CRISIL Ltd. — Investor Presentation 2025

May 1, 2025

May 1, 2025

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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.: Intimation of Investor Presentation

We are enclosing herewith our corporate presentation updated with Q1 2025 results which will be used during our Analyst Call on Tuesday, May 6, 2025. 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 Digitally signed by MINAL AMIT AMIT BHOSALE Date: 2025.05.01 BHOSALE 16:11:44 +05'30'

Minal Bhosale Company Secretary ACS 12999

Encl.: a/a

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Analyst presentation

May 2025

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Disclaimer / Safe harbour

This presentation has been prepared solely as a concise update of Crisil Limited’s (“Crisil” or “Company”) quarterly and/or annual results. By reading the presentation slides, you agree to be bound by the following limitations: (a) Crisil 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.

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Agenda

1. Crisil overview 2. Business environment

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3. Performance update

4. Financials

5. Segment performance 6. Thought leadership 7. Corporate social responsibility 8. Risks

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Overview and our new brand identity

Crisil is a global, insights-driven analytics organisation whose extraordinary rigour and domain expertise give clients the confidence to make mission-critical decisions.

• Our new brand identity reinforces our position as a global, insights-driven analytics organization and conveys a more progressive vision of our future

• Celebrates a pioneering and illustrious past and showcases our commitment to deliver actionable insights to clients

• Positions our businesses under a cohesive identity that offers a consistent and more connected experience for clients around the world

• Our people’s analytical rigour and domain expertise will continue to set standards and empower clients to make mission-critical decisions with confidence

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Offers independent credit ratings in India that empower informed decisions and objective benchmarking by lenders, investors and issuers

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formerly Global Benchmarking Analytics

formerly formerly Market Intelligence & Analytics Global Benchmarking Analytics Offers insights, consulting, technologyOffers strategic benchmarking, analytics driven risk solutions and advanced data and insights to the financial services analytics, serving clients across industry and specialises in providing government, private and public enterprises, unique, high-value and actionable empowering information to help clients measure and them to make informed decisions drive their business performance

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Formerly Global Research & Risk Solutions

Offers solutions and actionable intelligence to financial institutions around the globe to deliver strategic transformation, optimise risk and drive operational excellence

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Global presence

4,600+ employees globally

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Certified ‘ Great Place to Work ’ in India for 5[th] consecutive year and India’s Best Workplaces for Women 2024

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Crisil featured in Chartis RiskTech100[® ] 2025 list and won in the Model Validation category for the 3[rd] consecutive year

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‘Category Leader’ in Model Validation Tools and Accelerators in Chartis STORM 2024 ranking report besides ranking in QuantTech50, BuySideRisk50 and RetailFinanceAnalytics50

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‘Silver’ employer by India Workplace Equality Index (IWEI)

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance 6. Thought leadership 7. Corporate social responsibility 8. Risks

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Key trends in macro and business environment

~~Global~~

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Global banks maintain their measured stance, as they invest in transformation initiatives across cloud, data and analytics, AI/ML and automation

Continued demand for cost effective solutions from asset managers to counter the profitability pressures

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Evolving macro situation leading to greater client need for benchmarking solutions to target opportunities and efficiencies

Traction in private markets due to sustained client activity

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The global economy showed resilience in 2024 but now faces challenges stemming from the ongoing tariff actions and the consequent impact on growth prospects

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Lack of clarity on the business environment can lead to tighter client budgets and delays in discretionary spending

~~India~~

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Corporate bond issuances might see greater traction driven by easing monetary policy – provided the impact of macro and geopolitical issues is minimal

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Bank credit to at 12-13% in FY26, 100-200 bps higher than FY25 estimate, driven by supportive regulatory measures, boost to consumption from tax cuts, and softer interest rates

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India’s GDP expected to grow at 6.5% in fiscal 2026, with risks tilted to the downside because of weakening global conditions amid tariff-related uncertainties

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Medium-term growth trend expected to remain healthy driven largely by investments, efficiency and expected deregulation

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Agenda

1. Crisil overview 2. Business environment

3. Performance update

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4. Financials

5. Segment performance 6. Thought leadership 7. Corporate social responsibility 8. Risks

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Resilient performance amidst macro-economic uncertainty

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3.8%
2024
10.2%
Q1 2025
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• Crisil Ratings maintained its leadership in corporate bond ratings given investor preference for best-in-class ratings

• Global Analytics Centre (GAC) saw growth driven by new engagements and an increase in the delegation of ratings surveillance work from S&P Ratings

• Research, Analytics and Solutions segment saw traction in buy-side solutions, credit, risk and consulting offerings, and benchmarking offerings amidst curtailed discretionary spending by global clients

• Interim dividend of ₹8 per share declared in Q1 2025

Income from operations

• Franchise activities during the quarter:

• Crisil Intelligence hosted the 9[th] edition of Crisil India Outlook Conclave, themed ‘Unleashing manufacturing: The competitiveness clarion call’, and released a report, titled ‘Safe harbours and windy waters’

6.8% 2024

16.3% Q1 2025

• Crisil Intelligence hosted 5[th] edition of India Infrastructure Conclave 2025, titled 'Navigating India’s decarbonisation journey’ and launched the Crisil Infrastructure Yearbook

• Crisil Ratings hosted webinars on green hydrogen, Engineering, Procurement and Construction (EPC) and City Gas Distribution (CGD) sectors

• Globally published articles on Gen AI in credit risk management, driving efficiency and productivity gains in asset management firms, and on other topics such as equities, fixed income, forex trading, bond markets and treasury bills

Profit before tax (PBT)

• Crisil Foundation continues to be the leading implementation partner of the RBI’s MoneyWise Centres of Financial Literacy (CFL) programme through its 669 centres spread across 13 states and 4 union territories

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Agenda

1. Crisil overview 2. Business environment 3. Performance update

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4. Financials

5. Segment performance 6. Thought leadership 7. Corporate social responsibility 8. Risks

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Financial performance for full year 2024 and Q1 2025

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Income from operations Profit before tax (PBT) Profit after tax (PAT)
+3.8% +6.8% +3.9%
₹ crore ₹ crore ₹ crore
3,139.5 3,259.8 867.7 926.5 658.4 684.1
FY23 FY24 FY23 FY24 FY23 FY24
+10.2% +16.3% +16.1%
813.2 227.3 159.8
737.7 195.5 137.7
Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25
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Numbers rounded off
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• PBT for FY23 includes a one-off gain of Rs 29.4 crore due to sharp devaluation of the Argentinian peso. Excluding this impact, PBT for FY24 grew by 10.5% and PAT for FY24 grew by 7.5%

• Interim dividend of Rs 8 per share declared in Q1 FY25 vs. Rs 7 per share in the same quarter last year

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5.[Segment performance – Ratings ] Services 6. Thought leadership 7. Corporate social responsibility 8. Risks

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Corporate bond issuances were tepid in Q1 2025 Bank credit growth moderated amid slowing services and retail growth

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Bond issuance quantum (Rs billion)
+12.5%
11,032
9,803
+3.9%
3,048
2,934
2023 2024 Q1 2024 Q1 2025
No of
~990 ~1,100 ~470 ~400
Issuers
Source: Prime Database, RBI
Data may get revised by Prime Database
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Credit growth (%)
25.0%
20.0%
11.7%
15.0%
10.0%
11.0%
5.0%
9.8%
0.0%
Credit Growth Wholesale Credit Growth Retail Credit Growth
© 2025 CRISIL Ltd. All rights reserved.
Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25
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Ratings Services performance highlights

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Financials

Financials
Particulars (Rs crore)	FY23	FY24	Growth		Particulars (Rs crore)	Q1 FY24	Q1 FY25	Growth
Income from operations	772.4	909.2	17.7%		Income from operations	202.2	267.9	32.5%
Segment profit	334.7	398.0	18.9%		Segment profit	101.3	132.9	31.1%
Margin	43.3%	43.8%			Margin	50.1%	49.6%

Note: Numbers rounded off

Business update

• Crisil Ratings maintained its leadership in corporate bond ratings given investor preference for best-in-class ratings. Revenues of Crisil Ratings grew 17.4% on-year in 2024 and 27.4% on-year in Q1 2025

• Global Analytics Centre (GAC) saw growth driven by new engagements and an increase in the delegation of ratings surveillance work from S&P Ratings

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5.[Segment performance – Research, ] Analytics and Solutions 6. Thought leadership 7. Corporate social responsibility 8. Risks

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Domestic asset flows, low NPAs augur well for Indian financials

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Indian banking sector gross NPAs (%) India mutual funds AUM
8.4 6,869 6,831
₹ ‘000 crore 6,644
7.5
5,975
5,488
4,993
5.9
4,085
3,864
3.9
2.7
2.5-2.6 2.5-2.6
FY20 FY21 FY22 FY23 FY24 FY25E FY26F 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Source: Crisil Intelligence Average AUM for the Quarter; Source: AMFI
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Healthier financial profile of corporates with lighter balance sheets and high capacity utilization

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Net debt-to-Ebitda ratio at nearly half from a decade ago Capacity utilization remains healthy
Rs. lakh crore Times
90%
25 3.0
80%
2.6
2.5
2.4 2.4
2.3 2.5 70%
20 2.2 2.3
2.1
60%
2.0
15 1.6 1.7 50%
1.3 1.5
40%
10
30%
1.0
20%
5
0.5
10%
0 0.0 0%
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Long-term debt Short-term debt Net debt to Ebitda FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Note: Net debt-to-Ebitda ratio is based on the performance of 811 companies (barring BFSI companies) Note: FY represents fiscal year ending March
Source: Industry, Crisil Intelligence Source: RBI, Crisil Intelligence
© 2025 CRISIL Ltd. All rights reserved.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
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Note: Net debt-to-Ebitda ratio is based on the performance of 811 companies (barring BFSI companies) Source: Industry, Crisil Intelligence

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Profitability focus of global banks impacting discretionary spends

	0% 5% 10% 15% 20% CIB revenue pools(1) ($ billion) FY19 FY20 FY21 FY22 FY23 FY24 ....	0% 5% 10% 15% 20% CIB revenue pools(1) ($ billion) FY19 FY20 FY21 FY22 FY23 FY24 ....	CIB return on equity(2) (%)
0 100 200 300 400 500 600 700	....	0% 5% 10% 15% 20%
	FY19 FY20 FY21 FY22 FY23 FY24		FY19 FY20 FY21 FY22 FY23 FY24

(1) Revenue pools analysis includes revenues from all Institutional Clients and Corporates with annual sales turnover > $ 1.5bn

(2) RoE calculated based on Coalition Index Universe; RoE Index numbers include Credit Suisse until 2020 and have been replaced with Wells Fargo from 2021 onwards Source: Coalition Greenwich Competitor Analytics; Coalition Greenwich Proprietary data

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Research, Analytics & Solutions performance highlights

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Financials

Particulars(Rs crore)	FY23	FY24	Growth
Income from operations	2367.1	2350.6	-0.7%
Segment profit	493.6*	505.2	2.4%
Margin	20.9%	21.5%

Particulars(Rs crore)	Q1 FY24	Q1 FY25	Growth
Income from operations	535.5	545.3	1.8%
Segment profit	86.8	100.5	15.8%
Margin	16.2%	18.4%

Note: Numbers rounded off

*Segment profit for FY23 includes a one-off gain of Rs 29.4 crore due to sharp devaluation of the Argentinian peso

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Business update

• Crisil Integral IQ was affected by curtailed discretionary spending by global clients. The business saw momentum in buy side solutions

• Crisil Coalition Greenwich continues to strengthen its client engagement by focusing on developing new benchmarking solutions

• Both the global businesses added new logos during the quarter

• Crisil Intelligence saw traction in credit, risk, and consulting offerings

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance 6. Thought leadership 7. Corporate social responsibility 8. Risks

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Thought leadership
Mint
Crisil Intelligence hosted the 5 [th] edition of India
Crisil Intelligence hosted 9 [th] edition of Crisil India Outlook Conclave in Mumbai
Infrastructure Conclave 2025 in New Delhi themed
themed ‘Unleashing manufacturing: The competitiveness clarion call’
'Navigating India's decarbonisation journey'’
Crisil and Chartis joint PoV
Ratings Roundup
CNBC TV-18
Business
Standard The Times of India
ET CIO
21
© 2025 CRISIL Ltd. All rights reserved.
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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance

6. Thought leadership

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7. Corporate social responsibility

8. Risks

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Driving positive social impact through CSR initiatives

Crisil’s Board of Directors visited the Foundation’s project locations in Assam, witnessed first-hand impact on ground by interacting with the Sakhi cadre and community members

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Financial capability building of marginalised communities

Crisil Foundation celebrated 12 years of impactful work and continues to drive meaningful, positive social and environmental change

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• Through Mein Pragati, over 3.8 lakh community individuals reached out through trained Sakhi cadre in Assam and Rajasthan

• As part of RBI’s scale-up of the CFL project, ~670 centres currently operational, facilitated community outreach of 20 lakh in 13 states and 4 UTs

Promoting environment conservation and social consciousness among employees

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MOU signed for 60,000 saplings (Marathwada, Maharashtra); post-plantation initiatives organised in Pune

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance 6. Thought leadership 7. Corporate social responsibility 8. Risks

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Risks

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Macroeconomic and geopolitical risks Legal, regulatory and policy risks Cybersecurity and data breach risks

Foreign exchange risk Potential disruption due to GenAI

People risk Competitive intensity

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About Crisil

Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Headquartered in India, Crisil is majority owned by S&P Global.

Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.

Crisil’s global workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.

For more information, visit Crisil.com

Connect with us: LinkedIn | Twitter

Crisil Privacy

Crisil respects your privacy. We may use your personal information, such as your name, location, contact number and email id to fulfil your request, service your account and to provide you with additional information from Crisil. For further information on Crisil’s privacy policy please visit https://www.crisil.com/content/crisilcom/en/home/crisil-privacy-notice.html.

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