CRISIL's foundational capabilities position us well to unleash our limitless potential
and become a partner of choice for global enterprises seeking growth.
Dear Shareholders,
It is my privilege to write to you for the first time as CRISIL's Chairman and share
your Company's performance in 2023.
Your Company demonstrated resilience and created significant impact through its work
and sustainability efforts, in line with our strategy and our mission of making markets
function better.
Together, the trinity of integrity, insight and impact give us a winning edge in the
market.
The global macroeconomic situation remained complex in 2023. World growth was higher
than expected and inflation, despite peaking, was above target for many central banks.
India showed resilience and emerged as the world's fastest-growing major economy.
As a global analytics company, we continue to be a trusted partner for all our
stakeholders – clients, investors, employees, and the community at large –
driven by professional integrity, analytical excellence, and domain knowledge. Our net
promoter score continues to be strong owing to our focus on customer centricity.
CRISIL Ratings maintained its market leading position in corporate bond ratings, driven
by investor preference for our best-in-class ratings.
Our Global Analytical Centre (GAC) celebrated 20 years of partnership with S&P
Global Ratings.
The Market Intelligence and Analytics (MI&A) division gained momentum in credit
risk solutions, and research and consulting services.
Both our global divisions witnessed growth amidst pressure on discretionary spends by
financial services clients. Global Research & Risk Solutions (GR&RS) division saw
traction in lending and buy-side segment, while Global Benchmarking Analytics (GBA) saw
momentum in corporate and investment banking (CIB), driven by emphasis on client
engagement and product innovation.
-(['CRISIL was named among the I world's top 50 organisations in the Chartis
RiskTech100? 2024 list in the Model Validation category for the second
consecutive year. tion for the certifica
Your Company has set up a delivery center in Colombia to enhance our ability to service
our North American clients, and significantly augment our global delivery model.
CRISIL was named among the world's top 50 organisations in the Chartis RiskTech100?
2024 list in the Model Validation category for the second consecutive year.
We made two acquisitions in 2023 to expand our presence in Australia and New Zealand,
and sustainability services.
Franchise activities continued to elevate our brand visibility, including flagship
events like Annual Infrastructure Conclave, which took place after a gap of three years
and Competitive Challenges Conference for asset managers in Boston.
On the technology front, your Company completed cloud migration and continued to
explore the exciting prospects offered by GenAI to drive growth and efficiency.
People are our biggest asset and most important
IP. Your Company takes immense pride in its people-first culture, of which diversity,
equity and inclusion form the bedrock – as underscored by a global workforce
comprising 39% women and over 40 nationalities.
We continue to invest in talent to make them future-ready and encourage the workforce
to think entrepreneurially.
Your Company received three prestigious accolades in 2023: the Great Place To
Work™ certification for the fourth time in a row, the 100 Best Companies for Women in
India, and ‘bronze' category employer recognition by the India Workplace Equality
Index.
My sincere thanks to our talented employees around the world for their dedication and
impact delivered in 2023.
Our efforts in shaping the agenda for sustainability gathered momentum in 2023 through
our work in the environmental, social and governance (ESG) space. CRISIL Foundation
continued to create a lasting impact through promotion of financial literacy for women and
conservation of the environment.
In 2024, the expected soft landing of the global economy could have a bearing on
discretionary spends by global clients.
CRISIL's foundational capabilities position us well to unleash our limitless potential
and become a partner of choice for global enterprises seeking growth.
I am excited by the possibilities ahead of us. We remain committed to delivering value
to all our stakeholders through investments in technology, talent and new solutions.
I look forward to your continued support.
Your Company received three prestigious accolades in 2023: the Great Place To
Work™
fourth time in a row, the 100 Best Companies for Women in India, and ‘bronze'
category employer recognition by the India Workplace Equality Index.
| I look forward to your continued support. |
| Best, |
| Yann Le Pallec |
| Chairman |