Page 51 - Index

Mission-Critical Decisions, Made with Confidence.
Total foreign
exchange earnings
and outgo*
For the year ended
December
31, 2024
(C crore)
For the year ended
December
31, 2023
Foreign
exchange earnings
1,330.41 1,347.65
Foreign
exchange outgo
243.83 265.32
*On a standalone basis
The Company does not own any manufacturing facility
and, hence, our processes are not energy intensive.
Therefore, particulars relating to conservation of energy
and technology absorption stipulated in the Companies
(Accounts) Rules, 2014, are not applicable.
However, we endeavour to support the environment by
adopting environment-friendly practices in our office
premises and have rolled out a policy that is aimed at
improving the environmental performance of Crisil. Our
efforts in this direction centre around making efficient use
of natural resources, usage of renewable energy, adoption
of energy efficiency measures and promoting recycling
of resources.
Initiatives taken in the area of environment protection in
2024 are mentioned in the Crisil Sustainability Report 2024,
available at https://www.crisil.com/en/home/investors/
financial-information/sustainability-report.html.
Corporate social responsibility
The Company has constituted a Corporate Social
Responsibility (CSR) Committee in accordance with Section
135 of the Companies Act, 2013. The role of the Committee
is to review the CSR Policy and approve activities to be
undertaken by the Company towards CSR.
The CSR Policy of the Company is available at https://www.
crisil.com/en/home/investors/corporate-governance.html,
and details about initiatives taken by the Company during
the year under review have been appended as Annexure I
to this report.
The CFO has certified that the funds disbursed for CSR have
been used for the purpose and in the manner approved by
the Board for financial year 2024.
Vigil mechanism
The Company has established a vigil mechanism for
Directors and employees to report genuine concerns,
the details of which have been given in the Corporate
Governance Report annexed to the Annual Report.
Significant developments
Merger of Bridge to India Energy Private Limited (Bridge to
India) with Crisil Limited
In order to streamline Crisil’s subsidiary structure, the Board
of Directors of Crisil Limited approved the merger of Bridge
to India with the Company at their meeting held on October
16, 2024. The merger will be effected through the National
Company Law Tribunal approval process. An application for
the merger has been submitted to the National Company
Law Tribunal on November 28, 2024. The approval of the
application will be followed by dissolution of Bridge to India,
without any requirement of the winding-up procedure.
The merger will consolidate operations under the parent
entity, thereby reducing duplication of records, regulatory
compliances and costs.
Merger of Peter Lee Associates Pty Limited (PLA) with Crisil
Irevna Australia Pty Ltd (Crisil Australia)
In order to streamline Crisil’s global entity structure, the
Board of Directors of PLA and Crisil Australia, the two wholly
owned subsidiaries of the Company based in Australia, have
approved the sale of business of PLA to Crisil Australia
through a business transfer agreement. This will be followed
by deregistration of PLA.
SEBI licence approval for Crisil ESG Ratings & Analytics
Limited (Crisil ESG Ratings)
Crisil ESG Ratings, a wholly owned subsidiary of Crisil
Ratings Limited, and a step-down subsidiary of the
Company, had applied for a SEBI licence to operate as a
registered ESG ratings service provider (ERP). Crisil ESG
Ratings has received the licence from SEBI on April 25,
2024, to commence the business of ERP. Subsequently,
the Company, vide business transfer agreement dated
May 3, 2024, transferred its ESG ratings business to Crisil
ESG Ratings.
Subsidiaries
As on December 31, 2024, the Company had 3 Indian and 13
overseas wholly owned subsidiaries.
In accordance with Section 129(3) of the Companies Act,
2013, Crisil has prepared a consolidated financial statement
of the Company and all its subsidiaries, which is a part of the
Annual Report. A statement containing salient features of
the financial statements of the subsidiaries and highlights
of their performance are included in the Annual Report.
The Company has no associate companies within the
purview of Section 2(6) of the Companies Act, 2013.
Annual Report 2024
49
Statutory Reports