CRISIL Ltd. — Annual Report 2020

Feb 11, 2021

CRISIL

An S&P Global Company

February 11, 2021

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.: 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 Audited Financial Results for the year ended December 31, 2020. A copy of the Audited Financial Results of the Company, along with a copy of the Auditors' Report and the Press Release in this regard are enclosed.

In accordance with Regulation 33(3)(d) of Securities and Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, a declaration in respect of unmodified opinion on Audited Financial Statements for the Financial Year ended December 31, 2020 is enclosed herewith.

The Board of Directors has also recommended final dividend of Rs. 14 per equity share of face value of Re 1 each, for the financial year ended December 31, 2020, subject to the approval of the shareholders at the ensuing Annual General Meeting.

The Board has also approved the notice convening the 34th Annual General Meeting of the Company which will be held on Tuesday, April 20, 2021 through video conferencing (VC) or other audio visual means (OAVM).

The meeting of the Board of Directors commenced at 7 .30 p.m. IST and todays proceedings concluded at 9.50 p.m. IST .

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

Yours sincerely, For CRISIL Limited

==> picture [70 x 30] intentionally omitted <==

Mina! 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 I Fax: +91 22 3342 3001 www.crisll.com

CRISIL

An S&P Global Company

Press release

February 11, 2021 I Mumbai

CRISIL Limited: Audited financial results for the fourth quarter and year ended December 31, 2020

Highlights for quarter and year ended December 31, 2020:

• Income from operations for the quarter up 28.6% and for the year 2020 up 14.4%

• Profit after tax for the quarter grew by 15.4% and for the year 2020 by 3.1 %

• Final dividend of Rs 14 per share recommended. Total dividend of Rs 33 per share for the year 2020 vs. Rs 32 per share previous year

The Board of Directors of CRISIL Ltd, at its meeting today, approved the audited financial results for the quarter and year ended December 31, 2020.

CRISIL's consolidated income from operations for the quarter ended December 31, 2020, rose 28.6% to Rs 597.2 crore, compared with Rs 464.3 crore in the corresponding quarter of 2019. Consolidated total income for the quarter ended December 31, 2020, was up 26.4% to Rs 612.2 crore, compared with Rs 484.3 crore in the corresponding quarter of the previous year. The appreciating rupee had an impact on the quarter. Profit after tax for the quarter ended December 31, 2020, was Rs 110.0 crore, compared with Rs 95.3 crore in the corresponding quarter of the previous year.

Results for the quarter includes Greenwich Associates LLC (Greenwich) acquired in 01 2020. Excluding Greenwich, consolidated income from operations for the quarter ended December 31, 2020, was higher by 2.6% and profit after tax higher by 16.2% compared with the corresponding quarter of the previous year.

For the year ended December 31, 2020, consolidated income from operations was up 14.4% to Rs 1,981.8 crore, compared with Rs 1,731.7 crore in the corresponding period of 2019. Consolidated total income increased 14.4% to Rs 2,076.3 crore, compared with Rs 1,814.5 crore in the corresponding period of the previous year. Consolidated profit after tax was Rs 354. 7 crore, compared with Rs 344.0 crore in the corresponding period of the previous year. Consolidated income from operations for the year ended December 31, 2020, was higher by 1.4% and profit after tax up by 17.8% compared with the previous year, excluding the financials of Greenwich.

During 2020, the company paid three interim dividends totaling Rs 19 per equity share of face value of Re 1 each. The Board of Directors has recommended a final dividend of Rs 14 per share (of Re 1 face value). The total dividend for the year works out to Rs 33 per share.

Says Ashu Suyash, Managing Director & CEO, CRISIL, "Through a year like none other, CRISIL's businesses demonstrated resilience serving all its clientele with best in class insights, opinions and analytics. This coupled with our proactive pandemic response has enabled continued growth through 2020. The differentiated positioning and high quality of our offerings, global client delivery capabilities and strong client relationships will enable our businesses benefit from the expected economic recovery across the markets we operate. Our thrust on investments in technology, talent and new offerings over the years positions CRISIL well for the future."

During the year, corporate bond market issuances rose by 7.9% by value year .. on-year, while by volume they fell 8.1 %. In this environment, our differentiated positioning and quality of ratings enabled significant client wins. Constrained credit growth impacted the mid-corporate group, which offset growth in the Ratings segment. Global Analytical Center (GAC) increased surveillance delegation and coverage on research

CRISIL

An S&P Global Company

and criteria support, and partnered S&P Global Ratings for ESG products. The Ratings segment registered healthy growth of 6.5% in 04 and 3. 7% for the whole 2020.

CRISIL also completed the segregation of its credit ratings business into a wholly owned subsidiary, CRISIL Ratings Ltd, during 04. This is pursuant to changes in the Securities and Exchange Board of India (SEBI) regulations, which required segregation of the ratings and non-ratings businesses of credit rating agencies. The segregation also follows the scheme of arrangement approved by the National Company Law Tribunal, and has no impact on the company's businesses and its stakeholders.

In the Research segment, the Global Research & Analytics business saw client wins and continued to grow through 04. In addition to traditional areas such as model and traded risk, the business witnessed traction in non-financial and credit risk. India Research introduced new analytics (www.crisil.com/covid19insights) and district-level risk tracking dashboards to aid decision making as the pandemic unfolded. The business also launched India's first AIF benchmarks. Greenwich saw good performance and was a key contributor to the segment's growth. But weak performance of Coalition, which saw headwinds due to cost pressures faced by global banks, offset this. The segment's year-on-year revenue growth was 40.9% in 04 and 22.8% for 2020. Excluding Greenwich, revenue was lower by 1.0% in 04 and higher by 1.2% for 2020.

The Advisory segment saw good traction during 04. New mandates were won in the areas of regulatory reporting, credit risk and select city infrastructure projects. However, delays in clients' decision making and implementation affected business. Overall, the segment grew a healthy 16.9% during the quarter, although the full year revenue was lower by 5.9%.

Towards ensuring minimal impact on clients and people, the company moved to a mandatory work from home for employees in late March, which continued through 2020 across most locations. This year, CRISIL launched a host of health and safety initiatives, and employee engagement and wellness sessions. Information security, governance and technology support also saw enhanced emphasis. Because of proactive investments in people and technology, all businesses remained fully functional through 2020 and continued to deliver seamlessly to clients and stakeholders. The company has put in place a work from office resumption plan that would be implemented based on location-specific considerations.

The company won recognitions including Great Workplace[™] , 100 Best Companies for Women, the Most Ethical Business Group, and the Fair Business Practices Award. It was also recognised at the India Workplace Equality Index Employers 2020 Summit for diversity and inclusion and at the FICCI CSR Excellence Awards 2019 in the category of 'Women Empowerment'.

The year saw greater emphasis on franchise activity and thought-leadership that enabled stakeholders to decrypt volatile trends across markets. Through 2020, over 70 virtual events and roundtables were hosted, over 50 publications and over 25 whitepapers were released. During 04, the fifth edition of our flagship NBFC seminar, and the first edition of India Investment Research Conclave were held, which saw very good response. Ratings Analytica, a personalised portal and mobile application (app) enabling a one-stop platform for the ratings requirements of clients, was also launched.

Apart from continued expansion of Mein Pragati, our financial inclusion program, and CRISIL Re, our environmental conservation initiative, CRISIL Foundation focused on serving the needs of the society arising from the pandemic. It served over 500,000 meals to migrant workers and labourers in Mumbai, as also extended treatment support through contribution for oxygen cylinders and personal protection equipment kits across several locations. More than 40,000 trees were also planted by CRISIL Foundation towards reducing carbon footprint which translates to over 800 MT of CO2 emissions saved annually.

l.JA�u� / Managing Director & CEO DIN: 00494515

An S&P Global Company

CRISIL

For further information contact

Sanjay Chakravarti

Chief Financial Officer CRISIL Limited D: +91 22 3342 3049 B: +91 22 3342 3000

Saman Khan

Media Relations CRISIL Limited D: +91 22 3342 3895 M: +91 95 940 60612 B: +91 22 3342 3000 Saman.Khan@crisil.com

Maya Vengurlekar

Senior Director-Corporate Communications CRISIL Limited D: +91 22 3342 3130 B: +91 22 3342 3000

Hirai Jani Vasani Media Relations CRISIL Limited D: +91 22 3342 5916 M: +91 982003 9681 B: +91 22 3342 3000 Hiral.Vasani@crisil.com

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 o[p] inions, 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 ma[j] ority 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 I TITTER I YOUTUBE I FACEBOOK I 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.spl[o] balcor/ri[vA][c][y]

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, CRIS/L 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. CR/SIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Press Release,

CRISIL

CRISIL Limited

An S&P Global Company (l in cror.es)

Statement of Financial Results for the quarter and year ended December 31, 2020

Pariculars	Conslidated	Conslidated	Conslidated	Standalone	Standalone	Standalone	Standalone	Standalone
	3 Months ended 3 Months Corresponding 3 Year ended Months ended ended Year ended			3 Months 3 Months ended ended Corresponding 3 Months ended Year ended Year ended
	31-Dec-20 30-Sep-20 31-Dec-19 31-Dec-20 31-0ec-19			31-0ec-20 30-Sep.20 31-Dec-19 31-e-20 31-ec-19
	Audited (Refer Note 6) Unaudited Audited Audited (Refer Note 6) (RefrNote6) Audited (ReferNote6)			Audited Unaudited (ReferNote 6) Audited (Refer Note6) Audit (ReferN			ed ote6) Audited (Refr Note 6)
1. Income A. Total ircome from operation B. Othr income !Refer ntes 4 an11 l	597.24 14.98 48.99 464.29 37.02 19.96	1,981.83 94.51	1,731.72 82.82	235.46 22&26 19.08 40.01 215.55 17.34			868 78 107.31 839.01 131.47
1. Total income (1A+ 18)	612.22 522.01 484.25	2.076.34	1 814.54	254.54 268.27 232.89			996.09 970.48
2.Expenses A Employee beneft expenses B. Rent expenses (Refer note 7) C Professional fees D. Travel expenses E. Associate serice fees F Finance costs (Refer note 7) G. Other expenes (Refer note4) H. Deore<iation I amoization (Refer note 7)	308.41 5.24 33.98 1.17 55.19 3.71 39.17 31.27 270.86 229.5 1,068.44 2.39 19 10 12.54 27.01 20.51 108 38 1.14 14.08 15 83 31.89 22.73 131.63 3.63 O.D7 14.39 38.32 36.79 145.73 32.65 9.33 121.11		877.56 71.55 83.22 51.68 72.64 0.23 129.21 36.86	115.00 113.76 0.25 0 36 52.78 52.35 (0.23) 0.40 6.24 6.08 1.69 1.68 10.55 10.70 17.69 15.50	115.80 11.68 49.36 5.96 5.22 13.22 5.88		436.34 1.28 197 43 7.41 22.82 6.94 39.86 65.68	428.29 43.6 192.68 22.39 22.57 . 39.77 23.96
2. Totalexoenses	478.14 407.89 352.15 1 618.05		1 322.95	203.97 200.83	207.12		777.76	773.30
3. Proft bfore exceotional items and tax 11-21	134.08 114.12 132.10 -5.2		491.59	50.57 67.44 ~~2s.n~~			218;33	197.18
4. Exceptionl item	~~.~~ ~~.~~		~~.~~	~~-~~ ~~.~~ ~~.~~			~~-~~	~~.~~
5. Net profit befortax (3+ 41	134.08 114.12 132.10 458.29		491.59	50.57 67.4 25.7			218.33	197.18
6. Tax expense A Current tax B. Deferred tax	17.01 7.03 36.89 31.0 119.84 (13.00) 5.77 /16.28)		131.15 16.49	(0.23) 24.67 10.6 (7.51) (0.5) 11.12			59.28 (7.67)	46.09 15.58
6. Total lax exonse 16A+ 6BI	24.04 23.89 36.77 103.56		147.64	10.41 17.16 10.58			51.61	61.67
7. Net oroft for tha.od frm continuino oorlions f5•61	110.04 90.23 95.33 35.73		343.95	40.16 50.28 15.19			166.72	135.51
s. Net Profit from discontinued operations (perains to opertions 'transferred to wholly owned subsidiar cf CRISIL Limited (Refer Noe 10)]				(103.80) 29.70 (63.6) 79.98 38.89 54.08			~~.~~ 166.72	130.78 266.29
9. Profit for the oeriod 17+ Bl'	110.04 90.23 95.33 354.73		343.95
10. Other comprehensive(income)/expense A Items that will be reclassifed to proft or loss Exchange differences in translating the fnancial statements of a foreign operation The efective porion 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 toss Remeasurements oftdefned beneft plans Equit intruments through oter comprehensive income Tax efet onabove (13.40) (0.41) 0.11 2.86 (46.36) 10.49 (2.28) (25.72) (20.78) (12.70) 7.02 (6 05) 3.21 (1.76) 1 53 (1.03) 0.94 5.13 17.74 (30.19) 30.52 0.41 /0.76 (1.50)			(8 45) 2.90 (1.01) 2.52 92.79 (1.0)	- . (0.25) (12.37) 0.07 3 11 1.70 (0.69) (46.36) 17.74 10.141 0.32	. 6 95 (1.74) 1.07 (30.19) I0.69|	. (5.79) 1.46 3 90 30.52 11.181 . 2.93 (1.02) 2.14 92.79 10.90|
10. Total other comnnhensve lncome/exoens 11.Totatcomorehensiveincome frthe oriod19-101' 12. Paid up equity share capital (Face vlue 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 aMu"l Continuing an�1N� � tions: - Basic (Not --,, Diluted.. .,�lised\ -' ��� 'Representsl'o attibutable tol!lrehld�> a re CompaJ~~"~~ :c MUMB > " ~~I� ~~ l ' - �\ � . - '-1�- -��� o" cAC � -- � (57.69 161.n 7.26 15.16 15.14 15.16 15.14 5.35 f50.47 8.85 8.8 145.80 345.88 7.25 7 23 7 26 1,304.55 12.44 13.18 4&93 12 43 13.16 48.90 12.44 13.18 48.93 1243 13.16 48.90 87.75 256.20 7.23 1,164.69 47.61 47 55 47.61 47.55				f44.98) 8.11 *124.60*			28.91 95.94
				(18.66) 71.87 78.68			137.81 170.35
				7.26 7.25 7.23			7.26 7.23
							6806 75152
				5.53 6.93 5.53 6.93 (14.30) 4.10 (14.28) 4.09 (8.77) 11.03 (8.75) 11.02 2.10 2.09 5.38 5.37 7.48 7.46			. 23.00 22.98 . . 23.00 22.98 . 18.76 18.73 18.10 18.08 36.86 36.81

CRISIL

An S&P Global Company

CRISIL Limited

==> picture [71 x 72] intentionally omitted <==

Statement of Segment Results for the quarter and year ended December 31, 2020

CRISIL Limited Statement of Segment Results for the quarer and year ended	December 31, 2020	December 31, 2020
	(' in crores) Consolidated
Pariculars
	3Months ended3 Months ended 3Months Year ended ended	Yearended
	31-Dec-20 30-Seo-20 31-Dec-19 31-Dec-20	31-Dec-19
	Audited (Refer Note 6) Unaudited 150.66 137.08 406.82 315.81 39.76 32.10 597.24 484.99 - - 597.24 484.99 57.98 51.91 71.09 35.50 6.42 2.61 135.49 90.02 - (0.03) 12.31 38.00 /13.72) /13.87) 134.08 114.12 84.01 99.43 1,039.61 1,150.17 149.25 145.56 933.78 691.96 Audited Audited Audited (Refer Note 6) (Refer Note 6) (Refer Note 6) 141.48 565.04 544.81 288.81 1,282.71 1,044.40 34.00 134.08 142.51 464.29 1 981.83 1,731.72 - - - 464.29 1.981.83 1 731.72 62.64 226.72 219.54 61.91 209.01 233.68 2.56 10.07 12.73 127.11 445.80 465.95 (0.07) (0.29) (0.23) 14.39 64.55 62.73 /9.33) /51.77) (36.86) 132.10 458.29 491.59 47.35 84.01 47.35 739.85 1,039.61 739.85 126.37 149.25 126.37 775.16 933.78 775.16
1. Operating revenue A. Rating serices B. Research services C. Advisorserices
1. Total revenue from ooerations
2. Less: Inter seament revenue
3.Netincome from ooerations (1-2)
4. Segment profits A. Rating serices B. Research serices C. Advisorservices
4. Total ooeratina orofit
5. AddI(less) i. Interest ii. Net other unallocable income/(expenditure) (Refer note 4) iii. Deoreciation / amorisation (unallocable) 6. Net profit from ordinar activities beforetax (4+ 5) Segment assets (Refer note 5) A. Rating services B. Research serices C. Advisor serices D. Unallocable (net)
Segment liabilities (Refer note 5) A. Rating serices B. Research serices C. Advisor serices D. Unallocable (net) Capital employed {Refer note 5) A. Rating serices B. Research services C. Advisor serices D. Unallocable (net)	167.64 187.58 454.30 444.77 55.69 50.51 217.21 216.99 (83.63) (88.15) 585.31 705.40 93.56 95.05 716.57 474.97 142.62 167.64 142.62 238.91 454.30 238.91 38.58 55.69 38.58 96.70 217.21 96.70 (95.27) (83.63) (95.27) 500.94 585.31 500.94 87.79 93.56 87.79 678.46 716.57 678.46

CRISIL

CRISIL Limited

Statement of Assets and Liabilities

An S&P Global Company

RL Lmte Statement of Assets and Liabilities			A	nS&P GlobalCom
				(f In crores'
Particulars	Consolidated		Standalone
	As at	As at	As at	As at
	31-Dec-20	31-Dec-19	31-Dec-20	31-Dec-19
	Audited	Audited	Audited	Audited
A. Assets
1.Non-current assets
(a) Property. plant and equipment	41.02	35.12	31.01	28.29
(b) Right-of-use-assets	209.08	.	106.97	-
(c) Goodwill	375.86	288.61	-	-
(d) Intangible assets	136.56	25.15	7.95	10.87
(e) Intangible assets under development	13.57	11.80	9.79	11.80
(f) Financial assets
i. Investments	170.28	200.80	379.21	383.73
ii. Loans	24.55	34.21	23.17	32.50
iii. Other financial assets	1.08	0.87	0.61	0.51
(g) Deferred tax assets (net)	64.06	42.59	24.33	28.36
(h) Tax assets	79.69	73.96	41.45	48.15
(i) Other non-<:urrent assets	6.54	10.66	3.72	10.31
Sub-total non-currentassets	1,122.29	723.77	628.21	554.52
2. Current assets
(a) Financial assets
i. Investments	305.74	252.25	292.98	252.25
ii. Trade receivables	307.36	199.37	117.23	153.43
iii. Cash and cash equivalents	274.88	341.69	97.75	71.27
iv. Other bank balances	3.80	3.89	1.68	1.67
v. Loans	21.21	7.22	66.85	7.15
vi. Other financial assets	101.76	79.01	103.87	36.70
(b) Other current assets	66.43	78.35	27.54	31.71
Sub-total current assets	1,081.18	961.78	707.90	554.16
3. Asset held for sale	3.18	3.18	3.18	3.18
TOT AL • Assets	2,206.65	1,688.73	1,339.29	1,111.88
B. Equity and liabilities
1. Equity
(a) Equity share capital	7.26	7.23	7.26	7.23
(b) Other equity	1,304.55	1,164.69	688.06	751.52
Sub-total Equity	1,311.61	1,171.92	695.32	756.75
2. Non-current liabilities
(a) Financial liabilities
i. Borrowings	-	0.04	-	.
ii.Other financial liabilities	184.61	7.82	78.96	5.37
(b) Provisions	21.39	15.14	16.88	13.58
Sub-total non-current liabilities	206.00	23.00	95.84	16.95
3. Current llablllties
(a)Financial liabilities
i. Short term borrowings	.	2.58	-	.
ii.Trade payables
- to micro enterprises and small enterprises	0.10	0.03	0.09	0.03
- to others	105,26	75.43	54.86	67.55
iii.Other financial liabilities	245.41	160.35	380.33	80.53
(b) Provisions	83.88	66.13	55.57	56.87
(c) Tax liabilities	16.20	15.30	.	.
(d) Other current liabilities	237.99	173.99	57.28	129.20
Sub-total current liabilities	688.84	493.81	546.13	334.18
TOT AL - Equity and liabilities	2,206.65	1,688.73	1,339.29	1,111.86

==> picture [72 x 72] intentionally omitted <==

==> picture [78 x 80] intentionally omitted <==

CRISIL

CRISIL Limited

An S&P Global Company

Statement of Cash flow statement for the year ended December 31, 2020

			If Incrores)
	Particulars	Consolidated Year ended 31-Dec-20 Audited Year ended 31-Dec-19 Audited	Standalone
			Year ended 31-Dec-20 Year ended 31-Dec-19
			Audited Audited
	A. Cash flow from operating activities: Profit before lax (from continuing and discontinued operations) Adjustments for Depreciation/ amortisation Interest income on financial assets carried at amortized cost Waiver of lease liability Hyperinflation impact Unrealised foreign exchange loss (Profit)/ loss on sate of property, plant and equipment (Profit)/ loss on sate of current investments (Profit}/ loss on fair valuation of current investments Interest on lease liability Interest on bank overdraft Provision for doubtful debts I bad debts Provision for doubtful security deposits Excess provision written back Interest on bank deposits Interest on income tax refund Interest on loan from subsidiary Dividend on investments Share based payment to employees Operating profit before working capital changes Movements in working capital - (lncrease)/decrease in trade receivables - (lncrease)/decrease in loans - (Increase )/decrease in other non current assets - (lncrease}/decrease in other current financial assets - (lncrease)/decrease in other current assets - increase/(decrease) in trade payables - lncrease/(decrease) in provisions - lncreasel(decrease) in other current financial liabilities - lncrease/(decrease) In other current liabilities - lncrease/(decrease) in other non current financial liabilities Cashgenerated from operations - Taxes paid Netcash generated from operating activities -(A) B. Cash flow from Investing activities : Purchase of property, plant and equipment and intangible assets (including movemen of Intangible assets under development and capital advances) Proceeds from sale of property, plant and equipment and intangible assets Investments in mutual funds (net of proceeds) Investment in CRISIL Ratings Limited Payment made for acquisition of Greenwich Associates LLC Interest on income tax refund Interest on bank deposits Interest on loan from subsidiaries Loan (given to)/ repaid by subsidiaries (net) Fixed deposits matured/ (placed) Dividend on investments Net cash usedininvesting activities-(B} C. Cash flow from financing activities: Receipts from Issuance of share capital on account of exercise of ESOS Receipts from subsidiaries for share based payments Repayment of borrowings Payment of lease liability Dividend and dividend tax paid Interest expense/finance cost Netcash used In financing activities -(C) Net increase/ (decrease) in cash and cash eaulvalonts IA+B+CI Add/ (less) : adjustment towards acquisition - (D) Net increaselldecreasel incash and cash.eaulvaients{A+B+C+Dl	458.29 121.11 (2.57) (2.08) 1.21 (5.77) (0.09) (7.03) (2.68) 14.10 0.29 0.94 0.45 (3.95) (1.73) (0.03) (4.41) 2.48 491.59 36.86 (2.30} 1.42 1.92 (0.27) (9.81) (3.87) 0.23 (3.49) (1.09) (3.69) (7.77) 8.14	218.33 74.73 (2.49) (1.67) (7.01) 0.01 (6.98) (2.52) 6.91 0.03 1.40 0.28 (3.95) (0.46) (8.11) (4.41) 0.76 377.84 26.26 (2.27) (2.43) (0.39) (9.81) (3.87) 1.68 0.04 (0.30) (3.61) (0.10) (54.85) 3.56
		t 568.53 507.87 (47.38) 85.79 (2.21) 6.16 0.60 (3.89) 29.08 12.12 6.77 (33.79) 15.33 11, 13 18.87 3.47 (7.12) 2.10 32.03 0.34 10.99 0.08 625.49 591.38 1_ l.125:.0:2a \ __ . 114.5-,2� 500.47 445.86 (34,92) 0.88 (43.78) (251.17) 0.03 1.77 (29.06) 1.38 (55.54) 3.69 1.12 (0.08) (0.33) 4.41 7.77 __ {3.2.2.:86 :i'+__ . 17.0..9- 71 35.22 (0.09) 22.95 (0.04) (67.91) - (232.03) (251.62) (0.29 10.23 , _ _l26.5;.1.0. __ . 12;2:8-:94 -il 187.49 145.95 25.30 (62.191 145.95	264.85 331.75 34.62 26.90 4.69 6.60 1.00 (3.57) (55.62) (21.01) (4.23) (0.46) (12.49) 15.37 2.05 0.52 276.93 13.36 (71.92) 2.81 ID.40) (2.37' 439.48 369.90 l---.52,.5 :8� �--(�10 !4!.5�6:l 386.90 265.34 (25.76) 0.77 (31.23) (26.00) (23.86) 1.25 (55.54) (0.10) 3.61 0.47 0.33 6,54 0.10 (47.64) 1.75 (0.07) (0.02) 4.41 54.85 l--',1. 18;.5:1 L___ (,1 7 • .63" 35.22 1.71 (46.79) (232.03) 10.03 22.95 4.58 (251.62) (,241..9;24 .(c22;4;.0' 9' 26.47 23.62 26.47 71.27 0.01 97.75 26.47 97.75 23.62 47.74 (0.09) 71.27 23.62 67.27 4.00 1------ -1-------- 97.75 71.27
	Cash and cash equivalents - Opening balance Add:Exchange difference on translation of foreign currency cash and cash equivalents Cashand cash equivalents - Closing balance Net increase/(decrease\ incashandcashequivalents	339.11 (2.04) 274.88 199.49 .(6.33) 339,11
		162.191 145.95
	Components of cash and cash equivalents: Cash on hand and balances with banks on current account 268.22 116.36 Depositswith original maturity of less than three months 6.66 225.33 �8:a!n!k.a�n�d_bo.ok!ove;rdra�tt__�;-��, -----.-J ____Jf�2.�58' Tn+2' _e,'!�0,� 274.88 339.11

CRISIL

Notes to Financial Results :

An S&P Global Company

The above results have been reviewed by the Audit Commillee and subsequently approved by the Board of Directors of the Company at its meeting held on February 11, 2021.

• 2 The Board of Directors have recommended a final dividend of� 14 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 :

	ct in croresl	ct in croresl	ct in croresl	ct in croresl
Pariculars	Consolidated I Standalone
	Forexgain or loss included under
	Other income Otherexpenses		Other income	Other expenses
Quarer ended December 31, 2020 Quarter ended September 30, 2020 Quarter ended December 31, 2019 Year ended December 31, 2020 Year ended December 31,2019	Nil Nil Nil 20.38 9.98	5.45 5.91 3.25 11.36 11.19	2.43 Nil 2.94 18.78 6.18	Nil 3.36 Nil 3.36 2.44

• 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 allocale 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, an audit of the above results has been carried out by the Statutory Auditors of the Company.

The figures of the quarter ended December 31, 2020 and December 31, 2019 are the balancing figures between audited figures of the full year ended December 31, 2020 and December 31, 2019 and unaudited published year to date figures up to the period ended September 30. of the respective years.

• 7 The Group has adopted Ind AS 116 effective January 1, 2020, using the modified retrospective method and has applied the standard to its leases with the cumulative impact recognized on the dale of initial application i.e. January 1, 2020. Accordingly, previous period information has not been restated. The lease expenses which were recognized as rent expense in previous periods is now recognized as depreciation expense for the right­ of-use asset and finance cost for interest accrued on lease liability. The Group has elected not to recognize right-to-use assets and lease liabilities for short term leases (lease term of 12 months or less) and leases of low-value and has recognized the lease payments for such leases as an expense over the lease term. The transition has resulted in recognition of Right-of-Use (ROU) assets oft 155.80 crores and� 222.64 crores and Lease Liability of , 151.05 crores and i!' 221.67 crores in standalone and consolidation books respectively. The cumulative effect of applying the standard resulted in i!' 6,90 crores and � 11.45 crores being debited to retained earnings (net of taxes) in audited standalone and consolidation financial results respectively.

• 8 CRISIL completed the acquisition of 100% stake in Greenwich Associates LLC (USA) and its subsidiaries ('GA'), on February 26, 2020, at a total value of USD 40 million, which includes upfront and deferred consideration. The resulls attributable to GA includes a revenue of { 121.01 crores and post-tax loss of� 0.77 crores for the quarter ended December 31, 2020 and a revenue of� 225.71 crores and post-tax loss of i!' 50.58 crores for the period from February 26, 2020 to December 31, 2020.

In order to simplify the holding structure. Greenwich Associates International LLC (subsidiary of Greenwich Associates LLC) was merged with Greenwich Associates LLC w.e.f December 22, 2020 and the Group has decided to close Greenwich Associates UK (Holdings) Lid (subsidiary of Greenwich Associates LLC). The merger/closure will have no material impact on the operations/financials of the Group.

• 9 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.

10 Securities and Exchange Board of India (SEBI) notifications dated May 30, 2018 and September 19, 2018, under the SEBI (Credit Rating Agencies) Regulations, 1999. have mandated segregation of Ratings and Non-Ratings businesses of Credit Rating Agencies. Pursuant to, and in order to comply with these notifications, CRISIL Limited's Board of Directors approved transfer of the Ratings business to CRISIL Ratings Limited, (incorporated on June 3, 2019), a wholly owned subsidiary of the CRISIL Limited. This transfer has been undertaken through a 'Scheme of arrangement in terms of Section 230 to 232 of the Companies Act, 2013 ('Scheme') which has been approved by Stock Exchanges. The Scheme has been sanctioned by the National Company Law Tribunal (NCL T) with appointed date as January 1, 2020 and the certified copy of the Order dated June 8. 2020 has been received on July 7, 2020 which has been filed with Registrar of Companies on July 20, 2020. Further SEBI and Reserve Bank of India (RBI) has given necessary approval on December 4, 2020 and December 31, 2020, respectively, to CRISIL Ratings Limited to act as a Credit Rating Agency. On receipt of approval, the Scheme became effective on December 31, 2020 with the appointed date of January 1, 2020. The whole of the assets and liabilities of the transferred business became the assets and liabilities of the resulting company (i.e CRISIL Ratings limited) and were transferred at their book value as per the Order, as appearing in the books of the CRISIL limited with effect from the ~~ap ointed~~ dale. The effect of transfer of assets, liabilities, income and expense has been considered in curren uafi thereby impacting the net r['" ] ~~(~~ ~~�~~ ' �;r "·<� c., ~~0~~ .' •. . ...,, ..... -1 --, �( �( * '1, \, � � ,)� ) ) r"" ) "t> )r"" * � Jf- 0 •(f:o Acc<:JS . · continued operations and total net profit of current quarter in standalone financial results. e,\P.��O,t- ' �>--v"'�,f

CRISIL

10.1 The details of assets and liabilities transferred to CRISIL Ratings Limited are as under:

An S&P Global Company

The details of assets and liabilities transferred to CRISIL Ratings Limit	ed are as under: A
	c,In crores
Particulars	As at
	January 1, 2020
A. Assets Propery, plant and equipment	1.51
Intangible assets	0.08
Tradereceivables	21.24
Loans	0.37
Cash and cash equivalents	28.80
Other bank balance	0.67
Current investments	101.93
Other financial assets	9.63
Other current assets	0.58
Total Assets	164.81
B. Liabilities
Trade payable	3.06
Other financial liabilities	17.73
Provisions	12.26
Other current liabilities	80.06
Total liabilities	113.11
C. Net Assets	51.70

10.2 Pursuant to the requirements of Ind AS 105 'Non-current Assets Held for Sale and Discontinued Operations', the financial results of Ratings business transferred was presented as discontinued operations in the standalone financial results for the respective periods are as follows:

	,,In croresl	,,In croresl
Pariculars	3Monthsended (Unaudited)	Corresponding Year ended 3 Months ended (Adited) (Adited)
	30-Seo-20	31-Dec-19 31-Dec-19
Total income from operations Total expenses Profit before tax Tax expense Profit_afer_tax	79.40 39.71 39.69 9.99 29.70	92.40 339.67 38.68 159.01 53.72 180.66 14.83 49.88 38.89 130.78

Cash flow from discontinued operations is as follows:

30-Seo-20 31-Dec-19 Total income from operations 79.40 92.40 Total expenses 39.71 38.68 Profit before tax 39.69 53.72 Tax expense 9.99 14.83 Profit_afer_tax 29.70 38.89 Cash flow from discontinued operations is as follows:	31-Dec-19 339.67 159.01 180.66 49.88 130.78
	(iIn crores)
Pariculars	Yearended (Audited)
	31-Dec-19
Net cash flows attributable to operating activities Net cash flows attributable to lnvestina activilles	155.53 (37.48)

11 During the quarter ended September 30, 2020, the Group has received i 27.52 crores from sale of duty free saleable scrips received pursuant to the Service Export Incentive Scheme (SEIS) of the Directorate General of Foreign Trade, Government of India. This is included under 'Other income' in the financial results.

12 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.

13

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

==> picture [22 x 48] intentionally omitted <==

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

' A�u ��a � Managi�� tjctor and Chief Executive Officer DIN: 00494515 Mumbai, February 11, 2021

==> picture [99 x 80] intentionally omitted <==

==> picture [513 x 83] intentionally omitted <==

Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP 11th floor, Tower II, One International Center, SB Marg, Prabhadevi (W) Mumbai - 400 013 India T +91 22 6626 2699 F +91 22 6626 2601

Independent Auditor's Report on Standalone Annual Financial 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

Opinion

1. We have audited the accompanying standalone annual financial results ('the Statement') of CRISIL Limited ('the Company') for the year ended 31 December 2020, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.

2. In our opinion and to the best of our information and according to the explanations given to us, the Statement:

4. (i) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations, and

5. (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the Company for the year ended 31 December 2020.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI'), together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

==> picture [78 x 78] intentionally omitted <==

==> picture [46 x 10] intentionally omitted <==

----- Start of picture text -----

Page 1 of 3
----- End of picture text -----

Chartered Accountants

Off<:os in Boogaluru, Chand�arh, Chonnai, Gurugram, Hyd0<abad, Kodli, Kolkala, Mumbai, Now Delhi, Noida and Puna

Walker Chandiok & Co LLP is registered with limited liability with Identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India

Walker Chandiok &.Co LLP

CRISIL Limited

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Emphasis of Matter - Demerger of rating business

1. We draw attention to Note 10 of the accompanying Statement in respect of a Scheme of Arrangement between the Company and CRISIL Ratings Limited (transferee company) and their respective shareholders for demerger of the ratings business of the Company, pursuant to SEBI (Credit Rating Agencies) Regulations, 1999 (as amended from time to time), which mandates the segregation of ratings and non-ratings businesses of Credit Rating Agencies, and vesting thereof in the Transferee Company, with effect from the Appointed Date of 1 January 2020, as approved by the National Company Law Tribunal, vide its order dated 8 June 2020. Our conclusion is not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance for the Statement

1. This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit/loss and other comprehensive income and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Ind AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

2. In preparing the Statement, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting, unless the Board of Directors either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

3. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

2. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

3. Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

==> picture [78 x 80] intentionally omitted <==

Page 2 of 3

Chartered Accountants

Walker Chandiok &.Co LLP

CRISIL Limited

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of the management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

• We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

• We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

1. The Statement includes the financial results for the quarter ended 31 December 2020, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013

==> picture [134 x 32] intentionally omitted <==

Khushroo B. Panthaky Partner Membership No:042423

UDIN: 21042423AAAAAZ9319

Place: Mumbai Date: 11 February 2021

Page 3 of 3

Chartered Accountants

Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP 11th floor, Tower II, One International Center, SB Marg, Prabhadevi (W) Mumbai - 400 013 India T +91 22 6626 2699 F +91 22 6626 2601

Independent Auditor's Report on Consolidated Annual Financial 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

Opinion

1. We have audited the accompanying consolidated annual financial results ('the Statement') of CRISIL Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries, together referred to as 'the Group'), for the year ended 31 December 2020, attached herewith, 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) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.

2. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate audited financial statements of the subsidiaries and branch of a subsidiary, as referred to in paragraph 12 below, the Statement:

3. (i) includes the annual financial results of the entities listed in Annexure 1;

4. (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and

5. (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial information of the Group for the year ended 31 December 2020.

Basis for Opinion

• We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI'), together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and that obtained by the other auditors in terms of their reports referred to in paragraph 12 of the Other Matter section below is sufficient and appropriate to provide a basis for our opinion.

==> picture [80 x 79] intentionally omitted <==

Page 1 of 5

Chartered Accountants

Offices in Bengaluru, Chandigaih, Chennai, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Delhi, Nolda and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and Its registered office at L-41 Connaught Circus, New Deihl, 110001, India

Walker Chandiok &.Co LLP

CRISIL Limited

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Responsibilities of Management and Those Charged with Governance for the Statement

1. The Statement, which is the responsibility of the Holding Company's management and has been approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the consolidated net profit or loss after tax and other comprehensive income, and other financial information of the Group in accordance with the accounting principles generally accepted in India, including the Ind AS prescribed under section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Holding Company's Board of Directors is also responsible for ensuring accuracy of records, including financial information considered necessary for the preparation of the Statement. Further, in terms of the provisions of the Act, the respective Board of Directors/ management of the companies included in the Group covered under the Act, are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Group, and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

2. In preparing the Statement, the respective Board of Directors of the companies included in the Group, are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the respective Board of Directors/ management either intends to liquidate the Group or to cease operations or has no realistic alternative but to do so.

3. The respective Board of Directors/ management of the companies included in the Group, are responsible for overseeing the financial reporting process of the companies included in the Group.

Auditor's Responsibilities for the Audit of the Statement

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement, when it exists. Misstatements can arise from fraud or error, and are considered material if, individually, or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

2. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

3. Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

4. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to the financial statements in place and the operating effectiveness of such controls.

==> picture [79 x 80] intentionally omitted <==

Page 2 of 5

Chartered Accountants

Walker Chandiok &.Co LLP

CRISIL Limited

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/ financial information/ financial statements of the entities within the Group, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

• We communicate with those charged with governance of the Holding Company and such other entities included in the Statement, of which we are the independent auditors, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

• 1 0. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

• 1 1. We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 201 9, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

1. We did not audit the annual financial statements of 7 subsidiaries included in the Statement, and one branch included in the audited separate annual financial statements of the entities included in the Group, whose financial information reflects total assets of � 13,555.64 lakhs as at 3 1 December 2020, total revenues of

� 25,232.42 lakhs, total net loss after tax oH 1,1 60.14 lakhs, total comprehensive loss oH 1, 178.12 lakhs , and cash outflow (net) of� 976.2 1 lakhs for the year ended on that date, as considered in the statement and as considered in the respective audited separate annual financial statements of the entities included in the Group. These annual financial statements have been audited by other auditors and branch auditors, whose audit reports have been furnished to us by the management and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries/ branch is based solely on the audit reports of such other auditors and branch auditors, and the procedures performed by us as stated in paragraph 11 above.

==> picture [80 x 79] intentionally omitted <==

Page 3 of 5

Chartered Accountants

Walker Chandiok &.Co LLP

CRISIL Limited

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Further, all the subsidiaries and branch mentioned above are located outside India, whose annual financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries, and which have been audited by other auditors and branch auditor using generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial stateme·nts of such subsidiaries / branch from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion, in so far as it relates to the balances and affairs of these subsidiaries// branch, is based on the audit report of other auditors and branch auditor and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

1. The Statement includes the consolidated financial results for the quarter ended 31 December 2020, being the balancing figures between the audited consolidated figures in respect of the full financial year and the published unaudited year-to-date consolidated figures up to the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013

==> picture [138 x 33] intentionally omitted <==

Khushroo B. Panthaky Partner Membership No:042423

UDIN :21042423AAAABA9681

Place: Mumbai Date: 11 February 2021

Page 4 of 5

Chartered Accountants

LLP Walker Chandiok &.Co

CRISIL Limited

Independent Auditor's Report on Consolidated Annual Financial 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 subsidiaries 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.

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

4. Coalition Development Limited

5. Coalition Development Singapore Pte. Ltd. 8. CRISIL lrevna Argentina S.A

6. Pragmatix Services Private Limited

7. CRISIL Ratings Limited

8. Greenwich Associates LLC

9. Greenwich Associates Singapore Pte. Limited

10. Greenwich Associates Japan K.K.

11. Greenwich Associates Canada, ULC

12. Greenwich Associates UK Limited

13. Greenwich Associates UK (Holdings) Limited 17. Greenwich Associates International, LLC (merged into Greenwich Associates LLC w.e.f 22 December 2020)

14. CRISIL lrevna Australia Pty Ltd

==> picture [78 x 79] intentionally omitted <==

Page 5 of 5

Chartered Accountants

CRISIL

An S&P Global Company

February 11, 2021

Listing Department 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

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

Dear Sirs,

Sub.: Declaration in respect of Unmodified opinion on Audited Financial Statements for the Financial Year ended December 31, 2020

In terms of SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare and confirm that the Statutory Auditors of the Company, M/s. Walker Chandiok & Co. LLP, have issued an unmodified audit report on Standalone and Consolidated Financial Results of the Company for the year �nded December 31, 2020.

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

==> picture [92 x 58] intentionally omitted <==

Sanjay hak.ravarti Chief Financial Officer

CRISIL Limited

Corporate Identity Number: L67120MH1987PLC042363

Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 3342 3001 www.crisil.com