Dear Shareholders,
Your Company performed well last year and remains steadfast on its
sustainable growth path.
Amid a global environment marked by heightened uncertainty and
divergent growth trends, we demonstrated resilience and continued to be a trusted and
reliable partner to domestic and global clients.
In line with our core purpose of making markets function better, we
continued to develop core capabilities through domain-specific IP and strategic digital
initiatives, delivering actionable insights, continuing to set the standards and
empowering clients to make mission-critical decisions with confidence.
We undertook a strategic brand transformation that reinforces our
position as a global, insights-driven analytics organisation, while celebrating our
pioneering and illustrious past and conveying a more progressive vision of our future.
The exercise positions our businesses – Crisil Ratings, Crisil
Intelligence (formerly Market Intelligence & Analytics), Crisil Coalition Greenwich
(formerly Global Benchmarking Analytics), and Crisil Integral IQ (formerly Global Research
& Risk Solutions) – under a cohesive identity that offers a consistent and more
connected experience for clients around the world.
We undertook a strategic brand transformation that reinforces our
position as a global, insights-driven analytics organisation, while celebrating our
pioneering and illustrious past and conveying a more progressive vision of our future.
Crisil Ratings built on its market leadership, driven by healthy bond
issuances in the second half of the year and investor preference for best-in-class
ratings.
Crisil ESG Ratings & Analytics Limited, a wholly-owned subsidiary
of Crisil Ratings, received approval as a Category 1 provider of ESG Ratings in India.
Growth at Global Analytics Centre (GAC) was driven by surveillance
support across the analytical practices of S&P Ratings and support in newer areas
across S&P Global.
Crisil Intelligence gained momentum across its services. Our thematic
research studies received wide coverage. Consulting services saw significant growth,
driven by government initiatives in infrastructure and local economic development. We also
rolled out an improved value proposition of our data analytics, risk, and regulatory
solutions.
Crisil Coalition Greenwich saw momentum in corporate and investment
banking, with scaling of product offerings and client engagement strengthening demand from
large commercial banks. Growth in the commercial and community banking space benefited
from digital banking programmes. We continue to invest in our offerings to meet the
demands of market segments such as private credit and regional banks.
Crisil Integral IQ saw momentum in buy-side offerings and made progress
in using generative artificial intelligence for client solutions. Risk Solutions saw
increased client engagement in transformation and risk operations. Overall curtailed
discretionary spending & cost cutting pressures by financial services clients impacted
growth in the business.
Chartis Research recognised us as a category leader in model validation
for the third consecutive year. It recognised our expertise in the credit and lending
operations, credit portfolio management solutions, credit risk management solutions and
regulatory reporting solutions.
Our brand visibility continued to improve with flagship events,
regional conclaves and sectoral webinars, including the India Outlook Conclave, the
Competitive Challenges Conference for Asset Managers, and the Crisil Ratings NBFC Seminar.
Our market insights, reports and thought leadership continue to empower business leaders
and policymakers to shape their strategies.
We are committed to delivering value to all our stakeholders through
investments in talent, technology and new capabilities. Our biggest asset is our immensely
talented, multinational workforce.
Your Company was certified as a ‘Great Place to Work?'
in India for the fifth consecutive year, was ranked among India's Best WorkplacesTM
for Women 2024.
Crisil Foundation continued to drive positive impact through
initiatives aimed at building financial capabilities of underprivileged community and
promoting environment conservation. The flagship ‘Mein Pragati' initiative
expanded its outreach to over a million people in Assam and Rajasthan. Under Crisil RE,
environmental conservation projects, including sapling plantation and water conservation
initiatives were carried out in Maharashtra and Rajasthan.
As I write, the global economy is holding up as macro resilience
continues and a soft landing appears within reach. We continue to monitor the potential
impact of recent global developments, including the evolving policy landscape in the US,
which may introduce new challenges and uncertainties. These factors could potentially
influence inflation and financial conditions in 2025 and affect the spending decisions of
our global clients.
Our foundational capabilities empower us to deliver value to global
enterprises, helping them multiply their opportunities and success.
My sincere thanks to all our clients, employees, and stakeholders. I
look forward to your continued trust and support.
Best,