#1CARE Ratings Limited Investor Presentation + Care Edge RATINGS Q4 & FY23#2Celebrating Years 30 of Analytical Excellence Care Edge RATINGS About Us 2#3ABOUT US Who Are We Incorporated in 1993, CARE Ratings Limited is one of the leading credit rating agencies in India Professionally managed company Leader in large corporate ratings Dominant position in PSU ratings What we offer Ratings $ 00 Care Edge RATINGS Rs 285.9 Crores FY23 Total Income 500+ Employees 91,059 Ratings assignments dl. Rs 115.5 Crores FY23 EBITDA ~4,500 Clientele One of India's leading credit rating companies with a track record of servicing diverse sectors for almost three decades with profitable operations in Mauritius and Nepal Advisory and Research Providing credible, high-quality research and analytics Risk Solutions Over 15 years of experience in providing Risk & Compliance solutions (% Rs 103.8 Crores FY23 PAT *standalone numbers ANALY Rs 180 trillion Debt rated since inception & Pan-India Offices *standalone numbers ECAI Recognition standalone numbers 3#4CareEdge TURNS 30 1993-1996 1997-2000 Commenced Rating Operations Expansion of ratings operations to rating of toll roads, electricity board, municipal corporations, structured instruments Completed studies on undertakings selected Commission central public sector by disinvestment Launched 'CARE Loan Ratings' for rating term loans ■ Ventured into Advisory business and bagged 13 assignments Obtained registration with SEBI when rating agencies came under its purview 2009-2012 2001-2004 Care Edge RATINGS Founding member of Association of Credit Rating Agency in Asia (ACRAA) Launched Corporate Governance and Value Creation Rating Signed MOU with NSIC for empanelment as an approach rating agency for small scale industries 2005-2008 Launched an initial public offering in 2012, which was subscribed for 34.05 times, and listed on both NSE and BSE Acquired Kalypto, now CARE Risk Solutions Worked closely with Asian Development bank on prestigious assignments ■Provided technical assistance to some emerging rating agencies outside India 2013-2017 Launched IPO grading services Received External Credit Assessment Institution (ECAI) recognition for Capital Requirements Directive (CRR) in the European Union ■Signed MOU with major banks to provide rating facilities under BASEL II Received mandate from Ministry of Urban Development for rating 13 ULBS under JNNURM 2018-2023 Launched CARE Advisory Research and Training Ltd (CART), wholly subsidiary of CARE Ratings, which Provides Financial Advisory and Management Consultancy services Established rating subsidiaries in Nepal & Africa Enters into a strategic business alliance with Japan Credit Rating Agency, Ltd. (JCR) ■Partnered with 4 domestic credit rating agencies in Brazil, Malaysia, Portugal and South Africa, to form an international credit rating agency called ARC Ratings ■Took 10% stake in Malaysian Rating Agency (MARC) Received License for Ratings business by Capital Market Authority (CMA), Kenya in 2019 CARE group rebranded as 'CareEdge' CART launched Data driven Tech platform for ESG assessment 'SIRIUS', catering to domestic and international markets CART empanelled as ESG Rating provider (ERP) for AMC's by AMFI#5CareEdge GROUP: FORESIGHT BACKED BY EXPERT INSIGHTS 100% CareEdge Group CARE Ratings Limited (Parent Company) Subsidiaries 100% CARE Risk Solutions Private Limited (CRSPL) CARE Advisory Research & Training Limited (CART) 51% CARE Ratings (Nepal) Limited (CRNL) 미밍 78% CARE Ratings (Africa) Private Limited (CRAF) Care Edge RATINGS 5#6RATINGS BUSINESS CareEdge Ratings One Of India's Leading Credit Rating Agencies with a track record of servicing diverse sectors for over three decades CareEdge Ratings plays a pivotal role in developing bank debt systems and debt capital market A OOOOO Corporate Sector Financial Sector Structured Finance Insurance Sector Care Edge RATINGS AFRICA Care Edge RATINGS CareEdge Rating - Africa (Subsidiary of CARE Ratings Ltd. with 78% stake) Offers a range of high-quality analytical services to the stakeholders in Mauritian and African financial markets Provides ratings for various instruments such as Bonds, Debentures, Commercial Paper, Bank Deposits, Structured Finance, bank loans. Also issues rating for insurance companies, channel partner evaluation and SMEs Providing a detailed analysis of risks that affect the credit quality of an issuer/entity with independent, timely, and insightful credit opinions CareEdge Ratings is a leader in rating Financial and Infrastructure sector AB REIT Infrastructure sector Rating of REITs/InvITs Infra EL Ratings 5888 Public Finance Rating Recovery Ratings Care Edge RATINGS NEPAL CareEdge Ratings - Nepal (Subsidiary of CARE Ratings Ltd. with 51% stake) Offers a range of high-quality analytical services to the stakeholders in Nepal's financial markets Covers the rating of issuers including rating of debt instruments, IPO Grading, Fund Management Quality Ratings, Issuer Rating, Bank loans & facilities, Insurance Companies 6#7Average One-Year Stability rates for the last 5 Financial Years' Period RATING STABILITY: IN SYNC WITH INDUSTRY AVERAGE 100 97.29 97.72 92.43 93.61 91.30 91.64 90.93 91.17 89.06 88.67 60 80 60 60 40 40 20 20 0 AAA AA A 2018-2022 BBB Care Edge RATINGS 79.20 78.11 100 80 60 60 60 40 20 0 BB B 2019-2023 -Average (FY19-23) ས 7#8CART-ADVISORY RESEARCH AND TRAINING CareEdge ADVISORY & RESEARCH CARE Advisory Research and Training Ltd (CART) offers services in the area of Corporate Advisory, Risk Advisory & Monitoring, Financial due diligence and Valuations, Industry Research and Customized Research, Gradings, ESG Assessment and ESG Advisory Corporate Advisory Research & Analytics Provides advisory services to Multilaterals, Corporates, Financials Institutions and Institutional Investors Offering services in the field of infrastructure project evaluation and independent viability and feasibility studies, and corporate advisory for business plan preparation, financial improvement plan, financial appraisal & valuations, risk assessment advisory Provides customised research services to Indian and Multinational corporates based on their specific needs Provides Industry research support to various banks, financial institutions, mutual fund houses, insurance companies, Provided Industry Research Outlook and Industry Risk Scores for over 80 Sectors 8#9CART - ESG SOLUTIONS BY Care Edge Care Edge ADVISORY & RESEARCH ESG Offerings ESG Data, Grading & Benchmarking ESG GAP Analysis Analysis and performance tracking for pre-determined KPIs along. E, S & G parameters, along with a comparison against industry leaders and industry peers Identify gaps in compliance, policies, performance and disclosures to evaluate the maturity of sustainability performance. Prioritise which areas to begin work on to roll out ESG strategy Clientele Funds, Fls and Corporates seeking ESG data Corporates seeking to enhance their ESG performance Policy Advisory Assist to prepare policy documents in line with the Company philosophy and ESG gaps identified ESG ESG Stewardship & Reporting Corporates seeking to improve their ESG profile & strategy Frame ESG Strategy and Roadmap, with a clear vision and measurable metrics for performance over a 3-5 year time horizon, and assist in sustainability reporting & BRSR Top 1000 listed entities for whom BRSR is mandatory Our Progress Developed India's first tech-enabled platform, 'SIRIUS' which is an on-demand, comprehensive data platform that brings together company, industry and ESG insights Empanelled with the Association of Mutual Funds in India (AMFI) as an ESG Rating provider (ERP) for AMCS Completed the ESG assessments of over 900 listed companies in India across various sectors and subsectors 9#10CRSPL: RISK & ANALYTICS Analytical Driven Risk Solutions Care Edge RISK SOLUTIONS 15+ years global experience in providing cutting edge Risk & Compliance solutions to Banks and Financial Institutions Sustained presence in more than 10 countries 80+ implementations across the globe. 200+ experienced professionals assists across the globe to replace traditional systems with modern risk frameworks Banks rely on us for: Integrated Data Risk Model Focused Research on Regulated Norms New Age Technology AI/ML Key Strengths Customisation Approach Dynamic Regulatory Solutions Rapid & Timely Delivery Best In Class Support 10 10#11CareEdge RATINGS Macro Economic Indicators 11#12LEAD INDICATORS: FUND RAISING ACTIVITY IN THE ECONOMY Corporate Bond Issuances Corporate Bond Issuances Up by 32% in FY23 (Rs. Lakh Crore) CP Issuances CP Issuances Lower by 32% in FY23 (Rs. Lakh crore) 6.5 FY22 Source: Prime database 8.5 FY23 Corporate Bond Issuances Up by 54.4% in Q4FY23 (Rs. Lakh Crore) Source: Prime database 1.7 2.6 Source: CEIC 20.2 FY22 13.7 FY23 CP Issuances Lower by 9.5% in Q4FY23 (Rs. Lakh Crore) 3.6 3.3 Q4FY22 Q4FY23 Q4FY22 Q4FY23 Source: CEIC Care Edge RATINGS 12#13LEAD INDICATORS: BANK CREDIT OFFTAKE Gross Bank Credit Growth Accelerates in FY23 Source: RBI 9.6% (Y-o-Y) 15.0% FY22 FY23 Industrial Credit Growth Subdued, Credit to Services Picks Up Source: RBI 8.7% 7.5% 5.7% 19.8% Industry Services FY22 FY23 Gross bank credit growth gathered pace in FY23. Credit growth in FY23 was driven mainly by the retail segment (20.6% growth) followed by services (19.8% growth). Credit to industry grew by 5.7% in FY23, with large industries recording a growth of 3%. While the overall bank credit growth accelerated, the industrial growth was subdued and credit growth was led by retail segment. Care Edge RATINGS (Y-o-Y) 13#14-5 -10 LEAD INDICATORS: IIP, GST REVENUE & PMI 12 25 19.7 20 15 10 10 0 5 12.6 IIP Growth Stays on Track 6.7 7.6 4.7 3.3 2.2 -0.7 -4.1 (Y-0-Y %) 5.5 5.6 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Index of Industrial Production (IIP) Source: CEIC; Note: Growth numbers high in May & June due to base effect IIP Manufacturing Rs. Lakh Crore 2.0 GST Revenue & E-Way Bills Stay Buoyant 1.7 1.5- 1.4 1.4 1.5 1.0 0.5 0.0 Apr-22 Source: CEIC 1.4 1.5 1.5 -1.5 1.5 1.6 1.9 10 9 1.6 1.5 00 8 58 6 10 Rs. Crore о 46 54 52 Â Â US S S 1 2 3 50 48 56 62 60 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 E-Way Bills (RHS) GST Collections (LHS) Source: CEIC Care Edge RATINGS PMI's in the Expansionary Zone Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 PMI-Manufacturing PMI-Services Industrial output has been recording modest performance with broad-based growth across the mining, manufacturing and electricity sectors. GST collections and E-way bills showed a buoyant performance on the back of improving economic activity. Both Manufacturing and Services PMIs continued to show an upbeat trend. 14 62.0 57.2#1518 16 14 12 - 10 8 6420 N Source: CEIC Apr-22- May-22 Jun-22 LEAD INDICATORS: INFLATION Jul-22 Aug-22 Retail & Wholesale Inflation Trends Lower Sep-22 Oct-22 CPI Inflation WPI Inflation Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 (Y-0-Y%) 6.7% 5.7% 5.5% 1.3% Source: CEIC 4.2% Average CPI Inflation across Categories 7.2% 6.7% 11.3% 10.4% 9.5% 4.3% 3.7% 6.7% 6.3% General Index Food & Beverages Clothing & Footwear Housing Fuel & Light Miscellaneous CPI Inflation eased to a 15-month low of 5.7% in March, whereas WPI inflation dropped to 1.3%, the lowest level in 29 months. Despite moderation in food inflation, prices of select items such as cereals and milk remained elevated. Impact of past rate hikes, favourable base, some easing in pent-up demand, and lower commodity prices to support easing in retail inflation. Risks associated with unfavourable monsoons pose an upside risk to retail inflation. FY22 FY23 15 (Y-o-Y) Care Edge RATINGS#16Source: CEIC 7.9 7.7 7.5 7.3 7.1 6.9 6.7 6.5 LEAD INDICATORS: G-SEC AND CURRENCY 10-Year G-Sec Yield Eases Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 (%) 85.0 83.0 81.0 79.0 77.0 75.0 73.0 Source: CEIC Apr-22 May-22 Jun-22 Care Edge RATINGS Rupee Stays Range-Bound (USD-INR) Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 While high supply of government securities poses upside risk, gsec market to take comfort from easing inflation and likelihood of no more rate hikes by RBI and US Fed. Rupee expected to benefit from narrowing current account deficit and likely end of US Fed rate hiking cycle. 16#17300 200 3 3 3 3 3 600 500 400 1995 1997 1999 2001 2003 2005 100 0 2000 2001 2002 2003 2004 160 150 140 130 120 110 100 01/2006 02/2006 03/2006 04/2 07/2006 08/2006 09/2006 10/2006 11/2006 Financials 17 Care Edge RATINGS#18STANDALONE: FY23 KEY HIGHLIGHTS $ Rev. from ops EBITDA 248.8 Cr 115.5 Cr (13% YoY) (34% YoY) % PAT 103.8 Cr (23% YoY) ► Operating Margin 46.4% PBT Margin 48.3% PAT Margin 36.3% Care Edge RATINGS 18#19STANDALONE FINANCIAL PERFORMANCE 285.0 265.0 Total Income 251.8 285.9 EBITDA 115.5 PAT Care Edge RATINGS (Rs in Crore) 85.8 84.5 245.0 250.4 247.6 88.3 86.0 80.5 76.6 225.0 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 64.9 Q4FY20 Total Income 74.8 Q4FY21 78.2 66.9 Q4FY22 Q4FY23 EBITDA 28.8 29.5 25.3 12.9 Q4FY20 PAT* 103.8 28.9 25.9 22.1 13.9 Q4FY21 Q4FY22 Q4FY23 Q4FY20 Q4FY21 Q4FY22 Q4FY23 19 *PAT has moderated due to the impairment of assets and the resultant tax impact in Q4 FY23 as compared to Q4 FY22.#20FINANCIAL PERFORMANCE – FY23 - Standalone Consolidated Care Edge RATINGS (Rs in Crore) Profit and Loss (Rs. Crs) FY23 FY22 YoY FY23 FY22 YOY Total Income 285.9 247.6 15.5% 316.9 274.8 15.3% Total Expenses 147.8 140.7 5.0% 191.2 176.2 8.5% Profit Before Tax 138.1 107.0 29.1% 125.7 98.6 27.5% Profit Before Tax (%) 48.3% 43.2% 39.7% 35.9% Provision for Tax 34.3 22.5 52.6% 40.3 21.8 84.6% Profit After Tax 103.8 84.5 22.9% 85.5 76.8 11.3% Profit After Tax (%) 36.3% 34.1% 27.0% 28.0% Basic EPS (Rs. Per Share) 35.00 28.62 28.17 25.45 20 20#21FINANCIAL PERFORMANCE - Q4 FY23 Consolidated Care Edge RATINGS (Rs in Crore) Standalone Profit and Loss (Rs. Crs) Q4 FY23 Q4 FY22 QoQ Q4 FY23 Q4 FY22 QoQ Total Income 78.2 66.9 16.8% 87.9 73.1 20.3% Total Expenses 43.0 32.8 31.4% 53.8 45.7 17.8% Profit Before Tax 35.2 34.2 2.8% 34.1 27.4 24.5% Profit Before Tax (%) 45% 51.1% 38.8% 37.5% Provision for Tax 9.3 5.3 76.7% 13.9 4.1 241.1% Profit After Tax* 25.9 28.9 (10.6%) 20.2 23.3 (13.4%) Profit After Tax (%) 33.1% 43.2% 22.9% 31.9% Basic EPS (Rs. Per Share) 8.71 9.75 6.60 7.72 *PAT has moderated due to the impairment of assets and the resultant tax impact in Q4 FY23 as compared to Q4 FY22. 21#22ANNUAL DIVIDEND PAYOUT Dividend Payout 58% 59% 29.13 FY21 17 28.62 17 FY22 EPS DPS 35.00 71% FY23 The above dividend is based on Face Value of Rs. 10 per share 25 Care Edge RATINGS 22 22#231995 1997 1999 2001 2003 2005 300 200 3 3 3 3 3 600 500 400 100 0 2000 2001 2002 2003 2004 160 150 140 130 120 110 100 01/2006 Strategy 23 02/2006 03/2006 04/2 07/2006 08/2006 09/2006 10/2006 11/2006 Care Edge RATINGS#24VISION MISSION & VALUES 00 Vision Strategy A global research and analytics company that enables risk mitigation and superior decision making Re- branding Mission To provide best-in-class tools, analyses and insights, enabling customers to make informed decisions Talent Technology Values Integrity, Pursuit of Excellence, Commitment, Fairness Group Approach Care Edge RATINGS 24#25BUILDING THE PILLARS OF SUCCESS: GROUP APPROACH P1 P4 Re- branding P3 Talent P2 Technology Group Approach BUILDING THE PILLARS OF SUCCESS The whole is more than the sum of its parts Care Edge RATINGS With almost three decades of experience in the analytics business and a deep understanding of the operations of various industries and sectors, CareEdge is in a sound position to offer itself as a knowledge hub Each of our independent offering is laser-focused on quality-driven growth The Group will stand on three pillars: credit ratings, risk solutions and advisory services with technology being the common horizontal element 25#26BUILDING THE PILLARS OF SUCCESS: TECHNOLOGY P1 P4 Re- branding P3 Talent P2 Technology Group Approach BUILDING THE PILLARS OF SUCCESS Turbocharging with technology Care Edge RATINGS Deployment of more sophisticated data science capabilities across the CARE Group to build a data analytics organization Automated ratings workflow using cutting edge technology and continuous automation of regulatory compliance reports and disclosures Enterprise-wide dashboards to enable decision making with real time analytics and Real-time/quick transfer of market intelligence to analysts 26#27BUILDING THE PILLARS OF SUCCESS: TALENT P1 P4 Re- branding P3 Talent P2 Technology Group Approach BUILDING THE PILLARS OF SUCCESS People power to the fore Care Edge RATINGS Key focus areas: Identifying performers and putting them on a high-trajectory growth path, and employee centricity Evaluated present workforce strategy and built accountability across all levels by strengthening the performance and productivity measures The group has 700+ employees associated with it as on March 31, 2023 27#28BUILDING THE PILLARS OF SUCCESS: REBRANDING P1 P2 P4 Re- branding P3 Talent Care Edge RATINGS A power brand worthy of a financial powerhouse In sync with our legacy of being one of the leading rating agencies to now presenting ourselves as a technology-backed knowledge hub, the Company has rebranded itself and revamped the website to not only put forth a fresh image but also bring consistency to the Group. CARE Group is now 'CareEdge' Technology The renewed dynamism, energy and change of vision and a future in which CARE becomes a trusted 'knowledge purveyor' brand needs to span the entire group and work has already been initiated in this regard Group Approach BUILDING THE PILLARS OF SUCCESS A new-look, energized brand by top quality content will be a big feature of CARE going forward 28#29GROWTH DRIVERS Care Edge RATINGS 4 India a Preferred Investment Destination India silver lining amidst global turmoil Relative to Global Economy, Indian economy is bolstered by pick-up in manufacturing & services, equilibration of inflation pressures and sound financial system India is rapidly emerging as a preferred country for foreign investments. The FDI inflow in India was at its highest ever at USD 81.97 billion in 2020-21 Corporate balance sheet stronger Decadal low leverage provides opportunity to invest through debt Revival in capex; investment shows green shoots The share of the private sector in new investment projects announced has shot above 90% in the first two quarters of FY23 勿 Credit demand accelerating; Bond issuances picking up Corporate Bond Issuances Up by 32% in FY23 Related to growth Deepening of bond market 29#30STRONG GOVERNANCE: BOARD OF DIRECTORS AND... Care Edge RATINGS Mr. Najib Shah Chairman, Non-Executive Independent Director Mr. V. Chandrasekaran Non-Executive Independent Director Mr. Adesh Kumar Gupta Non-Executive Independent Director Ms. Sonal Gunvant Desai Non-Executive Independent Director Mr. Gurumoorthy Mahalingam Non Executive Independent Director Dr. M. Mathisekaran Non-Executive Independent Director Mr. Sobhag Mal Jain Non-Executive Non-Independent Director Mr. Mehul Pandya Managing Director & Chief Executive Officer 30 50#31...EQUALLY STRONG RATINGS GOVERNANCE Rating Sub Committee RSC has overall rating analytics oversight; Chief Rating Officer reports to RSC. Mr. Gurumoorthy Mahalingam Mr. Najib Shah Chairman Member Care Edge RATINGS Mr. Adesh Kumar Gupta Mr. V. Chandrasekaran Member Member External Ratings Supervision Committee Mr. K. N. Murthy Mrs. Varsha Purandare Mr. Chandan Sinha Member Member Member 31#32OUTREACH ACTIVITIES: Q4FY23 Care Edge RATINGS Reports & Publications: CareEdge native edition of FORESIGHTS on LinkedIn - a power-packed monthly publication that gives a thorough understanding of some macroeconomic and sector-specific developments shaping the country has 12,393 Subscribers. Knowledge Sharing Forums & Partnerships: Monthly Reports Published Q4FY23 FY23 Daily Fortnightly 60 190 6 19 57 100 Special Reports 32 69 • • CareEdge senior leaders, economics and sector specialists teams participated in 35 knowledge-sharing forums in Q4FY23 CareEdge was a Knowledge Partner at Assocham's 14th Capital Market Summit and published a Knowledge Paper at this event. FORESIGHTS 14" Capital Markel Summit • MD & CEO, Mehul Pandya delivered the keynote address Revati Kasture, Executive Director was part of the panel discussion and shared her insights on Indian financial markets. 888 • CareEdge Ratings was a 'Process Partner' at CNBC TV18's Business Leaders - 40 under 40 Awards and assisted in the planning process to design award rules and regulations, evaluate parameters and framework and conduct a comprehensive process review. CareEdge worked on vetting the ranking methodology for MSME Banking Excellence awards, which was organised by the CIMSME in Delhi. Media: • CareEdge reports, data, insights and opinion pieces were widely covered across the media universe. A total of 514 mentions and quotes in Q4FY23. Webinars: • India's Ambitious Renewable Energy Targets. • Commercial Vehicle Financing: On the Recovery Road'. • Speciality Chemicals - Sustaining Growth Despite Headwinds'. Corporate India: Dodging Global Headwinds? February 22, 223 Dapartmany Ram COSI Patio Puriner M ASSOCIAM 14 Capital Market S JOIN US ICT 40 DYNAMIC CHARTERED ACCOUNTANTSI CALLY LEADERS 40 GMAVE NDEAN MICHALLANDE MESTT Februa king 32#33CSR ACTIVITIES • • • 50 underprivilege kids are beneficiaries of 'SweetCARE' project catering to Juvenile Diabetes Primary education of 434 girls funded through project Nanhi Kali Student beneficiaries of our Knowledge on Wheels, Samutkarsh Abhyasika: Study Center & Book Bank -Projects conducted through Seva Sahyog Care Care Edge CareEdge • Farmers beneficiaries of Agriculture Farm development training on New age techniques Through LAFTI Foundation Promoting young Women entrepreneurs impacted by the pandemic to get trained in the production of household items, and tailoring and marketing- Through LAFTI Foundation Care Edge RATINGS • 45 pediatric cardiac surgeries funded through - Prashanti medical services and research foundation & Sri Sathya Sai Health & Education Trust • • 60 women covered under the Sustainable Livelihood and Entrepreneurship Development of Rural Women - through Kamarajar Eduction Trust 3000+ malnutrition Anganwadi Children from the firecracker industry in the Sivakasi area covering 54 gram panchayats were provided with Health drinks through Kamarajar Education Trust Carey Care Carp Lir Canon Cars 33#34SAFE HARBOUR Care Edge RATINGS This presentation and the accompanying slides (the “Presentation"), which have been prepared by CARE Ratings Ltd. (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This presentation contains certain forward looking statements concerning the Company's future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company. 34#35CONTACT US Company: Care Edge RATINGS CARE Ratings Limited CIN: L67190MH1993PLC071691 [email protected] www.careratings.com Investor Relations Advisors : Care Edge RATINGS SGA Strategic Growth Advisors Strategic Growth Advisors Private Limited CIN: U74140MH2010PTC204285 Krunali Shah Ami Parekh [email protected]/[email protected] +91 98209 87564 / +91 80824 66052 www.sgapl.net 35