CRISIL Ltd. — Interim / Quarterly Report 2021

Nov 10, 2021

November 10, 2021

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

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

Dear Sirs

Sub.: Outcome of Board Meeting of CRISIL Limited

Kindly be informed that the Board of Directors of the Company, at their meeting held today, has approved the Unaudited Standalone and Consolidated Financial Results for the third quarter ended September 30, 2021. A copy of the Unaudited Financial Results of the Company, along with a copy of the Limited Review Report and the Press Release in this regard are enclosed.

The Board of Directors has also approved the payment of Interim dividend of Rs. 9 per equity share of face value of Re 1 each, for the financial year ending December 31, 2021, which will be paid on December 8, 2021.

The meeting of the Board of Directors commenced at 5.45 p.m. IST and concluded at 9.17 p.m. IST today.

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

Yours sincerely, For CRISIL Limited

MINAL Digitally signed by MINAL AMIT AMIT BHOSALE Date: 2021.11.10 BHOSALE 21:19:49 +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

Press release

November 10, 2021 | Mumbai

CRISIL Limited: Unaudited financial results for the third quarter ended September 30, 2021

Highlights for quarter and nine months ended September 30, 2021:

• Income from operations for the quarter up 17.7% and for the nine months up 15.2%

• PAT for the quarter up 25.1% and for the nine months up 21.5%

• Interim dividend of Rs 9 per share recommended

The Board of Directors of CRISIL Ltd, at its meeting today, approved the unaudited financial results for the third quarter ended September 30, 2021.

CRISIL’s consolidated income from operations for the quarter ended September 30, 2021, rose 17.7% to Rs 571.0 crore, compared with Rs 485.0 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended September 30, 2021, was up 15.7% to Rs 603.8 crore, compared with Rs 522.0 crore in the corresponding quarter of the previous year. Profit after tax for the quarter ended September 30, 2021, increased 25.1% to Rs 112.9 crore, compared with Rs 90.2 crore in the corresponding quarter of the previous year.

CRISIL’s consolidated income from operations for the nine months ended September 30, 2021, rose 15.2% to Rs 1,594.7 crore, compared with Rs 1,384.6 crore in the corresponding period of the previous year. Consolidated total income for the nine months ended September 30, 2021, was up 13.6% to Rs 1,662.9 crore, compared with Rs 1,464.1 crore in the corresponding period of the previous year. Profit after tax for the nine months ended September 30, 2021, increased 21.5% to Rs 297.2 crore, compared with Rs 244.7 crore in the corresponding period of the previous year.

The results include the 9-month financials of Greenwich Associates LLC (acquired on February 26, 2020) while for the same period last year, 7-month financials were considered.

The Board of Directors has declared an interim dividend of Rs 9 per share (of Re 1 face value) for the quarter ended September 30, 2021, compared with Rs 7 per share for the same quarter last year.

Says Amish Mehta, Managing Director & CEO, CRISIL, “We saw strong momentum across our businesses during the quarter. Our focus on customer centricity and domain-led analytics and solutions have helped us grow the core areas. Our new offerings in risk and sustainability have deepened our presence across client segments. We continue to invest in people and technology to drive growth and be future-ready. While inflation risks persist, there is continuing expectation of a broad-based economic recovery, both in India and across the world. There is an increased focus on transformation-related spend by global banks.”

CRISIL Ratings revenue grew 21.5% on-year in the quarter ended September 30, 2021, as the business environment improved. With demand picking up across the economy, activity in the lending markets is improving. There are increasing signs of companies enhancing their bank lines and seeking refinancing. The business added new clients and saw growth in the stressed assets ratings space. 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. The overall ratings segment grew 12.1% on-year during the quarter ended September 30, 2021.

In Research, buoyancy in the domestic capital market and pick-up in economic activity continue to steer the need for research and analytics. The segment grew 20.9% on-year during the September 2021 quarter, with all segments delivering growth. 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 revenue grew on continuing demand for benchmarking analytics from its core client segments. In commercial banking, with clients focusing on revenue expansion, opportunities increased.

The Infrastructure Advisory business bagged large wins from multilaterals. The segment grew 10.9% onyear in the quarter ended September 30, 2021. The Business Intelligence and Risk Solutions business increased its overseas client footprint.

CRISIL continued to be certified as a Great Workplace™ by the Great Place to Work® Institute. Employee safety programmes and franchise activities remain the focus areas.

During the quarter ended September 30, 2021, CRISIL Ratings published opinion pieces on MSME, retail assets, securitisation, and the indebtedness of states, and hosted many webinars. GR&RS released a whitepaper on model risk management discussing the European regulatory guidelines for investment management firms. CRISIL Research hosted the third edition of CRISIL’s Advisor Connect webinar series titled, ‘Preparing investors for known and unknown investment risks’. Coalition Greenwich conducted its annual Competitive Challenges Conference for the global asset management industry.

CRISIL Foundation released the CRISIL CSR Yearbook 2021 and continued support on key initiatives such as Project ‘Oxygen for All’ and its flagship program, ‘Mein Pragati’, for financial literacy.

AMISH Digitally signed by AMISH PRAMODRAI PRAMODR MEHTA Date: 2021.11.10 AI MEHTA 20:18:52 +05'30'

Amish Mehta Managing Director & CEO DIN: 00046254

For further information contact

Sanjay Chakravarti Maya Vengurlekar Chief Financial Officer Senior Director–Corporate Communications CRISIL Limited CRISIL Limited D: +91 22 3342 3049 D: +91 22 3342 3130 B: +91 22 3342 3000 B: +91 22 3342 3000 Hiral Jani Vasani Media Relations CRISIL Limited D: +91 22 3342 5916 M: +91 982003 9681 B: +91 22 3342 3000 Hiral.Vasani@crisil.com

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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 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

DISCLAIMER

This Press Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The Press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its Press Releases for consideration or otherwise through any media including websites, portals etc. Certain statements in this communication constitute forward-looking statements. These forward-looking statements are often identified by words such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “see,” “continue,” “could,” “can,” “may,” “will,” “likely,” “depend,” “should,” “would,” “plan,” “predict,” “target,” and similar expressions, and may include references to assumptions and relate to CRISIL’s future prospects, developments and business strategies. Except for the historical information contained herein, the matters discussed in this communication are forward-looking statements that involve risks and uncertainties that may cause CRISIL’s actual results to be materially different from such forward-looking statements. CRISIL wishes to caution you that you should not place undue reliance on such forward-looking statements, which speak only as of the date on which they were made. CRISIL does not undertake any obligation to update forward-looking statements, except as required by law.

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

CRISIL Limited

Statement of Financial Results for the quarter and nine months ended September 30, 2021

	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)	(₹ in crores)
Particulars	Consolidated							Standalone
	3 Months ended	3 Months ended	Corresponding 3 Months ended	9 Months ended	Corresponding 9 Months	Year ended		3 Months ended	3 Months ended	Corresponding 3 Months ended	9 Months ended	Corresponding 9 Months ended	Year ended
	30-Sep-21	30-Jun-21	30-Sep-20	30-Sep-21	30-Sep-20	31-Dec-20		30-Sep-21	30-Jun-21	30-Sep-20	30-Sep-21	30-Sep-20	31-Dec-20
	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Audited		Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Unaudited (Refer Note 6)	Audited
1. Income A. Total income from operations B.Other income (Refer notes4and 8)	570.96 32.84	528.51 21.97	484.99 37.02	1,594.67 68.26	1,384.59 79.53	1,981.83 94.51		271.94 52.78	252.34 68.26	228.26 40.01	770.21 268.30	653.32 88.23	888.78 107.31
1. Total income (1A + 1B)	603.80	550.48	522.01	1,662.93	1,464.12	**2,076.34 **		324.72	320.60	268.27	1,038.51	741.55	996.09
2. Expenses A. Employee benefit expenses B. Rent expenses C. Professional fees D. Travel expenses E. Associate service fees F. Finance costs G. Other expenses (Refer note 4) H. Depreciation/ amortization	331.82 1.47 29.14 2.76 26.38 1.90 32.88 26.22	293.48 3.29 29.69 1.10 32.17 2.56 29.47 27.30	270.86 2.39 27.01 1.14 31.89 3.63 38.32 32.65	894.68 11.22 94.14 6.06 78.88 7.08 96.37 81.35	760.03 7.30 74.40 14.66 76.44 10.68 106.56 89.84	1,068.44 12.54 108.38 15.83 131.63 14.39 145.73 121.11		131.40 0.45 64.93 0.50 6.24 1.78 12.69 12.66	118.30 0.96 54.32 - 6.90 1.86 12.71 13.49	113.76 0.36 52.35 0.40 6.08 1.68 10.70 15.50	354.49 5.53 171.14 0.79 19.35 5.52 39.52 39.90	321.34 1.03 144.65 7.64 16.58 5.25 29.31 47.99	436.34 1.28 197.43 7.41 22.82 6.94 39.86 65.68
2. Total expenses	452.57	419.06	407.89	1,269.78	1,139.91	1,618.05		230.65	208.54	200.83	636.24	573.79	777.76
3. Profit before exceptional items and tax (1 - 2)	151.23	131.42	114.12	393.15	324.21	458.29		94.07	112.06	67.44	402.27	167.76	218.33
4. Exceptional item	-	-	-	-	-	-		-	-	-	-	-	-
5. Net profit before tax (3 + 4)	151.23	131.42	114.12	393.15	324.21	458.29		94.07	112.06	67.44	402.27	167.76	218.33
6. Tax expense A. Current tax B. Deferred tax	45.10 (6.73)	35.10 (4.48)	36.89 (13.00)	106.54 (10.57)	102.83 (23.31)	119.84 (16.28)		21.99 (6.75)	17.35 1.10	24.67 (7.51)	60.88 (12.33)	59.51 (18.31)	59.28 (7.67)
6. Total tax expense (6A +6B)	38.37	30.62	23.89	95.97	79.52	103.56		15.24	18.45	17.16	48.55	41.20	**51.61 **
7. Net profit for the period from continuing operations (5 -6)	112.86	100.80	90.23	297.18	244.69	354.73		78.83	93.61	50.28	353.72	126.56	166.72
8. Net Profit from discontinued operations [pertains to operations transferred to wholly owned subsidiary of CRISIL Limited (Refer note 9)]								-	-	29.70	-	103.80	-
9. Profit for the period (7 +8)*	112.86	100.80	90.23	297.18	244.69	354.73		78.83	93.61	79.98	353.72	230.36	166.72
10. Other comprehensive (income)/ expense A. Items that will be reclassified to profit or loss Exchange differences in translating the financial statements of a foreign operation The effective portion of (gains)/ loss on hedging instruments in a cash flow hedge Tax effect on above B. Items that will not be reclassified to profit or loss Remeasurements of the defined benefit plans Equity instruments through other comprehensive Taxeffect onabove	15.33 1.30 (0.31) 0.42 10.63 (0.13)	(10.76) 5.48 (1.39) (0.91) (78.05) 0.32	(2.28) (12.70) 3.21 (1.03) 17.74 0.41	(1.45) 3.13 (0.78) (3.30) (37.61) 0.96	(7.38) (5.64) 1.42 2.27 76.88 (1.01)	(20.78) (6.05) 1.53 5.13 30.52 (1.50)		- (4.94) 1.24 0.77 10.63 (0.20)	- 5.30 (1.34) (0.47) (78.05) 0.20	- (12.37) 3.11 (0.69) 17.74 0.32	- (3.29) 0.82 (1.93) (37.61) 0.63	- (5.54) 1.39 2.20 76.88 (1.04)	- (5.79) 1.46 3.90 30.52 (1.18)
10. Total other comprehensive (income)/expense (A+B)	27.24	**(85.31) **	5.35	**(39.05) **	66.54	8.85		7.50	**(74.36) **	8.11	**(41.38) **	73.89	**28.91 **
11.Total comprehensive income for the period (9 - 10)*	85.62	186.11	84.88	336.23	178.15	345.88		71.33	167.97	71.87	395.10	156.47	**137.81 **
12. Paid up equity share capital (Face value of ₹ 1 each) 13. Other equity 14. Earnings Per Share (EPS) Continuing operations: Basic (Not annualised) Diluted (Not annualised) Discontinuing operations: Basic (Not annualised) Diluted (Not annualised) Continuing and Discontinuing operations: Basic (Not annualised) Diluted (Not annualised)	7.28 15.51 15.48 15.51 15.48	7.27 13.86 13.85 13.86 13.85	7.25 12.44 12.43 12.44 12.43	7.28 40.87 40.83 40.87 40.83	7.25 33.77 33.74 33.77 33.74	7.26 1,304.55 48.93 48.90 48.93 48.90		7.28 10.83 10.81 - - 10.83 10.81	7.27 12.86 12.85 - - 12.86 12.85	7.25 6.93 6.93 4.10 4.09 11.03 11.02	7.28 48.64 48.60 - - 48.64 48.60	7.25 17.47 17.46 14.32 14.31 31.79 31.77	7.26 688.06 23.00 22.98 - - 23.00 22.98

*Represents 100% attributable to the shareholders of the Company

CRISIL Limited

Statement of Segment Results for the quarter and nine months ended September 30, 2021

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(₹ in crores)
Particulars Consolidated
3 Months 3 Months Corresponding 3 9 Months Corresponding 9 Year
ended ended Months ended ended Months ended ended
30-Sep-21 30-Jun-21 30-Sep-20 30-Sep-21 30-Sep-20 31-Dec-20
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
(Refer Note 6) (Refer Note 6) (Refer Note 6) (Refer Note 6) (Refer Note 6)
1. Operating revenue
A. Rating services 153.62 136.58 137.08 439.13 414.38 565.04
B. Research services 381.73 355.44 315.81 1,049.41 875.89 1,282.71
C. Advisory services 35.61 36.49 32.10 106.13 94.32 134.08
1. Total revenue from operations 570.96 528.51 484.99 1,594.67 1,384.59 1,981.83
2. Less: Inter segment revenue - - - - - -
3. Net income from operations (1 - 2) 570.96 528.51 484.99 1,594.67 1,384.59 1,981.83
4. Segment profits
A. Rating services 64.41 52.00 51.91 186.73 168.74 226.72
B. Research services 83.51 79.87 35.50 216.58 137.92 209.01
C. Advisory services 0.81 4.36 2.61 7.77 3.65 10.07
4. Total operating profit 148.73 136.23 90.02 411.08 310.31 445.80
5. Add / ( less )
i. Interest (0.07) - (0.03) (0.07) (0.29) (0.29)
ii. Net other unallocable income/(expenditure) (Refer note 4) 15.47 8.23 38.00 20.96 52.24 64.55
iii. Depreciation / amortisation (unallocable) (12.90) (13.04) (13.87) (38.82) (38.05) (51.77)
6. Net profit from ordinary activities before tax (4 + 5) 151.23 131.42 114.12 393.15 324.21 458.29
Segment assets (Refer note 5)
A. Rating services 248.70 236.85 99.43 248.70 99.43 84.01
B. Research services 1,128.85 1,105.51 1,150.17 1,128.85 1,150.17 1,039.61
C. Advisory services 128.05 133.64 145.56 128.05 145.56 149.25
D. Unallocable (net) 866.89 792.31 691.96 866.89 691.96 933.78
Segment liabilities (Refer note 5)
A. Rating services 191.58 172.68 187.58 191.58 187.58 167.64
B. Research services 459.85 417.75 444.77 459.85 444.77 454.30
C. Advisory services 36.99 41.20 50.51 36.99 50.51 55.69
D. Unallocable (net) 208.39 202.17 216.99 208.39 216.99 217.21
Capital employed (Refer note 5)
A. Rating services 57.12 64.17 (88.15) 57.12 (88.15) (83.63)
B. Research services 669.00 687.76 705.40 669.00 705.40 585.31
C. Advisory services 91.06 92.44 95.05 91.06 95.05 93.56
D. Unallocable (net) 658.50 590.14 474.97 658.50 474.97 716.57
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Notes to Financial Results :

• 1 The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on November 10, 2021.

• 2 The Board of Directors has declared an interim dividend of ₹ 9 per share having face value of ₹ 1 each.

• 3 The consolidated financial results include financial results of CRISIL Limited and its wholly owned subsidiaries (together referred as 'the Group').

• 4 Details of foreign exchange gain or loss recorded in the respective periods in financial results are as under :

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(₹ in crores)
Particulars Consolidated Standalone
Forex gain or loss included under
Other income Other expenses Other income Other expenses
Quarter ended September 30, 2021 4.89 Nil Nil 2.39
Quarter ended June 30, 2021 5.24 Nil 7.61 Nil
Quarter ended September 30, 2020 Nil 5.91 Nil 3.36
Nine months ended September 30, 2021 10.13 4.67 7.61 3.89
Nine months ended September 30, 2020 20.38 5.91 16.35 3.36
Year ended December 31, 2020 20.38 11.36 18.78 3.36
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• 5 The Group’s operations predominantly relate to providing rating, research and advisory services. Accordingly, revenues earned through rendering of these services represent the primary basis of segment information set out above. Assets and liabilities used interchangeably between segments has been classified as unallocable. 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. In accordance with Ind AS 108 - 'Operating Segments', the Company has presented segment information along with the consolidated financial results of the Group.

• 6 In compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a limited review of the results has been carried out by the Statutory Auditors of the Company.

• 7 The results for the period ended September 30, 2021, include nine-month financials of Greenwich Associates LLC, acquired on February 2020, as against seven-month numbers considered in the same period of the previous year.

• In order to simplify the holding structure, Greenwich Associates UK (Holdings) Ltd (subsidiary of Greenwich Associates LLC) has been closed post receiving the requisite approval of the competent authorities w.e.f October 13, 2021. The closure will have no material impact on the operations/financials of the Group.

• 8 During the quarter ended September 30, 2021, June 30, 2021 and March 31, 2021, the Company has received dividend income from its subsidiaries amounting to ₹ 31.39 crores, ₹ 41.00 crores and ₹ 134.00 crores respectively. This is included under 'Other income' in the standalone financial results.

• 9 Transfer of the Ratings business to CRISIL Ratings Limited, a wholly owned subsidiary of the CRISIL Limited has been undertaken through a Scheme of arrangement in terms of Section 230 to 232 of the Companies Act, 2013 ('Scheme'). The Scheme has been sanctioned by the National Company Law Tribunal (NCLT) with appointed date as January 1, 2020 and on approvals received from various authorities, the Scheme became effective on December 31, 2020. Accordingly, standalone financial results for the quarter and nine months ended September 30, 2020 includes net profit from discontinued operations pertaining to operations transferred to CRISIL Ratings Limited.

• 10 The Group has considered internal and external information and has performed sensitivity analyses based on current estimates, in assessing the recoverability of receivables, unbilled revenues, goodwill, intangible assets, other financial assets (including cash liquidity), and the profitability of the Group. Whilst the situation continues to be extremely dynamic, at present the Group does not see any material impact on the above. However, the actual impact of the pandemic on the Group’s financial performance may differ from what is estimated, and the Group continues to monitor changes to future economic conditions.

• 11 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.

• 12 Previous year figures have been regrouped/ reclassified wherever necessary, to conform to current period classificaion.

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

AMISH Digitally signed by AMISH PRAMODRAI PRAMODR MEHTA Date: 2021.11.10 AI MEHTA 20:19:20 +05'30'

Amish Mehta Managing Director and Chief Executive Officer DIN : 00046254 Mumbai, November 10, 2021

• 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).

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Walker Chandiok & Co LLP 11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), 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

• (‘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 2021 and the consolidated year to date results for the period 1 January 2021 to 30 September 2021, 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), including relevant circulars issued by the SEBI from time to time.

• 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.

• 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.

29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Page 1 of 3

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

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

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)

1. Based on our review conducted and procedures performed as stated in paragraph 3 , 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

KHUSHROO Digitally signed by KHUSHROO B PANTHAKY B PANTHAKY Date: 2021.11.10 20:47:52 +05'30' Khushroo B. Panthaky Partner Membership No:42423

UDIN:21109632AAAARM5024

Place: Mumbai Date: 10 November 2021

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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 Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

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 Risk and Infrastructure Solutions Limited

2. CRISIL lrevna UK Limited

3. CRISIL lrevna US LLC

4. CRISIL lrevna Poland Sp.Z.oo.

5. CRISIL lrevna Information Technology (Hangzhou) Co. Ltd.

6. Coalition Development Limited

7. Coalition Development Singapore Pte. Ltd.

8. CRISIL lrevna Argentina S.A

9. Pragmatix Services Private Limited

10. CRISIL Ratings Limited

11. Greenwich Associates LLC

12. Greenwich Associates Singapore Pte. Limited

13. Greenwich Associates Japan K.K.

14. Greenwich Associates Canada, ULC

15. Greenwich Associates UK Limited

16. Greenwich Associates UK (Holdings) Limited

17. CRISIL lrevna Australia Pty Ltd

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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 Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

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Walker Chandiok & Co LLP 11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), 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 2021 and the year to date results for the period 1 January 2021 to 30 September 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.

2. 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.

3. 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.

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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

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

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

KHUSHROO

B PANTHAKY

Digitally signed by KHUSHROO B PANTHAKY Date: 2021.11.10 20:48:23 +05'30'

Khushroo B. Panthaky Partner Membership No:042423

UDIN:21042423AAAAQK6114

Place: Mumbai Date: 10 November 2021

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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 Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune