With reference to the above, we hereby inform you that CRISIL vide its letter dated February 17, 2022 has upgraded the long term credit rating of non-convertible debentures and long term bank facilities of the Company to 'CRISIL AA+/Stable' from 'CRISIL AA/Positive' considering, apart from other factors, continued strong profitability and sustained improvement in the leverage levels. CRISIL has reaffirmed its rating on the short-term bank facilities and commercial paper programme at 'CRISIL A1+'. The Rationale for the same as given by CRISIL is attached herewith. Kindly take note of the above.