-yearly basis, and the information is also available on our website.

Read Crisil’s Annual Report 2024

Visit Crisil website for more details on related party transactions

Crisil is majority owned by S&P Global Inc. We have been S&P’s trusted partner and have been providing support services to S&P entities since 2003 (i.e., prior to becoming a subsidiary of S&P). Shareholder approval for the analytical support provided by Crisil was received in December 2014 and once again reconfirmed in February 2024. These transactions were approved by the minority shareholders, without participation of S&P. Services provided by Crisil are at arm’s-length pricing and in the ordinary course of business.

Read Crisil’s Related Party Transaction Policy

Corporate Governance

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Business Ethics, Transparency and Accountability

Crisil values

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----- Start of picture text -----

Maintain integrity Always pursue
above all excellence
Discover. Through
Think beyond partnership,
we are one
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Crisil’s Code of Ethics

Crisil holds its employees accountable to the highest standards of ethical conduct and transparency in business practices.

Crisil’s Code of Ethics (COE) serves as the cornerstone of our corporate culture, guiding our actions and reflecting who we are as a Company. This code reflects our commitment to integrity, fairness, and respect, guiding our decisions, actions and interactions with colleagues, clients, and the broader community. It also outlines a set of expectations and standards in terms of ethical conduct, which we expect each of our employees to adhere to. These standards are comprehensive and cover areas such as ethical conduct, conflict of interest, gift, anti-bribery and corruption, personal trading, equal opportunity, confidentiality, information security etc.

Employees are required to affirm their commitment to the code annually, and undergo training and assessment as applicable to reinforce expected behaviours.

Crisil conducts regular awareness and communication drives to educate employees on compliance policies, business norms as also various regulatory developments, through mailers, online and offline interactions, and Q&A sessions with employees. This year, more initiatives were taken to drive the culture such as publication of monthly compliance dashboards and organising a Compliance & Risk Week and Carnival day, that reinforced the learnings in a fun and playful manner.

Crisil continues to work towards making the market functions better and hence being objective and independent remains core to our business. Accepting or offering gifts that exceed the boundaries defined in our policy can compromise our integrity and the trust we’ve built with our clients, partners, and the public over a period of time. All employees are familiarised with the requirements stipulated under the Crisil Gift Policy. Our unwavering commitment to integrity and excellence helps us grow onwards and upwards.

Read Crisil’s Code of Ethics Read Crisil’s Gift Policy

Ensuring a conflict-free and secure environment

As a trusted partner of our clients, Crisil gives paramount importance to safeguard sensitive information and protect the confidentiality of client-specific information. A number of technical and policy measures are implemented to ensure confidentiality of data.

Sustainability Report 2024

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Data Loss Prevention Mechanism, which monitors emails sent to non-Crisil domain

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Cadence over information sharing within businesses

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Technical and policy controls in place to ensure confidentiality

Secure storage and access control measures through institution of logical and physical firewalls

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Mandatory disclosure by employees of all outside business interests

Safeguarding of price sensitive and confidential information by following protocols under the personal trading policies

Directors and Senior Management are obligated to regularly disclose conflict of interest arising from ownership or directorship positions held in other entities.

Personal Trading Policy

Crisil has a robust and comprehensive personal trading framework in place in compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015. The policy and procedures are annually reviewed and also cover client requirements. The personal trades are monitored using a dedicated compliance management system.

The focus on rigorous messaging continued during the year through several education sessions and compliance drives conducted during 2024.

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Personal trading policy Initiatives

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Awareness Orientation emailers sessions for new joiners

Refresher sessions, including business-specific and location-specific sessions

Pre-joining weekly calls on personal trading requirements

Query resolution sessions for personal trading related matters

Compliance slots in business Townhalls to drive the culture

Corporate Governance

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Data Privacy, Data Protection and Data Security

Data Privacy

Crisil has a robust data privacy framework. As part of our data privacy programme, we have implemented robust policies and frameworks to comply with global privacy regulations, including GDPR, CCPA, PIPL etc. The risk-based framework enables Crisil to comply with applicable data protection laws. We continuously assess and enhance our data protection measures to minimise risks associated with personal data processing.

Our privacy initiatives include:

Privacy Governance: A structured governance framework with defined roles and responsibilities, ensuring privacy is embedded in business processes.
Data Subject Rights Management: Implementing efficient mechanisms to handle Data Subject Requests (DSRs) and ensure individuals’ rights are respected.
Vendor assessment: Conducting privacy impact assessments on vendors and partners to uphold our data protection standards.
Employee Awareness & Training: Regular training sessions and awareness campaigns to reinforce privacy principles across the organisation.

Crisil’s privacy policy articulates the principles followed with regard to collection, usage, disclosure, security and retention of personal data.

Read Crisil’s Corporate privacy policy Read Crisil’s Confidentiality Policy Refer data table no. 6 of this Report for training on policies

Data Protection and Data Security

Protection of data and ensuring security during data transmission is vital to Crisil’s business. Crisil has implemented comprehensive measures, including strong access controls, encryption for sensitive information, and periodic audits to ensure compliance with organisational policies. Data protection involves deployment of technical and administrative control measures to protect against vulnerabilities and threats such as malware or data theft. Usage of latest tools/technologies enabling multifactor authentication, data loss prevention, inbound and outbound traffic configuration through firewall systems and proxy solutions and configuration of controls on personal devices used for accessing work related purposes, ensure safeguarding of data from unauthorised access, alteration and destruction.

In 2024, Crisil improved its operational maturity in information security posture through new initiatives and enhanced tools for preventing data loss and ensuring intellectual property protection. These controls ensure adequate and proportionate protection of Crisil’s confidential information assets. Crisil measures its cyber policies and preparedness against the NIST framework. The company conducted comprehensive internal and external audits to validate compliance and continuously improve its security posture, ensuring resilience against evolving cyber threats via continuously strengthening its security protocols.

To raise awareness, advisories are circulated and information security training and phishing simulations are conducted regularly to educate employees about emerging threats.

Sustainability Report 2024

Employee Awareness

The cyber threat landscape is indeed evolving rapidly, with emerging trends and techniques being used by attackers to disrupt operations. In this milieu, Crisil is constantly working towards making all Crisilites cyber smart.

All Crisil employees are assigned information security, phishing and cybersecurity training, in which employees affirm commitment to Crisil Information Security Policy.

These efforts ensure employees are well-prepared to protect themselves and the organisation from evolving cyber risks, fostering a culture of vigilance and security.

4,890+

hours of information security training

Grievance Redressal

Crisil has a mechanism for monitoring and addressing complaints related to its code of ethics including ethical conduct, transparency, human rights, equal opportunity and conflict of interest.

It has robust mechanisms in place to raise concerns, seek advice and report violations, if any, with either the reporting manager, the Human Resources department representative, or the Legal or Compliance departments.

Employees are also provided several avenues to raise concerns such as the ethics hotline and the whistleblower email ID in accordance with Crisil’s Whistleblower Policy.

Crisil promptly reviews the concerns or violations reported in good faith and takes appropriate action to resolve the issue. Crisil strictly prohibits intimidation or retaliation against anyone who makes a good faith report about a known or suspected violation of code, policy or procedure, or any law or regulation, or who assists with any enquiry or investigation.

At the highest level, the Stakeholders’ Relationship Committee of the Board regularly dedicates exclusive time to review policy violations and stakeholder complaints.

Read Crisil’s Whistleblower Policy

Business Continuity

Crisil’s business processes are automated through bespoke applications that capture and maintain information about business processes.

In 2024, an operational risk intelligence platform was onboarded for real-time alerts on incidents occurring across India. This helps in advising the business/ locations on the potential risks and impacts to the location, business continuity and employee safety.
A Business Continuity automation tool was introduced to ensure automation in the Business Continuity domain.
Emergency Evacuation Fire Drills have been conducted across Pan India Crisil offices as per scheduled calendar.
Our employees have undergone BCP and safety trainings.

Corporate Governance

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Risk Management

Crisil adopts a balanced approach to risk management, aimed at mitigating risks to an acceptable level within its defined risk appetite while safeguarding the organisation’s reputation and brand. This comprehensive approach is designed to support the achievement of Crisil’s strategic objectives, ensuring both business resilience and sustainable growth.

To provide effective oversight and promote a strong risk management culture across the organisation, two key committees play a pivotal role. The Crisil Risk Management Committee of the Board (RMCB) offers strategic direction and ensures that risk management practices align with the organisation’s risk appetite, monitoring significant risks to guarantee they are managed appropriately. Complementing this, the Crisil Internal Risk Management Committee (IRMC), focusses on the implementation and continuous improvement of risk management practices, embedding risk awareness into business processes and addressing emerging risks proactively.

Crisil’s risk management framework incorporates a bottomup risk identification process, which engages business units and functions in highlighting risks within their operational environments. This ensures that risks are captured from the ground level, providing a comprehensive view of the organisation’s risk landscape. Once risks are identified, they are systematically assessed and evaluated for their potential impact and likelihood.

Crisil places emphasis on recognising key risk themes, including emerging risks that could influence its strategic and operational objectives. Action plans are then developed, along with relevant metrics to track risk mitigation efforts. This process ensures continuous oversight and alignment of risk management activities with Crisil’s overall strategic goals, fostering an organisation-wide culture of risk awareness and resilience.

The diagram below illustrates the Risk Management framework that we have in place at Crisil.

Oversight

Risk assessment Combination of bottom up and strategic view of key risks

Risk Management Committee of the Board
Internal Risk Management key risks Risk Committee management framework Reporting Approach Key risk themes and Balanced approach to mitigation plans presented risk management by to the internal and Board mitigating risks to an Committees acceptable level Key risk themes Process Identified and assessed Risks are identified and using a combination assigned probability of of qualitative and Risk monitoring occurrence and potential quantitative parameters on a periodic basis impact

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Please refer to Crisil’s report on Management & Discussion Analysis in the Crisil Annual Report 2024 for a detailed discussion on key risks impacting Crisil business

Sustainability Report 2024

Environment

Crisil’s business operations are non-energy intensive. However, the company does recognise that its operations and utilisation of resources, including energy and water, as well as emissions, waste and other outputs impact the natural ecosystem. Crisil works constantly to reduce this impact and instil an environmentally sensitive culture across its business operations.

Environment

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Environmental Policy

Acknowledging the dynamic nature of the environmental landscape, we are committed to adapting and evolving to meet these changes. Crisil’s Environment Policy serves as a cornerstone of this commitment, guiding us to minimise our ecological footprint. It also actively encourages employees, stakeholders and community members to take proactive steps towards environmental stewardship.

We have implemented several initiatives that underline our commitment to environment. These include usage of renewable energy at our office premises, adopting responsible waste management practices and efficient resource utilisation. In 2024, Crisil made a conscious effort towards embedding sustainable office solutions as a part of its office infrastructure strategy by revising its Real Estate Policy and integrating parameters such as obtaining green building certifications, using green electricity and avoiding ecologically sensitive areas as one of the parameters while exploring new office premises.

Crisil’s new green office at Mumbai

In the conceptualisation and execution of our new office at Lightbridge, Saki Vihar, careful attention has been devoted to environmental considerations, demonstrating our dedication to creating workspaces that harmonise commercial needs and the natural ecosystem.

Few highlights of the office:

The central atrium features natural greenery, with live plants in the atrium and on every floor, which helps maintain optimal oxygen levels within the premises
The design maximises natural light, reducing the need for artificial lighting
Entire premises operate on sustainable green energy
Cabin lighting is equipped with motion sensors to enhance energy efficiency
Smart elevators are designed to optimise power usage

Further, sustainability is embedded in our corporate governance framework. Our balance scorecard includes environmental sustainability as one of the metrics for measuring business performance. This reinforces our belief that long-term business performance and environmental responsibility are inherently interconnected.

Read Crisil’s Environment Policy

Refer to the section on Environment conscious supply chain for more details

Sustainability Report 2024

Energy Conservation

In 2024, we increased procurement of green energy for our offices, expanding the number to three offices from one in 2023. This has resulted in increased proportion of energy consumption from renewable sources, from 58% in 2023 to 67% in 2024.

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	2024 (gigajoules)	2023 (gigajoules)
Energyconsumed from renewable sources	17,595	14,095

Energy Consumption in 2023

Energy Consumption in 2024

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----- Start of picture text -----

33%
42%
Renewable Renewable
Non-Renewable Non-Renewable
58%
67%
----- End of picture text -----

Green Building

Our office premises showcase our commitment to reducing emission footprint. We recognise that the design and management of our facilities have a significant impact on resource consumption. To support our commitment, we endeavour to progressively increase our premises certified by the IGBC’s Leadership in Energy and Environmental Design (LEED) certification programme. This includes the use of energy-efficient lighting, adoption of water recycling technologies and waste management practices. Crisil’s Gurugram office renewed its LEED Gold certification in 2024.

Area under Green Building

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19%
33%
Regular buildings
2023 2024 Green buildings
81% 67%
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Reduced GHG Emissions

Emission goals

In recent years, climate change has emerged as one of the most pertinent global issues. Although Crisil’s business does not contribute significantly to GHG emissions, we acknowledge that our actions play a significant role in establishing industry standards and exemplifying best practices. As a part of our environmental programme, we track our emissions and implement best practices.

Being a subsidiary of S&P Global Inc, Crisil is covered under S&P Global Inc’s SBTi commitment.

Visit SBTi website for S&P’s validated SBTi commitment.

Crisil is on a journey to reduce absolute Scope 1 and 2 GHG emissions by 25.2% by 2025 over 2019 (base year).

Environment

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Direct emissions

Scope 1&2 Emissions (In MTCO2E)

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6,309
4,359
2,376
2,284
2019 2022 2023 2024
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In 2024, we increased the procurement of green energy for our offices. This contributed to a significant 64% reduction in Scope 1 & 2 emissions in 2024 over 2019. Our diesel generators are used as back-up power, which is why we burn a small amount of fuel on-site contributing to our Scope 1 emissions.

Indirect emissions

Indirect emissions accounting covers the following predominant categories relevant to our operations: Purchased goods and services, capital goods, upstream fuel and energy-related activities, upstream transportation and distribution, waste generated in operations, business travel and employee commute. Scope 3 emissions account for 86% of total emissions. Our efforts towards collecting actual emissions data from our supply chain to enhance the accounting for GHG emissions continued in 2024. In 2024, Crisil requested emissions data from suppliers that form top 75% of suppliers in value terms. We continued to sensitise and encourage the supply chain to monitor and disclose the carbon footprint of their operations. In 2024, we introduced few experts to our supply chain to support them in reporting their emissions.

Furthermore, we increased attention on tracking our business travel carbon footprint, which contributes 22% to our Scope 3 emissions. We continuously track emissions from business travel to keep these at an acceptable level. This is supported by sharing MIS with respective business teams at regular intervals. In 2024, we enhanced outreach with businesses to identify interventions to reduce travel emissions. We supplemented these efforts by organising thematic discussions on business travel and creating collective consciousness towards the need to reduce emissions.

In two of Crisil’s key locations, electric vehicles (EVs) were used for airport transfer and ad hoc business travel. This marks a pioneering step towards responsible business travel and reducing Scope 3 emissions. Additionally, we have started tracking and reporting employee commute category, as a part of Scope 3 emissions, via a survey.

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Business
Travel MIS to
outreach to
business teams
identify specific
for emissions
interventions for
tracking emissions
TRAVEL
EMISSION
INITIATIVES
Expanding
Usage
reporting
of EV for
boundary to
business
cover employee
travel
commute
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Emissions Units 2024 2023 2022 2019
Scope 1 and 2 GHG emissions MtCO2e 2,284 2,277 4,359 6,309
Scope 3 emissions MtCO2e 13,932 13,006 6,415 10,177
Total GHG emissions (Scope 1, 2 and 3) MtCO2e 16,216 15,283 10,773 16,486
Emissions per employee (Scope 1 and 2) MtCO2e 0.47 0.46 0.92 1.6
Emission per crore of turnover (Scope 1 and 2) MtCO2e 0.70 0.73 1.57 3.64
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Refer to the section on Creating Sustainability awareness among employees for more details on employee communication

Sustainability Report 2024

Expanding the Green Footprint

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Under the aegis of Crisil’s CSR policy, Crisil RE was launched in 2015 as a flagship CSR initiative, focussing on conserving the environment. The programme centres on urban afforestation by planting native trees in the vicinity of Crisil offices, and strives to constructively engage employees and their families, friends and relatives in environmental conservation.

This includes preserving the oceans and forests, tackling climate change and its effects – thereby having a positive impact on climate action, life below water and life on land – three of the key United Nations Sustainable Development Goals.

Through Crisil RE, Crisil Foundation has had meaningful impact on environmental conservation, taking the cumulative number of trees planted to over 278,280 (2015-2024) across 44 plantation sites.

This year, we planted 70,000 saplings.

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Plantation project at Beed, Maharashtra; over 60,000 saplings were planted under the agro-forestry model

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70,000 trees planted in 2024

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96,500 trees maintained in 2024

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278,280 Cumulative trees planted till 2024

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2,007 Crisil employees involved (in 2024)

2,669 Family and friends volunteered (cumulative till 2024)

17,099 Crisil employees involved (cumulative till 2024)

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1:27 Employee: tree ratio

Employee Volunteering cities Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, Mumbai and Pune

Environment

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Water Conservation

Dwindling freshwater resources and erratic changes in weather patterns have highlighted the need for water conservation. Recognising the importance of water conservation, Crisil has made efforts to recycle water and leverage technology to improve water efficiency, wherever possible.

Conservation of water resources for rural communities is a new area of intervention undertaken since 2023 as part of the Company’s CSR programme.

During the year, two water harvesting structures were created in Udaipur (in Rajasthan) and Raigarh (in Maharashtra) – both predominantly water scarce regions.

Apart from urban afforestation, Crisil has taken decisive steps to reduce plastic waste and safeguard our precious aquatic ecosystem. Through extensive beach and wetland clean-up drives, Crisil is actively combating the adverse effects of marine pollution.

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Water harvesting structure (check dam/anicut) created in Udaipur, a water scarce region in south Rajasthan

Crisil recycled 5.1% of water consumed during 2024*
Several water efficiency measures have been implemented, including low-flow fixtures, aerators, sensor-based taps, and regular calibration checks

*Water data is available only for Mumbai(two), Pune(one), Gurugram, Ahmedabad, Kolkata offices, which are exclusively managed and controlled by Crisil.

Waste Management

Additional details on waste recovery can be found in Table 28(a) of the Sustainability Databook.

Continuing our commitment towards responsible paper consumption, we transitioned five offices to eco-friendly printer paper consumption in 2024 and have increased office printing usage of eco-friendly paper to 90% in 2024 compared with 71% in 2023. We are continuously monitoring opportunities to replace printing activities with eco-friendly paper alternatives.

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90.86% waste generated across Crisil offices in India was recycled in 2024

90%

of all in-house office printing in our India offices was done on eco-friendly paper in 2024 v/s 71% in 2023

Sustainability Report 2024

Social Capital

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Inclusion

The spirit of inclusivity has been the bedrock of Crisil’s growth story. It shapes the value proposition for our employees as we actively embrace a culture that values inclusion with meritocracy. In 2024, we used the pillars of access, enablement and advancement to further enhance inclusion at Crisil.

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Inclusion Forum established

Global Workforce and Culture

With the rapid expansion of our global workforce, Crisil remains a melting pot of cultures, more than ever before. We take pride in having a diverse set of employees from around the world, by gender, age, skill sets, nationality, and culture. To make the best use of its unique position in business with a people-centric approach, Crisil has established a culture Employee Resource Group (ERG) in the UK. The group, managed by employees, aims to address various dimensions of cultural sensitivities.

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Sustainability Report 2024

Our Global Workforce

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Total
4,666 [] 2,805 1,860
UK
USA 158 (106) (52) China
108 (70) (38) 87 (23) (64)
India
4,123 (2,474) (1,649)
Argentina
73 (49) (24)
Poland UAE
Other countries
35 (25) (10) 23 (18) (5) Map not to scale.
59 (40) (18)
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% breakup Global age group - 2024
40% 3%
55%
60%
42%
Male More than 50 years
Female 30-50 years
Less than 30 years
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Employees from 40+ nationalities 836 (off roll, retainers and interns) people working on contract basis as on December 31, 2024

*The total number of employees includes one employee who has not disclosed gender

As on December 31, 2024, Crisil’s India employees included:

3,000+ employees with MBA, CA, CFA, PGDA qualification

Social Capital

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Women in Workforce

At Crisil, equal opportunities and support mechanisms are provided to all employees to ensure thriving careers. It has resulted in healthy organic growth and development of employees into leadership roles. Efforts have been made to encourage diverse thinking in decision-making processes. It helps eliminate unconscious biases and fosters meritocracy and fairness in the organisational culture. Avenues of coaching and competency-based development programmes are available for all employees, ensuring enriched experiences and professional networks, excellent managerial skills, and propensity to take up larger roles within the organisation. The ecosystem supports flexible work mode, safe and secure working environment leading to higher overall wellbeing of the employees.

Considerable efforts made over the years for the growth and development of careers have resulted in a consistent increase of women in workforce and at leadership levels. Besides addressing the social needs for greater women participation to the workforce, these efforts encourage diverse thinking in the decision-making. This helps eliminate unconscious gender biases and help fostering a merit-based, fair and impartial organisation culture.

Crisil adopts a multi-layered strategy to attract women talent and offer them enriching and diverse careers. Coaching and competency-based development programmes ensure honing of managerial skills and preparing women for career changes and higher responsibilities. At the same time, a culture of flexible working and secure working environment that prioritises safety and promotes sensitivity towards personal wellbeing go a long way to contribute towards long and fulfilling careers at Crisil. Women across levels, locations and functions are sponsored at multiple forums for leadership development. Women employees are also given opportunities to connect with senior leaders.

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A snapshot of Women’s Day programme with guest speakers

40% women in workforce

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Refer to section on Promoting Health and Wellness on page 45 for measures to establish a supportive and secure working environment

Sustainability Report 2024

Initiatives for accessibility

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Equal Opportunities and Treatment

Crisil has a Policy on Equal Opportunities at the Workplace.

Social Capital

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Talent Management, Learning and Development

We recognise that people are our key differentiator. Therefore, we continue to invest in their professional development and equip them with the best and latest technology, domain expertise and competencies through trainings and upskilling programmes. Initiatives planned through the year provided opportunities to employees to upskill themselves. To cater to diverse needs, various interventions across target groups were launched through the year.

Leadership development programmes

We continued to invest in leadership development through various bespoke journey-based interventions for first-time, mid and senior level managers. These initiatives, based on our competency framework, aimed to address key development areas and included individual development plans, mentoring and coaching, and cross-functional exposure to prepare future leaders. To help sustain learning, senior leaders were invited to share best practices and perspectives through fireside chats. The impact of these leadership development programmes was tracked through role rotations and promotions that took place for the participant group.

79%

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Crisil’s employee engagement score
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During the fireside discussions, which were conducted for the leadership programme participants, case studies were presented. A significant number of challenges we face each day were presented and the use case was relevant and validated the approach we employ. Insights and affirmations through these fireside chats greatly assisted us in realising that we are adhering to the right approach and exploring new ideas.

Leadership Excellence Program Participant Crisil Intelligence

In addition to these journey-based programmes, digital learning platforms were provided to employees on a demand basis for self-paced learning, which empowered them to have access to world-class content across behavioural, technical and creative areas.

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As a part of the coffee connects sessions, Amish Mehta, MD and CEO of Crisil met various employees. This provided a platform to interact and engage in an informal setting.

Sustainability Report 2024

Skill Building

As ‘Upwards and Onwards’ is the theme of Crisil’s strategy, developing skills for the future is a key focus. A set of critical skills, such as GenAI, data science, data engineering and data visualisation have been identified to take our organisation to the next level and be future-ready. These skilling requirements are addressed through ongoing calendar programmes, customised learning paths and external courses to train up the existing talent according to the future needs.

The prompt engineering session was beneficial and provided valuable insights that help me to craft precise and effective prompts. The hands-on approach of the training helped me grasp complex concepts quickly and was effective in improving my experience of working with tool such as the GitHub Copilot. This training allowed me to significantly enhance the accuracy and efficiency of my prompts, resulting in faster and more refined task completion. For instance, I was able to produce higher-quality results much faster than before. Leveraging GitHub Copilot has become instrumental in my daily tasks, helping me to streamline workflows and improve outputs.

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Total training hours on skill upgradation was
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hrs 79,412 in 2024 as compared to hrs in 2023* 44,548

Prompt Engineering

Training Participant

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both on-roll and off-roll staff
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Need-based learning programmes

Basis business requirements, specific learning programmes were curated and delivered such as consultative selling skills, influencing via Storytelling programme for senior leaders and others.

Mandatory behavioural trainings

Mandatory trainings continue to be rolled out and refreshed in the context of our business priorities.

Refer to the section on Crisil Code of Ethics for more details Refer to the section on Health and Safety training for more details Refer to the section on Respect for Human Rights for more details

Types of training

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108,525 93,815
training person training courses
hours for completed
employees Permanent
employees
19.05
average training
hours per employee
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22%
11%
67%
Behavioural and Ethics, Health & Safety
Risk Management, Infosec and Data Privacy
Skill Upgradation
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Social Capital

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Promoting Health and Wellness

Health and safety policy

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100%

of Crisil locations/offices in India and major offices in London, New York and China were assessed during the year for child labour, forced labour, health and safety practices

medical emergencies. Crisil actively encourages employees to undergo annual health checkups, promoting early detection and preventive care. Further, an improved online OPD service provides convenient access to 21 specialists and concierge services, allowing employees to seek professional medical advice without delay.

Health and safety training

Crisil provides health and safety training to all its employees to create awareness within the organisation. Learnings from drills, maintenance activities and regular safety stimulations enhance the health and safety programme.

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86%

of Crisil employees were trained on Health and safety measures in 2024, similar to 2023

Health and wellbeing

Crisil has taken comprehensive measures to prioritise the health and wellbeing of its employees. It has introduced enhanced medical coverage by enhancing the base cover and the overall coverage benefits in India and other geographies, ensuring employees and their families get access to more robust healthcare options and financial protection during

Enhanced benefits

Crisil has introduced a maternity care plan tailored for expecting mothers for India employees, providing comprehensive assistance during a critical life event. A global maternity pay policy of 26 weeks at full pay, has been announced as well (effective January 1, 2025).

Respect for Human Rights

Crisil supports the protection of human rights across its value chain. The recruitment, remuneration, and promotion of employees is based purely on merit, irrespective of their race, religion, gender, and nationality. We do not encourage any kind of involuntary employment, and towards this end, have undertaken several initiatives, including the adoption of an anti-slavery policy, which extends to Crisil’s subsidiaries as well. The policy interdicts forced and child labour and slavery in operations. Our Supplier Code of Conduct requires suppliers and vendors to uphold our objective of protecting human rights and prohibiting child and forced labour.

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4,908

employees were provided training on human rights

6,444

hours of training on human rights

Sustainability Report 2024

Grievance redressal

Various reporting channels and redressal mechanisms are made available at all the levels to employees for reporting violations of human rights:

The policy on Redressal of Workplace Harassment indicates the procedure for reporting violations to the human resource team
The Code of Ethics elaborates the process of raising concerns, reporting violations and seeking advice
At the highest level, the Stakeholders’ Relationship Committee of the Board regularly dedicates exclusive time to review policy violations and stakeholder complaints

Heightened sensitivity towards policy violations, taking a rigid stance on transgressions and review of such matters at the highest levels by a Board-level committee reinforces the compliance culture at Crisil.

Read Crisil’s Modern Slavery Statement

Read Crisil’s Supplier Code of Conduct

Driving Social Change amongst Local Communities

Crisil Foundation is currently working with socially and economically underprivileged communities in some of the most difficult geographies.

Crisil Foundation’s efforts through Mein Pragati have led to a larger partnership – the MoneyWise Centre for Financial Literacy (CFL) project – which is being implemented in India with support from the Reserve Bank of India (RBI), 11 public sector banks and the NABARD. This project scales-up Crisil Foundation’s financial awareness and inclusion efforts through 675 CFL projects across 100,000 villages in 14 states and four union territories. By building timely, relevant and trusted centres of knowledge, such as the CFL, Crisil has taken a firm step towards enabling the lastmile financial inclusion, critical to the country’s long-term development.

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Mein Pragati (in Assam and Rajasthan)

Launched in Assam in 2015 and replicated in Rajasthan in 2016, Mein Pragati (which means ‘I Am Progress’ in Hindi) aims to empower underprivileged communities through financial capability building.

The Phase I of the programme empowered more than 1.65 lakh women through multi-touchpoint financial literacy workshops. The Phase II aimed to consolidate the programme to achieve deeper and more meaningful intervention with the participants of Phase I by creating a cadre of community workers called the ‘Sakhis’ to support the community in building their financial awareness and access. In 2022-23, Mein Pragati expanded into new geographies as part of Phase III.

To date, the programme has been scaled to cover more than 5,200 villages across 24 districts of Assam and six districts of Rajasthan.

The cadre is leveraged to create awareness and facilitate access to banking services and government schemes, and strengthen institutional infrastructure to drive positive financial behaviour. Crisil has made significant investments over the years to build the capabilities of Sakhis through a ‘Phygital’ model of using a mix of technology and human interface.

Social Capital

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Sakhi cadre continue to drive last-mile impact

Through regular capacity building and handholding, the Sakhi cadre is trained to drive long-term behavioural change among underprivileged communities by easing their access to government schemes and programmes and addressing last-mile constraints in accessing financial services. The cadre proactively drives linkages and earns an income through a service fee model and guided rate card for various banking and financial services, referred to as the Basket of Services (BoS).

Consolidation of the Sakhi cadre

Between 2018 and 2023, the Sakhis have gained confidence and experience, with a majority of them expanding their coverage area to adjacent villages.

In 2024, the focus was on consolidating the Sakhi cadre, deepening our understanding based on their performance and skills, to support their future capacity building and handholding needs — forming a key part of the 2025 strategy.

From Homemaker to Changemaker

Meet Pista Devi from Papada, Nangal Rajawatan. Financial struggles were a constant battle for her family of five as her husband’s earnings were irregular and barely met their needs. Pista wanted to support her husband but had given up her education to take care of her family. In 2021, she joined the Mein Pragati programme as a Crisil Sakhi, which became a turning point of her life.

As a Sakhi, she learned about savings, loans, and government schemes, which helped her to secure her family’s future. Moreover, through hard work and financial planning, she recently purchased a second-hand car.

Today, Pista is able to provide a stable future for her children.

Her story is one of resilience, empowerment, and a brighter future, thanks to her determination

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Sustainability Report 2024

Assam

Impact and reach as of December 2024 *

24 Number of districts

3,267 Number of sakhis

73 Number of blocks

16.4 lakh Cumulative outreach

3,000+ 14.6 lakh Number of villages Linkages facilitated

Cumulative data from April 1, 2018

Rajasthan

Impact and reach as of December 2024 *

6 Number of districts

2,007 Number of sakhis

40 17.3 lakh Number of blocks Cumulative outreach

2,000+ 8.4 lakh Number of villages Linkages facilitated

Cumulative data from September 1, 2018

GramShakti Certification Programme

Launched in late 2018, GramShakti is Crisil Foundation's attempt to provide a scalable model for creating a pan-India cadre of trained community leaders who can effectively address the issue of financial exclusion and empower women.

During the year, the programme expanded to over 6,000 cumulative end-users across Crisil Foundation’s intervention areas and replicated in non-intervention locations through

partnerships. Currently, 2,991 Sakhis/community cadre have been formally certified through a convocation programme and provide support to their communities through last-mile awareness and handholding.

GramShakti Certification Programme

6,000+ end users

10 states covered

2,991 Certified cadre

Social Capital

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Livelihoods in Rajasthan

Weaving hope: Threads of change

Desperate for a way out, she signed up for the training programme on carpet weaving and began earning Rs. 100/- per day while learning, which was a huge deal for her. Now, she has gradually started earning a regular monthly income and is able to support her family. These earnings have given her hope as well as dignity. Things are better now and she is gradually being able to stand on her own feet.

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Lalita Pinara, from Ramgarh Pachwara, being trained on rug making/ weaving, from Ramgarh Pachwara village, Dausa block, Rajasthan

RBI’s MoneyWise Centres for Financial Literacy (CFL)

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The quality of work the Mein Pragati programme showcased led the Reserve Bank of India (RBI) to appoint Crisil Foundation for its prestigious MoneyWise Centres for Financial Literacy (CFL) pilot project in 2017, starting with 25 centres in Maharashtra, Haryana and Rajasthan. A strong performance track record established during this pilot phase resulted in the RBI awarding a very large/ambitious mandate to Crisil Foundation in its expansion phase of the project.

RBI MoneyWise CFL Project Impact and reach as on December 31, 2024*

14 states and 4 UTs 100,000+

Number of states/ UTs

number of villages

As a result, Crisil has scaled up its coverage through 675 CFLs to cover 100,000 villages across 1,962 blocks in 317 districts of 14 states and four union territories (UTs) of India – with support from the RBI, 11 PSU banks and NABARD.

317

13.6 lakh

Number of districts

Linkage applications facilitated

These centres work towards raising financial awareness, promoting good financial practices and driving sustainable change in behaviour among people in their catchments. By building these into timely, relevant and trusted centres of knowledge, Crisil has taken a firm step towards enabling ‘last-mile financial inclusion’, which is critical to the country’s long-term development.

1,962 168 lakh Number of blocks Community outreach

*Cumulative data from January 1, 2022

Sustainability Report 2024

RESPONSIBLE BUSINESS CONDUCT

Stakeholder Engagement

Interacting with stakeholders is essential to the organisation’s success because it allows for the integration of their requirements into its objectives. Crisil believes it is critical to interact with people and comprehend their requirements, expectations and concerns. We have institutionalised structured feedback mechanisms for each of our stakeholders towards this end.

Every quarter, Crisil Board’s Stakeholder Relationship Committee examines grievances from all stakeholders, including clients, employees, shareholders, and business partners. Further, the Committee reviews the results of stakeholder surveys and the entire engagement process once a year, going beyond the purview of grievance handling. This reflects the importance attributed to stakeholder needs at the topmost level at Crisil.

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Responsible Business Conduct

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Our approach to stakeholder engagement:

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Stakeholder group Mode and frequency of engagement Metrics tracked Expectations
• Annual report [(4)] • Revenue growth, profits • Growth, returns and
• Stock exchange intimations [(7)] • Sustainability governance
Shareholders • Press releases [(2)] • Timely and qualitative
information
• Investor meetings [ (7,1)]
• Shareholder service
• Conference calls [(4)]
standards
• Digital communication tools [(1)] • Engagement score • Career advancement
• Career conversations [ (3)] • Mobility/role rotations • Fair compensation
• Thematic speaker sessions [(7)] • Meaningful contribution
• Recognition, awards, • Recognition and well- being
appreciation hour/huddles [ (1,2)]
• Engagement with leaders,
Employees
townhalls, open houses [(2, 8)]
• Performance evaluations [ (3,4)]
• Cultural events and contests [(6)]
• Teams outings [(7)]
• Mentorship programmes [ (1)]
• Learning interventions [ (7)]
• Meetings, emails, calls [ (1)] • Engagement • Overall payment experience
• Surveys and assessments [ (4)] • Sustainability assessment of • Accessibility and
Vendors • Applications and portals [ (1)] supply chain responsiveness
• Learning interventions [ (9)] • Long-term and mutually
beneficial relationship
• Meetings, letters, emails • Net Promoter Score • Client-centricity
and calls [ (1)]
• Revenue from key clients • Analytical rigour
• Mobile applications and portals [(1)] • Contribution from new offerings • Domain expertise
Clients • Webinars, newsletters and
publications [(6,7)]
• Surveys [(6)]
• Feedback forms [ (9)]
• Financial awareness, access to • Community outreach and • Relevant awareness and
formal services and adoption of linkages facilitated to formal access to formal financial
positive financial practices [ (1)] banking products and services services
• Developing cadre of community- through Sakhi cadre • Timely documentation and
Communities based workers (Sakhi) [(1)] • Acceptance and skills of Sakhi query resolution through
• MoneyWise Centres for cadre Sakhi cadre and grassroot
Financial Literacy (CFL) for • Awareness and access availed workers
community under the RBI CFL for the community
initiative [(1)]
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Note: (1) Ongoing (2) Quarterly (3) Mid-term (4) Annual (5) Weekly (6) Monthly (7) Event-based (8) Planned frequency (9) Project/service-based

Sustainability Report 2024

Sustainable Supply Chain

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About our Supply Chain

Supply chain sustainability assessment

Sustainability plays a significant role within the Crisil supply chain. Crisil promotes the adoption of sustainable, ethical and transparent practices throughout every aspect of the procurement process, ensuring that the Company operates with integrity and responsibility. By integrating sustainability principles into its supply-chain operations, Crisil not only enhances its overall operational efficiency but also effectively mitigates various risks.

To ensure that our partnerships align with our Supplier Code of Conduct principles, we carefully evaluate our suppliers’ through comprehensive self-assessments that we require them to complete. The self-assessment encompasses critical aspects such as the environmental responsibilities that our suppliers must uphold, maintenance of safe and healthy workplaces, and safeguarding of human rights throughout their operations.

Crisil works with a supply chain that has 1,400+ service providers, predominantly in the areas of IT services and support, IT software, IT equipment, facility management, administration and security, and consultancy and professional services. Our supply chain is predominantly based in India. The annual spend through our supplier chain is ` 697.76 crore. A significant part of our supply chain comprises business in the small and medium-scale sector.

Governance around the supply chain Crisil Supplier Code of Conduct

Crisil encourages its supply chain partners to embrace the values outlined in the Crisil Supplier Code of Conduct. Our Supplier Code of Conduct describes the minimal standards of behaviour to which Crisil expects its suppliers to comply within the areas of child labour, health and safety, environmental stewardship, fraud prevention, non-discrimination, and business ethics. The terms and conditions of the purchase orders (PO) sent to vendors emphasises the importance of adherence to the Supplier Code of Conduct.

90.80% of Crisil’s supplies are procured from local suppliers

100% new suppliers were screened for sustainability criteria in 2024

The aggregate percentage of the supply chain assessed till date based on the 115 current year’s value of business, is suppliers covering 78.38% 15.38% comprising of our procurement spend assessed for sustainability practices during the year 300+ suppliers 2024.

Read Crisil’s Supplier Code of Conduct

Responsible Business Conduct

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Supporting sustainability improvements within the supply chain

As we move forward to enhance our suppliers’ standards, particularly in the area of sustainability, we have made a strategic decision to focus on elevating their social practices throughout this year.

Given Crisil’s extensive involvement in the services sector, we designed a Prevention of Sexual Harassment (POSH) training for our supply-chain partners who lack necessary policies or practices for POSH. Through this we not only ensure they adhere to legal requirements and regulations but also contribute to the development of a supply-chain network that is both respectful and ethically sound.

Supply Chain Inclusion

At Crisil, we provide fair and equal opportunity to all suppliers, regardless of their background or characteristics. Our central procurement team, which is based in India, manages the Company’s global procurement initiatives. However, to address specific local requirements of each geographical area, we actively engage with local suppliers wherever possible, ensuring that our procurement practices are tailored to the unique needs of each market.

During 2024, our initiatives for inclusive sourcing were as follows:

31.80%

of procurement through MSME and women-owned vendors*

*In value terms; India spend only

Supply Chain capacity building

In 2021, Crisil launched a comprehensive training programme focussed on supply-chain management. The training concentrates on Crisil’s key policy frameworks, including the Crisil Supply Chain Code of Conduct which govern the supply chain. The training covers a wide range of topics across various domains, including social and environmental sustainability, ethical business conduct and compliance, and best practices in supplier management.

45 suppliers covering

22.20%

of our procurement spend trained on sustainability in 2024

Considering the training conducted during 2022 and 2023, the aggregate percentage of the supply chain trained till date, based on the current year’s value of business with them, is

63.30% comprising

200+ suppliers

Creating an environment conscious supply chain

At Crisil, we consider our suppliers as strategic partner, and consequently, we strive to engage with those partners who share a similar commitment and vision regarding the principles of sustainability, thereby promoting a collaborative approach to sustainability. To achieve our ambitious goal of minimising our operational carbon footprint, we have launched a systematic effort to collect essential emissions data from our suppliers, a crucial step in our overall sustainability strategy. This initiative focusses on our larger suppliers, who are significant contributors to our higher Scope 3 emissions, enabling us to address the most impactful areas first. Furthermore, our suppliers training programme underscores the imperative for the supply chain to adopt and implement responsible and sustainable standards in critical areas such as energy consumption, greenhouse gas (GHG) emissions and waste reduction, thereby promoting a more sustainable framework across the board.

Vendor engagement process

Engaging with stakeholders is crucial to the organisation’s success, as it helps shape their needs into organisational goals. Therefore, Crisil believes it is essential to engage with stakeholders to understand their expectations, needs and concerns and ensure seamless and enduring collaboration.

Suppliers are encouraged to inform of any unethical practice or grave misconduct observed while providing services to Crisil, on: [email protected].

Read Crisil’s Whistleblower Policy

Sustainability Report 2024

Our Sustainability Products and Services

Crisil is dedicated to meeting the sustainability demand of its clientele. Our in-depth sustainability analysis, insights, evaluations and solutions enable clients and other stakeholders to make well-informed decisions, helping drive sustainable progress on a global scale.

Global investors are placing greater emphasis on the sustainability credentials of their investments, while regulators are strengthening fund labelling and disclosure standards to mitigate greenwashing. The demand for sustainability integration is expanding across asset classes, including fixed income and alternatives, particularly driven by institutional investors. With sustainability reporting regulations worldwide becoming more standardised and complex, companies are increasingly required to assess and disclose a wide range of sustainability metrics. Regulators and stock exchanges increasingly expect firms to provide enhanced climate-related disclosure aligned to International Sustainability Standards. As these practices mature, stakeholders are calling for broader and credible non-financial information from both public and private corporations.

Crisil’s Integral IQ business predominantly works with corporates, investment banks and asset managers. The customised sustainability research service helps clients integrate sustainability into areas such as portfolio construction for asset managers, sustainability-oriented underwriting for banks, etc. The business also supports global financial institutions in awareness and capacitybuilding through climate risk-related workshops, and development of implementation roadmaps for integration of climate risk practices. There are consulting services that help both BFSI and corporate clients accelerate sustainability integration and regulatory reporting requirements. In 2024, Integral IQ started providing bespoke sustainability-related reporting solutions. The services helped clients streamline reporting processes by addressing gaps and keeping up with evolving reporting requirements from regulators and investors. Integral IQ also introduced biodiversity-related assessment and solutions in response to the growing global focus on sustainable business practices and creating longterm value. These assessments help organisations assess and disclose their biodiversity impacts and dependencies as per the TNFD (Taskforce on Nature-related Financial Disclosures) and PBAF (Partnership for Biodiversity Accounting Financials) frameworks, ensuring alignment with international standards.

In India, Crisil ESG Ratings & Analytics, a wholly-owned subsidiary of Crisil, received Securities and Exchange Board of India (SEBI) registration to operate as a Category 1 ESG rating provider. Crisil Limited had launched its ESG scoring business in June 2021 using a robust India-specific framework on the environmental, social and governance aspects of companies. Starting with 225 entities in 2021, the coverage was expanded to the top 1,000 listed entities across 63 sectors; it published ratings for all these entities in 2023 and 2024.

ESG ratings are widely used by institutional and retail investors, asset managers, corporations (including issuers), regulators, lenders and other stakeholders. These ratings serve as a valuable tool for investment and lending decisions, ESG risk monitoring, benchmarking best practices among peers and identifying growth opportunities. The ratings have also enabled the corporates to measure and monitor inherent ESG risk across their financial exposures, both equity and debt.

The Crisil Intelligence business offers a comprehensive suite of sustainability solutions tailored to a diverse range of clients across sectors and industries. Its services are designed to facilitate clients into improving their sustainability performance and ratings, strengthens stakeholder engagement and mitigates risks related to climate and other sustainability factors. Crisil Intelligence has also expanded its sustainability services to materiality assessments as well as providing financial institutions assistance in integrating climate risk. These innovative solutions enable organisations to better navigate the complexities of sustainability, manage risks and capitalise on opportunities.

Crisil Coalition Greenwich caters to a diverse set of customers in the banking, financial services and insurance sector. Crisil Coalition Greenwich’s competitor analytics enables financial institutions to gain insights into the dynamics and trends of industry revenue pools, as well as the performance trajectories of key competitors within the sustainability landscape. The voice of customer sustainability tracker offers corporate banks valuable insights into how businesses are prioritising the shift towards more sustainable models, emphasising more towards transitioning to a new-zero pathway.

The Global Analytical Centre (GAC) supports S&P Global Ratings in providing Second party opinions and Climate Transition Assessments.

Responsible Business Conduct

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ESG Ratings (India): 1000 companies

Sustainability assessment of borrowers Sustainability benchmarks and framework assessment Supporting S&P Global in providing second party opinions and climate transition assessments

Green and social bond assessment Scenario analysis and stress testing for lending portfolios Sustainability policies and reports

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Crisil’s
Sustainability
offerings
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Sustainability research for sell side and buy side

Sustainable finance framework and policies Sustainability due diligence

SDG impact assessment

Support on TCFD implementation and reporting Climate risk module validation Sustainability tracker Materiality assessment

Creating sustainable infrastructure

Crisil’s Intelligence has a wide array of offerings across the infrastructure development cycle, ranging from work in the areas of policy and regulatory advisory, public private partnership frameworks, infrastructure financing mechanisms, business and commercial diligence, programme management, capacity enhancements, and institutional strengthening for government and infrastructure agencies.

Renewable energy procurement support for a leading pharmaceutical company

Crisil Intelligence clean energy consulting team supported a pharmaceutical company to draw out a power procurement strategy and run a transaction to procure Renewable Energy (RE) across its plants in India. Based on an analysis of its existing and future power demand, load curve pattern, regulatory framework and tariffs and charges in respective states, the team helped the client identify the most suitable RE technology mix and business model. A detailed economic assessment including payback estimation was also undertaken. Post the tailor-made power procurement strategy, we prepared bid documents and invited RE developers to offer their quotations to sell power to our client. Based on our advisory support, the client is expected to reduce its carbon footprint and save costs.

Climate Risk Assistance to Banks and Corporates

Crisil Intelligence Sustainability Consulting team assisted banks and major corporates in 2024 to manage climate-related risks by providing climate risk assessment and advisory services. It helped organisations identify, assess and mitigate climate risks in their operations and portfolios. Specifically, Crisil developed the Climate Risk Assessment (CRA) tool. It provides a comprehensive approach to evaluate climaterelated risks for the portfolios of banks and financial institutions, enabling them to quantify and manage their climate risk exposure. It integrates both physical and transition risk assessments through comparative models and features a climate risk dashboard, offering detailed insights into the potential vulnerabilities of regions and sectors.

Sustainability Report 2024

Responsible Public Engagement

External stakeholders look up to Crisil as a trusted domain expert and an independent voice. Our engagements may influence policy and outcomes. To ensure our engagement on public policy matters is conducted responsibly, Crisil has implemented a Framework for Responsible Public Engagement. This framework defines the principles that guide our policy interactions, the approach we take and the standards of responsible conduct expected of employees when engaging with regulators, industry or other forums.

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Read Crisil’s Framework for responsible public engagement
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Thought leadership on Sustainability

As part of our thought leadership and outreach initiative, we authored several opinion pieces and articles on important industry and regulatory developments in premier dailies and online platforms. We also contributed as knowledge partners, speakers or panellists at various summits organised by industry associations. During the year, we reached out to over 150,000+ stakeholders, including government officials, policymakers, regulators, corporates, banks, investment banks, MSMEs, industry associations and financial intermediaries in Indian and global markets, through 7+ events and 30+ webinars hosted by Crisil and 84 events at which Crisil experts participated as speakers or panellists.

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Our marquee client
publications
• Rating Roundup
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• RateView
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200,000 + 130+
readers for our leading Indian media
newsletters from publications carried
across businesses our views with over
5,700+ quotes
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150,000+ 37+
stakeholder outreach webinars and events
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Membership of industry associations

We are members of industry associations such as the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI) and Bombay Chambers of Commerce and Industry (BCCI). Several employees participate in national and sub-committees set up for facilitating and enabling a conducive policy and regulatory framework for sectors.

Sustainability Databook

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Sustainability Databook

(This Databook should be read in conjunction with the Sustainability Report, BRSR Report, GRI Index and SASB Index)

General Information

1. Number of locations where plants and/or operations/offices of the entity are situated

Location Number	of	plants Number of offces	Total	State/countrywidepresence
National	-	11	11	7 states
International	-	14	14	12 countries (excludingIndia)

2. Products/services sold by the entity (accounting for 90% of the entity’s turnover)

Sr.	no. Product/Service			NIC Code			% of turnover of the entity
1.	Ratings			66190			28%
2.	Research, analytics and solutions			66190			72%
3.	Details of business activities (accounting for 90% of the turnover)
Sr.	no. Description of main activity	Description of business activity					% of turnover of the entity
1.	Ratings	Includes credit ratings such as bond ratings, bank loan ratings					28%
		and servicespertainingto the Global Analytics Centre
2.	Research, analytics and	Includes Crisil Integral IQ, Crisil Global Analytics Centre and Crisil					72%
	solutions	Intelligence
4.	Names of holding/subsidiary/associate companies/joint ventures
S. no.	Name of the holding/subsidiary/associate companies/joint ventures (A)		Indicate whether holding/ subsidiary/ associate/ joint venture	% of shares held by listed entity	Does the entity indicated in column A, participate in the business responsibility initiatives of the listed entity (yes/no)?
1.	Group Holding		Holding company	66.64%	No. The holding companies have an
	a) S&P India LLC				independent reporting on Sustainability.
	b) S&P Global Asian Holdings Private Limited
	c) S&P International LLC
2.	Crisil Ratings Limited		Subsidiarycompany	100%		Yes, for all subsidiaries.
3. 4.	Crisil ESG Ratings and Analytics Limited Bridge to India EnergyPrivate Limited		Subsidiarycompany Subsidiarycompany	100% 100%	Refer to ‘Reporting boundaries’ on page no. 13 of the Sustainability report.
5.	Crisil Irevna UK Limited		Subsidiarycompany	100%
6.	Crisil Irevna US LLC		Subsidiarycompany	100%
7.	Crisil Irevna Argentina S.A.		Subsidiarycompany	100%
8.	Crisil Irevna Poland Sp. Z.oo.		Subsidiarycompany	100%
9.	Crisil Irevna Information Technology		Subsidiary company	100%
	(Hangzhou) Co Ltd
10.	Crisil Irevna Australia Pty. Ltd.		Subsidiarycompany	100%
11.	Coalition Development Limited		Subsidiarycompany	100%
12.	Coalition Development Singapore Pte. Ltd.		Subsidiarycompany	100%
13.	Greenwich Associates Japan KK		Subsidiarycompany	100%
14.	Greenwich Associates Singapore Pte.	Ltd.	Subsidiarycompany	100%
15.	Greenwich Associates UK Ltd.		Subsidiarycompany	100%
16.	Peter Lee Associates PtyLimited		Subsidiarycompany	100%
17.	Crisil Irevna Information Technology		Subsidiary company	100%
	Colombia SAS.

Sustainability Report 2024

Governance Related

5. Details of women representation

	Total No. andpercentage of females
	(A) No. (B) % (B/A)
Board of Directors	8 2 25.00%
KeyManagement Personnel	3 1 33.33%

6. Percentage coverage by training and awareness programmes on any of the principles during the financial year

Segment	Total number of training and awareness programmes held	Topics/principles covered under the training and its impacts	Percentage of persons in respective category covered by the awareness programmes
Board of Directors	1	Ethics, Transparency, and Accountability	100%*
Key Managerial	7	Code of Ethics, Prevention of Sexual Harassment, Health and Safety,	100%
Personnel **		Information and Cyber security, Data Privacy and Personal Trading
		Policy, Human Rights
Employees other	9#	Code of Ethics, Prevention of Sexual Harassment, Health & Safety,	93%
than BoD & KMPs		Risk Awareness, Information and Cyber Security, Data Privacy,
		Personal TradingPolicy, Skill Upgradation, Human Rights

Note:

Covers various trainings on principles of ethical conduct, fairness and transparency, such as Crisil Code of Ethics, Crisil Code of Conduct for Directors and S&P COBE. Copies of the codes and their coverage of ethical conduct principles are available at: https://investor.spglobal.com/corporate-governance/documents/code-of-business-ethics-for-employees/ https://www.crisil.com/content/dam/crisil/investors/corporate-governance/code-directors-sr-management.pdf https://www.crisil.com/content/dam/crisil/investors/corporate-governance/code-of-ethics.pdf
** MD & CEO is included in both KMP and Board training.
Represents categories of various trainings undertaken by employees during the year.

7. Details of remuneration/salary/wages

	Male Female
	Number Median remuneration/salary/ wages of respective category Number Median remuneration/salary/ wages of respective category
Board of Directors#	6* 5,882,500 3 5,827,500
KeyManagerial Personnel	3** 32,263,395 1 19,837,607
Employees other than BoD & KMP ***	2,471 1,713,615 1,648 1,400,000

Note:

*Remuneration to MD & CEO has been included in KMP
** During 2024 the former CFO transitioned to a new role as President Risk and Compliance. The remuneration figures above include the compensation up to the transition as well as the compensation of the incoming CFO and hence the number of KMP aggregates to 4
*** Aggregate number of employees are not comparable with the headcount as on December 31, 2024, since the aforesaid data pertains to remuneration paid to employees on-roll during 2024. This data pertains to India employees
The numbers include Board members who were associated for part of the year as well as their remuneration

7(a). Ratio of remuneration

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Note:

$ Remuneration increase covers impact of perquisite value of ESOS exercised during 2024 as well as special LTIP payment to MD&CEO, which vested in 2024. Excluding ESOS perquisite value and special LTIP, the ratio of remuneration to median is 56.59.
@ Remuneration for 2022 and 2023 covers perquisite value of ESOPs exercised during 2022 and 2023 reporting. Excluding ESOS perquisite value, the ratio of remuneration to median is 51.16 for 2022 and 58.74 for 2023.
This ratio is derived based on median remuneration for India-based employees only.

Sustainability Databook

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7(b). Gross wages paid to females as % of total wages paid by the entity, in the following format

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Current FY (2024) Previous FY (2023)
Gross wages paid to females as % of total wages 35.25% 33.20%
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Note:

1) Includes permanent employees of India.
2) Figures for current FY include salaries, wages and bonuses as per the disclosure made in the audited financial statements and apportioned between male and female staff using the ratio of actual payments made to the male/female staff during the year

8. Overview of the entity’s material responsible business conduct issues

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Sr. Material issue Indicate Rationale for identifying the In case of risk, Financial implications of the risk or opportunity
no. identified whether risk risk/opportunity approach (Indicate positive or negative implications)
or opportunity to adapt or
(R/O) mitigate
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1. Ethical conduct Opportunity Materiality assessment helps in prioritising the topics and analysing the relevant sustainabiliy risks and opportunities that can be integrated in our operations and business activity. Crisil conducted a materiality re-assessment by revisiting material topics. The list of top E, S and G topics has been derived through a consultative exercise, wherein the priorities were evaluated in order of their importance to our business and our stakeholders. The survey was responded by 315 internal and external stakeholders. The results will help us make decisions based on relevant data and meet increasing demands from regulators and reporting standards. This exercise also helps us identify risks and opportunities pertaining to those identifed areas. The survey was conducted across diverse stakeholders including clients, vendors, community, shareholders, employees and top management. Please refer to the Risks section of the Management Discussion & Analysis Report forming part of Crisil Annual Report 2024** 2. Data privacy and information security Risk 3. Strong governance oversight Opportunity 4. Talent retention and succession Risk 5. Employee enablement and well being Opportunity 6. Risk management Opportunity 7. Innovation and technology Opportunity 8. Human rights Opportunity 9. Environmental sustainability Risk 10. Diversity, Equity and Inclusion Opportunity	Positive Ethical conduct is central to Crisil’s value proposition and recognition as an independent and credible analytical organisation, and has led to continued trust from its clientele
	Negative Company has signifcantly invested in this area over the last few years which will have short-term fnancial impact, but in long run will create positive outcomes in the form of improved securityand controls
	Positive Strong governance oversight ensures growth and strategic direction
	Negative Talent retention is supported by continuous investment into employee training and upskilling, providingbetter opportunities careergrowth
	Positive Employee empowerment, learning and development and well-being initiatives lead to a productive workforce
	Positive Risk management ensures timely identifcation of risks and stabilityof operations
	Positive Innovation and technological adaptation results in the development of new products and services while ensuring growth by delivering with speed and agilitywhile
	Positive Upholding the rights and freedom of all employees, workers and others in Crisil’s value chain ensures ethical behaviour and attract talent
	Negative Climate change can lead to physical risk to Company property due to climate disasters and cost for transition to a low carbon economy
	Positive Creates a diverse workforce with different perspectives, high engagement and fosters innovation

Note:

**The Management Discussion and Analysis Report forms part of Crisil Annual Report 2024 and is available at

Sustainability Report 2024

9. Details on awareness programmes conducted for value chain partners on any of the principles during the year

Total number of awareness programmes held	Topics/principles covered under the training	% of value chain partners covered (by value of business done with such partners) under the awarenessprogrammes
1.	With a view to strengthening our efforts in encouraging our suppliers to adopt our	22.20%
	Suppliers’ Code of Conduct, our suppliers are trained on Supplier Code of Conduct
	and awareness on sustainability

Note:

10. Detail on list of trade & industry chambers/associations of which the Company is a member of/are affiliated to, on the basis of no. of members

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Sr. no. Name of the trade and industry chambers/associations Scope of entity (state/national)
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1.	The Confederation of Indian Industry(CII)	National
2.	Federation of Indian Chambers of Commerce and Industry(FICCI)	National
3.	BCCI	State

Employee related

Crisil has no workmen amongst its employee category. As all the employees are at a position of executive and above. Hence, all references and data points required for workmen are inapplicable.

11(a). Employees (including differently abled)

Sr. no. Particulars Total (A)	Male Female
	No. (B) % (B/A) No. No. (B)
1. Permanent employees* 4,666	2,805 60.12% 1,860 39.88%
2. Other thanpermanent 836	518 61.96% 318 38.04%
3. Total 5,502*	3,323 60.40% 2,178 39.60%

Note: The above data is as on December 31, 2024.

In addition to the male/female break-up of the permanent employee headcount as indicated above, the total of permanent employees includes one employee who did not wish to disclose gender.

11(b). Differently abled employees

Sr. no. Particulars Total (A)	Male Female
	No. (B) % (B/A) No. No. (B)
1. Permanent employees 12	10 83.33% 2 16.67%
2. Other thanpermanent -	- - - -
3. Total 12	10 83.33% 2 16.67%

Note: The above data is as on December 31, 2024.

12. Details of employees in terms of minimum wages paid

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Note: The above table covers only India employees

Sustainability Databook

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12(a). Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost.

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Note:

1) The above table covers permanent employees and off-roll staff of India only
2) Figures for current FY include salaries, wages and bonuses as per the disclosure made in the audited financial statements and apportioned between male and female staff using the ratio of actual payments made to the male/female staff during the year
3) Towns have been classified as per RBI classification system

13. Details of performance and career development reviews of employees

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Note: The table covers the employees who were on-roll and subject to performance reviews during the years. Hence, the employee numbers are not comparable with the headcount as at December 31.

14 (a). Details of measures for the well-being of employees (including differently abled)

Category		% of employees covered by
	Total	Life Insurance Health Insurance Accident Insurance Maternity benefts Paternity benefts Day care facilities
		No. % No. % No. % No. % No. % No. %
		Permanent
a. Male	2,805	2,805 100% 2,805 100% 2,805 100% - - 2,805 100% - -
b. Female	1,860	1,860 100% 1,860 100% 1,860 100% 1,860 100% - - 514 100%
c. Total*	4,666	4,666 100% 4,666 100% 4,666 100% 1,860 100% 2,805 100% 514 100%
		Other thanpermanent employees
a. Male	518	- - 518 100% 518 100% - - - - - -
b. Female	318	- - 318 100% 318 100% 318 100% - - - -
c. Total	836	- - 836 100% 836 100% 318 100% - - - -

Note: Day care facilities cover only India female employees

*In addition to the male/female break-up of the permanent employee headcount as indicated above, the total of permanent employees includes one employee who did not wish to disclose gender.

14(b). Spending on measures towards well-being of employees and workers (including permanent and other than permanent)

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Current FY (2024) Previous FY (2023)
Cost incurred on wellbeing measures as a % of total revenue of the company 1.60% 1.88%
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Sustainability Report 2024

15. Details of retirement benefits, for current Financial Year and previous Financial Year

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Note: The above data covers only India employees.

16(a). Return to work and retention rates of permanent employees that took parental leave

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Note: Return to work is computed basis parental leaves taken during 2024, whereas, the retention rate is computed based parental leaves taken during 2023 to ensure a one-year service continuity.

16(b). Employees that took parental leave

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Health and safety and training to the employees

17. Details of training to employees (% to total no. of employees in the category)

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Note:

1) Total headcount is for the entire year, including exits, and hence, will not be comparable with the headcount figures as at December 31 of the respective year

2) One employee who completed Health and Safety training did not wish to disclose gender and hence has been added in the total count of employees in Column A and B

Sustainability Databook

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18. Details on training on human rights issues and policy(ies) of the company

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Note: Total headcount is for the entire year, including exits, and hence, will not be comparable with the headcount figures as at December 31 of the respective year.

19. Details on assessment of value chain partners

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Assessment for the year % of value chain partners
(by value of business done with such partners) that were assessed
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Sexual harassment
Workingconditions
Health & safety
Discrimination at workplace	15.38%
Child labour
Forced labour/Involuntarylabour
Wages
Others –please specify

20. Details on assessment of office on human rights

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Child labour
Forced/involuntarylabour
Health and safety practices
Workingconditions	100%
Discrimination at workplace
Sexual harassment
Wages
Others –please specify

Note: The above assessment covers all-India operations. Additionally, the assessment was extended to main offices in the UK, the US and China

Sustainability Report 2024

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21(a). Details on complaints/grievances on any aspect of the National Guidelines on Responsible Business Conduct
in the financial year
Stakeholder Grievance Current FY (2024) Previous FY (2023) FY (2022)
group from redressal Number of Number of Remarks Number of Number of Remarks Number of Number of Remarks
whom mechanism
complaints complaints complaints complaints complaints complaints
complaint is in place
filed during pending filed during pending filed during pending
received (Yes/No) the year resolution the year resolution the year resolution
at close of at close of at close of
the year year the year
Communities Yes Nil Nil - Nil Nil - Nil Nil -
Investors Yes Nil Nil - Nil Nil - Nil Nil -
Shareholders Yes 6 Nil - 7 Nil - 30 Nil -
Employees Yes 8 Nil - 5 Nil - 3 Nil -
Customers Yes 5 Nil - 5 Nil - 12 Nil -
Value chain Yes 0 Nil - 1 Nil - Nil Nil -
partner
Others – please Yes 2 Nil - 2 Nil - 5 1 -
specify From
third party
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Note: The above complaints pertain to Crisil Limited on a standalone basis.

21(b). Number of consumer complaints in respect of data privacy, advertising, cyber-security, unfair trade practices, etc.

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Note: The above complaints pertain to Crisil Limited on a standalone basis.

Sustainability Databook

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22. Details on number of complaints made by employees

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Current FY (2024) Previous FY (2023) FY (2022)
Filed Pending Remarks Filed Pending Remarks Filed Pending Remarks
during resolution during resolution during resolution
the year at the end the year at the end the year at the end
of the year of the year of the year
Sexual harassment 2 0 - 2 Nil - 1 Nil -
Discrimination at workplace Nil Nil - 1 Nil - 1 Nil -
Child labour Nil Nil - Nil Nil - Nil Nil -
Forced Labour/Involuntary Labour Nil Nil - Nil Nil - Nil Nil -
Health and safety practices Nil Nil - Nil Nil - Nil Nil -
Working conditions Nil Nil - 1 Nil 1 Nil
Wages Nil Nil - Nil Nil Nil Nil
Other human right related issues Nil Nil - Nil Nil - Nil Nil -
Others 6 Nil - 1 Nil - Nil Nil -
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Note: The above complaints pertain to Crisil Limited on a standalone basis.

One of the sexual harassment complaints in 2023 and 2024 pertains to an off-roll staff. The POSH complaint for 2022 & working conditions complaint for 2023 pertain to an off-roll staff as well.

22(a). Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

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Note: The above complaints pertain to Crisil Limited on standalone basis.

*One of the complaints for 2023 and 2024 pertains to an off-roll employee. The complaint for 2022 pertains to an off-roll employee

23(a). Employee turnover by gender, age and region

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Sustainability Report 2024

23(b). Employee hiring by gender, age and region

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23(c). Details of turnover rate for permanent employees

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Communities

24. Percentage of input material (by value of all inputs) to total inputs sourced from suppliers

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Note:

1) The reported number on sourcing covers only small producers which are classified as MSMEs

2) *The above data covers only Indian operations.

24(a). Details of social impact assessment undertaken by the company for projects in the current financial year

Name & brief details of Project	Whether conducted by independent external agency (Yes/No)	Results communicated in public domain (Yes/No)	Relevant Web link
Mein Pragati - Impact	Yes	Yes	https://www.crisil.com/content/dam/crisil/crisil-foundation/
Assessment of			generic-pdf/mein-pragati-independent-sakhis.pdf
independent Sakhi cadre
Crisil RE	Yes	Yes	https://www.crisil.com/content/dam/crisil/crisil-foundation/
			generic-pdf/crisil-re-tree-audit-report-2024.pdf

Sustainability Databook

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24(b).	Details on CSR projects undertaken in designated aspirational districts as identifed by	Details on CSR projects undertaken in designated aspirational districts as identifed by	government bodies
Sr. No.	State	Aspirational District*	Amount Spent
1.	Assam	Baksa, Barpeta, Darrang, Dhubri, Goalpara, Udalguri	`1.49 Cr
2.	Rajasthan	Karauli	`0.45 Cr

Note: *As per Government of India data - link: https://nfdb.gov.in/PDF/List%20of%20AD.pdf

24(c).	Details of benefciaries of CSR projects
Sr. No.	CSR Project	No. of persons benefted from CSR Projects	% of benefciaries from vulnerable & marginalisedgroups
1.	Mein Pragati (Assam) *	510,000	100%
2.	Mein Pragati (Rajasthan) *	820,000	100%
3.	Livelihoods (in Assam) **	-	NA
4.	Livelihoods (in Rajasthan) **	178	100%
5.	Mein Pragati (Assam) ***	3,267	100%
6.	Mein Pragati (Rajasthan) ***	2,007	100%

Note:

Includes all rural community members who have been directly reached out through CSR projects in Assam and Rajasthan.

** Overlapping with beneficiaries reported under S. No. 1 and S. No. 2.

*** Covers the Sakhi cadre onboarded, trained and handheld through the CSR project.

Environment

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25. Energy consumption based on sources (in giga joules) and energy intensity
Parameter Current FY (2024) Previous FY (2023) FY (2022)
From renewable sources
Total electricity consumption (A) 17,595.39 14,094.79 1,095.77
Total fuel consumption (B) 0 0 0
Energy consumption through other sources (C) 0 0 0
Total energy consumed from renewable sources (A+B+C) 17,595.39 14,094.79 1,095.77
From non-renewable sources
Total electricity consumption (D) 7,787.49 9,053.44 19,675.65
Total fuel consumption (E) 1,070.33 1,283.47 1,077.00
Energy consumption through other sources (F) 0 0 0
Total energy consumed from non-renewable sources (D+E+F) 8,857.82 10,336.92 20,752.73
Total energy consumed (A+B+C+D+E+F) 26,453.21 24,431.71 21,848.5
Energy intensity per rupee of turnover (Total energy consumed / 8.11 GJ/ C Cr 7.78 GJ/ C Cr 7.89 GJ/ C Cr
Revenue from operations)
Energy intensity per rupee of turnover adjusted for Purchasing 0.0000167 0.0000160 NA
Power Parity (PPP) (Total energy consumed / Revenue from
operations adjusted for PPP)
Energy intensity in terms of physical output NA NA NA
Energy intensity (optional) – per employee 5.46 4.97 4.59
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Note:

1) Independent reasonable external sustainability report assurance was provided by DNV Business Assurance India Private Limited.
2) *The figure has been restated to align with the clarification provided under SEBI circular and Industry Standards Forum note dated December 20, 2024. The PPP conversion factor considered for 2023 and 2024 is 20.66.

Sustainability Report 2024

26(a). Details of water withdrawal

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Note:

1) Independent reasonable external sustainability report assurance was provided by DNV Business Assurance India Private Limited.
2) The water data covers only India offices of Ahmedabad, Gurugram, Kolkata, Mumbai (two), Pune (one).
3) *The water consumption data has been calculated based on the Central Ground Water Authority (CGWA) guidelines. The estimated consumption is 45 litres per head per working day for offices.
4) ** It may be noted that up to 2022, total water consumed was considered to be equivalent to water withdrawal.
5) ^ The figure has been restated to align with the clarification provided under SEBI circular and Industry Standards Forum note dated December 20, 2024. The PPP conversion factor considered for 2023 and 2024 is 20.66.

26(b). Water discharge by destination and level of treatment (in kilolitres)

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Parameter Current FY (2024) Previous FY (2023) FY (2022)
- - -
(i) Into Surface water
No treatment - - -
With treatment – please specify level of treatment - -
- - -
(ii) Into Groundwater
No treatment - - -
With treatment – please specify level of treatment - - -
- - -
(iii) Into Seawater
No treatment - - -
With treatment – please specify level of treatment - - -
(iv) Sent to third-parties 7,114 9,971 18,976
No treatment (total water discharge - treatment water consumption) 5,680 7,489 16,887
With treatment – please specify level of treatment (quantity of STP 1,434 2,482 2,089
water usage)
- - -
(v) Others
No treatment - - -
With treatment – please specify level of treatment - - -
Total water discharged (in kilolitres) 7,114 9,971 18,976
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Note:

1) Independent reasonable external sustainability report assurance was provided by DNV Business Assurance India Private Limited.
2) The water data covers only India offices of Ahmedabad, Gurugram, Kolkata, Mumbai (two), Pune (one).
3) Water discharge is net of water withdrawal and consumption. Refer to note 3 and 4 under table 26 (a) on water consumption.

Sustainability Databook

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26(c). Details of water withdrawal/consumption/discharge in water-stress areas

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Note: Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

1) Water-stress areas have been identified using the AWS tool, maintained and recommended by WRI (World Resources Institute).
2) The source of water supply in water-stress areas is from municipal water.
3) The water data for water-stress area covers only India offices of Ahmedabad, Gurugram, Pune (one).
4) * The water consumption data has been calculated based on the Central Ground Water Authority (CGWA) guidelines. The estimated consumption is 45 litres per head per working day for offices.

27. List innovative technologies, solutions & initiatives undertaken resulting in lower environment footprint adopted by the company, if any

Sr. Initiative Details of the initiative (Web-link, if any, may be provided along with summary) Outcome of the No. undertaken initiative 1. Water • Crisil recycles 5.1% of water consumed during 2024 Water • Several water efficiency measures have been implemented, including low-flow fixtures, conservation aerators, sensor-based taps, and regular calibration checks
Conservation of water resources for rural communities is a new area of intervention undertaken since 2023 as part of the Company’s CSR programme. During the year, two water harvesting structures were created in Udaipur (in Rajasthan) and Raigarh (in Maharashtra) – both predominantly water scarce regions.

Sustainability Report 2024

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Sr. Initiative Details of the initiative (Web-link, if any, may be provided along with summary) Outcome of the
No. undertaken initiative
2. Energy • In 2024, we increased procurement of green energy for our offices, expanding the number to Reduced energy
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2. Energy •	In 2024, we increased procurement of green energy for our offces, expanding the number to	Reduced energy
	three offces from one in 2023. This has resulted in increased proportion of energy consumption	consumption
	from renewable sources, from 58% in 2023 to 67% in 2024.
•	In 2024, 33% of our offce area was certifed under IGBC’s LEED certifcation programme
•	Crisil transitions to a New Green Offce in Mumbai
	In the conceptualisation and execution of our new offce at Lightbridge, Saki Vihar, careful
	attention has been devoted to environmental considerations, demonstrating our dedication to
	creating workspaces that harmonise commercial needs and the natural ecosystem.
	Few highlights of the offce:

•	The central atrium features natural greenery, with live plants in the atrium and on every
	foor, which help maintain optimal oxygen levels within the premises

The design maximises natural light, reducing the need for artificial lighting
• Entire premises operate on sustainable green energy • Cabin lighting is equipped with motion sensors to enhance energy efficiency • Smart elevators are designed to optimise power usage

Note: * The water data covers only India offices of Ahmedabad, Gurugram, Kolkata, Mumbai (two), Pune (one).

28. Details related to waste management

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Parameter Current FY (2024) Previous FY (2023) FY (2022)
Total Waste Generated (in metric tonnes)
Plastic waste (A) 1.34 0.37 0.12
E-waste (B) 3.24 5.24 15.89
Bio-medical waste (C) 0 NA NA
Construction and demolition waste (D) 0.06 0.12 NA
Battery waste (E) 3.62 2.49 NA
Radioactive waste (F) 0 NA NA
Other Hazardous waste. Please specify, if any. (G) 0.04 0.37 0.09
Lubricant oil
Other Non-hazardous waste generated (H).
Please specify, if any.
a) Metal, aluminium and steel 0.23 0.69 0.62
b) Dry and wet waste 113.75 81.48 46.50
c) Wood 0.00 0.90 0.00
Total Waste generated (in metric tonnes) 122.28 91.65 63.21
(A+B + C + D + E + F + G +H)
Waste intensity per rupee of turnover (Total waste generated / Revenue 0.04 / C Cr 0.03 / C Cr 0.02 / C Cr
from operations)
Waste intensity per rupee of turnover adjusted for Purchasing Power 0.000000077 0.000000060 NA
Parity (PPP) (Total waste generated / Revenue from operations adjusted
for PPP)
Waste intensity per employee 0.02 NA NA
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Note:

1) Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.
2) *The figure has been restated to align with the clarification provided under SEBI circular and Industry Standards Forum note dated December 20, 2024. The PPP conversion factor considered for 2023 and 2024 is 20.66.

Sustainability Databook

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28(a). Details on total waste recovered through recycling, re-using or other recovery operations (in metric tonnes)

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Category of waste Current FY (2024) Previous FY (2023) FY (2022)
(i) Recycled 110.97 84.16 53.86
- - -
(ii) Re-used
- - -
(iii) Other recovery operations
Total 110.97 84.16 53.86
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Note: Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

28(b). Details on total waste disposed by nature of disposal method (in metric tonnes)

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Category of waste Current FY (2024) Previous FY (2023) FY (2022)
- - -
(i) Incineration
(ii) Landfilling 11.31 7.49 7.09
(iii) Other disposal operations - - 2.26
Total 11.31 7.49 9.35
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Note: Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

29. Details of air emissions (other than GHG emissions) by the entity

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Parameter Please specify unit Current FY (2024) Previous FY (2023) FY (2022)
NOx grams 3,388.17 7,041.94 7,082.25
SOx grams 695.09 806.12 724.87
Particulate matter (PM) grams 482.25 1,223.81 1,445.60
Persistent organic pollutants (POP) grams 0 0 0
Volatile organic compounds (VOC) grams 0 493.92 2,422.00
Hazardous air pollutants (HAP) grams 0 0 0
Others – Carbon dioxide (as CO2) grams 213.38 769.91 631.96
Others – Carbon monoxide (as CO) grams 3,655.26 4,737.73 4,950.09
Total Hydrocarbons grams 2,601.97 5,881.7 6,508.43
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Note: Independent reasonable external sustainability report assurance for was provided by DNV.

30. Emissions of ozone-depleting substances (ODS)

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Sustainability Report 2024

30(a) Carbon emitted (in Metric tonnes of CO2 equivalent)

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Parameter Current FY (2024) Previous FY (2023) FY (2022)
Total Scope 1 GHG emissions 750.58 598.73 352.73
Total Scope 2 GHG emissions 1,533.64 1,677.92 4,005.91
Total Scope 1 and Scope 2 emissions intensity per rupee of turnover 0.70 / C Cr 0.73 / C Cr 1.57 / C Cr
(Total Scope 1 and Scope 2 GHG emissions / Revenue from operations)
Total Scope 1 and Scope 2 emission intensity per rupee turnover 0.00000144 0.00000149 NA
adjusted for Purchasing Power Parity
(Total Scope 1 and Scope 2 GHG emissions / Revenue from operations
adjusted for PPP)
Total Scope 1 and Scope 2 emission intensity in terms of physical output NA NA NA
Total Scope 1 and Scope 2 emission intensity / employee 0.47 0.46 0.92
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Note:

1) Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.
2) The figure has been restated to align with the clarification provided under SEBI circular and Industry Standards Forum note dated December 20, 2024. The PPP conversion factor considered for 2023 and 2024 is 20.66.

30(b) Carbon emitted (in Metric tonnes of CO2 equivalent)

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Parameter Current FY (2024) Previous FY (2023) FY (2022)
Total Scope 3 emissions 13,931.75 13,005.99 6,414.49
Total Scope 3 emissions per crore rupee of turnover 4.27 / C Cr 4.14 / C Cr 2.32 / C Cr
Total Scope 3 emission intensity per employee 2.53 2.35 1.20
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Note: Independent reasonable external sustainability report assurance for was provided by DNV Business Assurance India Private Limited.

GHG Computational Methodology

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GHG Computational Methodology

The Scope 1, 2 and 3 GHG emissions inventory will include all the GHG gases (i.e. CO2, N2O, CH4, HFCs and PFCs) arising from the activities carried out by Crisil Limited.

Scope 1 emissions: These are direct emissions arising from the combustion of fuels and GHG leakages within Crisil’s boundary from equipment/sources it owns or controls. The Scope 1 GHG emissions for Crisil Limited arise from combustion of natural gas in vehicles, diesel combustion in DG sets and vehicles, refrigerant gas leakages in air conditioners/ chillers and CO2 gas refilled in CO2-based fire extinguishers.

Scope 2 emissions: These are indirect emissions arising from the generation of purchased electricity consumed by Crisil Limited within its operational boundary.

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Annotation Parameters Source
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A	Emission Factor,kgCO2/ TJ	IPCC 2006
B	Emission Factor,kgCH4/ TJ	IPCC 2006
C	Emission Factor,kgN2O / TJ	IPCC 2006
D	Standard Net Calorifc Value,	IPCC 2006
	TJ / UoM of Fuel
E	GWP of CO2	IPCC AR 6
F	GWP of CH4	IPCC AR 6
G	GWP of N2O	IPCC AR 6
H	Total Fuel Consumption	Crisil
	Quantity,UoM*

*UoM means unit of measure. It will vary from fuel to fuel, e.g. litres for diesel

Total GHG emissions, tCO2e = { [ (a * e) + (b * f) + (c * g) ] * d * h } / 1,000

Mobile emissions:

Scope 3 emissions: These are indirect emissions that arise from the activities outside the organisation’s boundary but are a result of the activities related to the organisation. Scope 3 emissions for Crisil Limited will include upstream emissions associated with the production of goods and services procured, fuel and energy consumed, transportation of the procured goods, third-party waste treatment, business travel and employee commute.

GHG computational methodology

Scope 1 GHG emissions will be reported in subcategories in alignment with GHG Protocol standards. This includes the below:

Stationary combustion:

This will include emissions arising from the combustion of fuel in stationary equipment (which is fixed during the fuel combustion). Stationary equipment GHG sources will be identified after discussion with identified key stakeholders. Typical stationary GHG sources include DG sets, petrol gensets, liquefied petroleum gas-based cook-stoves.
The fuel combustion data for stationary equipment will be collected across different locations in customised data collection templates. In case of absence of actual fuel consumption data, it will be estimated based on the expenditure incurred on the fuel purchase within the respective country of operation.
The emissions will be calculated using the below mentioned formula.
This will include emissions arising from the combustion of fuel in mobile equipment (which moves during the fuel combustion). Mobile GHG sources will be identified after discussion with identified key stakeholders. Typical mobile GHG sources include vehicles and grass-cutting machines, etc.
The fuel combustion data in mobile equipment will be collected across different locations in customised data collection templates. In case of absence of actual fuel consumption data, it will be estimated based on the:
Expenditure incurred on the fuel purchase within the respective country of operation OR
Distance travelled and the equipment mileage assumptions
The emissions will be calculated using the below mentioned formula.

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Annotation Parameters Source
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A	Emission Factor,kgCO2/ TJ	IPCC 2006
B	Emission Factor,kgCH4/ TJ	IPCC 2006
C	Emission Factor,kgN2O / TJ	IPCC 2006
D	Standard Net Calorifc Value,	IPCC 2006
	TJ / UoM of Fuel
E	GWP of CO2	IPCC AR 6
F	GWP of CH4	IPCC AR 6
G	GWP of N2O	IPCC AR 6
H	Total Fuel Consumption	Crisil
	Quantity,UoM*

*UoM means unit of measure. It will vary from fuel to fuel, e.g. litre for diesel and petrol, kg for CNG

Total GHG emissions, tCO2e = {[ (a * e) + (b * f) + (c * g) ] * d * h } / 1000

Sustainability Report 2024

Fugitive emissions:

These will include emissions arising from the intentional/unintentional leakages of:
refrigerant from air conditioners/chillers and
CO2 gas from CO2 fire extinguishers
The refrigerant and CO2 gas refilling data will be collected from different locations in customised data collection templates. In case of absence of actual refrigerant/CO2 refilling data, it will be estimated based on the national average refilling rate of gases.
The emissions for the electricity purchased and consumed from the DG set (owned and operated by third party) will be computed using the below mentioned formula

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Annotation Parameters Source
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A	Total cost of the electricity	Crisil
	purchased & consumed from
	DG Set,Currency
B	National Average cost of	National
	Diesel,Currency/ Litres	Average
	Diesel Emission factor,	IPCC 2006
	tCO2e / KL

Total GHG Emissions, tCO2e = [ (a / b) / 1000 ] * c

The emissions will be calculated using the below mentioned formula.

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Annotation Parameters Source
A GWP of R-Gases, tCO2e / t of IPCC AR 6
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A	GWP of R-Gases, tCO2e / t of	IPCC AR 6
	UoM
B	GWP of CO2,tCO2e / t of UoM	IPCC AR 6
C	Total Refrigerant Reflling	Crisil
	Quantity,UoM
D	Total CO2Reflling Quantity,	Crisil
	UoM*

UoM means unit of measure. It will vary from fuel to fuel, e.g. litres for diesel and petrol, kg for CNG
Total GHG emissions, tCO2e = [ (a * c) + (b * d)

Scope 2 GHG emissions will be computed and reported in alignment with GHG Protocol standards.

Scope 2 emissions:

This includes indirect emissions arising from the generation of purchased electricity consumed by Crisil Limited within its operational boundary.
The electricity consumption data will be collected from different locations in customised data collection templates. In case of absence of actual data, estimation will be done by:
Allocating the total electricity consumption basis the share of the operating sq ft area OR
National building energy benchmarks for different climatic zones of different countries
The emissions for the electricity purchased and consumed from the grid will be computed using the below-mentioned formula.

Scope 3 GHG Emissions will be computed and reported in alignment with GHG Protocol standards. There are indirect emissions associated indirectly with the activities carried out inside the organisation.

Category 1 – Purchased goods and services

This includes upstream emissions associated with the production of the procured goods and services by Crisil Limited.
The invoice register will be referred to compute the emissions associated with the procured goods & services.
Technical Application Resources will be excluded from the inventorisation process as they operate from Crisil’s premises, emissions from which are already accounted in Crisil’s Scope 1 & 2.
For purchased goods and services, an expenditurebased method will be used.
Emission factors will be sourced from S&P Trucost database.
The formula mentioned below will be used to compute GHG emissions from purchased goods and services:

Method	Calculation Formula
Spend	∑(value of purchased goods or service (INR) x
based	emission factor of purchased goods or service
Method	per unit of economic value (kgCO2e / INR)

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Annotation Parameters Source
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A	Grid Emission factor, tCO2e /	CEA, DEWA
	MWh	etc
B	Total electricity consumed	Crisil
	from Grid,MWH

Total GHG Emissions, tCO2e = (a * b)

GHG Computational Methodology

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Category 2 – Capital goods

This includes upstream emissions associated with the production of the procured capital goods by Crisil Limited.
Upstream emission factors will be sourced from:
- DEFRA & IEA for upstream emissions of purchased fuels & electricity consumed
- CEA & DEFRA for T&D loss of purchased electricity
The invoice register was referred to compute the emissions associated with the procured capital goods.
For the purchased capital goods, an expenditure-based method will be used.
Emission factors will be sourced from S&P Trucost database.
The formula mentioned below will be used to compute GHG emissions from procured capital goods.

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Method Calculation Formula
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Spend	∑(value of purchased capital goods (INR) x
based	emission factor of purchased capital goods per
Method	unit of economic value (kgCO2e / INR)

Category 3 – Upstream fuel and energy-related activities

This includes upstream emissions associated with the –
Extraction, processing, production and transportation of the fuel combusted (as reported in Scope 1)
Extraction, processing and transportation of the fuel combusted to produce the electricity consumed (as reported in Scope 2)
T&D losses occurred during the transmission of electricity to Crisil (as reported in Scope 2)
The Scope 1 and 2 activity data will be used to compute these emissions.
Emissions associated with the above-listed categories will be calculated as below:

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Method Calculation Formula
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A.	Upstream emissions ofpurchased fuels	Upstream emissions ofpurchased fuels
	Average –	∑(fuel consumed (e.g., KWH) x upstream
	data method	fuel emission factor (kgCO2e / kWh))
B.	Upstream emissions ofpurchased electricity
	Average –	∑(energy consumed (kWh) x upstream
	data method	electricity emission factor (kgCO2e /
		kWh))
C.	T&D Loss ofpurchased electricity
	Average –	∑(electricity consumed (kWh) x
	data method	electricity life cycle emission factor
		(kgCO2e / kWh) x T&D loss rate (%))

Category 4 – Upstream transportation and distribution

This includes upstream emissions associated with the transportation of the procured goods (listed in Category 2) from Tier-1 supplier to Crisil’s location.
The expenditure-based method will be used to compute emissions from upstream transportation.
The emissions from upstream transportation will be considered 0.05% of the total emissions from procured capital goods.
The emission factors will be sourced from Ecoinvent, DEFRA, Exiobase & US EPA.

Category 5 – Waste generated in operations

This includes emissions associated with the third-party treatment of the waste generated in Crisil’s operations.
The average-data method will be used to compute emissions from third-party waste treatment.
Emission factors will be sourced from IPCC or DEFRA.
Emissions associated with the third-party treatment of the waste generated will be calculated as below:

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Method Calculation Formula
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Average Data	∑(total mass of waste (tonnes) x
Method	proportion of total waste being treated
	by waste treatment method x emission
	factor of waste treatment method
	(kgCO2e / tonne)

Category 6 – Business travel

This includes emissions associated with travel for business via different modes of travel, including emissions from hotel stays.
The GHG activity data will be collected from Crisil’s travel desk/admin team.
Emissions will be computed using the distance-based/ spend-based method (subject to the data availability).

Sustainability Report 2024

Emission factors will be sourced from Green View (for hotel stay), DEFRA (for hotel stay, land travel, air travel, rail travel), IPCC (for land travel), S&P Trucost (for all using amount spend)
Emissions associated with the business travel will be calculated as below:

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Method Calculation Formula
Distance - ∑ (distance travelled by vehicle type (vehicle-km or passenger-km) x vehicle specific emission factor (kg CO2e / vehicle-
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Distance -	∑(distance travelled by vehicle type (vehicle-km or passenger-km) x vehicle specifc emission factor (kg CO2e / vehicle-
based	km or kg CO2e / passenger-km)
method	+
	∑(annual number of hotel nights (nights) x hotel emission factor (kgCO2e / night)
Spend-	∑(expenditure incurred on travel-by-travel mode type (INR) x travel mode specifc emission factor (kg CO2e / INR)
based	+
method	∑(expenditure incurred on hotel stay(INR) x hotel specifc emission factor (kgCO2e / INR)

Category 7 – Employee commute

This includes emissions from the transportation of employees from their homes to their worksites.
The GHG activity data will be collected by floating a survey to the Crisil employees. This will include emissions pertaining to work-from-home (also referred to as telecommute) and work-from-office.
Emissions will be computed using the average data method.
Emission factors will be sourced from DEFRA.
Emissions associated with employee commute will be calculated as below:

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Method Calculation Formula
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Method	Calculation Formula
Average-	Sum across each transport mode:
data	∑(total number of employees x % of employees using mode of transport x one-way commuting distance (vehicle-km
method	or passenger-km) x 2 x working days per year x emission factor of transport mode (kg CO2e / vehicle-km or kg CO2e /
	passenger-km)
	+
	Emissions from telecommunicating:
	∑(Full Time Employees * Working hours x emission factor for energy source (kg CO2e / Full Time Employee-Working
	Hour)

GRI Content Index

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GRI Content Index

The GRI content index has cross references to contents of the Crisil Annual Report 2024 (AR) and its constituent reports: Corporate Governance Report, Directors’ Report, Management Discussions & Analysis (MD&A) Report. These reports are available at crisil.com.

	GRI Disclosure	Reference
1	GRI content index	Page 77 to 84 of this report
2 GRI 2-1	Statement of use 2: General Disclosures Organisationalprofle	Page 12 Sustainability Report: About the report
2-1	a) Name of the organisation	Crisil Limited
	b) Nature of Ownershipand legal form	Page 89 AR: Category-wise shareholding pattern
	c) Location of headquarters	Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai 400 072
	d) Countries of operations	Page 57: Sustainability Databook- Table no. 1 Inside back cover of the AR: Offce Locations
2-2	Entities included in the organisation’s sustainability reporting
2-2	a) Entities included in its sustainability reporting	Page 57: Sustainability Databook Table no. 4
2-3	Reporting period, frequency & contactpoint
2-3	a) Reporting period	Annual
	b) Specify the reporting period for fnancial reporting, & if it does not align with the period for sustainability reporting, explain the reason for this	January 1, 2024 – December 31, 2024
	c) Report the publication date of the report or reported information	February 2024
	d) Contact point for questions regarding the report	Mr Dinesh Venkatasubramanian Designation: Chief Financial Offcer Ms Minal Bhosale Designation: Company Secretary Telephone: +91 22 6137 3000 Email Id:[email protected]
2-4	Restatements of information	Refer to reporting boundaries provided on page 13 of this report and footnotes given under table 25, 26(a), 26(c), 28, 30, 30(a) and onpage 97point 11.
2-5	External assurance	Independent external assurance is provided to Crisil Sustainability Report 2024 byDNV Business Assurance India Private Limited.
2-6	Activities, value chain and other business relationships
2-6	a) Report the sector(s) in which the	Page 57 Sustainability Databook- Table no. 3
	organisation is active	Page 209 AR: Segment reporting
	b) Describe the organisation’s activities,	Page 16-17 AR: Performance Highlights
	products, services and markets served,	Page 8-11 AR: Crisil Businesses
	supply chain, entities downstream from the	Page 57 Sustainability Databook- Table no. 3
	organisation and their activities	Page 209 AR: Segment reporting
		Page 52 Sustainability Report: Sustainable supply chain
		Pages 4 and 5 Sustainability Report: Refer to About Crisil (Who we are and
		Who we serve), Our worldwidepresence and number of customers.
	c) Report other relevant business relationships	Page 26 SustainabilityReport: Relatedpartytransactions
2-6	Signifcant changes to the organisation and its	Nil
	supplychain

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GRI Disclosure Reference
2-7 Employees
2-7 a) Total number of employees by gender & Page 39 Sustainability Report: Global Workforce & culture
region Page 60 Sustainability Databook- Table no. 11 (a & b)
Employee headcount has been reported as on year-end December 31, 2024.
Any exception in the methodology adopted to compile the data has been
provided in the footnote of the respective table
2-8 Workers who are not employees
2-8 Workers who are not employees Page 39 Sustainability Report: Our Global Workforce
2-9 Governance structure and composition
2-9 Describe Governance structure including Page 24 to 31 Sustainability Report: Corporate Governance
committees of the highest governance body Page 80: Corporate Governance Report - Board Committees
2-10 Nominating and selecting the highest governance body
2-10 Nominating and selecting the highest Page 75 AR: Corporate Governance Report - Criteria for Board membership
governance body
2-11 Chair of the highest governance body
2-11 Chair of the highest governance body In keeping with the principle of segregation of powers of Chairperson and
Management, the Crisil Board is chaired by a Non-Executive Director
2-12 Role of the highest governance body in overseeing the management of impacts
2-12 Role of the highest governance body in Page 24 to 31 Sustainability Report: Corporate Governance
overseeing the management of impacts Page 77 AR: Refer to Responsibilities paragraph of ‘Board of Directors’ portion
under Directors’ Report
Page 89 BRSR Report: Section B: Management and Process Disclosures
Page 50 Sustainability Report: Stakeholder Engagement
2-13 Delegation of responsibility for managing impacts
2-13 Delegation of responsibility for managing Page 16 of Sustainability Report: Sustainability Governance at Crisil
impacts
2-14 Role of the highest governance body
2-14 Role of the highest governance body Page 16 of Sustainability Report: Sustainability Governance at Crisil
Page 24 of Sustainability Report: Corporate Governance
Page 91 BRSR Report: Governance, Leadership & oversight
2-15 Conflicts of interest (CoI)
2-15 Processes for prevention and mitigation of Page 27 to 29 Sustainability Report: Code of business ethics, ensuring conflict
conflicts of interest and its reporting free environment, data privacy
Page 28 Sustainability Report: Personal trading policy
Page 26 Sustainability Report: Related party transactions
No complaints with regard to conflict of interest were received during the year
2-16 Communication of critical concerns
2-16 (a) Communicating critical concerns Page 30 Sustainability Report: Grievance Redressal
(b) Report the total number and the nature of Page 64 Sustainability Databook: Table no. 21 (a&b), Table 22 and 22(a)
critical concerns that were communicated
to the highest governance body during the
reporting period.
2-17 Collective knowledge of highest governance body
2-17 Report on measures taken to advance the Page 77 AR: Corporate Governance Report - Role of Independent Directors &
collective knowledge, skills, and experience of familiarisation programme
the highest governance body on sustainable Page 76 AR: Corporate Governance Report - Table 1.1
development Page 58 Sustainability Databook: Table no. 6
Read Crisil Familiarisation Programmes 2024 at https://www.crisil.com/
- -
content/dam/crisil/investors/corporate governance/familiarisation
programmes-conducted-in-2024-for-independent-directors.pdf
2-18 Evaluation of the performance of the highest governance body
2-18 Evaluation of the performance of the highest Page 47 AR: Directors’ Report-Annual evaluation by Board
governance body
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GRI Content Index

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GRI Disclosure	Reference
2-19 Remunerationpolicies
2-19 Describe the remuneration policies for the highest governance body and senior executives and how these relate to their objectives and performance	Page 78 AR: Corporate Governance Report-Remuneration policy Page 26 Sustainability Report: Remuneration Policies Page 5 Part C ‘Policy Relating to the Remuneration For Directors, KMPS and Other Employees’ of the Nomination & Remuneration policy of Crisil at https://www.crisil.com/content/dam/crisil/investors/corporate-governance/ Nomination-and-Remuneration-Policy-of-CRISIL.pdf
2-20 Process to determine remuneration
2-20 Process to determine remuneration and shareholder participation in the determination of remuneration	Page 5 Part C ‘Policy Relating to the Remuneration for Directors, KMPS and Other Employees’ of the Nomination & Remuneration policy of Crisil at https://www.crisil.com/content/dam/crisil/investors/corporate-governance/ Nomination-and-Remuneration-Policy-of-CRISIL.pdf Shareholder’s approval for appointment and remuneration of MD & CEO is available athttps://www.crisil.com/content/dam/crisil/investors/ postal-ballot-notice---appointment-of-md-and-ceo/postal-ballot-notice- appointment-of-md-and-ceo.pdf Shareholders’ approval for payment to Non-executive Directors is available athttps://www.crisil.com/en/home/investors/shareholder-services/postal- ballot-notice-appointment-of-a-non-executive-director.html
2-21 Annual total compensation ratio and percentage increase in annual total compensation ratio	Page 58 Sustainability Databook: Table 7(a) The percentage increase in the annual total compensation ratio is 7.69% [However, refer to explanationprovided for Table no. 7(a)]
2-22 Statement on sustainable development strategy
2-22 Statement on sustainable development	Page 8 of the SustainabilityReport: Statement from MD and CEO
2-23 Policy commitments
2-23 a. Describe entity's policy commitments for responsible business conduct	Page 27 Sustainability Report: Corporate Governance, Business Ethics & Transparency Page 89 BRSR Report: Section B - Management and Process Disclosures covers over 35 policies comprehensively cover our business conduct principle Page 48 AR: Directors Report - Risk Management Policy and internal control adequacy Page 70 AR: MD&A - Risk Management Page 31 Sustainabilityreport: Risk Management
2-23 b. Describe its specifc policy commitment to respect human rights	Page 45 Sustainability Report: Respect for Human rights Page 3 ‘Conduct of business’ of the Crisil Code of Ethics policy:https://www. crisil.com/content/dam/crisil/investors/corporate-governance/code-of- ethics.pdf Modern Slavery Statement athttps://www.crisil.com/content/dam/crisil/ investors/corporate-governance/Modern-Slavery-Statement.pdf Page 89 BRSR Report: Section B - Management and process disclosures, covers policies that comprehensively cover our business conduct principle Page 52 SustainabilityReport: Sustainable SupplyChain
2-24 Embedding policy commitments
2-24 How the organisation embeds each of its	Refer Page 89 of BRSR report which outline policies which governs the
policy commitments for responsible business	responsible business conduct of Crisil.
conduct throughout its activities and business relationships	Policy implementation- These policies are applicable to all employees and all employees are expected to adopt and implement these policies in regular
	business conduct
	Training- To reinforcement of this policies is ensured through annual training
	on these policies.
	Page 52 Sustainability Report: Sustainable supply chain
	Page 45 of Sustainability Report: Refer respect for Human rights
	Page 27 of Sustainability Report: Ethics & transparency
	Page 58 Sustainability Databook: Table 6
	Page 53 of Sustainability Report: Supply chain capability building
	Page 46 Sustainability Report: Driving social change
	Grievance redressal: The policy mechanism around the grievances is covered
	under the Code of Conduct policy. For further details, refer ‘Grievance
	Redressal’ onpage 30 of SustainabilityReport.

Sustainability Report 2024

	GRI Disclosure	Reference
2-25	Processes to remediate negative
2-25	Describe entity’s: a. commitments in the remediation of negative impacts, including approach to identify and addressgrievance	Page 30 Sustainability Report: Grievance Redressal
2-26	Mechanisms for advice and concerns about ethics
2-26	Describe the mechanisms for individuals to: i. seek advice on implementing the organisation’s policies and practices for responsible business conduct; ii. raise concerns about the organisation’s business conduct	Page 30 Sustainability Report: Grievance Redressal
2-27	Compliance with laws and regulations
2-27	Compliance with laws and regulations	Page 92 BRSR Report- Principle 1 Essential indicators Page 48 AR: Compliance monitoringframework
2-28	Membership of associations
2-28	Membershipof associations	Page 56 SustainabilityReport: Responsible Public Engagement
2-29	Approach to stakeholder engagement
2-29	List of stakeholder groups Identifying and selecting stakeholders Describe entity's approach to engage with stakeholders, including: i. The purpose of the stakeholder engagement. ii. How the organisation seeks to ensure meaningful engagement with stakeholders	Refer to Stakeholder Engagement Policy available on our website athttps:// www.crisil.com/content/dam/crisil/ investors/corporate-governance/CRISIL- StakeholderEngagement-Policy.pdf Page 50 Sustainability Report: Stakeholder Engagement Page 99 BRSR Report-Principle 4 Leadership and Essential indicators
2-30	Collective bargaining agreements
2-30	Collective bargaining agreements	Crisil recognises the right to freedom of association in
		accordance with the laws of the land. However, we do not have a recognised
		employee association.
GRI 3-1: 3-1	Process to determine material topics a. Describe the process the organisation has followed to determine its material topics	Page 21 Sustainability Report: Materiality Assessment & Business Strategy
3-2	List of material topics	Page 21 Sustainability Report: Materiality matrix Page 59 SustainabilityDatabook- Table no. 8
3-2 GRI 3-3:	Changes in the reporting Management of material topics	No change
3-3	For each material topic reported, describe the	Page 59 Sustainability Databook- Table no. 8
	actual and potential, negative and positive
	impacts on the economy, environment, and
	people, includingimpacts on their human rights
	Describe its policies or commitments regarding	Page 89 BRSR report- Section B Management and Process Disclosures
	the material topic
	d) describe actions taken to manage the topic &	Page 59 Sustainability Databook - Table no. 8
	related impacts, including:	For details:
	i. actions to prevent or mitigate potential negative impacts; ii. actions to address actual negative impacts, including actions to provide for or cooperate in their remediation; iii. actions to manage actual & potential positive impacts	Page 29 Sustainability Report: Data privacy and Information Security Page 27 Sustainability Report: Code of Ethics Page 16 Sustainability Report: Sustainability governance at Crisil Page 31 Sustainability Report: Risk Management Page 43 Sustainability Report: Talent management, learning and development Page 45 Sustainability Report: Respect for human Rights Page 38 Sustainability Report: Social Capital
		Page 32 Sustainability Report: Environment
		Page 52 SustainabilityReport: Sustainable supplychain

GRI Content Index

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GRI Disclosure Reference
Describe how engagement with Page 50 Sustainability Report: Stakeholder Engagement
stakeholders has informed the actions Page 59 Sustainability Databook: Table no. 8
taken and how it has informed whether Page 31 Sustainability Report: Risk management
the actions have been effective
GRI 200: ECONOMIC PERFORMANCE
GRI 201: Economic
201-1 Direct economic value generated and distributed Page 167 AR: Consolidated Statement of Profit and Loss
201-2 Financial implications and other risks and Page 32 Sustainability Report: Environment
opportunities due to climate change Page 59 Sustainability Databook: Table no. 8
201-3 Defined benefit plan obligations and other Page 181 of AR: Consolidated Financial Statements -2.20 Retirement and
retirement plans other employee benefits
GRI 202: Market presence
202-1 Ratios of standard entry level wage by gender Crisil’s remuneration framework is merit-based with linkages to individual
compared to local minimum wage and company performance and is guided by market practice to provide
competitive levels of compensation to employees. Crisil ensures that its
human resources policies are designed and implemented incorporating
principles of consistency and fairness across its diverse employee base
Page 60 Sustainability Databook- Table no. 12
GRI 203: Indirect Economic Impacts
203-1 Infrastructure investments and services Page 55 Sustainability Report: Creating sustainable infrastructure
supported Page 49 Sustainability Report: RBI’s MoneyWise Centres for Financial Literacy
(CFLs)
203-2 Significant indirect economic impacts Page 18 Sustainability Report: Aligning with UN SDGs
Page 46 Sustainability Report: Driving Social Change
GRI 204: Procurement practices
204-1 Proportion of spending on local suppliers Page 52 Sustainability Report: Governance around supply chain
Page 53 Sustainability Report: Supply chain inclusion
GRI 205: Anti-corruption
205-2 Communication and training about anti- Crisil’s code of ethics covers prohibition of bribery and corruption. For details,
corruption policies and procedures refer to ‘Crisil Code of Ethics’ on Page 27 of Sustainability Report
205-3 Confirmed incidents of corruption and actions No instances of bribery/corruption took place during the year
taken
GRI 206: Anti-competitive behaviour
206-1 Legal actions for anticompetitive behaviour, anti- There were no instances of adverse orders from regulatory authorities for
trust, and monopoly practices anti-competitive conduct
GRI 207: Tax
207-1 Approach to tax Page 26 Sustainability report: Crisil’s Taxation Policy
207-2 Tax governance, control, and risk management Page 26 Sustainability report: Crisil’s Taxation Policy
207-3 Stakeholder engagement and management of Page 26 Sustainability report: Crisil’s Taxation Policy
concerns related to tax
207-4 Country-by-country reporting Refer to the financial statements of Crisil subsidiaries available on our
website at https://www.crisil.com/en/home/investors/subsidiary-disclosures.
html
GRI 300: ENVIRONMENT PERFORMANCE
GRI 301: Materials
301-1 Materials used by weight or volume Not applicable. Crisil is in the services business; it does not have
manufactured products. Hence, these issues are not relevant
301-2 Recycled input materials used Being in the services sector, we do have significant inputs material. However,
efforts are made towards recycling and reuse of consumables and safe
disposal as applicable For details, refer:
Page 37 Sustainability Report: Waste management
Page 70 Sustainability Databook: Table no. 28, 28 (a & b)
301-3 Reclaimed products and their packaging Not Applicable. Crisil is in the service business; it does not have manufactured
materials products. Hence, these issues are not relevant
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GRI Disclosure Reference
GRI 302: Energy
302-1 Energy consumption within the organisation Page 34 Sustainability Report: Energy conservation
Page 67 Sustainability Databook - Table no. 25
302-2 Energy consumption outside of the organisation Not Available
302-3 Energy intensity Page 34 Sustainability Report: Energy consumption
Page 67 Sustainability Databook- Table no. 25
302-4 Reduction of energy consumption Page 34 Sustainability Report: Energy Conservation
302-5 Reductions in energy requirements of products Not applicable. Crisil is in the services business; it does not have
and services manufactured products. Hence, these issues are not relevant
GRI 303: Water and effluents
Management Approach
303-1 Interactions with water as a shared resource Page 37 Sustainability Report: Water conservation
Page 68 Sustainability Databook - Table no. 26 (a & b)
303-2 Management of water discharge-related impacts Page 37 Sustainability Report: Water conservation
Page 68 Sustainability Databook - Table no. 26 (a & b)
Topic-specific disclosures
303-3 Water withdrawal Page 68 Sustainability Databook- Table no. 26(a)
303-4 Water discharge Page 68 Sustainability Databook: Table no. 26(b)
303-5 Water consumption Page 68: Sustainability Databook- Table no. 26(a)
GRI 305: Emissions
305-1 Direct (Scope 1) GHG emissions Page 72 Sustainability Databook- Table no. 30(a)
305-2 Energy indirect (Scope 2) GHG emissions Page 72 Sustainability Databook- Table no. 30(a)
305-3 Other indirect (Scope 3) GHG emissions Page 72 Sustainability Databook- Table no. 30(b)
305-4 GHG emissions intensity Page 72 Sustainability Databook- Table no. 30 (a & b)
305-5 Reduction of GHG emissions Page 34 Sustainability Report: Reduced GHG Emissions
305-6 Emissions of ozone-depleting substances (ODS) Page 71 Sustainability Databook- Table no. 30
305-7 Nitrogen oxides (NOX), sulphur oxides (SOX), and Page 71 Sustainability Databook- Table no. 29
other significant air emissions
GRI 306: Waste
Management Approach
306-1 Waste generation & significant waste-related Page 37 Sustainability Report: Waste management
impacts Page 71 Sustainability Databook- Table no. 28, 28(a & b)
306-2 Management of significant waste-related Page 37 Sustainability Report: Waste management
impacts
Topic Specific Disclosures
306-3 Waste generated Page 70 Sustainability Databook- Table no. 28
306-4 Waste diverted from disposal Page 71 Sustainability Databook- Table no. 28 (a)
306-5 Waste directed to disposal Page 71 Sustainability Databook- Table no. 28 (b)
GRI 307: Environmental compliance
307-1 Non-compliance with environmental laws & None
regulations
GRI 308: Supplier Environmental Assessment
308-1 New suppliers that were screened using Page 52 Sustainability Report: Supply chain sustainability assessment
environmental criteria Page 53 Sustainability Report: Supply chain capability building
Page 53 Sustainability Report: Creating environment conscious supply chain
Page 35 Sustainability Report: Indirect emissions
308-2 Negative environmental impacts in the supply Page 52 Sustainability Report: Supply chain sustainability assessment
chain and actions taken Page 53 Sustainability Report: Supply chain capability building
Page 53 Sustainability Report: Creating environment conscious supply chain
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GRI Content Index

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GRI Disclosure Reference
GRI 400: Social Dimension
GRI 401: Employment
401-1 New employee hires and employee turnover Page 65 Sustainability Databook- Table no.23 (a) and 23(b)
401-2 Benefits provided to full-time employees that Page 61 Sustainability Databook- Table no.14 (a&b)
are not provided to temporary or part-time
employees
401-3 Parental leave Page 62 Sustainability Databook- Table no.16 (a&b)
GRI 403: Occupational health and safety
403-1 Occupational health and safety management Page 45 Sustainability Report: Promoting health and wellness
system
403-2 Hazard identification, risk assessment, and Being in the financial services sector, our workplace and processes are
incident investigation inherently non-hazardous and safe in nature. For details on health and safety
assessments, please refer to “Promoting health and wellness” on page 45 of
Sustainability Report
403-3 Occupational health services Page 45 Sustainability Report: Promoting health and wellness
403-4 Worker participation, consultation, & Page 45 Sustainability Report: Promoting health and wellness.
communication on occupational health & safety Page 62 Sustainability Databook- Table no. 17
403-5 Worker on occupational health and safety Page 45 Sustainability Report: Promoting health and wellness
Page 62 Sustainability Databook- Table no.17
403-6 Promotion of worker health Page 45 Sustainability Report: Promoting health and wellness
Page 62 Sustainability Databook- Table no.17
403-7 Prevention and mitigation of occupational Page 45 Sustainability Report: Promoting health and wellness
health and safety impacts directly linked by Page 61 Sustainability Databook- Table no.14(a)
business relationships
403-8 Workers covered by an occupational For details on health and safety assessments, please refer to “Promoting
health and safety management system health and wellness” on page 45 of Sustainability Report
403-9 Work-related injuries Page 97 BRSR: Q11 Details of safety related incidents
403-10 Work-related ill health Page 97 BRSR: Q11 Details of safety related incidents
GRI 404: Training and education
404-1 Average hours of training per year per employee Page 43 Sustainability Report: Talent management, learning and development
404-2 Programmes for upgrading employee skills and Page 43 ESG Report: Talent management, learning and development
transition assistance programmes Page 58 Sustainability Databook- Table no.6
Page 62 Sustainability Databook- Table no.17
404-3 Percentage of employees receiving regular Page 61 Sustainability Databook- Table no.13
performance & career development reviews
GRI 405: Diversity and equal opportunity
405-1 Diversity of governance bodies and employees Page 40 Sustainability Report: Our Global Workforce
Page 39 Sustainability Report: Global Workforce & culture
405-2 Ratio of basic salary and remuneration of Page 58 Sustainability Databook-Table no.7
women to men
GRI 406: Non-discrimination
406-1 Incidents of discrimination and corrective Page 45 Sustainability Report: Respect for human rights
actions taken Page 30 Sustainability Report: Grievance redressal
Page 65 Sustainability Databook: Table no. 22
GRI 407: Freedom of association and collective bargaining
407-1 Operations and suppliers in which the right to Not applicable
freedom of association and collective
bargaining may be at risk
GRI 408: Child Labour
408-1 Measures taken by the organisation in the Page 45 Sustainability Report: Respect for Human Rights
reporting period intended to contribute to the Page 63 Sustainability Databook- Table no.19 & 20
effective abolition of child labour
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GRI Disclosure Reference
GRI 409: Forced or Compulsory Labour
409-1 Measures taken by the organisation in the Page 45 Sustainability Report: Respect for human rights
reporting period intended to contribute Page 63 Sustainability Databook- Table no.19 & 20
to the elimination of all forms of forced or
compulsory Labour
GRI 410: Security Practices
410-1 Security personnel trained in human rights 100% of security personnel in our PAN India offices are trained on human
policies/ procedures rights policies/ procedures
GRI 413: Local Communities
413-1 Operations with local community Page 46 Sustainability Report: Driving social change
engagement, impact assessments, and Page 66 Sustainability Databook: Communities
development programmes Our operations do not have any environmental and social negative impact on
local communities
413-2 Operations with significant actual and potential Our operations do not have any negative impact on the local communities
negative impacts on local communities
GRI 414: Supplier Social Assessment
414-1 New suppliers that were screened using social Page 52 Sustainability Report: Supply chain sustainability assessment
criteria
414-2 a. Number of suppliers assessed for social Page 63 Sustainability Databook: Table no. 19
impacts. Page 52 Sustainability Report: Supply chain sustainability assessment
b. Number of suppliers identified as having No negative impacts have come to our attention. Our complaint redressal
significant actual and potential negative mechanisms address complaints from all stakeholders. Complaints received
social impacts. relevant to Crisil supply chain are duly investigated and stringent actions are
c. Significant actual and potential negative taken, if required
social impacts identified in the supply chain.
d. Percentage of suppliers identified as having
significant actual and potential negative
social impacts with which improvements
were agreed upon as a result of assessment.
e. Percentage of suppliers identified as having
significant actual and potential negative
social impacts with which relationships were
terminated as a result of assessment, and
why.
GRI 418: Customer privacy
418-1 Substantiated complaints concerning breaches Page 29 Sustainability Report: Data protection and data security
of customer privacy and losses of customer data Page 64 Sustainability Databook: Table 21(b)
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SASB Index

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SASB Index

This SASB content Index has been prepared in reference to SASB Standards for Professional and Commercial Services. This report should be read together with Sustainability report and Sustainability Databook.

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Standard Disclosure Reference
Data Security
SV-PS-230a.1 Description of approach to identifying Page 27 Sustainability Report: Ensuring a conflict-free environment.
and addressing data security risks Page 29 Sustainability Report: Data privacy.
Page 29 Sustainability Report: Data protection and data security.
SV-PS-230a.2 Description of policies and practices Page 27 Sustainability Report: Ensuring a conflict-free environment.
relating to collection, usage, and Page 29 Sustainability Report: Data privacy.
retention of customer information Page 29 Sustainability Report: Data protection and data security.
Page 58 Sustainability Databook: Table (6) for training provided on data privacy.
Page 59 Sustainability Databook: Table (8) for data privacy and information
security is a material issue.
Page 64 Sustainability Databook: Table 21(b) for complaints on data privacy
SV-PS-230a.3. (1) Number of data breaches, Nil data breaches reported in 2024.
(2) Percentage that
(a) involve customers’ confidential
business information
(b) are personal data breaches,
(3) Number of
(a) customers and
(b) individuals affected
Workforce Diversity and Engagement
SV-PS-330a.1 Percentage of Page 25 Sustainability Report: Board demographics
(1) Gender and Page 40 Sustainability Report: Permanent employee count
(2) Diversity group representation for Page 60 Sustainability Databook: Table no 11(a) and 11(b) For employee count
(a) executive management,
(b) non-executive management, and
(c) all other employees
SV-PS-330a.2 (1) Voluntary and Page 65 Sustainability Databook: Table no 23(a) for employee turnover by
(2) Involuntary turnover rate for gender, age, region
employees Page 66 Sustainability Databook: Table 23(b) for details of turnover rate for
permanent employees
SV-PS-330a.3 Employee engagement as a percentage Page 43 Sustainability Report: Talent management, learning and development
Professional Integrity
SV-PS-510a.1 Description of approach to ensuring Page 27 Sustainability Report: Crisil’s Code of Ethics
professional integrity Page 27 Sustainability Report: Ensuring a conflict free environment.
Page 29 Sustainability Report: Data privacy.
Page 29 Sustainability Report: Data protection and data security.
Page 28 Sustainability Report: Personal Trading Policy
Page 30 Sustainability Report: Grievance redressal
Page 50 Sustainability Report: Stakeholder engagement
Page 52 Sustainability Report: Sustainable supply chain
Page 54 Sustainability Report: Our Sustainability Products and Services
SV-PS-510a.2 Total amount of monetary losses as a Crisil reported no monetary losses as a result of legal proceedings associated
result of legal proceedings associated with professional integrity during the reporting year
with professional integrity
Activity Metrics
SV-PS-000.A Number of employees by: (1) full-time Page 40 Sustainability Report: Permanent employee and contract staff
and part-time, (2) temporary, and Page 60 Sustainability Databook: Table no 11(a) and 11(b) for employee count
(3) contract
SV-PS-000.B Employee hours worked, percentage NA
billable
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Sustainability Report 2024

Business Responsibility and Sustainability Report

(Prepared in accordance with SEBI Circular no. CIR/2023/122 dated July 12, 2023. This report should be read together with Sustainability Report and Sustainability Databook)

SECTION A: GENERAL DISCLOSURES

I.	Details of the listed entity
1.	Corporate Identity Number (CIN) of the Listed Entity	L67120MH1987PLC042363
2.	Name of the Listed Entity	Crisil Limited
3.	Year of incorporation	1987
4.	Registered offce address*	Crisil House, Central Avenue
		Hiranandani Business Park, Powai
		Mumbai 400 076
5.	Corporate address	Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai 400 072
6.	E-mail	[email protected]
7.	Telephone	+91 22 6137 3000
8.	Website	http://www.Crisil.com/
9.	Financialyear for which reporting is being done	January1 - December 31, 2024
10.	Name of the Stock Exchange(s) where shares are listed	Equity shares are of Crisil Limited are listed on National Stock Exchange
		of India Ltd (NSE) and BombayStock Exchange Ltd (BSE Ltd)
11.	Paid-up Capital (`)	73,129,790
12.	Name and contact details (telephone, email address) of	Mr Dinesh Venkatasubramanian
	the person who may be contacted in case of any queries	Designation: Chief Financial Offcer
	on the BRSR report	Ms Minal Bhosale
		Designation: Company Secretary
		Telephone: +91 22 6137 3000
		Email Id:[email protected]

13. Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e. only for the entity) or on a consolidated basis (i.e. for the entity and all the entities which form a part of its consolidated financial statements, taken together). Unless otherwise indicated at appropriate places in the report.

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Data Basis Exclusions Restatement over 2023
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Financial	Crisil’s consolidated global	Indicated at appropriate places in the report
	operations
Environmental
Energy	The energy usage and emissions	Excluded offces: India (three), the UK (one),
Scope 1 and Scope	data cover Crisil’s consolidated	the US (one), Japan (one), the UAE (one),
2@*	global operations, except offces	Switzerland (one), Singapore (one), Colombia
	with no operational control and	(one) and Cambodia (one)
	offces with occupancy of less than
	or equal to 10 employees
Scope 3:	Scope 3 business travel data	Excluded offces : Colombia (one) and
business travel*	includes consolidated global	Cambodia (one)
	operations
Scope 3:	Scope 3 work from home includes		In 2024, moved Colombia
work from home*	consolidated global operations		and Switzerland offces
			from exclusion to inclusion
Scope 3:	Scope 3: purchased goods includes
purchasedgoods*	consolidatedglobal operations

@ Energy/emissions data for Q4 for Australia, November and December 2024 for USA (one) and December 2024 for Argentina and Poland offices have been estimated based on previous 3 months.
*Registered Office shifted to Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai 400 072 w.e.f. March 19, 2025.

Business Responsibility and Sustainability Report

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Data Basis Exclusions Restatement over 2023
Waste Waste management data relates Excluded office: Mumbai (one)
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	only to India offces, except the
	offces with occupancy of less than
	or equal to 10 employees
Water	Water data covers only India offces	Excluded offces: India (six), Poland (one),
	of Ahmedabad, Gurugram, Kolkata,	Argentina (one), China (one), US (two), UK (two),
	Mumbai (two) and Pune (one)	Japan (one), UAE (one), Singapore (one), Australia
		(one), Switzerland (one), Colombia (one) and
		Cambodia (one).
Social	Crisil’s consolidated global	Indicated at appropriate places in the report
	operations. Data related to HR
	metrics covers only permanent
	employees unless stated otherwise
Governance	All policies, trainings, stakeholder	All Board-related data / metrics are related to
	engagement efforts and other	Crisil on a standalone basis. Other exclusions,
	reported metrics cover consolidated	if any, are indicated at appropriate places in the
	operations, including subsidiaries	report
Communities	India operations of Crisil	Overseas operations of Crisil are excluded
Supply chain	Crisil’s consolidated global	Excluded offces: Argentina, Japan, Poland,
	operations	Columbia & China.
		Total procurement spend has been considered
		excluding rental, employee and associate cost,
		utilities and bank charges

@ Energy/emissions data for Q4 for Australia, November and December 2024 for USA (one) and December 2024 for Argentina and Poland offices have been estimated based on previous 3 months.
Refer GHG computational methodology on page 73 of this report.
Crisil had 26 operational offices in 2024, however one India office was shutdown in March 2024.

14. Name of assurance provider Independent external Sustainability Report assurance was provided by DNV (Det Norske Veritas) Business Assurance India Private Limited'.

15. Type of assurance obtained Reasonable Assurance for Core indicators and limited assurance for other indicators

II. Products/services

16. Details of business activities (accounting for 90% of the turnover)

Please refer to Table No. 3 on page 57 of the Sustainability Databook

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover)

Please refer to Table No. 2 on page 57 of the Sustainability Databook

III. Operations

18. Number of locations where plants and/or operations/offices of the entity are situated

Please refer to Table No. 1 on page 57 of the Sustainability Databook.

19. Markets served by the entity:

a) Number of locations

50 countries (including India)

b) What is the contribution of exports as a percentage of the total turnover of the entity?

70 %

c) A brief on types of customers

Sustainability Report 2024

IV. Employees

20. Details as at the end of Financial Year

a) Employees and workers (including differently abled)
Please refer to Table No. 11(a) on page 60 of the Sustainability Databook.

b) Differently abled Employees and Workers

Please refer to Table No. 11(b) on page 60 of the Sustainability Databook.

21. Participation/Inclusion/Representation of women

Please refer to Table No. 5 on page 58 of the Sustainability Databook.

22. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)

Please refer to Table No. 23(c) on page 66 of the Sustainability Databook.

V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. Names of holding/subsidiary/associate companies/joint ventures

Please refer to Table No. 4 on page 57 of the Sustainability Databook.

VI. CSR Details

24. a) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No)

b) Turnover (in J **) ***
c) Net worth (in J **) ***

1,664.89 crore 1,786.31 crore

*On standalone basis

VII. Transparency and Disclosures Compliances

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct

Please refer to Table No. 21(a) on page 64 of the Sustainability Databook.

26. Overview of the entity’s material responsible business conduct issues

Please refer to Table No. 8 on page 59 of the Sustainability Databook.

Principle Index

The nine principles are denoted using alpha-numeric term P1, P2, P3 and so on and have the following meaning:

P1 Businesses should conduct and govern themselves with ethics, transparency and accountability P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle
P3 Businesses should promote the well-being of all employees P4 Businesses should respect the interests of and be responsive towards all stakeholders, especially those who are disadvantaged, vulnerable and marginalised
P5 Businesses should respect and promote human rights
P6 Businesses should respect, protect and make efforts to restore the environment P7 Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner P8 Businesses should support inclusive growth and equitable development
P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner

Section B: Management and Process Disclosures

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Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9
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Policy and management processes	Policy and management processes
1. a. Whether your entity’s policy/policies cover each principle and its core elements of the NGRBCs. (Yes/No)	Y •ESG Policy •Code of Ethics •Code of Conduct for Board & Senior Management •Whistle-blower Policy •Tax Policy •Policy for determining Materiality for Disclosures •Code of Practices and Procedures for Fair Disclosure of UPSI •Nomination and Remuneration Policy •Gift Policy •Confdentiality Policy •Supplier Code of Conduct •Policy on Anti- Money Laundering & Countering Terrorist Financing Y •ESG Policy •Strategic framework on Sustainability offerings •Supplier Code of Conduct Y •ESG Policy •Policy on redressal of Workplace Harassment •Policy on redressal of Sexual Harassment •Policy on Equal Opportunity at workplace •Health & Safety Policy •Maternity & Day Care Policy •Internal Mobility Policy •Corporate framework on Rewards & Recognition •Leave Policy •Policy on Working Hours and attendance •Transfer and Relocation Policy •Education assistance Policy •Policy on Paid Sabbatical leave •Short-term Loan Policy •Guidelines on Flexible Work Timing •Guidelines on Mediclaim Y •ESG Policy •Stakeholder Engagement Policy •Code of Ethics •Policy on Equal Opportunity at workplace Y •ESG Policy •Policy on Modern Slavery •Code of Ethics •Whistle-blower Policy •Supplier Code of Conduct •Policy on redressal of Sexual Harassment Y •ESG Policy •Environment Policy •Supplier Code of Conduct Y •ESG Policy •Framework for Responsible Public Engagement •Policy on Social Media Y •ESG Policy •Policy on Corporate Social Responsibility Y •ESG Policy •Stakeholder Engagement Policy •Confdentiality Policy •Corporate Privacy Policy
b. Has the policy been approved by the Board? (Yes/No)	The frst eight policies are Board-approved. The rest have been approved by Management The frst policy is Board-approved. Other policies are approved at various levels of Management The frst policies are Board-approved. Other policies are approved at various levels of Management First three polices are Board-approved. Rest have been approved by Management First four policies are Board- approved. Rest have been approved by management The frst policy is Board-approved. Other policies are approved by Management First two policies are Board approved. The third policy has been approved by Management Approved by Board First two policies are Board-approved. Others have been approved by Management
c. Web Link of the Policies, if available	All the Board-approved policies are available on company website. https://www.Crisil.com/en/home/investors/corporate-governance.html Other policies are available on Company internal network/ intranet
2. Whether the entity has translated the policy into procedures. (Yes/No)	Y Y Y Y Y Y Y Y Y
3. Do the enlisted policies extend to your value chain partners? (Yes/No)	Y. Supplier Code of Conduct extends to value chain partners Y. Supplier Code of Conduct extends to value chain partners No No Y. Modern Slavery Policy and Supplier Code of Conduct extends to value chain partners Y. Supplier Code of Conduct extends to value chain partners No No No

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Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9
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4. Name of the national	ISO 27001 for
and international	Information
codes/certifcations/	Security
labels/standards
(e.g. Forest
Stewardship Council,
Fairtrade, Rainforest
Alliance, Trustea)
standards (e.g. SA
8000, OHSAS, ISO,
BIS) adopted by your
entity and mapped to
eachprinciple
5. Specifc commitments,goals and targets set by the entity with defned timelines, if any
Crisil’s commitment towards emission-related goals

•�� Being a subsidiary of S&P Global Inc, Crisil is covered under S&P’s SBTi commitment.

• Refer to SBTi website for S&P’s validated SBTi commitment: https://sciencebasedtargets.org/companies-taking-action Resource footprint

•�� Maintaining 80%+ solid waste recycling at India locations
•�� Switching to recycled paper
•�� Increasing green cover by tree plantation

Social

•�� Focussing on learning quotient by increasing learning hours per employee
•�� Improving inclusivity and belonging of employees across diverse cultures, genders, capabilities, and ages
•�� Increasing outreach of CSR programmes, thereby helping communities •�� Increasing employee volunteering

Governance

•�� Improving employee training and awareness on sustainability •�� Supplier Inclusion

•�� Driving sustainability consciousness in supply chain by increasing social assessments, training, and coverage for emissions data

•�� Setting highest standards of corporate governance

Sustainability products

•�� Sustainability offerings

6. Performance of the entity against the specific commitments, goals, and targets along with reasons in case the same are not met. Please refer to the following KPIs and initiatives on sustainability performance:

•�� For energy consumption and emissions: Response to Q7&8 of Essential Indicators under Principle 6 and Table no. 27 of Sustainability Databook •�� For water consumption: Table no. 27 and 26(b) of the Sustainability Databook •�� For waste management: Response to Q9 & 10 of Essential Indicators under Principle 6 and Tables 28,28(a),28(b) of the Sustainability Databook

•�� For learning quotient: Refer to table no. 6 and 17 of the Sustainability Databook

•�� For persons with disability: Response to Q3 of Essential Indicators under Principle 3

•�� For inclusion: Response to Q3 of Leadership Indicators under Principle 4

•�� For CSR outreach: Response to Q2 of Leadership Indicators under Principle 8 and Table no. 24 (c) of Sustainability Databook

•�� For training and awareness on ESG: Table no. 6 of Sustainability Databook
•�� For supplier inclusivity: Q3 of Leadership Indicators under Principle 8 •�� For supplier assessment: Refer to Table no. 19 of Sustainability Databook •�� For sustainability offerings: Q1 of Essential Indicators under Principle 2

Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9

Governance, leadership, and oversight

7. Statement by director responsible for the business responsibility report, highlighting ESG-related challenges, targets and achievements (listed entity has flexibility regarding the placement of this disclosure)

Refer to “Message from MD and CEO” on page 8 of this Report

8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy (ies).

The Managing Director and Chief Executive Officer of Crisil Limited is responsible for implementation and oversight of the Business Responsibility policy/ies

9. Does the entity have a specified Committee of the Board/Director responsible for decision-making on sustainability related issues? (Yes/No). If yes, provide details.

Yes.

Crisil’s ESG Core Group Committee is a management-level steering committee, chaired by the MD and CEO. The committee’s primary objective is to identify and define the Sustainability strategy and goals and review the performance and disclosure across sustainability themes. In addition, the Board annually reviews sustainability goals and implementation action plans. The goals are then communicated to Crisil’s businesses, and the progress is tracked and reviewed by the ESG Core Group.

The group met six times in 2024 and actively reviewed and enhanced Crisil’s current sustainability practices to meet best-in-class international standards.

10. Details of Review of NGRBCs by the Company:

Details of Review	of NGRBCs by the Company
Subject for review	Indicate whether review was undertaken by Director / Committee of the Board/ Any other Committee	Frequency (Annually/ Half yearly/ Quarterly/ Any other – please specify)
	P1 P2 P3 P4 P5 P6 P7 P8 P9	P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies and follow-up action Board Committee Board Board/ Board Committee Board/ Board Committee Board Committee Board/ Board Committee Board Board Committee Board		Quarterly Planned frequency Quarterly Half- yearly Need basis Half- yearly Quarterly
Compliance with statutory requirements of relevance to the principles, & rectifcation of any non-compliances Status of compliance with all applicable statutory requirements is reviewed on a quarterly basis by the Crisil Board.

11. Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency? (Yes/No). If yes, provide name of the agency.

Yes.

DNV Business Assurance India Private Limited has provided a “Reasonable Assurance” for Core metrics for Crisil’s Sustainability Report based on BRSR (as per SEBI Circular dated July 12, 2023) and provided limited assurance for other metrics in this report including GRI, SASB and BRSR report.

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated

Not applicable

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Sustainability Report 2024

Section C: Principle-Wise Performance Disclosure

PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable.

Essential Indicators

1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year.

Please refer to Table No. 6 on page 58 of the Sustainability Databook

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NGRBC Name of the regulatory/ Amount Brief of the Case Has an appeal been preferred?
Principle enforcement agencies/ (In J ) (Yes/No)
judicial institutions
Monetary
Penalty/ Principle 1 Office of Assistant C 1,460,066 Demand of Penalty raised Yes
Fine Commissioner of CGST & under section 122(2)(a) of
Central Excise, Division CGST Act, 2017 read with
III, Navi Mumbai section 73 of CGST Act,
2017 for short reversal of
Input Tax credit
Penalty/ Principle 1 State of Connecticut, C 5,857,487 Penalty charged Yes. The Company has already paid
Fine Department of Revenue for nonpayment of withholding taxes for the period
Services withholding taxes for the stated in the letter within compliance
period 12/31/2022 to timelines and is in the process of
12/31/2023. filing a response to the Department
of Revenue Services with a request to
reverse the penalty.
Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary or
non-monetary action has been appealed
Case details Name of the regulatory/enforcement agencies/
judicial institutions
Demand of Penalty raised under section 122(2)(a) of CGST Act, 2017 read Joint/Additional Commissioner (Appeals)
with section 73 of CGST Act, 2017 for short reversal of Input Tax credit
Penalty charged for nonpayment of withholding taxes for the period State of Connecticut, Department of Revenue Services
12/31/2022 to 12/31/2023.
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3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary or non-monetary action has been appealed

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the policy.

Yes, Crisil’s Code of Ethics, inter-alia, covers prohibition of bribery and corruption. Crisil’s Code of Ethics is available at https://www.Crisil.com/content/dam/Crisil/investors/corporate-governance/code-of-ethics.pdf

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/corruption

No such instances of bribery/corruption took place during the year.

6. Details of complaints with regard to conflict of interest of Directors and KMP.

No complaints with regard to conflict of interest were received during the year.

Not applicable as there were no such instances.

Business Responsibility and Sustainability Report

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8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods or services procured) in the following format:

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Case details FY 2024 FY 2023
Number of days of accounts payables 103 90 days
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Data given is on consolidated basis

9. Open-ness of business

Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along with loans and advances & investments, with related parties, in the following format:

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Parameter Metrics FY 2024 FY 2023
Concentration a. Purchases from trading houses as % of total purchases 2.79% Nil
of Purchases b. Number of trading houses where purchases are made from 13 Nil
c. Purchases from top 10 trading houses as % of total purchases from 99.90% Nil
trading houses
Concentration a. Sales to dealers / distributors as % of total sales 0.05% 0.05%
of Sales b. Number of dealers / distributors to whom sales are made 5 5
c. Sales to top 10 dealers / distributors as % of total sales to 100% 100%
Share of RPTs a. Purchases (Purchases with related parties / Total Purchases) 3% 3%
in b. Sales (Sales to related parties / Total Sales) 12% 11%
c. Loans & advances (Loans & advances given to related parties / Nil Nil
Total loans & advances)
d. Investments (Investments in related parties / Total Investments Nil Nil
made)
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Note: *Figures from PY have been restated to align with the clarifications provided under SEBI circular and Industry Standards Forum note dated December 20, 2024

Leadership Indicators

1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year

Please refer to Table No. 9 on page 60 of the Sustainability Databook

2. Does the entity have processes in place to avoid/manage conflict of interests involving members of the Board? (Yes/ No) If Yes, provide details of the same.

Yes.

Crisil has a comprehensive “Code of Conduct for Directors and Senior Management” available at https://www.Crisil.com/ content/dam/Crisil/investors/corporate-governance/code-directors-sr-management.pdf Every Board member discloses the names of the entities or arrangements in which they are interested which is brought to the attention of the Board.

PRINCIPLE 2: Businesses should provide goods and services in a manner that is sustainable and safe.

Essential Indicators

Sustainability factors are integrated in our products and offerings as Sustainability is a strategic and important objective for Crisil.

Crisil’s ESG offerings:

ESG ratings (India): 1000 companies
Sustainability research for sell side and buy side

Sustainability Report 2024

Sustainability assessment of borrowers
Sustainable finance framework and policies
Sustainability benchmarks and framework assessment
Sustainability due diligence
Supporting S&P Global in providing second party opinions and climate transition assessments
SDG impact assessment
Green and social bond assessment
Support on TCFD implementation and reporting
Scenario analysis and stress testing for lending portfolios
Climate risk module validation
Sustainability policies and reports
Sustainability tracker
Materiality assessment

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Current FY (2024) Previous FY (2023) Details of improvements in environmental and social impacts
R&D 0 0 NA
Capex 0 0 NA
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2a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)

Yes

2b. If yes, what percentage of inputs were sourced sustainably?

115 suppliers covering 15.38% of our spend were assessed for sustainability practices.

Read our Supplier Code of Conduct [https://www.Crisil.com/content/dam/Crisil/investors/corporate governance/ supplier-code-ofconduct.pdf ]

3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.

Not Applicable.

Since Crisil is in the service business, it does not have manufactured products. Hence, these issues are not relevant.

Not applicable.

As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

Business Responsibility and Sustainability Report

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Leadership Indicators

Not applicable.
As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

Not applicable.

As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry)

Nil; Being in the service business, we do not have large spends on input materials, leaving limited opportunities for reuse or recycling. However, we have taken specific initiatives wherever possible, to optimise resources and recycle. Please refer to Table 27 pt 1 on page 69 of the Sustainability Databook for water recycling actions and Q10 of Essential Indicators of Principle 6 and Tables 28, 28(a&b) for waste management actions.

4. Of the products and packaging reclaimed at the end-of-life of products, amount (in metric tonnes) reused, recycled, and safely disposed

Not applicable.
As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category

Not applicable.

As Crisil is in the services business, it does not have manufactured products. Hence, these issues are not relevant.

PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their value chains

Essential Indicators

1. a) Details of measures for the well-being of employees

Please refer to Table no. 14 on pg. no. 61 of the Sustainability Databook.
b) Details of measures for the well-being of workers
Crisil does not have any workers
c) Spending on measures towards well-being of employees and workers (including permanent and other than permanent)
Please refer to Table no. 14 (b) on page 61 of the Sustainability Databook.

2. Details of retirement benefits, for Current Financial Year and Previous Financial Year

Please refer to Table no. 15 on page 62 of the Sustainability Databook.

3. Accessibility of workplaces

Are the premises/offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.

Yes.

Sustainability Report 2024

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy.

Yes.

Crisil has a Policy on Equal Opportunities at the Workplace.

The Policy is available at https://www.crisil.com/content/dam/crisil/investors/corporate-governance/crisil-policy-onequal-opportunitiesat-the-workplace.pdf

5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Please refer to Table no. 16(a) and 16(b) on page 62 of the Sustainability Databook.

6. Is there a mechanism available to receive and redress grievances for the following employees and workers? If yes, give details of the mechanism in brief.

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Yes/No (If Yes, then give details of the mechanism in brief)
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Permanent Workers	No. Crisil does not have workers
Other than Permanent Workers
Permanent Employees	Yes, employees can reach out to their managers and HR business partners to redress
Other than Permanent Employees	their grievances under terms of the ‘Policy on Redressal of Workplace Harassment’. The
	mechanism is also applicable to vendors and contractual staff workingon Crisilpremises.

7. Membership of employees and workers in association(s) or Unions recognised by the listed entity

Crisil recognises the right to freedom of association in accordance with the laws of the land. However, we do not have a recognised employee association.

8. Details of training given to employees and workers on Health & Safety and Skill Upgradation

Please refer to Table no. 17 on page 62 of the Sustainability Databook.

9. Details of performance and career development reviews of employees and workers

Please refer to Table no. 13 on page 61 of the Sustainability Databook.

10. Health and safety management system:

a) Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, the coverage of such system?

No

H&S Policy and assessment

Business Responsibility and Sustainability Report

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100% of Crisil locations/offices in India and major offices in London, New York and China were assessed during the year for child labour, forced labour, health and safety practices

b) What are the processes used to identify work-related hazards and assess risks on a routine and non-routine

basis by the entity?

Being in the financial services sector, our workplace and processes are inherently non-hazardous and safe in nature.

In 2024, an operational risk intelligence platform was onboarded for real-time alerts on incidents occurring across India. This helps in advising the business/locations on the potential risks and impacts to the location, business continuity and employee safety
A Business Continuity automation tool was introduced to ensure automation in the Business Continuity domain
Emergency Evacuation Fire Drills have been conducted across Pan India Crisil offices as per scheduled calendar
Our employees have undergone BCP and security & safety trainings

86% of Crisil employees were trained on Health & Safety measures in 2024

Refer Table 20 on page 63 of the Sustainability Databook on the assessment of Crisil office for assessment on health and safety.

c) Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks. (Y/N)
Yes.
d) Do the employees/worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Yes. Crisil has health and insurance benefits and employee wellness programmes.

11. Details of safety-related incidents

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Note:

1) * The 2 incidents pertain to contract workforce
2)[$ ] 2023 number has been restated
3)[#] The reporting covers all locations in India, China, Argentina, UK, US, Poland, Singapore
4) For the purposes of BRSR Core, the number of Permanent Disability will be equivalent to High consequence work-related injury or ill-health (excluding fatalities) reported above

12. Describe the measures taken by the entity to ensure a safe and healthy workplace.

Refer to Q.10 (a) and Q.10(b) above

13. Number of Complaints on the following made by employees and workers

Please refer to Table no. 22 on page 65 of the Sustainability Databook

14. Assessments for the year of the plants and offices on health & safety practices, working conditions etc.

Please refer to Table no. 20 on page 63 of the Sustainability Databook

Sustainability Report 2024

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks/concerns arising from assessments of health& safety practices and working conditions.

Essential Indicators

1. Does the entity extend any life insurance or any compensatory package in the event of death of:

(A) Employees (Y/N)

Yes. Crisil extends life insurance/ compensatory packages in the event of the death of an employee. For details of the employees covered under life insurance, please refer to Table 14 on Page 61 of the Sustainability Databook

(B) Workers (Y/N)

Not applicable as Crisil does not have any workers.

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners.

3. Provide the number of employees/workers having suffered high consequence work-related injury/ill-health/fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment

None of the employees from Crisil suffered high consequence work-related injury/ill-health/fatalities during 2024. Hence, not applicable.

4. Does the entity provide transition assistance programmes to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? (Yes/ No)

Yes

We provide retirement planning assistance for employees who are in the retirement stage which includes coverage of financial planning, investment opportunities evaluation and corpus protection.

5. Details on assessment of value chain partners

Please refer to Table no. 19 on page 63 of the Sustainability Databook

6. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from assessments of health and safety practices and working conditions of value chain partners.

During the year, 115 suppliers covering 15.38% of our spend participated in a self-assessment exercise to ascertain conformity to laws, norms and best practices in the areas of protection of human rights, provision of safe workplace and environment responsibility. Crisil diligently ensures that its suppliers are in compliance with essential social regulations, focussing on significant areas such as adherence to the Office of Foreign Assets Control (OFAC) regulations, enforcement of minimum wage standards, prevention of child labour and implementation of anti-bribery measures, all of which are assessed through the self-assessments.

The assessments are performed on a regular basis, and if any unfavourable responses regarding the aforementioned minimum social regulations are received from our suppliers, these responses are accurately reviewed by our dedicated business and corporate teams, leading to the initiation of necessary corrective actions that ensure no significant gaps remain unaddressed. Minimum adherence to the social norms outlined above is now an essential component of the criteria utilised for the onboarding of new vendors starting from 2023. We believe that by introducing these rigorous standards, we not only promote ethical practices within our supply chain but also enhance the overall integrity and sustainability of our operations.

Business Responsibility and Sustainability Report

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PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders

Essential Indicators

1. Describe the processes for identifying key stakeholder groups of the entity.

Crisil has a Stakeholder Engagement Policy, which is accessible at https://www.Crisil.com/content/dam/Crisil/investors/ corporate-governance/CRISIL-Stakeholder-Engagement-Policy.pdf
Under this policy, Crisil identifies stakeholders as individuals, groups of individuals or organisations that affect and/or could be affected by/ could impact the company’s activities, products or services and associated performance.
The process of identification of stakeholders includes the basis of engagement and is guided by:
Direct or indirect dependence on the company’s activities, products or services and associated performance
Groups or individuals engaged with the company with regard to financial, economic, social or environmental issues
Groups or individuals, who can have an impact on the company’s strategic or operational decision-making
Groups or individuals with whom the company has, or may have in future, legal, commercial or operational responsibilities

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group

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Shareholder	•	Annual report(4)	•	Revenue growth, profts	•	Growth, returns and governance
	•	Stock exchange intimations(7)	•	Sustainability	•	Timely and qualitative
	•	Press releases(2)				information
	•	Investor meetings(7, 1)			•	Shareholder service standards
	•	Conference calls(4)
Employees	•	Digital communication tools(1)	•	Engagement score	•	Career advancement
	•	Career conversations(3)	•	Mobility/role rotations	•	Fair compensation
	•	Thematic speaker sessions(7)			•	Meaningful contribution
	•	Recognition, awards, appreciation			•	Recognition and well-being
		hour/huddles(1, 2)
	•	Engagement with leaders,
		townhalls, open houses(2, 8)
	•	Performance evaluations(3, 4)
	•	Cultural events and contests(6)
	•	Teams outings(7)
	•	Mentorship programmes(1)
	•	Learninginterventions(7)
Vendors	•	Meetings, emails, calls(1)	•	Engagement	•	Overall payment experience
	•	Surveys and assessments(4)	•	Sustainablility assessment	•	Accessibility and responsiveness
	•	Applications and portals(1)		of supply chain	•	Long-term and mutually
	•	Learninginterventions(9)				benefcial relationship
Clients	•	Meetings, letters, emails, calls(1)	•	Net Promoter Score	•	Client-centricity
	•	Mobile applications and portals(1)	•	Revenue from key clients	•	Analytical rigour
	•	Webinars, newsletters,	•	Contribution from new	•	Domain expertise
		publications(6,7)		offerings
	•	Surveys(6)
	•	Feedback forms(9)
Communities	•	Financial awareness, access to	•	Community outreach and	•	Relevant awareness and access
		formal services and adoption of		linkages facilitated to		to formal fnancial services
		positive fnancial practices(1)		formal banking products	•	Timely documentation and query
	•	Developing cadre of community-		and services through Sakhi		resolution through Sakhi cadre
		based workers (Sakhi)(1)		cadre		and grassroot workers
	•	MoneyWise Centres for Financial	•	Acceptance and skills of
		Literacy (CFL) for community under		Sakhi cadre
		the RBI CFL initiative(1)	•	Awareness and access
				availed for the community

Note: (1) Ongoing (2) Quarterly (3) Mid-term (4) Annual (5) Weekly (6) Monthly (7) Event based (8) Planned frequency (9) Project/service based

Sustainability Report 2024

Leadership Indicators

1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.

2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes/No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.

Yes.

3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalised stakeholder groups.

Crisil has a Policy on Equal Opportunities at the Workplace.

Women Workforce

Key metrics pertaining to women engagement include:

40% women in workforce
41,794 hours of training to women employees

Hiring and retention-related initiatives for women talent

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Inclusion Forum established

Supplier inclusivity

Refer response to Q3 of Leadership Indicator under Principle 8.

Initiatives for accessibility

Please refer to Q3 of Essential Indicator under Principle 3

Driving social change

Refer to the CSR Report on page 53 of the Crisil Annual Report 2024 for further details. For further details, refer to Q2 of Leadership Indicator in Principle 8

PRINCIPLE 5: Businesses should respect and promote human rights

Essential Indicators

1. Employees and workers who have been provided training on human rights issues and policy (ies) of the entity

Please refer to table no. 18 on page 63 of the Sustainability Databook

2. Details of minimum wages paid to employees and workers (HR)

Please refer to table no. 12 on page 60 of the Sustainability Databook

3. (a) Details of remuneration/salary/wages

Please refer to table no. 7 on page 58 of the Sustainability Databook

(b) Gross wages paid to females as % of total wages paid by the entity, in the following format:
Please refer to table no. 7(b) on page 59 of the Sustainability Databook

4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? (Yes/No)

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.

Various reporting channels and redressal mechanisms are made available at all the levels to employees for reporting violations of human rights:
The policy on Redressal of Workplace Harassment indicated the procedure for reporting violations to the Human Resource team.
The Code of Ethics elaborates the process of raising concerns, reporting violations and seeking advice. For details refer -
to Chapter 7 of Crisil’s Code of Ethics [https://www.Crisil.com/content/dam/Crisil/investors/corporate governance/ code-of-ethics.pdf ]

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At the highest level, the Stakeholders’ Relationship Committee of the Board regularly dedicates exclusive time to review policy violations and stakeholder complaints.
Heightened sensitivity towards policy violations, taking a rigid stance on transgressions and review of such matters at the highest levels by a Board-level committee reinforces the compliance culture at Crisil.

6. Number of Complaints on Sexual Harassment, Discrimination at workplace, Child Labour, Forced Labour/Involuntary Labour, etc. made by employees and workers

Please refer to Table no. 22 and 22(a) on page 65 of the Sustainability Databook

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Please refer to Table no. 22 (a) on page 65 of the Sustainability Databook.

8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

Crisil has a ‘Policy on Redressal of Workplace Harassment’, which specifies the detailed procedure to report and redress harassment cases. Under the policy, retaliation, in any form, against an employee or applicant for employment who exercises his/ her right to make a complaint, in good faith is strictly prohibited
The Whistleblower Policy, too protects complainant from any form of reprisal for reporting complaints

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)

We contractually bind our major suppliers of IT support, staffing solutions partners, facility management and security services that employ people from the more vulnerable sections with lower literacy levels, to comply with human rights requirements. Further, purchase orders issued by Crisil contains binding conditions for adherence to human rights.

10. Assessments of office for human rights for the year

Please refer to Table no. 20 on page 63 of the Sustainability Databook.

11. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from the assessments at Question 10 above.

Based on the current year assessment, no gaps have been identified necessitating corrective actions.

Leadership Indicators

1. Details of a business process being modified/introduced as a result of addressing human rights grievances/ complaints.

4,908 employees were provided training on human rights
6,444 hours of training on human rights

2. Details of the scope and coverage of any Human rights due-diligence conducted.

Please refer to Table no. 19 and 20 on page 63 of the Sustainability Databook.

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3. Is the premise/office of the entity accessible to visitors with disabilites, as per the requirements of the Rights of Persons with Disabilities Act, 2016?

Yes

We have undertaken a comprehensive plan to ensure universal access to Crisil’s ecosystem - both digital and physical. An audit, as per compliance requirements, has been initiated at select locations and reports have been analysed for closing gaps. All our offices are provided with security and safety systems to ensure safety of people in Crisil. Digital platforms at Crisil have been vetted for web accessibility standards and aim to be compliant as per Web Content Accessibility Guidelines (WCAG). Hundreds of employees have been trained on accessible content creation. Sensitisation for disability inclusion was gamified through experiential learning booths at our offices. It evoked great response from employees.

4. Details on assessment of value chain partners

Please refer to Table no. 19 on page 63 of the Sustainability Databook.

5. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from the assessments at Question 4 above.

Refer to Q6 of Leadership Indicator of Principle 3

PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment

Essential Indicators

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.
Please refer to Table no. 25 on page 67 of the Sustainability Databook.

No. Not applicable as Crisil’s operations do not relate to the designated consumers specified under the PAT scheme of the Government of India

3. Provide details related to water. Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.
Please refer to Table no. 26(a) on page 68 of the Sustainability Databook.

4. Provide the following details related to water discharged. Indicate if any independent assessment/evaluation/ assurance has been carried out by an external agency? (Y/N). If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.
Please refer to Table no. 26(b) on page 68 of the Sustainability Databook.

5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.

No. However, Refer point 1 of Table no. 27 on page 69 of the Sustainability Databook for other measures on water conservation.

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6. Please provide details of air emissions (other than GHG emissions) by the entity. Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.
Please refer to Table no. 29 on page 71 of the Sustainability Databook.

7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity. Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.

Please refer to Table no. 30(a) on page 72 of the Sustainability Databook.

8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.

Yes, business outreach done to identify specific intervention for reduced emissions Crisil includes environment sustainability as a metric in our Balance Score Card.
In 2024, we have increased procurement of green energy for our offices, expanding the number to 3 offices as compared to 1 in 2023. This contributed to a significant 64% reduction in our Scope 1 & 2 carbon emission in 2024 over 2019
Our Scope 3 emissions account for 86% of total emissions. In 2024, Crisil requested emissions data from suppliers that form top 75% of suppliers in value terms. We continued to sensitise and encourage the supply chain to monitor and disclose the carbon footprint of their operations. In 2024, we introduced few experts to our supply chain to support them in reporting their emissions
In two of Crisil’s key locations, electric vehicles (EVs) were introduced for airport transfer and ad hoc business travel. This marks a pioneering step towards responsible business travel and reducing Scope 3 emissions
Travel MIS shared with business teams for emissions tracking
Business outreach done to identify specific intervention for reduced emissions

9. Provide details related to waste management by the entity. Indicate if any independent assessment/evaluation/ assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Reasonable Sustainability Reporting assurance was conducted by DNV Business Assurance India Private Limited.

Please refer to Table no. 28, 28(a), 28(b) on page 70 of the Sustainability Databook.

10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.

Being in the financial services sector, our processes are inherently non-hazardous and safe in nature and does not involve usage of hazardous and toxic chemicals.

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It may also be taken into consideration that:
90.86% Waste generated across pan-India Crisil offices was recycled in 2024
89.94% of all in-house office printing in India offices is done on eco-friendly paper
Additional details on waste recovery can be found in Table 28(a) of Sustainability Databook.

We do not have operations/offices in/around ecologically sensitive areas.

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year

Not applicable. Environmental impact assessment is applicable to companies operating in infrastructure development and not relevant to Crisil’s operations.

Leadership Indicators

1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres) For each facility/plant located in areas of water stress, provide the following information:

(i)	Name of the area	The following offces of Crisil are in water stress areas as per the
		Aqueduct Water risk tool (By WRI): Ahmedabad (one), Bengaluru (one),
		Gurugram (one), Hyderabad (two), Pune (two), Chennai (one), Dubai (one).
		However, due to reporting boundaries as described in the report, water
		data pertains to only 3 of our offce locations namely Gurugram, Pune
		(one) and Ahmedabad.
(ii)	Nature of operations	Ratings, Research, Analytics & Solutions
(iii)	Water withdrawal, consumption & discharge.	Refer to table no 26(C) of Sustainability Databook for water withdrawal
	Indicate if any independent assessment/evaluation/	and consumption data.
	assurance has been carried out by an external agency?	Yes. Independent external reasonable sustainability report assurance is
	(Y/N) Ifyes, name of the external agency	provided byDNV Business Assurance India Private Limited.

2. Please provide details of total Scope 3 emissions & its intensity. Indicate if any independent assessment/evaluation/ assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency

Yes. Independent external Sustainability Reporting Reasonable assurance was conducted by DNV Business Assurance India Private Limited.

Please refer to Table no. 30(b) on page 72 of the Sustainability Databook.

Not applicable as we do have operations/offices in/around ecologically sensitive areas.

Please refer to Table no. 27 on page 69 of the Sustainability Databook.

Please refer to Q10 of Essential Indicator of Principle 6.

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5. Does the entity have a business continuity and disaster management plan? Give details in100 words/web link

Crisil’s business processes are automated through bespoke applications that capture and maintain information about business processes.

In 2024, an operational risk intelligence platform was onboarded for real-time alerts on incidents occurring across India. This helps in advising the business/locations on the potential risks and impacts to the location, business continuity and employee safety
A Business Continuity automation tool was introduced to ensure automation in the Business Continuity domain
Emergency Evacuation Fire Drills have been conducted across Pan India Crisil offices as per scheduled calendar
Our employees have undergone BCP and safety trainings

6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard?

7. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts.

Crisil has conducted the assessment of its suppliers, including environmental impact. As many as 115 suppliers covering 15.38% of our spend participated in a self-assessment.

PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent

		Essential Indicators

1.	a)	Number of affliations with trade and industry chambers/	3
		associations.
	b)	List the top 10 trade and industry chambers/associations	Please refer to Table no.10 on page 60
		(determined based on the total members of such body) the entity is a member of/affliated to	Sustainability Databook.

2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based on adverse orders from regulatory authorities.

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Leadership Indicators

1. Details of public policy positions advocated by the entity

Sr. no.	Public policy advocated	Method resorted for such advocacy	Whether information available in public domain? (Yes/No)	Frequency of Review by Board (Annually/ Half yearly/ Quarterly / Others	Web Link, if available
1.	Interacting with stakeholders is essential to the organisation's success	Client	Yes	Policy is	Read our
	because it allows for the integration of their requirements into its	publications,		reviewed	Framework for
	objectives. Crisil believes it is critical to interact with people and	Newsletters,		annually	Responsible
	comprehend their requirements, wants and concerns. These kinds of	media quotes,			Public
	interactions also guarantee effcient and long-lasting cooperation. For	events,			Engagement
	each of our stakeholders, we institutionalised structured feedback	webinars,			[click here to
	mechanisms which provide us with good insights on their expectations	speakers			read]

Interacting with stakeholders is essential to the organisation's success because it allows for the integration of their requirements into its objectives. Crisil believes it is critical to interact with people and comprehend their requirements, wants and concerns. These kinds of interactions also guarantee efficient and long-lasting cooperation. For each of our stakeholders, we institutionalised structured feedback mechanisms which provide us with good insights on their expectations from their relationship with Crisil.

Thought leadership

PRINCIPLE 8: Businesses should promote inclusive growth and equitable development

Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year

Not applicable. However, we undertake impact assessment of our CSR projects. Refer Table 24 (a) on Pg. 66 of the Databook

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement(R&R) is being undertaken by your entity

Not Applicable

3. Describe the mechanisms to receive and redress grievances of the community.

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4. Percentage of input material (inputs to total inputs by value) sourced from suppliers

Please refer to table no. 24 on pg. no. 66 of the Sustainability Databook

5. Job creation in smaller towns

Disclose wages paid to persons employed (including employees or workers employed on a permanent or nonpermanent / on contract basis) in the following locations, as % of total wage cost

Please refer to table no. 12(a) on page 61 of Sustainability Databook

Leadership Indicators

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above

Not Applicable

2. Provide information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies

Crisil Foundation is currently working with the socially and economically underprivileged communities in some of the most difficult geographies.

Crisil Foundation’s efforts through Mein Pragati have led to a larger partnership – the MoneyWise Centre for Financial Literacy (CFL) project – which is being implemented in India with support from the Reserve Bank of India (RBI), 11 public sector banks and the NABARD. This project scales-up Crisil Foundation’s financial awareness and inclusion efforts through 675 CFL projects across 100,000+ villages in 14 states and four union territories. By building timely, relevant and trusted centres of knowledge, such as the CFL, Crisil has taken a firm step towards enabling the last-mile financial inclusion, critical to the country’s long-term development.

Assam

Assam
Impact and reach as of December 2024 *
Number of districts	:	24
Number of blocks	:	73
Number of villages	:	3,000+
Number of sakhis	:	3,267
Cumulative outreach	:	16.4 lakh
Linkages facilitated	:	14.6 lakh
* Cumulative data from April 1, 2018
Rajasthan
Impact and reach as of December 2024 *
Number of districts	:	6
Number of blocks	:	40
Number of villages	:	2,000+
Number of sakhis	:	2,007
Cumulative outreach	:	17.3 lakh
Linkages facilitated	:	8.4 lakh

Cumulative data from September 1, 2018

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RBI MoneyWise CFL Project

Impact and reach as on December 31, 2024*

Number of states/UTs : 14 states and 4 UTs Number of districts : 317 Number of blocks : 1,962 Number of villages : 1,00,000+ Linkage applications facilitated : 13.6 lakh Community outreach : 168 lakh

*Cumulative data from January 1, 2022

GramShakti Certification Programme

Livelihoods in Rajasthan

For details, refer to table no. 24 (b) and 24 (c) on page 66 of Sustainability Databook for specific interventions.

3. a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalised/vulnerable groups? (Yes/No)

b) From which marginalised/vulnerable groups do you procure?

c) What percentage of total procurement (by value) does it constitute?

During 2024, our sourcing from marginalised suppliers was as follows:

31.80% procurement through MSME and women-owned suppliers*

Note: *In value terms

4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial year), based on traditional knowledge

Crisil services do not use intellectual properties from communities based on traditional knowledge.

5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved

Crisil services do not use intellectual properties from communities based on traditional knowledge.

6. Details of beneficiaries of CSR Projects

Please refer to table no. 24(c) on pg. no. 67 of the Sustainability Databook

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PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner

Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

Each business receives and addresses customer complaints regularly. Complaint redressal is tracked rigorously at various levels of the management. The Stakeholders’ Relationship Committee of the Board regularly dedicates exclusive time to review stakeholder complaints, including customer complaints. Additionally, refer to Q4 of Leadership indicators of this Principle for information on customer surveys undertaken.

2. Turnover of products and/services as a percentage of turnover from all products/service that carry information about social and environmental parameters, safe and responsible usage, recycling and safe disposal.

Not applicable considering the nature of Crisil’s business.

3. Number of consumer complaints in respect of data privacy, advertising, cyber-security, unfair trade practices, etc.

Refer to table no. 21(b) on page 64 of Sustainability Databook

4. Details of instances of product recalls on account of safety issues

Not applicable considering the nature of Crisil’s business.

5. Does the entity have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-link of the policy

Yes. Crisil also has adopted “Crisil Global Corporate Privacy policy”, which can be accessed at https://www.Crisil.com/ content/Crisilcom/en/home/Crisil-privacy-notice.html

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty/action taken by regulatory authorities on safety of products/services.

There were no penalty/action taken by the regulatory authorities in respect to the aforesaid.

To raise awareness, advisories are circulated and trainings on information security and phishing simulations are conducted regularly to educate employees about emerging threats.

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7. Provide the following information relating to data breaches:

a) Number of instances of data breaches: Nil
b) Percentage of data breaches involving personally identifiable information of customers: Nil
c) Impact, if any, of the data breaches: Nil

Leadership Indicators

1. Channels/platforms where information on products and services of the entity can be accessed (provide web link, if available).

Details on products and services offered by Crisil is available at https://www.Crisil.com/en/home/our product.html

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.

Not applicable considering the nature of Crisil’s business

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

Not applicable considering the nature of Crisil’s business

Display on product information is Not Applicable to Crisil due to the nature of services offered.

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to the Management of Crisil Limited

Our Conclusion:

Reasonable level of Assurance- BRSR Core

Limited Level of Assurance- BRSR Report

Scope of Work and Boundary

Our competence, and Independence

Reporting Criteria and Standards

The disclosures have been prepared by Crisil in reference to:

Industry Standard on Reporting of BRSR Core Circular No.: SEBI/HO/CFD/CFDPoD-1/P/CIR/2024/177 dated Dec 20, 2024.
BRSR reporting guidelines (Annexure II) as per SEBI Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021, and incorporated as per Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023.
Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard.

Assurance Methodology/Standard and Level of Assurance

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DNV Headquarters, Veritasveien 1, P.O.Box 300, 1322 Høvik, Norway. Tel: +47 67 57 99 00. www.dnv.com DNV Business Assurance India Private Limited

Statement Number: DNV-2025-ASR-765834

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Basis of our conclusion

As part of the assurance process, a multi-disciplinary team of assurance specialists performed assurance work for selected sites of Crisil. We carried out the following activities:

BRSR Core Indicators – Reasonable level of Assurance	Rest non-financial disclosures in BRSR Report – Limited Level of Assurance
Reviewed the disclosures under BRSR Core, encompassing the framework for assurance consisting of a set of Key Performance Indicators (KPIs) under 9 ESG attributes. The Industry Standard on Reporting of BRSR Core used a basis of reasonable level of assurance.	Reviewed the disclosures under BRSR reporting guidelines. Our focus included general disclosures, management processes, principle wise performance (essential indicators, and leadership indicators) and any other key metrics specified under the reporting framework. The BRSR reporting format used a basis of limited level of assurance.
Evaluation of the design and implementation of key systems, processes and controls for collecting, managing and reporting the BRSR Core indicators. Assessment of operational control and reportingboundaries	Understanding the key systems, processes and controls for collecting, managing and reporting the non-financial disclosures in BRSR report. Understand and test, on a sample basis to evaluate adherence to the reporting principles.
Seek extensive evidence across all relevant areas, ensuring a detailed examination of BRSR Core indicators. Engaged directly with stakeholders to gather insights and corroborative evidence for each disclosed indicator.	Collect and evaluate documentary evidence and management representations supporting adherence to the reporting principles. We adopted a risk-based approach, that is, we concentrated our assurance efforts on the issues of high material relevance to the Company’s business and its keystakeholders.
DNV audit team conducted on-site audits for data testing and also, to assess the uniformity in reporting processes and also, quality checks at different locations of the Company. Sites for data testing and reporting system checks were selected based on the percentage contribution each site makes to the reported indicator, complexity of operations at each location (high/low/medium) and reporting system within the organization. Sites selected for audits are listed in Annexure II.	DNV audit team conducted on-site audits for corporate offices and sites. Sample based assessment of site-specific data disclosures was carried out. We were free to choose sites for conducting our assessment.

In both the cases, DNV teams conducted the:

Interviews with selected senior managers responsible for management of disclosures and review of selected evidence to support environmental KPIs and metrics disclosed the Report. We were free to choose interviewees and interviewed those with overall responsibility of monitoring, data collation and reporting the selected indicators.
Verification of the consolidated reported performance disclosures in context to the Principle of Completeness as per VeriSustain[TM] Protocol, V6.0 for both reasonable level and limited level of assurance for the disclosures.

Inherent Limitations

The assurance engagement considers an uncertainty of ±5% based on materiality threshold for estimation/measurement errors and omissions.
DNV has not been involved in evaluation or assessment of any financial data/performance of the company. DNV opinion on specific BRSR Core indicators (ref- for total revenue from operations; Principle 3, Question 1(c) of Essential Indicators for Spending on measures towards wellbeing of employees and workers – cost incurred as a % of total revenue of the company; Principle 8, Question 4 of Essential Indicators, Principle 1, Question 8 of Essential Indicators and Principle 1, Question 9 of Essential Indicators) relies on the third party audited financial reports of the Company. DNV does not take any responsibility of the financial data reported in the audited financial reports of the Company.
The assessment is limited to data and information within the defined Reporting Period. Any data outside this period is not considered within the scope of assurance.
Data outside the operations specified in the assurance boundary is excluded from the assurance, unless explicitly mentioned otherwise in this statement.
The assurance does not cover the Company's statements that express opinions, claims, beliefs, aspirations, expectations, aims, or future intentions. Additionally, assertions related to Intellectual Property Rights and other competitive issues are beyond the scope of this assurance.
The assessment does not include a review of the Company's strategy or other related linkages expressed in the Report. These aspects are not within the scope of the assurance engagement.
The assurance does not extend to mapping the Report with reporting frameworks other than those specifically mentioned. Any assessments or comparisons with frameworks beyond the specified ones are not considered in this engagement.
Aspects of the Report that fall outside the mentioned scope and boundary are not subject to assurance. The assessment is limited to the defined parameters.
The assurance engagement does not include a review of legal compliances. Compliance with legal requirements is not within the scope of this assurance, and the Company is responsible for ensuring adherence to relevant laws.

Statement Number: DNV-2025-ASR-765834

DNV Business Assurance India Private Limited

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Responsibility of the Company

DNV’s Responsibility

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Use and distribution of Assurance statement
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For DNV Business Assurance India Private Limited,

For DNV Business Assurance India Private Limited,	For DNV Business Assurance India Private Limited,
Parab, Ankita Digitally signed by Parab, Ankita Date: 2025.03.26 07:09:50 +05'30'	Sharma, Anjana Digitally signed by Sharma, Anjana Date: 2025.03.26 08:25:58 +05'30'
Ankita Parab Lead Verifier Sustainability Services, DNV Business Assurance India Private Limited, India.	Anjana Sharma Technical Reviewer Sustainability Services, DNV Business Assurance India Private Limited, India.
Assurance Team- Roshni Sarage, Suraiya Rahman, Syed Rameez

26/03/2025, Mumbai.

DNV Business Assurance India Private Limited

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Annexure I

1. BRSR Core Verified Data- for reasonable level of assurance

Sr. No.	Attribute	BRSR Core Parameter	Unit	Verified Value for 2024
1	Green-house gas (GHG) footprint Greenhouse gas emissions may be measured in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard*	Total Scope 1 emissions	MT of CO2e	750.58
		Total Scope 2 emissions	MT of CO2e	1,533.64
		Total Scope 1 and Scope 2 emission intensity per rupee of turnover	tCO2e/ Revenue from operations in INR Crore	0.7
		Total Scope 1 and Scope 2 emission intensity per rupee of turnover adjusted for PurchasingPower Parity (PPP)	tCO2e/ Revenue from operations adjusted for PPP	0.00000144
		Total Scope 1 and Scope 2 emission intensityin terms ofphysical output	kgCO2e/ total employee count	0.47
2	Water footprint*	Total water consumption	KL	20,880
		Water consumption intensity	Total water consumption in KL / Revenue from operations in INR Crore	6.4
			Total water consumption in KL / Revenue from operations adjusted for PPP	0.0000132
		Water intensity in terms of physical output	Total water consumption in KL/ total employee count	6.89
		Water Discharge by destination and levels of Treatment	KL	7,114
3	Energy footprint	Total energyconsumed	Gigajoules(GJ)	26,453.21
		% of energy consumed from renewable sources	In % terms	67%
		Energy intensity	Energy in GJ/ revenue from operations in INR Crore	8.11
			Energy in GJ/ revenue from operations adjusted to PPP	0.0000167
			Energyin GJ/ total employee count	5.46
4	Embracing circularity - details related to waste management by the entity	Plastic waste(A)	MT	1.34
		E-waste(B)	MT	3.24
		Bio-medical waste(C)	MT	0
		Construction and demolition waste(D)	MT	0.06
		Batterywaste(E)	MT	3.62
		Radioactive waste(F)	MT	0
		Other Hazardous Waste(G)- Lubricant oil	MT	0.04
		Other Non-Hazardous Waste (H) Metal, aluminum and steel Dryand wet waste	MT MT	0.23 113.75
		Total(A+B + C + D + E + F + G+ H)	MT	122.28
		Waste intensity per rupee of turnover from operations	Waste in kg/ revenue from operations in INR Crore	0.04
		Waste intensity per rupee of turnover adjusted for PurchasingPower Parity (PPP)	Waste in kg / revenue from operations adjusted to PPP	0.000000077
		Waste intensityin terms ofphysical output	Waste in kg/ total employee count	0.02
		total waste recovered through recycling, re- usingor other recoveryoperations
		(i)Recycled	MT	110.97
		(ii)Re-used	MT	-
		Total	MT	110.97
		total waste disposed by nature of disposal method
		(i)Incineration	MT	-
		(ii)Landfilling	MT	11.31
		(iii)Other disposal options	MT	-
		Total	MT	11.31
5	Enhancing Employee Wellbeing and Safety	Spending on measures towards well-being of employees and workers – cost incurred as a % of total revenue of the company (ExcludingWorkers)	In % terms	1.6%
		Details of safety related incidents for employees and workers (including contract- workforce e.g. workers in the company's construction sites)	Total recordable work-related injuries	1
			Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked)	0.16
			No. of fatalities	Nil
			High consequence work-related injury or ill-health (excluding fatalities)	NA considering nature of operations
6	Enabling Gender Diversity in Business	Gross wages paid to females as % of wages paid	In % terms	35.25%
		Complaints on PoSH	Total Complaints on Sexual Harassment (POSH)reported	2
			Complaints on PoSH as a % of female employees / workers	0.0009%
			Complaints on PoSH upheld	2
7	Enabling Inclusive Development	Input material sourced from following sources as % of totalpurchases and from	Directly sourced from MSMEs/ small producers	31.32%

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		within India
			Sourced directlyfrom within India	74.27%
		Job creation in smaller towns – Wages paid to persons employed in smaller towns (permanent or non-permanent /on contract) as % of total wage cost	Location
			Rural	Nil
			Semi-urban	Nil
			Urban	8.74%
			Metropolitan	91.26%
8	Fairness in Engaging with Customers and Suppliers	Instances involving loss / breach of data of customers as a percentage of total data breaches or cyber securityevents	In % terms	Nil
		Number of days of accounts payable	(Accounts payable*365) / Cost of goods/servicesprocured	103
9	Open-ness of business	Concentration of purchases & sales done with trading houses, dealers, and related parties Loans and advances & investments with related parties	Purchases from trading houses as % of total purchases	2.79%
			Number of trading houses where purchases are made from	13
			Purchases from top 10 trading houses as % of totalpurchases from tradinghouses	99.9%
			Sales to dealers / distributors as % of total sales	0.05%
			Number of dealers / distributors to whom sales are made	5
			Sales to top 10 dealers / distributors as % of total sales to dealers / distributors	100%
			Share of RPTs(as respective %age)in
			Purchases	3%
			Sales	12%
			Loans & advances	Nil
			Investments	Nil

2. BRSR non-core- Limited level of assurance

Section A: General Disclosures- 20-a, b, 21, 22, 25 Section C: Principle Wise Performance Disclosure-

Principle 1: Essential Indicator 1, Leadership Indicator 1
Principle 3: Essential Indicator 1-a, 2, 5, 7, 8, 9, 12, 13, 14; Leadership Indicator 3, 5
Principle 5: Essential Indicator 1, 2, 6, 10; Leadership Indicator 4
Principle 6: Essential Indicator 6, Leadership Indicator 1, 2**, 7
• Principle 8: Leadership Indicator 6
Principle 9: Essential Indicator 3
The emission factors for fuel are sourced from the IPCC (Inter-governmental Panel on Climate Change) database. The emission factor considered for non-renewable purchased electricity is 0.727 tCO2e/MWh (as per CEA CO2 baseline database, version 20.0).

Annexure II – Sites selected for audits

S.no	Site	Location
1.	Corporate office	Crisil House, Mumbai
2.	Offices- on-site	Gurgaon Pune
3.	Offices- remote	Saki Vihar, Mumbai Argentina

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to the Management of Crisil Limited

Crisil Limited (Corporate Identity Number L67120MH1987PLC042363, hereafter mention as ‘Crisil’ or ‘the Company’) commissioned DNV Business Assurance India Private Limited (“DNV”,” us” or “we”) to conduct an independent assurance of its sustainability/non-financial disclosures in its Sustainability Report 2024 (hereafter referred as ‘Report’).

Scope of Work and Boundary

Our competence, and Independence

While the scope of work as agreed is a Type 2 moderate level of assurance of GRI disclosure in the Report, a reasonable level of assurance was carried out (as per VeriSustain[TM] protocol, V6.0) for the GRI 302: Energy 2016 – 302-1, 302-3; GRI 303: Water and Effluents 2018 – 303-3, 303-4, 303-5; GRI 305: Emissions 2016 – 305-1, 305-2; and GRI 306: Waste 2020 – 306-3; 306-4; 3065 disclosures as a part of the BRSR Core assessment as mentioned in Annexure I for the reporting period 01/01/2024 to 31/12/2024. The reported topic boundaries of non-financial performance are based on the internal and external materiality assessment covering Company’s operations as brought out in the section ‘About the Report’ of the Sustainability report.

Based on the agreed scope with the Company, the boundary of assurance covers the operations of Crisil across all global locations that fall under the direct operational control of the Company’s Legal structure as stated in the section ‘About the Report’ of Crisil’s Sustainability report.

Reporting Criteria and Standards

The disclosures have been prepared by Crisil:

“in reference” to requirements of Global Reporting Initiative (GRI) standards 2021
In reference to SASB standards
Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard.

Assurance Methodology/ Standard

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DNV carried out assurance engagement in accordance with DNV’s VeriSustain[TM] protocol (V6.0), which is based on our professional experience and international assurance practice, and AccountAbility’s AA1000 Assurance Standard (AA1000AS v3). DNV’s VeriSustain[TM] Protocol (V6.0) has been developed in accordance with the most widely accepted reporting and assurance standards. Apart from DNV’s VeriSustain[TM] protocol (V6.0), DNV team has also followed ISO 14064-3 - Specification with guidance for the verification and validation of greenhouse gas statements ; ISO 14046 - Environmental management - Water footprint - Principles, requirements, and guidelines , to evaluate disclosures wrt. Greenhouse gases and water disclosures respectively.

Basis of our conclusion

As part of the assurance process, a multi-disciplinary team of assurance specialists performed assurance work for selected sites of Crisil. We carried out the following activities:

Reviewed the disclosures in the report. Our focus included general disclosures, GRI topic specific disclosures and any other key metrics specified under the reporting framework.
Understanding the key systems, processes and controls for collecting, managing and reporting the non-financial disclosures in report.
Walk-through of key data sets. Understand and test, on a sample basis, the processes used to adhere to and evaluate adherence to the reporting requirements.
Collect and evaluate documentary evidence and management representations supporting adherence to the reporting requirements.
Interviews with the senior managers responsible for management of disclosures. We were free to choose interviewees and interviewed those with overall responsibility of monitoring, data collation and reporting the selected GRI disclosures.
DNV audit team conducted on-site audits for corporate offices and sites. Sample based assessment of site-specific data

DNV Headquarters, Veritasveien 1, P.O.Box 300, 1322 Høvik, Norway. Tel: +47 67 57 99 00. www.dnv.com DNV Business Assurance India Private Limited

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disclosures was carried out. We were free to choose sites for conducting our assessment.

Reviewed the process of reporting as defined in the assessment criteria.
Interviews with selected senior managers responsible for management of disclosures and review of selected evidence to support environmental KPIs and metrics disclosed the Report. We were free to choose interviewees and interviewed those with overall responsibility of monitoring, data collation and reporting the selected indicators.
Verification of the consolidated reported performance disclosures in context to the Principle of Completeness as per VeriSustain[TM] Protocol, V6.0 for limited level of assurance for the disclosure.

Our Conclusion

On the basis of work undertaken, nothing has come to our attention to suggest that the Report does not properly adhere to the principles described below; and the sustainability disclosures (including GRI 2: General Disclosures, GRI 3: Management Approach & other GRI disclosures as mentioned in Annexure I) have not been reported " in reference" with the GRI Standard 2021.

AA1000 Accountability Principles Standard (AA1000APS, 2018)

1. Inclusivity

The participation of stakeholders in developing and achieving an accountable and strategic response to Sustainability.

The Report brings out the stakeholders who have been identified as significant to Crisil, as well as the modes of engagement established by the Company to interact with these stakeholder groups. The key topics of concern and needs of each stakeholder group which have been identified through these channels of engagement are further brought out in the Report.

Nothing has come to our attention to suggest that the Report does not meet the requirements related to the Principle of Stakeholder Inclusiveness.

2. Materiality

The process of determining the issues that are most relevant to an organization and its stakeholders.

The Report explains out the materiality assessment process carried out by the Company which has considered concerns of internal and external stakeholders, and inputs from peers and the industry, as well as issues of relevance in terms of impact for Crisil’s business. The list of topics has been prioritized, reviewed and validated, and the Company has indicated that there is no significant change in material topics from the previous reporting period.

Nothing has come to our attention to suggest that the Report does not meet the requirements related to the Principle of Materiality .

3. Responsiveness

The extent to which an organization responds to stakeholder issues.

The Report adequately brings out the Company’s policies, strategies, management systems and governance mechanisms in place to respond to topics identified as material and significant concerns of key stakeholder groups. Nothing has come to our attention to suggest that the Report does not meet the requirements related to the Principle of Responsiveness.

Nothing has come to our attention to believe that the Report does not meet the requirements related to the Principle of Responsiveness.

4. Impact

The level to which an organisation monitors, measures and is accountable for how its actions affect its broader ecosystems.

The Report brings out the key performance metrics, surveys and management processes used by Crisil to monitor, measure and evaluate its significant direct and indirect impacts linked to identified material topics across the Company, its significant value chain entities and key stakeholder groups.

Nothing has come to our attention to suggest that the Report does not meet the requirements related to the Principle of Impact.

5. Reliability/Accuracy

The accuracy and comparability of information presented in the report, as well as the quality of underlying data management systems. The Report brings out the systems and processes that the Company has set in place to capture and report its performance related to identified material topics across its reporting boundary. The majority of information mapped with data verified through our remote assessments with Crisil’s management teams and process owners at the Corporate Office and sampled sites within the boundary of the Report were found to be fairly accurate and reliable. Some of the data inaccuracies identified in the report during the verification process were found to be attributable to transcription, interpretation, and aggregation errors. These data inaccuracies have been communicated for correction and the related disclosures were reviewed post correction.

Nothing has come to our attention to believe that the Report does not meet the principle of Reliability and Accuracy.

Statement Number: DNV-2025-ASR-765834-1

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Additional Principles as per DNV VeriSustain[TM ] Protocol (V6.0)

1. Completeness

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How much of all the information that has been identified as material to the organization and its stakeholders is reported?

The Report brings out the Company’s performance, strategies and approaches related to the environmental, social and governance issues that it has identified as material for its operational locations coming under the boundary of the report, for the chosen reporting

period while applying and considering the requirements of Principle of Completeness.

Nothing has come to our attention to suggest that the Report does not meet the Principle of Completeness with respect to scope, boundary and time.

2. Neutrality/Balance

T he extent to which a report provides a balanced account of an organization’s performance, delivered in a neutral tone.

The Report brings out the disclosures related to Crisil’s performance during the reporting period in a neutral tone in terms of content and presentation, while considering the overall macroeconomic and industry environment.

, aims

Nothing has come to our attention to suggest that the Report does not meet the requirements related to the Principle of Neutrality.

Responsibility of the Company

The Management of Crisil has the sole responsibility for the preparation of the Report and is responsible for all information disclosed in the Report. The company is responsible for maintaining processes and procedures for collecting, analyzing and reporting the information and ensuring the quality and consistency of the information presented in the Report. Crisil is also responsible for ensuring the maintenance and integrity of its website and any referenced disclosures on their website.

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DNV’s Responsibility

Use and distribution of Assurance statement

This assurance statement, including our conclusion has been prepared solely for the Company in accordance with the agreement between us. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Management of the Company for our work or this assurance statement. We have not performed any work, and do not express any conclusion, on any other information that may be published outside of the Report and/or on Company’s website for the current reporting period.

The use of this assurance statement shall be governed by the terms and conditions of the contract between DNV and the Crisil and DNV does not accept any liability if this assurance statement is used for an alternative purpose from which is intended, not to any third party in respect of this assurance statement.

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For DNV Business Assurance India Private Limited,

Digitally signed by Digitally signed by Parab, Parab, Ankita Sharma Sharma, Anjana Date: 2025.03.26 Date: 2025.03.26 Ankita 07:05:09 +05'30' , Anjana 08:25:20 +05'30' Ankita Parab Anjana Sharma Lead Verifier Technical Reviewer Sustainability Services, Sustainability Services, DNV Business Assurance India Private Limited, India. DNV Business Assurance India Private Limited, India. Assurance Team- Roshni Sarage, Suraiya Rahman, Syed Rameez

26/03/2025, Mumbai

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Modern Slavery Act, 2015

Statement

Organisational structure

Our supply chains

Our policies on slavery and human trafficking

Due-diligence processes for slavery and human trafficking As part of our initiative to identify and mitigate risk, we have in place systems to:

Identify and assess potential risk areas in our supply chains
Mitigate the risk of slavery and human trafficking in our supply chains
Monitor potential risk areas in our supply chains
Protect whistleblowers
Where possible, build long-standing relationships with local suppliers and make clear our expectations of business behaviour

Supplier adherence to our values

We have zero tolerance to slavery and human trafficking. We ensure all those in our supply chain and contractors comply with our values and ethics.

Training

We provide training to our staff to ensure a high level of understanding of the risks of modern slavery and human trafficking in our supply chains and our business.

Our effectiveness in combating slavery and human trafficking

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Disclaimer

Crisil (“Company”/ “Crisil”) respects your privacy. We may use your contact information such as your name, address and email id to fulfill your request and service your account and to provide you with additional information from Crisil. For further information on Crisil’s privacy policy please visit https://www.crisil.com/content/crisilcom/en/home/crisil-privacy-notice.html. The Sustainability Report (“Report”) contains forward-looking statements based on our current expectations, assumptions, estimates and projections regarding the Company’s businesses. These forward looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Crisil cannot give assurance to the correctness of forward-looking statements which may sometimes use terminology such as “targets”, “believes”, “expects”, “aims”, “assumes”, “intends”, “plans”, “seeks”, “will”, “may”, “anticipates”, “would”, “could”, “continues”, “estimate”, “milestone” or other words of similar meaning and similar expressions or the negatives thereof. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by the forward-looking statements. Given the aforementioned uncertainties, prospective or present shareholders/investors and users of this Report are cautioned not to place undue reliance on any of these forward-looking statements. No part of this Report should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever; and independent legal, investment, tax, financial advice (as relevant) should be sought in this regard. The Company does not undertake to update the forward-looking statements in the future unless legally required. The Annual Report does not constitute a recommendation regarding the securities of Crisil. This Report and its contents are proprietary in nature must not be distributed, published or reproduced in any manner or form without prior written consent of Crisil.

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Registered Office:

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Crisil Limited

Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai - 400 072, Maharashtra, India Phone : +91 22 6137 3000 www.crisil.com | www.spglobal.com

AI assistant

CRISIL Ltd. — Annual Report 2024

58999_rns_2025-04-04_540ef843-14d3-4a68-99a8-0eea9f551e22.pdf

Sub.: Annual Report including Notice of the 38[th ] Annual General Meeting

Crisil Limited

What’s Inside

02-39

P A G E

103-155

P A G E

40-102

P A G E

P A G E

Message from the Chairman

Dear Shareholders,

Transforming data into powerful insights.

Unparalleled analytics

DELIVERING MISSION-CRITICAL INSIGHTS

Relentless and bold

The Core of our DNA

What we stand for

O U R P U R P O S E

O U R V I S I O N

O U R M I S S I O N

Values in action, everyday

I N T E G R I T Y

E X C E L L E N C E

P A R T N E R S H I P

D I S C O V E R Y

Formerly Crisil Global Research & Risk Solutions

Our Business Segments

Ratings services

Crisil Ratings

H I G H L I G H T S

Global Analytics Centre

H I G H L I G H T S

Crisil ESG Ratings & Analytics Limited

Research, Analytics and Solutions

Crisil Intelligence (formerly Market Intelligence & Analytics)

H I G H L I G H T S

Crisil Integral IQ (formerly Global Research & Risk Solutions)

H I G H L I G H T S

Crisil Coalition Greenwich (formerly Global Benchmarking Analytics)

H I G H L I G H T S

Global Presence

Board of Directors

From left to right (standing)

Management Team*

Amish Mehta

Ashish Vora

Duncan McCredie

Gurpreet Chhatwal

Krishnan Sitaraman

Priti Arora

Subodh Rai

Zak Murad

Board Committees

Audit

Nomination and Remuneration

Stakeholders’ Relationship

Corporate Social Responsibility

Risk Management

Corporate Information

Company Secretary

Main Bankers

Share Transfer Agent

Our Performance 2024

Dividend per share ( ` )

Earnings Per Share (EPS) ( ` )

Net worth per share ( ` )

Building a New-Age Crisil

on a strong Tech Foundation

Launch of GenAI Credit Assessment

Products and Accelerators

IP created through innovative products and accelerators

Quantix

SEM

Prospect Match

Phoenix

Q[2]

CRISIL Ltd. Annual Report 2024