CARE Ratings Limited — Updates, 30-01-2025: Press Release

**Investor Presentation Summary**

**Financial Highlights:** CARE Ratings reported a consolidated revenue from operations of ₹292.67 crore for the nine months ended December 2024, a 21% increase year-on-year (YoY). EBITDA rose 30% to ₹107.97 crore, yielding an EBITDA margin of 37%. Profit After Tax (PAT) grew 24% to ₹96.63 crore, with a PAT margin of 26%. On a standalone basis, revenue from operations stood at ₹245.45 crore, up 18% YoY, with EBITDA increasing 12% to ₹30.30 crore and PAT surging 33% to ₹29.46 crore.

**Strategic Initiatives and Growth Drivers:** The company has experienced robust performance in both the ratings (20% YoY growth) and non-ratings (38% YoY growth) segments, reflecting a balanced growth strategy. CareEdge's subsidiaries have expanded their footprint, with new global ratings assignments and the establishment of CareEdge ESG Ratings as a focal point.

**Business Developments:** CareEdge Global Ratings completed approximately $2 billion in ratings for corporate and financial institution debt issuances in just the first quarter of operation. This highlights the company’s aggressive approach to scaling up its international business.

**Market Position and Competitive Advantage:** CARE Ratings maintains its status as India's second-largest rating agency with a dominant position particularly in the BFSI and infrastructure sectors. Its diverse service offerings keep it competitive in fluctuating economic conditions, adapting promptly to market needs.

**Investor Implications:** The positive growth trajectory across segments suggests a favorable outlook for CARE Ratings. Investors should consider the sustainability of this momentum in light of the broader economic signals. Potential challenges include moderated GDP growth projections, which investors should monitor closely.