CRISIL Ltd. — Investor Presentation 2025

Feb 10, 2025

February 10, 2025

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 FY 2024

We are enclosing herewith our corporate presentation updated with the Audited Financial Results FY 2024. 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: 2025.02.10 20:39:17 +05'30'

Minal Bhosale

Company Secretary

ACS 12999

2024 Analyst presentation

February 2025

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.

Crisil overview and 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.

• o Our new brand identity reinforces our position as a global, insights-driven analytics organization and conveys a more progressive vision of our future
• o Celebrates a pioneering and illustrious past and showcases our commitment to deliver actionable insights to clients
• o Positions our businesses under a cohesive identity that offers a consistent and more connected experience for clients around the world
• o Our people's analytical rigour and domain expertise will continue to set standards and empower clients to make mission-critical decisions with confidence

Global presence

4,600+ employees globally – 40+ nationalities across 12 countries; ~40% women employees

© 2025 CRISIL Ltd. All rights reserved.

Key trends in macro and business environment

The global economy showed resilience, but the macroeconomic outlook is susceptible to the policy implementation of the new U.S. administration and potential inflation pressures from tariffs

Global banks are turning cautiously optimistic and continue to invest in transformation and digital initiatives

Profitability pressure continues for asset managers

Global

Macro and geopolitical uncertainties leading to greater client need for benchmarking solutions while targeting opportunities & efficiencies

Tech-spends continue to increase towards cloud, data and analytics, automation, AI/ML and cyber security

Sustained activity in private markets

India's growth is now aligning with its long-term trend. Crisil expects India's GDP to grow 6.5% next fiscal, driven by lower inflation and interest rate cuts

Bond issuances may experience tailwinds driven by easing in monetary policy. Bank credit growth likely to remain rangebound

India

Medium term growth trend expected to remain healthy, largely fueled by sustained government capex, robust banking system and efficiency measures

The recent Union budget supports public investment and consumption, while upholding fiscal discipline

Highlights of Q4 and 2024 business performance

• Ratings Services maintained its leading position in the corporate bond segment, driven by investor preference for
• Research, Analytics and Solutions segment saw traction in buy-side offerings, consulting, credit and risk offerings, and benchmarking offerings amid curtailed discretionary spending by global clients
• PBT for Q4 FY23 and 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 and Q4 FY24 grew by 10.5% and 18.1%
• Final dividend of Rs. 26 per share recommended. Total dividend of Rs. 56 per share for the year 2024 vs Rs. 54
• Recognised as Category Leader in Chartis' RiskTechCredit Portfolio Management (CPM) Solutions 2024 Quadrant, garnering 15 recognitions across seven Chartis Research Quadrant/Ranking reports in 2024
• Continued to strongly engage with clients and other stakeholders across businesses:
  • o Crisil Ratings hosted 9th annual NBFC seminar in Mumbai
  • o Crisil Intelligence hosted a real estate conclave titled 'Shaping the Future of Real Estate',
  • o Crisil Coalition Greenwich hosted the 21st Annual Competitive Challenges Conference for asset managers in
  • o Crisil Integral IQ sponsored a risk finance event focusing on trends in model risk, investment risk, operational
• During the quarter, CRISIL Foundation expanded its outreach to more than 4 lakh rural community members in Assam and Rajasthan under its flagship 'Mein Pragati' programme2wqA

© 2025 CRISIL Ltd. All rights reserved.

7. Corporate social responsibility

Financial performance for the year 2024

Numbers rounded off to first decimal

• PBT for Q4 FY23 and 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 and Q4 FY24 grew by 10.5% and 18.1%; and PAT for FY24 and Q4 FY24 grew by 7.5% and 19.5%
• Final dividend of Rs 26 per share recommended. Total dividend of Rs 56 per share for the year 2024 vs Rs 54 per share previous year

Growth in corporate bond issuances aided by pickup in H2 FY24; Bank credit growth moderated amid slowing service & retail growth

Credit growth (%) 11.2% 9.7% 12.0% 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 Credit Growth Wholesale Credit Growth Retail Credit Growth

Source: Prime Database, RBI

*Data may get revised by Prime Database

© 2025 CRISIL Ltd. All rights reserved.

Ratings Services performance highlights

Financials

Particulars (₹ cr)	FY23	FY24	Growth
Income fromoperations	772.4	909.2	17.7%
Segment profit	334.7	398.0	18.9%
Margin	43.3%	43.8%

Particulars (₹ cr)	Q4 FY23	Q4 FY24	Growth
Income fromoperations	209.6	253.9	21.1%
Segment profit	86.2	94.1	9.2%
Margin	41.1%	37.1%

Note: Numbers rounded off to first decimal

Business update

• Crisil Ratings maintained its leading position in the corporate bond segment, driven by investor preference for rating quality. Revenue for Crisil Ratings was up 16% on-year during the quarter, and 17.4% in 2024
• Crisil Global Analytical Center (GAC) witnessed growth in delegation of surveillance support from S&P Global Ratings and demand for support in new areas from S&P Global

Domestic asset flows, low NPAs augur well for Indian financials

Source: Crisil Intelligence *Average AUM for the Quarter; Source: AMFI

Focus on profitability of global banks impacting discretionary spends

CIB Revenue Pools (USD Billion)

Revenues Pools analysis includes revenues from all Institutional Clients and Corporates with annual sales turnover > $ 1.5bn; 2024 forecast is as per preliminary estimates.

Source: Coalition Greenwich Competitor Analytics; Coalition Greenwich Proprietary data

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

Research, Analytics & Solutions performance highlights

Financials

Particulars (₹ cr)	FY23	FY24	Growth
Income fromoperations	2367.1	2350.6	-0.7%
Segment profit	493.6*	505.2	2.4%
Margin	20.9%	21.5%

Particulars (₹ cr)	Q4 FY23	Q4 FY24	Growth
Income fromoperations	708.2	659.1	-6.9%
Segment profit	166.5*	191.4	15.0%
Margin	23.5%	29.0%

Note: Numbers rounded off to first decimal

*Segment profit for Q4 FY23 and FY23 includes a one-off gain of Rs 29.4 crore due to sharp devaluation of the Argentinian peso

Business update

• Crisil Integral IQ was impacted by curtailed discretionary spending by global clients. The business saw momentum in buy side offerings and made progress in leveraging Gen AI in client solutions
• Crisil Coalition Greenwich benefitted from momentum in corporate and investment banking (CIB). Scaling of product offering and client engagement strengthened the demand from large commercial banks
• Crisil Intelligence witnessed momentum in industry research, consulting, credit and risk offerings

Thought leadership

Launched the India Progress Report as part of our Knowledge Partnership with The Economic Times

managers hosted by Crisil Coalition Greenwich in Chicago

Driving positive social impact through CSR initiatives

Financial capability building of rural women and communities

• Through Mein Pragati, 4 lakh+ community individuals reached out through trained Sakhi cadre in Assam and Rajasthan
• 850+ Sakhis formally certified through the GramShakti Certification Programme through district level events in Assam and Rajasthan
• As part of RBI's scale-up of the CFL project, ~670 centres continue to be operational, reaching out to 17 lakh+ community individuals across 14 states and 4 Union Territories

Promoting environment conservation and the larger social consciousness among employees

Strictly confidential. Not for distribution

• As part of environment conservation initiatives 70,000 saplings planted in Maharashtra, and soil conservation structure created Karjat, Maharashtra
• #SapnoKiGullak initiative organised, through which Crisil employees' handpainted piggy banks, which were later distributed to schools, to build financial discipline among underprivileged school children

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.

Our globally diverse 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

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