CRISIL Ltd. — Interim / Quarterly Report 2022

Apr 21, 2022

CRISIL

April 21, 2022

An S&P Glooal Company

Listing Department BSE Limited P J Towers Dalal Street Mumbai 400 00 I

National Stock Exchange of India 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 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 F:nancial Results for the first quarter ended March 31, 2022. A copy of tlie Unaudited Financial Results of the Compa:-iy, along with a copy of the Limited Review Report and the Press Releise in this regard are enclosed.

The Board of Directors has also approved the payment of Interim dividend of Rs. 7 per equity share of face va_ue of Re 1 each, for the financial year ending December 31, 2022, which will be paid on May 19, 2022.

The meeting of the Board of Directors commenced at 2.30 p.m. IST and concluded at 6.37 p.m. 1ST today.

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

Yours sincerely, For CRISIL Limited

1tv rA �� Mina! Bhosale Company Secretary ACS 12999

Encl.: a/a

CRISIL Limited CorpoIate Identity Number: L67120MH1987PLC042363

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

An S&P Global Company

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CRISIL
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Press release

April 21, 2022 I Mumbai

CRISIL Limited: Unaudited financial results for the first quarter ended March 31, 2022

Highlights for quarter ended March 31, 2022:

• Income from operations for the quarter up 20.1 %

• • Profit after tax for the c;uarter up 45.6%

• Interim dividend of Rs 7 per share recommended

The Board of Directors of CRISIL Ltd, at its meeting today, approved the unaudited financial results for the first quarter ended March 31, 2022.

CRIS I L's consolidated income from operations for the quarter ended March 31, 2022, rose 20.1 % to Rs 594.9 crore, compared with Rs 495.2 crore in the corresponding quarter of the previous year. Profit after tax for the quarter ended Mar�h 31, 2022, rose 45.6% to Rs 121.6 crore, compared with Rs 83.5 crore in the corresponding quarter of the previous year.

The Board of Directors declared an interim dividend of Rs 7 per share (of Re 1 face value) in the current quarter ended March 31, 2022, compared with Rs 7 per share interim dividend declared during the same quarter last year.

Says Amish Mehta, Managing Director & CEO, CRISIL, "Rising geopolitical tensions have not only exacerbated existing inflationary pressures, but also added downside risks to a slowing world economy. This has forced central banks to accelerate monetary tightening and has raised the spectre of tighter financial conditions. During the March quarter, we saw growth across our business. We continue to drive growth for our core offerings and in data analytics, risk transformation and sustainability. We are ramping up investments in talent and technology to enhance our future-readiness."

The first quarter of 2022 was marked by the highly transmissible third Covid-19 wave, leading to a temporary disruption of economic activities. The inflationary trends, rising interest rates in the developed economies, and geopolitical situation, has introduced additional volatility and impacted investor appetite in the global markets.

In India, corporate bond issua1ces declined 15% by value and 22% by quantum in 01 2022 year-on-year. Bank credit growth to the large corporate segment was muted.

Despite this challenging sce1ario, CRISIL Ratings' revenue grew 13.4% in Q1 2022. The business continues to strengthen its lea:::ling position in the corporate bond market, driven by investor preference for best-in-class ratings, and added new clients during the quarter.

Global Analytical Centre (GAC) sustained its analytical surveillance support coverage across all practices and continued to drive the da:a and technology transformation agenda of S&P Global Ratings Services. Overall, the Ratings segment revenue grew 9. 7% in Q1 2022.

In the Research segment, Global Research and Risk Solutions (GR&RS) added new logos across verticals in the US and Europe. The business continues to focus on research, risk, regulatory support, and transformation.

CRISIL

An S&P Global Company

The Global Benchmarking Analytics (GBA) business saw healthy growth in the first quarter on the back of new logo additions and increased e1gagements with key clients in the corporate, commercial, and investment banking space.

India Research business witnessed g-owth in the quarter, driven by increased traction for fixed-inc:,me research, data solutions, and industry research.

In the current quarter, the Research segment revenues grew by 26.3%

Infrastructure Advisory won mandate� with multilaterals and corporates. Business Intelligence and Risk Services (BIRS) deepened its wallet 3hare with domestic banking clients and saw good traction for its credit risk solutions. The segment grew its revenues by 9.8% in 01 2022.

We enhanced digital and cloud quotie ,t and strengthened our information security capabilities.

CRISIL Market Intelligence and Analytics hosted the sixth edition of the India Outlook Seminar 2022 t tied, 'The recovery contours', and the first edition of Investment Connect webinar series titled 'Beyond Bi.dget 2022'. CRISIL Ratings hosted webinars on macroeconomy, airports, natural gas, and specialty chemicals. GBA launched the inaugural Greenwid'l Awards in Japan for institutional investment management services and released reports on topical themes such as portfolio trading, Blockchain-transferred funds, and sustainability.

CRISIL Foundation celebrated its nin1tl anniversary, with webinars and employee engagement activities. Its efforts to increase financial literacy and women empowerment continue.

A�-f M� Amish Mehta Managing Director & CEO DIN: 00046254 \

CRISIL

An S&P Glo Jal Company

For further information contact

Sanjay Chakravarti

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

SE nior Director-Corporate Communications CP.ISIL Limited D: +91 22 3342 3130 B: +91 22 3342 3000

Hi ·al Jani Vasani

Media Relations CP.ISIL Limited D: +91 22 3342 5916 M: +91 982003 9681 B: +91 22 3342 3000 Hi�I.Vasani@crisil.com

About CRISIL Limited

CRISIL is a leading, agile and innovative globe! 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 busines5es that operate from India, the US, the UK, Argen:ina, 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 wor1dwide.

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 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 oth3r 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 Corl'l)ooy's Customer Privacy at l1Ups://w.splobal.comprivacy

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 Jy you in full or in part without changing the meaning or context lt'E!reof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (ooether directly or indirectly) of its Press Releases for consideration[,] Jr otherwise through any media including websites, portals etc. Certain statements in this commun cEtion constitute forward-looking statements. These forward-lookir;i statements are often identified by words such as "anticipate," "believe," "intend," "estimate," "expect," "see," "continue," "could," "can," "may," "will," "likely," "depe■d," "should," "would," "plan," "predict," "target," and similar expressions, and may include refere�es 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 statem:;mts that involve risks and uncertainties that may cause CRISIL's actual results to be materially diferent from such forward-looking statements. CRISIL wishes to caLtion you that you should not place undue reliance on such forward-looking statements, which spe/ck Jnly as of the date on which, they were made. CRISIL does not ur dertake any obligation to update forward-looking statements, except as required by law.

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

CRISIL

An S&P Glnhiil Compiiny

CRISIL Limited

Statement of Financial Results for the quaner ended March 31, 2022

										tt in croresl	tt in croresl	tt in croresl	tt in croresl
Paniculars		Consolidated								Standalone
	3 Months ended		3 Months Corresponding ended 3 Months ended			Yea ende	r d	3 Months ended			3 Months Corresponding 3 ended Months ended		Year ended
	31-Mar-2		31-Deo-21 31-Mar-21			31-Dec-21		31-Mar-22 Unaudited (Refer Note 6)			31-Dec-21 31-Mar-21 31-Dec-21
	Unaudited (Aefer Note 6)					Audited					Audited Unaudited (Refer Note 6) (Refer Note 6)		Audited
1. Income A. Total revenue from operations B. Other income(Refer notes 4 and 7)	594.94 20.11							287.5 60,2	4 6	282.70 67.87		245.93 147.26	1,052.91 336.17
1. Total income 11A+1Bl	615.05	719.45 508.65				2 382.38		347.80 350.57 393.19 1 389.08 136.97 136.36 104.79 490.85 64.26 66.48 51.89 237.62 0.85 0.45 0.29 1.24 7.30 6.48 6.21 25.83 1.21 0.15 1.88 5.67 15.12 23.78 18.24 68.83 12.96 12.99 13.75 52.89	0	350.57		393.19	1 389.08
2. Expenses A. Employee benefit expenses B. Professional fees C. Travel expenses D. Associate service fees E. Finance costs F. Other expenses (Refer note 4) G. DepreciationIamortization	319.83 32.05 5.66 24.11 1.84 37.02 25.23	392.23 269.38 29.77 35.31 2.90 2.20 43.68 20.33 1.85 2.62 44.92 40.48 24.63 27.83				1,286.91 123.91 8.96 122.56 8.93 152.51 105.98
2. Total exoenses 3. Profit before exceptional items and tax (1- 2)	445.74	539.98 **179.47 **			398.15 110.50	1 809.76 572.62		238.67			246.69 197.05 882.93
	169.31							109.13 103.88 196.14 506.15 45.82 45 82 109.13 149.70 196.14 551.97 20.60 22.21 21.54 83.09 1.20 4.19 (6.68) (8.14) 21.80 26.40 14.86 74.95 87.33 123.30 181.28 477.02 . - 3.17 (3.16) (3.65) (6.45) (0.80) 0.80 0.92 1.62 (1.93) 1.25 (2 23) (0.68) 29.35 12.51 29.81 (25.10) 0.30 (0.31) 0.63 0.32 30.09 11.09 25.48 (30.29) 57.24 112.21 155.80 507.31 7.30 7.29 7.27 7.29 964.12 11.98 16,93 24,96 65,57 11.96 16.90 24,94 65.50			103.88 196.14 506.15
4.Exceptional item (Refer note8)		45.82			45.82						45.82 45 82
5. Net orofit before tax (3+ 4)	169.31	225.29			110.50 618.44						149.70 196.14 551.97 22.21 21.54 83.09 4.19 (6.68) (8.14)
6. Tax expense A. Current tax B. Deferred tax	39.38 8.31	43.50 13.16			26.34 150.04 0.64 2.59
6. Total tax exoense 16A+6Bl	47.69		56.66		26.98 152.63						26.40 14.86		74.95
7.Net profit for the period (5- 6)'	121.62 3.63 3.27 (0.82) (2.48) 29.35 0.43		168.63		83.52 465.81						123.30 181.28		477.02
B. Other comprehensive (income)/ expnse A.Items that will be reclassified to profit or loss Exchange differences in translating the financial �ldltllltlll� ur d ru1tly11 Uj ldllUII 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 8. Total other comorehensive lincomel/exoense IA+Bl			0.46 (9.45) 2.37 1.48 12.51 (0.35)		(6.02) (0.99) (3.65) (6.32) 0.92 1.59 (2.81) (1.82) 29.81 (25.10) 0.77 0.61 19.02 (32.03)							(3.65) 0.92 (2 23) 29.81 0.63	- (6.45) 1.62 (0.68) (25.10) 0.32 (30.29) 507.31
	33.38		7.02									25.48 155.80
9.Total comprehensive income for the period (7- 8)'	88.24 161.61				64.50 497.84
10. Paid up equity share capital (Face value of� 1 each) 11. Other equity 12. Earnings Per Share (EPS) Basic (Not annualised) Diluted /Not annualised)	7.30 7.29 16.68 23.15 16.66 23.11			7.27 7.29 1,571.13 11.50 64.03 11.49 63.96								7.27 7.29 964.12 24,96 65,57 24,94 65.50

'Represents 100% attributable to the shareholders of the Comp.any

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�

CRISIL

Art S&P Global Company

CRISIL Limited

Statement of Segment Results for the quarter ended March 31, 2022

	...., _,__	...., _,__	...., _,__	...., _,__	...., _,__
Particulars	Consolidated
	3 Months ended	3 Months ended	Corresponding 3 Months ended		Year ended
	31-Mar-22	31-Dec-21 Audited (Refer Note 6)	31-Mar-21 31-Dec-21
	Unaudited (Refer Note 6)		Unaudited (Refer Note 6)		Audited
1. Operating revenue A. Rating services B. Research services C. Advisorv services	163.32 394.24 37.38	164.98 148.93 494.28 312.24 46.76 34.03			604.11 1,543.69 152.89
1. Total revenuefrom operations	594.94	706.02 495.20			2 300.69
2. Less: Interseorent revenue		~~-~~ 706.02 495.20
3. Net incomefrom oprations (1• 2)	594.94				2 300.69
4. Segment profits A. Rating services B. Research services C. Advisor services	77.78 95.55 4.13	65.97 107.50 8.83		70.32 53.20 2.60	252.70 324.08 16.60
4. Total ooratino Drotlt	177.46	182.30 126.12			593.38
5.Add/ (less) i. Interest ii. Net other unallocable income/(expenditure) (Refer note 4) iii. Depreciation/amortisation (unallocable)	. 4.00 (12.15)	0.06 9.87 (12.76)		(2.74) (12.88)	(0.01) 30.83 (51.58)
6, Net profit from ordinary activities before tax (4+5)	169.31	179.47		110.50	572.62
7. Exceotionalitem(Refer note 8)		45.82		~~.~~	45.82
8. Netprofit before tax(6 + 7l	**169.31 **	225.29		110.50	618.44
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 serices D. Unallocable (net) Capital employed(Refer note 5) A. Rating services B. Research services C,Advisory services D. Unallocable(net)	169.78 1,1'U� 145.89 959.24 107.47 381.27 50.49 203.10 62.31 770.17 95.40 756.14	192.70 1,137.10 150.12 1,033.56 161.28 484.34 48.33 231,50 31.42 643,15 101.79 802.06		182.95 1,0-'.70 144.15 802.14 104.10 407.33 54.91 223.40 78.85 642.45 89.24 578.74	192.70 1,1£7.49 150.12 1,033.56 161.28 484.34 48.33 231.50 31.42 643.15 101.79 802.06

/.1; i MUl,'.2AI �0 \ ..tV ��;� "� ­ �� .,-......� ,...__. .,.� -,.

"

CRISIL

An S&P Glob 31 Company

Notes to Financial Results

• The above results have been reviewed by th,a Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on April 21, 2022.

• 2 The Board of Directors has declared an interi11 dividend oft 7 per share having face value oft 1 each.

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

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

Details of foreign exchange gain or lossrecoledin the respective periods	in financial results are as under :	in financial results are as under :	in financial results are as under :	in financial results are as under :
	(l ln crores)
Particulars	Consolidated ~~I~~ Standalone ~~'~~
	Forexgainor loss included under
	ou,erincome	Other expenses	,OtherIncome	Other expenses
Quarer ended March 31 , 2022 Quarter ended December 31, 2021 Quarter ended March 31, 2021 Year ended December 31, 2021	9.76 1.25 Nil 11.38	Nil Nil 4.67 4.67	2.51 2,67 Nil 10,28	Nil Nil 1.50 3.89

• 5 The Group's operations predominantly relate :o 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 Iha! 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 finandal results of the Group.

• 6 In compliance with Regulation 33 of the Serurities 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.

• The figures of the quarter ended December 31, 2021 are the balancing figures between audited figures of the full year ended December 31, 2021 and unaudited published year to date figures JP to the period ended September 30, 2021.

• 7 During the quarter ended March 31, 2022, December 31, 2021 and March 31, 2021, the Company has received dividend income from its subsidiaries amounting to t 41 .00 crores, t "'3.00 crores and t 134.00 crores respectively. This is included under 'Other income' in the standalone financial results.

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

• 9 The management has approved arrangemen1 for amalgamation of two wholly owned subsidiaries[(] "CRISIL Risk and Infrastructure Solutions Limited and Pragmatix Services Private Limited - Trrnsferor Company") as a going concern with the Company (the "Transferee Company") in its meeting held on December 13, 2021. Following the closing of the aforesaid amalgamation, the amalgamated entity will continue its operations under the name of CRISIL Limited. The Company has 3.lready filed necessary applications to the National Company Law Tribunal (NCL T[) ] on December 27, 2021 and awaiting for required regulatory ap[µ-] ovals.

• 10 The financial results have been prepared i1 accordance with the applicable accounting standards, as notified under the Companies (Indian Accounting Standards) Rules, 2015 and as s�ecified in Section 133 of the Companies Act, 2013.

• 11 Previous year figures have been regrouped/ Gclassified wherever necessary, to conform to current period classification.

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

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Amish Mehta Managing Director and Chief Executive Office-­ DIN : 00046254 Mumbai, April 21, 2022

• Further details in connection with this Relea, e 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 Exch3.nge of India Limited (www.nseindia.com).

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A._

Walker Chandiok &..Co LLP

Walker Chandiok & Co LLP 11th Floor, Tower II, One International Center, S B Marg, Prabhadevi 0N), 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 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 CF:ISIL Limited

1. We have reviewed the a ompanying statement of unaudited consolidated financial results ('the Statement') of CRISIL Umited ('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) klr the quarter ended 31 March 2022, being submitted by the Holding Company pursuant to the reqJirements 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. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board o' 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 unda 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 amend�d), 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 lnterirr Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chart:3red 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 enab� 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 tre SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Re� ulations, 2015 (as amended), to the extent applicable.

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Chartered Accounlants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, t<ochi, Kolkata, Mumbai, New Delhi, Naida and Pune

Walker Chandiok & Co LLP is registered wilh 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 Review Report on Consolidated Unaudited Quarterly Financial Results of the Company pursuant to the �egulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20' 5 (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 recogniti:Jn 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 dis:::losed 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 dis:;losed, or that it contains any material misstatement.

For Walker Chandiok & Co LLP

Chartered Accountants Firm Registration No:001076N/N5J0013

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Khushroo 8. Panthaky Partner Membership No:042423

UDIN:22042423AHMIFS7118

Place: Mumbai Date: 21 April 2022

Chartered Accountants

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Walker Chandiok & Co LLP is registered with limited liability with identification number MC-20B5 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

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

CRISIL Limited

Independent Auditor's Review P..eport on Consolidated Unaudited Quarterly Financial Results of the Company pursuant to the !Ggulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Annexure 1

List of subsidiaries included in Ile 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 Tech1ology (Hangzhou) Co. Ltd.

6. Coalition Development Limited

7. Coalition Development Singapore Pte. Ltd.

8. CRISIL lrevna Argentina S.A

9. Pragmatix Services Private Limi:ed

10. CRISIL Ratings Limited

11. Greenwich Associates LLC

12. Greenwich Associates Singapc re Pte. Limited

13. Greenwich Associates Japan 1<:. K.

14. Greenwich Associates Canada, ULC

15. Greenwich Associates UK Limied

16. CRISIL lrevna Australia Pty Uc

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

Chartered Accountanls

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, -<ochi, Kolkata, Mumbai, New Delhi, Naida and Pune

Walker Chandiok &.Co LLP

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

Independent Auditor's Review �eport on Standalone Unaudited Quarterly Financial Results of the Company pursuant to the RBgulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of CRIB IL Limited

1. We have reviewed the a::companying statement of standalone unaudited financial results ('the Statement') of CRISIL Limited ('the Company') for the quarter ended 31 March 2022, being submitted by the Company pur:suant 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 lndia1 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 S:atement based on our review.

3. We conducted our review of tle 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 Star dards on Auditing specified under section 143(10) of the Act, and consequently, does not enabl-:) us to obtain assurance that we would become aware of all significant matters that might be identifiec in an audit. Accordingly, we do not express an audit opinion.

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Walker Chandiok & Co LLP is registered with limited liability with identification number MC-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, Naida and Puna

CRISIL Limited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial 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 conduct:id 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, hE.s not disclosed the information required to be disclosed in accordance with the requirements of Regulat on 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amendsd), 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/N5J0013

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Khushroo B. Panthaky Partner Membership No:042423

UDIN:22042423AHMIFH2181

Place: Mumbai Date: 21 April 2022

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

Chartered Accountanls Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabat, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune