CRISIL Ltd. — Earnings Release 2022

Feb 15, 2022

CRISI

An S&P Global Com�ny

February 15, 2022

Listing Department BSE Limited P J Towers Dalal Street Mumbai 400 001

National Stock Exchange oflndia Ltd. Exchange Plaza, 5[th ] floor Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai 400 051

Dear Sirs

Sub.: Outcome of Board Meeting ofCRISIL Limited

Please take note of the following outcomes from the Meeting of the Board of Directors of the Company, held today:

• a) The Board of Directors of the Company has approved the Audited Financial Results for the year ended December 31, 2021. A copy of the Audited Financial Results of the Company, along with a copy of the Auditors' Report and the Press Release in this regard are enclosed.

In accordance with Regulation 33(3 )( d) of Securities and Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, a declaration in respect of unmodified opinion on Audited Financial Statements for the Financial Year ended December 31, 2021 is enclosed herewith.

• b) The Board of Directors has also recommended final dividend of Rs. 22 (including a special dividend of Rs. 7), per equity share of face value of Re 1 each, for the financial year ended December 31, 2021, subject to the approval of the shareholders at the ensuing Annual General Meeting.

• c) The Board of Directors has also approved the notice convening the 35th Annual General Meeting (AGM) of the Company which will be held on Friday, April 22, 2022 through video conferencing (VC) or other audio visual means (OA VM).

• d) The Board of Directors has also approved the re-appointment of Mis. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013) as Statutory Auditors of the Company for a second term of 5 (five) years commencing from conclusion of the of the 35th AGM till

CRISIL Limited Corporate Identity Number: L67120MH1987PLC042363

Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 3342 3001 www.crlsil.com

CRISIL

An S&P Global Company

the conclusion of the 40th AGM of the Company, which shall be subject to the approval of the Shareholders. Further, the details as required to be disclosed in terms of SEBI Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 09th September, 2015 are given in "Annexure A" as enclosed to this letter.

The meeting of the Board of Directors commenced at 4.30 p.m. 1ST and todays proceedings concluded at 9.45 p.m. 1ST.

Kindly take this communication on record and inform your members accordingly.

Yours sincerely, For CRISIL Limited

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Minal Bhosale Company Secretary ACS 12999

Encl.: a/a

CRISIL Limited

Corporate Identity Number: L67120MH1987PLC042363

Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 3342 3001 www.crisil.com

CRISI

An S&P Global Company

	Annexure A Particulars Details Reason for change viz. appointment, resignation, Re-appointment removal, death or otherwise Date of appointment / cessation ( as applicable) Ensuing Annual General Meeting of the Company Term of Appointment Re-appointed for a second tenn of 5 (five) years commencing from conclusion of 35thAGM till the conclusion of the 40thAGM which shall be subject to the approval of the Shareholders. Brief Profile (in case of appointment) M/s. Walker Chandiok & Co LLP is a member firm with Grant Thornton International Limited (GT) having presence in 13 cities in India with 53 Partners and 1,500 + partners and staff. It is ranked 4th in India based on number of companies audited according the survey of prime data based released in January 2022. The firm has audit experience across banking and financial services sector as well as other corporates aggregating to an overall audit universe of over 83 entities in India.	Annexure A Particulars Details Reason for change viz. appointment, resignation, Re-appointment removal, death or otherwise Date of appointment / cessation ( as applicable) Ensuing Annual General Meeting of the Company Term of Appointment Re-appointed for a second tenn of 5 (five) years commencing from conclusion of 35thAGM till the conclusion of the 40thAGM which shall be subject to the approval of the Shareholders. Brief Profile (in case of appointment) M/s. Walker Chandiok & Co LLP is a member firm with Grant Thornton International Limited (GT) having presence in 13 cities in India with 53 Partners and 1,500 + partners and staff. It is ranked 4th in India based on number of companies audited according the survey of prime data based released in January 2022. The firm has audit experience across banking and financial services sector as well as other corporates aggregating to an overall audit universe of over 83 entities in India.
Date of appointment / cessation ( as applicable) Ensuing Annual General Meeting of the Company Term of Appointment Re-appointed for a second tenn of 5 (five) years commencing from conclusion of 35thAGM till the conclusion of the 40thAGM which shall be subject to the approval of the Shareholders. Brief Profile (in case of appointment) M/s. Walker Chandiok & Co LLP is a member firm with Grant Thornton International Limited (GT) having presence in 13 cities in India with 53 Partners and 1,500 + partners and staff. It is ranked 4th in India based on number of companies audited according the survey of prime data based released in January 2022. The firm has audit experience across banking and financial services sector as well as other corporates aggregating to an overall audit universe of over 83 entities in India.	Date of appointment / cessation ( as applicable) Ensuing Annual General Meeting of the Company Term of Appointment Re-appointed for a second tenn of 5 (five) years commencing from conclusion of 35thAGM till the conclusion of the 40thAGM which shall be subject to the approval of the Shareholders. Brief Profile (in case of appointment) M/s. Walker Chandiok & Co LLP is a member firm with Grant Thornton International Limited (GT) having presence in 13 cities in India with 53 Partners and 1,500 + partners and staff. It is ranked 4th in India based on number of companies audited according the survey of prime data based released in January 2022. The firm has audit experience across banking and financial services sector as well as other corporates aggregating to an overall audit universe of over 83 entities in India.

CRISIL Limited Corporate Identity Number: L67120MH1987PLC042363

· · www.cr1s1l.com Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park'. �owa1, · M um a1b · 400076 Phone· +91 22 3342 3000 I Fax: +91 22 3342 :JJ01 -

CRISIL An S&P Global Company

Press release

February 15, 2022 I Mumbai

CRISIL Limited: Audited financial results for the fourth quarter and year ended December 31, 2021

Highlights for quarter and year ended December 31, 2021:

• Income from operations up 18.2% for the quarter and 16.1 % for the year 2021

• Profit before exceptional items and tax up 33.9% for the quarter and 24.9% for the year 2021

• • Profit after tax up 53.2% for the quarter and 31.3% for the year 2021

• Final dividend of Rs 22 per share, including a special dividend of Rs 7 per share, recommended. Total dividend of Rs 46 per share for the year 2021 vs Rs 33 per share in 2020

The Board of Directors of CRISIL Ltd, at its meeting today, approved the audited financial results for the quarter and year ended December 31, 2021.

CRISIL's consolidated income from operations for the quarter ended December 31, 2021, rose 18.2% to Rs 706.0 crore, compared with Rs 597.2 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended December 31, 2021, was up 17.5% to Rs 719.5 crore, compared with Rs 612.2 crore in the corresponding quarter of the previous year.

Profit before exceptional items and tax for the quarter ended December 31, 2021, increased 33.9% to Rs 179.5 crore, compared with Rs 134.1 crore in the corresponding quarter of the previous year. Profit after tax for the quarter ended December 31, 2021, increased 53.2% to Rs 168.6 crore, compared with Rs 110.0 crore in the corresponding quarter of the previous year.

CRISIL's consolidated income from operations for the year ended December 31, 2021, rose 16.1 % to Rs 2,300.7 crore, compared with Rs 1,981.8 crore in the corresponding period of the previous year. Consolidated total income for the year ended December 31, 2021, was up 14.7% to Rs 2,382.4 crore, compared with Rs 2,076.3 crore in the corresponding period of the previous year.

Profit before exceptional items and tax for the year ended December 31, 2021, increased 24.9% to Rs 572.6 crore, compared with Rs 458.3 crore in the corresponding period of the previous year. Profit after tax for the year ended December 31, 2021, increased 31.3% to Rs 465.8 crore, compared with Rs 354. 7 crore in the corresponding period of the previous year.

The results include the full-year financials of Greenwich Associates LLC (acquired on February 26, 2020), while for the same period last year, 10-month financials were considered. Profit before tax for the quarter and year ended December 31, 2021, includes Rs 45.8 crore towards profit on sale of property.

During 2021, the company paid three interim dividends totalling Rs 24 per equity share of face value of Re 1 each. The Board of Directors has recommended a final dividend of Rs 15 per share and a special dividend of Rs. 7 per share (of Re 1 face value). The total dividend for the year works out to Rs 46 per share.

Says Amish Mehta, Managing Director & CEO, CRISIL, "We witnessed growth across our businesses during the quarter. Global economies, including India, have been veering towards normalisation with demand recovering, even though inflationary pressures are elevated. Our focus on IP-led solutions and risk transformation helped us win new clients and increase our wallet share at key clients. We continue to invest in people and technology to drive sustainable growth."

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CRISIL

An S&P Global Company

Activity in the lending markets improved in line with economic recovery. Companies increasingly sought to refinance debt and strengthened their liquidity positions. CRISIL Ratings continues to maintain market leading position in corporate bond ratings and added new clients during the quarter. The business also saw Increased penetration in the mid-corporate segment and traction for stressed asset offerings. Revenue at CRISIL Ratings grew 16.8% on-year in thH December quarter, and 7.5% in 2021.

Global Analytical Center (GAG) increased support to the analytical, sustainability and transformation projects of S&P Global Ratings Services. The Ratings segment revenue grew 9.5% on-year in the December quarter and 6.9% in 2021.

In Research, the Global Research & Risk Solutions (GR&RS) business saw client wins and continued to grow through the December quarter. There was increased demand for our offerings in the areas of regulatory reporting, product control, sustainability, and buy-side research. Investments in digital and regulatory-driven transformation agenda at financial institutions also spawned business opportunities.

The India Research business witnessed growth following the pick-up in economic activity. There was increased traction for data, insights, and capital market research offerings.

Revenue growth at Global Benchmarking Analytics was driven by deals with global corporate and investment banks. Greenwich Associates, which was acquired by CRISIL in the first quarter of 2020, strengthened its regional client base and expanded relationships with commercial banks. The Research segment revenue grew 21.5% on-year in the December quarter and 20.3% in 2021.

The Advisory segment saw good momentum with revenue growing 17.6% on-year in the December quarter and 14.0% in 2021. The business bagged large wins from multilaterals and expanded its overseas clients' footprint. The Business Intelligence and Risk Solutions business saw wins for its regulatory offerings.

CRISIL continued its people-first approach, while focusing on learning and talent development. The company won a host of recognitions for diversity, equity, and inclusion in 2021.

CRISIL Ratings held webinars on NBFCs, roads, renewables, gold, pharmaceuticals, and healthcare sectors. GR&RS released whitepapers on global macro environment and risk modelling. CRISIL Research hosted webinar on crop protection industry and the fourth edition of its Advisor Connect webinar series on 'Preparing investors for known and unknown investment risks'. Coalition Greenwich hosted three webinars on the US treasury market, corporate bond trading, and compliance in the capital markets.

CRISIL Foundation launched 346 centres for Financial Literacy (CFLs) across India under the Reserve Bank of India's MoneyWise Centre for Financial Literacy project.

/

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Amish Mehta DIN: 00046254 J **

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Managing Director & CEO DIN: 00046254

CRISIL An S&P Global Company

For further information contact

Sanjay Chakravartl

Chief Financial Officer CRISIL Limited D: +91 22 3342 3049 B: +91 22 3342 3000

Pankaj Rawat Media Relations

CRISIL Limited M: +91 99872 61199 B: +91 22 3342 3000 Pankaj.Rawat@crisil.com

Maya Vengurlekar

Senior Director-Corporate Communications CRISIL Limited D: +91 22 3342 3130 B: +91 22 3342 3000

Hirai Jani Vasani

Media Relations CRISIL Limited D: +91 22 3342 5916 M: +91 982003 9681 B: +91 22 3342 3000 Hirai. Vasani@crisil.com

About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better. It is India's foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong, Singapore, and Australia. It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit ww.crlsrl.com

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CRISIL PRIVACY NOTICE

CRISIL respects your privacy We may use your contacl information, such as your name, address. and email id lo lullil your requesl and service your account and lo provide you wilh additional informalion from CRISIL For further information on CRISIL's privacy policy please visil ww.cros1I com/pnvay

DISCLAIMER

This Press Release is transmitled to you for the sole purpose of disseminalion lhrough your newspaper I magazine I agency. The Press release may be used by you in lull or in part without changing lhe meaning or context !hereof but wilh due credil to CRISIL. However, CRISIL alone has lhe sole right of distribution (whether directly or indirectly) of ils Press Releases for consideralion or otherwise lhrough any media including websites, portals etc. Certain statements in this communicalion constilute forward-looking slatemenls These forward-looking slalemenls are otten idenlified by words such as "anlicipale," ''believe," "intend," "estimate," "expect" "see," "continue," "could," "can," "may," "will," "likely,'' "depend," "should," ·would," "plan," "predict:· ·1arget," and similar expressions, and may include references to assumptions and relale 10 CRISIL's future prospec1s, developments and business stralegies. Except for the historical inlormation contained herein, lhe mailers discussed in this communication are forward-looking statements that involve risks and uncertainties that may cause CRISIL's actual results to be materially ditterent from such lorward-looking slatements CRISIL wishes to caution you that you should nol place undue reliance on such forward-looking statements, which speak only as ol the date on which !hey were made CRISIL does not undertake any obligalion lo update forward-looking statements, except as required by law.

lnforma1ion ha., been obtained by CRISIL from �ources which it considers reliable Howeve1. CRISIL does not guo.rnntee the accuracy. adequacy. 01 completeness of information on which this Press Release is based and i� not 1espoi1sible for any errors or omissions or for the results obtained fiom the use of thi� Press Release CRISIL. especially states that it has no financial liabili1y wha1soeve1101he subscribers/ usets/ 1ransmi1te1'io/ dis1ribu1ors of 1his Press Release

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An S&P Global Company

CRISIL

CRISIL Limited

Statement of Financial Results for Ille quarter and year ended December 31, 2021

[•][•][•][•][w, ][.. ][,][_][,]

Panlculars	Panlculars	Panlculars	Con!lidated 3 Monls 3 Months Crresnding ended ended Months ended	Con!lidated 3 Monls 3 Months Crresnding ended ended Months ended	Con!lidated 3 Monls 3 Months Crresnding ended ended Months ended				Standalone	Standalone	Standalone	Standalone	Standalone	Standalone
			3 Monls ended	3 Months ended		3	Year Vear ended ended 31-Dec-21 31- ec-2		3 Monl s ended	3 Mon11s ended	crresonding 3 Months ended	Year ended		Year ended
			31-Dc-21	3Sep21 31-0c·20					31-Dc-21	3Sp21	31-Dc-20	31-Dc-21		31-Dc-2 Audited (Reier Note 6)
			Audited (Reier Note 6)	Unaudited Audited (Reier Nte 6)			Audlled Audlld (Reier Note 6) (Reier Note 6)		Audited Unaudited (Refer Note 6)		Audited (Reier Nte 6)	Audited (Refer Note 6)
1. Income A Total r8nue from oprations B Other income(Refer notes4and6)			706 02 13.43	570 96 597-24 32 84 14 98			2,300.69 1,961 63 61.69 94.51		262 70 67 87	271 94 S2.78	235.46 19 06	1,052.91 336.17		666 76 107 31
1. Tolal Income!IA� 18)			719.45	63.8 612.2			2,32.3 2,076.3		35.57	324.72	25.5	1,3.0		99.09
2. Epenss A. Employee bneft expnses B. Rent expenses C. Professional fees D. Trail expnses E. Associate se™ce fees F. Finance costs G. Other expnses (Refer note4) H. Depeciation_I_amortization			392 23 2.75 29.7 7 2 90 43.68 1 65 42 17 24 63	331.82 308.1 1.47 5.24 29 14 33 98 2 76 1 17 26 38 55.19 1 90 3 71 32.88 39 17 26.22 31 27			1,286 91 13 97 123 91 8 96 122.56 8 93 138 54 10598	1,068. 12 54 108 38 15,83 131.63 14 39 145.73 121.11	136 36 0.23 66 48 0.45 6.8 0 15 23 55 1299	131 40 115 00 0.45 0 25 64 93 52 78 0 50 6,24 6.24 1 78 1 69 12 69 10 32 1266 17.69			490 85 436 34 5 76 1 26 237 62 197 43 1.24 7 41 25 83 22.82 5 67 6.94 63.07 39.86 52.89 65.68
2. Tolal exoenss			539.98 452.57		478.14 1.89.76			1,618.0S	246.69 23.65		203.97		82.93	77.76
3. Prom bfore excepllonat Items and tax (1 - 2) 4- E.cep1iona1 119f (Refe note 9)			179.47 151.23		13.0 572.62			45.2	103.88	94.07	50.5		5.15	218.33
			4.8		45.62 13.0 618.44 45.2				45.82				45.62 51.97 218.33
5. Ntpront bfore 1x(3 + 4J			2.2 151.2						149.70	94.07	5.5		51.97
6. Tax expens A. Currenl Lax B_ Dele la			43 50 45.10 17.01 150 04 13.16 (6.3) 7 03 2 59					119 84 **(16.28) **	22 21 "19	21.99 (6 75)	(0 23) 10 64		83.09 (8 14)	59 26 (7,67)
6. To1'l 1• exoens (6A + 68)			5.6 3.37 24.0 152.63					10.5	2.40	15.24	10.41		74.95	51.61
7. Ntoront for tl'eoer1od from contlnulna o<raUons(5 • 6)			16.63 112.8 110.( 465.81					3S.73	123.30	78.63	40.16		4I.02	16.72
8.Net Proft 1rom discontlnuo operations (ptains10oprations lransretred10wholly owned subsidiary of CRISIL Limited (Refer note 10)]									~~-~~		(103.8)
9. ProHt f	**or theprod/7 + 8)" **	16.63 112.8 110.0 465.8i l.7							**123.30 **	78.83	**{63.6) **		4I.02	16.72
10.Other comprehensve (lncomoy expens A llems that will b reclassifed to profit or loss Exchange diferences in lranslating Lhe fnancial statements cl a foreign opration Te ettecli\ portion ol (gainsY loss on heging instrments in a cash How hedge Tax_ettect_o abm- B. llems that will not be reclassified to proft or loss Remeasurements of the defne bnefit plans Equity instrumenls through other comprehensiv TaJ etect on abs 10.Tol! oter ccmprehenSve(lncome)lexpens(A+BJ	comprehensve (lncomoy expens llems that will b reclassifed to profit or loss Exchange diferences in lranslating Lhe fnancial statements cl a foreign opration Te ettecli\ portion ol (gainsY loss on heging instrments in a cash How hedge Tax_ettect_o abm- .llems that will not be reclassified to proft or loss Remeasurements of the defne bnefit plans Equity instrumenls through other comprehensiv TaJ etect on abs	0.46 15.33 (13.401 (0 99) (2078) (9.45) 1 30 (0,41) (6 32) (6 05) 2 37 (0.31} 0 11 1.59 153 1 48 0 42 2.86 (1 82) 5 13 12 51 10 63 (46.36) (25 10) 30 52 (0.3) (0.13) t0.49) 0 61 (t50)							(3 16) 0 80 1.25 12 51 (0.31)	(4.94) .24 0 77 10.63 (0.20)	(0,25) 0.07 1.70 (46.36) (0.14)		. - (6.5) (5 79) 1.62 1.6 (068) 3 90 (25 10) 30.52 0 32 (1 16)
			7.02 27.24 (57.69) (32.03) 8.85						11.0	7.50	(44.98)		(3.2)	28.91
a.Totl comorehmSve Income for le priod (9 -10)" 12. Palo up euity sham captal (Face .u. oft1each) 13Other euity 14. Ernings Per Share (EPS) Con�nulng operations: Basic (Not annualise) Diluted (Not annualised) Osonunutng operations: Basic (Not annualise) Dilute (Nol annualised) ConUnulng and Disontinuing operauons Basic (Not annualise) 01lu1e (Not annualised)		161.61 85.62 167.7 497.8 345.8							11221 71.33 (18.6 7 29 7.28 7 26 16 93 10 63 5 53 16 90 10 81 5 53 (14.30) (14,30) 16 93 10 83 (8.77) 16.90 10.81 (8.77)				57.31 7.29 964 12 65.57 65.50 65 57 65.50	137.81 7 26 688,06 23.00 22.98 23 00 22 98
		7 29 7 28 7 26 7.29 7,2 1 571 13 1,304,55 2315 15 51 15 16 64 03 48.93 23 11 15.48 15 14 63.96 46.90 23 15 15 51 15.16 64 03 48 93 23.11 15.48 15.14 63 96 48 90

"Represents 100% a!tnbutablo lo lhe shareholders of lhe Company

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CRISIL An S&P Global Company

CRISIL Limited

Statement of Segment Results for the quarter and year ended December 31, 2021

		(t in arore)	(t in arore)
Pariculars		Conslidated
	3 Months 3 Months ended ended	Corresonding 3 Year Year Months ended ended ended
	31-Dec-21 30Sep-21 Audited Unaudited (Refer Note 6)	31-Dec-20 31-Dec-21 31-Dc-20
		Audited Audited Audited (Refer Note 6) (Re !er Note 6) (Refer Note 6)
1. Operating revenue A. Rating serces 8. Research serces C. Acsofserces	164.98 153,62 150.66 604.11 565.04 494.26 381.73 406,82 1,543.69 1,262.71 46.76 35.61 39.76 152.89 134.08
1. Total revenue from oprations	70.02 570.9 597.24 2,30.69 1,981.83
2. Less: lnlor segment re-nue	~~.~~ ~~.~~ ~~.~~
3. Net income rrom operations(1 • 2)	706.02 570.96 597.24 2,30.69 1,981.83
4. Segment profits A. Rating serces 8. Research serces C. Ad1soryserces	65.97 64.41 57.96 252.70 226.72 107.50 83.51 71.09 324.08 209.01 8.83 0.81 6.42 16.60 10.07
4. Tolal operaUng profit	182.30 148.73 135.49 593.3		45.80
5. AddI(les) i.Interest II. Net other unallocable income/(expenditure) (Refer note 4)	0.06 (0.07) (0.01) (0.29) 9.87 15.47 12.31 30.83 64.55
IiiDelation / amortisation [unallocable)	(1276) (1290) (1372) (5158) (5177)
.f 6. Net proflt lrom ordinary activilies before tax (4 + 5)	. . . . 179.47 151.23 134.08 572.62		. 458.29
7.Exoeplional Item(Reiernote9)	45.82 45.82
8. Netprofit before fax(6 + 7)	225.29 151.23 134.08 618.4 458.29
Segmen. asts(Reier note 5) A Rating serces 8. Research serces C.Ad1sory serces D.Unallocable (net) Segment liabilities(Refer note 5) A. Rating serces 8. Research sences C. Ad1sory serces D. Unallocable (net) Capital employed(Refer note 5) A.Rating S9(1Ces 8, Research ser-ces C. Ac:sory serces D Unalloable (net)	192.70 248.70 84.01 192.70 84.01 1,127.49 1,128.85 1,039.61 1,127.49 1,039 61 150.12 128.05 149.25 150.12 149.25 1.033.56 866.89 933.78 1,033,56 933.78 161.28 191.58 167.64 161.28 167.64 464.34 459.65 454,30 484.34 454.30 48,33 36.99 55.69 48.33 55.69 231.50 208.39 217.21 231.50 217.21 31.42 57.12 {83.63) 31.42 (63.63) 643.15 669.00 585.31 643.15 585.31 101.79 91.06 93.56 101.79 93.56 802.06 658.50 716.57 802.06 716.57

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CRISIL

An S&P Global Company

CRISIL Limited

Statement of As ets and Liabilities as at December 31, 2021

CRISIL Limted Statemnt of A ets and Liabilities as at December 31, 2021	CRISIL Limted Statemnt of A ets and Liabilities as at December 31, 2021	CRISIL Limted Statemnt of A ets and Liabilities as at December 31, 2021
			(' in crores)
Particulars A A ets 1. Non-current assets (a) Property, plant and equipment (b) Right-of-use-assets (c) Goodwill (d) Intangible assets (e) Intangible assets under development (I) Financial assets i. Investments ii. Loans iii. Other financial assets (g) Deferred tax assets (net) (h) Tax assets (i) Other non-current assets Sub-total non-current assts 2. Current assts (a) Financial assets i. Investments ii.Trade receivables iii.Cash and cash equivalents iv.Other bank balances v. Loans vi.Other financial assets (b) Other current assets Sub-total current assts 3. A et held tor sale TOTA· A ts B. Equity and liabilities 1. Equity (a)Equity share capital (b) Other equity Sub-total Equity 2. Non-current liabilities (a) Financial liabilities i.Other financial liabilities (b) Provisions (c) Other non-current liabilities Sub-total non-current liabilities 3. Current liabilities (a) Financial liabilities i. Trade payables - to micro enterprises and small enterprises - to others ii,Other financial liabilities (b) Provisions ( c) Tax liabilities (d) Other current liabilities Sub-total current liabilltles TOT A· Eaultv and llabilltles	Consolidated A at A al 31-Dec-21 31-Dec-20 Adited Adited 40.34 41.02 127.00 209.06 372.67 375.66 120 81 136.56 5.49 13.57 195.38 170,26 29.89 24,55 0.41 1.06 59.21 64.06 115,70 79.69 3.31 6 54 1,070.21 1,122.29 449.46 305.74 398.54 307.36 289.92 274.88 4.43 3.80 7.15 21.21 156.82 101.76 127.34 66.43 1,433.66 1,081.18 . 3.18		Standalone
			A at A at
			31-Dec-21 31-Dec-20 Adited Adited 27.04 31.01 106.35 106.97 . 9.51 7.95 4.63 9.79 404,31 379.21 29.45 23.17 0.05 0.61 30.53 24.33 71.64 41.5 1.61 3.72 685.12 628.21 302.98 292.96 159.69 117.23 102,72 97.75 2.22 1.68 2.94 66.85 68 01 103.87 64.66 27 54 703.44 707.90 . 3.18
	2,503.87 7.29 1,571.13 1,578.42 102.05 21.15 0.50 123.70 0.13 133.57 290.41 61.52 5.28 290.64 801.75 2,503.87	2,206.65 7.26 1,304.55 1,311.81 184.61 21.39 206.00 0.10 105.26 245.41 63.68 16.20 237.99 6.8 2,206.65	1,38.56 1,339.29 7.29 7.26 964.12 688.06 971.41 695.32 71.78 78.96 16.47 16.88 0.41 . 8.66 95.84 0.05 0.09 68.50 54.86 116.77 380,33 57.22 55.57 . 65.95 57.28 328.49 5.13
			1,38.56	1,339 . 29

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CRISIL

An S&P Global Company

CRISIL Limited

Statement of Cash flow statement tor the year ended Deceni>er 31, 20 21

					(fin crores)
	Particulars	Consolidated		Standalone
		Vear ended	Vear ended	Year ended	Vear ended
		31-Dec-21	31-Dec-20	31-Dec-21	31-Dec-20
		Audited	Audfted	Audited	Audited
A.	Cash flow from operating actlvilies:
	Profit before tax Adjustments for :	618.44	458 29	551 97	218.33
	Depreciation/ amortisation	105.98	121 11	62 09	74 73
	Interest income on financial assets carried at amortized cost	(O.�	(2.57)	(1.95)	(2.49)
	Waiver of lease liability	(7 94)	(2.08)	(0.531	(1.67)
	Exchange difference on translation of assets and liabilities including hyperinflation	3 13	1 21
	impact
	Unrealised foreign exchange loss	2 27	(5.77)	1 98	(7.,01)
	(Profit)/ loss on sale ol property, plant and equipment (Prollt)/ loss on sate of currenl investments	(46,61) (10.'10)	(0.09) (703)	(46 45) (5.74)	0,01 **(6.98) **
	(Profit)/ loss on la:r valuat,on QI currenl Investments ProvlsionfordoubiluldebtsIbaddebts Provision for doubtful security deposits	(313) 3 08 0.13	(2 681 094 0.45	(2.05) 2.28 0 09	(2.52) 1 40 0 28
	Excess provision written back	(13.83)	(3.95)	(3.64)	(3 95)
	Interest on bank deposits	(3.00)	(1 73)	(0 19)	(0.46)
	Interest on income tax refund	(0,15)	(0.03)		.
	Share based payment to employees	157	2 48	1 57	0 76
	Dividend on investments	(4.29)	(4.411	(257 88)	(4.41)
	Interest on lease liability	8,93	14.10	7,26	6 91
	Interest on bank overdraft	.	0 29		0 03
	Interest on loan from subsidiaries			10 821	**18.11) **
	Operating profit before working capitaf changes	653.62	568.53	307.99	264.85
	Movements in working capital
	- (lncrease)ldecrease in trade receivables	(95.96)	(47.38)	(44 74)	34 62
	- (�crease)/decrease in 1oans	4 89	(2.21)	3 60	4 69
	- (h1crease)ldecrease inother non current assets	0 75	060	1 57	1 00
	- (lnorease)ldeorease in other current financial assets - (lncreaseJ/decre�se inolherc·urrenl .issels - lncreasel(dectease) in trade payables	[52.07) (5925) 42 11	29.08 6 77 15 33	115. 271 (37-34) 37 45	(55 62) (4 23) (12.49)
	- lncrease/(decrease) in provisions	(0 78)	18.87	1 92	2,05
	- lncreasel(decrease) in other current financial liabilities	4713	(712)	(273 53)	276 93
	-lncrease/(decrease)rnother current liabilities	51 88	32 03	8.67	(71,92)
	•lncrease/(decrease) rn other non current linancial liabilities	7 27	10 99	4.54	(0.40)
	- lncrease/(decrease) 1n olher non current liabilities	050		D 41	.
	Cash generated from' (used tn) operations	600.09	625.49	(4.73)	439.48
	- Taxes paid Net cash generated from' (usedin)operating activities·(A)	(196.971 403.12	(125.02) 500.47	1113;201 (118.01)	152.581 386.90
B,	**Cash flow from investing activities: **
	Purchase of property, plant and equipment and intangible assets (including movement	(22 79)	(3482)	(15 85)	(25.76)
	of intangible assets under development and capital advances)
	Proceeds from sale of property, plant and equipment and intangible assets	49.79	0.88	51 12	on
	Proceed received from Sales of Business Unit (Ratings)			51,70
	Proceed$ from sale of mutual funds (net)	(130.19)	(43,78)	(2.21)	(31 23)
	Payment made for acquisition of Greenwich Associates LLC		(251 17)
	Amount received on net working capital adjustment of Greenwich As ociates LLC	7 49
	Interest on income tax refund	0.15	0.03
	Interest on bank deposits	2,96	1,77	0,15	047
	Interest on loan from subsidiaries			240	6 54
	Loan repaid by/ (given to) subsidiaries (net)			50,89	(47 64)
	Fixed deposits matured/ (placed)	005	(0.08)	(0,02)	(0 07)
	Investment in CRISIL Ratings Limited				(26.00)
	D,Vldend on investments Net cash generated from' (usedin)investing activities - (B)	4.29 *(88.25*	4 41 *(322,86*	257.88 396.06	4 41 (118.51)
C.	Cash flow from financing activities:
	Proc�eds on account of share application money pending allotment Receipts from subsidiaries lor Employee stock option scheme (ESOS) Receipts from issuance of share capital on account of exercise of ESOS Repayment of borrowings	2 23 41.46	35 22 (0,09)	2 23 0 75 41 46	1,71 35 22
	Dividend and dividend tax paid	1276.49)	(232.03)	(276 49)	(232.03)
	Payment of lease liability	(58.23)	(67 911	(41,03)	(46.79)
	Fir1ance cost		10.29)		(0.031
	Net cash used in financing activities· (C)	(291.03)	(265.10)	1273.08)	(241.921
	Net Increase/ (decrease) in cash and cash eaulvalents IA+B+Cl	23,84	**[87.49) **	4.97	26.47
	Ad I(less): adjustment towards acquisi1lon- (D)		25.30
	Net increase/ (decrease) in cash and cash eaulvafents (A+B+C+D)	23.84	(62.19)	4.97	26.47
	Cash�ndcash equivalents-Openingbalance Ad Exchange difference on translation of foreign currency cash and cash equivalents	274 88 (8 80)	339.11 (2.04)	97.75	71 27 0 01
	Cash and cash equivalents - Closing balance Net lncrease/ /decrease) In cash and cash eaulvalents Componentsof cash and casheqwvalenfs Cashon hand and balances with banks on current account o�sits w11h or.nll')al ma11,rltv o1185s1han,three monlhs To1al	289.92 23.84 205,44 84.48 289.92	274.88 (62.191 268.22 6.66 274.88	!02.72 4.97 102.72 102.72	9775 26.47 97 75.. . p" 17,�S·
					i{( � ·I',- lt.11

CRISIL

An S&P Global Company

Notes to Financial Results

• The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on February 15, 2022.

• 2 The Board of Directors have recommended a linal dividend of � 15 per share and a special dividend of � 7 per share having face value of � 1 each.

• 3 The consolidated financial results include financial results of CRISIL Limited and its wholly owned subsidiaries (together referred as 'the Group').

• 4 Details of foreign exchange gain or loss recorded in the respective periods in financial results are as under:

	.(� in crores)	.(� in crores)	.(� in crores)	.(� in crores)
Particulars	Consolidated Standalone
	Forexgain or loss included under
	Other income Other expenses		Other income	Other exonses
Quarter ended December 30, 2021 Quarter ended September 30, 2021 Quarter ended December 31, 2020 Year ended December 31, 2021 Year ended Decembr 31, 2020	1.25 4.89 Nil 11.38 20.38	Nil Nil 5.45 4.67 11 36	2.67 Nil 2.43 10.28 18.78	Nil 2.39 Nil 3.89 3,36

• 5 The Group's operations predominantly relate to providing rallng, research and advisory seNlces. Accordingly, revenues earned through rendering ot these services lepresent the pdmaiy basis of segment Information set out above Assets and liab lilies used interchangeably between segments has b n classified as unallocable. The Group believes that it Is currently nol praclicabte to allocate all assets and liabilities since a meaningful segregation or the available dale ls not feasible. In accordance with Ind MS 108 · 'Operating Segmems·, the Company has presemed se.grnent ,nformation along wllh the consoltdated rlnancial rasults or the Group.

• 6 tn compliance with Regulation 33 of tt,e Securities and Exchange Board of India (Listing Obligations and Djsclosure Requirements) Regulalions, 2015, an audit ot the results has been carried out by the Statutory Auditors of the Company. The figures of the quarter ended December 31. 2021 and December 31. 2020 are the balancing figures between audited figures of the full year ended December 31, 202·1 and December 31. 2020 and unaudited published year to date figures up to lhe period ended September 30 of the respective years.

• 7 The results for the year ended December 31, 2021, include full year flnancials of Greenwich Associates LLC, acquired on February 2020, as against ten-month numbers considered in the same period of the previous year.

• 8 During the quarter ended December 31, 2021 and September 30, 2021, the Company has received dividend income from its subsidiaries amounting to � 43.00 crores and � 35.59 crores respectively. This is included under 'Other income' in the slandalone financial results.

• 9 Exceptional item for the quarter and year ended December 31, 2021 consists of profit on sale of Immovable property.

• 1 O Sct,eme or arrangement in terms of Section 230 to 232 of the Companies Ai;I. 2013 ('STransfer ol Iha Ratings business to CRISIL Ratings Limited. a wholly owned subsidiary of the CRISIL Limiled has been undertaken lhrough a cheme'). The Scheme has been sanctioned by the National Company Law Tribunal INGLT) with appolnted date·as January 1, 2020 and on approvals received lrom various authorities. Iha Sctierne became eflect1ve on December 31, 2020. A ordingly, standalone financial results for the quarter ended December 31, 2020 includes nel profil from discontinued operations pertainmg to operations transferred to CRISIL Ratings Limited.

• 11 The management has approved arrangement ror ,imalgamation of two wholly owned subsidiaries (''CRISIL Risk end lnfrastruclure Solutions Limited and Pragmahx Services Prlvale limited . Transferor Company") as a going concern with the Company (the "Transf�ree Company'11n its meetrng held on December 13, 2021. Following the closing of the aforesaid amalgamation, lhe amalgamated entity will continue Its operations under the name of CRISIL Limited. The Company has already filed necessary appllcat,ons to the National Company Law Tribune( (NCLT) on December 27, 2021 and awaiting for required regulalory approvals.

• 12 The Group has considered Internal and external information and has performed sensitivity analyses based on current esllmates, In assessing the recoverab11ily of receivables, unbilled revenues, goodwill, nlang,ble assets, o\her financial assets (Including cash liquidity), and the prolllabllity or the GroLJp. Whilst the s,watlon continues to b1:1 e�trernely dynamic. at present the Group does not see any mat1:1rial Impact on Iha aboHowever, the ectu,; impact ol the pandemic on the Group's financial per'formance·may dltter froni what ts estimated. and the Group continues to ve. monitor changes to future economic conditions.

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CRISIL

An S&P Global Company

• 13 The financial results have been prepared in accordance with the applicable accounting standards, as notified under the Companies (Indian Accounting Standards) Rules, 2015 and as specified in Section 133 of the Companies Act, 2013.

• 14 Previous year figures have been regrouped/ reclassified wherever necessary, to conform to current period classificaion.

For and on behalf of the Board of Directors of CR/SIL Limited

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Amish tv'ehta Managing Director and Chief Executive Officer DIN : 00046254 Mimbai, February 15, 2022

• Further details in connection with this Release are available on website of the Company at www.crisil.com and also on the websites of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com).

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Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP 11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of CRISIL Limited

Opinion

1. We have audited the accompanying consolidated annual financial results ('the Statement') of CRISIL Limited ('the Holding Company') and its subsidiaries (the Holding Company and Its subsidiaries together referred to as 'the Group'), for the year ended 31 December 2021, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Dlsclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.

2. 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 other auditors on separate audited financial statements and branch of a subsidiary, as referred to in paragraph 12 below, the Statement:

3. (i) includes the annual financial results of the following entities listed in Annexure 1;

4. (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations, and

5. (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder, and other accounting prlnclples generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial Information of the Group for the year ended 31 December 2021.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ('SAs') 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 Statement section of our report. We are Independent of the Group, Its associates and joint ventures, in accordance with the Code of Ethics /s·sued by the Institute of Chartered Accountants o·f India ('the /CAI') 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 obtained by us and that obtained by the other auditors in terms of their reports referred to in paragraph 12 of the Other Matter section below, is sufficient and appropriate to provide a basis for our opinion.

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Chartered Accountants

Offices in Bengaluru, Chandiga-h, Che,mai, Gurugram, Hyderabad, Kochi, Ko1ka1a, Mumbai, New Delhi, Naida and Pune

Walker Chandiok & Co LLP is registered with limiled liability with identification number AAC-2085 and has ils registered office al L-41, Connaught Circus, Outer Circle, New Delhi, 110001. India

Page 1 of 5

CRISIL Limited

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Responsibilities of Management and Those Charged with Governance for the Statement

1. The Statement, which is the responsibility of the Holding Company's management and has been approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated annual audited financial statemehts. The Holding Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the consolidated net profit or loss after tax and other comprehensive income, and other financial information of the Group in accordance with the accounting principles generally accepted in India, including the Ind AS prescribed under section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Holding Company's Board of Directors Is also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of the Statement Further, in terms of the provisions of the Act, the respective Board of Directors/ management of the companies included in the Group covered under the Act, are responsible tor maintenance of adequate accounting records In accordance with the provisions of the Act. for safeguarding of 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, tor ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

2. In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associates and Joint ventures, are responsible for assessing the ability of the Group and of its associates and Joint ventures, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the respective Board of Directors/ management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

3. The respective Board of Directors/ management of the companies included in the Group are responsible for overseeing the financial reporting process of the companies included in the Group.

Auditor's Responsibilities for the Audit of the Statement

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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, specified under section 143(10) of the Act, 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 this Statement

2. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit We also:

3. Identify and assess the risks of material misstatement of the Statement, 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 hfgher than for one resulting from error, as fraud may involve collusion, forgery, intentional orniss1ons, misrepresentations, or the override of internal control.

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Page 2 of 5

Charlered hcountants Offices In Bengaluru, Chandigarh, Chennai, Gurng,am, Hyderabad, Kochi, Kolkala, M1.1nbai, New Delhi, Noida and Puna

Walker Chandiok & Co LLP is registered with limited liability with identificalion number MC-2085 and has its registered office al L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

CRISIL Limited

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• 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 the management.

• Conclude on the appropriateness of management's 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 and its associates and joint ventures, 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 Statement 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 and its associates and joint ventures to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/ financial information/ financial statements of the entities within the Group, and its associates and joint ventures, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, 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 of the Holding Company and such other entities included in the Statement, of which we are the independent auditors, 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.

• We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

1. We did not audit the annual financial statements of 2 subsidiaries included in the Statement, one branch included in the audited separate annual financial statements of the entities included in the Group, whose financial information reflects total assets of � 6295,29 lakhs as at 31 December 2021, total revenues of

� 4950.16 lakhs, total net profit after tax of� 316.42 lakhs, total comprehensive income of� 309.20 lakhs, and cash flows (net) of � 351.07 lakhs for the year ended on that date, as considered in the Statement as considered in the respective audited separate annual financial statements of the entities included in the Group, These annual financial statements have been audited by other auditors and branch auditor whose audit reports have been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and branch is based solely on the audit reports of such other auditors and branch auditor, and the procedures performed by us as stated in paragraph 11 above.

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Page 3 of 5

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC·2085 and has its registered office al L-41, Connaughl Circus, Outer Cirde, New Delhi, 110001, India

Offices in Bengaluru, Chandig1:th, Channa!, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Deihl, Naida and Puna

CRISIL Limited

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Further, all subsidiaries and branch mentioned above are located outside Jndia, whose annual financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries, and which have been audited by other auditors and branch auditor under using generally accepted auditing standard applicable in their respective countries, The Holding Company's management has converted the flnanclal statements of such subsidiaries arid branch 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, In so far as ft relates to the balances and affairs of these subsidiaries and branch, is based on the audit report bf other auditors and branch auditor and the conversion adjustments prepared by the management of the Holding Company and audited by us,

Our opinion is not modified in respect of this/these matter with respect to our reliance on the work done by and the reports of the other auditors.

1. The Statement Includes the consolidated financial results for the quarter ended 31 December 2021, being the balancing figures between the audited eonsolidated figures in respect of the full financial year and the published unaudited year-to-date consolidated figures up lo the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm Registration No:001076N/N500013

Kh�

Partner Membership No:042423

UDIN:22042423ACIQQQ7570

Place: Mumbai Date: 15 February 2022

Chartered Accountants

Page 4 of 5

Walker Chandiok & Co LLP is registered with limited lfabilfty with identification number MC-2085 and has its registered office at L -41, ConnaughtCircus, Ouler Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Nofda and Pune

CRISIL Limited

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Annexure 1

List of entities included in the Statement

1. CRISIL Risk and Infrastructure Solutions Limited

2. CRISIL lrevna UK Limited

3. CRISIL lrevna US LLC

4. CRISIL lrevna Poland Sp.Z.oo.

5. CRISIL lrevna Information Technology (Hangzhou) Co. Ltd.

6. Coalition Development Limited

7. Coalition Development Singapore Pte. Ltd.

8. CRISIL lrevna Argentina S.A 9. Pragmatix Services Private Limited

9. CRISIL Ratings Limited

10. Greenwich Associates LLC

11. Greenwich Associates Singapore Pte. Limited

12. Greenwich Associates Japan K.K.

13. Greenwich Associates Canada, ULC

14. Greenwich Associates UK Limited

15. Greenwich Associates UK (Holdings) Ltd (till 13 October 2021)

16. CRISIL lrevna Australia Pty Ltd

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Page 5 of 5

Chartered Accountants Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkala, Mooibai, New Delhi, Noida and Puna

Walker Chandiok & Co LLP is registered with limiled liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP 11th Floor, Tower II, One International Center, S B Marg, Prabhadevi {W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of CRISIL Limited

Opinion

1. We have audited the accompanying standalone annual financial results ('the Statement') of CRISIL Limited ('the Company') for the year ended 31 December 2021, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.

2. In our opinion and to the best of our information and according to the explanations given to us, the Statement:

3. (i) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and

4. (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'). read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the Company for the year ended 31 December 2021.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ('SAs') 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 Statement 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 ('the 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 obtained by us, is sufficient and appropriate to provide a basis for our opinion.

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Cha.'lered Accounlanls

Offices in Bongaluru, Chancfigah, Chennai, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Delhi, Naida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L -41, Connaught Circus, Outer Circle, New Delhi, 110001, India

CRISIL Limited

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Responsibilities of Management and Those Charged with Governance for the Statement

1. This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit/loss and other comprehensive income and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Ind AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. 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 Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

2. In preparing the Statement, 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.

3. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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, specified under section 143(10) of the Act, 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 this Statement.

2. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

3. Identify and assess the risks of material misstatement of the Statement, 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.

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4. 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 in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.

5. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

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Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Ouler Circle, New Delhi, 110001, India

Chartered Accountants

CRISIL Limited

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• Conclude on the appropriateness of the management's 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 Statement 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.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

• 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.

Other Matter

1. The Statement includes the financial results for the quarter ended 31 December 2021, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

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

Khushroo B. Panthaky Partner Membership No:042423

UD1N:22042423ACIPRY6148

Place: Mumbai Date: 15 February 2022

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Chartered Accountmts

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L -41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Charmai, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Delhi, Noida and Pune

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CRISI
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An S&P Global Company

February 15, 2022

Listing Department Listing Department National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, 5 [1] " floor P J Towers Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex Mumbai 400 00 I Bandra (East) Mumbai 400 051

Dear Sirs,

Sub.: Declaration in respect of Unmodified opinion on Audited Financial Statements for the Financial Year ended December 31, 2021

In terms of SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare and confirm that the Statutory Auditors of the Company, Mis. Walker Chandiok & Co. LLP, have issued an unmodified audit report on Standalone and Consolidated Financial Results of the Company for the year ended December 31, 2021.

Kindly take this communication on record and inform your members accordingly.

Yours faithfully, l[rmited 1( SanJay Chakravarti Chief Financial Officer

CRISIL Limited Corporate Identity Number: L67120MH1987PLC042363

Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 3342 3C01 www.crisll.com