ICRA Limited — Audit Report / Information 2024

Jun 3, 2024

IC RA Limited

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ICRA

June 3, 2024

BSE Limited

Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001, India Scrip Code: 532835

National Stock Exchange oflndia Limited

Exchange Plaza, Plot no. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai - 400 051, India Symbol: ICRA

Dear Sir/Madam,

Sub.:- Machine Readable Form/ Legible copy of Financial Results

As requested by the National Stock Exchange oflndia Limited, we are re-submitting the machine readable/legible copy of the audited Financial Results (Standalone and Consolidated) of ICRA Limited (the "Company") for the fourth qua1ier and year ended March 31, 2024.

Please note that there is no change in the contents of the above-mentioned -:'.ocument as submitted by the Company on May 23, 2024.

You are requested to take the above on record.

Regards,

Sincerely,

SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN RAHMAN Date: 2024.06.03 20:42:32 +05'30' (S. Shakeb Rahman) Company Secretary & Compliance Officer

Encl.: As above

Building No. 8, 2[nd ] Floor, Tower A DLF Cyber City, Phase II Gurugram - 122002, Haryana

Tel. : +91.124.4545300 Website : www.icra.in GIN : L74999DL 1991 PLC042749 Helpdesk: +91.9354738909 Email : info@icraindia.com

Registered Office : B - 710, Statesman House, 148, Barakhamba Road, New Delhi - 110001. Tel. : +91.11.23357940-41 RATING • RESEARCH • INFORMATION

f32061

BS R & Co. LLP

Chartered Accountants

Building No. 10, 12th Floor, Tower-C DLF Cyber City, Phase - II Gurugram - 122 002, India Tel +91 124 719 1000 Fax: +91 124 235 8613

lndeoendent Auclitors Reoort

To the Board of Directors of ICRA Limited Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of ICRA Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), for the year ended 31 March 2024, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of other auditor on separate audited financial statements of the subsidiary, the aforesaid consolidated annual financial results:

• a. include the annual financial results of the following entities:

Parent:

ICRA Limited

Subsidiaries:

ICRA Analytics Limited

D2K Technologies India Private Limited (w.e.f. 10 November 2023)

Pragati Development Consulting Services Limited

ICRA Nepal Limited

ICRA Lanka Limited

PT ICRA Indonesia (till 21 August 2023)

ICRA Employees Welfare Trust

• b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive loss and other financial information of the Group for the year ended 31 March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results 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 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.along with the consideration of report of the other auditor referred

Registered Office.

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon {East), Mumbai - 400063 Page 1 of 4

BS R & Co. (a partnership firm with Registration No. BA61223) converted into BS R & Co. LLP (a Limited Liability Partnership wit� LLP Registration No. AAB-8181) with effect from October 14, 2013

BS R & Co. LLP

Independent Auditor's Report (Continued)

ICRA Limited

to in sub paragraph no. (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

' Management's and Board of Directors'/Tustees' Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies/Trustees of the Entity included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company/entity 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the respective Management and the Board of Directors of the companies/Trustees of the Entity included in the Group are responsible for assessing the ability of each company/entity 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/Trustees either intends to liquidate the company/entity or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies/Trustees of the Entity included in the Group is responsible for overseeing the financial reporting process of each company/entity.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are 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 SAs 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 these consolidated annual financial results.

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

• Identify and assess the risks of material misstatement of the consolidated annual financial results, 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.

• 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 through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

Page 2 of 4

BS R & Co. LLP

Independent Auditor's Report (Continued) ICRA Limited

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors' 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 appropriateness of this assumption. 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 consolidated annual financial results 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 consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/ financial statements of the entities within the Group to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial results/ financial statements of such entities included in the consolidated annual financial results of which we are the independent auditor. For the other entity included in the consolidated annual financial results, which has been audited by other auditor, such other auditor remain responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in sub paragraph no. (a) of the "Other Matters" paragraph in this audit report.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results 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.

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.

We also performed procedures in accordance with the circular No CIR/CFD/CMD1 /44/2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

Other Matters

• a. The consolidated annual financial results include the audited financial results of one subsidiary, whose financial statements reflect total assets (before consolidation adjustments) of Rs. 67.93 lakhs as at 31 March 2024, total revenue (before consolidation adjustments) of Rs. Nil and total net loss after tax (before consolidation adjustments) of Rs. 21.51 lakhs and net cash inflows (before consolidation adjustments) of Rs. 58.98 lakhs for the year ended on that date, as considered in the consolidated annual financial results, which has been audited by its independent auditor. The independent auditor's report on financial statements of this entity has been furnished to us by the management.

Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of this entity, is based solely on the report of such auditor and the procedures performed by us are as stated in paragraph above.

This subsidiary is located outside India whose financial statements have been prepared in accordance with accounting principles generally accepted in its country and which have been audited by other auditor under generally accepted auditing standards applicable in its country. The Holding Company's management has converted the financial statements of such subsidiary located outside India from

Page 3 of 4

BS R & Co. LLP

Independent Auditor's Report (Continued) ICRA Limited

accounting principles generally accepted in its country 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 such subsidiary located outside India is based on the report of other auditor and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to our reliance on the work done and the report of the other auditor.

b. The consolidated annual financial results include the unaudited financial results of four subsidiaries, whose financial statements reflect total assets (before consolidation adjustments) of Rs. 6,790.51 lakhs as at 31 March 2024, total revenue (before consolidation adjustments) of Rs. 1,634.19 lakhs, total net profit after tax (before consolidation adjustments) of Rs. 389.33 lakhs and net cash outflows (before consolidation adjustments) of Rs. 42.51 lakhs for the year ended on that date, as considered in the consolidated annual financial results. These unaudited financial statements have been furnished to us by the Board of Directors.

Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on such financial statements. In our opinion and according to the information and explanations given to us by the Board of Directors, these financial statements not material to the Group.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to the financial statements certified by the Board of Directors.

c. The consolidated annual financial results include the results for the quarter ended 31 March 2024 being the balancing figure 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 B S R & Co. LLP Chartered Accountants

Firm's Registration No.:101248W/W-100022

Gurugram

23 May 2024

��

Manish Kapoor Partner

Membership No.: 510688 UDIN:24510688BKGEAT4770

Page 4 of 4

ICRA @

ICR/\ Limikd Corporntc Identity N11111her (CIN): L74999DLl991 PLC042749 Rcgistei-ccl Office: 13-710, St:1tcsman I-louse, 148, B:traldrnmh:i Ro:1d, New Delhi-I IOOOI Telephone Nu.:+91-11-23357940 \1/ehsite: www.icrn.in, Email ID: invcstors([,Yicn1india.com

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR E.'WED MARCH . , 2024 (Ruuces in lakhs, exccut share <h11:1. ucr slrrC dala and whl'rc olhcrwist· st:11ed)

S. Nu.Partkulan,	Quarkr L'Udl'd Quarter L'1Hkd Quarfl.T l'ndcd Vear ended 31/0./2112� .11/12/2112:\ . /0./2112. .11/IU/2024 Vl'ar tnclcd . /0./2023	Quarkr L'Udl'd Quarter L'1Hkd Quarfl.T l'ndcd Vear ended 31/0./2112� .11/12/2112:\ . /0./2112. .11/IU/2024 Vl'ar tnclcd . /0./2023	Quarkr L'Udl'd Quarter L'1Hkd Quarfl.T l'ndcd Vear ended 31/0./2112� .11/12/2112:\ . /0./2112. .11/IU/2024 Vl'ar tnclcd . /0./2023	Quarkr L'Udl'd Quarter L'1Hkd Quarfl.T l'ndcd Vear ended 31/0./2112� .11/12/2112:\ . /0./2112. .11/IU/2024 Vl'ar tnclcd . /0./2023	Quarkr L'Udl'd Quarter L'1Hkd Quarfl.T l'ndcd Vear ended 31/0./2112� .11/12/2112:\ . /0./2112. .11/IU/2024 Vl'ar tnclcd . /0./2023	Quarkr L'Udl'd Quarter L'1Hkd Quarfl.T l'ndcd Vear ended 31/0./2112� .11/12/2112:\ . /0./2112. .11/IU/2024 Vl'ar tnclcd . /0./2023	Quarkr L'Udl'd Quarter L'1Hkd Quarfl.T l'ndcd Vear ended 31/0./2112� .11/12/2112:\ . /0./2112. .11/IU/2024 Vl'ar tnclcd . /0./2023
	Audited Audited (Refer note 6 Unaudited (Refer note 6 Audited hclow) below) Audited
I Revenue from operations II Other income Ill Total income (l+ll) Expenses IV Employee h�nefit expenses V Finance costs VJ Depreciation. �1111011i�n1io11 and impairment expense Vil Other exptnses VIIITot:11 e:qH·nscs (IV 10 VII) IX Prfif herorc lax (Ill-VIII) Tax cxpL·nsl': Cunent L�x DdCrrcd tax X Tot11 tax expense XI Profit after tax (IX-X) Other rnmprchcnsive income/ (loss) A (i) Items th,tt will not be rct.:lassifo.:d lo profi1 or loss (ii) l11co111c lax rclatin_!. (() items that will nol be rccla. ilicd ln profil or loss B (i) Items that will be rcch1ssificd to profir or loss (ii) Income lax rdating to i1c111s that will he rccbssiricd lo prorit or loss XII Total other comprehensive income/ (loss), net of income tax (A+R) XIIITot:11 comprehensive income ror the period (Xl+XII) XIVProfit Htlrilrtablc to: (11) Owm:rs or the comp:my (b) Non-c<111trnlli11g interesls xv()1hcr ro1111>rchc11sive inconH.' / (loss) :1t1rih111:1hh.· lo: (r) Owner� nftlic c0m1K111y (h) No1H:ontn,!ling interests XVITotal comprehensive i11co111e attrilmtahle lo: (a) Ov,rnirs of the comp:ry (b) No11-controlli11g i111erisl� XVIIPaicl up equity shn1-e capital (Fncc \';luc: R�.IO per share) XVIIIOtla•r equity XIXEarings J)Cf Cquity share (Rs.) (Face valui. or Rs. IO per share): B;sic Dilu1cd	12,396.45 11 .-58.55 I 0.908.06 44.611.47 ?,367.76 1.717.38 1,590.79 7,4%.89 14,764.21 D.I75.9. 12 498.85 52 I 08 . .6 40.323.08 4,955.1 tJ 45 27R.27
	(,,023)-: (,(,%,8] 5A95. 78 24.0J5.9R (193.18 285.14 33.11 1.040.85 446.69 Jtn.xs 272.54 1.346.44 187.92 I._7}7.4') 1.609.73 5,699.07 20.75(,.16 141.25 9�2.91 5.276.21
	8,551.(12 9,103.31				7,411.16	32,122.34	27.156.53
			9 4,072.62		5,087.69
	6,2 I 2.5						I 8,121.74 4. 164.51 284.70
	1,2 2 I ,5	71.04 35.80 116.X4
				831.5.			4.449.21
					3,862.85 I 5,224.19 (18.34) (218.17) 4.61 55.13 ( 12.1_(,)_ 14.05		13,672.53 (198.98) 511.0X ( IJ 92)
	/2(1.14\ IXU.85|			125.89\ 1148.99)		fl/,2.82)
	4,679.61 .,160.24 3 8.6.96 15,1175.ZO 4,686.70 :,215.09 3,837.16 15.109.45 I 9.05 2(,.0() 25.69 114.74						I 3,509.71 13,523 59 148.94
	4 705.75 . 241.09 .,8/,2.85 (26.54) (X0.78) (20.58) 0.40 (1).07) 0.6') (26.14) (80.85) 125.89) 4,660.16 3.134.31 3,� I 0.58 19.45 25.93 26J8					15,224. I 9 ( 148.99) 13672.53 ( I 63.09) 0.27
						(148.99) 14,960.46 114.74 (162.82) I 3.360.50 149.21
	4,679.61 3 I 60.24 .83(,.96 %5.12 965.12 965.12 4X.72 ]].42 ]9J•,t) 48.64 ]3.42 ]9):					15 075.20

See accomn;invinl! notes to the consolid:Hed audited fimmcinl results.

ICRA e

ICRA Limited Corporate Identity Numhcr (CIN): L749990LI991PLC042749 Registered Office: B-7IO, Statesman House, 148, 8;1rnklrnmha Road, New Dclhi-l 10001 Tdcphonc Nu.:+91-11-23]57940 .\lchsite: www.icrn.in, Email ID: invcstors(7i]icraintlia.t.:nm

Nnl"l's:

Consolidated Statt'mcnt of Assets and Liabilities as at March 31, 2024 is givrn below:

Consolidated Stattmcnt of Assets and Liabilities as at March 31, 2024 is givrn below:
	As at {Ruoccs in lakhs) As at
S. No. Particul.1rs A. ASSETS I No11-c11rrc111 assels (a) rrupcrty. pl,1111 and equipment (b) Right-of-use asse1." (c) Capit;1! work-in-progTess {J) Goodwill (c) Other intangible assets (t) Intangible assets undCr clc-velopmenl (g) Financial assets (i) Investments lii) Loans (iii) Other fin;mcia! assets (Ii) D�frred tax ,1ssets (ne1) (i) Non-crnTenl tax assets (net) (j) Other non-current assets Tot;1I non-curent assets Current assets (a) Financi;il assets (iJ Investments (ii) Trade rc,:civahlcs (iii) Cash and cash equivalents (iv) l:k1nk balances other Lkm (iii) above (v) Loans (vi) Other fnancial assets th) Other current assets Totnl l'urcnt nssets Tn1.l assets 1 EQUITY .-1D LIABILITIES Et1uily (a) Equi1y slnin. c,1pi1al lb) Other equity Equity ;lltrihutablc lo l'Cp1ity slrrcholdcrs of the Company Nl,1H.on!rlling inlcn:sts Totlll <'quity Lbbilities Non-current liabilities (a) Fimrcial liabilities (i) Borrowings (ii) Lease liabili1ic: (iii) Other financial linhilitics (b) Provisions (c) Dcl".:rrcU tax liabilities (net) Total 11011-current liabilities 3 Current li.thilitiCs (a) Financi;d liabilities (i) Borrowi11�s (ii) Li:asc liabilities (iii) Tr:idc p;y,1hles (A) Tow! outstanding dues or micro and snrll i.11t1rpriscs (Bl Total outstanding dues of'crcditors olhcr Lhan micro and small cnh::ivriscs (iv) Orher fi11,mcial liabi!iti�s (b) Othir rurn.nt liabilities (c) Provisions (d) Cu1n:nt rnx li:ibilities (net) Tolal cun-cnt liahili1ies Tor�,1 liabilities Total cquitv and liabilities
	31/03/2024 Audited 3.026.8S 1.021.94 11.87 3,018.85 2.064.39 79.11(, 39.019.61 2.44 1.633.)) 262.59 2. 756.58 121.26 31/03/2023 Audited 2.752.118 ! ,2]9.- I 122.5. 596.20 134.10 42,515.0(i J.25 3.730.54 22.�.II 2,072.74 143.08
	53,019.112 53.537.111
	.2,J24.4(, 5.300.91 1,047.70 14.505.98 0.80 265.48 2.318 . .J') 65, 76..82 I IR,7R2.R4 96,.12 96.MCi.79 97,648.'JI 449.14 98,098.05 26J.)5.75 3.804.81 1.215.80 22.934.0X 2.48 334. J 3 1.917.5' 56,544.58 I 10.0Rl.68 1)(1).12 94.()(12.99 95,tllR. I I 4/,4.7I 95,-92.82
	101.(,7 755.20 3,742.87 41 IJII 467.111 ,,478.14 78.,i .)2.88 )4.48 713.94 773.HO R,113.65 5. 147.27 !:.!") 15,206.65 20,684.79 118,782.84 995.:'2 145.37 271.18 1,414.37 )07.11) I (1.83 821.55 577.60 7,206.20 4.229.25 I 6.113 13.l7.A9 14.5XR.X6 110,081.68

ICRA Limikd

Corporate ll.lc111 i1�, Num hl'r (CIN ): L7499') D L l 9 9 J PLC0427-19 ICRA Registered Oftin·: 8-7 10, Statesman I- l ouse, 1 -18, Barakh:-unh�t Road, New Oclhi- 1 1000 1 � Tdcphonc Nu.:+9 1 -1 1 -2. 57940

\Vehsite: www.icn1.i11, Email ID: invrstors(R.[1] icrnindia.cnm

Consolidated Statement o f Cnsh Flows fo r the year ended J\lh1rch JI, 2024:

S. N A. B. C.	o. Particulars	(Rupees in lf khs) Ye,t ended Ye1r endNI J 1 /03/2024 J I /OJ/202. /\url itccl A u ditlil 1 9,986.02 1 8, 1 2 1 .74 1 ,346.44 982 . 9 1 1 42.50 595,98 627.87 47.33 1 24.36 U5. lJI (4.09) 2.39 1 65.34 ( 1 .5 1 2.55) ( I ,XI •>.59) ( 2 1 .23 ) (596.45) (52.22) (47.03 ) (4,897. 1 4 ) (2. 1 58. 1 8) (430.45 ) ( 4 1 .55) ( 1 5 13 2 ) ( 2 1 2.58) (43(,.06) (n. 1 1 ) ll.39 (7.74 ) (59 1 2 ) (20.79) (3.1XX) 1 4,855.28 1 4,89..82 I I J42.2 I ) { 1 ,647.3 1 ) 2.49 D9 835.76 ()9. 1 4 ) (337.3 7) ( 1 9 1 .59) I I OJJ) ( RS 58) I J UO 79. 90 92X.65 I J29.86 72 1 .3� J4J. l 2 1 5.784.89 l 4,6N5 ➔7 (5.083 87) (4.759 66) J O 711 1 .02 9,925.8 1 (689.r,R) (908.84) 7.55 23.83 1 3.478.93 1 ,800.00 (.11 .2.10.llO) (28,702.39) I 0.000.00 6.2 1 5.011 606.64 J.3.3 1 I 0,257.115 I ! ,.09.36 1 .848.511 2,225.86 ( 1 ,529.(, I l 2. 749.38 (7,683.87) D.1 9. 1 2) 1286.98) ( 1 2436) ( 1 35.9 1 I { 527. 1 11 ) (4733 ) ( 1 2,635.25) (2,789.34) 1 .86 10.35) ( l,67 10) (J,2 1 2.58) (220.90) (970.64) l48 (5 59) 1 .2 1 .1.RI) 2 . 1 92.lll 998J8 1 , 2 1 5.80 845.53 1 .11 1 3.37 201 .54 20 1 .63 0.63 II.RO 1 ,047.70 1 .2 1 5.80 (49.32) 998.38 1 ,2 1 5.811
	Cash flow from opcralinc activities Pro fit bcron; tax Adjusl'mcnts for: Depreciation a nd :.11or1 isation cxpcnsc Loss allowance ( includinJ! bad debls/ advances written off) lnteresl cost 011 defm�c cnnsider:11ion lnt<n.st expense on financial liahil itic: measured a1 amortized cost lnter�st on lease liab i l ities Unrea lised foreign exclwn.�e loss/ (g,1in) (nd) Slwrc based pay1m:111 l:XpcllS(; lnterlSl inClHHC on fixtd deposits ln!erest income on investments can-ied at rmortised cnst lnh.n.st i111.:01111; on security dcpo.il carried at amortised cost Gtin 011 fnanci,11 assets carried at foir value through proft nnd loss ('FVTPL') (net) Gci11 on sale of linanci:11 assets c:miecl at FVTPL (net) Adv,rccs n.cciv1d fom customers wrincn back Reversal nf loss ,1 llow;111cc ( Profi l )/ ll)SS on s:ile nl' property, pl:111L and equip111ellt (n�t) Pr!i1 on l!:rr i1w1 io11 o l' ri;hl-ol'-usc il.S1'IS Bad deb1s recoverld Opcra 1 inJ cash (low heforc changes in 01lerting assets mid liahilitics Adj ustments for ch:rJCS in 01,crting assets :rnd liahilities (Increase)/ decrease in trnde receivables ( l m:rcasc)/ decrease in loans ( Increase)/ decrease in other linancial asscls ( Increase)/ decrlase in 01 hcr ;1.ssets lr.rcasl/ (dccrc:,sc ) in trade payables Increase/(dccrcasL) in olhcr !inancial liabilities l ncr�;se/ (decre;1se) in ot her li:1bili1ies lncrc.tsd (decrease) in provisions Cnsh generated from oµcrations hcforc tax Taxes paid. net of ref11nd Ncl rash ucnt'nl lcd from opera ling activities (A) Ca�h flow from investing activities Acquisition of property. pbnt and L'quipmcnt .md int:mgibk asst.:ts Proceeds from ;ale o r propc11y, planl and equipment and in1m1giblc assets Proceeds from redemption/ disposal of mutunl f1111d: lnvcstrcnt in mutu:d funds RcdLmpt ion o f' corporate deposits (net ) Interest received 011 investments ( Increase)/ decrease in fixed deposits (lwving maturity of mot°: than three months) (net) lnlcrcsl received on fix c<l Jcposi Ls Purchnse consideration towards acquisition (net of cash and rnsh equivnle111s acquired) Nl1I cash generated from / (used in) invrsring activilics (B) C:lsh flow from fin :rncing activities P�1yment uf lc;se liabilities lnh.rcsl p11 id on lease liab i l i 1ics Re-pnyment of borrowings Interest p;i id on fiirncial liabi lities measured nt amortized cost Dividend paid lncreasd (decrease) in unclaimed <lividend N(I cash used in fin.1 ncing :1clivitics (C) NN increase/ {decrease) in cash and cash equivalents (A+B+C) /\dd : Exc/wnge difference 011 tr.1nsbtion of freign <urrency Add: C.1sh 1111d cash ltmiv:1h111s HIthi.: btlir1ir.n( the war
	C,1sh:. 11d cash cc1uivalcntsat tht·end of the rear
	Components of lash ancl cash cq11 in1l\11ts at the end of the year: Bnlanccs wi1 h hanks (a) In cum::111 acco1111!; In deposit <1ccounts ( wi1h original maturity or three months or lrss) C.sh 011 hand (I}) Cash and cash c<1uivalents (a+l>) Ovenlniftfru.:ilityfrombanks (c)
	Cashand cash cauiv:1kntsal lhe encl ofthe vear (a+b+c)

ICRA Limited

ICRA @

Rc!!;istcn�cl OrCnrpo rn tc ltlcn lily N n m hcr (CIN): L74999 D L I 9 9 1 PLC042H9 lin: 8-7 1 0, Statesman l lousc, 1 48, Bar:iklrn mb:1 Road, New Delhi- I JOOOJ Tdcphunc No.:+9 1 - l 1 -23357940 \Vchsile: www.icrn.in, Enrnil 10: i n vcsto rs(a1icrni11cli;1.cn m

Segment informal'ion

			(Rupees in lnkhs)	(Rupees in lnkhs)	(Rupees in lnkhs)
S. No. Particul:1 rs	Quarter ended Qua rter cnrccl Qtrnrtcr ended Ytar ended 3 1 /03/2024 3 1 /1 2/21123 J 1 103/2023 3 I /113/2024 Aud ited Audited ( Refer nok 6 U n u u d ill'II ( R ll·1· note 6 A u clikd h{'low ) helim )				Year cu<lcd 3 1/113/2112. Aucli t L·d
( i) ( ii) ( i i i ) ( iv) Scgml·nt n•n·nue: (.1) Rnting. research and other services (b) Consulting scrviccs (c) Knowledge services (d) Markel dat. services Tot11 seemcnt revenue Less: l11Ler-segme111 revenul Tota l rcYenue Segment rcsulls: ( P rofit h<:fon· tax frnm lrCII Sl:gm(nt) (a) Ra1ing. res�.1rch and 01hcr services (b) Consulting s�rviccs (c) K11owlcdgc services (d) M,irket d:it:i services Tolal segment rcs1111s Less: finance costs Add: Unal locable income net o r unalloc.ible expenses P ro lil heforc tax Sc[mCn t HSSCts: ( :1 ) Raring, research and other services (b) Consul Ling scrv iiis ( c) K mnvledge fCrvices (c) M <ll'ket data scrvices (d Unallm:11blc Total SlJmrnt ass<'ts Sc1nu·11 1 l i:i hilirics: (a) Rating, rcs..:arch and 01htr s.rviccs (b) Consulting services (i:) Knowledge sirviils (c) Market d.11-1 services (e) Unallocable Tot,11 sc�ment liahilities	7. 1 97.28 89 1 .60 3.863 .64 469.92	6.594.9. 6.33().() \ 25 ,756.98 482.0 1 2 1 3.42 I .642.04 \9E I O 3,929.69 1 5.463.62 447.60 458.47 1,803.94			22.999.:·U 574. 1 8 1 5 .0 I 1 .55 1,82(,.J(,
	1 2,422.44	1 1 ,466.64 1 0 937.59		44,666.58	411,4 1 1 .92
	(25.99)	(8.09) (29.5 3)		_(55 _1 1)	(88.84)
	1 2.396.45		1 11,9118.06 1 ,X39.J2 R. I (, 1 ,656.59 25 .93	44,/,I 1 .47	411,323.08 5.860. 6 1 (23 1 .5 9 ) 7,479.43 200. 1 4
				6,793.56 (35 1 .64) 7 ,2 I J.4J I 02.63
	4,583. 1 1 2,772.57 ( 693 . 1 8 ) (2R5. 1 4 ) 2,322.66 1,585. 1 9		.,,530.00 (JJ . 1 1 ) 1,590.80	1 3.757.98 ( 1 .040.85) 7,2ML89	I J.3118.59 ( 1 4 1 .25) 4,954.40
	6,2 1 2.59 4.072.62 6.63 1 .24 6,258.68 6.098.6 1 5.900.65 4, I 90.2 1 2.204.6 I 873. I 9 728.49 I 011,989.59 99.749.47 1 1 8.782.84 1 1 4,84 1 .911 l -.1172.2.1 1 5 .IJ8 I . I S 7115. 1 X XOS.49 1 333,5 1 1 .426.82 52 1 .65 556.30 4,052.22 3 .604.03		5 1187.69	1 9,986.02 1 8. 1 2 1 .74
			5,777.20 490.28 4.525.94 7R7.-7 98.500.89 1 1 0,08 1 .(,8 I 2.�J 8.5➔ 296.49 1 .487.73 4-8. 1 8 ?7.9"	6,63 I .24 5.777.20 6,098 6 1 490.28 -. 1 90.2 1 4.525.94 87-1 1 9 7R7.37 I 00.989j9 9R.500.89 1 1 8,782.84 1 1 U.118 1 .68 1 4.1172.D 1 2 .:n�.s.i 705. 1 X 2%.4 9 ! ,333 . 5 1 1 .487.73 52 1 .65 438. 1 8 4,052.�2 27.92
	20,684.79 2 1 ,473.79		14 588.86	211,684.79 1 4,588.86

Tht! ahovc s1;1ternenl nf co11snlid�1tc:d audi1c:d t'inancinl r.::sults h�1ve been n.:viewcd hy the Audit Comm ittee and arproved by 1hc: Bn,1rd o/" Directors at i1s mc:c:ting held on May 23. 2024.

:=; The linam:ial results have been prepared in aet{lrd:mt:c \'ith rhc r1pplicablc m.:t.:ounting slandanls. as noti fied under the Companics ( lndi.in At:L:ounting S!itm!,m..ls) Rules. 20 1 5 c1rn.! as speL:i fied in Section l JJ of the Companies Acl, 20 I J .

The figures fOr t h e quarter cnde-d March. ns reported i 1 1 these consolidJted financial results, are the bnlancing figures between audited figures in respect of the ful l financinl year and 1he puhlished year to date figures upto the end or the third quaiter of the relevant linanci.il ye.ir. The figures upto the �nd of third quarter h:-id only been reviewed and not su bjcct to uudil.

The statutory mul itors o r the Company have carried out audit o r the t:onsolidate<l financial results for the qumicr and ycm ended Mnrch ] I, 2024. The audi1 report of the statutory nuditor is being fi led with the USE nncl Nmional Stock Exchange. For more detnils on consolidated financial resul ts, visil 'Investor Rebtions' section of our websile at www.icrJ.in and financiill n.:su lts under Corpornh.:s sc1..·tion of ww,,·.bseindin.com rmd ww\'.nscindia.com.

The l3l''-ml or Directors. at its nu.:ct ing hdd on May 23. 2024, has n:cu111mr.:11dcd a dividend l>f Rs. 40 per equity share 1d· 1hc faci.: vulur.: of Rs. 1 0 em.:h. l n add i t ion, the Bo,ml has recommended a special dividend o f Rs. (10 pr.::r equ i ty shart:. The !owl dividend reco111 1111 : nJed for the year is Rs. ! (JO per equity share for lhd financial yec,r endl'd Mr1 rch 1 1 , 202-1 . compared wilh Rs. l :rn per equity slrnre ( including special d ividt'11d o f Rs. 90 per equ ity shnre) for the previous yt 11'. The overa l l dividend pay-out for the yc�tr. including lhc spec.ial dividend. is Rs. 9(1.5 1 non:, compared tu Rs. 1 25.47 cron.: in the previous ycar. The propnsal is subjt:L:L tu thi..: approval of mcmbcrs ,1t the for1hco111i 11g A111nw ! Ci..:ncral Meeting.

On April 29. 2024. SEBl h.is gr tcd its approvri l for registration of Prag.:tti Dcvclop111cn1 Cllnsulting Services Limited, ;1 wlmlly owned subsid iary. as n Cntcgnry�I r::sc; R.it ing Provider ( E RP) under the SEBrs Credit Rating Agencies Regulations.

ICHA Limikd Corporate ldenlil[y ] Numhcr[{] CJN[)] : L749990L1991PLCfl427�9 ICRA Re[g] istered Office: B-710. Statesman l-lous(', 148, B:irnkhamha Road, New Dclhi-110001 • Tele[p] hone No.:+91-11-23357940 Website: www.icrn.in. Enrnil JD: investors@Jicrnindia.cnm

• 10 During the yenr enckci Mnrch 31. 2024. IC"RA Limited ('Comwmy') r�ceived a11 ;irhi1rril ;1ward in a c.i!--e brought hy nn e.'-t'mployt�e ag:1in:,;1 tile Company. Tht' Co111pnny h:1s fih.:d nn application bcf'orc the High Cn1rt of Di.:lhi chulk:ngi11g the arbi1r:d m\'anl �111d ;1lso fikd an applii..:atiu11 l'nr :,;lay oftlw ;.irhitr,d ,nv:ird until thl: disposill ufthl' appli1..:atinn. Without pre[j] udice 10 its righ1s. n:mcdics, ,rnd contclllions as av:. bble in h1w and[p] ending proceedin[g] s before the court, 1hc Com[p] :rny has n ..·cognizcd increment:1![p] rovision uf Rs. 815.90 h1khs in its books or:u:nn1111 for the[y] i.:ar ended Man:h JI. 2024. as a prct.:autiomt1[)] ' measure in line with tht.:[p] rim:i[p] k of i..:lmscn·atism.

• 11 During the[y] ear ended March 31, 2024, lht: Uroup, through its wholly owned subsidiary, ICRA Anal[y] tics Limi1ed[(] "IAL"[)] , acquired 60% equit[y ] shares in r>2K Technologi�s India Private Limited[(] "D]K"[) ] on November I 0. 2023 a[g] ainst[p] a[y] ment of Rs. 1,538.40 lakhs. As part of the acquisition. IAL has committed 10 bu[y] -out the balance 40% e[q] uit[y ] shares from the remainin[g ] shareholders on s[p] c1.:ificd d;1tt.!s in a manner sli[p] ula1i:d unc.li..·r the inwsum.:nt agn:cm(:nt. Acnmlingl[y] . the foir valul.! of balam:e consickration payable 1[(] 1 n.:maining sharchol<lcrs flf D2K has been rct.:o[g] niscd b[y ] the Grou[r ] as clcl"crrcd considcralion and 1hc ac[q] uisition has been ac.-counh:d as[r] a antici[p] atcd-ac[q] uisi1ion method. D2K is an established[p] rovider ur sonw.:ire solutions to banks and 01h�r financial institulions to meet regulmory comrlianccs. cnlr ce lhcir business processes, improve customer .icquisition and rct_;ntlon. and bt1ild robust nn:1l[y] 1ic:il[p] latforms.

==> picture [448 x 67] intentionally omitted <==

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

"· 0 i .
Ramnath Krishna �Ct:; ,: """"
Place: Mumbai • &'Grnup C.E.O.
Dale: Ma [y ] 23, 20]➔
----- End of picture text -----

Building No. 10, 12th Floor, Tower-C DLF Cyber City, Phase - II Gurugram - 122 002, India Tel +91 124 719 1000 Fax: +91 124 235 8613

BS R & Co. LLP

Chartered Accountants

lndeoendent Auditors Reoort

To the Board of Directors of ICRA Limited

Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of ICRA Limited (hereinafter referred to as the "Company") for the year ended 31 March 2024, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:

• a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

• b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information for the year ended 31 March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results 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 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 on the standalone annual financial results.

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and

Registered Office:

14th Floor, Central B Wing and No11h C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 3

8 SR & Co. (a partnership firm with Registration No. 8A61223) converted into BS R & Co. LLP (a Limited Liability Partnership with LLP Registration Na. AAB-8181) v.ith effect from October 14, 2013

BS R & Co. LLP

Independent Auditor's Report (Continued)

ICRA Limited

presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual financial results, the Management and the Board of Directors are 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.

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

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are 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 SAs 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 these standalone annual financial results.

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

• Identify and assess the risks of material misstatement of the standalone annual financial results, 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.

• 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 through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone annual financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors' 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 appropriateness of this assumption. 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 standalone annual financial results 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 standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent 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.

Page 2 of 3

BS R & Co. LLP

Independent Auditor's Report (Continued) ICRA Limited

Other Matter

• a. The standalone annual financial results include the results for the quarter ended 31 March 2024 being the balancing figure 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 B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022

==> picture [211 x 41] intentionally omitted <==

Manish Kapoor Partner

Gurugram 23 May 2024

Membership No.: 510688 U DIN: 24510688BKGEAS3428

Page 3 of 3

ICRA @

ICRA Limited Corporntr lclentit)' Number (CIN): L 74999DLI99I l'LC042749 Registered Office: B-710, Statesman I-louse, 148, Barakhamlrn Ro�1d, New Delhi-I 10001 Telephone No.:+91-11-23357940 \1/chsite: www.icra.in, Email 10: i11vcston,;(a-Jicrai11dia.com

STATEMENT OF STANDALONE AUDITED FINANCIAL R	ESULTS FOR TIE QUARTER AND YEAR ENDED MARCH 31, 2024
{Run(•cs in lakhs cxccnt share data S. No. Particulars l Rev�nui fr111 l1pc:ra1ions 11 Other income Ill Total inrome (1+11) Expenses IV Employee bene!it expenses V Finance costs VI Di:prcciation and amortisation expense VII Other expenses VIII Total expense., (IV to VII) IX Profit before t.x (Ill-VIII) Tax expense: Current tax Deferred tax X Tot:11 t:ix expense XI Profit after tax (IX-X) Other comprehensive income/ (los.5) A (i) Items th.it will nut be redassified to profit or loss (ii) l11co111e tax rela1i11.! to items th.t will not bt reclassilied lo prl�11 or loss 8 (i) Items that will be rccla. ificd to prulit or loss (ii) lnt:r e tax relating tu items that will be rec.lassifitd to proft or loss XII Othrr com1lrehensiv£• income/ (lo."s), net of income tax (A+B) XIII Tolal comprehensive income for the 1>crind (Xl+XII) XIV Paid u1. equily share rnpital (f'.1c! value: Rs. 10 pir share) XV Other C(Juity XVI Earnings per cquit�, share (Rs.) (Fa<c value of Rs. IO per shr1rc): Basic Dilutld Sec ,11comp<.111vin! nmes to lh! st,rda!one audik·d !im111cial resulLs.	, ncr share data and where otherwise stat'c) Quarter ended Quarter ended Quarter ended 31/03/2024 31/12/2023 31/03/2023 Audited Unaudited Audited (Refer note 5 (Refer noll' 5 hclow) hclow) 7.04Y.05 (1,435.6(1 6.1 X7.80 1.763.75 1.606.60 1.39129 8,812.80 8,042.26 7,579.09 3.475.02 4.150.28 3,164.24 44.04 270.42 12.8. 2 ! 9.26 208.85 190.95 %5.72 1.092.62 1.08(,.28 4,704.04 5,722.17 4,�74 . .0 4.108. 76 2,.120.09 J.1114.79 665.67 385. 19 448.74 86.5( (85.57) 241.31 752.23 299.62 690.05 J,356.5. 2 020.47 2414.74 (111.80) (),()6) (.125) 2.72 1.42 0.81 Year ended 31/03/2024 Auclikcl 25,124.01 9.()96.43 .4,220.44 14.521.05 .76.69 799.17 3.839.49 19.536.411 14.(,84.114 2,.57.46 I 0.82 2,368.28 12 315.76 (65.33) 16.44 Year cnckd 31/03/2023 Auclikd 22.253.79 6.556.S9 28,810.68 12,343.33 I J4.22 703.31) J.9 I 6 60 17,097.45 1171.1.2.1 1,904.95 215..18 2,120.33 9 592.90 (55.52) lJ.97
	(8.08) (4.24) (2.44) ..348.45 2 1116.2. 2412.JII 965.12 %5.12 965.12 3➔.�9 21.0I 25.11 3-l.8.1 21.01 25.11 (48.89) 12 2(,6.87 965.12 73.178J2 l�X.O 127.97 (41.55) 9 551..15 965. ! 2 72.o'J..48 t)l).7] 99.7:

ICRA @

ICRA Limited Corporntr Identity Number[(] Cl N[)] : L 74'!99DL 1991 PLCIJ42749 Rcgistcrl'd Office: B-710, Statesman House, 148, Barakhamha Road, New Oelhi-110001 Telephone No.:+91-11-23357940 \:Vehsilc: www.icra.in, Email ID: invcstors[(] 4[)] icraindia.com

Note.s:

Standnlonc St.itcml'nt of Assl'ts and Liabilities ,,sat March JI. 2024 is gi,·cn hclow:

Standnlonc St.itcml'nt of Asslts and Liabilities ,,sat March JI. 2024 is gi,·cn hclow:
	As al 3/31/2024 Audited 917.19 9.14.06 I I .X7 462.53 79.06 42.555.27 2 . .. 952.95 104.94 2, 15..00 44.7(, 48,218.07 (Rllpl'l'S in lal<hs) As al 31/03/2023 Audited 1.062.1 1 I ,2:X.00 393.1 J 12�_96 44.450.57 J.25 524.66 99 .. 12 1,629.96 4(,.(1.j 49,560.00
S. No. P,1rticulars A. ASSETS I Non-cuncnt assc1s (a) Properly, pbnt tmcl c"quipment {b) Right-of-use assets (c) Capital work-in-progr�s.s (d) ln1angihle assets (cl lnlangible :1ss-ts under dcvclopment ( l') Financial assets (i) Investments (ii) Loans (iii) Other fi1w11ci�1l �1ssc1s (g)Deferred tax assets(net) (h) Nun-current lax ,1ssl'IS (net) (i) Other 11011-1..:urrent assets Totiil 11011-currenr assets 2 Current nsscts (a) Fi11c111cial assel (i) l11veslllllillS (ii) Trade receivables (iii) C.1sh and cash equivalents (iv) Hank ba!�ml.�S other than (iii) ,,bove (v) Loam; (vi) Other financial assets ( b) 01 her current assets Total cur-rl'llf ,1sscts Total assets l EQUITY AND LIABILITIES I Equity _(n)_Equity share capi1nl (b) Oilier equity Tolnl (quily Liabilities No1H.·urrc11t li:1hililies (a) Fin,nH.:ial liabilities (i) Lease liabilities (b) Provisions Totnl 1011-current liabilities 3 Current liabilities (a) rinancial liabilities (i) Lease liabilities (ii) Trad\ p,1yah1L:s (A) Tot�ll outstanding due� or 111icn1 and small 1nLc1vrises (B) Tnrnl outstanding dues or creditors other than micro and sm;ill enterprises (iii) Othlr !inancial li11hili1ics (b) Other currem li11bilitie: (c) [>rovisions (d) Curn.111 tax liabilities (net) Total c11rre11(·liabilities Total liabilities To1al equity :rd liabili1ics
	25.672.32 2,309 .. 19 218.49 9 . .118.-16 0.80 37_:5 .17-12. 38,731.114 21.328.16 1,277.47 48.J.40 11,367.9] 2.48 .17. I 0 I .(1.3 7-l 35,5.11.28
	86,949.11 %5.12 7'. I 7X.3� 85,091.28 965.12 72.69'.4X
	74,14..44 7.,658.611
	684.70 93.15 777.85 3 J l).21 29.31 478.02 213.XlJ 6,9]-.6- 4,052.42 0J. 12,027.82 12,805.67 86,949.11 995.82 90.97 1,1186.79 2(9.JX 11.49 545.99 29-.lJX (,.298.21 2.895.51 0.13 I 0,.45.89 11,432.68 85,091.28

ICRA @

ICRA Limited Corporate Identity Number (CIN): L74999DLl991 PLC042749 Re�istcred Office: B-710. St,1tcsman House, 148, Barakhamha Road, New Dl[1] lhi-l l000I Telephone No.:+91-11-23357940 \Vchsite: www.icra.in, Email ID: invcslnrs(a!krnindia.com

Standalone Stalcmcnt of Cash Flows for f'hc �'C:1r cncl(>d Murch� l, 2024:

S. No. Parlkulars A. Cash flow from operating :1ctivitics Proft before tax Adjustments for: Depreci:1tion .ind :1111ortis:11io11 expcnse Loss allowance (including bad clt.:b(s/ advances writte11 ort) lnrcrcst on kasc liabili1ics Slrri..� based pavrcm expenses Long term individual payout fm1ded throu.t!l1 Trust Interest income on fxed deposits Interest income on investments cc1rricd al amortised cost Interest inl.ome on sccurity deposits C'1rried ;_11 ;1111ortised cos\ Gain 011 linancial �1ssels carried :H r,1ir value through profit 1111d loss ('FVTPL') (net) Gain 011 sale of financial assets carried at FVTPL (net) Advances received from customers written back Dividend fn1m subsidiary company (Pro lit)/ loss on snle or properly. pla11L and equip111e11t (11eL) Provision fr impairment loss on investment in subsidiary company B,id debts recovered Opcratill! cash llow befon.· chant<'S in 01>crati11! assets and liahilifit•s Adjus1111lnts for ch,111!es in 01H.•.-ati11g :issets and liabilities (lncn:.ise)/ deL:reasc in trad( receivables (lncre<1se)/ decrease in loans (lncre,ise)/ decre;1se in other fimrcial assets ( Increase)/decrcnsc in other assets lr.:rcase/ (decrc;_ise) in trade payables lncrc,1sd (decrease) in other financial liabilities lncrc,1sc/ (dccn.asc) in oth(r liabilities Increase/ (ckcrc;isc) in provisions Cash !l'nenirctl from n1>cnitio11s hcforc tax Taxes paid,11c1 or refund NL•1 c.ish gcncrted rrm opcnilin! ,1c1ivities (A) B. Clsh flow from investin2 activities Acquisil ion or propc11y, phint and equipment and intangible assets Proceeds (i·om s;1)c of property. plant m1d equipment and intnngiblc assets lnv1s1me11l in mtnual funds Prceeds from redemption/ clispos:l or mutual funds Redemption or corpor1c dcp0sits (net) lnvcstmcnt in suhsidinry lntercst received 011 invcst111�111s (lncrc;1se)/ decrease in fixed depn:its (having lllilllrity 0fmorc th:r three momhs) (net) lntcrc:t rccci,·cd on fixed dcpo:ils Dividcnd received from subsidiary comptiny Net cash �cncrated from invcstint ;Jctivities (B) C. Clish flow fro111 J'innncinl ;iclivilics P11yrcnt ofli1�c li,1bilitii.s lnlcn.:st paid 011 lease li:1bili1ic! DividcnJ paid Increase/ (dicrcasc) in unclaimed dividend Net cash used in financinu activities (C) Ncl increase/ (decrcnse) in cash and cash cquivnlenls (A+B+C) Add: Cash :ind c,ish equivalc111s r1L the beginning of the year C:lsh and rsh C'quivalc.nts at th<•end of the vcar

ICRA @

ICIU Limiled Corporate ldcntil)' Number ( C I N ) : L74999D L 1 99 1 PLC:1142749 Registered Office: 8-7 1 0. Statesman House, 1 48, Ba raklrn mha Road, N<.·w D<.'lhi- 1 JO00 I Telephone No.:+9 1 - 1 1 -21357940 \Vehsilc: www.icra.in1 Email ID: invcsl ors(a) .com icrnindia

• The above statement of standalone audited fi11a11cial results have been reviewed by the Audit Co1nmillcc and approved by the Board of Directors at its meeting held on May 2:; , 202-1.

• 4 The financia l rcsuhs have been prepared in accordm,cc with the applicable .iccounting_ standards, as 110tificd under the Companies ( Jndim1 Accounting Stimdards) Rules, 20 1 5 and as specified in Section l .13 of the ('omp;:inics Act, 20 1 3 . The ligures for the quarter ended March, �1s r�ported in Lhe:-e standalone f-inancial results, ,ire the b�ilancing figures betWt't:11 ;iuditt:d figures in resp�ct o f t h e full li mmci:l l year ,md au<l!L. thl' publ ished year to dale ligures upto Lhc end o l' l ht'. Lh ir<l qui.lrter o f Lhe relevant tinancial year. The figures up!o Lhc end of lhird quarter had only been reviewed an<l 1101 subject to

• 6 The st;n utory aud itors or tht: Comp.i ny lwve c:11-ried out audit ur the st:mdak111e rirn1m:i,i l results for the qu;-irkr and year �nded M;1rch J I , 2024. The ;-rndit report of the statutory auditor is being filed with the 8 S E and N.ilinni. Stock Exclrnngc. For more details on slandalcrne financial re:,;ults. visit 'l nvcs\or Rebtions' section of our websi te at www. icra.in ;111c\ li nancial results under Corporates st!ction o1' www.bsci11clia.com and ww,v. 11seindia.corn. The Board nf Directors, ;,ll its meeting: held on May 23, 2024. has recommended 11 dividend of Rs. 40 per equity share of the face value of Rs. IO e,ich. In add ition, 1hc Bou rd lws recommended ,1 special dividend of Rs. 60 per equity slwre. The toui l dividend recommended for the yem is Rs. I 00 per equity share for the financial year ended M:irch 3 1 , 2024, comparl:'d with Rs. 1 30 per equity share (including speeic1l dividend 0f Rs. 90 per t:quity share) for the prev ious year. The overall dividend pay�out for the year, includ ing the special dividend, is Rs. 96.5 1 crore, cornpt1red to Rs. 1 25.47 crore in the previous year. The proposal is subjec1 to the npprnvnl of members at the fonhcnmi11g Annunl General lvkcting. - nded M urch

• Ol hi.:'r im:ome f1.1r the year :� I . 2 02➔ indudes dividrnd incomt.' of Rs. 2 . I, 2023 : R�. 2,68(1 ).:9 lakhs) from ICRA J\nalytics Limitl'd, ,1 whol ly�ownL'd subsidi,1ry ol' thc Cnrnpany.

• 9 During the yc<ll' ended Mnrch 3 1 , 2024. ICRA Limited ('Company') received an arbitral .iwarcl in a case brought by an ex-employee against the Company. The Company has ti led an application before the H igh Court nf Delhi chal lenging the arbitra! award and a lso ti led an appl icalion For st.iy or lhc arbitral award unti! the d isposal of the application. Without prejud ice to its rights, remedies. and contenlions as available in law und pend ing proceed ings before the court, Lhe Company has recogn ized incremental provision o r Rs. 8 1 5.90 lakhs in its books of necount for the year ended March 3 1 . 2024. as a precautionary measure in line with 1he pri11ciplt! o f conservatism.

• l 0 The oper�1li 11g segment has been defined based on Tilt' Company's bus iness m;Livity fol ls within a si ngle prim:uy opc:rating segment viz. "Rat i11g, res.:;1 rch anti olha services regular review by ! hi .[.. ] · Compa11y·s Chi1;:,f" Operating Decisitin M,1ker 10 assess rhe pcrform;mc.: (\ r the Cnntpany .ind 10 nrn kL" decisions abour al loc,1tin11 of resnurces. The Co111p,rny

• remh::rs it:-. s.:rvic:cs 10 customers lorn1ed in I ndia and does not have any operat ions in economic environment with d i fferent risks and returns. Hence, it i:- cnnsiderl!d as operal ing in ;1 single gc0gn1phicnl scg111cn1.

P lace: Mumbai Date: May 2J , 2024

13y (�t�· of' the 13ucll'(I n i' Di reclors t\l<� Rnmn;lth Krishr 1 • / Man:iging Dir or & Group C. E.O. ( DIN: 093 4 1 )

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ICRA

ICRA Limited

May 23, 2024

BSE Limited

Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 00 I, India Scrip Code: 532835

National Stock Exchange of India Limited

Exchange Plaza, Plot no. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai - 400 051, India Symbol: ICRA

Dear Sir/Madam,

Sub.: - Declaration pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 33(3)(d) of the Securities and Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") read with SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, I, hereby declare that the Statutory Auditors of ICRA Limited (the "Company"), BS R & Co. LLP, Chartered Accountants, (FRN:101248W/W-100022) ("Statutory Auditors"), have issued Audit Reports with unmodified opinion on the Audited Financial Results of the Company (Standalone & Consolidated) for the quarter and year ended March 31, 2024.

Sincerely,

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(Venkate h Viswanathan) Group C • ef Financial Officer

Electric Mansion, 3'd Floor Appasaheb Marathe Marg Prabhadevi, Mumbai-400025

Tel. : +91.22.61693300 CIN: L74999DL1991PLC042749

Website : www.icra.in Email : info@icraindia.com Helpdesk: +91.9354738909

Registered Office : B - 710, Statesman House, 148, Barakhamba Road, New Delhi - 110001. Tel. : +91.11.23357940-41

RATING • RESEARCH • INFORMATION 162405

ICRA I Details required in reference to SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPODI/P/CIR/2023/172 dated October 19, 2023, fr the financial year ended March 31, 2024

October	19, 2023, fr the financial year ended March 31, 2024
S. No.	Particulars	Details
I	Outstanding Qualifed Borrowings at the start of the fnancial year (Rs. In Crores)	Nil
2	Outstanding Qualifed Borrowings at the end of the fnancial year (Rs. In Crores) Nil
3	Highest credit rating of the company Not Applicable
4	Incremental borrowing done during the year (qualified borrowing) (Rs. In Crores) Nil
5	Borrowings by way of issuance of debt securities during the year (Rs. In Crores) Nil