ICRA Limited

5.3%

JANUARY 2024 1 ICRA INSIGHTS 2 Macro outlook INFLATION CPI Inflation WPI Inflation FY2024: 5.3% FY2024: : -0.6% FISCAL DEFICIT FD/GDP FY2024: 6.0% GDP REPO RATE Real Growth Nominal Gr

0.6%

ICRA INSIGHTS 2 Macro outlook INFLATION CPI Inflation WPI Inflation FY2024: 5.3% FY2024: : -0.6% FISCAL DEFICIT FD/GDP FY2024: 6.0% GDP REPO RATE Real Growth Nominal Growth FY2024: 6.

6.0%

ON CPI Inflation WPI Inflation FY2024: 5.3% FY2024: : -0.6% FISCAL DEFICIT FD/GDP FY2024: 6.0% GDP REPO RATE Real Growth Nominal Growth FY2024: 6.5% FY2024: 8.7% Source: ICRA Research

6.5%

6% FISCAL DEFICIT FD/GDP FY2024: 6.0% GDP REPO RATE Real Growth Nominal Growth FY2024: 6.5% FY2024: 8.7% Source: ICRA Research Expect no change in rates in the remaining part of FY2024;

8.7%

FICIT FD/GDP FY2024: 6.0% GDP REPO RATE Real Growth Nominal Growth FY2024: 6.5% FY2024: 8.7% Source: ICRA Research Expect no change in rates in the remaining part of FY2024; earliest rate

75 bps

ining part of FY2024; earliest rate cut foreseen in Q2 FY2025, amid shallow rate cut cycle of 50-75 bps EXTERNAL ACCOUNT Current Account Balance FY2024: -1.4% of GDP www.icra.in 33 Near-term ou

1.4%

25, amid shallow rate cut cycle of 50-75 bps EXTERNAL ACCOUNT Current Account Balance FY2024: -1.4% of GDP www.icra.in 33 Near-term outlook for economic activity remains uneven levels, With

1.0%

nnual kharif production, the GVA growth of agriculture, forestry and fishing is projected at sub- 1.0% each in Q3 and Q4 of FY2024. This is expected to weigh on rural demand and consumption. sentime

8.8%

h is likely to moderate in H2 FY2024 in the run-up to the 2024 General Elections (Oct-Nov 2023: -8.8% YoY), which could weigh in construction activity and on project thereby execution, impacting

11.3%

ONSOLIDATED FINANCIAL PERFORMANCE 5 Growth across businesses: Q3 and 9M FY2024 (INR Cr) Revenue 11.3% ` Profit before Tax 9.5% 5.7% 15.0% 103.0 114.6 322.2 294.2 47.9 130.3 137.7 40

9.5%

ANCE 5 Growth across businesses: Q3 and 9M FY2024 (INR Cr) Revenue 11.3% ` Profit before Tax 9.5% 5.7% 15.0% 103.0 114.6 322.2 294.2 47.9 130.3 137.7 40.7 Q3 FY2023 Q3 FY2024

5.7%

5 Growth across businesses: Q3 and 9M FY2024 (INR Cr) Revenue 11.3% ` Profit before Tax 9.5% 5.7% 15.0% 103.0 114.6 322.2 294.2 47.9 130.3 137.7 40.7 Q3 FY2023 Q3 FY2024 9M F