CRISIL Ltd. — Investor Presentation 2022

Oct 26, 2022

October 26, 2022

Listing Department National Stock Exchange of India Ltd. Exchange Plaza, 5th floor Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai 400 051

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

Dear Sirs,

Sub.: Corporate Presentation Q3 2022

We are enclosing herewith our corporate presentation updated with the Q3 FY 2022 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 BHOSALE Digitally signed by MINAL AMIT BHOSALE Date: 2022.10.26 15:24:27 +05'30'

Minal Bhosale Company Secretary ACS 12999

Encl.: a/a

Q3 2022 Analyst Presentation

October 2022

© 2022 CRISIL Ltd. All rights reserved.

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 forwardlooking 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.`

CRISIL: Over 30-year journey of innovation and excellence

Macroeconomic Indicators

Indicator	FY2021	FY2022	FY2023F
GDP (y-o-y %)	-6.6	8.7	7.3*
10-year G-sec yield (%, March)	6.2	6.8	7.5
Fiscal deficit (% of GDP)	9.2	6.9	6.4^
Exchange rate (Re/$, March avg.)	72.8	75.5	79.0
CPI Inflation (%)	6.2	5.5	6.8
RepoRate (%, March-end)	4.0	4.0
Credit Growth (%)	~5.0	~10.0-12.0

Indicator	CY2020	CY2021	CY2022F
World GDP (y-o-y %)	-3.3	6.0	3.1
United States of America (y-o-y %)	-3.4	5.7	1.6
Eurozone (Euro Area-19) (y-o-y %)	-6.5	5.2	3.1
China GDP (y-o-y %)	2.3	8.1	2.7

Note: F: Forecast; *with downside risks; ^upside bias Source: NSO, RBI, Budget documents, Ministry of Finance, CRISIL, World Bank Numbers rounded off to first decimal

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

Rise in downside risks for global growth

Slowing global growth projections

Prolonged geopolitical uncertainty

Capex cycle revival anticipated in India

Inflationary pressures

Strengthening US dollar

Macro trends Business environment trends

Continuing capital market volatility

Increasing focus on risk management and regulatory compliance

Accelerated ESG spends driven by sustainability goals

Thrust on digital transformation

Continued demand for skilled talent

Q3 Highlights

Healthy growth despite deteriorating macros

• Ratings business grew on account of new client addition and continued momentum in surveillance revenue
• Research, Analytics and Solutions segment comprises our global businesses GR&RS, GBA and non-ratings India businesses Market Intelligence & Analytics (MI&A)
  • Global businesses saw robust growth driven by client renewals; GBA also rolled out Client Intelligence platform
  • MI&A saw traction for credit risk and regulatory reporting solutions
• Sharp foreign exchange movement in dollar versus rupee and British pound supported profitability during Q3 2022 and YTD 2022
• Enhanced engagement with stakeholders through executive leadership conclaves, whitepapers, webinars and events
• Won prestigious National CSR Award, 2020 in the category 'Corporate Awards for Excellence in CSR'

Robust growth in Q3 2022 and 9M 2022

• Declared interim dividend of ₹10 per share

Note: Numbers rounded off to first decimal

Corporate bond issuances remain muted; Credit growth on the rise

Source: Prime Database, RBI *Data as on date; may get revised by Prime Database

© 2022 CRISIL Ltd. All rights reserved.

Ratings: Highlights

Financials

Particulars (₹ cr)	Q3 2021	Q3 2022	Growth
Income fromOperations	150.7	170.2	12.9%
Segment Profit	64.5	69.8	8.2%
Margin	42.8%	41.0%

Particulars (₹ cr)	9M 2021	9M 2022	Growth
Income fromOperations	430.3	486.2	13.0%
Segment Profit	187.3	207.4	10.7%
Margin	43.5%	42.7%

Business update

• CRISIL Ratings business saw 10.9% growth in revenue during the quarter 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
• Global Analytical Center (GAC) increased support to S&P Global Ratings across surveillance and transformation projects

Note: Numbers rounded off to first decimal

CIB revenue normalizes but remains above pre-pandemic levels; Domestic flows in MFs and AIFs increase

₹ '000 crore

India mutual fund AUM*

*Average AUM for the Quarter; Source: AMFI

Global CIB revenue pools

Revenues Pools analysis includes revenues from all Institutional Clients and Corporates with annual sales turnover > $ 1.5bn; FY22 is as per preliminary estimates. Above analysis is as per Coalition Standard Taxonomy; Source: Coalition Proprietary Analytics

₹ '000 crore

Alternative Investment Funds (AIFs)

CIB return on equity (%)

Source: Coalition Proprietary data; ROE calculated based on Coalition Index Universe

Regulatory focus continue to drive spends

Global themes

Research, Analytics & Solutions: Highlights

Financials

Particulars (₹ cr)	Q3 2021	Q3 2022	Growth
Income fromOperations	420.3	512.8	22.0%
Segment Profit	84.2	97.5	15.8%
Margin	20.0%	19.0%

Particulars (₹ cr)	9M 2021	9M 2022	Growth
Income fromOperations	1,164.4	1,460.2	25.4%
Segment Profit	223.8	313.0	39.9%
Margin	19.2%	21.4%

Business update

• 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 (GBA)
• GR&RS saw several client wins; GBA closed major renewal deals and rolled out the Client Intelligence platform for global banks
• Non-ratings India businesses have been consolidated under CRISIL Market Intelligence and Analytics (MI&A) following the merger of CRISIL Risk and Infrastructure Solutions Ltd and Pragmatix Services Pvt Ltd with CRISIL Ltd
• MI&A business saw traction for its credit risk and regulatory reporting solutions

© 2022 CRISIL Ltd. All rights reserved.

1. CRISIL Overview

2. Business Environment

3. Performance Update

4. Segment Performance

5. Thought Leadership

6. Corporate Social Responsibility

A 'TRUSTED' voice in Media

Reports & Blogs

1. CRISIL Overview

2. Business Environment

3. Performance Update

4. Segment Performance – Research, Analytics & Solutions

5. Thought Leadership

6. Corporate Social Responsibility

Continuing to create social impact through its CSR initiatives

Two-time winner of the National CSR Awards, 2018 and 2020

Financial capability building of rural women & communities

• Mein Pragati continues to drive outreach and impact through 1,600+ trained Sakhis in 2,400+ villages of Assam and Rajasthan.
• As part of RBI's Scale-up CFL Project, all 429 CFL centres are operationalised and managed by a 1,790+ on-ground team to facilitate community outreach.
• Preparations for Phase II of scale-up initiated this will cover 118 additional CFLs in 7 existing states by December 2022 (over and above existing 429 CFLs)

Promoting environment conservation and larger social consciousness among employees

• Environment conservation initiatives continued through on-ground partners – covered post-plantation drives at Mumbai, Pune, Gurugram and Hyderabad and water conservation initiatives.
• CRISILites were also engaged through various virtual engagements – like mentoring and virtual volunteering programmes.

About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better. It is India's foremost provider of ratings, data, research, analytics and solutions, with a strong track record of growth, culture of innovation and global footprint. It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers. 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

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