October 21, 2022

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

National Stock Exchange of India Ltd. Exchange Plaza, 5th floor Plot No. C/1, G Block Bandra-Kurla Complex 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 third quarter ended September 30, 2022. 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. 10 per equity share of face value of Re 1 each, for the financial year ending December 31, 2022, which will be paid on November 18, 2022.

The meeting of the Board of Directors commenced at 2.45 p.m. IST and concluded at 5.00 p.m. IST today.

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

Yours sincerely, For CRISIL Limited

MINAL AMIT BHOSALE Digitally signed by MINAL AMIT BHOSALE Date: 2022.10.21 17:16:35 +05'30'

Minal Bhosale Company Secretary ACS 12999

Encl.: a/a

CRISIL Limited

Corporate Identity Number: L67120MH1987PLC042363

Press release

October 21, 2022 I Mumbai

CRISIL Limited: Unaudited financial results for the third quarter ended September 30, 2022

Highlights for quarter and nine months ended September 30, 2022:

Income from operations for the quarter up 19.6%, and for the nine months up 22.1 %
Profit after tax for the quarter up 31.0%, and for the nine months up 36. 7%
Interim dividend of Rs 10 per share recommended

The Board of Directors of CRISIL Limited at its meeting today approved the unaudited financial results for the third quarter ended September 30, 2022 (03 2022).

CRISIL's consolidated income from operations rose 19.6% to Rs 683.0 crore in 03 2022, compared with Rs 571.0 crore in the corresponding quarter of the previous year. Consolidated total income was up 23.9% to Rs 7 48.2 crore in 03 2022, compared with Rs 603.8 crore in the corresponding quarter of the previous year. Profit after tax increased 31.0°h to Rs 147.9 crore in 03 2022, compared with Rs 112.9 crore in the corresponding quarter of the previous year.

CRISIL's consolidated income from operations for the nine months ended September 30, 2022 (YTD 2022), rose 22.1 % to Rs 1,946.5 crore, compared with Rs 1,594.7 crore in the corresponding period of the previous year. Consolidated total income was up 24.3% to Rs 2,067.1 crore in YTD 2022, compared with Rs 1,662.9 crore in the correspondi� period of the previous year. Profit after tax increased 36. 7% to Rs 406.4 crore in YTD 2022, compared with Rs 297.2 crore in the corresponding period of the previous year.

Sharp foreign exchange movement in the dollar versus the rupee and the British pound supported profitability in both Q3 2022 and YTD 2022, compared with the corresponding periods of the previous year. This includes Rs 19.5 crore from revaluation of subsidiary loan in 03 2022 (Rs 35.4 crore YTD 2022).

The Board of Directors has declared an interim dividend of Rs 10 per share ( of Re 1 face value) for 03 2022, compared with Rs 9 per share for the same quarter last year.

Says Amish Mehta, Managing Director & CEO, CRISIL, "Globally, focus is on taming inflation even as downside risks to growth rise amid continuing geopolitical uncertainties. We are seeing a very rare occurrence where inflation is higher in the advanced economies than many emerging markets. Navigating these challenges, we delivered growth across our businesses in Q3 2022. We saw momentum for bank loan ratings in India, but corporate bond issuances were muted. There was traction in our global businesses. Continued investments in technology and talent remains a priority for us as we deliver value to all our stakeholders."

Increased working capital requirements and stronger bank balance sheets are leading to a surge in bank credit growth, mainly in the services and MSME sectors. By contrast, corporate bond issuances by quantum saw 3% degrowth on-year ir 03 2022, while the number of capital markets issuers fell 14%.

In this environment, CRISIL Ratings saw 10.9% growth in revenue in Q3 2022, driven by new client additions and continued momentum in surveillance revenue. The business continues to strengthen its market-leading position in the corporate ratings market driven by investor preference for best-in-class ratings.

During the quarter, Global Analytical Centre (GAC) increased support to S&P Global Ratings across surveillance and transformation projects.

Overall, the Ratings Services segment grew 13% on-year in Q3 2022.

The Research, Analytics & Solutions segment continued its strong performance with growth being driven by both global businesses - Global Research & Risk Solutions (GR&RS) and Global Benchmarking Analytics (GSA).

GR&RS saw several client wins. GB.A closed major renewal deals and rolled out the Client Intelligence platform for global banks.

The non-rating India businesses have been consolidated under CRISIL Market Intelligence and Analytics (Ml&A) following the merger of CRIS L Risk and Infrastructure Solutions Limited and Pragmatix Services Private Limited with CRISIL Umited.

Ml&A business saw traction for its cre-dit risk and regulatory reporting solutions.

Overall, the Research, Analytics & Sclutions segment grew 22% on-year in Q3 2022.

We continue to ramp up our digital and foundational infrastructure, with sharp focus on cloud quotient and information security.

During the quarter, CRISIL Ratings hosted webinars on the microfinance, power, retail, steel, consumer durables, pharmaceuticals, cement c11d banking sectors, and continues to publish thought leadership reports with unique data insights.

CRISIL GSA announced the 2022 Greenwich Leaders: Asian Large Corporate Trade Finance, and awarded Greenwich Share, Quality and Excellence awards to 23 banks across the region. CRISIL GR&RS published a whitepaper focused on Interbank Offered Rate (IBOR) transition challenges.

CRISIL Ml&A hosted an exclusive leadership conclave with Paul Gruenwald, Global Chief Economist, S&P Global for large India-based financial institutions and corporates.

CRISIL Foundation bagged the presti�ous National Corporate Social Responsibility (CSR) Award 2020, in the category 'Corporate Awards for =xcellence in CSR' for efforts in financial capability building (Mein Pragati, Pilot Centre for Financial Literacy) and environment conservation (CRISIL RE).

Amish Mehta Managing Director & CEO DIN: 00046254

For further information contact

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

Aveek Datta Media Relations CRISIL Limited M: +91 99204 93912 B: +91 22 3342 3000 [email protected]

About CRISIL Limited

Maya Vengurlekar Senior Director-Corporate Communications CRISIL Limited C: +91 22 3342 3130 B: +91 22 3342 3000

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, actionaJle insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argertina, 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 I TWITTER I YOUTUBE I FACEBOOK I INSTAGRAM

CRISIL PRIVACY NOTICE

CRISIL respects your privacy. We use your contact lnformc 11011, such as your name, address, and email id, to fulfil your request and service your account and to provide you with additional rnronnatlon from CRISIL and other parts of S&P Global Inc, and Its subs[dlaries (collectively, the 'Company) you may find of interest. For further lnformauon, or to let us know your preferences with respect to receiving marketing materials, please visit www.crlsll.com/privacy. You can view the Company's Customer Privacy at Mos:llwww spclobal com/privacy

Last updated: May 2018

DISCLAIMER

This Press Release 1s transmllted 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 withoul changing the meaning or context th;ireof bul with due credil to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its Press Releases for considerallon c r othQrwise through any media including websites, portals etc. Certain statements in this communication constitute loiward-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," "deperd," "should," ·would," "plan," "predict," "target," and similar expressions, and may include references to assumptions and relate to CRISIL's future prospects. deveopments and business strategies. Except for the historical information contained herein, the matters discussed in this communication are forward-looking statemf!nts that involve risks and uncertainties that may cause CRISIL's actual results to be materially different from such forward-looking statements CRISIL wishes to cau ion you that you should not place undue reliance on such foiward-looking statements, which speak only as of the date on which they were made. CRISIL does not urdertake any obligation to update forward-looking statements, except as required by law.

Information has been obtained by CRISIL from sources which it c•nsiders 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 em,rs or omissions or for 1he results obtained from the use of this Press Release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitt,rs/ distributors of this Press Release

Statement of Financial Results for the quarter and nine months ended September 30, 2022

							""'..,.""' ._."")""'"v,--· -.,.,,, ,. ,
Particulan;			Conso	lidated			Standalone
	3 Months	3 Months	Condi3rrespong	9 Months	C ond I9r respong	Year	3 Months	3 Months	Condi3rrespong	9 Months	Condi9rrespong	Year
	ended	ended	Monthndeds e	ended	Monthndeds e	ended	ended	ended	Monthndeds e	ended	Monthndeds e	ended
	30-Sep-22	30-Jun-22	30-Sep-21	30-Sep-2.2	JO-Sep-21	31-Dec-21	Sep30--22	JO-Jun-22	JO-Sep-21	Sep30--22	Sep30--21	31-Dec-21
								(Retedsta	(Retedsta		(Retedsta	(Retedsta
								Ref8)oteer n	Ref8)oteer n		Ref8)oteer n	Ref8)oteer n
	Unaudited	Unaudited	Unaudited	uditeduna	uditeduna	Audited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	(Refer)Note 5	(ReferNo)te 5	(ReferNo)te 5	( ReferNole 5)	( ReferNot)e 5		( ReferNo)te 5	( ReferNo)te 5	(ReierNo)te 5	(ReferNot)e 5	(ReferNo)te 5

1. Income	682.98	668.54	570.96	1,946.46	1,594.67	2,300.69	360.61	369.57	306.21	1,054.89	074.97	1,204.30
Reve frratiA.enuomopeonsOlher iefetes4 aricl61	65.25	35.30	32.84	120.66	68,26	81.69	59.82	72,34	53.24	194.30	268.68	332.29
(RB.ncomer no	748.23	703.84	603.80	2,067.12	1,662.93	2,382.38	420.43	441.91	359.45	1,249.27	1,143.65	1,536.87
1. Tl Ine (1A +18)otacom2. Enses
xpeA.Embenefit ex	411.03	380.04	331.82	1,110.90	894.68	1,286.91	190.16	183.39	151.49	531.97	410.71	569.19
ployeepensesB.Professionalfees	29.26	28.20	29.14	89.51	94.14	123.91	05.04	86.85	71.35	242.69	191.97	268.80
C.Travelenses	7,94	9.39	2.76	22.99	6,06	8.96	4.79	4.56	0.91	11.02	1.94	3.25
e,pD.Associrvice featesees	35.36	32.30	26.38	91.77	78.88	122.56	8.05	8.17	6.71	24.06	20.90	27.96
E.Finost	1.58	1.63	1.90	5.05	7.08	8.93	1.39	1.43	1.16	4.41	4,85	6.25
ance cs0 lhF.s (Refete 4)er enser no	47.90	49.48	34.35	134.40	107.09	152.51	23.22	28.84	17.58	70.70	59.42	82.46
xpeG.De oi ation /ortiionzatrecam	26.32	25.55	26.22	1077.	81.35	105.98	17.22	16,03	15.21	50.66	47.73	63.40
2. Total exses	559.39	526.59	452.57	1,531.72	1,269.78	1,809.76	329:87	329.27	264.41	935.53	737.52	1,021.31
pen3. Profit befootiona!ited tax (1- 2)re excemsan	188.84	177.25	151.23	535.40	393.15	572.62	90.56	112.64	95.04	313.74	406.13	515.36
/Refer<br>4. Eptionalitemnote 7xce						45.82						45.82
5. Nrofit befo(3 +4}et pre tax	186.84	177.25	151.23	535.40	393.15	618.44	90.56	112.64	95.04	313.74	406.13	561.18
6. Taxexpense
A.Cut tarrenx	59.06	59.76	45,10	158.20	106.54	150.04	26.01	28.27	23,62	75.52	66.13	88.35
B.Defd taerrex	118.071	(19.41)	/6.731	129.171	(10,571	2.59	/12.28l	(11.48)	!8.101	(22.49	(16.50)	(9.88)
f6A+ 6Bl6. Total tax exoense	40.99	40.35	38.J7	129.03	95.97	152.63	13.73	16.79	15.52	53.03	49.63	78.47
7. Nrolitfor the l)eriod 15- 61•et p	147.85	136.90	112.86	406.37	297.18	465.81	76.83	95.65	79.52	260.71	356.50	482.71
8. Otherehive(ine)/r compenscomexpense
A.Items that will tie reclassifie<I tofit or lopross
Exche diffein fslalingthefinialangrencesrananc-	44.98	18.04	15.33	6566.	(1 45)	(0.99)	(1 45)	(1.10)	0.06	(3,02)	(0,24)	(0.46)
f aforestatementigntions oopera
Thffeclivertiof (gains)/losn hedginge epon os o-	3.10	12.74	1.30	19.11	3.13	(6.32)	3.10	12.74	1.30	19.11	3.13	(6.32)
fi oi nstenls inashw hedgruma ce
• Tffect onabax eove	(0.78)	(3.21)	(0.31)	(4.81)	(0.78)	1.59	8){0.7	(3.21)	(0.31)	(4.81)	(0.70)	1.59
B. Is thill oot bclassified tofit or lotemat we repross
of tefinefitRntshe dedbenplaemeasuremens-	1,95	(3.62)	0.42	(4.15)	(3.30)	(1.62)	1.73	(3,60)	0.86	(3.86)	(2.21)	(0,81)
Equity is thgh otherehivenstentrumrour compens-	(86)22.	24.07	10.63	30,56	(37.61)	(25.10)	(22.86)	2407	10.63	30.56	(37.61)	(25,10)
,ncome
Tffect onabax eove-	10.411	0.84	(0.13)	0.86	0.96	0.61	(0.36)	0.84	(024)	0 79	0.68	0.35
8. Tl otherrehive(lnol/e18A +8BIotacomoenscomxoense	25.98	48.86	27.24	108.22	(39.05	/32.03	120.62l	29.74	12.30	38.77	137.03)	(30.75)
e fod (79. Total oorehlveincr therio- 81'moensome p	121.87	88.04	B5.62	.15298	336.23	497.84	4597.	66.11	67.22	221.94	393.53	513.46
10.Paid uuityapital(Faaluf~1 each}p eqsnare cce ve o	7,30	uo	7.28	7,30	7.28	7,29	7.30	7.30	7.28	7.30	7.28	7.2922.
Othqui11.tyer e						1,571.13						1,050
r ShPS)12.EarniPe(Engsare											49.02	66.35
Basic (Notlised)annua	20.24	18.75	15.51	55,68	40.87	64.03	10.52	13.13	10.93	35.72		66,28
(NDilutedot aalisedlnnu	20.23	18.74	15.48	55.63	40.83	63.96	10.51	13,12	10.91	35.69	48.98

Rapresen!s 100,% attrlbu!able to the sharsholders of the Company

Statement of Segment Results for the quarter and nine months ended September 30, 2022

Paicularrts	Coliddatenso
	3Months	Month3s	Codingrrespon	Month9s	Coding9rrespon	Year
	deden	deden	3Monthndds ee	deden	Monthndds ee	deden
	30-Se22p-	30-Jun-22	30-Se21p-	Se30-22p-	Se30-21p-	31-D-21ec
	Unditedau	Unditedau	Unditedau	Unditedau	Unditedau	Audited
	(ReferNotes	(ReferNotes	(ReferNotes	(ReferNotes	(ReferNotes	(ReferNo9)te
	5 &)9	5&)9	5&)9	5& 9)	5&)9
1.Opingterarevenue
A.Ratinrvigseces	170.17	155.41	150.65	486.23	430.31	592.41
&B.Reh,AnalvticSolutionsearcss	512.81	513.13	420.31	1,460.23	1,164.36	1,708.28
fro)1.Total retionI1A1B+venuemoperas	682.98	668.54	570.96	1,946.46	1,594.67	2,300.69
Le: In2.terntssseqmerevenue	-	-	-	-	-	-
3.Netincfrotion{1 -2}omemoperas	682.98	668.54	570.96	1,946.46	1,594.67	2,300.69
4.Sefitsntgmepro
A.Ratirvingseces	69.76	60.08	64.50	207.43	187.33	253.78
&B.Reh,AnalvticSolutionsearcss	97.47	115.70	84.23	313.04	223.75	339.60
4.Tol oinqfit14A48)tatperapro+	167.23	175.78	148.73	520.47	411.08	593.38
5.Add/(les)s
i. Intetres	-	-	(0.07)	-	(0.07)	(0.01)
ii.Nethelloblein/(dit)(Refer4)t oter unacacomeexpenureno	34.47	14.13	15.47	52.60	20.96	30.83
I aiii.Deiationrtisati(ulloble)precmoonnaca	(12.86)	/12.66	(12.901'	(37.67)	(38.82)	(51.58
Nefitfrodinaiviiesbefo(5)6.t ptttax4 +romorryacre	188.84	177.25	151.23	535.40	393.15	572.62
Extiol ite(Refer7)7.tecepnamno	-	-	-	-	-	45.82
fitfo)8.Net pbetax{6 +7rore	188.84	177.25	151.23	535.40	393.15	618.44

Sentts(Refer10)tegmeasseno						188.62
A.Ratinrvigseces	270.10	257.02	244.70	270.10	244,70	292.70
B.Reh,Analytics &Solutionsearcs	1,532.46	1,389.02	1,272.01	1,532.46	1,272.01	1,
C.Unallable()tocne	862.06	784.45	855.78	862.06	855.78	1,022.55
Seliabilities(Refer)ntte10gmeno
A.Ratinrvigseces	229.90	219.18	189.19	229.90	189.19	158.06
B.SoReh,Analytics &lutionsearcs	584.24	427.37	499.23	584.24	499.23	535.89
C.Unallable()tocne	211 .41	211.93	208.39	211 .41	208.39	231.50
Caital eloyd(Refer10)tepmpeno
A.Ratinrvigseces	40.20	37.84	55.51	40.20	55.51	30.56
8.Reh,Analytic&Solutionsearcss	948.22	961.65	2.7877	948.22	2.7877	6.8175
C.()Unallabletocne	650.65	572.52	647.39	650.65	647.39	791.05

··~~--:·::-:-.·.--.... I , \ MUl.!Bhl ) -:; :~'----· ~J.'1

Notes to Financial Results : CRISIL
The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Direct~ &f>CG:11Di:..t~ ~ng held on October 21, 2022.
2 The Board of Directors has declared an interim dividend of { 1 O per share having face value off 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
Particulars		Consolidated
	Forex gain or loss included under
	other income	Other expenses	Other income	Other expenses
Quarter ended September 30, 2022	48.26	Nil	4.43	Nil
Quarter ended June 30, 2022	24.31	Nil	4.22	Nil
Quarter ended September 30. 2021	4.89	Nil	Nil	2.25
Nine months ended September 30, 2022	82.33	Nil	11.38	Nil
Nine months ended September 30, 2021	10.13	4.67	7.62	3.86
Year ended December 31, 2021	11.38	4.67	10.54	3.86

5 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.
6 During the quarter ended September 30. 2022, June 30, 2022 and September 3D, 2021, the Company has received dividend income from its subsidiaries amounting to , 36.72 crores, , 46.00 crores and , 31.39 crores respectively. This is included under 'Other income' in the standalone financial results.
7 Exceptional item for the year ended December 31, 2021 consists of profit on sale of Immovable property.
8 The management has approved arrangement for amalgamation of two wholly owned subsidiaries ("CRISIL Risk and Infrastructure Solutions Limited and Pragmatix Services Private Limited - Transferor Company") with the Company (the "Transferee Company") in its meeting held on December 13, 2021. The Company had filed necessary applications to the National Company Law Tribunal (NCL T) on December 27, 2021. The Scheme has been sanctioned by the National Company Law Tribunal (NCL T) with appointed date as April 1, 2022 and the certified copy of the Order dated August 8. 2022 has been received on August 25, 2022 which has been filed with Registrar of Companies on Septemoer 1. 2022. The Scheme became effective on September 1, 2022. Accordingly, the Company has accounted for the merger using the Pooling of interest method retrospectively for all periods presented in the standalone results as prescribed in Ind AS 103 - "Business Combinations". The previous periods' figure in the standalone results have been accordingly restated from January 1, 2021. The impact of the merger on these results is as under :

Particulars	3 Months		Corresponding		Corresponding		Year
	ended		3 Months ended		9 Months ended		ended
	30Jun-2230-Sec-21			30-Sec-21		31-Dec-21
	Recorted	Restated	Reported	Restated	Reported	Restated	Reported	Restated
Revenue from operations	329.58	369.57	271.94	306.21	770.21	874.97	1,052.91	1,204.38
Profit before tax	108.46	112.64	94.07	95.04	402.27	406.13	551.97	561.18
Profit after tax	92.70	95.85	78.83	79.52	353.72	356.50	477.02	482.71

9 In keeping with the merger of CRISIL Risk and Infrastructure Solutions Limited and Pragmatix Services Private Limited with CRISIL Limited, the alignment of CRISIL's advisory and research business as well as the Company's operaling structure and "go to mar1<et" strategy, CRISIL has changed its segment reporting from the quarter ended September 30, 2022. CRISIL will report Core Segment results as follows: Ratings services; and Research, Analytics & Solutions. In conjunction with this change, certain
- prior year amounts have been recast to confirm to the new segment reporting structure. These changes have no impact on previously reported consolidated results.
10 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. Assets and liabilities used interchangeably between segments has been classified as unallocable. In accordance with Ind AS 108 - 'Operating Segments', the Company has presented segment information along with the consolidated financial results of the Group.
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 classification.

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

Amish Mehta Managing Director and Chief Executive Officer DIN : 00046254 Mumbai, October 21, 2022

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

Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP 11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (\NJ, 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 September 2022 and the year to date results for the period 1 January 2022 to 30 September 2022, 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').
1. 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 Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
1. 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.
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.

Page 1 of2

Walker Chandiol< & Co LLP is registered with limired liability with idenli~calion number AAC-2085 and has its registered office at L-41, Con.naught Circus, Outer Circle. New Delhi, 110001, India

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)

We draw attention to Note 8 to the accompanying standalone financial results, which describes that pursuant to the scheme of amalgamation ('the Scheme') of CRISIL Risk and Infrastructure Solutions Limited and Pragmatix Services Private Limited (together known as "Transferor Companies") with the Company, as approved by the Hon'ble National Company Tribunal vide its order dated 24 August 2022, the businesses of the Transferor Companies have been transferred to and merged with the Company in accordance with the requirements of Appendix C to Ind 103, Business Combinations, applicable to business combinations under common control. Accordingly, the comparative financial information presented in the accompanying financial results has been restated as if the business combination had occurred from 1 January 2021. Our conclusion is not modified in respect of this matter.

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

~-. ' . Khushroo B. Panthaky

Partner Membership No:042423

UDI N :22042423 BAMVZl8509

Place: Mumbai Date: 21 October 2022

Page 2 of 2

W3IkerChandioK & Co LLP is registered with limited liability witn ill•ntification number MC-2085 and has its rsgistered office at L-41, ConnaughtCirCYs, Outer Circle, New Delhi, 110001, I Mi a

Walker Chandiok &_Co LLP

Walker Chandiok & Co LLP 11th Floor. Tower 11, One International Center, SB Marg, Prabhadevi (1/11'/, 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

1. We have reviewed the accompanying statement of unaudited consolidated 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'), (refer Annexure 1 for the list of subsidiaries included in the Statement) for the quarter ended 30 September 2022 and the consolidated year to date results for the period 1 January 2022 io 30 September 2022, 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) ('Listing Regulations').
1. 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 ·,~_ndia and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
1. 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.

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

Page 1 of 3

Ctiarmred Accountari~ Offics:s in Bengaluru, Chandigarh, Chenriai, Gun.,gram, Hyderabad, Koehl, Kolkal<I, Mumbai, New Delli. Nojcla and Pune

W.lker Chandiok & Co ll.P is registered with llmlled liability wilh identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

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 requlrements 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

~~ B. Panthaky

Khushroo Partner Membership No:042423

UDIN: 22042423BAMWAE6024

Place: Mumbai Date: 21 October 2022

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 subsidiaries included in the Statement

1. CRISIL Risk and Infrastructure Solutions Limited (Merged with CRISIL Limited, w.e.f. 1 September 2022)
1. CRISIL lrevna UK Limited
1. CRISIL lrevna US LLC
1. CRISIL lrevna Poland Sp.Z.oo.
1. CRISIL lrevna Information Technology (Hangzhou) Co. Ltd.
1. Coalition Development Limited
1. Coalition Development Singapore Pte. Ltd.
1. CRISIL lrevna Argentina S.A
1. Pragmatix Services Private Limited (Merged with CRISIL Limited, w.e.f. 1 September 2022)
1. CRISIL Ratings Limited
1. Greenwich Associates LLC
1. Greenwich Associates Singapore Pte. Limited
1. Greenwich Associates Japan K. K.
1. Greenwich Associates Canada, ULC
1. Greenwich Associates UK Limited
1. CRISIL lrevna Australia Pty Ltd.

Welker Che ndia k & Co LLP is registered with limited liability with identification number AAC-2085 and ha• its registered office at L-41, ConnaughtCircus, Outer Circle, New Delhi, 110001. India

AI assistant

CRISIL Ltd. Interim / Quarterly Report 2022