ICRA Limited — Earnings Release 2025

Jul 23, 2024

ICRA

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ICRA Limited

July 23, 2024

BSE Limited

Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001, 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: - Press release on the unaudited financial results

Pursuant to the applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, ("Listing Regulations"), please find enclosed a press release on the unaudited financial results (standalone and consolidated) of ICRA Limited for the quarter ended June 30, 2024.

Kindly take the above on record.

Regards,

Sincerely,

SYED SHAKEB Digitally signed by SYED SHAKEB RAHMAN RAHMAN Date: 2024.07.23 12:28:35 +05'30'

(S. Shakeb Rahman) Company Secretary & Compliance Officer

Encl.: As above

Website : www.icrawww.icra .in in Email : info@icraindia.com Helpdesk: +91.9354738909 : +91.9354738909 +91.9354738909 91.9354738909 .9354738909 9354738909

Building No . 8, 2 [nd ] Floor , Tower A Tel. : +91.124.4545300 Website : www.icrawww.icra .in in DLF Cyber City , Phase II GIN : L74999DL 1991 PLC 042749 Email Gurugram - 122002, Haryana Helpdesk: +91.9354738909 : +91.9354738909 +91.9354738909 91.9354738909 .9354738909 9354738909 Registered Office : B - 710, Statesman House, 148, Barakhamba Road, New Delhi - 110001. Tel. : +91.11.23357940-.41

RAT I N(G • RESEARCH • INFORMATION <' j[1 ][ntas ] 1[. .]

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Ql FY2025 RESULTS PRESS RELEASE July 23, 2024

Revenue from operations Ql FY2025 up by 11.8% Profit after tax {PAT) Ql FY2025 Rs. 35.9 Cr

Gurugram: ICRA Limited announced its results for the first quarter ended June 30, 2024, on July 23[rd] , 2024.

Consolidated revenue from operations increased by 11.8% to Rs. 114.8 crore for the first quarter ended June 30, 2024, compared to Rs. 102.7 crore in the corresponding quarter of the previous year. The Profit after tax {PAT) for the quarter was Rs. 35.9 crore compared to Rs. 40.6 crore in the corresponding quarter of the previous year.

Commenting on the results, Mr Ramnath Krishnan, MD, and Group CEO, ICRA Limited, said: "ICRA's businesses showed strong resilience and grew in the first quarter despite a transient dip in the economic activities due to general elections and uneven progress of the monsoon. As we embark on our new business on ESG ratings and integrate the recently acquired D2K Technologies, we remain confident that these initiatives will enhance our value proposition and drive sustainable growth."

During Ql FY2025, ICRA published 136 informative industry reports and hosted nine webinars focusing on specific sectors. ICRA's spokespersons took part as panellists, keynote speakers, and thought leaders in 18 industry events.

In June 2024, ICRA and Moody's co-hosted the "India Credit Conference Sustaining the Momentum" in Mumbai. During the event, experts from Moody's, ICRA, and diverse industries engaged in panel discussions on topics such as Macro and Fiscal Outlook, Infrastructure, Corporate, and Sustainability Finance. The conference was attended by a varied audience, including industry delegates, thought leaders, financial institution representatives, and media professionals.

We expect the Gross Domestic Product (GDP) growth to print below 6.5% in the first half of this fiscal, before improving to 7.1-7.2% in H2 FY2025, aided by back-ended Government capex, a likely pick-up in private capex, and improved rural demand if the rest of the monsoon season turns out to be favourable. Overall, ICRA expects the Gross Value Added (GVA) and GDP growth at 6.5% and 6.8%, respectively, for FY2025.

Ratings revenue growth for the quarter up by 8.9%

In Ql FY2025, the credit market was muted with a sharp dip of 35.1% y-o-y in bond issuances with the NBFC segment seeing a sharp dip of 39.1% y-o-y on a high base of corresponding quarter of the previous year (Ql FY2024). Tight liquidity and slow deposit growth had some impact on the bank credit growth though it continued to grow on a high base of last year. Commercial Paper outstanding grew on a sequential basis signifying higher working capital requirement by corporates. The structured finance market found support as NBFCs faced restricted funding from Banks and the latter too sold pools of assets to substitute for the sluggish deposit growth. ICRA's revenue growth reflects these trends as the headwinds in the bonds segment were offset by growth in securitisation and bank credit.

Analytics revenue growth for the quarter up by 16.0%

ICRA Analytics revenue in Ql FY2025 was driven by growth across all businesses. The revenue growth was also supported by the impact of consolidation of D2K Technologies, which showed a healthy performance on the back of a growing market for risk solutions in Banking. IAL's newly launched Customized Research Business was able to pick up marquee assignments during the quarter, while in the Market Data vertical, the collaborations with leading global data service providers for valuation services saw significant expansion.

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks, and financial services companies as an independent and professional investment Information and Credit Rating Agency. Today, ICRA and its subsidiaries together form the ICRA

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www.icra.in

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Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. T International Credit Rating Agency Moody's Investors Service is ICRA's largest shareholder.

Managing Direct

For further information, please contact: Venkatesh Viswanathan Group Chief Financial Officer

Naznin Prodhani Head Group Media & Communications Email: naznin.prodhani@icraindia.com Tel:+ (91124) 4545300

• © Copyright, 2024 ICRA Limited. All Rights Reserved.

All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies, while publishing or otherwise disseminating other reports may have presented data, analyses and/or opinions that may be inconsistent with the data, analyses and/or opinions presented in this publication. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

Disclaimer:

This Press Release is being 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 ICRA Limited. However, ICRA Limited alone has the sole right of distribution of its Press Releases for consideration or otherwise through any media including, but not limited to, websites and portals.

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