CRISIL Ltd. — Interim / Quarterly Report 2021

Jul 20, 2021

July 20, 2021

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

Dear Sirs

Sub.: Outcome of Board Meeting of CRISIL Limited

Kindly be informed that the Board of Directors of the Company, at their meeting held today, has approved the Unaudited Standalone and Consolidated Financial Results for the second quarter ended June 30, 2021. A copy of the Unaudited Financial Results of the Company, along with a copy of the Limited Review Report and the Press Release in this regard are enclosed.

The Board of Directors has also approved the payment of Interim dividend of Rs. 8 per equity share of face value of Re 1 each, for the financial year ending December 31, 2021, which will be paid on August 18, 2021.

The meeting of the Board of Directors commenced at 4.00 p.m. IST and took a break at 5.00 p.m. IST, after amongst other things, completion of consideration of the aforesaid topics. The Board will re-group after the break to discuss the pending items on the agenda.

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

Yours sincerely, For CRISIL Limited

MINAL Digitally signed by MINAL AMIT AMIT BHOSALE BHOSALE Date: 2021.07.20 17:13:34 +05'30'

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 | Fax: +91 22 3342 3001 www.crisil.com

Press release

July 20, 2021 | Mumbai

CRISIL Limited: Unaudited financial results for the second quarter ended June 30, 2021

Highlights for quarter and half year ended June 30, 2021:

• Income from operations for the quarter up 12.0% and for the half year up 13.8%

• • PAT for the quarter up 51.9% and for the half year up 19.3%

• Interim dividend of Rs 8 per share recommended

The Board of Directors of CRISIL Ltd, at its meeting today, approved the unaudited financial results for the second quarter ended June 30, 2021.

CRISIL’s consolidated income from operations for the quarter ended June 30, 2021, rose 12.0% to Rs 528.5 crore, compared with Rs 471.8 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended June 30, 2021, was up 13.7% to Rs 550.5 crore, compared with Rs 484.0 crore in the corresponding quarter of the previous year. Profit after tax for the quarter ended June 30, 2021, increased 51.9% to Rs 100.8 crore, compared with Rs 66.3 crore in the corresponding quarter of the previous year.

CRISIL’s consolidated income from operations for the half year ended June 30, 2021, rose 13.8% to Rs 1,023.7 crore, compared with Rs 899.6 crore in the corresponding period of the previous year. Consolidated total income for the six months ended June 30, 2021, was up 12.4% to Rs 1,059.1 crore, compared with Rs 942.1 crore in the corresponding period of the previous year. Profit after tax for the half year ended June 30, 2021, increased 19.3% to Rs 184.3 crore, compared with Rs 154.5 crore in the corresponding period of the previous year.

The results for the period ended June 30, 2021, include six-month financials of Greenwich Associates LLC, acquired on February 26, 2020, as against four-month numbers considered in the same period of the previous year.

The Board of Directors declared an interim dividend of Rs 8 per share (of Re 1 face value) in the current quarter for the financial year ended December 31, 2021, compared with Rs 6 per share interim dividend declared during the quarter ended June 30, 2020.

Says Ashu Suyash, Managing Director & CEO, CRISIL, “Our well-diversified business mix, and relentless focus on analytical excellence and customer experience enabled strong growth despite the pandemic-driven upheaval. While new wins and renewals helped grow core areas, our new offerings across credit and non-financial risk are enabling us to tap into the emerging needs of clients. During the quarter, we also stepped up on employee care and safety in the wake of the second wave. As increasing coverage of vaccination leads the world out of the pandemic, our businesses are well-positioned to serve the growing needs for benchmarks, analytics and insights in India and globally.”

Consumption demand across sectors of the Indian economy saw impact during the reporting quarter due to the second wave of the Covid-19 pandemic and consequent containment measures in various states. The quantum of bond issuances plunged 61% on-year, while the number of issuers dropped by a sharp 48%. Bank credit growth remained muted in both, the MSME and large-corporate sectors.

Amid the challenging credit landscape, revenue of Ratings was impacted, while the business continued to hold its leading position in the corporate bond market and added new clients during the quarter. On the new products front, the business saw traction across stressed assets and structured finance. The Global Analytical Centre continued its upward traction driven by increased coverage in analytical support, surveillance and transformation projects. Overall, the Ratings segment revenue de-grew 5.2%.

The Research segment had a strong quarter, growing its revenue by 20.2%, with all businesses in the segment delivering growth for the quarter. Global Research & Risk Solutions (GR&RS) saw good growth across model risk, traded risk, and non-financial risk. Buy-side research also saw uptick due to higher demand for research in alternative asset management.

With Corporate and Investment Banking (CIB) industry’s performance normalising, Coalition-Greenwich saw acceleration in business momentum during the quarter. Growth for the business was further aided by traction in non-CIB offerings, especially for commercial banking.

In the India Research business, growth was driven by continued demand for data, capital market-related insights and new products launched in funds and fixed-income. The business also launched Environmental, Social, Governance (ESG) scores for 225 Indian corporates across 18 sectors, which was well received by the market.

The advisory segment witnessed robust revenue growth of 14.0% during the quarter from new wins and pipeline conversion. Our proprietary technology platforms in the Business Intelligence and Risk Solutions business continued to garner interest from clients.

During the first wave of the pandemic in 2020, CRISIL had moved to work-from-home and initiated a host of employee-safety and well-being measures.

Last quarter, as the pandemic’s impact intensified following the second wave, CRISIL stepped up employee support through measures including hospitalisation facilitation, financial and emotional assistance initiatives, provision of oxygen equipment, and facilitation of vaccinations.

The quarter saw steady activity on franchise and thought leadership. ESG India Leadership Summit was hosted during the quarter which saw release of compendium ‘ESG Gauge’. CRISIL also unveiled its ESG commitment statement at the event, available here. Webinars and roundtables in diverse areas such as ESG reporting standards, transaction banking, climate risk, renewable energy and stress testing were held, which saw very good response.

With the second wave of pandemic creating acute shortage of oxygen devices, CRISIL Foundation launched Project ‘Oxygen for All’. Through employee donations and matching contributions, oxygen cylinders and concentrators were procured for those in need across several cities. CRISIL Foundation also continues to expand coverage under its flagship program for financial literacy, ‘Mein Pragati’.

ASHU Digitally signed by ASHU SUYASH SUYASH Date: 2021.07.20 16:44:21 +05'30' Ashu Suyash Managing Director & CEO DIN: 00494515

For further information contact

Sanjay Chakravarti Maya Vengurlekar Chief Financial Officer Senior Director–Corporate Communications CRISIL Limited CRISIL Limited D: +91 22 3342 3049 D: +91 22 3342 3130 B: +91 22 3342 3000 B: +91 22 3342 3000 Saman Khan Hiral Jani Vasani Media Relations Media Relations CRISIL Limited CRISIL Limited D: +91 22 3342 3895 D: +91 22 3342 5916 M: +91 95 940 60612 M: +91 982003 9681 B: +91 22 3342 3000 B: +91 22 3342 3000 Saman.Khan@crisil.com Hiral.Vasani@crisil.com

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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 and Singapore.

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 www.crisil.com

Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK | INSTAGRAM

CRISIL PRIVACY NOTICE

CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of S&P Global Inc. and its subsidiaries (collectively, the “Company) you may find of interest. For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view the Company's Customer Privacy at https://www.spglobal.com/privacy

Last updated: May 2018

DISCLAIMER

This Press Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The Press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its Press Releases for consideration or otherwise through any media including websites, portals etc. Certain statements in this communication constitute forward-looking statements. These forward-looking statements are often identified by words such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “see,” “continue,” “could,” “can,” “may,” “will,” “likely,” “depend,” “should,” “would,” “plan,” “predict,” “target,” and similar expressions, and may include references to assumptions and relate to CRISIL’s future prospects, developments and business strategies. Except for the historical information contained herein, the matters discussed in this communication are forward-looking statements that involve risks and uncertainties that may cause CRISIL’s actual results to be materially different from such forward-looking statements. CRISIL wishes to caution you that you should not place undue reliance on such forward-looking statements, which speak only as of the date on which they were made. CRISIL does not undertake any obligation to update forward-looking statements, except as required by law.

Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this Press Release is based and is not responsible for any errors or omissions or for the results obtained from the use of this Press Release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Press Release.

CRISIL Limited

Statement of Financial Results for the quarter and half year ended June 30, 2021

(₹ in crores)

Particulars	Consolidated	Consolidated	Consolidated	Consolidated	Consolidated	Consolidated	Standalone	Standalone	Standalone	Standalone	Standalone	Standalone
	3 Months ended	3 Months ended	Corresponding 3 Months ended	6 Months ended	Corresponding 6 Months ended	Year ended	3 Months ended	3 Months ended	Corresponding 3 Months	6 Months ended	Corresponding 6 Months	Year ended
	30-Jun-21	31-Mar-21	30-Jun-20	30-Jun-21	30-Jun-20	31-Dec-20	30-Jun-21	31-Mar-21	30-Jun-20	30-Jun-21	30-Jun-20	31-Dec-20
	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Audited	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Audited
1. Income A. Total income from operations B. Other income (Refer notes 4 and 8)	528.51 21.97	495.20 13.45	471.83 12.13	1,023.71 35.42	899.60 42.51	1,981.83 94.51	252.34 68.26	245.93 147.26	214.19 15.98	498.27 215.52	425.06 48.22	888.78 107.31
1. Total income (1A + 1B)	550.48	508.65	483.96	1,059.13	942.11	2,076.34	320.60	393.19	230.17	713.79	473.28	996.09
2. Expenses A. Employee benefit expenses B. Rent expenses C. Professional fees D. Travel expenses E. Associate service fees F. Finance costs G. Other expenses (Refer note 4) H. Depreciation / amortization	293.48 3.29 29.69 1.10 32.17 2.56 29.47 27.30	269.38 6.46 35.31 2.20 20.33 2.62 34.02 27.83	264.12 2.35 24.15 3.20 24.32 3.72 37.45 31.33	562.86 9.75 65.00 3.30 52.50 5.18 63.49 55.13	489.17 4.91 47.39 13.52 44.55 7.05 68.24 57.19	1,068.44 12.54 108.38 15.83 131.63 14.39 145.73 121.11	118.30 0.96 54.32 - 6.90 1.86 12.71 13.49	104.79 4.12 51.89 0.29 6.21 1.88 14.12 13.75	105.85 0.39 48.04 1.43 5.43 1.75 8.21 16.10	223.09 5.08 106.21 0.29 13.11 3.74 26.83 27.24	207.58 0.67 92.30 7.24 10.50 3.57 18.61 32.49	436.34 1.28 197.43 7.41 22.82 6.94 39.86 65.68
2. Total expenses	419.06	398.15	390.64	817.21	732.02	1,618.05	208.54	197.05	187.20	405.59	372.96	777.76
3. Profit before exceptional items and tax (1- 2)	131.42	110.50	93.32	241.92	210.09	458.29	112.06	196.14	42.97	308.20	100.32	218.33
4. Exceptional item	-	-	-	-	-	-	-	-	-	-	-	-
5. Net profit before tax (3 + 4)	131.42	110.50	93.32	241.92	210.09	458.29	112.06	196.14	42.97	308.20	100.32	218.33
6. Tax expense A. Current tax B. Deferred tax	35.10 (4.48)	26.34 0.64	26.45 0.53	61.44 (3.84)	65.94 (10.31)	119.84 (16.28)	17.35 1.10	21.54 (6.68)	15.44 (4.05)	38.89 (5.58)	34.84 (10.80)	59.28 (7.67)
6. Total tax expense (6A + 6B)	30.62	26.98	26.98	57.60	55.63	103.56	18.45	14.86	11.39	33.31	24.04	51.61
7. Net profit for the period from continuing operations (5- 6)	100.80	83.52	66.34	184.32	154.46	354.73	93.61	181.28	31.58	274.89	76.28	166.72
8. Net Profit from discontinued operations [pertains to operations transferred to wholly owned subsidiary of CRISIL Limited (Refer note 9)]							-	-	37.73	-	74.10	-
9. Profit for the period (7 + 8)*	100.80	83.52	66.34	184.32	154.46	354.73	93.61	181.28	69.31	274.89	150.38	166.72
10. Other comprehensive (income)/ expense A. Items that will be reclassified to profit or loss Exchange differences in translating the financial statements of a foreign operation The effective portion of (gains)/ loss on hedging instruments in a cash flow hedge Tax effect on above B. Items that will not be reclassified to profit or loss Remeasurements of the defined benefit plans Equity instruments through other comprehensive income Tax effect on above	(10.76) 5.48 (1.39) (0.91) (78.05) 0.32	(6.02) (3.65) 0.92 (2.81) 29.81 0.77	1.51 (9.73) 2.45 1.36 (28.05) 0.56	(16.78) 1.83 (0.47) (3.72) (48.24) 1.09	(5.10) 7.06 (1.79) 3.30 59.14 (1.42)	(20.78) (6.05) 1.53 5.13 30.52 (1.50)	- 5.30 (1.34) (0.47) (78.05) 0.20	- (3.65) 0.92 (2.23) 29.81 0.63	- (9.49) 2.39 - 1.03 (28.05) 0.65	1.65 (0.42) (2.70) (48.24) 0.83	- 6.83 (1.72) 2.89 59.14 (1.36)	- (5.79) 1.46 3.90 30.52 (1.18)
10. Total other comprehensive (income)/expense (A+B)	**(85.31) **	19.02	**(31.90) **	**(66.29) **	61.19	8.85	**(74.36) **	25.48	**(33.47) **	**(48.88) **	65.78	28.91
11.Total comprehensive income for the period (9- 10)*	186.11	64.50	98.24	250.61	93.27	345.88	167.97	155.80	102.78	323.77	84.60	137.81
12. Paid up equity share capital (Face value of ₹ 1 each) 13. Other equity 14. Earnings Per Share (EPS) Continuing operations: Basic (Not annualised) Diluted (Not annualised) Discontinuing operations: Basic (Not annualised) Diluted (Not annualised) Continuing and Discontinuing operations: Basic (Not annualised) Diluted (Not annualised)	7.27 13.86 13.85 13.86 13.85	7.27 11.50 11.49 11.50 11.49	7.25 9.15 9.15 9.15 9.15	7.27 25.36 25.34 25.36 25.34	7.25 21.32 21.31 21.32 21.31	7.26 1,304.55 48.93 48.90 48.93 48.90	7.27 12.86 12.85 - - 12.86 12.85	7.27 24.96 24.94 - - 24.96 24.94	7.25 4.36 4.36 5.20 5.20 9.56 9.56	7.27 37.82 37.79 - - 37.82 37.79	7.25 10.53 10.53 10.23 10.22 20.76 20.75	7.26 688.06 23.00 22.98 - - 23.00 22.98

*Represents 100% attributable to the shareholders of the Company

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CRISIL Limited

Statement of Segment Results for the quarter and half year ended June 30, 2021

	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)
Particulars	Consolidated
	3 Months ended	3 Months ended	Corresponding 3 Months ended	6 Months ended	Corresponding 6 Months	Year ended
	30-Jun-21	31-Mar-21	30-Jun-20	30-Jun-21	30-Jun-20	31-Dec-20
	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Audited
1. Operating revenue A. Rating services B. Research services C. Advisory services	136.58 355.44 36.49	148.93 312.24 34.03	144.12 295.70 32.01	285.51 667.68 70.52	277.30 560.08 62.22	565.04 1,282.71 134.08
1. Total revenue from operations	528.51	495.20	471.83	1,023.71	899.60	1,981.83
2. Less: Inter segment revenue	-	-	-	-	-	-
3. Net income from operations (1- 2)	528.51	495.20	471.83	1,023.71	899.60	1,981.83
4. Segment profits A. Rating services B. Research services C. Advisory services	52.00 79.87 4.36	70.32 53.20 2.60	59.26 46.73 0.32	122.32 133.07 6.96	116.83 102.42 1.04	226.72 209.01 10.07
4. Total operating profit	136.23	126.12	106.31	262.35	220.29	445.80
5. Add / ( less ) i. Interest ii. Net other unallocable income/(expenditure) (Refer note 4) iii. Depreciation / amortisation (unallocable)	- 8.23 (13.04)	- (2.74) (12.88)	(0.14) 0.79 (13.64)	- 5.49 (25.92)	(0.26) 14.24 (24.18)	(0.29) 64.55 (51.77)
6. Net profit from ordinary activities before tax (4 + 5)	131.42	110.50	93.32	241.92	210.09	458.29
Segment assets(Refer note 5) A. Rating services B. Research services C. Advisory services D. Unallocable (net) Segment liabilities(Refer note 5) A. Rating services B. Research services C. Advisory services D. Unallocable (net) Capital employed(Refer note 5) A. Rating services B. Research services C. Advisory services D. Unallocable (net)	236.85 1,105.51 133.64 792.31 172.68 417.75 41.20 202.17 64.17 687.76 92.44 590.14	182.95 1,049.78 144.15 802.14 104.10 407.33 54.91 223.40 78.85 642.45 89.24 578.74	142.98 1,108.09 143.28 691.02 178.65 387.39 52.12 230.40 (35.67) 720.70 91.16 460.62	236.85 1,105.51 133.64 792.31 172.68 417.75 41.20 202.17 64.17 687.76 92.44 590.14	142.98 1,108.09 143.28 691.02 178.65 387.39 52.12 230.40 (35.67) 720.70 91.16 460.62	84.01 1,039.61 149.25 933.78 167.64 454.30 55.69 217.21 (83.63) 585.31 93.56 716.57

CRISIL Limited Statement of Assets and Liabilities

CRISIL Limited Statement of Assets and Liabilities
	(₹ in crores)
Particulars	Consolidated		Standalone
	As at	As at	As at	As at
	30-Jun-21	31-Dec-20	30-Jun-21	31-Dec-20
	Unaudited	Audited	Unaudited	Audited
A. Assets 1. Non-current assets (a) Property, plant and equipment (b) Right-of-use-assets (c) Goodwill (d) Intangible assets (e) Intangible assets under development (f) 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 assets 2. Current assets (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 assets 3. Asset held for sale	33.80 148.20 386.64 129.50 9.71 218.52 24.50 0.63 67.41 89.52 3.86 1,112.29 230.94 345.71 187.76 40.95 14.11 209.52 123.85 1,152.84 3.18	41.02 209.08 375.86 136.56 13.57 170.28 24.55 1.08 64.06 79.69 6.54 1,122.29 305.74 307.36 274.88 3.80 21.21 101.76 66.43 1,081.18 3.18	24.72 103.10 - 7.75 9.01 427.45 23.10 0.63 29.48 46.71 2.42 674.37 106.91 225.11 86.45 1.70 15.14 59.88 33.06 528.25 3.18	31.01 106.97 - 7.95 9.79 379.21 23.17 0.61 24.33 41.45 3.72 628.21 292.98 117.23 97.75 1.68 66.85 103.87 27.54 707.90 3.18
TOTAL - Assets	2,268.31	2,206.65	1,205.80	1,339.29
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 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 liabilities	7.27 1,427.24 1,434.51 119.06 14.37 133.43 - 105.87 169.13 69.44 7.74 348.19 700.37	7.26 1,304.55 1,311.81 184.61 21.39 206.00 0.10 105.26 245.41 83.88 16.20 237.99 688.84	7.27 884.18 891.45 73.45 10.89 84.34 - 52.95 61.30 49.65 - 66.11 230.01	7.26 688.06 695.32 78.96 16.88 95.84 0.09 54.86 380.33 55.57 - 57.28 548.13
TOTAL - Equity and liabilities	2,268.31	2,206.65	1,205.80	1,339.29

CRISIL Limited

Statement of Cash flow statement for the half year ended June 30, 2021

		(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)
	Particulars	Consolidated			Standalone
		Half year ended 30-Jun-21	Half year ended 30-Jun-20		Half year ended 30-Jun-21	Half year ended 30-Jun-20
		Unaudited	Unaudited		Unaudited	Unaudited
A. B. C.	Cash flow from operating activities: Profit before tax (from continuing and discontinued operations) Adjustments for : Depreciation/ amortisation Interest income on financial assets carried at amortized cost Waiver of lease liability Unrealised foreign exchange loss (Profit)/ loss on sale of property, plant and equipment (Profit)/ loss on sale of current investments (Profit)/ loss on fair valuation of current investments Finance costs Provision for doubtful debts / bad debts Provision for doubtful security deposits Excess provision written back Interest on bank deposits Interest on loan from subsidiary Share based payment to employees Dividend on investments Operating profit before working capital changes Movements in working capital - (Increase)/decrease in trade receivables - (Increase)/decrease in loans - (Increase)/decrease in other non current assets - (Increase)/decrease in other current financial assets - (Increase)/decrease in other current assets - Increase/(decrease) in trade payables - Increase/(decrease) in provisions - Increase/(decrease) in other current financial liabilities (Refer note 9) - Increase/(decrease) in other current liabilities - Increase/(decrease) in other non current financial liabilities Cash generated from/ (used in) operations - Taxes paid Net cash generated from/ (used in) operating activities - (A) Cash flow from investing activities : Proceeds from sale of property, plant and equipment and intangible assets Proceed received from Sales of Business Unit (Ratings) Proceeds from sale of mutual funds (net) Investment in CRISIL Ratings Limited Payment made for acquisition of Greenwich Associates LLC Interest income Interest on loan from subsidiaries Loan (given to)/ repaid by subsidiaries (net) Fixed deposits matured/ (placed) Dividend on investments Net cash generated from/ (used in) investing activities - (B) Cash flow from financing activities : Proceeds on account of share application money pending allotment Receipts from issuance of share capital on account of exercise of ESOS Receipts from subsidiaries for share based payments Repayment of borrowings Finance cost Payment of lease liability Dividend and dividend tax paid Net cash used in financing activities - (C) Net increase/ (decrease) incash ang Purchase of property, plant and equipment and intangible assets (including movement of intangible assets under development and capital advances) Exchange difference on translation of assets and liabilities including hyperinflation impact	241.92 55.13 (0.97) (8.99) 8.10 3.05 (0.19) (4.90) 1.68 5.18 1.98 (0.03) (1.93) (0.45) - 1.19 (0.79)	210.09 57.19 (1.24) - (1.11) (16.30) (0.09) (2.66) (2.85) 7.05 6.05 - (3.95) (0.92) - 2.65 (1.65)		308.20 31.06 (0.93) (0.35) - (1.06) (0.09) 1.95 (3.77) 4.55 1.78 (0.04) (2.80) (0.12) (0.68) 1.20 (175.79)	199.34 36.55 (1.21) - - (8.71) (0.09) (2.66) (2.85) 4.37 3.22 0.13 (3.95) (0.37) (3.70) 2.31 (1.65)
		299.98 (38.59) 8.15 0.89 (110.19) (57.43) 3.14 (17.74) (74.71) 110.73 (1.18)	252.26 (74.66) (0.98) 0.66 (76.67) 16.18 17.98 (8.34) (108.96) 91.70 13.95		163.11 (107.18) 6.34 0.78 (12.55) (5.53) 0.87 (9.22) (323.19) 8.78 (1.02)	220.73 (70.05) (0.13) 0.46 (19.21) 1.14 (3.64) (3.25) (34.45) 51.66 0.88
		123.05 (79.73)	123.12 (58.62)		(278.81) (44.15)	144.14 (43.01)
		43.32 (7.04) 1.26 - 78.02 - - 0.47 - - (42.11) 0.79	64.50 (10.14) 0.25 - 95.03 - (248.45) 0.90 - - 0.32 1.65		(322.96) (4.46) 0.88 51.70 187.89 - - 0.10 2.15 44.64 (0.02) 175.79	101.13 (8.36) 0.23 - 95.03 (26.00) - 0.36 2.59 (140.31) (0.05) 1.65
		31.39	(160.44)		458.67	(74.86)
		4.38 19.45 - - - (30.83) (152.67)	0.69 23.48 - (0.03) (7.05) (25.22) (43.48)		4.38 19.45 0.58 - - (19.55) (152.67)	0.69 23.48 0.34 - (4.37) (17.65) (43.48)
		(159.67)	(51.61)		(147.81)	(40.99)
		(84.96)	(147.55)		(12.10)	(14.72)
	Add / (less) : adjustment towards acquisition - (D) Net increase/ (decrease) incash and cash equivalents (A+B+C+D)	- (84.96)	25.29 (122.26)		- (12.10)	- (14.72)
	Cash and cash equivalents - Opening balance Add : Exchange difference on translation of foreign currency cash and cash equivale Cash and cash equivalents - Closing balance Net increase/ (decrease) incash and cash equivalents	274.88 (2.16) 187.76	339.11 3.95 220.80		97.75 0.80 86.45	71.27 (0.33) 56.22
		(84.96)	(122.26)		(12.10)	(14.72)
	Components of cash and cash equivalents (continuing operations): Cash on hand and balances with banks on current account Deposits with original maturity of less than three months Bank and book overdraft Cash and cash equivalents (Discontinuing operations - pertains to operations to be transferred to wholly owned subsidiary of CRISIL Limited)	187.76 - - -	179.27 44.82 (3.29) -		86.45 - - -	7.65 12.05 - 36.52
	Total	187.76	220.80		86.45	56.22

Notes to Financial Results :

• 1 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 July 20, 2021.

• 2 The Board of Directors has declared an interim dividend of ₹ 8 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	Otherexpenses	Other income	Otherexpenses
Quarter ended June 30, 2021 Quarter ended March 31, 2021 Quarter ended June 30, 2020 Half year ended June 30, 2021 Half year ended June 30, 2020 Year ended December 31, 2020	5.24 Nil 3.60 5.24 20.38 20.38	Nil 4.67 Nil 4.67 Nil 11.36	7.61 Nil 2.12 7.61 16.35 18.78	Nil 1.5 Nil 1.5 Nil 3.36

• 5 The Group’s operations predominantly relate to providing rating, research and advisory services. Accordingly, revenues earned through rendering of these services represent the primary basis of segment information set out above. Assets and liabilities used interchangeably between segments has been classified as unallocable. The Group believes that it is currently not practicable to allocate all assets and liabilities since a meaningful segregation of the available data is not feasible. In accordance with Ind AS 108 - 'Operating Segments', the Company has presented segment information along with the consolidated financial results of the Group.

• 6 In compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a limited review of the results has been carried out by the Statutory Auditors of the Company.

• 7 The results for the period ended June 30, 2021, include six-month financials of Greenwich Associates LLC, acquired on February 26, 2020, as against four-month numbers considered in the same period of the previous year.

• 8 During the quarter ended June 30, 2021 and March 31, 2021, the Company has received dividend income from one of its subsidiary amounting to ₹ 41 crores and ₹ 134 crores respectively. This is included under 'Other income' in the standalone financial results.

• 9 Transfer of the Ratings business to CRISIL Ratings Limited, a wholly owned subsidiary of the CRISIL Limited has been undertaken through a Scheme of arrangement in terms of Section 230 to 232 of the Companies Act, 2013 ('Scheme'). The Scheme has been sanctioned by the National Company Law Tribunal (NCLT) with appointed date as January 1, 2020 and on approvals received from various authorities, the Scheme became effective on December 31, 2020. Accordingly, standalone financial results for the quarter and half year ended June 30, 2020 includes net profit from discontinued operations pertaining to operations transferred to CRISIL Ratings Limited.

• 10 The Group has considered internal and external information and has performed sensitivity analyses based on current estimates, in assessing the recoverability of receivables, unbilled revenues, goodwill, intangible assets, other financial assets (including cash liquidity), and the profitability of the Group. Whilst the situation continues to be extremely dynamic, at present the Group does not see any material impact on the above. However, the actual impact of the pandemic on the Group’s financial performance may differ from what is estimated, and the Group continues to monitor changes to future economic conditions.

• 11 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.

• 12 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 CRISIL Limited

ASHU Digitally signed by ASHU SUYASH SUYASH Date: 2021.07.20 16:44:50 +05'30'

Ashu Suyash Managing Director and Chief Executive Officer DIN : 00494515 Mumbai, July 20, 2021

• 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).

==> picture [161 x 23] intentionally omitted <==

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 Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date 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

• (‘the Statement’) of CRISIL Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), (refer Annexure 1 for the list of subsidiaries included in the Statement) for the quarter ended 30 June 2021 and the consolidated year to date results for the period 1 January 2021 to 30 June 2021, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.

• This Statement, which is the responsibility of the Holding Company’s management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under section 133 of the Companies Act, 2013 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Page 1 of 3

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

Chartered Accountants

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

CRISIL Limited

Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

1. Based on our review conducted and procedures performed as stated in paragraph 3 above , nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

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

KHUSHROO

B PANTHAKY

Digitally signed by KHUSHROO B PANTHAKY Date: 2021.07.20 16:57:43 +05'30'

Khushroo B. Panthaky Partner Membership No:042423

UDIN:21042423AAAAGS2218

Place: Mumbai Date: 20 July 2021

Page 2 of 3

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

Chartered Accountants Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

CRISIL Limited

Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date 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

10. CRISIL Ratings Limited

11. Greenwich Associates LLC

12. Greenwich Associates Singapore Pte. Limited

13. Greenwich Associates Japan K.K.

14. Greenwich Associates Canada, ULC

15. Greenwich Associates UK Limited

16. Greenwich Associates UK (Holdings) Limited

17. CRISIL lrevna Australia Pty Ltd

Page 3 of 3

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

Chartered Accountants Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

==> picture [161 x 23] intentionally omitted <==

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 Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date 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

1. We have reviewed the accompanying statement of standalone unaudited financial results (‘the Statement’) of CRISIL Limited (‘the Company’) for the quarter ended 30 June 2021 and year to date results for the period 1 January 2021 to 30 June 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.

2. The Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Page 1 of 2

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

Chartered Accountants

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

CRISIL Limited

Independent Auditor’s Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

1. Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Walker Chandiok & Co LLP

Chartered Accountants Firm Registration No:001076N/N500013

KHUSHROO Digitally signed by KHUSHROO B PANTHAKY B PANTHAKY Date: 2021.07.20 16:58:09 +05'30'

Khushroo B. Panthaky Partner Membership No:042423

UDIN:21042423AAAAGR5579

Place: Mumbai Date: 20 July 2021

Page 2 of 2

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

Chartered Accountants Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune