CRISIL Ltd. — Interim / Quarterly Report 2024

Oct 16, 2024

October 16, 2024

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 the Board Meeting of CRISIL Limited

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

• a) The Board of Directors of the Company has approved the Unaudited Standalone and Consolidated Financial Results for the third quarter ended September 30, 2024. A copy of the Unaudited Financial Results of the Company, along with a copy of the Limited Review Report in this regard are enclosed.
• b) The Board of Directors has also approved the payment of third interim dividend of Rs. 15 per equity share of face value of Re 1 each, for the financial year ending December 31, 2024, which will be paid on November 13, 2024.

The meeting of the Board of Directors commenced at 3.15 p.m. IST and concluded at 4:30 p.m. IST today.

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

Yours sincerely, For CRISIL Limited Minal Bhosale Company Secretary ACS 12999 Minal Amit Bhosale Digitally signed by Minal Amit Bhosale Date: 2024.10.16 16:44:51 +05'30'

Encl.: a/a

CRISIL Limited

Corporate Identity Number: L67120MH1987PLC042363

www.crisil.com

Walker Chandiok &_Co LLP

Walker Chandiok & Co LLP 16th Floor, Tower 111, 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 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 2024 and the year to date results for the period 01 January 2024 to 30 September 2024, 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.

Page 1 of 2

Chartered Accounlanls

Offices in Ahmadabad, Bengaluru, Chandigil"h, Chennai, Gurugram, Hyderabad, Indore, Kochi, Kolkata, M.Jmbai, New Delhi, Naida and Puna

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

CRISIL Limited

Independent Auditor's 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 ti

Manish Gujral Partner Membership No: 105117

UDIN:24105117BKDASQ5491

Place: Mumbai Date: 16 October 2024

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Ol!icos in Ahmadabad, Bengall.llJ, Chandlgarll. Chennai, Gurugram, Hyderabad, Indore, Kochi, Kolkata, rv\J mbai, New Delii, Noida and Puns

Chartered Accountants

Walker Chandiok &..Co LLP

Walker Chandiok & Co LLP 16th Floor, Tower 111, 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 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 2024 and the consolidated year to date results for the period 01 January 2024 to 30 September 2024, 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 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.

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

Chartered Accountants

Offices in Ahmadabad, Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Indore, Kochi, Kolkala, Mumbai, New Delhi, Naida and Puna

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

CRISIL Limited

Independent Auditor's 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)

• 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of other auditor referred to in paragraph 5 below, 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.
• 1. We did not review the interim financial results of one subsidiary included in the Statement, whose financial information reflect total revenues oft 0.61 crores and t 2.40 crores, total net profit after tax oft 0.18 crores and t 0.83 crores, total comprehensive income of t 0.17 crores and t 0.82 crores, for the quarter and year-to-date period ended on 30 September 2024, respectively, as considered in the Statement. These interim financial results have been reviewed by other auditor whose review report has been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the review report of such other auditor and the procedures performed by us as stated in paragraph 3 above.

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

Ma~ I Partner Membership No:105117

UDIN:24105117BKDASR7716

Place: Mumbai Date: 16 October 2024

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Ol!icos in Ahmedabad, BengalurtJ, Chandigarh, Chonnai, Gurugram, Hyderabad, lndoro, Kochi, Ko~ala, Mlmbai, Now Doltli, Noida and Puna

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 Oelhi, 110001, India

Ch..tered Accountants

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 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. CRISIL Ratings Limited
• 1. Greenwich Associates LLC (Merged with CRISIL lrevna US LLC, w.e.f. 1 April 2023)
• 1. Greenwich Associates Singapore Pte. Limited
• 1. Greenwich Associates Japan K. K.
• 1. Greenwich Associates Canada, ULC (Winded up, w.e.f. 31 July 2023)
• 1. Greenwich Associates UK Limited
• 1. CRISIL lrevna Information Technology Colombia SAS (w.e.f. 25 October 2023)
• 1. CRISIL lrevna Australia Pty Ltd.
• 1. Peter Lee Associates Pty Limited (w.e.f. 17 March 2023)
• 1. Bridge to India Private Limited (w.e.f. 30 September 2023)
• 1. CRISIL ESG Ratings and Analytics Limited (w.e.f. 26 September 2023)

Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Indore, Kechi, Kolkata, Mumbai, New Delhi, Naida and Pune

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

Chartered Accountants

CRISIL

An S&P Global Company

CRISIL Limited

Statement of financial results for the three months and nine months ended September 30, 2024

Particulars	CorisolldaledSlandalone					~ crore1
	3 Months
		3 Months	Corresponding	9 months	Corresponding	Year	3 Month·•		3 Months Corresponding 9 month,.		Corresponding	Ye~r
	ended	ended	3 Months ended	ended	9 Months	ended	ended	ended	3 Months	ended	9 Months	ended
	30-Sep-24				ended				ended		ended
		30.Jun-24	30-Sep-23	30-Sep-24	30-Sep-23	31-Dec-23	30-Sop-24	30.Jun-24	30-Sep-23	30-Scp-24	JO-Sep-23	31-0ec-23
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited	Unauditod	Unaudilod	Unaudited	Unaudito.d	Umrnditod	Audited
	(Refer Nole 2)	(Refer Note 2)			(Refer Note 2) (Refer Note 2) (Refer Note 2)		(Refer Note 2)		(Refer Note 2) (Refer Note 2) [Refer Note 2)		(Reio r Note 2)
1. Income
A.Re\enue from operations	811 .84	797.35	735.87	2,346.87	2,221 .78	3,139.52	405.74	422.10	408.31	1,224 28	1,190 51	1,628.36
Other income (Refer notes 4 and 5)B	21 36	18.09	35 97	60 54	71 09	106.91	175 59	96.53	77.61	311.56	305,03	495.43
1. Total Income (1A + 1B)	833.20	815.44	771.84	2,407.41	2,2112.87	3,246.43	581.33	518.63	485.92	1,535.84	1,495.54	2,123.79
2. Expenses
AEmployee benefits expenses	429.51	447.51	434.31	1,300.59	1,261 .73	1,747.77	214 46	221 75	197.14	634.51	579.43	802.40
BProfessional fees	40.19	31.72	27.61	102.06	92.47	126.22	82 72	85 28	74.89	245.62	244.49	327,24
CTra\el expenses	10.95	11 .54	8.62	34.53	28.30	39.41	5.66	5 01	465	15.93	15.02	20.89
Associate seNce feesD.	36,89	32.62	32.90	100,67	92,39	147.62	7.52	7.13	7.57	2218	24.90	32.57
E.Finance costs	0.68	0 65	0.82	2.03	2,88	366	0.39	0.42	0.79	1.27	2 69	3.28
FDepreciation and amortisation expenses	15,98	16,13	2650	4913	78 57	103.78	9 50	9.62	16.64	28.76	49.78	66 92
Other expenses (Reier note 4)G.	70,47	67.31	4077	186,42	147.64	210.27	3615	40.66	19.76	109.80	69.50	107. 11
2. Total expcn,s	604.67	607.48	571.53	1,775.43	1,703.98	2,378.73	356.40	369.87	321.44	1,058.07	985.81	1,360.41
J. Profit before tax (1 - 21	228.53	207.96	200.31	631.98	588.89	867.70	224.93	148.76	164.48	477.77	509.73	763.38
4. Tax expense/ (credit)
Current taxA	36,73	61 34	57 36	158.92	161 39	22313	5 71	26 22	36.27	60 73	88.69	101.05
Deferred tax13	20.25	(3 49)	(9 04)	13 68	(20 82)	(13 87)	1820	(5 83)	(638)	7 37	(16.16)	(5.93)
4.Total tax expense (4A + 4B1	56.98	57.85	48.32	f72.60	140.57	209.26	23.91	20.39	29.89	68.10	72.53	95.12
5. Net profit for the period (3 - 4)"	171.55	150.11	151.99	459.38	448.32	658.44	201.02	128.37	134.59	409.67	437.20	668.26
6. other comprehensive (incomey expense
A Items that will be reclassified to profit or loss
- Exchange differences in translating the financial	(32,56)	(1.41)	20 02	(2666)	1036	12 25	001	(0 01)	(014)	001	(0 08)	(009)
statements of a foreign operation
- The effecti1e portion of (gains)/ loss on hedging	816	(1 .90)	084	411	(19 03)	(17 17)	816	(1 90)	084	411	(19.03)	(17 17)
instruments in a cash flow hedge
- Tax effect on abo1e	(2 05)	0,48	(021)	(1 03)	4 79	4 32	(2,051	0 48	(021)	(1 .03)	4 79	4 32
B Items that will not be reclassified to profit or loss
- Remeasurements ol the defined benefit plans	0.70	(1 .87)	022	1 54		1 15	0 48	0 91	0.35	3 78	0 24	1 15
- Equity instruments through other comprehensi1e	14.08	15.35	(44 32)	(13.77)	(68 89)	(87 35)	14 08	15 35	(44 32)	(13 77)	(68 89)	(87 35)
income
- Tax effect on abo1e	015	0,34	(0.39)	(0.38)	(0.44)	(1.00)	0.21	(0 36)	(0 43)	{0.94)	(050)	(1 00)
6. Total other comprehensive (income)/expense	111.521	10.99	(23.84)	(36.19)	(73.2'1)	(87.801	20.89	14.47	(43.91)	(7.84)	(83.47)	(100.14)
7.Total comprehensive income for the period (5-6)"	183.07	139.12	175.83	495.57	521.53	746.24	180.13	113.90	178.50	417.51	520.67	768.40
8 Paid up equity share capital (Face \elue on 1 each)	7.31	7.31	7 31	7 31	7.31	7 31	7.31	7 31	7 31	7 31	7 31	7 31
9 Other equity						2,181 95						1,482 51
10. Earnings Per Share (EPS)"
Basic	23.46	20 53	20.79	62 82	61 34	90 08	27 49	17.56	18.41	56 03	59 82	91 42
Diluted	23.46	20 53	20.78	62 82	61 32	90 07	27 49	17 55	1841	56 03	59 80	91 41

• Represents 100% attnbutable to the shareholders of the Company

0Quarterly numbers are not annualised

CRISIL Limited Corporate Identity Number: L67120MH1987PLC042363

CRISIL Limited Statement of segment results for the three months and nine months ended September 30, 2024

q,\ s1

Particulars	~ crore)Consolidated
	3 Monthsended	3 Monthsended	Monthsended	Corresponding 3 9 months ended Corresponding	9 Monthsended	Yearended
	30-Sep-24	30-Jun-24	30-Sep-23	30-Sep-24	30-Sep-23	31-Dec-23
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	(Refer Note 2)	(Refer Note 2)	(Refer Note 2)	(Refer Note 2)	(Refer Note 2)
1. Revenue from operations
A. Ratings services	240.62	212.50	185.61	655.29	562.81	772.39
B. Research, Analytics & Solutions	571.22	584.85	550.26	1,691.58	1,658.97	2,367.13
1. Total revenue from operations (1A + 18)	811.84	797.35	735.87	2,346.87	2,221.78	3,139.52
2. Less: Inter segment revenue	-	-	-	-	-	-
3. Net income from operations (1 -2)	811.84	797.35	735.87	2,346.87	2,221.78	3,139.52
4. Segment profit
A. Ratings services	116.07	86.47	80.88	303.87	248.41	334.65
B. Research, Analytics & Solutions	104.65	122.33	111.67	313.81	327.18	493.63
4. Total operating profit (4A + 48)	220.72	208.80	192.55	617.68	575.59	828.28
5. Add/ (less)
i. Net other unallocable income/(expenditure)	18.94	10.57	20.79	49.17	52.17	91.69
ii. Depreciation / amortisation (unallocable)	(11.13)	(11.41)	(13.03)	(34.87)	(38.87)	(52.27)
6. Net profit before tax (4 + 5)	228.53	207.96	200.31	631.98	588.89	867.70
Segment assets (Refer note 6)
A. Ratings services	530.67	459.89	331.11	530.67	331.11	286.48
B. Research, Analytics & Solutions	1,448.88	1,518.57	1,591.81	1,448.88	1,591.81	1,585.99
C. Unallocable (net)	1,599.77	1,377.31	1,219.63	1,599.77	1,219.63	1,442.05
Segment liabilities (Refer note 6)A. Ratings services	336.00	327.91	257.87	336.00	257.87	233.89
B. Research, Analytics & Solutions	679.47	599.91	655.38	679.47	655.38	679.87
C. Unallocable (net)	191.14	180.85	186.02	191.14	186.02	211.50
Capital employed (Refer note 6)
A. Ratings services	194.67	131.98	73.24	194.67	73.24	52.59
-B. Research, Analytics & Solutions	769.41	918.66	936.43	769.41	936.43	906.12
&~_£!~~ •,C,.C. Unallocable (net)	1,408.63	1,196.46	1,033.61	1,408.63	1,033.61	1,230.55
<br>'<'! l'SfMUMBAI J.}; {		CRISIL LimitedCorporate Identity Number: L67120MH1987PLC042363

RL'gistert'1~~ 1Siws:«-, c. Central Avenue, Hiranandani Business Park, Powai, Mumbai-400076, Phone: +91223342 3000 I Fax: +91223342 3001 --

l?r;o Acr:P Website: www.crisil com

Notes to financial results :

• The consolidaled and standalone financials results for the three months and nine months ended September 30, 2024 were reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on October 16, 2024 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.
• 2 In compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 201 5, a limited review of these results has been carried out by the Statutory Auditors of the Company
• 3 The Board of Directors has declared an interim dividend off 15 per share having face value off 1 each.
• 4 Details of foreign exchange gain or loss recorded in the respective periods in financial results are as under :

Particulars	Consolidated	i-, crore)Standalone
	Forex gain or loss included under
	Other income	Other expenses		Other income Other expenses
3 months ended September 30, 2024	Nil	8.60	3.63	Nil
3 months ended June 30. 2024	Nil	0.29	0 66	Nil
Corresponding 3 months ended September 30, 2023	13.27	Nil	4.77	Nil
9 months ended Septem ber 30, 2024	1 14	8,89	5.16	Nil
Corresponding 9 months ended September 30, 2023	1327	10.66	4 77	217
Year ended Decem ber 31, 2023	13,27	14.85	7.00	2.17

5 Details of dividend income received from its subsidiaries are as under and is included under 'Other income' in the standalone financial results.

						(f crorel
Particulars	3 Monthsended	3 Monthsended	Corresponding3 Monthsended	9 monthsended	Corresponding9 Monthsended	Yearended
	30.Sep-24	30-Jun-24	30.Sep-23	30.Sep-24	30-Sep-23	31 -Dec-23
Dividend from subsidiaries	129.97	67,50	48.84	208.79	225.79	382.05

• 6 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 disclosed the segment information only as part of consolidated financial results.
• 7 Pursuant to SEBI notification dated July 3, 2023 under the SEBI (Credit Rating Agencies) (Amendment) Regulations , 2023, CRISIL's Board of Directors approved the transfer of its ESG rating business to step down subsidiary of CRISIL, incorporated on September 26, 2023. On April 25, 2024, CRISIL ESG Ratings and Analytics Limited (CRISIL ESG Ratings) has received the license from SEBI to commence the business of ESG Rating Providers ,
• 8 The Board of Directors of the Company at their meeting held on October 16, 2024, has approved the Scheme of Amalgamation ('Scheme') for merger of its whollyowned subsidiary, Bridge To India Energy Private Limited with the Company, pursuant to Sections 230-232 of the Companies Act, 2013. The Scheme is subject to the approval of National Company Law Tribunal and other requisite statutory approvals
• 9 The ~gures for the previous period have been regrouped/ rearranged wherever necessary to conform to the current period's classification,

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

Amish Mehta Managing Director & Chief Executive Officer DIN: 00046254 Mumbai, October 16, 2024

* 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).

Corporate Identity Number: L67120MH1987PLC042363