CRISIL Limited: Unaudited Financial Results for the quarter ended September 30, 2005

October 19, 2005. Mumbai

The Board of Directors of CRISIL Limited, India's leading Ratings, Financial News, Risk and Policy Advisory Company, at its meeting held today, approved the Unaudited Financial Results for the quarter ended September 30, 2005. The CRISIL group consolidated total income was Rs. 52.04 crores as against Rs. 29.63 crores (+ 76 %)* in the corresponding quarter of the previous year.
The consolidated Profit before depreciation and taxation stood at Rs. 20.99 crores as against Rs. 9.79 crores (+ 114 %) in the corresponding quarter of the previous year. After providing for depreciation of Rs. 1.70 crore and taxation of Rs. 5.18 crores, the net profit after tax was Rs. 14.12 crores as against Rs. 5.35 crores (+ 164 %) in the corresponding quarter of the previous year. For six months ended September 30, 2005, the total income was Rs. 89.51crores against Rs. 54.93 crores (+ 63 %) and the net profit after tax Rs. 19.69 crores as against Rs. 8.59 crores (+ 129 %) in the corresponding half of the previous year. The Consolidated accounts include accounts of CRISIL Ltd. and its subsidiaries CRISIL Research and Information Services Ltd., CRISILMarketWire Ltd., Global Data Services of India Ltd., CRISIL Properties Ltd., EconoMatters Limited (UK) and its subsidiaries, Irevna Research Services Pvt Ltd, Irevna Limited (UK) and its subsidiary, and proportionate share in income and expenses of joint venture India Index Services & Products Ltd.

CRISIL Ratings continued to grow and maintained its leadership position in the domestic ratings business. CRISIL emerged as the first rating agency to launch the Bank Loan Ratings in India and assigned two bank loan ratings. The product was well received by the banking industry. CRISIL Ratings also launched a dedicated small and medium enterprise (SME) rating product and announced the first two SME ratings in India. The Division signed MOUs with two public sector banks for rating their potential borrowers in the SSI sector. The programme to synergise businesses of CRISIL and Standard & Poor's has been initiated and is likely to yield results over time. The company is however, benefiting from the powerful globally recognized brand and expertise of Standard & Poor's, in its efforts to maintain leadership of its businesses.

CRISIL Infrastructure Advisory secured major mandates in the power and urban infrastructure sectors during the quarter including a joint assignment with Gas Strategies for study of Indian gas market for an American oil company, due diligence of upstream gas project in Australia for National Thermal Power Corporation and development of business plan for Chennai city. The division undertook important outreach initiatives including a brown bag seminar in ADB Manila on "Service Level Agreements". EconoMatters Ltd., a 100% subsidiary based in London is consolidating on its financial and market growth displayed in the first quarter, with impressive wins of major International mandates in the field of Gas fuel.

The Investment & Risk Management Services of CRISIL (CIRM) signed a contract with a public sector bank for implementation of credit risk as per Basel II. The other mandates for consulting assignments include setting up derivatives desk for a private sector Company, work related to policy and process framework to comply with Clause 49 for a leading housing finance Company and study of organisation structure for a venture fund and providing recommendations for the reorganization.

The Research & Information Services business of CRISIL developed well during the quarter by leveraging the Company's unique macro-micro integrated research strengths to undertake customised research to facilitate strategic business decisions by MNCs and Indian entities.

Irevna group of Companies, the wholly owned subsidiaries of CRISIL providing high-end analytical outsourcing service to International clients, have maintained the growth and consolidated its operations with CRISIL. Irevna won an exclusive mandate to support a leading equity research firm in updating the Equity Research Industry Outlook for 2005, initiated multiple projects for client across skill spectrum for a large European Bank, commenced ad-hoc research relationship with large UK retailer and also entered into a contract with a US Hedge Fund.

CRISILMarketWire Limited (CMW), the wholly owned subsidiary of CRISIL, strengthened its position as the leading content player in the financial news business in India providing money market news, mutual fund news and equity market news.

Concluded.

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