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July 24, 2008 Mumbai

CRISIL Limited: Unaudited Financial Results for the second quarter ended June 30, 2008, CRISIL declares interim dividend of 100 %

The Board of Directors of CRISIL Limited, at its meeting held today, approved the Unaudited Financial Results for the second quarter ended June 30, 2008.

The consolidated total income of the CRISIL group for the second quarter ended June 30, 2008, was Rs.

132.31 crores as against Rs. 96.91 crores (+ 36.5%) in the corresponding quarter of the previous year. The net profit after tax was Rs. 35.55 crores as against Rs. 16.11 crores (+120.6%) in the corresponding quarter of the previous year. The total income for CRISIL Limited was Rs. 98.59 crores against Rs. 42.62 crores (+131.3%) and the net profit after tax was Rs. 32.01 crores as against Rs. 11.34 crores (+182.3%) in the corresponding quarter of the previous year. For the six months ended June 30, 2008, the consolidated total income was Rs. 252.27 crores against Rs. 187.64 crores (+34.4%) in the corresponding six months of the previous year, and the net profit after tax was Rs. 67.03 crores as against Rs. 34.20 crores (+96.0%). The Board of Directors have declared an interim dividend of 100%.

CRISIL Ratings maintained its leadership in the Indian market and recorded robust growth. Revenue growth was driven by increased demand for bank loan ratings and financial sector and structured finance ratings.

SME Ratings continue to perform well with CRISIL assigning its 2500

^th

rating in this quarter. CRISIL Ratings continued its focus on outreach initiatives through a well attended discussion forum on Basel II and various other programmes. CRISIL Ratings’ international business, consisting primarily of business with Standard & Poor’s (S&P), continues to report satisfactory progress.

CRISIL Research’s mutual fund and industry research verticals exhibited good growth in revenues, from subscription renewals by existing clients and mandates from new clients. Despite the volatility in the equity markets, CRISIL Research assigned IPO Gradings to seven companies during the quarter, broadly in line with trends in earlier quarters.

Irevna maintained its leadership in the global investment research offshoring space despite the challenging global environment. Irevna added another global top-20 bank to its roster of clients and continued to grow existing client relationships. In line with its expansion plans, Irevna proposes to open a new delivery centre in Poland which will enable Irevna to access a more diverse talent pool and better serve the requirements of its global clients.

CRISIL Risk and Infrastructure Solutions Ltd is a wholly-owned CRISIL subsidiary that houses the infrastructure advisory and risk solutions businesses. During the quarter, CRISIL Infrastructure Advisory won numerous international mandates including consultancy services on the transformation of an investment bank in Africa into a development finance institution, a local development investment fund project, an infrastructure finance facility in South Asia, and a project in Mauritius.

CRISIL Risk Solutions received a mandate from a leading infrastructure finance company for developing

management systems with special emphasis on risk assessment and regulatory norms, and from a finance

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company for developing scoring models for the retail borrower segment. CRISIL Risk Solutions also worked with S&P Risk Solutions in delivering solutions to clients in the Asia-Pacific region.

Gas Strategies Group, CRISIL’s UK-based subsidiary, worked on a number of important advisory assignments including LNG terminal development, LNG project advice, storage bid support, support on gas swap arrangements, and market studies.

_________________________

Roopa Kudva

Managing Director & Chief Executive Officer For information, please contact:

Roopa Kudva

Managing Director & Chief Executive Officer Phone (Direct): +91-22-66913062

1. The Consolidated accounts include accounts of CRISIL Ltd, CRISIL Risk and Infrastructure Solutions Limited, CRISIL Credit Information Services Limited, Irevna Limited (UK) and its subsidiary Irevna LLC (US), Gas Strategies Group Limited (UK) and its subsidiaries, and proportionate share in income and expenses of joint venture India Index Services & Products Ltd.

Ramya Krishnan Anil,

Head, Market Development & Communications Phone: (Direct): +91-22-6758 8051

(Board): +91-22-6758 8000 to 09 Mobile: +91 98203 42671

Facsimile: +91-22-6758 8088

About CRISIL Limited, a Standard & Poor's company (www.crisil.com)

CRISIL is India's leading Ratings, Research, Risk and Policy Advisory Company. CRISIL’s majority shareholder is Standard & Poor’s, a division of The McGraw-Hill Companies and the world's foremost provider of financial market intelligence.

CRISIL offers domestic and international customers a unique combination of local insights and global perspectives, delivering independent information, opinions and solutions that help them make better informed business and investment decisions, improve the efficiency of markets and market participants, and help shape infrastructure policy and projects. Our integrated range of capabilities includes credit ratings and risk assessment; research on India's economy, industries and companies; investment research outsourcing;

fund services; risk management and infrastructure advisory services.

Disclaimer

This Press Release is transmitted to you for the sole purpose of dissemination through your newspaper /

magazine / agency. The Press release may be used by you in full or in part without changing the meaning or

context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of

its Press Releases for consideration or otherwise through any media including websites, portals etc.

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CRISIL Limited

Unaudited Consolidated Financial Results for the quarter ended on June 30, 2008 (Rs. In Lakhs)

Particulars

3 months ended 30-June-08

Half year ended 30-June-08

Previous year ended

31-Dec-07

Unaudited Unaudited Unaudited Unaudited Audited

Income from Operations 12,513.21 9,595.50 24,187.61 18,528.38 40,433.26

Other Income (Refer Note 7 below) 717.96 95.94 1,039.04 235.43 916.02

Total Income 13,231.17 9,691.44 25,226.65 18,763.81 41,349.28

Expenses

- Staff Expenses 5,080.61 3,971.72 9,419.95 7,244.10 15,199.68

- Establishment Expenses 587.95 502.40 1,113.73 940.89 2,033.99

- Rent Expenses 616.93 420.67 1,247.83 731.66 1,878.14

- Travel Expenses 634.96 578.99 1,265.86 1,090.90 2,469.39

- Professional Fees 992.89 874.91 1,896.88 1,895.46 4,277.74

- Other Expenses (Refer Note 7 below) 600.37 881.42 1,082.13 1,510.41 2,857.56

- Depreciation / Amortisation 298.85 266.18 611.84 957.49 1,569.24

Total Expenses 8,812.56 7,496.29 16,638.22 14,370.91 30,285.74 Net Profit Before Tax From Ordinary Activities 4,418.61 2,195.15 8,588.43 4,392.90 11,063.54

Tax Expense 864.09 583.78 1,885.84 972.42 2,697.16

Net Profit After Tax From Ordinary Activities 3,554.52 1,611.37 6,702.59 3,420.48 8,366.38 Earnings Per Share (not annualised)

Basic Rs. 49.20 22.36 92.77 48.97 117.79

Diluted Rs. 49.20 22.31 92.77 48.86 117.79

CRISIL Limited

Unaudited Consolidated Segment Results for the quarter ended on June 30, 2008 (Rs. In Lakhs)

Particulars

31-Dec-07

Operating Revenue

Rating Services 4,637.97 2,860.77 9,099.09 5,625.04 12,447.67

Advisory Services 2,716.33 2,481.73 4,778.77 5,086.68 10,669.68

Research Services 5,158.91 4,253.00 10,309.75 7,816.66 17,315.91

Total 12,513.21 9,595.50 24,187.61 18,528.38 40,433.26

Less: Inter Segment Revenue - - - - -

Net Income from Operations 12,513.21 9,595.50 24,187.61 18,528.38 40,433.26

Segment Profits

Rating Services 1,897.69 1,174.34 4,122.91 2,442.98 5,291.53

Advisory Services 525.90 223.32 803.75 648.77 2,094.11

Research Services 2,143.47 956.03 3,947.12 2,038.21 4,629.51

Total 4,567.06 2,353.69 8,873.78 5,129.96 12,015.15

Add / (Less):

1. Unallocable Income net of unallocable expense 150.40 107.64 326.49 220.43 617.63 2. Depreciation / Amortisation (Refer Note 5 below) (298.85) (266.18) (611.84) (957.49) (1,569.24) Profit before Tax from ordinary activities 4,418.61 2,195.15 8,588.43 4,392.90 11,063.54

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CRISIL Limited

Unaudited Financial Results for the quarter ended on June 30, 2008 (Rs. in Lakhs)

Particulars

31-Dec-07

Income from Operations (Refer Note 6 below) 9,246.08 3,660.22 17,946.63 7,986.22 25,532.28

Other Income (Refer Note 6 below) 612.68 601.38 929.98 733.80 1,555.73

Total Income 9,858.76 4,261.60 18,876.61 8,720.02 27,088.01

Expenses

- Staff Expenses 3,825.34 1,417.47 6,939.28 3,113.87 10,104.59

- Establishment Expenses 508.43 236.64 936.70 475.45 1,404.71

- Rent Expenses 522.37 189.93 1,042.17 390.11 1,373.40

- Travel Expenses 311.26 117.05 680.61 295.99 1,399.42

- Professional Fees 242.36 233.86 463.75 593.96 814.67

- Other Expenses 301.83 305.62 631.85 530.85 1,509.99

- Depreciation / Amortisation 257.67 203.06 527.26 785.47 1,333.87

Total Expenditure (Refer Note 6 below) 5,969.26 2,703.63 11,221.62 6,185.70 17,940.65 Net Profit Before Tax From Ordinary Activities 3,889.50 1,557.97 7,654.99 2,534.32 9,147.36

Tax Expense 688.65 424.25 1,583.86 655.00 2,080.28

Net Profit for the Period 3,200.85 1,133.72 6,071.13 1,879.32 7,067.08 Net Profit After Tax From Ordinary Activities for

continued operations (A) 3,200.85 1,133.72 6,071.13 1,824.94 7,012.70

Net Profit After Tax From Ordinary Activities for

discontinued / discontinuing operations (B) - - - 54.38 54.38

Net Profit for the Period (A) + (B) 3,200.85 1,133.72 6,071.13 1,879.32 7,067.08 Paid up Equity Share Capital (Face Value of Rs.10

each) 722.50 720.75 722.50 720.75 722.50

Reserves (excluding revaluation reserves) 26,098.51

Earnings Per Share (not annualised) (including

discontinued / discontinuing operations)

Basic Rs. (Refer Note 6 below) 44.30 15.73 84.03 26.90 99.50

Diluted Rs. (Refer Note 6 below) 44.30 15.70 84.03 26.85 99.50

Earnings Per Share (not annualised) (excluding

discontinued / discontinuing operations)

Basic Rs. (Refer Note 6 below) 44.30 15.73 84.03 26.13 98.73

Diluted Rs. (Refer Note 6 below) 44.30 15.70 84.03 26.07 98.73

Aggregate of public shareholding

(A) Number of shares 3,504,052 3,486,552 3,504,052 3,486,552 3,504,052

(B) Percentage of holding (to total shareholding) 48.50 48.37 48.50 48.37 48.50

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CRISIL Limited

Unaudited Segmental Results for the quarter ended on June 30, 2008 (Rs. in Lakhs)

Particulars

31-Dec-07 Unaudited Unaudited Unaudited Unaudited Audited

Operating Revenue

Rating Services 4,637.97 2,860.77 9,099.09 5,625.04 12,447.67

Advisory Services (Refer Note 6 (b) below) - - - 876.88 876.88

Research Services (Refer Note 6 (a) below) 4,608.11 799.45 8,847.54 1,484.30 12,207.73

Total 9,246.08 3,660.22 17,946.63 7,986.22 25,532.28

Less: Inter Segment Revenue - - - - -

Net Income from Operations 9,246.08 3,660.22 17,946.63 7,986.22 25,532.28

Segment Profits

Rating Services 1,897.69 1,174.34 4,122.91 2,442.98 5,273.36

Advisory Services (Refer Note 6 (b) below) - - - 88.71 88.71

Research Services (Refer Note 6 (a) below) 2,108.27 272.59 3,743.33 368.32 3,907.61

Total 4,005.96 1,446.93 7,866.24 2,900.01 9,269.68

Add / (Less):

1. Unallocable Income net of unallocable expense 141.21 314.10 316.01 419.78 1,211.55 2. Depreciation / Amortisation (Refer Note 5 below) (257.67) (203.06) (527.26) (785.47) (1,333.87) Profit Before Tax 3,889.50 1,557.97 7,654.99 2,534.32 9,147.36

Notes:

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on July 24, 2008.

2. The Board has declared an interim dividend of Rs. 10 per share having nominal value of Rs. 10 each.

3. The standalone unaudited financial results of the Company for the quarter ended June 30, 2008 only have been subjected to limited review by the auditors.

4. The Company’s operations predominantly relate to providing rating, advisory and research services. Accordingly, revenues earned through rendering of these services represent the primary basis of segment information set out above.

5. The fixed assets used in the Company’s business and liabilities contracted have not been identified to any of the reportable segments as the fixed assets and services are used interchangeably between segments. The Company believes that it is currently not practicable to provide segment disclosure relating to total assets and liabilities since a meaningful segregation of available data is not feasible.

6. Amalgamation and hive-off in the previous year

a. CRISIL Research and Information Services Limited, Global Data Services of India Limited, CRISIL Properties Limited and Irevna Research Services Limited – wholly owned subsidiaries of CRISIL Limited have been amalgamated with the Company with effect from April 1, 2007 in terms of the Scheme of Amalgamation sanctioned by the High Court of Judicature at Bombay and High Court of Judicature at Madras vide their orders dated July 27, 2007 and July 9, 2007 respectively.

b. Pursuant to the Board and Shareholder approval dated April 27, 2007, the Advisory Division of the Company has been transferred to CRISIL Risk and Infrastructure Solutions Limited, a wholly owned subsidiary of CRISIL Limited, with effect from April 1, 2007 with a consequential effect on revenues and profits.

Accordingly, the financial results for the quarter ended June 30, 2008 are not comparable with the figures of previous year / quarter.

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7. Consolidated other income for the quarter ended June 30, 2008 includes foreign exchange gain of Rs. 511.34 Lakhs and consolidated other expenses for the quarter ended June 30, 2007 includes foreign exchange loss of Rs. 267.83 Lakhs.

8. Consolidated Profit and Loss Account includes accounts of CRISIL Limited and its wholly owned subsidiaries CRISIL Risk and Infrastructure Solutions Limited, CRISIL Credit Information Services Limited, Gas Strategies Group Limited (UK) and its subsidiaries, Irevna Limited (UK) and its subsidiary Irevna LLC (US) and proportionate share in income and expenses of joint-venture India Index Services and Products Limited.

9. The status of investor complaints pursuant to clause 41 of the listing agreement for the quarter ended June 30, 2008 is as follows.

Opening Balance Addition Disposals Closing Balance

0 16 16 0

10. Previous year / quarter figures have been regrouped where necessary to conform to current quarter's classification.

For and on behalf of the Board of Directors of CRISIL Limited

Roopa Kudva

Managing Director & Chief Executive Officer Mumbai, July 24, 2008