40 plus nationalities served by 4600 employees over 12 countries. For over 3 and half decades crisil has proved to be a trusted and reliable partner globally. Their actionable insights, domain expertise and innovative offerings have not just helped clients but have also powered their growth. From their vantage point they continue to make investments in their most important assets which are innovation, technology and people and these are the assets that deliver value to their clients. They are one of the leading provider of rating data and analytics to Indian clients. They also serve global clients with benchmarking, analytics research and risk solutions. They serve MSME, large corporation, investors, top global financial institutions, commercial and investment banks, insurance companies, private equity players, asset management companies, government and policymakers. They provide intelligence, benchmarks, analytics and transformative solutions to organisation which helps the economy and them grow. Their 4 main things are rating services, market intelligence  analytics, global benchmarking analytics and global research and risk solutions. Their ratings help improve access to funding for issuers and borrowers and optimise their cost of funds. For investors and lenders their ratings help their internal evaluation and help benchmark their investing opportunities.  Their ratings are also used in computation of capital for the banking sector. They were the first to rate bank loans in India. With others they also pioneer in rating other stuff such as inflation indexed debentures, asset backed securities and municipal bonds among others. For their global analytical centre what they do is credit analytics, fundamental research, data management and enrichment, modelling and forecasting, sales and market support and risk management and compliance analytics of a company. For research analytics and solutions they have market intelligence which is insights and comprehensive risk and analytics solutions. What they do is research and consulting, risk solutions and data and analytics. One highlight of this is they worked with the government of India in designing the initial PPP framework for key infrastructure sectors. For their international business they provide Global research and risk solutions I which they are on of the leading partners to many of the worlds biggest financial institutes to help them grow revenue, minimise risk, enhance productivity, make better decision and enhance return. They serve 15 of the top 20 leading global investment banks, 11 top global asset managers, 5 leading global insurers, 40 credit risks teams of global banks and several important domestic and global financial institutions. They do 3 things in this sector which is Quantitive and risk solutions, credit and lending solutions and research and sustainability. Lastly they have their global benchmarking analytics in which they are a leading provider of benchmarking, analytics and insight to the financial services industry. They serve the top 20 global banks, 35 out of 50 top commercial brands and 95 of top 100 asset managers. They do 3 main things which are client and competitor analytics, data offerings and VOC benchmarks. The global macroeconomics situation remained complex and world growth was higher than expected. They continue to be a global trusted rating company and they maintained their market leading position. Their market intelligence and analytics segment gained momentum in credit risk solution and research and consulting services. Both of their global division also witnessed growth amidst the pressure on spends by financial services clients. Their global research and risk solutions saw good traction in lending and buy-side segment while their Global benchmarking analytics saw momentum in corporate and investment banking. They set up a center in Columbia to be able to expand into the North American area. They also made 2 acquisition to be able to serve Australia and New Zealand. They also hold some Franchise activities to enhance their brand name. Thye also completed their cloud migration and want to explore new things offered by Gen AI. Their profit after tax grew by 10 percent and their revenue from operations grew by 11 percent. Their EPS is 90.1 as of dec 31 23. They have a client first value creation model and they want to continue to leverage technology for better operational costs and to tailor more and more innovative solutions. The domestic credit rating services received a boost due to healthy bond issuances and steady bank credit growth in 2023. Going ahead the bond segment should see moderate growth due to strong growth in the start of 2024. Bank credit growth is expected to stay at mid teens. Government increased investments is to drive capital expenditure in infrastructure and revitalising the capital expenditure cycle in this sector. Overall the credit environment is going to remain soft. Their research service are witnessing demand in pivotal sectors such as the the credit guarantee fund scheme for MSME and the PM kissan in agriculture are going to drive this. These sectors constitute for 49% of India GDP and will continue to be their focus in 2024. Also the increasing demand in the EV and green hydrogen and the banking sector is going to fuel the demand in their services. Increased investments and local growth is going to fuel demand and growth for their consulting services. Their risk solutions benefited from asset classification and provisioning gaining momentum. Their focus for 2024 is to help deliver enterprise risk management solutions. Their strategic focus is to focus on data analytics and they are committed to leverage advanced data analytics, AI and ML to deliver targeted solutions. Their diverse suite of analytics will continue to drive tailored solutions for customer. For their global research and risk solutions the risk solutions business saw an increase in client engagement in areas like regulatory compliance and reporting, target review of inner model and stress testing level. Traditional sell side research faced cost-cutting amid headwinds by factors such as challenging deal environment, regional banking crisis, inflationary pressures, recessionary concerns and ongoing budget pressures. On the buy side strong traction was seen in research and operation, accompanied by strong demand from traditional assert managers across asset classes. For their corporate and investment banking sector they need greater data to be able to target opportunities and they would be working on this. In commercial and consumer banking there is a greater interest among regional US&Asia banks. Summary Crisil is an Indian analytical rating agency that also provides risk and policy advisory. They have 4 key things which are rating services, Market intelligence and analytics, global benchmarking analytics and global research and risk solutions. They mainly serve the financial industry. Their revenue comes from North America (40%), India (27%), Europe(25%) and rest of the world (8%). Personal thoughts. I think it is a really good business structure and how they have used their base business of rating to expand into other things. I think that they also have a leading position because of them managing and helping a lot of the top financial institutions. I think that this shows as their market cap is more than 5 times of ira and 7 times of care rating.