#1Q3 2023 Analyst Presentation November 2023 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#2Disclaimer / Safe harbor This presentation has been prepared solely as a concise update of the 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. 2 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#3Agenda 600 1. CRISIL overview 2. Business environment 3. Performance update 4. Financials 5. Segment performance 6. Thought leadership 7. Corporate social responsibility 3 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#4CRISIL overview We accelerate progress by providing intelligence, benchmarks, analytics and transformative solutions essential for organisations to make decisions with conviction Ratings Services Ratings Services India's premier ratings agency having rated 35,000+ large and medium-scale entities Global Analytical Centre Research and analytics partner for S&P Global Research, Analytics & Solutions Global Research & Risk Solutions Leading provider of risk, data analytics, ESG and climate risk integration, and bespoke research services to world's leading banks, asset managers and other financial institutions Global Benchmarking Analytics Foremost provider of strategic benchmarking, analytics and insights to 300+ clients in global financial services Market Intelligence & Analytics India's leading provider of research, consulting (infrastructure, energy, public finance and sustainability), risk, data & analytics, and training solutions Serving 90% of India's banking industry by asset base 4 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#5Global presence 4,700+ employees globally - 40+ nationalities across 12 countries; ~39% women employees USA New York, NY Stamford, CT UK London Poland Wroclaw China Hangzhou Hong Kong Switzerland Mühlebachstrasse UAE Dubai Japan Tokyo India Singapore Mumbai (HQ) Ahmedabad Gurugram Pune Chennai Hyderabad Bengaluru Kolkata Argentina Buenos Aires Great Place To WorkⓇ Certified OCT 2023 OCT 2024 INDIA Certified 'Great Place to Work' in India for 4th year in a row and recognized as 'Top 100 India's 'Best Workplace for Women' AVTAR The Fowar of Diversity 100 BEST HALL OF FAME BEST COMPANIES FOR WOMEN INDIA 2022 5 YEARS IN 100 BEST Australia Sydney & seramount of EAR Chartis RiskTech100 2024 'Model validation' category winner for 2nd year in a row Ranked in top 50 risk and compliance technology and service providers National CSR Award, 2020 Category 'Corporate Awards for Excellence in CSR' LO 5 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#6Agenda 600 1. CRISIL overview 2. Business environment 3. Performance update 4. Financials 5. Segment performance 6. Thought leadership 7. Corporate social responsibility CO 6 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#7Macroeconomic indicators Indicator FY2023 FY2024F FY2025F GDP (y-o-y %) 7.2* 6.0 6.9 10-year government bond yield (%, March average) 7.4 7.0 6.8 Fiscal deficit (% of GDP) 6.4 5.9 Exchange rate (Re/$, March) 82.3 83.0 83.5 India Consumer Price Index-based inflation (%) 6.7 5.5 4.4 Repo rate (%, March-end) 6.5 6.5 5.5 Credit growth - Banks + NBFCs (%) 15 13-15 Corporate revenue growth rate (%) 13-15 10-12 ~13-15 8-10 Indicator CY2022 CY2023F CY2024F World GDP (y-o-y %) 3.5 3.1 2.8 US GDP (y-o-y %) 2.1 2.3 1.3 Global Eurozone (Euro area 19) (y-o-y %) 3.3 0.6 0.9 China GDP (y-o-y %) 3.0 4.8 4.4 *Provisional estimate Note: F-Forecast Source: NSO, RBI, Budget documents, Ministry of Finance, CRISIL, World Bank Numbers rounded off to first decimal 7 FY represents the financial year (Apr-Mar period) CY represents the calendar year (Jan-Dec period) CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#8Key trends in macro and business environment Hv Slowing macroeconomic outlook in US & Europe and geopolitical uncertainties Large global banks weathered adverse scenarios. in 2023 stress tests Slowdown in discretionary spending by global financial institutions Global Medium-term prospects for India remain healthy with infrastructure spending the key driver India 8 ---- ------ مدا ------ ་----- ---- Global banks continue to focus on growth, regulatory spends and business transformation Sustained activity in private markets Rapid advancement of emerging technologies such as generative Al Domestic demand resilient despite headwinds from slowing exports and elevated interest rates © 2023 CRISIL Ltd. All rights reserved. CRISIL An S&P Global Company#9Agenda 600 1. CRISIL overview 2. Business environment 3. Performance update 4. Financials 5. Segment performance 6. Thought leadership 7. Corporate social responsibility 9 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#10Highlights of Q3 and 9M 2023 business performance 7.7% Q3 2023 14.1% 1 9M 2023 Income from operations 6.1% Q3 2023 10.0% 9M 2023 PBT Ratings Services delivered revenue growth driven by investor preference for best-in- class ratings Research, Analytics and Solutions segment saw momentum across credit lending, regulatory change, risk solutions and research and consulting offerings, even as a slowdown in discretionary spending by global financial institutions had an impact Continued focus on client centricity and developing solutions through high-quality talent, domain-led IP and digital transformation Completed acquisition of Bridge To India Energy Private Limited, a renewable energy consulting and knowledge services provider Hosted flagship event 'Annual Infrastructure Summit' and sectoral webinars in India. Globally published whitepapers and reports on key topical themes such as sustainability, private markets, Basel III, the power of Al in asset management CRISIL Foundation expanded its outreach to 1.75 lakh+ rural community members in Assam and Rajasthan under its flagship ‘Mein Pragati' programme 10 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#11Agenda bol 1. CRISIL overview 2. Business environment 3. Performance update 4. Financials 5. Segment performance 6. Thought leadership 7. Corporate social responsibility 11 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#12Financial performance for Q3 and 9M 2023 crore Income from operations 683.0 +7.7% Q3 2022 1,946.5 735.9 Profit before tax crore crore 188.8 Q3 2023 Q3 2022 +14.1% 2,221.8 9M 2022 9M 2023 +6.1% Profit after tax +2.8% 200.3 147.9 152.0 Q3 2023 Q3 2022 Q3 2023 +10.3% +10.0% 535.4 588.9 9M 2022 9M 2023 9M 2022 9M 2023 406.4 448.3 Interim dividend of 11 per share declared in Q3 2023 Q3 2023 earnings include foreign exchange gain of Rs 13.3 crore (Rs 2.6 crore YTD 2023), compared with Rs 48.3 crore in Q3 2022 (Rs 82.3 crore YTD 2022). The previous year's results include foreign exchange gain of Rs 19.5 crore from revaluation of subsidiary loan in Q3 2022 (Rs 35.4 crore YTD 2022) Note: Numbers rounded off to first decimal 12 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#13Agenda Kol 1. CRISIL overview 2. Business environment 3. Performance update 4. Financials 5. Segment performance - Ratings Services 6. Thought leadership 7. Corporate social responsibility 13 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#14Corporate bond issuances decline in Q3 after several quarters due to elevated yields; softer growth of wholesale credit amid higher rates Bond issuance quantum ( billion) -35% 25.0% 2,961 3,000 2,629 2,000 20.0% 1.937 15.0% 1,000 10.0% 0 5.0% Q1 2023 Q2 2023 Q3 2023 0.0% No of Issuers ~360 -330 ~360 Source: Prime Database, RBI *Data may get revised by Prime Database 14 Jan-20 May-20 Jul-20 Nov-20 Mar-20 20-Sep Credit Growth Jan-21 Mar-21 May-21 Jul-21 Credit growth (%) Wholesale Credit Growth Sep-21 Nov-21 Jan-22 Mar-22 Jul-22 May-22 Sep-22 Nov-22 Retail Credit Growth Jan-23 Mar-23 Jul-23 Sep-23 May-23 CRISIL An S&P Global Company 18.2% 15.3% 13.9% © 2023 CRISIL Ltd. All rights reserved.#15---- Ratings Services performance highlights -----་་ ------ • Financials Particulars (cr) Q3 2022 Q3 2023 Growth Particulars (cr) 9M 2022 9M 2023 Growth Income from 170.2 185.6 9.1% operations Income from operations 486.2 562.8 15.8% Segment profit 69.8 80.9 15.9% Segment profit 207.4 248.4 19.8% Margin 41.0% 43.6% Margin 42.7% 44.1% Business update CRISIL Ratings maintained leadership in corporate bond ratings given investor preference for best-in-class ratings. Overall, revenue was up 12.1 % on-year in the quarter Global Analytical Centre (GAC) increased support to S&P Global Ratings across surveillance and in new areas CRISIL Ratings launched its 1st edition of the Annual Infrastructure Summit, titled 'Revving roads and renewables' and hosted webinars covering sectors such as data centres, organized retail, pharmaceuticals, power, steel, and trends in credit quality Note: Numbers rounded off to first decimal 15 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#16Agenda Kol 1. CRISIL overview 2. Business environment 3. Performance update 4. Financials 5. Segment performance - Research, Analytics & Solutions 6. Thought leadership 7. Corporate social responsibility 16 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#17Well-capitalized banks, continued growth in asset inflows drive growth in Indian financial sector Indian banking sector gross NPAs 9.0% 8.5% India mutual funds AUM* '000 crore 4,769 4,377 7.4% 4,085 4,113 3,864 5.9% 2,993 2,687 3.9% 3.6% -3.7% FY19 Source: CRISIL FY20 FY21 FY22 FY23 FY24 P 2021 2019 2020 2022 *Average AUM for the Quarter; Source: AMFI Q1 2023 Q2 2023 Q3 2023 Focus on profitability of global banks impacting discretionary spends $ billion 600 500 400 300 200 100 0 2018 2019 Global CIB revenue pools 2020 2021 2022 Global CIB return on equity 20% 15% 10% 5% IIII 0% 2023 F 2018 2019 2020 2021 2022 2023F CIB: Corporate and Investment Bank; ROE calculated based on Coalition Index Universe Revenues Pools analysis includes revenues from all Institutional Clients and Corporates with annual sales turnover > $ 1.5bn. Above analysis is as per Coalition Standard Taxonomy Source: Coalition Proprietary Analytics; Coalition Greenwich Proprietary data 17 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#18Research, Analytics & Solutions performance highlights Financials Particulars (cr) Q3 2022 Q3 2023 Growth Particulars (cr) 9M 2022 9M 2023 Growth Income from 512.8 550.3 7.3% operations Income from operations 1,460.2 1,659.0 13.6% Segment profit 97.5 111.7 14.6% Segment profit 313.0 327.2 4.5% Margin 19.0% 20.3% Margin 21.4% 19.7% Business update • • • Global Research & Risk Solutions (GR&RS) witnessed traction for credit lending and regulatory change solutions Global Benchmarking Analytics (GBA) saw the impact of slowdown in discretionary spending by global financial institutions Market Intelligence & Analytics (MI&A) saw momentum in its Credit and Risk, and Research and Consulting offerings MI&A organized webinars on the cement and textiles sectors, conducted a 'Meet the Expert - ESG Series' Global businesses published whitepapers and other reports covering topical themes such as banking architecture, sustainability, private markets, Basel III, FX dealer platforms, bond markets and treasury bills, power of Al in asset management, digital channels Note: Numbers rounded off to first decimal 18 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#19Agenda 600 1. CRISIL overview 2. Business environment 3. Performance update 4. Financials 5. Segment performance 6. Thought leadership 7. Corporate social responsibility 19 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#20Thought leadership CRISIL Ratings CRIGIL CRISIL Ratings Annual Infrastructure Summit "Reving roads and renewables" 6 National Summe Corporate Bond Market Cab Styles CRISIL Ratings CRISIL Ratings' 1st edition of Annual Infrastructure Summit Global Research CRISIL & Risk Solutions An S&Pabal Company CRISIL participated as a panel sponsor at Asia Risk Congress 2023 28 Sep 2023 | Singapore ahead of ahead o CREE CRIGIL St ad of Risks, Stad of the Game Resilient ASSOCHAM 6th National Summit & Awards Corporate Bond Market Penal Biscussion thing the Next Wown at Grewth for Nomstsaferers and financiers" Global Research & Risk Scations CRISIL GUEST COLUMN SHISHNAN SAMAN SUB MAYAMAN Banks' retail book quality needs to be monitored Climate risk regulation in Asia-Pacific لال الا الله ل ck entspranuts ir pollice. huy will do quint buk para oap an Clob Crampared pearsan Alse.the 20 purun.resalon growin peace 1922 Jewels veselareliced dwth pr arp wwwsawrhane wstec palonegro amery a 25 prasm Credendu 25pwww day swangerepal terhot see cafanahla wth diezzererary pending.hin hoang kuns the large can and us acully domin Acc vad padhal CEA CEAT In FY21m2puren. In 15 Glu . . CEAT Moderation at Indian Tractor Of The Year Awards, 2023 Coalition Greenwich A division of CRISIL 03 2023 Asia Risk Congress 2023, Singapore Fintechs playing a seminal role in India's inclusion journey There has been innovation in customer sourcing as well, such as the use of marketplaces- food delivery and e-commerce platforms, payment interfaces and others-for obtaining unstructured information of individual transaction behaviour. This has become a handy proxy to evaluate the credit needs and worthiness of under-banked individuals Greenwich Commercial Lending Market Insight Banks Compete for Deposits and Holistic Customer Relationships Benefits BURK BLALINIS PENSIONS LIMERS IN LAHERI WILL BRINER CONILNI BALL SU Anet quality Rek Selec CRISIL Fed's Basel III Endgame proposal vs BCBS Basel III Quck comparison Market risk framework NDIA OUTLOOK M Banic competition for deposits appears to be influencing pricing decisions made by bankers CFR spreads on floating rate commercial loana full in G2 2023 to the lowest point since the start of 2022. 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Ja 1 let vires or, oft as a leand 10 mal it: nnze i dane Axia reve * 5 www has a mi เดบบ 4. Curta hman min inte. Wall Street Dealers Are Increasingly Middlemen, Coalition Greenwich Says September 19, 2023 Bloomberg: Wall Street dealers are holding significantly fewer bonds on their balance sheets while trading more of the securities, as technological advances and regulatory changes transform their role in the U.S. government and corporate debt... Enhancing Investment Consultant Relationships in Asset Management Greenwich Report July 18, 2023 By: Mark Buckley Has the practice of engaging investment consultants changed in recent years or do the same tried-and-tested principles still apply? Are there different strategies and tactics that managers should now be employing to maximize relationships HE Emerging Trends in Sustainable Investing Greenwich Report September 28, 2023 By: Todd Glickson Sustainable investing is moving into a new and more mature phase. In Europe and North America, many institutions now have more than a decade's experience with sustainable investments. Because of this experience, a set of trends and best practices is... Behind the Market Structure: Chris Concannon, CEO, MarketAxess Greenwich Webinar Complimentary September 2023 Presenter(s): Kevin McPartland Kevin McPartland, Head of Market Structure & Technology Research at Coalition Greenwich and Chris Concannon, CEO, MarketAxess discuss the next phase of electronification in the fixed-income market. Corporate Finance Forum: Navigating Supply Chain Finance in a Digital World Greenwich Webinar Complimentary September 2023 Presenter(s): Tobias (Toby) Miarka Join Coalition Greenwich for a virtual panel discussion as we bring together corporate treasury professionals and top industry practitioners to discuss the rethinking of suppl chains in a world of digitalization. 20 20 © 2023 CRISIL Ltd. All rights reserved. CRISIL An S&P Global Company#21Agenda 600 1. CRISIL overview 2. Business environment 3. Performance update 4. Financials 5. Segment performance 6. Thought leadership 7. Corporate social responsibility 21 24 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#22Delivering social impact through CSR initiatives Financial capability building of rural women and communities 9 मैं प्रगती A CRISIL Programme Promoting environment conservation and larger social consciousness among employees CRISIL re ❖ MoneyWise Centre for Financial Literacy • • • Mein Pragati expanded its community impact to more than 1.75 lakh community outreach through its trained Sakhi cadre in Assam and Rajasthan Under the Jaipur Rugs Foundation pilot in Rajasthan, all 36 women weavers trained in rug making skills and have started making the rugs As part of RBI's scale-up of the CFL project, all 186 centres currently operational as part of Phase II of expansion - expanding the reach to 615 centres 22 22 • Environment conservation – afforestation and water rejuvenation initiatives initiated at Sundarbans, West Bengal, and Rajasthan respectively CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.#23About 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 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, UAE 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 may use your personal information, such as your name, location, contact number and email id to fulfil your request, service your account and to provide you with additional information from CRISIL. For further information on CRISIL's privacy policy please visit www.crisil.com/privacy. 23 23 CRISIL An S&P Global Company © 2023 CRISIL Ltd. All rights reserved.