February 2018 Please refer page 24 for product labelling

Contents

¦ HDFC Infrastructure Fund - Why now?

¦ Government Focus on Infrastructure

¦ Opportunity and Prospects

¦ Fund Details

2

HDFC Infrastructure Fund - Why now?

¦ The infrastructure sector in India is now on a structural & sustained uptrend

¦ Various initiatives by Government to boost infrastructure sector in India

¦ Expect sustained growth in spending on Roads, Railways, Defense, Water, Affordable Housing, Ports, Airports, etc.

¦ New �nancial instruments such as REITs, InViTs, IDFs are positive for infrastructure investments

¦ Signi�cant interest from international investors in Indian infrastructure space

¦ Market appears to have changed direction - Stocks in Core Economy are performing better

3

Infrastructure is a major bene�ciary of lower interest rates

Intense focus of government on Infrastructure

Source: Press Information Bureau (PIB) 4

The current infrastructure cycle should be bigger, better and more sustainable than the last cycle due toa) better regulatory frame work b) proactive government c) learnings from last cycle d) greater foreign interest

¦ PMO: Regular monitoring of progress in the infra space at the highest level (PMO) through PRAGATI

¦ Decentralization of powers for forest clearances to speed up clearances

¦ Better co-ordination between ministries to ensure faster project award and grant of clearances

¦ Claims resolution: 75% payment of arbitration claims won by infra companies & amendment of Arbitration Act for faster resolution .

¦ Relief to road developers through measures like relaxation in exit clause, deferment of premium, NHAI fund infusion in stalled projects etc.

¦ Order in�ows have increased, execution is picking up and order pipeline is increasing

Positioned to capitalize on Bank Recapitalization/NPA Resolution

5

¦ Government announced Rs. 2.11 lakh crore Public Sector Bank (PSB) recapitalization package in Oct ‘17

¦ 3 Fold plan for Banking recapitalisation

¦ Recapitalization could improve credit conditions and bridge the capital shortage owing to NPAs

¦ Adequate capital should facilitate smoother NPA resolution and trigger capex recovery

¦ Banking recapitalization/Resolution of NPA problem through National Company Law Tribunal (NCLT) would be a major positive for 1) Banks 2) Infrastructure Companies 3) Construction Companies 4) Capex Cycle

st¦ As of 31 December, 2017, HDFC Infrastructure Fund had 18.7 % of Net Assets in PSBs.

ž Budgetary allocation of Rs. 18,000 crores to buy shares in PSBs

ž PSBs to raise Rs. 58,000 crores from the market

ž Government to issue Bank recapitalization bonds of Rs. 1,35,000 crores

For complete details on portfolio refer www.hdfcfund.comSource: Press Information Bureau (PIB)

6

Key focus areas of government

¦ Transportation: Roads, Railways, Metros, UDAN, and in-land water transportation

¦ Manufacturing: Review of Land Acq. Act, SEZ policy, labour reforms, defense industry

¦ Quality of life: Increase spend on health, sanitation & education, urban infrastructure

¦ Urban Infra: Investment of ~Rs. 1.90 lakh crores has been proposed by 90 cities under their Smart City plans

¦ Affordable Housing: Target to build 5 crore homes over 5 years under PMAY-Urban and Gramin

¦ Power: 24x7 power implies large investments in T&D

Improving capex outlook across sectors

Source: Press Information Bureau (PIB)

Source: National Highways Authority of India (NHAI) and Press Information Bureau (PIB). E: Estimates7

Roads

¦ Award and construction of roads has seen sharp upturn in the last three years.

¦ Growth in ordering and execution is likely to sustain in FY18 and FY19

¦ Government targets road construction from 40 km/day from present 22 km/day, it was 12km/day in FY14

¦ First phase of Bharatmala project, one of the biggest ever highway construction projects in India, to start by end of 2018

¦ Expected investment of Rs. 8 lakh crores in Bharatmala project, with 34,800 kms of roads to be constructed in Phase 1

¦ Other interesting initiatives: Connecting North East, Setu Bharatam- for building bridges, Chardham Highway Project, etc.

Roads are a major contributor to economic growth directly and indirectly as a multiplier effect

Roads FY14 FY15 FY16 FY17 FY18E FY17/FY14 FY18/FY17

Awards in km 3,621 7,972 10,098 16,271 25,000 349% 54%

Expenditure in Rs. cr 28,548 27,746 63,743 75,000 90,000 163% 20%

Execution/completion in km 4,260 4,410 6,029 8,231 10,500 93% 28%

8Source: Indian Railways and PIB

Railways

¦ Indian Railways (IR) plans Rs 8.56 lakh cr capex over FY15‐19, almost double of FY2010-15.

¦ DFC: Phase wise commissioning to start from next year (Total capex Rs. 81500 Cr),huge boost to capacity and speed of Indian Railways network

¦ Indian Railways is likely to initiate work on 3 new similar corridors costing Rs. 3.3 lakh Cr.

¦ Government’ s push for electri�cation of railway network

¦ Station Redevelopment – to redevelop 400 stations, capex about Rs. 1 lakh Cr

¦ Expansion of Railways in Hilly States and North East region

Changes in next �ve years likely to be more than what IR did over past thirty years

Railways FY14 FY15 FY16 FY17 FY18E FY17/FY14 FY18/FY17

Capex Rs cr 53,989 58,719 93,520 121,000 131,000 124% 8%

Broad Gauge lines commissioned (km) 1,562 1,545 2,828 2,855 3,500 83% 23%

Electrification (km) 1,350 1,375 1,730 2,013 4,000 49% 99%

9Source: Indian Railways and Press Information Bureau (PIB)

Metros

¦ Metro projects are already operational in 8 cities and under construction in 14 cities

¦ Metro rail projects in 20 cities which are in planning stage – estimated cost of Rs. 3.1 lakh crs

¦ Multilateral agencies like JICA, ADB, etc., are keen to fund

¦ There are 53 cities in India with a population of more than 1 mn – potential market for metros

Metros will ease road traffic and improve quality of life in cities

Metros (No. of cities) FY14 FY15 FY16 FY17 FY18E FY17/FY14 FY18/FY17

Operational 4 5 7 7 8 75% 14%

Under Construction 10 11 13 13 14 30% 8%

Planned 15 17 17 18 20 20% 11%

Central govt allocation (Cr) 7,959 8,159 11,937 19,172 18,366 141% -4.2%

10

Ports and Airports

¦ Sagarmala project: 400 projects amounting to Rs 8 lakh cr investments. First phase worth Rs 1 lac cr is under implementation

¦ Marine Clusters: At Tamilnadu and Gujarat – ship building, maritime services, tourism etc.

¦ Green�eld airports: Setting up 18 green�eld airports at a cost of Rs 30,000 Cr.

¦ UDAN Scheme: Connect 70 airports over three years starting this year. Total capex of Rs 4500 crs

¦ 20% CAGR in air traffic over last �ve years

Low cost water transport results in lower logistics costs & improves competitiveness. Improving air-connectivity leads to better economic activity, tourism and inclusive growth.

Source: Airports Authority of India (AAI) and Press Information Bureau (PIB)

11

Defense

¦ Policy push: Several changes to promote domestic manufacturing

¦ DAC (Defense Acqn. Council) cleared a record Rs 5.3 tn worth of projects in last 3 yrs.

¦ Hike in FDI limit to 49% to encourage overseas defense companies

¦ Surge in spending as backlog is cleared. Preference to domestic manufacturing industry

“While we are developing our economy, the military is not getting its due share. I think here we need to draw a lesson from China” - Army chief General Bipin Rawat (Indian Express dated May 4, 2017)

Particulars of some large projects Amount (Rs Cr)

Future Infantry Combat Vehicle (FICV) 60,000

Battle Field Management Systems (BMS) 50,000

Diesel Submarine (P-75i) 50,000

Landing Platform Docks 16,000

155mm/52 calibre mounted gun systems 15,700

Tactical Communication Systems (TCS) 15,000

155mm towed gun system 15,000

LR SAM 13,000

QR SAM and MR SAM 13,000

Others 280,000

Total - to be awarded over 3-5 years 527,700

Source: Ministry of Defence and Press Information Bureau (PIB)

12

Affordable Housing

¦ Government’s focus on affordable housing could lead to maximum activity in this segment

¦ Target to build 5 crore homes by 2022 under PMAY (Urban & Gramin)

¦ Direct funding by Central and State Government along with active participation of private sector through various incentives

¦ Tax incentives, attractive interest subsidies, low interest rates and stable housing prices have improved affordability

¦ 2 �agship schemes (SMART city and AMRUT) with a total central outlay of Rs. 1 lakh Cr

¦ Construction is a key employment generator with strong forward and backward linkages

Housing demand would spur demand for cement, steel, paints, electricals, sanitaryware etc. and create jobs

*** Ministry of FinanceSource: Ministry of Housing and Urban development, HSBC, CLSA

FY15 FY16 FY17 FY18

PMAY - Gramin PMAY - Urban

PMAY - Government Budgetary Allocation***

35,000

30,000

25,000

20,000

15,000

10,000

5,000

Bu

dg

eta

ry A

lloca

tio

n (

Rs.

Cro

res)

11,096 10,116

16,000

23,000

6,043

4,936

1,487

Rising budgetary support

Total houses to be

constructed FY 18-24 (lakh)

Total amount to be spent

(Rs. lakh crore)

PMAY (Gramin & Urban) 315 13.5

Rs. 5-10 lakh - Rural 123 9.8

Rs. 10-20 lakh - Rural/LIG 95 14.5

Rs. 20-50 lakh - MIG 53 21.7

Rs. 50 lakh+ 21 23.5

Total 605 83.1

46% expected to be spent on low-cost housing

Maharashtra: India’s Infra growth engine

13Source: Deutsche Bank

Ports

ProjectCapacity

(mtpa)

Investment

(INR bn)

JNPT 5th container terminal 30 55

JNPT container terminal T4, Phase 2 30 32

Setting up of a floating storage and

regasification unit5 27

Total 65 114

Urban Transport

ProjectLength

(km)

Investment

(INR bn)

Mumbai Metro, Line 2B 24 110

Mumbai Metro, Line 4 32 145

Mumbai Metro, Line 5 24 84

Mumbai Metro, Line 6 15 67

Pune Metro, Phase 1 31 114

Total 126 520

List of Infra projects developed/being developed in Maharashtra

¦ Maharashtra accounts for over 50% of the upcoming large infra projects in India with estimated captial expenditure of Rs 1.6 lakh crores

¦ State Government has increased budgetary allocation substantially to Rs 7,000 crores in FY18 (y-o-y growth of 63%)

Road

ProjectCapacity

(mtpa)

Investment

(INR bn)

Mumbai-Nagpur Communication Expressway 710 460

Mumbai Trans Harbour Link 22 178

Virar-Alibaug Multi Corridor, phase 1 79 130

Mumbai Coastal Road 33 120

Pune Ring Road 170 104

Versova-Bandra Sea Link 10 75

Total 1,024 1,066

ProjectCapacity

(MW)

Investment

(INR bn)

Lanco Vidarbha TPP 1,320 104

Solapur TPP (NTPC Ltd.) 660 47

Amravati TPP, Stage II (Rattanindia) 1,350 66

Nashik TPP, Phase II (Rattanindia) 1,350 78

Total 4,680 296

Airports

ProjectCapacity

(mppa)

Investment

(INR bn)

Navi Mumbai International Airport 60 160

Mumbai Airport T2 upgradation - 34

Juhu Airport runway extension - 20

Nagpur (MIHAN) International Airport 7 20

Total 67 234

Grand Total 2,231

Uttar Pradesh: Healthy competition ahead for other states

14

¦ UP consumes 10% of India’s power vs 16% share in population. Per capita power consumption was less-than half of India in FY17

¦ BJP Govt. led by Mr. Yogi Adityanath has announced 24x7 power by Dec-18st

¦ 1 signs of demand pickup visible - peak load +17% YTD in FY18 leading to UP driving ~30% of India's peak demand growth

¦ Signi�cant jump spending on power generation, T&D to meet 24x7 power

¦ Smart meter – 80% of 5mn �rst smart meter order placed on L&T to be installed in UP

¦ No free lunch here – UP ERC approved ~12% tariff hike with 260% hike for unmetered rural consumers & no hike for Industry!

¦ Political compulsions would put pressure on other states to provide 24x7 power and focus on development… to drive power demand & consequently, drive capex

Compressed demand - roaring to happen

Source: CLSA, CEASource: CLSA

Per Capita Consumption of Power vs. Growth Peak Load - showing ‘real’ trends now

2,0000 200 400 600 800 1,000 1,200 1,400 1,600 1,800-10%

-5%

0%

5%

10%

Per Capita Consumption (Units)

Statewise Consumption in FY17

Chattisgarh

Rajasthan

Bihar

Telangana Punjab

Maharashtra

Gujarat

Haryana

DelhiMP

Karnataka

TN

WB

Orissa

UP

AP

YoY

Co

nsu

mp

tio

n G

row

th in

FY

17 (

%)

0

5

10

15

20

25

8%

9%

10%

11%

12%

13%

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

UP peak demand - FY17

UP (% of India) - FY17

UP peak demand - FY18

UP (% of India) - FY18(GW)

15

¦ In FY17 and FY18, growth has been adversely impacted due to demonetisation and GST

¦ Economic growth should accelerate in FY19 and beyond

¦ Acceleration in economic growth should be led by acceleration in infra capex, housing and private capex

¦ Industrial capex is also likely to improve within a year led by steel, fertilizer, re�neries etc.

¦ December Manufacturing PMI at 5 year high, November IIP at 2 year high, recovery in Medium and Heavy Commercial Vehicle sales, improving credit growth and exports indicate improving economy

Indian Economy : Improving outlook

FY13 FY14 FY15 FY16 FY17 FY18E FY19E

GDP at market price (%YoY) 5.5 6.4 7.5 8.0 7.1 6.7 7.5

Centre’s fiscal deficit (% GDP) 4.9 4.5 4.1 3.9 3.5 3.2 3.2

Current Account Deficit (CAD) (% GDP) 4.7 1.7 1.3 1.1 0.7 1.2 1.5

Net FDI (% of GDP) 1.1 1.2 1.5 1.7 1.6 1.4* 1.4*

Consumer Price Inflation (CPI) (Avg) 10.2 9.5 6.0 4.9 4.5 3.4 4.6

India 10 year Gsec Yield (at year end) 8.0 8.8 7.7 7.5 7.4 - Dec 31 N.A. N.A.

Source: CEIC, CSO, RBI, Morgan Stanley Research; Economic Survey, E-Estimates, * Morgan Stanley Research

The above analysis should not be construed as a research report or a recommendation to buy or sell any security covered under the respective sector/s and that the same has been prepared on the basis of information, which is already available in publicly accessible media.

16

Equity Markets - Marketcap to GDP near lows

a) From 2005-16, S&P BSE SENSEX PE is based on 12 month forward estimated EPS

b) For 2017 and 2018, S&P BSE SENSEX PE is based on estimates as of Mar 18 and Mar 19 end and used market cap as of December 31, 2017.

stSource: World Bank, Kotak Institutional Equities, updated till 31 December, 2017

¦ In last 10 years, SENSEX has grown at a CAGR of close to 6% vs Nominal GDP growth rate of close to 14%

¦ Improving EBITDA margins, lower interest rates should lead to improved EPS/Pro�t growth in coming years

160

140

120

100

80

60

40

20

02005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017E2018E

Current Current

25

20

15

10

5

13.215.1 149

88

6956

10.9 99

16.8 16.3

12.614.2

15.9

20.018.1

17.418.8 17.9

98

6171 64

8176 72

9383

India market cap to GDP ratio, calendar year-ends 2005-18 (%)

22.8

Mcap/GDP (%) S&P BSE SENSEX PE - 12 month forward

Historical performance indications and �nancial market scenarios are not the reliable indicator for current or future performance. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in the Scheme and/or should not be construed as an advice for investing in the above sectors. The Fund may or may not have any present or future positions in the Sector/s.The above analysis should not be construed as a research report or a recommendation to buy or sell any security covered under the respective sector/s and that the same has been prepared on the basis of information, which is already available in publicly accessible media. The information/ views / opinions provided is for informative purpose only and that the recipient should note and understand that the information provided above may not contain all the material aspects relevant for making an investment decision and the stocks covered under the respective sector/s may or may not continue to form part of the scheme’s portfolio in future.

17

Equity Markets Outlook

Historical performance indications and �nancial market scenarios are not the reliable indicator for current or future performance.HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. In view of the individual circumstances and risk pro�le, each investor is advised to consult his / her professional advisor before taking investment decisions.The above analysis should not be construed as a research report or a recommendation to buy or sell any security covered under the respective sector/s and that the same has been prepared on the basis of information, which is already available in publicly accessible media.

¦ Forward P/E is a better parameter to evaluate markets compared to trailing P/E, especially when earnings are recovering

¦ Earnings outlook is improving with improvement in operating margins, lower interest rates, peaking NPA’s and higher metal prices

¦ Steel, that accounts for 20-25% of GNPA, has high interest from bidders under NCLT process; Conclusion of this process will positively impact banks, private capex and steel

¦ Markets are trading at CY18(e) p/e of ~17.5x and CY19(e) p/e of ~14.5x, which is reasonable, especially given improving economic and earning outlook

¦ Bunching of new issuances in January - March ; global events can create short term volatility

(Bloomberg consensus)

S&P BSE SENSEX valuations

PE for CY17E CY18E CY19E

as on Dec 31 22.2 17.5 14.5

18

¦ HDFC Infrastructure Fund invests mainly in Infrastructure/Infrastructure related companies

¦ Infrastructure sector broadly comprises three segments

Infra & Infra related Stocks - Best positioned for the improving environment

¡ Asset Financiers: Banks and infrastructure �nancing companies

¡ Asset Creators: Engineering and construction companies

¡ Asset Owners/Developers: Companies that own infrastructure projects

For further details, refer SID/KIM available on the website, www.hdfcfund.com

19

¦ Companies engaged in construction of Roads, Airports and Railway networks, etc.

¦ Equipment manufacturers of Power, Defence, Railways, Re�neries, construction equipment, etc.

HDFC Infrastructure Fund - Portfolio composition*

Overweight exposure to companies in Asset creators category, consisting of:

¡ Asset creators

¡ Asset �nanciers

¡ Asset owners

¡ Others

* Based on HDFC Infrastructure Fund Portfolio & Internal classi�cation. For detailed monthly portfolio as on December 29, 2017, please visit our website www.hdfcfund.com

55

27

15

3

(% of AUM)

Creators

Financiers

Others

Owners

5515

3

27

% of AUM

20

¦ Risk

¦ Risk Reward Proposition

HDFC Infrastructure Fund - Favourable Risk Reward Proposition

¡ Portfolio is concentrated in a few sectors, hence carries higher risk

¡ In view of the higher risk, exposure to this Fund should be controlled*

¡ Not suitable for risk averse investors

* In view of the individual circumstances and risk pro�le, each investor is advised to consult his / her professional advisor before making a decision to invest. , Refer Disclaimer / Risk Factors on page 25

¡ With attractive valuations and prospects of economic recovery, we feel risk reward is favourable for the scheme*

Summary

21

¦ Infrastructure spending is on a structural growth path in India

¦ Make in India and Infrastructure development are key focus areas of government

¦ Several initiatives, change in laws create a favorable environment for the sector

¦ Healthy earnings growth expected for Infra & infra related companies led by

1) Higher order booking would translate to higher revenues2) Lower �nance costs would lead to improved pro�tability

¦ Infrastructure sector is a direct bene�ciary of lower interest rates

HDFC Infrastructure Fund is best positioned for the improving environment

HDFC Mutual Fund/AMC is not guaranteeing/offering/communicating any guaranteed returns on investments made in the scheme. In view of the individual circumstances and risk pro�le, each investor is advised to consult his / her professional advisor before making a decision to invest.

22

$ Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas. For further details, please refer to the Scheme Information Document.

Product Features

Type of Scheme An Open Ended Equity Scheme

Investment Objective To seek long term capital appreciation by investing predominantly in equity and equity related securities of companies engaged in or

expected to benefit from the growth and development of infrastructure

Fund Manager Srinivas Rao Ravuri

Investment Plan Direct Plan, Regular Plan

Investment Options Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility

Application Amount Minimum : Rs. 5,000/- and any amount thereafter

Additional Purchase : Rs 1000/- and any amount thereafter

Entry/Exit Load* Entry Load: Not Applicable

Exit Load:

Benchmark NIFTY 500 Index

Additional Benchmark Index NIFTY 50 Index

In case of systematic transactions such as SIP, GSIP, STP, Flex STP, Swing STP, Flexindex, Exit Load, if any, prevailing on the date of

registration/enrolment shall be levied.

Ÿ In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switched-out within 1 year

from the date of allotment

Ÿ No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment

Ÿ Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the

investors’ assessment of various factors including the service rendered by the ARN Holder.

$

23

Scheme Performance Summary

Value of investment of ` 10,000@

Scheme Returns

(%)^

Benchmark Returns

(%)#

Additional

Benchmark Returns

(%)##

Scheme(`) Benchmark (`)#Additional

Benchmark (`) ##

Last 1 Year 32.77 33.12 30.48 13,277 13,312 13,048

Last 3 Years 9.46 11.87 9.10 13,123 14,010 12,991

Last 5 Years 15.36 16.43 14.18 20,443 21,409 19,418

Since Inception 8.40 10.84 10.04 22,221 27,700 25,792

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are of st 1 Regular Plan -Growth Option. Load is not taken into consideration for computation of performance. Returns as on 31 January 2017. Benchmark. The performance

of the Scheme(s) is benchmarked to the Total Return Index (TRI) Variant of the Indices.Different plans viz. Regular Plan and Direct Plan have different expense structure. The expenses of the Direct Plan under the scheme will be lower to the extent of the distribution expenses/commission charged in the Regular Plan.

Past performance may or may not be sustained in the future. Returns greater than 1 year period are Compounded Annualised (CAGR). The above returns are of Regular thPlan - Growth Option. Load is not taken into consideration for computation of above performance(s). #NIFTY 500 Index ##NIFTY 50 Index. Inception date of the scheme 10

March, 2008. The scheme has been managed by Mr. Srinivas Rao Ravuri since 20th March, 2017. The scheme was co-managed by Mr. Srinivas Rao & Mr. Prashant Jain since stinception till 19th March, 2017. Returns as on 31 January 2017. The performance of the Scheme(s) is benchmarked to the Total Return Index (TRI) Variant of the Indices.

SchemesManaging scheme

since

stReturns (%) as on 31 January, 2018

Last 1 year Last 3 years Last 5 years

HDFC Growth Fund 03-Apr-06 32.61 12.22 15.13

1S&P BSE SENSEX 31.74 8.70 14.21

HDFC Focused Equity Fund - Plan A 23-Feb-15 26.30 - -

1S&P BSE 100 31.05 - -

HDFC Focused Equity Fund - Plan B 06-May-15 26.81 - -

1S&P BSE 100 31.05 - -

Other funds managed by Srinivas Rao Ravuri, Fund Manager of HDFC Infrastructure Fund

NAV as at January 31, 2018 Rs. 22.221 (Per Unit)HDFC Infrastructure Fund

24

Product Labelling

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

This product is suitable for investors who are seeking*

Ÿ Capital appreciation over long term

Ÿ Investment predominantly in equity and equity related securities of companies engaged in

or expected to benefit from growth and development of infrastructure

Riskometer

25

Disclaimer

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

stThe presentation dated 31 January 2018 has been prepared by HDFC Asset Management Company Limited (HDFC AMC) based on internal

data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines

only, which you must confirm before relying on them. The information given is for general purposes only. Past performance may or may not be

sustained in future. The statements are given in summary form and do not purport to be complete. The views / information provided do not have

regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. The

information/ data herein alone are not sufficient and should not be used for the development or implementation of an investment strategy. The

statements contained herein are based on our current views and involve known and unknown risks and uncertainties that could cause actual

results, performance or events to differ materially from those expressed or implied in such statements. Stocks/Sectors referred herein are

illustrative and not recommended by HDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in these

sectors. HDFC Mutual Fund/AMC is not guaranteeing returns on any investments. The data/statistics are given on the basis of

information which is already available in publicly accessible media to explain general market trends in the securities market. The same

should not be construed as any research report/research recommendation to buy or sell any security covered under the respective

sector/s. Neither the AMC and HDFC Mutual Fund nor any person connected with them, accepts any liability arising from the use of this

document. The recipient(s) before acting on any information herein should make his/her/their own investigation and seek appropriate

professional advice and shall alone be fully responsible / liable for any decision taken on the basis of information contained herein.

26

Glossary

NPA Non Performing Asset

PRAGATI Pro-Active Governance and Timely Implementation

MSP Minimum Support Price

PLF’s Plant Load Factor

UDAN Ude Desh Ka Aam Naagrik - Scheme by the Governemnt of India to promote regional air travel in India

Bharatmala Setu BharatamScheme by the Ministry of Road Transport to build roads along India’s borders, coastal areas, ports, religious and tourist

places as well as over 100 district headquarters.

Chardham

Chardham Mahamarg Vikas Pariyojna is a project of central govt. to improve the existing condition of Highways in

Uttarakhand. In this project, the govt. will upgrade and develop the road which connects all four ‘Dhams’, i.e. Gangotri,

Yamunotri, Kedarnath and Badrinath

T&D Transmission & Distribution

BU Billion units

GW Giga Watts

BoT Built operate and Transfer

DFC’s Dedicated Freight Corridor

JICA Japan International Co-operation Agency

ADB Asian Development Bank

CRR Cash reserve Ratio

SLR Statutory liquidity ratio

27

Glossary

MNREGA Mahatma Gandhi National Rural Employment Guarantee Act

CAGR Compound Annual growth rate

GDP Gross domestic product

SENSEX S&P BSE SENSEX

SID Scheme Information Document

KIM Key Information Memorandum

ISC’s Investor Service Centres

PIB Press Information Bureau