ICRA Limited

7.2%

2022 1 ICRA Insights 2 ICRA’s baseline forecasts ₹ Macro Outlook GDP ₹ Real Growth FY2023: 7.2% Nominal Growth FY2023: 15.0% Source: ICRA Research ₹ CPI Inflation FY2023: 6.5% WPI Inflatio

15.0%

A’s baseline forecasts ₹ Macro Outlook GDP ₹ Real Growth FY2023: 7.2% Nominal Growth FY2023: 15.0% Source: ICRA Research ₹ CPI Inflation FY2023: 6.5% WPI Inflation FY2023: 10.1% INFLATION RE

6.5%

owth FY2023: 7.2% Nominal Growth FY2023: 15.0% Source: ICRA Research ₹ CPI Inflation FY2023: 6.5% WPI Inflation FY2023: 10.1% INFLATION REPO RATE FISCAL DEFICIT EXTERNAL ACCOUNT ₹ ₹ ₹ An

10.1%

rowth FY2023: 15.0% Source: ICRA Research ₹ CPI Inflation FY2023: 6.5% WPI Inflation FY2023: 10.1% INFLATION REPO RATE FISCAL DEFICIT EXTERNAL ACCOUNT ₹ ₹ ₹ Another rate hike appears likel

INR 1.0

for Oct 2022, and GDP growth for Q2 FY2023 FY2023 Budget Estimate to be overshot by less than ~INR 1.0 trillion; Fiscal Deficit/GDP foreseen at ~6.4-6.5% Current Account Deficit FY2023: USD 110 -115

3.2%

ion; Fiscal Deficit/GDP foreseen at ~6.4-6.5% Current Account Deficit FY2023: USD 110 -115 bn (3.2% of GDP) www.icra.in 33 Near-term outlook for economic activity remains uneven External demand i

rs,

on of the households is likely to have better income visibility now, compared to the last two years, which is likely to boost their overall consumption levels Source: ICRA Research www.icra.in 44

4%

umption levels Source: ICRA Research www.icra.in 44 Ratings: Business Environment • Growth of 4% YoY* in Q2 FY2023 due to rising • Strong credit offtake in Q2 FY2023 across Market issuances yi

18%

debt issuances by banks, tepid growth in NBFCs, de-growth in corporate sector • CP issuances grew 18% [QoQ] Bank Credit segments specifically NBFCs • High global rates and high bond yields coupled

19%

.icra.in 55 ICRA Consolidated Financial Performance 6 Strong growth across businesses Revenue 19% 18% 48% 28% Profit before Tax 98.6 191.1 82.7 162.5 37.6% 31.1 46.6% 46.0 43.2% 82.5

48%

55 ICRA Consolidated Financial Performance 6 Strong growth across businesses Revenue 19% 18% 48% 28% Profit before Tax 98.6 191.1 82.7 162.5 37.6% 31.1 46.6% 46.0 43.2% 82.5 39.5% 64

28%

CRA Consolidated Financial Performance 6 Strong growth across businesses Revenue 19% 18% 48% 28% Profit before Tax 98.6 191.1 82.7 162.5 37.6% 31.1 46.6% 46.0 43.2% 82.5 39.5% 64.2