#1CARE Ratings Limited Investor Presentation Care Edge RATINGS ווין Q3 & 9M FY24#2Macro-Economic Indicators CareEdge RATINGS#3FUNDRAISING ACTIVITY MODERATES IN Q3FY24 Corporate Bond Issuances Corporate Bond Issuances Moderate in Q3 FY24; But Remain Upbeat in 9M FY24 (Rs. Lakh Crore) CP Issuances Commercial Paper Issuances Moderate (Rs. Lakh Crore) 2.70 2.40 Q3FY23 Q3FY24 5.90 9MFY23 7.20 9MFY24 Source: Prime database; Note: Data includes private placement and public issues 3.2 2.9 10.5 10.0 Q3FY23 QFY24 9MFY23 9MFY24 Source: RBI Corporate Bond issuances were lower by 11.2% (y-o-y) in Q3 FY24; However, the issuances were higher by 20.5% (y-o-y) in 9M FY24. Commercial paper issuances were lower by 9% and 5% (y-o-y) in Q3 and 9M FY24, respectively. CareEdge RATINGS 3#4BANK CREDIT TO INDUSTRY MODERATES Y-O-Y% 25 20 15 10 5 Sectoral Deployment of Bank Credit Data as on November 13.0 6.1 Sectoral Deployment of Industrial Credit Data as on November 27.9 30 21.9 21.3 25 19.5 20 17.2 0 Industry (25.1) Services (29.0) FY23 FY24 Source: RBI; Note: Figures in bracket represent % share in total; Growth rates for FY24 exclude the impact of the merger of a non-bank with a bank. Y-O-Y % 15 10 5 12.0 10.3 3.6 0 Micro and Small (19.1) Medium (7.9) Large (73.0) FY23 FY24 CareEdge RATINGS Source: RBI; Note: Figures in bracket represent % share in total industrial credit; Growth rates for FY24 exclude the impact of the merger of a non-bank with a bank. ☐ Overall bank credit growth increased by 16.2% in FY24 (as on November) as against 17.2% growth in the year ago period. Credit to large industries remained relatively muted in FY24. However, it's crucial to note that the growth figures in FY24 may appear skewed compared to FY23 due to the influence of the base effect. 4#515% 20% GOVERNMENT CAPEX SUPPORTS INVESTMENT 25% Centre's Capex Focus Continues 3.5% 10% 5% HI 3.0% 20 20 2.5% 2.0% 5 0% 1.0% FY18 FY19 FY20 FY21 FY22 FY23 (RE) FY24 (BE) Source: CEIC; Care Edge Calculations Capex % of Expenditure Capex % of GDP (RHS) 1.5% 0 Y-o-Y % Sep-21 Source: CMIE 10 15 12.4 25 25 Gross Fixed Capital Formation 1.2 Dec-21 N Centre's capex (% of expenditure) is budgeted to rise to 22.2% in FY24 from 17.4% in FY23. GFCF increased by a strong 11% (y-o-y) in Q2 FY24 buoyed by healthy government capex ahead of the elections. Mar-22 5.0 Jun-22 Sep-22 20.4 9.6 Dec-22 8.9 8.0 8.0 Mar-23 Jun-23 Sep-23 5 11.0 Care Edge RATINGS#6Source: CMIE Rs. Lakh Crore 4 86 INVESTMENT PROJECTS SLOW; CAPACITY UTILIZATION MODERATES 12 10 2 1.3 0 14 2.8 Jun-20 Sep-20 Dec-20 Mar-21 T 1.9 New Project Announcements 4.4 4.4 4.3 4.6 Jun-21 9.4 9.7 75 14.5 70 6.8 5.8 7.4 2.0 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 45 2.2 40 40 Source: CMIE do 60 50 55 65 Jun-19 Sep-19 Capacity Utilisation 80 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 New project announcements slowed to Rs 11.6 lakh crore in 9M FY24 as against announcements worth Rs 22.2 lakh crore in 9M FY23. Capacity utilization in the manufacturing sector witnessed a seasonal decrease to 73.6% in Q1 FY24 from 76.3% in Q4 FY23. However, it remained higher compared to the same quarter last year. Mar-23 60 Jun-23 Care Edge RATINGS 73.6#7Financials CareEdge RATINGS#8STANDALONE: 9MFY24 KEY HIGHLIGHTS $ ▸ Operating Income Rs. 208.27 Cr (+15% YoY) EBITDA PAT % Rs. 92.54 Cr (+8% YoY) Rs. 84.61 Cr (+9% YoY) ▶ EBITDA Margin PAT Margin 44% 35% CareEdge RATINGS 8#9STANDALONE: Q3FY24 KEY HIGHLIGHTS $ ▸ Operating Income Rs. 66.68 Cr (+22% YoY) EBITDA PAT % Rs. 27.04 Cr (+22% YoY) Rs. 22.23 Cr (+4% YoY) ▶ EBITDA Margin PAT Margin 41% 29% CareEdge RATINGS 9#10PROFIT & LOSS STATEMENT: 9MFY24 Care Edge RATINGS Standalone Consolidated Profit and Loss (Rs. Crs) 9MFY24 9MFY23 YOY 9MFY24 9MFY23 YOY Total Operating Income (TOI) 208.27 180.79 15% 241.54 201.48 20% Other Income 33.29 26.98 23% 36.40 27.57 32% Total Income 241.56 207.77 16% 277.94 229.05 21% Total Expenses 125.98 104.78 20% 167.50 137.39 22% EBITDA (TOI - Op. Exp.) 92.54 85.96* 8% 83.10 76.01 9% EBITDA (%) 44% 48%* 34% 38% Profit Before Tax 115.58 102.99 12% 110.44 91.66 20% Profit Before Tax (%) 48% 50% 40% 40% Profit After Tax Profit After Tax (%) Basic EPS (Rs. Per Share) 84.61 77.95 9% 78.01 65.30 19% 35% 38% 28% 29% 28.45 26.29 25.71 21.56 *9MFY23 EBITDA would be Rs. 79.64 Crs post adjusting for one-off items 10#11PROFIT & LOSS STATEMENT: Q3FY24 Care Edge RATINGS Standalone Consolidated Profit and Loss (Rs. Crs) Q3FY24 Q3FY23 YOY Q3FY24 Q3FY23 YOY Total Operating Income (TOI) 66.68 54.56 22% 78.68 62.14 27% Other Income 10.58 11.03 (4%) 13.68 11.59 18% Total Income 77.26 65.59 18% 92.36 73.73 25% Total Expenses 45.52 38.30 19% 58.40 51.06 14% EBITDA (TOI - Op. Exp.) 27.04 22.24 22% 23.36 17.88 31% EBITDA (%) 41% 41% 30% 29% Profit Before Tax 31.73 27.29 16% 33.96 22.67 50% Profit Before Tax (%) 41% 42% 37% 31% Profit After Tax 22.23 21.40 4% 23.92 16.31 47% Profit After Tax (%) 29% 33% 26% 22% Basic EPS (Rs. Per Share) 7.47 7.22 7.88 5.38 11#12About Us CareEdge RATINGS#13ABOUT US Who Are We Established in 1993, we are India's second largest credit rating agency. With an established presence in the credit ratings industry, we are now leveraging and diversifying into knowledge-based analytical businesses like Research and Advisory, Sustainability and Analytics. We are a professionally managed company with diverse shareholding. What We Offer Celebrating Years 30 Ratings ✩ Track record of servicing diverse sectors, with leadership positions in high-growth sectors such as BFSI and Infra. Profitable operations in Mauritius and Nepal. Advisory Providing high-quality research and advisory, including sustainability services. Analytics Over 15 years of experience in providing Risk & Compliance solutions. CareEdge RATINGS Serving the financial markets for over three decades 13#14CareEdge TURNS 30 1993-1996 1997-2000 2001-2004 Care Edge RATINGS Commenced Rating Operations ■Expansion of ratings operations to rating of toll roads, electricity board, municipal corporations, structured instruments Completed studies on central public sector undertakings selected by disinvestment Commission 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 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 approved rating agency for small scale industries 2009-2012 2005-2008 Launched an initial public offering in 2012, which was subscribed over 34 times, and listed on both NSE and BSE Acquired an application software company viz. Kalypto, renamed as CARE Risk Solutions Private Limited (CRSPL) Worked closely with Asian Development bank on prestigious assignments ■Provided technical assistance to some emerging rating agencies outside India 2013-2017 Set up a research division catering to Industry Research, Customised Research and Industry Risk Metrics Launched IPO grading services Received mandate from Ministry of Urban Development for rating 13 ULBS under JNNURM 2018 Onwards Launched CARE Advisory Research and Training Ltd (CART), a wholly-owned subsidiary of CARE Ratings Established rating subsidiaries in Nepal & Africa Entered 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) CARE Group Rebranded as CareEdge Group CareEdge Ratings Africa received License for Ratings business from Capital Market Authority (CMA), Kenya in 2019 Incorporated company in South Africa for undertaking CRA business post regulatory approvals Expansion of Advisory services into the ESG space through propriety tool Sirius Empaneled with AMFI for ESG assessments Integration of CART's business with CRSPL through a slump sale ■CareEdge becomes only rating agency in India to do Sovereign Ratings - August '23 14#15CareEdge GROUP: FORESIGHT BACKED BY EXPERT INSIGHTS CareEdge RATINGS 100% CARE Analytics and Advisory Private Limited CareEdge Group CARE Ratings Limited (Parent Company) Subsidiaries 100% 51% 78% CARE ESG Rating Limited CARE Ratings (Nepal) Limited CARE Ratings (Africa) Private Limited 100% CARE Ratings South Africa (Pty) Ltd 15#16RATINGS BUSINESS CareEdge Ratings - India India's second largest credit rating agency with a track record of rating companies belonging to diverse sectors CareEdge Ratings plays a pivotal role in developing the financial markets through its credit ratings CareEdge Ratings - Africa (Subsidiary of CARE Ratings Ltd. with 78% stake) CareEdge RATINGS 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 in Mauritius Established the new entity in South Africa; Application for CRA license is underway CareEdge Ratings is a leader in Financial and Infrastructure sector ratings ||0|0|| 1000 Corporate Sector Financial Sector/BFSI Structured Finance AA REIT Doge Infrastructure sector Rating of REITs/InvITs Infra EL Ratings CareEdge Ratings - Nepal (Subsidiary of CARE Ratings Ltd. with 51% stake) Covers the rating of issuers including rating of debt instruments, IPO Grading, Fund Management Quality Ratings, Issuer Rating, Bank loans & facilities, Insurance Companies $888 Public Finance Rating Resolution Plan Recovery Rating CareEdge ESG Ratings (100% Subsidiary of CARE Ratings Ltd.) Already applied for ESG Ratings Providers (ERP) license with the regulator 16#17ANALYTICS AND ADVISORY - ESG & SUSTAINABLITY SOLUTIONS ESG Offerings ESG Benchmarking Analysis and performance tracking for pre-determined KPIs along E, S & G parameters, along with a comparison against industry leaders and industry peers ESG GAP Analysis Clientele Care Edge ADVISORY & RESEARCH Funds, Fls and Corporates seeking ESG data 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 Corporates seeking to enhance their ESG performance Policy Advisory Assist to prepare policy documents in line with the Company philosophy and ESG gaps identified Corporates seeking to improve their ESG profile & strategy ESG ESG Stewardship & Reporting Our Progress 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 Developed India's first tech-enabled platform, 'SIRIUS' which is an on- demand, comprehensive data platform that brings together company, industry and ESG insights Completed coverage of over 1,100 listed companies through SIRIUS platform in India 17#18ANALYTICS AND ADVISORY - CONSULTING & RESEARCH Provides advisory CONSULTING services to Corporates, Financials RESEARCH Care Edge ADVISORY & RESEARCH Institutions, Banks 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 Provided Industry Research Outlook and Industry Risk Scores of over 80 Sectors 18#19ANALYTICS AND ADVISORY - RISK & ANALYTICS TWY Analytics Driven 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 Experienced professionals with deep experience in risk analytics 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 CareEdge RISK SOLUTIONS 19#20Outreach Activities Care Edge RATINGS 20#21OUTREACH ACTIVITIES: Q3FY24 1 888 Webinars: Corporate India - On a Steady Course Amid Challenges?- Guest Speakers Moderated by Mr. Rajiv Sabharwal Managing Director & CEO, Tata Capital Limited Mr. Sandip Ghose Managing Director & CEO, Birla Corporation Ltd Mr. Ramkumar Ramaswamy Chief Financial Officer, Jindal Steel & Power Limited Mr. Kailash Vaswani Chief Financial Officer, ReNew Power Sachin Gupta Executive Director & Chief Rating Officer, Care Edge Ratings The Story of India's Soaring 2 Securitisation Market Mr. Deo Shankar Tripathi Executive Vice Chairman, Aadhar Housing Finance Ltd. 3 4 UT 5 Unsecured Lending: Opportunity for Growth or Looming Risk? India's Healthcare in its Transformational Era Small Finance Banks: Geared up for growth? Mr. Vikas Jain Chief Financial Officer, Hinduja Leyland Finance Ms. Aditi Deshpande National Credit Head, Aditya Birla Finance Ms Presha Paragash Wholetime Director & Chief Executive Officer, Kisetsu Saison Finance India Private Limited Mr. Ashish Goyal Mr. Hemang Mehta Co-Founder & CFO, Earlysalary Services Private Limited Chief Risk Officer, Vivriti Capital Ms. Sandhya Jayaraman Group CFO, Narayana Hrudayalaya Limited Mr. Vivek Kumar Goyal CFO, Fortis Healthcare Limited Vineet Jain Senior Director, Care Edge Ratings Sanjay Agarwal Senior Director, Care Edge Ratings Ranjan Sharma Senior Director, Care Edge Ratings Mr. Samit Ghosh Non-Executive Director and Chairman, Ujjivan Financial Services Limited Mr. P N Vasudevan MD & CEO, Equitas Small Finance Bank Mr. Shrimohan Yadav Advisor in the Financial Services Industry Sudhakar Prakasam Director, Care Edge Ratings CareEdge RATINGS View View View View View 21#22OUTREACH ACTIVITIES: Q3FY24 CareEdge RATINGS • . Care Edge as Knowledge Partner CareEdge partnered with CNBC-TV18 as the Knowledge Partner for the ICAI CA 40 Under 40 Awards. In this role, CareEdge collaborated with CNBC-TV18 in various aspects of the award process, such as determining evaluation criteria, nominee shortlisting, and results compilation for the jury's consideration. Additionally, Rajashree Murkute, Senior Director at CareEdge Ratings, contributed to the panel discussion "India's Amrit Kaal: Roadmap for a Sustained & Inclusive Economy," alongside distinguished experts. As the knowledge partner for the ET MSME Awards 2023, CareEdge played a pivotal role in honouring the achievements of the Indian MSME sector, recognising 26 exceptional enterprises across various categories. The collaboration with ET involved key responsibilities like setting evaluation criteria, shortlisting nominees, and processing results for the jury's decision-making. Sachin Gupta, Chief Rating Officer at CareEdge Ratings, participated in a fireside chat with Miloni Bhatt, Editor-Digital Broadcast at ET, focusing on 'MSMEs in the Global Shuffle: Adapting, Recovering, and the Road Ahead' during the ET MSME Dialogue. As the knowledge partner for The Free Press Journal's Best Annual Report Award 2023, CareEdge Advisory & Analytics was critical in evaluating and shortlisting the top companies. Revati Kasture, Executive Director at CareEdge Ratings, contributed her expertise as a jury panel member. LO CA BUSINESS ET MSME AWARDS 23 • Accolades • CareEdge Analytics and Advisory achieved the 90th rank in the Chartis Risk Tech 100 2024, ascending from 93rd the previous year, signalling a significant rise in the industry standings. Nehal Shah, Head of Compliance, Legal, and Secretarial at CareEdge Ratings, was honoured by Legasis Private Limited for her distinguished contributions to compliance at The Compliance 10/10 Awards. GÅ . . Partnerships CareEdge Analytics and Advisory has entered a strategic partnership with RITES Limited through a Memorandum of Understanding (MoU), aiming to collaborate on consultancy projects across infrastructure and ESG advisory domains. CareEdge Analytics and Advisory has partnered with GovEVA, a provider of ESG IT solutions, to enhance its ESG services, offering clients advanced tools for effectively monitoring and reporting ESG key performance indicators. 22 22#23OUTREACH ACTIVITIES: Q3FY24 CareEdge RATINGS Knowledge Sharing Forums and Speaker Invitations: • . • Mehul Pandya, MD & CEO of Care Edge, advocated for trade as India's growth catalyst in The Times Of India. Mehul Pandya, MD & CEO of Care Edge, spoke at USIIC's event honouring NASA's Dr. Ravi Margasahayam. Sachin Gupta, Chief Rating Officer at CareEdge Ratings, analysed India Inc.'s H1 FY2024 performance in the Hindu Business Line. Sachin Gupta, Chief Rating Officer, discussed "India Credit Landscape" at The Edelweiss Annual Investors Meet. THE TIMES OF INDIA Trade transformation: India's journey up the global value chain India Inc stays resilient But it must be alive to emerging global risk factors Sachin Gupta he recently unveiled credit ratio data for the period sheds light on a narrative of moderation amid the backdrop of global challenges. This metric, which quantifies the ratio of upgrades to downgrades during a specific timeframe, exhibited a notable shift when compared to the preceding period. Specifically, the credit ratio moderated to 1.67 from its previous standing of 2.72, development that was largely in line with expectations. The financial sector's commendable performance is noteworthy, boasting the highest credit ratio at 4.2. This sector's success story was propelled by a substantial increase in both banks and non-banking financial companies (NBFCs) recording Timber 2023 MANUFACTURING, Financial leverage low among firms underscore the relatively low financial leverage observed across entities within the manufacturing sector, serving as factor. Interest rates remain elevated, international economic observers closely monitor the unwinding of these rates in developed economies, aiming to avoid a precipitous economic • Nadir Bhalwani, CIO & CTO of Care Edge Ratings, presented at the Mumbai Cloud and Datacentre Convention 2023. • Rajani Sinha, Chief Economist at Care Edge, spoke on India's potential at the PMS Bazar event. Sanjay Agarwal, Senior Director at Care Edge Ratings, interpreted the RBI's consumer credit circular for A.K. Capital Services. • Rajashree Murkute, Senior Director at CareEdge Ratings, participated in SEBI's munibond program in Chandigarh. • Swati Agrawal and Tanvi Shah from Care Edge Analytics and Advisory held a session on AIFs for LIC Investments. • Abhisheik Vishwakarma, President of Care Edge Analytics, spoke on data analytics at The FCBA 2023. • CareEdge Analytics Team showcased their Risk Management Software at the National Bank Staff College, Lucknow. • PANEL DISCUSSION #MumbaiCDC2023 IOT? ANALYTICS? WHAT AR E KEY ANALYTICS AND MANAGEMENT TEOLOGIE VILL SHAPE INDIA'S ATA CEN RS AND TERPS? Webinar Alert Decode RBI Circular on Consumer Credit Carats Jechu Saurav Chatterjee, CEO of CARE Ratings Africa, moderated a panel on Sustainable Financing by Spaanda. CS PARTNER OneStack a.k. KEY SPEAKERS Join us to get exclusive insights on the potential impact of RBI circular dated November 16th, 2023 on Regulatory measures towards consumer credit & Bank M. Jeykumar Shah Crear to NBFC's Mr. Sanjay Agarwa Mr. Arul Selvan 01 Francial and te Canige beg MODERATOR Increased Risk Weight & its potentici impact on Bank & NBFCs 20 November 2023 5:30 PM to 6:30 PM Register For Free Mr. Vikas Join AX Cop the profesionalevices Regtergorg Webing congested no cantationary unteer in he waboon and led male anat and conftae adrice DECENTRO Am ELEGATE BADGE PARTNER TAN UM Sa uyate fan whe Securities and Exchange Board of Ind as 23#24OUTREACH ACTIVITIES: Q3FY24 Top Reports: Credit quality assessment for H1FY24 Canada Stir Unlikely to Hit Specialised Education Loan NBFCs Portfolio Unsecured Lending - Opportunity for Growth or Looming Risk? Hospital Industry in India Set to Grow at 12 percent CAGR till FY26 Net Interest Margin in Q2FY24 Indian Airports: Passenger Traffic to Grow at 14 percent CAGR over FY23-25 India's Capex Story Indian Diagnostic Sector Personal Loans and NBFCs Continue to Support Bank Credit Offtake Soda Ash Industry FY24 Margins Likely to Moderate by 400-550 bps but Long-term Growth Intact Story of India's Soaring Securitisation Market The Global Debt Wave Post Covid Looks More Menacing View View View View View View View View View View View View Power Financing - At The Cusp of Inflection View CareEdge RATINGS 24#25SAFE HARBOUR CareEdge 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. 25#26CONTACT US Company: Investor Relations Advisors : Care Edge RATINGS CARE Ratings Limited CIN: L67190MH1993PLC071691 [email protected] www.careratings.com SGA Strategic Growth Advisors Strategic Growth Advisors Private Limited CIN: U74140MH2010PTC204285 Ms. Ami Parekh / Mr. Chaitanya Satwe [email protected]/[email protected] +91 80824 66052 / +91 9320006669 www.sgapl.net CareEdge RATINGS 26#27Thank You! About Us CareEdge is a knowledge-based analytical group that aims to provide superior insights based on technology, data analytics and detailed research. CARE Ratings Ltd, the parent company in the group, is one of the leading credit rating agencies in India. Established in 1993, it has a credible track record of rating companies across multiple sectors and has played a pivotal role in developing the corporate debt market in India. The wholly-owned subsidiaries of CARE Ratings are (1) CARE Advisory, Research & Training Ltd, which offers customised advisory services, credible business research and analytical services (II) CARE Risk Solutions Private Ltd, which provides risk management solutions. CARE Ratings Limited Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai 400 022 Tel. +91-22-6754 3456 | CIN: L67190MH1993PLC071691 [email protected] Connect in X All Rights Reserved © 2023 | CARE Ratings Limited K