Date: January 24, 2024

SE/2023-24/100
To,
The General Manager The National Stock Exchange India Ltd.
Corporate Relation Department Listing Department
BSE Limited Exchange Plaza
Phiroze Jeejeebhoy Towers Bandra Kurla Complex
14th Floor, Dalal Street Bandra (East)
Mumbai 400 001 Mumbai 400 051
Scrip Code: 534804 Scrip Code: CARERATING

Dear Sir/ Madam,

SUB: PRESS RELEASE AND INVESTOR PRESENTATION FOR THE QUARTER AND NINE
MONTHS ENDED DECEMBER 31, 2023

Please find enclosed herewith Press Release and Investor Presentation of the CARE Ratings Limited for
the quarter and nine months ended December 31, 2023 as per the requirement of Regulation 30 and
Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

Kindly take the above on record.

Thanking you,

Yours faithfully,

For CARE Ratings Limited

NEHAL Digitally signed by
NEHAL NAVINCHANDRA
NAVINCHAND SHAH
Date: 2024.01.24
RA SHAH 20:43:29 +05'30'

Nehal Shah
Company Secretary & Compliance Officer

Encl: As Above

CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022.
Phone: +91-22-6754 3456 • Email: care@careedge.in • www.careedge.in

CIN-L67190MH1993PLC071691
 CARE Ratings Limited

Investor Release: 24th January 2024, Mumbai

CARE Ratings Limited (NSE: CARE, BSE: 534804)

The Board of Directors of CARE Ratings Limited have declared its unaudited financial results for the
quarter ended 31st December 2023.

STANDALONE FINANCIAL HIGHLIGHTS

Rs. In Crs.

Total Income Operating EBIDTA Profit After Tax

+16% +8% +9%

241.56 92.54 84.61
85.96 77.94
207.77

9MFY23 9MFY24 9MFY23* 9MFY24 9MFY23 9MFY24

+22% +22% +4%

66.68 27.04 22.23
21.40
54.56 22.25

Q3FY23 Q3FY24 Q3FY23 Q3FY24 Q3FY23 Q3FY24

*9MFY23 EBITDA would be Rs.79.64 Crs post adjusting for one-off items
1
 CARE Ratings Limited

The Indian economy continues to remain a ‘Bright Spot’ in otherwise challenging global economic
environment. As per the First Advance Estimate, India’s GDP growth in FY24 has been pegged at
7.3% driven by government spending on infrastructure capex, improvement in domestic
manufacturing and robust services sector performance.
The corporate performance too is reflecting the improving trend as depicted by the CareEdge
Ratings credit ratio (ratio of upgrades to downgrades) which has been persistently above unity
since H2FY21. The entities in sectors like auto components, iron & steel, real estate, hospitality,
healthcare and logistics have witnessed most upgrades. The improved credit ratio indicates that
cash flow generation of corporates have remained robust, resulting in deleveraged and strong
balance sheets.
Fundraising by businesses witnessed a moderation in Q3 FY24 with corporate bond and commercial
paper issuances declining by 11.2% and 9%, respectively on a year-on-year basis. Bank credit
growth has remained healthy, rising by 16.2% in FY24 (as on November) driven by the personal
loans and services segment. Industrial credit grew by 6.1% in FY24 (as on November), lower than
13% growth in the year ago period. Credit to large industries remained muted with a growth of
3.6% in FY24 (as on November). 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.

Commenting on the results and performance for Q3 & 9M FY24, Mr. Mehul Pandya, Managing
Director & CEO of CARE Ratings Ltd. said:
“Despite the muted fund-raising scenario witnessed for Q2 & Q3 of FY24, our Company on a
standalone basis recorded YoY growth of 15% in income from operations for 9MFY24. The initial
ratings business continued to witness good growth. The EBITDA margin continued to remain robust
at 44% for 9MFY24. The other income, which is driven by interest income grew on back of better
yield generated on deposits. On cost parameters, the increase in employee cost is attributed to a
talent management initiative.
On a Consolidated basis, Income from operations reported growth of 20% on the back of
improvement in ratings and non-ratings businesses. The EBITDA margin for 9MFY24 continued to
remain strong at 34%.
We reiterate that our financial performance should be assessed on a cumulative basis rather than a
quarterly basis. Nevertheless, our company on a standalone basis recorded a healthy YoY growth of
22% in income from operations for Q3 FY24. The consolidated operating income also recorded a YoY
growth of 27% for Q3FY24.
Some of the key new initiatives that we would like to highlight to our shareholders are:
1. We have applied for ESG Ratings Providers (ERP) license with SEBI. We already have a
leadership team in place and would commence ESG Ratings services post regulatory
approvals.
2. We have setup an entity in South Africa to undertake Credit Ratings business. The process for
acquiring a Credit Ratings Agency license is underway.
2
 CARE Ratings Limited

Ratings business is driven by capital raising both by public and private sector. We remain cautiously
optimistic in our outlook, as the key ingredients needed to stimulate private capex like deleveraged
balance sheet of Indian corporates, incentives schemes by government to boost manufacturing
sector (through performance linked incentives PLIs and other capital incentives) and strong domestic
demand are all in place.
With the government intent to maintain and intensify its push for infrastructure investments, we
expect the infrastructure financing to continue. Further, with the recent RBIs directive on change in
risk weight for certain asset classes, we expect some growth moderation in the NBFC segment.
As we move forward, it is crucial to remain vigilant and adaptable to the evolving economic
landscape. These are exciting times in the Indian economy, and with a holistic approach, we can
navigate through both the challenges and opportunities that lie ahead.”

3
 CARE Ratings Limited

About CARE Ratings Limited

CARE Ratings Ltd. is one of India's leading credit rating companies with a track record of servicing
diverse sectors for over 3 decades. It also provides credible and high quality research and
analytics. The company's ratings cover a wide range of sectors, including banking, finance,
insurance, infrastructure, and manufacturing. Company has 15 years of experience in providing
Risk and Compliance solutions. The Company’s published reports, updates and newscasts on
various sectors and economies are widely covered across all media.

Safe Harbor Statement

Statements in this document relating to future status, events, or circumstances, including but not
limited to statements about plans and objectives, the progress and results of research and
development, potential project characteristics, project potential and target dates for project
related issues are forward-looking statements based on estimates and the anticipated effects of
future events on current and developing circumstances. Such statements are subject to numerous
risks and uncertainties and are not necessarily predictive of future results. Actual results may
differ materially from those anticipated in the forward-looking statements. The company assumes
no obligation to update forward-looking statements to reflect actual results changed assumptions
or other factors.

For further information, please contact

Company : Investor Relations Advisors :

CIN: L67190MH1993PLC071691 CIN: U74140MH2010PTC204285

Ms. Ami Parekh / Mr. Chaitanya Satwe

investor.relations@careedge.in ami.parekh@sgapl.net / chaitanya.satwe@sgapl.net

+91 80824 66052 / +91 9320006669

www.careratings.com www.sgapl.net

4
CARE Ratings Limited
Investor Presentation

Q3 & 9M FY24
Macro-Economic
Indicators

2
FUNDRAISING ACTIVITY MODERATES IN Q3FY24

Corporate Bond Issuances CP Issuances

Corporate Bond Issuances Moderate in Q3 FY24; Commercial Paper Issuances Moderate

But Remain Upbeat in 9M FY24 (Rs. Lakh Crore)
(Rs. Lakh Crore)
7.20 10.5
10.0
5.90

2.70 2.40 3.2 2.9

Q3FY23 Q3FY24 9MFY23 9MFY24 Q3FY23 QFY24 9MFY23 9MFY24

Source: Prime database; Note: Data includes private placement and public issues 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.

3
BANK CREDIT TO INDUSTRY MODERATES

Sectoral Deployment of Bank Credit Sectoral Deployment of Industrial Credit

Data as on November Data as on November
25 30 27.9
21.3 21.9
25
20
19.5
20
17.2
15 13.0
Y-o-Y %

Y-o-Y %
15
12.0
10 10.3
6.1 10

5 3.6
5

0 0
Industry (25.1) Services (29.0) Micro and Small (19.1) Medium (7.9) Large (73.0)

FY23 FY24 FY23 FY24

Source: RBI; Note: Figures in bracket represent % share in total; Growth rates for FY24 exclude the impact of the Source: RBI; Note: Figures in bracket represent % share in total industrial credit; Growth rates for FY24 exclude the
merger of a non-bank with a bank. 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
GOVERNMENT CAPEX SUPPORTS INVESTMENT

Centre’s Capex Focus Continues Gross Fixed Capital Formation

25% 3.5% 25

20.4
20% 3.0%
20

15% 2.5%
15

Y-o-Y %
12.4
10% 2.0% 11.0
9.6
10 8.9
8.0 8.0
5% 1.5%
5.0
5
0% 1.0%
FY18 FY19 FY20 FY21 FY22 FY23 (RE) FY24 (BE) 1.2

Mar-22

Mar-23
Sep-21

Dec-21

Sep-22

Dec-22
Jun-22

Jun-23

Sep-23
Capex % of Expenditure Capex % of GDP (RHS)

Source: CEIC; CareEdge Calculations Source: CMIE

▪ 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.

5
INVESTMENT PROJECTS SLOW; CAPACITY UTILIZATION MODERATES

New Project Announcements Capacity Utilisation

80

14 75
14.5
12 70 73.6

10 65
Rs. Lakh Crore

9.4 9.7
8 60

%
6 7.4
6.8 55
5.8
4 4.6 50
4.4 4.4 4.3
2 2.8 45
1.9 2.0 2.2
0 1.3
40
Jun-20

Jun-21

Jun-22

Jun-23
Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23
Dec-20

Dec-21

Dec-22

Dec-23

Mar-20

Mar-21

Mar-22

Mar-23
Dec-19

Dec-20

Dec-21

Dec-22
Sep-19

Sep-20

Sep-21

Sep-22

Jun-23
Jun-19

Jun-20

Jun-21

Jun-22
Source: CMIE Source: CMIE

▪ 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.

6
Financials

7
STANDALONE: 9MFY24 KEY HIGHLIGHTS

EBITDA PAT

Rs. 92.54 Cr Rs. 84.61 Cr

Operating (+8% YoY) (+9% YoY)
Income

Rs. 208.27 Cr
(+15% YoY)
EBITDA Margin PAT Margin

44% 35%

8
STANDALONE: Q3FY24 KEY HIGHLIGHTS

EBITDA PAT

Rs. 27.04 Cr Rs. 22.23 Cr

Operating (+22% YoY) (+4% YoY)
Income

Rs. 66.68 Cr
(+22% YoY)
EBITDA Margin PAT Margin

41% 29%

9
PROFIT & LOSS STATEMENT: 9MFY24

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 84.61 77.95 9% 78.01 65.30 19%

Profit After Tax (%) 35% 38% 28% 29%
Basic EPS (Rs. Per Share) 28.45 26.29 25.71 21.56

*9MFY23 EBITDA would be Rs.79.64 Crs post adjusting for one-off items
10
PROFIT & LOSS STATEMENT: Q3FY24

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
About Us
ABOUT 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
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.
Serving the financial markets for over

Analytics three decades

Over 15 years of experience in providing Risk & Compliance solutions.
13
CareEdge TURNS 30
1993-1996 1997-2000 2001-2004

Commenced Rating Operations Launched ‘CARE Loan Ratings’ for rating term loans Founding member of Association of Credit Rating Agency
Expansion of ratings operations to rating of toll Ventured into Advisory business and bagged 13 in Asia (ACRAA)
roads, electricity board, municipal corporations, assignments Launched Corporate Governance and Value Creation
structured instruments Obtained registration with SEBI when rating agencies Rating
Completed studies on central public sector came under its purview Signed MOU with NSIC for empanelment as an approved
undertakings selected by disinvestment Commission 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 Set up a research division catering to Industry Research, Customised Research and
both NSE and BSE Industry Risk Metrics
Acquired an application software company viz. Kalypto, renamed as CARE Risk Solutions Private Launched IPO grading services
Limited (CRSPL)
Received mandate from Ministry of Urban Development for rating 13 ULBs under
Worked closely with Asian Development bank on prestigious assignments JNNURM
Provided technical assistance to some emerging rating agencies outside India

2013-2017 2018 Onwards

CARE Group Rebranded as CareEdge Group

Launched CARE Advisory Research and Training Ltd (CART), a wholly-owned subsidiary of
CARE Ratings CareEdge Ratings Africa received License for Ratings business from Capital Market Authority (CMA), Kenya
in 2019
Established rating subsidiaries in Nepal & Africa
Incorporated company in South Africa for undertaking CRA business post regulatory approvals
Entered into a strategic business alliance with Japan Credit Rating Agency, Ltd. (JCR)
Expansion of Advisory services into the ESG space through propriety tool Sirius
Partnered with 4 domestic credit rating agencies in Brazil, Malaysia, Portugal and South
Africa, to form an international credit rating agency called ARC Ratings Empaneled with AMFI for ESG assessments
Took 10% stake in Malaysian Rating Agency (MARC) 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
CareEdge GROUP: FORESIGHT BACKED BY EXPERT INSIGHTS

CareEdge
Group
CARE Ratings Limited
(Parent Company)
Subsidiaries

100% 100% 51% 78%

CARE Analytics CARE CARE Ratings CARE Ratings

and Advisory Private ESG Rating Limited (Nepal) Limited (Africa)
Limited Private Limited

100%

CARE Ratings South

Africa (Pty) Ltd

15
RATINGS BUSINESS

CareEdge Ratings - India CareEdge Ratings – Africa

(Subsidiary of CARE Ratings Ltd. with 78% stake)
▪ India’s second largest credit rating agency with a track record of rating companies belonging to diverse ▪ Provides ratings for various instruments such as Bonds, Debentures,
sectors
Commercial Paper, Bank Deposits, Structured Finance, bank loans.
▪ CareEdge Ratings plays a pivotal role in developing the financial markets through its credit ratings 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

Corporate Financial Structured

Sector Sector/BFSI Finance CareEdge Ratings – Nepal
(Subsidiary of CARE Ratings Ltd. with 51% stake)
▪ Covers the rating of issuers including rating of debt instruments,
CareEdge Ratings IPO Grading, Fund Management Quality Ratings, Issuer Rating,
is a leader in Bank loans & facilities, Insurance Companies
Financial and Infrastructure Rating of Infra EL
Infrastructure sector REITs/InvITs Ratings
sector ratings CareEdge ESG Ratings
(100% Subsidiary of CARE Ratings Ltd.)

▪ Already applied for ESG Ratings Providers (ERP) license with the
regulator
Public Finance Resolution Recovery
Rating Plan Rating

16
ANALYTICS AND ADVISORY - ESG & SUSTAINABLITY SOLUTIONS

ESG Offerings Clientele

Analysis and performance tracking for pre-determined KPIs along E, S & G Funds, FIs and Corporates
ESG Benchmarking
parameters, along with a comparison against industry leaders and industry peers seeking ESG data

ESG GAP Identify gaps in compliance, policies, performance and disclosures to evaluate the Corporates seeking to enhance
Analysis maturity of sustainability performance. their ESG performance
Prioritise which areas to begin work on to roll out ESG strategy

Assist to prepare policy documents in line with the Company philosophy and ESG gaps Corporates seeking to improve
Policy Advisory
identified their ESG profile & strategy

ESG Stewardship Frame ESG Strategy and Roadmap, with a clear vision and measurable metrics for Top 1000 listed entities for
& Reporting performance over a 3-5 year time horizon, and assist in sustainability reporting & BRSR whom BRSR is mandatory

Developed India’s first tech-enabled platform, ‘SIRIUS’ which is an on- Completed coverage of over 1,100 listed companies through
demand, comprehensive data platform that brings together company, SIRIUS platform in India
Our Progress industry and ESG insights
17
ANALYTICS AND ADVISORY – CONSULTING & RESEARCH

CONSULTING RESEARCH

Provides advisory services to Corporates, Financials

Institutions, Banks and Institutional Investors
Provides customised research services to Indian and
Multinational corporates based on their specific needs
Offering services in the field of infrastructure project
evaluation and independent viability and feasibility studies,
Provided Industry Research Outlook and Industry Risk Scores
and corporate advisory for business plan preparation,
of over 80 Sectors
financial improvement plan, financial appraisal & valuations,
risk assessment advisory

18
ANALYTICS AND ADVISORY - RISK & ANALYTICS

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 Integrated Data Risk Focused Research on New Age Technology
on us for: Model Regulated Norms AI/ML

Customisation Dynamic Regulatory Rapid & Timely Best In Class

Key Strengths
Approach Solutions Delivery Support

19
Outreach Activities

20
OUTREACH ACTIVITIES: Q3FY24
Guest Speakers
Webinars: Moderated by

Corporate India - On a Steady Course View

1 Amid Challenges?-
Mr. Rajiv Sabharwal Mr. Sandip Ghose Mr. Ramkumar Ramaswamy Mr. Kailash Vaswani Sachin Gupta
Ma na ging Director Ma na ging Director Chi ef Financial Officer, Jindal Steel & Chi ef Financial Officer, Executi ve Director & Chi ef Rating Officer,
& CEO, Ta ta Ca pital Limited & CEO, Bi rl a Corporation Ltd Power Li mited ReNew Power Ca reEdge Ratings

The Story of India’s Soaring

2 Securitisation Market
View
Mr. Deo Shankar Tripathi Mr. Vikas Jain Ms. Aditi Deshpande Vineet Jain
Executi ve Vice Chairman, Aadhar Chi ef Financial Officer, Na ti onal Credit Head, Seni or Director,
Hous ing Finance Ltd. Hi nduja Leyland Finance Adi tya Birla Finance Ca reEdge Ratings

Unsecured Lending: Opportunity for

3 Growth or Looming Risk? Ms Presha Paragash Mr. Ashish Goyal Mr. Hemang Mehta Sanjay Agarwal View
Whol etime Director & Chi ef Executive Co-Founder & CFO, Ea rl ysalary Chi ef Risk Officer, Seni or Director,
Offi cer, Ki setsu Saison Finance India Servi ces Pri vate Li mited Vi vri ti Ca pital Ca reEdge Ratings
Pri va te Li mited

India’s Healthcare in its View

4 Transformational Era
Mr. Vivek Kumar Goyal Ranjan Sharma
Ms. Sandhya Jayaraman
CFO, Seni or Director,
Group CFO, Na ra yana
Forti s Healthcare Limited Ca reEdge Ratings
Hruda yalaya Li mited

Small Finance Banks: Geared up for View

5 growth? Mr. Samit Ghosh Mr. P N Vasudevan Mr. Shrimohan Yadav Sudhakar Prakasam
Non-Executive Director MD & CEO, Equi tas Small Advi s or in the Financial Servi ces Di rector,
a nd Chairman, Ujjivan Financial Fi nance Bank Industry Ca reEdge Ratings
Servi ces Limited

21
OUTREACH ACTIVITIES: Q3FY24

CareEdge as Knowledge Partner Accolades

• CareEdge partnered with CNBC-TV18 as the Knowledge Partner • CareEdge Analytics and Advisory achieved the 90th rank in the Chartis
for the ICAI CA 40 Under 40 Awards. In this role, CareEdge RiskTech100 2024, ascending from 93rd the previous year, signalling a
collaborated with CNBC-TV18 in various aspects of the award significant rise in the industry standings.
process, such as determining evaluation criteria, nominee
shortlisting, and results compilation for the jury's consideration. • Nehal Shah, Head of Compliance, Legal, and Secretarial at CareEdge
Additionally, Rajashree Murkute, Senior Director at CareEdge Ratings, was honoured by Legasis Private Limited for her distinguished
Ratings, contributed to the panel discussion "India’s Amrit Kaal: contributions to compliance at The Compliance 10/10 Awards.
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 Partnerships
the Indian MSME sector, recognising 26 exceptional enterprises
across various categories. The collaboration with ET involved key • CareEdge Analytics and Advisory has entered a strategic partnership
responsibilities like setting evaluation criteria, shortlisting with RITES Limited through a Memorandum of Understanding (MoU),
nominees, and processing results for the jury's decision-making. aiming to collaborate on consultancy projects across infrastructure and
Sachin Gupta, Chief Rating Officer at CareEdge Ratings, ESG advisory domains.
participated in a fireside chat with Miloni Bhatt, Editor-Digital
Broadcast at ET, focusing on 'MSMEs in the Global Shuffle: • CareEdge Analytics and Advisory has partnered with GovEVA, a provider
Adapting, Recovering, and the Road Ahead' during the ET MSME of ESG IT solutions, to enhance its ESG services, offering clients
Dialogue. advanced tools for effectively monitoring and reporting ESG key
performance indicators.
• 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.

22
OUTREACH ACTIVITIES: Q3FY24

Knowledge Sharing Forums and

Speaker Invitations:
• Mehul Pandya, MD & CEO of CareEdge, advocated for trade as India's growth catalyst in The Times Of India.

• Mehul Pandya, MD & CEO of CareEdge, 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.

• Nadir Bhalwani, CIO & CTO of CareEdge Ratings, presented at the Mumbai Cloud and Datacentre Convention
2023.

• Rajani Sinha, Chief Economist at CareEdge, spoke on India's potential at the PMS Bazar event.

• Sanjay Agarwal, Senior Director at CareEdge 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 CareEdge Analytics and Advisory held a session on AIFs for LIC Investments.

• Abhisheik Vishwakarma, President of CareEdge Analytics, spoke on data analytics at The FCBA 2023.

• CareEdge Analytics Team showcased their Risk Management Software at the National Bank Staff College,
Lucknow.

• Saurav Chatterjee, CEO of CARE Ratings Africa, moderated a panel on Sustainable Financing by Spaanda.

23
OUTREACH ACTIVITIES: Q3FY24

Top Reports:

Credit quality assessment for H1FY24 View

Canada Stir Unlikely to Hit Specialised Education Loan NBFCs Portfolio View

Unsecured Lending - Opportunity for Growth or Looming Risk? View

Hospital Industry in India Set to Grow at 12 percent CAGR till FY26 View

Net Interest Margin in Q2FY24 View

Indian Airports: Passenger Traffic to Grow at 14 percent CAGR over FY23-25 View

India’s Capex Story View

Indian Diagnostic Sector View

Personal Loans and NBFCs Continue to Support Bank Credit Offtake View

Soda Ash Industry FY24 Margins Likely to Moderate by 400-550 bps but Long-term Growth Intact View

Story of India’s Soaring Securitisation Market View

The Global Debt Wave Post Covid Looks More Menacing View

Power Financing - At The Cusp of Inflection View

24
SAFE HARBOUR

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
CONTACT US

Company : Investor Relations Advisors :

CARE Ratings Limited Strategic Growth Advisors Private Limited

CIN: L67190MH1993PLC071691 CIN: U74140MH2010PTC204285

Ms. Ami Parekh / Mr. Chaitanya Satwe

investor.relations@careedge.in ami.parekh@sgapl.net / chaitanya.satwe@sgapl.net
+91 80824 66052 / +91 9320006669

www.careratings.com www.sgapl.net

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Thank 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 (I) 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 I CIN: L67190MH1993PLC071691 investor.relations@careedge.in

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