Page 45 - Index

Mission-Critical Decisions, Made with Confidence.
In contrast, bank credit posted a growth of 11.2% in 2024
vs 15.6% in 2023, owing to a slowdown in the services
and retail segments. The slower growth in credit to the
services segment was largely because of a slowdown in
credit to non-banking financial companies (NBFCs) due to
the central bank’s move to increase risk weights for banks
lending to NBFCs.
Reflecting credit growth, the new and enhanced BLR
quantum across credit rating agencies (CRAs) saw a
marginal decline in 2024. The number of companies with
new BLRs decreased 5.5% year-on-year across the industry.
The demand for the monitoring agency’s offerings increased
due to a surge in the number of companies raising equity
from the primary markets in 2024.
Amid an evolving macroeconomic environment and rising
competitive intensity, Crisil Ratings was able to sustain its
market-leading position in the corporate bond segment,
driven by investor preference for rating quality.
In this milieu, Crisil Ratings logged a healthy revenue growth
of 17.4% year-on-year in 2024.
On the analytical front, we continued to demonstrate
best-in-class quality with solid performance of ratings as
reflected in the globally tracked metrics such as default
rates and stability rates. We continued to strengthen
our early warning mechanism through our proprietary
framework for the corporate and infrastructure sectors. We
proactively identified sectors impacted by macroeconomic
developments and prioritised rating reviews across
vulnerable sectors and companies. These initiatives have
helped Crisil Ratings maintain high quality of ratings amid
external environment.
We witnessed global uncertainties with uneven economic
growth, high interest rates and continued geopolitical
tensions in 2024. Domestically, despite rising borrowing
costs, India Inc recorded resilient revenue growth, aided
by the government’s continued policy support towards
infrastructure build and revival of rural consumption
demand. Leaner balance sheets continued to support
credit profiles.
SEBI issued a series of circulars to enhance ease of
doing business for CRAs, including a comprehensive one
on cybersecurity and cyber resilience framework for all
registered intermediaries, including CRAs.
On the franchise front, Crisil Ratings continued to drive
thought leadership in the industry by providing cutting-
edge insights, hosting seminars and web conferences on
trending topics and engaging with industry leaders through
panel discussions. Our opinion pieces received extensive
coverage from premier print and digital media.
We conducted our second edition of infrastructure summit
themed – ‘Indian infrastructure: Surging on policy pivot’.
We hosted our ninth edition of the annual flagship seminar
on the NBFC sector themed – ‘NBFCs: On a risk-focused
growth journey’. Both events included presentations by
experts from Crisil Ratings and panel discussions involving
several industry leaders, who shared their perspectives
and insights.
To deepen our engagement with clients located in Tier 2
regions, we hosted regional Ratings conclaves, presenting
our views on relevant industry trends and having close
discussions with them. This outreach activity witnessed
encouraging response from clients, investors and bankers.
Other well-received franchise activities during the year
included webinars on renewable energy, infrastructure
investment trusts/real estate investment trusts, asset
reconstruction companies, electric vehicles, data centres,
automobiles, roads, real estate and capital goods.
Global Analytics Center (GAC) continued to drive
surveillance support across the analytical practices
of S&P Ratings and partnered on data and technology
transformation programmes.
Research, Analytics and Solutions
Crisil won the Chartis RiskTech100® 2025 Award in the
Model Validation category for the third consecutive year
and ranked 37th overall.
We were recognised as a category leader across five Chartis
quadrants for 2024 - Credit Risk Management Solutions,
Credit Portfolio Management Solutions, Regulatory
Reporting Solutions Quadrant, Credit Lending Operations
and Model Risk Management Solutions.
Crisil Intelligence
Highlights
• Expanded our research coverage on allied
agricultural activities
• Established a valuation framework for alternative
investment funds (AIFs) aligned with international
private equity and venture capital valuation
guidelines, enhancing our clients’ investment decision-
making capabilities
Annual Report 2024
43
Statutory Reports