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 2500th 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 center 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 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.

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