ICRA Limited — Earnings Release 2025

Oct 25, 2024

ICRA I

ICRA Limited

October 25, 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 second quarter and half year ended September 30, 2024.

Kindly take the above on record.

Regards,

Sincerely,

SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN RAHMAN Date: 2024.10.25 16:21:35 +05'30' (S. Shakeb Rahman) Company Secretary & Compliance Officer

Encl.: As above

Electric Mansion, 3 [rd ] Floor Appasaheb Marathe Marg Prabhadevi, Mumbai-400025

Tel. : +91.22.61693300 GIN: 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 • I N F O R MAT I O:N 162575

ICRA I

==> picture [34 x 31] intentionally omitted <==

==> picture [357 x 19] intentionally omitted <==

Q2 FY2025 RESULTS PRESS RELEASE

October 25, 2024

Revenue from operations Q2 FV2025 up by 20.2%, Hl FV2025 up by 16.0% Profit before tax (PBT) Q2 FY2025 up by 20.5%; Hl FY2025 up by 7.4%

Mumbai: ICRA Limited announced its results for the second quarter and half year ended September 30, 2024, on October 25'\ 2024.

Consolidated revenue from operations increased 20.2% to Rs. 126.1 crore for the second quarter ended September 2024, compared to Rs. 104.9 crore in the corresponding quarter of the previous year. The PBT increased 20.5% to Rs. 57.0 crore from Rs. 47.3 crore in the corresponding quarter of the previous year.

Consolidated revenue from operations increased 16.0% to Rs. 240.9 crore for the half year ended September 2024, compared to Rs. 207.6 crore in the corresponding previous year. The PBT for the half year ended September 2024 increased 7.4% to Rs. 104.2 crore from Rs. 97.0 crore in the corresponding previous year.

Commenting on the results, Mr Ramnath Krishnan, MD, and Group CEO, ICRA Limited, said: "ICRA's ratings businesses showed strong growth supported by a buoyant bond market in Q2 FY2025. ICRA announced its first ESG rating in the quarter and we are very excited for the opportunity this space provides us to work towards a sustainable future. Research & Analytics segment growth was robust in line with our focus on growing the domestic business and acquisition of D2K Technologies."

In Q2 FY2025, ICRA demonstrated its commitment to high-impact research, thought leadership, and industry collaboration through targeted outreach initiatives. It hosted 11 webinars, participated in 34 key industry events, and published 162 in-depth research reports, reinforcing its commitment to delivering valuable insights and credit analysis.

In September 2024, ICRA held its 2nd Annual Market Outreach on Sustainability in New Delhi, where experts from the Renewable Energy, Electric Vehicle industries and ICRA discussed key trends and challenges, including ESG ratings and sustainable financing. The event attracted a diverse audience of industry leaders, financial institutions, and media professionals.

We expect the Gross Domestic Product (GDP) growth to ease slightly in Q2 FY2025 from 6.7% in Ql FY2025, before improving to 7.2-7.3% in H2 FY2025, aided by back-ended Government capex, a likely pick-up in private capex, and improved rural demand amid some escalation in geopolitical risks. At present, ICRA expects the Gross Value Added (GVA) and GDP growth at 6.8% and 7.0%, respectively, for FY2025

Ratings revenue growh for the quarter up by 24.1%; Half-year up by 16.6%

In Q2 FY2025, bond issuances surged 65% year-on-year, driven by Bank and NBFC issuances, bringing Hl FY2025 growth to a modest 5%. Despite industry demand in Q2 FY2025, overall bank credit remained sluggish in Hl FY2025, with NBFC credit constrained by higher risk weights. The NBFCs fuelled their growth through bond issuances and securitisation. Ongoing deposit mobilisation challenges may limit banks' credit growth and keep loans costlier than bonds till the situation normalises.

Research & Analvic revenue growh for the quarer up by 15.2%; Half-year up by 15.6%

Revenue growth was driven by acquisition of D2K Technologies and increased market appetite for risk products, solutions and collaborations with global data providers. The global business continues to show tepid growth as clients gear up for automation and efficiencies.

About ICRA Limited:

ICRA Limited is leading credit rating agency in India, and along with its subsidiaries is a preferred partner in providing best in class and indepen nt research and analytics solutions. ICRA is o Public Limited Company, with its shares listed on the Bombay Stock Exchange and the Nat al St k Exchange. The International Credit Rating Agency Moody's Investors Service is JCRA 's largest shareholder � 'J r; le:?: Ramnat�n Managing Directo r and Group CEO

==> picture [164 x 35] intentionally omitted <==

www.icra.in

ICRA I

II

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.

Click on the icon to visit our social media profiles.

==> picture [94 x 21] intentionally omitted <==

==> picture [110 x 36] intentionally omitted <==

www.icra.in