CRISIL Ltd. — Investor Presentation 2021

Nov 15, 2021

November 15, 2021

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

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

Dear Sirs,

Sub.: Corporate Presentation Q3 2021

We are enclosing herewith our corporate presentation updated with the Q3 FY 2021 Financial Results. This presentation will be published on the Company's website - www.crisil.com shortly.

Kindly take this communication on record.

Yours faithfully, For CRISIL Limited MINAL AMIT BHOSALE Digitally signed by MINAL AMIT BHOSALE Date: 2021.11.15 22:23:39 +05'30'

Minal Bhosale Company Secretary ACS 12999

Encl.: a/a

CRISIL Limited

Corporate Identity Number: L67120MH1987PLC042363

Q3 2021 Analyst Presentation

November 2021

Disclaimer / Safe Harbor

This presentation has been prepared solely as a concise update of Company's quarterly and/or annual results. By reading the presentation slides, you agree to be bound by the following limitations: (a) CRISIL Ltd. ("CRISIL" or "Company") cannot give assurance to the correctness of forward looking statements. These forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans", "seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone" or other words of similar meaning and similar expressions or the negatives thereof; (b) By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected; c) Given the aforementioned uncertainties, prospective or present investors are cautioned not to place undue reliance on any of these forward-looking statements; d) No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever. Investor/prospective advisors must be sought on specific situation from well-informed legal, investment, tax, financial, and management professionals; e) This presentation and its contents are confidential and must not be distributed, published or reproduced. This presentation does not constitute a recommendation regarding the securities of the Company.`

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

CRISIL is a leading global analytics company driven by its mission of making markets function better

Empowering decisionmaking with cutting-edge

Indicator	FY2019	FY2020	FY2021	FY2022F
GDP (y-o-y %)	6.5	4.0	-7.3	9.5
10 yearG-sec yield (%, March)	7.5	6.2	6.2	6.5
Fiscal deficit (% of GDP)	3.4	4.6	9.5@	6.8#
Exchange rate (Re/$, March avg.)	69.5	74.4	72.8	75.0
CPI Inflation (%)	3.4	4.8	6.2	5.5
Gross NPA (%)	9.1	8.2	~7.5	~8.0-9.0
RepoRate (%, March-end)	6.25	4.40	4.00	4.25
Credit Growth (%)	11.0	6.0	~5.0	~9.0-10.0

Recovery underway amid few uncertainties

6

Indicator CY2018 CY2019 CY2020 CY2021F World GDP (y-o-y %) 3.6 2.9 -3.4 5.8 United States of America (y-o-y %) 2.9 2.3 -3.5 5.7 Eurozone (Euro Area-19) (y-o-y %) 1.9 1.2 -6.5 5.1 China GDP (y-o-y %) 6.6 6.1 2.3 8.0

Global

Note: F=forecast; # Budget estimate; @ Revised Estimate Source: NSO, RBI, CRISIL, S&P Global Economics and Oxford Economics FY represents the financial year (Apr-Mar period)

CY represents the calendar year (Jan-Dec period)

Key business trends

Heightened focus on risk management and information security sustainability Hybrid working model

Emphasis on

Note:

1. Numbers rounded off

Q3 2021 income from operations at ₹571.0 cr.; PAT at ₹112.9 cr.

Credit growth sees uptick but wholesale credit growth remains subdued; Bond issuers lower vis-à-vis last year

Source: RBI, SEBI, Ministry of Finance, Prime Database, CRISIL CY represents the calendar year (Jan-Dec period);

Ratings: Q3 2021 highlights

Business update

• CRISIL Ratings revenue grew 21.5% during the quarter on back of improved business environment; Ratings business added new clients and saw growth in the stressed assets ratings space
• With demand picking up across the economy, activity in the lending markets is improving and there are increasing signs of companies enhancing their bank lines and seeking refinancing
• 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

Innovation and franchise

• Continued focus on franchise activities with over 30 press releases published and hosted several webinars covering telecom, construction, commercial real estate, FMCG, oil, airports, etc.
• Some of the high impact opinion pieces are, 'Economic recovery to drive road traffic up 12-14% this fiscal', 'ARCs may hunt MSME, retail assets as ground shifts', 'City gas sales volume to rise 25- 27% this fiscal on dearer petrol, diesel', 'Revenue of gold jewellery retailers seen up 12-14% this fiscal', 'With curbs easing, securitisation pool collections spring back', 'India Inc credit outlook turns positive, upgrades rise'

Financials

Particulars (₹ cr)	Q3 2020	Q3 2021	Growth
Income fromOperations	137.1	153.6	12.0%
Segment Profit	51.9	64.4	24.1%
Margin	37.9%	41.9%

Particulars (₹ cr)	9M 2020	9M 2021	Growth
Income fromOperations	414.4	439.1	6.0%
Segment Profit	168.7	186.7	10.7%
Margin	40.7%	42.5%

Indian capital market activity remains elevated; Globally, CIB industry expected to normalize

Evolving regulations present opportunities

CCAR: Comprehensive Capital Analysis and Review DFAST: Dodd-Frank Act Stress Tests CECL: Current Expect Credit Loss EBA: European Banking Authority MiFID: Markets in Financial Instruments Directive UMR: Uncleared Margin Rules

PRA: Prudential Regulation Authority TRIM: Targeted Review of Internal Models IFRS: International Financial Reporting Standards IBOR: Interbank Lending Rate FRTB: Fundamental Review of Trade Book

Asia: Nascent

• IFRS9

• IBOR

• Stress Testing

Research: Q3 2021 highlights

Business update

• The segment revenues grew by 20.9% accompanied by a robust margin expansion during the quarter with all businesses delivering growth
• In Research, buoyancy in the domestic capital market and pick-up in economic activity continue to steer the need for research and analytics
• 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 grew on continuing demand for benchmarking analytics from its core client segments. Opportunities increased in commercial banking as clients focus moves on revenue expansion

Innovation and franchise

• Coalition Greenwich conducted the annual Competitive Challenges Conference, most sought after event in the global asset management industry; Coalition Greenwich received good attribution of its analyses across global publications
• Domestic research participated in 1st edition of ESG Knowledge Series titled, "Evolving ESG Policies and the Reporting Journey" organised by S&P Global Sustainable1 in September
• Published multiple articles, whitepapers on topical matters and hosted several webinars on telecom, oil sector, macro environment, model risk management, European regulations for investment management firms, market structure trends and transaction banking

Financials

Note:

1. Numbers rounded off

Particulars (₹ cr)	Q3 2020	Q3 2021	Growth
Income fromOperations	315.8	381.7	20.9%
Segment Profit	35.5	83.5	135.2%
Margin	11.2%	21.9%

Particulars (₹ cr)	9M 2020	9M 2021	Growth
Income fromOperations	875.9	1,049.4	19.8%
Segment Profit	137.9	216.6	57.1%
Margin	15.7%	20.6%

Advisory: Q3 2021 highlights

Business update

• The segment revenue grew 10.9% during the quarter
• The Infrastructure Advisory business bagged large wins from multilaterals and the Business Intelligence and Risk Solutions business increased its overseas client footprint

Innovation and franchise

• Participated in multiple conferences / seminars
  • 37th Asia Pacific Petroleum Conference organized by S&P Global Platts with focus on the topic 'Meeting COP26 targets.
  • Virtual conference on `Sewage & Wastewater Treatment' in India
• Conducted three capacity building workshops in Ethiopia on PPP concept & its applicability with practical sessions including class exercises and illustrations

Financials

Particulars (₹ cr)	Q3 2020	Q3 2021	Growth
Income fromOperations	32.1	35.6	10.9%
Segment Profit	2.6	0.8	-69.2%
Margin	8.1%	2.2%

Particulars (₹ cr)	9M 2020	9M 2021	Growth
Income fromOperations	94.3	106.1	12.5%
Segment Profit	3.6	7.8	116.7%
Margin	3.8%	7.4%

Risks

Prolonged pandemic impacting economic revival

Evolving regulatory environment

Information security and cyber-related risks

Adverse currency movement

Intense competition

Reputation risk

A 'TRUSTED' voice in Media

Creating social impact through CSR initiatives

Financial capability building of rural women in Assam, Rajasthan, Haryana and Maharashtra

Promoting environment conservation, disaster relief and larger social consciousness among employees

• Mein Pragati continues to strengthen its outreach and impact through 1,100+ trained Sakhis in 1,700+ villages of Assam and Rajasthan.
  • Over 69,000 linkages facilitated to formal banking & social welfare schemes.
• Through RBI-CFL pilot, over 27,000 beneficiaries directly reached and 6,700+ linkage applications facilitated to formal banking services.
• Steps currently afoot towards scaling up CFL centres across 18 States and UTs with support from RBI and 10 PSU Sponsor Banks.

• Afforestation initiatives continued through on-ground partners total plantation count at 92,000 trees as against 1 lakh commitment by 2021
• Over 300 CRISILites engaged through virtual volunteering initiatives which covered mentoring the field teams, home-based rainwater harvesting, and teaching children from rural communities.

Amplifying CRISIL's ESG agenda by driving inclusive growth and conserving the environment

About CRISIL

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

For further information contact: investors@crisil.com