Slide 1: ICRA Limited
ICRA ICRA Limited May 30, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street Plot no. C/1, G Block Mumbai 400001, India Bandra-Kurla Complex Scrip Code: 532835 Bandra (East) Mumbai - 400051, India Symbol: ICRA Dear Sir/Madam, Sub: - Inves
Slide 2: Trusted Partner. Credible Insights.
Trusted Partner. Credible Insights. Investor Presentation Q4 & FY2025 MAY 2025 1
Slide 3: Agenda
AGENDA ICRA AT A GLANCE FINANCIAL SYNOPSIS MACRO-ECONOMIC BUSINESS DRIVERS & OUTLOOK OUTLOOK RESEARCH & CORPORATE SOCIAL OUTREACH RESPONSIBILITY 2
Slide 4: ICRA's journey
ICRA’s journey Launch of Knowledge Moody’s Acquisition of Credit Rating Services acquires a D2K Services set up majority stake Technologies 1991 2004 2014 2023 1999 2007 2019 2024 Consolidation Moody’s of Non-Rating ICRA forays into acquires stake ICRA gets listed businesses ESG Ratings in ICRA unde
Slide 5: ICRA business segment and legal entity structure
ICRA business segment and legal entity structure Group ICRA Ratings & ancillary services Research & Analytics D2K ICRA Nepal ICRA ICRA Analytics Technologies Limited ICRA Limited Limited India Pvt Ltd ESG Rating Limited Rating, Research and Other Services Knowledge Services Market Data Risk Consulti
Slide 6: Key call-outs FY2025
Key call-outs FY2025 Financial Non-Financial ↑ 11.6% ↑ 17.1% ↑ 12.5% Collaboration with leading global players Rs. 498.0 Rs. 234.0 Rs. 171.2 ▪ BitSight (Cybersecurity) & FTSE-Russell (Fixed Income Indices) Expanding Service Offerings via Customised Research, EQ 360, Revenue* PBT PAT Prevention of Ma
Slide 7: Financial Synopsis
FINANCIAL SYNOPSIS 6
Slide 8: Growth across businesses: Q4 & FY2025
Growth across businesses: Q4 & FY2025 Revenue 9.8% 480 460 11.6% 440 420 400 380 136.2 360 340 498.0 124.0 320 300 446.1 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 Q4 FY2024 Q4 FY2025 FY2024 FY2025 Profit after Tax 19.1% 12.5% 56.0 171.2 47.1 152.2 Q4 FY2024 Q4 FY2025 FY2024 FY2025 7 www.
Slide 9: Segmental performance: Q4 & FY2025
Segmental performance: Q4 & FY2025 Segment Revenue Segment Results 136.2 498.0 54.7 161.4 124.0 137.6 446.1 45.8 82.8 37.3 100.4 72.0 294.6 26.0 67.9 257.6 52.0 53.4 188.5 203.4 19.8 17.4 69.7 61.0 Q4 FY2024 Q4 FY2025 FY2024 FY2025 Q4 FY2024 Q4 FY2025 FY2024 FY2025 ▪ In Q4 bond issuances dipped 12.5
Slide 10: Macro-Economic Outlook
MACRO-ECONOMIC OUTLOOK 9
Slide 11: Macroeconomic projections (Baseline)
Macroeconomic projections (Baseline) GDP, GVA INFLATION REPO RATE FISCAL DEFICIT EXTERNAL ACCOUNT Real GDP Growth CPI Inflation Another 75 bps rate Fiscal Deficit/GDP ratio Current Account FY2025e: +6.3% FY2025: +4.6% cuts likely until October FY2025e: 4.8% Balance 2025 followed by an FY2025e: -0.9%
Slide 12: Domestic consumption and investment activity to improve in FY2026
Domestic consumption and investment activity to improve in FY2026 even as outlook for external demand remains uncertain The GoI’s capex is budgeted to rise by Rural demand is expected to be upbeat in 10.1% in FY2026, which augurs well for the near term, aided by the robust crop investment activity.
Slide 13: Business Drivers & Outlook
BUSINESS DRIVERS & OUTLOOK 12
Slide 14: Ratings & ancillary services: Business environment and outlook
Ratings & ancillary services: Business environment and outlook Environment Outlook The moderation in economic growth due to the overhang of Lok The easing inflation suggests likelihood of rate cuts that would enable Sabha elections and reduced urban consumption had an impact on credit market growth.
Slide 15: Ratings performance metrics continues to be robust
Ratings performance metrics continues to be robust Trend in rating reaffirmation and rating changes – ICRA upgraded two entities for every entity downgraded, during the last fiscal* 100% 4.0 81% 84% 81% 81% 80% 83% 75% 78% 80% 81% Reaffirmations 3.0 10-year average: 2.8 2.1 2.0 81% 1.5 3.0 50% 1.4 1
Slide 16: Research & Analytics: Business environment and outlook
Research & Analytics: Business environment and outlook Environment Outlook ▪ Build-up in inflationary expectation and emerging geo-political pressures intensify ▪ Entry into new markets and building new partnerships will drive future the cautionary trend in spending growth. ▪ Outsourcing industry im
Slide 17: Research & Outreach
RESEARCH & OUTREACH 16
Slide 18: Research & outreach
Research & outreach 1 WEBINARS & EVENTS 2 RESEARCH PUBLISHED 3 MEDIA COVERAGE 17 www.icra.in 17
Slide 19: Social listening
Social listening . . . . . 18 www.icra.in 18
Slide 20: Corporate Social Responsibility
CORPORATE SOCIAL RESPONSIBILITY 19
Slide 21: Group ICRA CSR - Change begins here!
Group ICRA CSR - Change begins here! WOMEN SUPPORTED AND STUDENTS' EDUCATION YOUTH SUPPORTED IN 500 EMPOWERED 2813 SPONSORED 450 LEARNING SKILLS EMPLOYEE VOLUNTEERING TRAINING IMPARTED ON SPONSORED EDUCATION OF 418 HOURS 112 SUSTAINABILITY AND HEALTH 335 CHILDREN WITH INTELLECTUAL & SAFETY DISABILIT
Slide 22: Group ICRA CSR initiatives
Group ICRA CSR initiatives 21 www.icra.in 21
Slide 23: Disclaimer
Disclaimer This presentation contains certain forward-looking statements (including expectations and plans) that may be identified by words, phrases, or expressions such as “expected”, “likely”, “will”, “would”, “continue”, “intend to”, “in future”, “opportunities” or their variations. These forward
Slide 24: © Copyright, 2025 ICRA Limited. All Rights Reserved.
© Copyright, 2025 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
Slide 25: Thank You!
Q cu Thank You! ey /