CRISIL Ltd. — Investor Presentation 2021

Nov 15, 2021

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November 15, 2021

Listing Department 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.: Corporate Presentation Q3 2021

We are enclosing herewith our corporate presentation updated with the Q3 FY 2021 Financial Results. This presentation will be published on the Company's website - www.crisil.com shortly.

Kindly take this communication on record.

Yours faithfully, For CRISIL Limited MINAL AMIT Digitally signed by MINAL AMIT BHOSALE BHOSALE Date: 2021.11.15 22:23:39 +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

Q3 2021 Analyst Presentation

November 2021

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Disclaimer / Safe Harbor

This presentation has been prepared solely as a concise update of Company’s quarterly and/or annual results. By reading the presentation slides, you agree to be bound by the following limitations: (a) CRISIL Ltd. (“CRISIL” or “Company”) cannot give assurance to the correctness of forward looking statements. These forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as “targets”, “believes”, “expects”, “aims”, “assumes”, “intends”, “plans”, “seeks”, “will”, “may”, “anticipates”, “would”, “could”, “continues”, “estimate”, “milestone” or other words of similar meaning and similar expressions or the negatives thereof; (b) By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected; c) Given the aforementioned uncertainties, prospective or present investors are cautioned not to place undue reliance on any of these forward-looking statements; d) No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever. Investor/prospective advisors must be sought on specific situation from well-informed legal, investment, tax, financial, and management professionals; e) This presentation and its contents are confidential and must not be distributed, published or reproduced. This presentation does not constitute a recommendation regarding the securities of the Company.`

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 Presentation is based and is not responsible for any errors or omissions or for the results obtained from the use of this Presentation. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Presentation.

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Agenda

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1. CRISIL Overview

2. Business Environment 3. Financial Performance 4. Segment Performance 5. Thought Leadership 6. Corporate Social Responsibility

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CRISIL is a leading global analytics company driven by its mission of making markets function better

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Ratings

Benchmarking Insights Risk Solutions

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Research Services

Market Insights & Analytics

Empowering decisionmaking with cutting-edge #Analytics

#Global footprint

#Innovation to drive growth #Agile to market needs

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Agenda

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1. CRISIL Overview 2. Business Environment 3. Financial Performance 4. Segment Performance 5. Thought Leadership 6. Corporate Social Responsibility

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Recovery underway amid few uncertainties

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India

Indicator	FY2019	FY2020	FY2021	FY2022F
GDP (y-o-y %)	6.5	4.0	-7.3	9.5
10 year G-sec yield (%, March)	7.5	6.2	6.2	6.5
Fiscal deficit (% of GDP)	3.4	4.6	9.5@	6.8#
Exchange rate (Re/$, March avg.)	69.5	74.4	72.8	75.0
CPI Inflation (%)	3.4	4.8	6.2	5.5
Gross NPA (%)	9.1	8.2	~7.5	~8.0-9.0
Repo Rate (%, March-end)	6.25	4.40	4.00	4.25
Credit Growth (%)	11.0	6.0	~5.0	~9.0-10.0

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Global

Indicator	CY2018	CY2019	CY2020	CY2021F
World GDP (y-o-y %)	3.6	2.9	-3.4	5.8
United States of America (y-o-y %)	2.9	2.3	-3.5	5.7
Eurozone (Euro Area-19) (y-o-y %)	1.9	1.2	-6.5	5.1
China GDP (y-o-y %)	6.6	6.1	2.3	8.0

Note: F=forecast; [# ] Budget estimate; [@ ] Revised Estimate Source: NSO, RBI, CRISIL, S&P Global Economics and Oxford Economics

FY represents the financial year (Apr-Mar period) CY represents the calendar year (Jan-Dec period)

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Key business trends

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Economic revival amidst inflation risk

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Emphasis on sustainability

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Buoyancy in capital markets activity

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Heightened focus on risk management and information security

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Increased levels of digital and transformation spend

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Hybrid working model

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Agenda

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1. CRISIL Overview

2. Business Environment 3. Financial Performance

4. Segment Performance 5. Thought Leadership 6. Corporate Social Responsibility

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Q3 2021 income from operations at ₹571.0 cr.; PAT at ₹112.9 cr.

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Income from Operations
₹ crore
₹ crore
+17.7% +15.2%
571.0 1,594.7
485.0 1,384.6
Q3 2020 Q3 2021 9M 2020 9M 2021
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Profit After Tax

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₹ crore
₹ crore
+25.1% +21.5%
112.9 297.2
90.2 244.7
Q3 2020 Q3 2021 9M 2020 9M 2021
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Note:

1. Numbers rounded off

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Agenda

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1. CRISIL Overview

2. Business Environment

3. Financial Performance

4. Segment Performance - Ratings 5. Thought Leadership 6. Corporate Social Responsibility

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Credit growth sees uptick but wholesale credit growth remains subdued; Bond issuers lower vis-à-vis last year

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Bond Issuances (₹ billion) Credit Growth
Credit Growth Trend
24.0%
19.0%
7,890
8,000
-28%
7,152
13.6%
7,000 14.0%
6,170
6,000
9.0%
5,000 6.7%
4,455
4,000
4.0% 2.2%
3,000
2,000 -1.0%
1,000
0
CY2019 CY2020 YTD 2020 YTD 2021
Credit Growth Wholesale Credit Growth Retail Credit Growth
# of
547 458 409 264
Issuers
8 Jul-18 Jul-19 Jul-20 Jul-21
Jan-1 Mar-18 May-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21
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Source: RBI, SEBI, Ministry of Finance, Prime Database, CRISIL CY represents the calendar year (Jan-Dec period);

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Ratings: Q3 2021 highlights

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Financials

Particulars(₹ cr)	Q3 2020	Q3 2021	Growth
Income from Operations	137.1	153.6	12.0%
Segment Profit	51.9	64.4	24.1%
Margin	37.9%	41.9%
Particulars(₹ cr)	9M 2020	9M 2021	Growth
Income from Operations	414.4	439.1	6.0%
Segment Profit	168.7	186.7	10.7%
Margin	40.7%	42.5%

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Business update

• CRISIL Ratings revenue grew 21.5% during the quarter on back of improved business environment; Ratings business added new clients and saw growth in the stressed assets ratings space

• With demand picking up across the economy, activity in the lending markets is improving and there are increasing signs of companies enhancing their bank lines and seeking refinancing

• CRISIL Ratings continues to maintain leadership in the corporate bond market

• The Global Analytical Center (GAC) also increased support to S&P Global Ratings across surveillance, new issuances and transformation projects

Innovation and franchise

Continued focus on franchise activities with over 30 press releases published and hosted several webinars covering telecom, construction, commercial real estate, FMCG, oil, airports, etc.

• Some of the high impact opinion pieces are, ‘Economic recovery to drive road traffic up 12-14% this fiscal’, ‘ARCs may hunt MSME, retail assets as ground shifts’, ‘City gas sales volume to rise 2527% this fiscal on dearer petrol, diesel’, ‘Revenue of gold jewellery retailers seen up 12-14% this fiscal’, ‘With curbs easing, securitisation pool collections spring back’, ‘India Inc credit outlook turns positive, upgrades rise’

Note: Numbers rounded off

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Agenda

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1. CRISIL Overview 2. Business Environment 3. Financial Performance 4. Segment Performance - Research 5. Thought Leadership 6. Corporate Social Responsibility

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Indian capital market activity remains elevated; Globally, CIB industry expected to normalize

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₹ ‘000 crore 3,658
2,993
2,687
2,366
2,237
India
1,693
mutual fund 1,341
AUM
2015 2016 2017 2018 2019 2020 Jul-Sep
2021
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*Average AUM for the Quarter; Source: AMFI

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₹ ‘000 crore
442 451
Alternative 348
Investment 239 200
185
142
Funds (AIFs) 93
2018 2019 2020 Mar-21
Source: SEBI
Commitments Investments
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$ billion
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566 558
535
523
2018 2019 2020E 2021F
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Global CIB
revenue
pools
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Revenues Pools analysis includes revenues from all Institutional Clients and Corporates with annual sales turnover > $ 1.5bn; Above analysis is as per Coalition Standard Taxonomy; Numbers are restated based on Coalition methodology; Source: Coalition Proprietary Analytics

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14%
11% 11% 11%
CIB Return
on Equity
(%)
2017 2018 2019 2020E
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Source: Coalition Proprietary Analytics; ROE is based on Coalition Index Universe and is calculated as operating profit post-tax divided by Capital

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Evolving regulations present opportunities

USA: Maturing

• CCAR

• • Europe: Tightening DFAST •

• • FRTB EBA/PRA Stress Testing •

• • BASEL III IBOR •

• • FRTB CECL •

• • TRIM UMR (Phase V and VI ) • IBOR

• • UMR (Phase V and VI)

• Asia: Nascent

• • IFRS9

• • IBOR

• • Stress Testing

CCAR: Comprehensive Capital Analysis and Review DFAST: Dodd-Frank Act Stress Tests CECL: Current Expect Credit Loss EBA: European Banking Authority MiFID: Markets in Financial Instruments Directive UMR: Uncleared Margin Rules

PRA: Prudential Regulation Authority TRIM: Targeted Review of Internal Models IFRS: International Financial Reporting Standards IBOR: Interbank Lending Rate FRTB: Fundamental Review of Trade Book

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Research: Q3 2021 highlights

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Financials

Particulars(₹ cr)	Q3 2020	Q3 2021	Growth
Income from Operations	315.8	381.7	20.9%
Segment Profit	35.5	83.5	135.2%
Margin	11.2%	21.9%

Particulars(₹ cr)	9M 2020	9M 2021	Growth
Income from Operations	875.9	1,049.4	19.8%
Segment Profit	137.9	216.6	57.1%
Margin	15.7%	20.6%

Note:

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Business update

• The segment revenues grew by 20.9% accompanied by a robust margin expansion during the quarter with all businesses delivering growth

• In Research, buoyancy in the domestic capital market and pick-up in economic activity continue to steer the need for research and analytics

• Global Research & Risk Solutions (GR&RS) grew on the back of new mandate wins, and increased traction for risk, credit research and sustainability offerings

• Market changes and regulations driving transformation agenda at financial institutions are also spawning opportunities

• Coalition Greenwich grew on continuing demand for benchmarking analytics from its core client segments. Opportunities increased in commercial banking as clients focus moves on revenue expansion

Innovation and franchise

• Coalition Greenwich conducted the annual Competitive Challenges Conference, most sought after event in the global asset management industry; Coalition Greenwich received good attribution of its analyses across global publications

• Domestic research participated in 1[st] edition of ESG Knowledge Series titled, “Evolving ESG Policies and the Reporting Journey” organised by S&P Global Sustainable1 in September

• Published multiple articles, whitepapers on topical matters and hosted several webinars on telecom, oil sector, macro environment, model risk management, European regulations for investment management firms, market structure trends and transaction banking

1. Numbers rounded off

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Agenda

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1. CRISIL Overview

2. Business Environment

3. Financial Performance

4. Segment Performance - Advisory 5. Thought Leadership 6. Corporate Social Responsibility

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Advisory: Q3 2021 highlights

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Financials

Financials Particulars(₹ cr) Q3 2020 Q3 2021 Growth Income from Operations 32.1 35.6 10.9% Segment Profit 2.6 0.8 -69.2% Margin 8.1% 2.2%	Financials Particulars(₹ cr) Q3 2020 Q3 2021 Growth Income from Operations 32.1 35.6 10.9% Segment Profit 2.6 0.8 -69.2% Margin 8.1% 2.2%	Financials Particulars(₹ cr) Q3 2020 Q3 2021 Growth Income from Operations 32.1 35.6 10.9% Segment Profit 2.6 0.8 -69.2% Margin 8.1% 2.2%	Financials Particulars(₹ cr) Q3 2020 Q3 2021 Growth Income from Operations 32.1 35.6 10.9% Segment Profit 2.6 0.8 -69.2% Margin 8.1% 2.2%	Financials Particulars(₹ cr) Q3 2020 Q3 2021 Growth Income from Operations 32.1 35.6 10.9% Segment Profit 2.6 0.8 -69.2% Margin 8.1% 2.2%
	Particulars(₹ cr)	Q3 2020	Q3 2021	Growth
	Income from Operations	32.1	35.6	10.9%
	Segment Profit	2.6	0.8	-69.2%
	Margin	8.1%	2.2%

Particulars(₹ cr)	9M 2020	9M 2021	Growth
Income from Operations	94.3	106.1	12.5%
Segment Profit	3.6	7.8	116.7%
Margin	3.8%	7.4%

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Business update

• The segment revenue grew 10.9% during the quarter

• The Infrastructure Advisory business bagged large wins from multilaterals and the Business Intelligence and Risk Solutions business increased its overseas client footprint

Innovation and franchise

• Participated in multiple conferences / seminars –

• 37th Asia Pacific Petroleum Conference organized by S&P Global Platts with focus on the topic ‘Meeting COP26 targets.

• Virtual conference on `Sewage & Wastewater Treatment’ in India

• Conducted three capacity building workshops in Ethiopia on PPP concept & its applicability with practical sessions including class exercises and illustrations

Note: Numbers rounded off

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Risks

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Prolonged pandemic impacting economic revival

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Evolving regulatory environment

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Information security and cyber-related risks

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Adverse currency movement

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Intense competition Reputation risk

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Agenda

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1. CRISIL Overview 2. Business Environment 3. Financial Performance 4. Segment Performance Franchise and thought 5. Leadership 6. Corporate Social Responsibility

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A ‘TRUSTED’ voice in Media

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Media
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Reports
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Webinars & Events
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Social Media
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Agenda

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1. CRISIL Overview

2. Business Environment

3. Financial Performance

4. Segment Performance

5. Thought Leadership 6. Corporate Social Responsibility

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Creating social impact through CSR initiatives

Amplifying CRISIL’s ESG agenda by driving inclusive growth and conserving the environment

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Financial capability building of rural women in Assam, Rajasthan, Haryana and Maharashtra

• Mein Pragati continues to strengthen its outreach and impact through 1,100+ trained Sakhis in 1,700+ villages of Assam and Rajasthan.

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• Over 69,000 linkages facilitated to formal banking & social welfare schemes.

• Through RBI-CFL pilot, over 27,000 beneficiaries directly reached and 6,700+ linkage applications facilitated to formal banking services.

• Steps currently afoot towards scaling up CFL centres across 18 States and UTs with support from RBI and 10 PSU Sponsor Banks.

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Promoting environment conservation, disaster relief and larger social consciousness among employees

• Afforestation initiatives continued through on-ground partners – total plantation count at 92,000 trees as against 1 lakh commitment by 2021

• Over 300 CRISILites engaged through virtual volunteering initiatives which covered mentoring the field teams, home-based rainwater harvesting, and teaching children from rural communities.

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About CRISIL

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

For further information contact: investors@crisil.com

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