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8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
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8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
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8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
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8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
5/62
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PARTICUTIBg
Of S}IAREHOLOING
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8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
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8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
7/62
14
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1
2
3
B
EqUITY
AI'D
LIAEIIIIIEI
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Capd.l
(b)
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lon.Cun
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Cu.r.nt
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•œOn•]Cun•¡nt Llab•g
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2303.32253
24009
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333910004 2,3405142
102431112
123643
1 03305852
104914773
315"
352.54503
2837810
210003504
10m30'80
TOTAL E•œ
[TV AND L:ABIL,T:E
654738654
551420077
ASSETS
(b)
Non-co.ronl
inv6st,nontB
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t
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and cash
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and adva..6s
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oodontass8l
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419200210
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5.16007
74."153
30".53970
450373330
401438357
034.10292
21610
20270993
07711420
5041807
50020145
,4100
320.20394
522.17027
1 95303224
149957720
TOTAL `
054703554 5 514 2Co 77
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8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
8/62
l.
We
have
reviewed
the
accompanying Statement
of
Standalone
Unaudited Financial Results
of
INDIABITLLS
HOUSING
FINAIICE
LIMITED
("the
Company")
for
the
quarter
and
six
months
ended
septernber
30,2015 ('the
staternent"),
being submitted
by the company purcuant
ro
the
requirement
of
Clause
4l
of
the
Listing
Agreernents
with
the Stock
Exchanges,
excepi
for
the
disclosures in
part
II
-
Select
lnformation
r€ferr€d
to
in
paragraph
4
below.
This
Staternent
is
the
responsibility
of
the Company's
Management
and has
been
approved
by
the
Board
of Directors-
Our responsibility
is
to issue
a rcpon
on the
Statement
based
on our
rwiew.
We
have
not reviewed
the consolidated
unaudited
results and
notes thereon and
accordingly
ow
report is
r€stricted
to
the standalone
unaudited
financial
rcsults
ofthe
Company-
2.
We
conducted
our
review of
the
Statement
in
accordance
with
the
Standard
on
Review
Engagernents
(SRE)
2410
'Review
of
Interim Financial
Information
Performed
by the Independent
Auditor
of
tf,e-Entity,,
issued
by the
Institute
of Chanercd
Accountants
of
India.
This
Standard
requires
that we
plan
and
perform
the
review to
obtain
moderate
assurance
as to whether
the Statement
is free
of
material
misstatement.
A review
is limited primarily
to inquiries
of
Company personnel
and
analytical
ap,plied
to financial
data
and thus
provides
less assurance
than
an
audit.
We
have
not
performed
an audit
and,
accordingly,
we do not
express an
audit
opinion.
3.
Based
on our review
conducted
as stated
above,
nothing
has
Chartered Accountants
lndiabu•a
Finance Centre
Tower 3.27th•]32nd Floor
Senapat Bapat Marg
Elphinstone Road
W
estl
Mumba•]
400013
Maharashtra.Ind a
Te•u
91(o22)61854000
Fax:•œ
1(o22)61854501/4601
8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
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8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
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This document contains certain forward-looking statements based on current expectations of Indiabulls Housing Finance
management. Actual results may vary significantly from the forward-looking statements in this document due to various risks
and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, and outside
India, volatility in interest rates and in Securities markets, new regulations and government policies that might impact the
business of Indiabulls Housing Finance, the general state of the Indian economy and the management’s ability to implement
the company’s strategy. Indiabulls Housing Finance doesn’t undertake any obligation to update these forward-looking
statements.
This document does not constitute an offer or recommendation to buy or sell any securities of Indiabulls Housing Finance or
any of its subsidiaries or associate companies. This document also doesn’t constitute an offer or recommendation to buy or
sell any financial products offered by Indiabulls.
Investor Contact Media Contact
Ramnath Shenoy Rahat Ahmed
[email protected] [email protected]
+91 22 6189 1444 +91 22 6189 1155
2
Safe Harbour Statement
8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
11/623
Pg. No.
1. Business Update 4
2. Operational Update 8
3. Indian Mortgage Market 12
4. Financial and Operational Highlights 23
5. LAP Grading 31
6. Liabilities Profile 36
7. Key Ratios, Valuations and Shareholding 46
8. Detailed Financials 51
Contents
8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
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Business Update
8/20/2019 Announces Q2 results, Earning Updates & Limited Review Report for the Quarter ended September 30, 2015 [Result]
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2000 Started as an NBFC
Our Journey
5
IPO and listing
Multi-product lending
Launched secured mortgage and commercial vehicle loans
Conversion to HFC
India’s 3rd largest HFC by size
PAT ₹1,266 Cr, RoE: 26%
2011- 12
2012-13
2014-15
2015-16
₹ 3,997 Cr raised through
QIP issue
Net worth over ₹ 10,300 Cr:2nd highest among private
HFCs/ NBFCs
Credit Rating upgraded to AAA
Gross disbursements
cross ₹100,000 Cr
Balance Sheet: ₹ 57,231 Cr PAT: ₹ 1,901 Cr
RoE: 29%
Mortgage finance focused growth plan. Home loans to prime
salaried segments
In-house sales team ramp up over 1,000 employees
Credit rating upgraded to AA
Retail mortgage constitutes 70% of loan book
Balance sheet crosses ₹ 20,000 Cr, RoE : 17%
Credit rating upgraded to AA+
PAT crosses ₹ 1,000 Cr
Balance sheet crosses ₹ 30,000 Cr, RoE: 22% 2009-11
Credit rating of AA-
Loan book crosses ₹ 10,000 Cr
Exit from unsecured personal and business loans
2006
2008
2004-05
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Business Update
6
Key Financial Highlights: H1 FY15-16 (ending September 30, 2015)
A third interim dividend of ₹ 9/-per share of face value of ₹ 2/-, amounting to 450%, has been declared in
the Board meeting held on 21st October, 2015.
H1 FY 15-16 H1 FY 14-15 Growth (%)Total Revenues (₹ Cr) 4,270.7 3,281.3 30.2%
NII (₹ Cr) 1,706.0 1,309.5 30.3%
PAT (₹ Cr) 1,066.8 872.1 22.3%
EPS (₹) 29.39 25.90
The company had cash, cash equivalents and investments in liquid debt instruments of ₹ 12,596 Cr as at 30 th
September, 2015. The company receives income from its cash, cash equivalents and investments in liquid debt
instruments through the quarter, most of which appears in ‘Other Income’ .
Year-on-Year (Y-o-Y) Comparison: Q2 FY15-16 v/s Q2 FY14-15
Q2 FY 15-16 Q2 FY 14-15 Growth (%)
Loan Assets (₹ Cr) 58,224.6 45,026.8 29.3%
Total Revenues (₹ Cr) 2,245.7 1,692.2 32.7%
NII (₹ Cr) 884.6 657.1 34.6%
PAT (₹ Cr) 555.5 448.3 23.9%
EPS (₹) 15.01 13.22
1 Crore = 10 million
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Successful QIP:
Foundation for Scalable and Sustainable Growth
• Raised USD 600 Mn (₹ 3,997 Cr) at ₹ 702 per share
• Net worth of ₹ 10,367 Cr as on 30th September 2015, second highest amongst private HFCs
and NBFCs
• High quality, long-only investor participation:
– Marquee long-only funds – Existing institutional shareholders
– Sovereign funds
• Leading investment bankers CLSA, BofA Merrill Lynch, Axis Capital and SBI Capital Markets
managed the issue
7
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16/628
Operational Update
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Business Summary
• Loans Outstanding : ₹ 58,225 Cr
(September 30, 2015) : (US$ 8.96 bn)
• Loan Book CAGR (6 years) : 26 %
• Cumulative Loans given to retail Customers : 7.96 Lacs
• Cumulative Loans Disbursed till date : ₹ 1,17,319 Cr
(US$ 18.05 bn)
• Cost to Income Ratio (H1 FY16) : 14.6%
• Profit After Tax CAGR (6 years) : 18%
9US $ amounts are converted based on the exchange rate of US $1 = ₹ 65
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Credit Ratings
10
Long TermRating Short TermRating
CARE Ratings AAA A1+
Brickwork Ratings AAA
CRISIL (A Standard & Poor’s Company) AA+ A1+
ICRA (An Associate of Moody’s Investor Service) AA+ A1+
India Ratings & Research (A Fitch Group
Company) A1+
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11
Country Wide Reach
ServiceCenters
Branches
Master Service
Centers (MSC)
Head office
• Core credit committee
• Loans above
predefined limits go to
the committee• Regional credit hub
• Detailed credit
analysis
• Underwrites high
value cases
• Walk-in
branches• Customer
interaction and
service delivery
• Credit authority
for low ticket
sizes
• Customer
interaction and
service delivery
• Recommends
proposals
• No credit authorityBest Affordable HFC
of the year - FY14-15
Realty Plus (West)
September’15
Awards and Accolades
ASSOCHAM
September’15
Housing Finance Firm
of the year- FY14-15
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12
Indian Mortgage Market
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Recent Regulatory Impetus
13
Government policy focus and historically superior credit quality of Housing Loans has prompted the regulator
to increase operational leverage and flexibility of the housing finance sector
With an average ticket size of Rs. 24 Lacs, IBHFL is focused on affordable housing and a substantial reduction in
risk weights by 15% in our core segment is very beneficial
Masala Bonds: Eases ECB guidelines and permits raising up to USD 750 Mn per year under automatic route‒ Opens up a new and large investor class
‒ Avenue for greater diversification of borrowing profile
‒ Increases depth of capital markets
Ticket Size Bands
LTV 30 - 75 Lacs > 75 Lacs
90% NA NA NA
Ticket Size Bands
LTV 20 - 75 Lacs > 75 Lacs
90% NA NA NA
With effect from 9th Oct’15 In the past
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Vast Affordable Housing Opportunity
• Urban Housing requirement: estimated at 45 million units by 20221- Demand continues to increase due to rapid urbanization, growing trend of nuclear families and rising
income
• Affordable Housing: Policy makers’ focus on Home loans up to ₹ 50 Lacs (from sub ₹ 28 Lacs
classified as priority sector lending)
- Government focussed on making building approval process simpler and quicker- HFCs are permitted to borrow through ECBs for lending towards affordable housing
• Government policy focus on affordable housing
- ₹ 4,000 crores allocated for low-cost housing and ₹ 50,000 crores for urban housing2
- ₹ 8,000 crores allocated to the Rural Housing Fund run by NHB2
141 – Industry Reports; 2 – RBI Deputy Governor Speech, Aug 2014
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09%17% 20%
26% 29%41%
81% 88%
India Thailand China Korea Malaysia Hong Kong USA UK
• Lower mortgage penetration compared to advanced and emerging economies implies huge opportunity for
growth
• Indian mortgage industry at an inflection point and is expected to grow five-fold in next 10 years• In the most recent budget, the Government has increased tax exemption limits on home loan repayments,
effectively lowering the rate of interest
• Government is focused on affordable housing and has backed this up with policy changes:— Channeled funds to the sector: ECB & Masala bonds
— Regulator has provided greater operational flexibility: Reduction in risk weight & increase in LTV caps
— Better defined and easier building permission process in many states
15
Headroom for Growth - Low Mortgage Penetration
Indian Housing Finance Industry
Source: National Housing Bank, 2013 As a % of GDP
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Indian Mortgage Market
16
High demand growth driven by:
• Reducing interest rates compressing the gap between effective home loan rates, after tax benefits, and rental yields, making
home purchase increasingly compelling in comparison to renting a house
• Rising disposable incomes coupled with low effective interest rates, after tax benefits, resulting in steadily increasing
affordability
Source: RBI Database, NHB Reports & Industry Estimates
1 – Credit Bureau of India Ltd. (CIBIL) data
Growing HFC Market Share in a Steadily Expanding Home Loans Market
(Amounts in ₹ Bn)
33%34%
36% 39%39%
39%
FY10 FY11 FY12 FY13 FY14 FY15
Bank's Share HFC's Share
17% 18%
4,5955,538
6,249
10,2998,887
7,526
HFC CAGR: 22%CAGR
• Housing loan market is concentrated in the ₹ 15 Lacs to ₹ 75 Lacs range
• The demand in this segment is sustained and disbursements have grown YoY at 151%
• This has ensured that housing loan portfolio growth is robust and has in fact shown an uptick in the last three years• HFCs which are particularly focused on sub-75 Lac loans have out paced industry growth at a CAGR of 22% between FY12 and FY15
18%
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Housing Loans: Lowest Risk Asset Class
17
2.5%
3.1%
3.6%
4.2%
1.3% 1.2% 1.1% 1.1%
2011 2012 2013 2014
Banks HFCs
• Housing loan NPAs are the lowest amongst all asset classes
• HFCs due to their singular focus and single-product specialized appraisal skills have low NPAs
• HFCs’ NPAs have been declining through the recent period of economic stagflation
Split of Banking NPA levels (FY 12) GNPA (%) Comparison between Banks
and HFCs
Priority Sector Retail Loans Industries
Source: RBI Working Paper Series
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Recent Government Policy Initiatives
• Housing for all by 2022: Scheme launched by the government- 20 million new housing units in 500 towns and cities in 7 years
- Affordable housing in partnership with the private sector
• 100 smart cities plan: Guidelines issued and cities short listed
- Outlay of ₹ 100,000 Cr over next 5 years
- Vast housing opportunity: Technologically integrated and planned townships
• Jan Dhan Yojana: Vast increase in organised banking infrastructure and reach
- 18.7 Cr accounts opened: doubled in 6 months
- Social security schemes launched: Pension and Insurance schemes – 117 Mn policies issued
- Ultimate benefit and knock-on effect on credit off-take and growth
18
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Indian Mortgage Market
Tax Incentives – Low Effective Interest Rates
Amount in ₹ * Interest Repayment Tax Break: Section 24 of the Income Tax Act# Principal Repayment Tax Break: Section 80C of the Income Tax Act
19
Particular 2015 2010 2000
Loan amount 24,00,000 24,00,000 24,00,000
Nominal Interest Rate(%) 9.65% 9.25% 13.25%
Deduction allowed on interest repayment* 2,00,000 1,50,000 75,000
Deduction allowed on principal repayment# 1,50,000 1,00,000 20,000
Tax Rate applicable 34.61% 30.90% 34.50%
Tenure (Yrs) 15 15 15
Total amount paid per year 3,78,340 3,18,763 3,69,140
Interest component 2,28,340 2,18,763 3,14,777Principal component 1,50,000 1,00,000 54,363
Tax amount saved 1,21,128 77,250 32,775
Effective interest paid on home loan 1,07,212 1,41,513 2,82,002
Effective interest rate on home loan 4.61% 6.02% 11.88%
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34,30040,400
46,000
60,000
76,00085,000
3,500 3,800 5,900 6,5008,250 9,500
FY 13 FY 14 FY 15 FY 16E FY 17E FY 18E
Market IBHFL
Source: CRISIL Research
Loan Against Property Market
Secured Loans to Small Businesses
Basis of Loan Appraisal Collateral Yields Risk Levels
Lending against components of
business
Factory/ office space
Inventory
Business receivables
18%+ High
Asset based lendingHome/ commercial
property14% - 18% Moderate
Cash flow based lending Self-occupiedResidential Property
11% - 14% Low
Low –risk Prime LAP
• Market estimated to grow at a CAGR of 17%
• IBHFL is a market pioneer with underwriting
experience and capacity
• Cash flow based loan appraisal
LAP Market Size - Disbursals (₹ Cr)
21
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LAP Growth Opportunity
22
• LAP loans from HFCs, NBFCs and private
banks represent a cost effective and
efficient source of finance for SMEs
• Additionally professional customer centric
delivery has led to LAP loans rapidly
replacing SME loans from older banks
• LAP loans do not represent additional
leverage, in fact they are replacing SME
loans with better collateralized LAP loans
Total finance demand for MSMEs: ₹ 32.6 lakh Cr
Potential Debt demand : ₹ 26 lakh Cr
Viable demand: ₹ 10 lakh Cr
Funded : ₹ 7 lakh Cr Funding gap: ₹ 3 lakh Cr
Bank SME Loans:
₹ 5.8 lakh Cr LAP Loans:
₹1.2 lakh Cr
LAP Market Opportunity: ₹ 880,000 Cr
Source: IFC; Industry reports
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23
Financial and Operational Highlights
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Balance Sheet Assets
24
* Cash, Cash Equivalents and Investments in Liquid Debt Instruments
US $ amounts are converted based on the exchange rate of US $1 = ₹ 65
Total Assets
As at September 30, 2015 ₹ 66,799 Cr (US$ 10.28 bn)
As at September 30, 2014 ₹ 49,536 Cr (US$ 7.62 bn)
Loan Book: 77%
Cash & Liquid Investments*: 19%Other Assets: 4%
77%
19%
4%
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Q2 FY 14-15
Asset Composition
25
• Home loans, which forms the majority of incremental disbursals, are disbursed at an
average ticket size of ₹ 24 Lacs; average LTV of 71% (at origination)
Q2 FY 15-16
Mortgage Loans Corporate Mortgage LoansCommercial Vehicle Loans
76%
3%
21%
76%
1%
23%
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Loan Book Growth: Efficient Capital Deployment
• ₹ 1,404 Cr of loans sold down in Q2 FY16. Total of ₹ 1,874 Cr sold down in H1 FY16
• Spread earned on assets that are off balance sheet add to portfolio without requiring
significant capital allocation, thus being RoE accretive
• Over ₹ 18,900 Cr of loans sold down to 27 banks and FIs since FY 06
• Loans sold (outstanding as on 30th September, 2015): ₹ 6,922 Cr – on which spread at 3.2%
p.a. is to be earned over the life of the loan
Loans Sold (₹ Cr)
(in preceding 12 months)Total Loan Assets (₹ Cr)
3,093
3,747 3,810
Sep-13 Sep-14 Sep-15
34,23739,789
51,303
3,903
5,238
6,922
Sep-13 Sep-14 Sep-15Ownbook Sell down
58,225
38,140
45,027
26
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0.85% 0.85%0.84%
0.41%
0.51%0.49%0.44%
0.34% 0.35%
Sep-13 Sep-14 Sep-15
Gross NPA General & Specific Provisions Net NPA
Asset Quality
27
• NPAs have remained within the target range for the last 16 quarters
• Standard Asset Provision and Counter-cyclical Provisions are over and above General and
Specific Provision pool and are not netted off against Gross NPAs in calculation of Net NPAs
• ₹ 212.2 Cr of excess provisioning over and above the regulatory requirement
(as % of Total Loan Assets)
As at September 30, 2015
(in ₹ Cr) NPA (90+ dpd*): 490.1
Provisions for
Contingencies: 678.9
Of which
NPAs: 284.9
Other provisioning: 394.0
Regulatory
Provisioning: 466.7
Excess Provisioning
Over Regulatory
Provisioning: 212.2
Provisioning Cover : 139% of GNPA
* dpd: days past due
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Retail Mortgage Loans' Sourcing
84% of Mortgage loans are sourced in-house
• Nearly 85% of the incremental sourcing is done in-house by on-rolls employees
72%
12%
16%
Direct Sales Team* Branch Walk-ins External Channels
*Direct Sales Team - on rolls sales employees
28
f l
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Home Loan Profile:
Focus on Affordable Housing
29
Average Loan Size 24 Lacs
Maximum Loan to Value 80%
Average Loan to Value 71% (at origination)
Average Loan Term 15 years
Primary Security Mortgage of property financed
Repayment Type Monthly amortizing
• RBI defines Affordable housing finance as housing loans to individuals up to ₹ 50 Lacs forhouses of value up to ₹ 65 Lacs in the six metros and housing loans up to ₹ 40 Lacs for
houses of value up to ₹ 50 Lacs in other towns / cities
• HFCs are permitted to borrow through ECBs for lending towards affordable housing. IBHFL
has drawn down facilities of USD 200 million under the same window in FY 2014-15
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Conservative Loan Against Property Profile
30
Average Loan Size 72 Lacs
Maximum Loan to Value 65%
Average Loan to Value 49% (at origination)
Average Loan Term 7 years
Primary Security Mortgage of property financed
Repayment Type Monthly amortizing
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31
LAP GradingA Pioneering Initiative for Improved Risk Managementand Greater Transparency
L A i t P t G di
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Loan Against Property Grading:
ICRA to also grade LAP Loans
32
• Initiated second LAP grading engagement with rating agency ICRA (a Moody’s Associate) in
this quarter
- ICRA to concurrently grade LAP loans disbursed from FY 2015-16 onwards. Report will be published from next quarter
onwards, along with the quarterly results of Q3 FY16
- ICRA grades the loans on aspects such as financial strength; business and management; collateral strength quality and
enforceability, and attributes of the loan itself
• Continuing grading engagement with CRISIL Ratings
- Engagement initiated in Q1 FY 2015-16
- CRISIL Ratings will continue to grade all of IBHFL’s LAP loans disbursed from FY 2015-16 onward. Updated report for H1
FY16 is a part of this earnings release
• Concurrent grading by multiple rating agencies
- Offers IBHFL a broader and deeper perspective and means to further improve loan portfolio
- Rating agencies are important stakeholders: exercise will increase comfort and transparency on the asset class
• Grading exercise will build into a comprehensive risk model
- Portfolio performance and delinquency will be tracked against loan grade
- Proactive customer management: retention, upsell/ cross-sell, delinquency management
- Learning’s will feed back to improve loan underwriting and continuously upgrade lending policy
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ICRA LAP Grading Methodology
33
ICRA LAP Grading reflects ICRA’s assessment of the credit quality of the loan on a ICRA developedcustomised scale
Business and Business Owner
• Fixed obligation to income ratio
• Past payment track record
• Credit bureau check
• Nature of business and financial
parameters
• Due diligence checks‒ Field credit investigation
‒ Personal discussion
‒ Reference checks
Collateral Quality and
Enforceability
• Loan to value ratio (LTV)
• Nature of property‒ Residential
‒ Commercial
• Usage of property‒ Self occupied
‒ Rented
‒ Vacant
• Property location
• Quality of construction
• Adherence to sanction plans
Loan Attributes
• Ticket Size
• Sourcing channel
• Lending scheme
• Loan tenor
Grading Assessment Parameters
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Detailed assessment of key factors determining credit worthiness
CRISIL LAP Grading Methodology
34
Financial Strength
• Interest and debt service cover
• Revenues, margin and profitability
• Networth and leverage
• Growth track of key financial parameters
Collateral Quality
• Property type and location
•Valuation of property
• Ownership and title chain of property
• Adherence to local zoning and planning permissions
Business Management
• Business sector and sectoral prospects
• Business duration and track record
• Debt service track record
• Experience and qualification of promoters and
proprietors
• Management strength and experience
Underwriting Process Adherence
• Independent verification and valuation
•Third party database checks
‒ CERSAI
‒ Registrar of companies
‒ Credit bureau checks
‒ CIBIL mortgage checks
‒ RBI willful defaulter list
‒ Experian Hunter fraud check
2nd R
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2nd Report
CRISIL LAP Grading: Updated for H1 FY16
35
• Incremental LAP loans from FY16 onwards are graded by CRISIL Ratings
• Grading is based on customized scale developed by CRISIL Ratings for IBHFL’s LAP loans to smallbusiness owners
• CRISIL grades the loans on aspects such as financial strength; business and management;
collateral and underwriting process
Grading Segment Characteristics
Grading ScaleLevel of credit
worthiness
Disbursals
FY16
InterestService
Coverage
Ratio (ISCR)
TotalOutstanding
Liabilities/
Total
Networth
Loan to Value
(LTV)
EBITDA
Margins
LAP1 Excellent 12.7% 5.5 – 6.6 1.5 – 1.6 44% 13% – 16%
LAP2 Good 81.8% 3.0 – 5.0 2.3 – 2.4 42% 10% – 12%
LAP3 Average 5.6% 2.4 – 2.6 3.2 – 3.4 41% 5% – 6%
LAP4 Below Average - - - - -
LAP5 Inadequate - - - - -
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36
Liabilities Profile
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16%
79%
5%
Liabilities
37
Total Liabilities:
As of September 30, 2015: ₹ 66,799 Cr (US$ 10.28 bn)
As of September 30, 2014: ₹ 49,536 Cr (US$ 7.62 bn)
Share Holders’ Funds: ₹ 10,367 Cr (US$ 1.59 bn)
Borrowings: ₹ 52,761 Cr (US$ 8.12 bn) Other Liabilities: ₹ 3,670 Cr (US$ 0.56 bn)
US $ amounts are converted based on the exchange rate of US $1 = ₹ 65
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25% 28%33%
59% 54% 47%
10%11% 12%
6% 7% 6%
Sep-13 Sep-14 Sep-15
ECB
Commercial Papers
Sell Down
Bank Loans
Bonds
Funding Mix
38
Total Borrowings:
As of September 30, 2015: ₹ 52,761 Cr (US$ 8.12 bn)
As of September 30, 2014: ₹ 41,103 Cr (US$ 6.32 bn)
US $ amounts are converted based on the exchange rate of US $1 = ₹ 65
2%
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35,012 41,103
52,761
5.15.7
3.9
1.5
2.5
3.5
4.5
5.5
6.5
7.5
8.5
-
10,000
20,000
30,000
40,000
50,000
Sep-13 Sep-14 Sep-15
Borrowings
Net Gearing
Strengthening Liability Profile
• Bond issuances have been healthy, and along with ECBs, contributed to 70% of the incremental borrowings in the last 12
months
• Amongst its lenders, the company now counts 227 strong relationships: 26 PSU banks, 17 Private and Foreign banks and
184 Mutual Funds, Provident Funds, Pension Funds, Insurance Companies and others
Borrowings (₹ Cr)
Net Gearing: Borrowings Net
of ‘Cash & Cash Equivalents’
and ‘Investments in Liquid
Debt Instruments’
39
Total Borrowings (₹ Cr) Net
Incremental
Contribution to Incremental
Borrowings in last 12 monthsSep-15 Sep-14
Bank Loans 28,174 24,808 3,366 29%
Bonds 19,784 12,900 6,884 59%
ECB 1,315 - 1,315 11%CP 3,489 3,395 94 1%
Total 52,761 41,103 11,658 100%
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Optimally Matched Balance Sheet
Maturity Profile
(As of March 31, 2015)
(Amounts in ₹ Cr)
• * Assets in the ‘Up to 1 Yr’ bucket includes ₹ 9,631.2 Cr (as of March 31, 2015) of Cash,
Cash equivalents and investments in liquid debt instruments
• The maturity profile reflects adjustments for prepayments and renewals in accordance
with the guidelines issued by National Housing Bank
17,800
27,895
11,455
17,366
26,883
12,901
Up to 1 yr 1 - 5 yrs Over 5 yrs
Assets Liabilities
*
40
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Components of Sustained Margins
41
17.1% 16.4%14.6%
FY14 FY15 H1 FY16
0.70%
0.67%
0.61%
FY14 FY15 H1 FY16
Cost to Income (annualised) Credit Costs (annualised)
• Cost of funds have dropped from a strengthening liability franchise
- Bank loans contribution to the borrowing mix have dropped below 50%
- On a rolling 12-month basis, 71% of incremental borrowing are from sources other than bank loans
• Continuing decline in cost to income ratio from increasing scale and improving employee
productivity
• Reducing credit costs from focus on low-risk and granular retail Home Loans
25%28% 33%
59% 54% 47%
10% 11% 12%
6% 7% 6%
Sep-13 Sep-14 Sep-15
2%
Borrowing Mix
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42
3 Pillars of Long-Term Growth
Sustainability
Stable senior and mid manager levels- Senior personnel in key business
functions unchanged since inception 10years ago
- Credit team with average 5+ years
experience
Focus on affordable housing segment- Vast urban housing shortage of 19 Mn
units
- Government policy focus and thrust
Only mortgage backed lending- At only 9% India has one of the lowest
mortgage-to-GDP ratios ensuring a large
and sustainable opportunity
- Historically low NPA levels
Profitability
Focus on profitability in each business
segment
Internal cost structures aligned along
product lines
Regions and branches evaluated on
profitability and asset quality, not
market share
Stable margins despite continuousreduction in risk levels within each
asset class
Scalability
Efficient capital deployment- Focus on loan sell downs
- Home loan segments with lowest riskweights
Focus on operating efficiencies- Declining cost-to-income ratio
- Lower credit costs from expanding
home loan portfolio
- Increasing sales force productivity
Technology leveraged- Network connecting all branches
- IT enabled work-flow for sales, credit
and collections
Strong digital presence- Amongst top 3 in search results
- Over 200 leads per day
- Customer engagement through socialmedia
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Eminent and Experienced Board of Directors
43
• Mr. Sameer Gehlaut : Executive Chairman
• Mr. Gagan Banga : Vice Chairman and Managing Director
• Dr. K.C. Chakrabarty : Former Deputy Governor of the Reserve Bank of India
• Justice Surinder Singh Nijjar : Retired Justice, Supreme Court of India
• Justice Bisheshwar Prasad Singh : Retired Justice, Supreme Court of India
• Mrs. Manjari Kacker : Former member of CBDT (Central Board of Direct Taxes)
• Brig. Labh Singh Sitara : Honoured with the Dhyan Chand Award by the President of India
• Mr. Samsher Singh Ahlawat : 20 years of banking experience in senior management positions
• Mr. Prem Prakash Mirdha : Business background with expertise in SME sector
• Mr. Ashwini Kumar Hooda : Deputy Managing Director
• Mr. Ajit Kumar Mittal : Executive Director, Ex-Reserve Bank of India
Board of Directors with pre-eminence and experience in diverse fields
Indiabulls Foundation:
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Indiabulls Foundation:
Corporate Social Responsibility
Free medical clinics to provide primary and preventive health care to the
underprivileged
Swasthya Kalyan Vahika™vehicles: 7 Mobile medical vans provide free primary
healthcare services to nearly 200,000 patients every year
Cleft deformity surgery for 1,200 children across 6 states in partnership with
Smile Train, an international children’s charity
Health
Women’s
Health
Free sanitary napkins to promote hygiene and sanitation amongst rural
women. About 30,000 underprivileged and rural women have benefitted
from this initiative
Free Paushtik Aahar (nutrition supplements) to 5,000 underprivileged
malnourished individuals every month and regular monitoring of their health,
weight and height
Nutrition
44
Computer
Literacy
Program
In order to improve IT literacy amongst underprivileged population,
contributed 1,000 computers to tribal ashram schools, shelter homes and
night schools in Mumbai, Thane, Raigarh and Palghar districts of
Maharashtra.
Indiabulls Foundation:
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Indiabulls Foundation:
Corporate Social Responsibility
Education
Awarded scholarships to 365 meritorious & deserving students from
economically challenged background to pursue higher education after 12th
standard.
Rural
Empowerment
Sponsored a water project called ‘Rahat’ at a Tribal Ashram School where
there was acute scarcity of water. Over 1,100 children of this tribal school
have benefited from this initiative
Indiabulls
Foundation
E-learning(IBFE)
Tie-up with MKCL (Maharashtra Knowledge Corporation Ltd.) authorized
computer centers to help impart basic IT literacy to rural youth
Equipped 31 ashram schools with sophisticated e-learning methods to
enhance the quality of education in rural Maharashtra
Sustainable
Livelihoods
Support to women self-help groups to make its Paushtik Aahar (nutritional
supplements) and provide sustainable employment options for the
underprivileged
45
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46
Key Ratios, Valuations and
Shareholding
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Rising Productivity Ratios
H1 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
No. of Employees 5,115 4,840 4,099 4,072 4,243
Profit per employee (₹ Cr) 0.42* 0.39 0.38 0.31 0.24
Asset per employee (₹ Cr) 13.06 11.82 10.84 8.09 5.85
Cost Income Ratio 14.6%* 16.4% 17.1% 18.0% 18.7%
47
*Annualized
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Rising Productivity Ratios
48
H1 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
Pre Tax RoAA (%) 4.9%* 4.9% 4.8% 4.9% 4.9%
Post Tax RoAA (%) 3.7%* 3.7% 3.8% 3.8% 3.7%
RoE (%) 21%* 29% 27% 26% 22%
Capital Adequacy (%) 21.59% 18.36% 19.14% 18.47% 18.86%
- Tier I 18.76% 15.25% 15.05% 14.96% 18.21%
- Tier II 2.83% 3.11% 4.09% 3.51% 0.65%
*Annualized
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Valuations and Returns
Sep-15 Mar-15 Mar-14 Mar-13 Mar-12
Market Price per share (₹) 737.4* 557.9 285.6 271.8 207.1
Market Capitalisation (US$ Bn) 4.76 3.12 1.50 1.34 1.02
PE Ratio (times) 12.5 10.2 6.0 6.8 6.5
Book Value per share (₹) 245.7 184.5 168.7 165.4 157.7
Price to Book Ratio (times) 3.0 3.0 1.7 1.6 1.3
Dividend per share (₹) 27# 26 29 20 13
Foreign Shareholding (%) 59.6% 51.8% 41.1% 45.2% 38.7%
US $ amounts are converted based on the exchange rate of US $1 = ₹ 65 49*As on 20
th
October, 2015# Dividend for H1 FY16 up till 30th September, 2015
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Shareholding Pattern
50MF: Mutual Funds; IFI: Indian Financial Institutions
23.6%
59.6%
2.0%
14.8%
Promoters Foreign Shareholding MFs/Banks/IFI Public
As on 30th
September, 2015
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51
Detailed Financials
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Consolidated Balance Sheet
52
₹ 12,596 Cr of
Cash & Cash
Equivalents and
Investments in
Liquid Debt
Instruments
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Consolidated Income Statement
53
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Thank you