CARE Ratings Limited

rs 14

To, The General Manager Corporate Relation Department BSE Limited Phiroze Jeejeebhoy Towers 14th Floor, Dalal Street Mumbai 400 001 Scrip Code: 534804 Dear Sir/ Madam, Date: November 8, 20

13.5%

Board meeting held on November 8, 2022. State of the Economy Although, GDP growth accelerated to 13.5% y-o-y in Q2 FY23; the growth was a modest 3.8% when compared to the pre-pandemic period of Q2 FY20

3.8%

of the Economy Although, GDP growth accelerated to 13.5% y-o-y in Q2 FY23; the growth was a modest 3.8% when compared to the pre-pandemic period of Q2 FY20. High-frequency economic indicators continue t

Rs. 2.0 lakh crore

es remained suppressed in the second quarter of FY23. Corporate bond issuances in Q2 FY23 stood at Rs. 2.0 lakh crore, lower by 5.45% compared to the corresponding quarter of FY22. Issuances of commercial paper stood

5.45%

second quarter of FY23. Corporate bond issuances in Q2 FY23 stood at Rs. 2.0 lakh crore, lower by 5.45% compared to the corresponding quarter of FY22. Issuances of commercial paper stood at Rs. 3.8 lakh

Rs. 3.8 lakh crore

wer by 5.45% compared to the corresponding quarter of FY22. Issuances of commercial paper stood at Rs. 3.8 lakh crore in Q2FY23, lower by 38.3% compared to the corresponding quarter of FY22. Gross Bank credit continu

38.3%

ing quarter of FY22. Issuances of commercial paper stood at Rs. 3.8 lakh crore in Q2FY23, lower by 38.3% compared to the corresponding quarter of FY22. Gross Bank credit continued to register double-digi

15.3%

ss Bank credit continued to register double-digit growth in the current fiscal. Bank credit grew at 15.3% y-o-y in September 2022 compared with the 6.7% growth in the previous year. There was strong credi

6.7%

growth in the current fiscal. Bank credit grew at 15.3% y-o-y in September 2022 compared with the 6.7% growth in the previous year. There was strong credit growth of 20% recorded by services and 19.6%

20%

eptember 2022 compared with the 6.7% growth in the previous year. There was strong credit growth of 20% recorded by services and 19.6% growth recorded by the retail segment. Industrial sector credit rec

19.6%

e 6.7% growth in the previous year. There was strong credit growth of 20% recorded by services and 19.6% growth recorded by the retail segment. Industrial sector credit recorded a growth of 12.6%, even w

12.6%

ices and 19.6% growth recorded by the retail segment. Industrial sector credit recorded a growth of 12.6%, even while growth in credit demand from large industries remained relatively lower at 7.9%. Howev

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Branding

Create a distinguished brand worthy of a financial powerhouse 4 Q2 & H1 FY23 l Private & Confidential – CARE Ratings Limited Financial Performance – Q2 FY23 (Standalone) 12% 77.5 69.3 14% 86.1 75.8 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Revenue from operations (Rs. Cr.) Total Income (Rs. Cr.) 27% 35.2 58% 44.7 45% 38.5 29% 29.8 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 EBITDA (Rs. Cr.) EBITDA Margin PAT (Rs. Cr.) PAT Margin 5 Q2 & H1 FY23 l Private & Confidential – CARE Ratings Limited Financial Performance – H1 FY23 (Standalone) 14% 126.2 14% 142.2 111.1 125.3 H1 FY22 H1 FY23 H1 FY22 H1 FY23 Revenue from operations (Rs. Cr.) Total Income (Rs. Cr.) 50% 63.7 51% 42.3 40% 56.6 39% 40.7 H1 FY22 EBITDA (Rs. Cr.) H1 FY23 EBITDA Margin H1 FY22 H1 FY23 PAT (Rs. Cr.) PAT Margin 6 Q2 & H1 FY23 l Private & Confidential – CARE Ratings Limited Financial Performance – Q2 FY23 Q2 FY23 compared with Q2 FY22 Particulars Total Income Total Expenses Standalone Q2 FY23 Q2 FY22 86.12 75.83 34.82 35.86 Profit Before Tax (P

Publications

The economics, ratings & industry research teams published their views on various developments blended with the expertise of our rating and research specialists. Published in Q2 FY23 Daily Fortnightly Monthly Special reports 66 7 34 28

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CareEdge senior management, economics, sector specialists, business development leaders participated in 25 knowledge-sharing forums in Q2. industry research teams along with

Highlights

• Sachin Gupta, Chief Rating Officer, interacted with PowerLine magazine on the revamped distribution sector scheme. • Opinion pieces by Rajani Sinha, Chief Economist published in Moneycontrol on the capex cycle & in Hindu Business Line on challenges faced by RBI on inflation vs economic growth. • Rajani Sinha, Chief Economist - Panel discussion on ‘Changing Geopolitical Dynamics: An opportunity for EU-India Cooperation’ in the 30th Annual General Meeting of The Council of EU Chambers of Commerce in India. This session was attended by Shri Rahul Narwekar, Speaker, Maharashtra State Assembly and Shri Nitin Gadkari, Minister of Road Transport and Highways of India, who made a special guest appearance via a video message. • Rajani Sinha, Chief Economist - Panel discussion at Economics Summit’ of Conventus'22’ held by The Economics Club of IMI New Delhi. 9 Q2 & H1 FY23 l Private & Confidential – CARE Ratings Limited Outreach Activities

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CSR • Sanjay Agarwal, Senior Director, panel speaker at a discussion on ‘Outlook on NBFCs’ at IDBI Bank Large Corporate and Mid Corporate. • Nehal Shah, Senior Director, was a guest lecturer for ‘Communication for Finance Professionals’, an eight- lecture series, in XLRI PGDF, Jamshedpur. • Rajashree Murkute, Director, CareEdge, discussed the likely tariff hike in the telecom sector with ET NOW Swadesh. • Maulesh Desai, Director, CareEdge, made a presentation on ‘Infrastructure Projects Evaluation; Transportation’ to ACRAA (The Association of Credit Rating Agencies in Asia) • Kiran Surve, CEO, CARE Risk Solutions, shared his views on the FSI space as the technologies entering the industry evolve and business models change in the post- pandemic era in a Mint-Oracle conversation. CareEdge won the bronze award at the National CSR Summit & Awards – Amrit Mahotsav Series – organised by Vision India Forum Employee Connect In a continuing weekly event - ‘High-Tea with MD’ - CareEdge MD & CEO