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Housing Development FinanceCorporation Limited
June 2012
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CONTENTS
HDFC Snapshot
Indian Mortgage Market
Operational and Financial Highlights
Key Subsidiaries and Associates
Financials: Standalone & Consolidated
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HDFC SNAPSHOT
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WHO WE ARE
Incorporated in 1977 as the first specialised mortgagecompany in India
Now a Financial Conglomerate with interests beyondmortgages:
71% shares held by Foreign Investors
HDFC
23.1%
HDFC Bank
72.4%
HDFCStandard Li fe
Insurance
60%
HDFC AssetManagement
74%
HDFC ERGOGeneral
Insurance
60%
GRUHFinance
100%
HDFCPropertyVentures
80.5%
HDFCVentureCapital
87.2%^Credila
FinancialServices
HDFC Snapshot
^ On a fully di luted basis
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BUSINESS SUMMARY
Loans Outstanding : Rs. 1,482.62 bn(June 30, 2012) : US$ 26.96 bn
Mortgage Loans CAGR (5 years) : 22%
Cumulative Housing Units Financed : 4.02 million
Total loan write offs since inception : 4 basis points(of cumulative disbursements)
Cost to Income Ratio (FY 2012) : 7.6%
Unrealised gains on listed investments : Rs. 270.01 bn(June 30, 2012) : US$ 4.91 bn
Profit After Tax CAGR (5 years) : 21%
HDFC Snapshot
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0
100
200
300
400
500
600700
800
900
1,000
FY10 FY11 FY12
606.11
751.85
901.54
504.13
603.14
711.13
Loans Approved Loans Disbursed
Rs.
in
billion
LOAN APPROVALS & DISBURSEMENTS
20%
18%
HDFC Snapshot
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CONTINUING GROWTH MOMENTUM(As at June 30, 2012)
0
300
600900
1200
1500
Jun-10 Jun-11 Jun-12
1,016.251,241.68
1,482.62
Rs.
in
billion
HDFC Snapshot
LOANS OUTSTANDING(Net of loans sold)
0
25
5075
100
Jun-10 Jun-11 Jun-12
56.36
31.23
49.78
Rs.
inbillion
LOANS SOLD(In the preceding 12 months)
As at June 30, 2012:
The growth in the loan book inc lusive of loans sold in the previous 12 months is 23%
No loans were sold dur ing the quarter ended June 30, 2012
Loans sold (outstanding): Rs. 138.72 bn - on which spread at 1.52% p.a. is to be earned overthe life of the loan
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NATIONAL SPREAD
Outreach Programmes to 90 locationsDeposit & loan products offered
to individuals in over 2,400 towns and cities.
* Inclusive of 77 outlets of wholly owned distribution company
HDFC Snapshot
No. of Outlets
2002 1182003 142
2004 173
2005 203
2006 219
2007 2342008 250
2009 267
2010 278
2011 289
2012 (Jun) 318
Denotes cities with 4 or more offices
Denotes cities with 3 Offices
Offices
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INDIAN MORTGAGE MARKET
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High demand growth driven by:
Improved Affordability
Rising disposable income
Tax incentives (interest and principal repayments deductible)
Affordable interest rates
Increasing Urbanisation
Currently only 31% of Indian population is urban
Favorable Demographics
60% of Indias population is below 30 years of age
Rapid rise in new households
Urban housing shortage estimated at 26.53 millionunits (Source: Eleventh Five Year Plan)
MARKET SCENARIO
Mortgage Market in India
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IMPROVED AFFORDABILITY
22.0
15.6
11.1
8.3
6.65.9 5.3 5.1 4.7 4.3 4.7 5.0 5.1 5.1 4.5 4.7 4.8 4.6
0.00
2.00
4.00
6.00
8.00
10.00
12.00
0
5
10
15
20
25
30
35
4045
50
Annua
lIncome(Rs.Lac)
PropertyV
alue(Rs.Lac)&
Affordability
Property Cost (Rs. Lac) Affordabil ity Annual Income (Rs. Lac)
Mortgage Market in India
1 Lac = 1,00,000
Representation of property pr ice estimates Affordabi li ty equals property prices by annual income
M M k i I di
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TAX INCENTIVES HAVE LOWERED THEEFFECTIVE RATES ON MORTGAGES
Mortgage Market in India
2012 2002 2000
Loan amount (Rs) 2,000,000 2,000,000 2,000,000
Nominal Interest Rate(%) 11.00% 10.75% 13.25%
Max deduction for interest al lowed 150,000 150,000 75,000
Deduction on principal 100,000 20,000 20,000
Tax rate applicable 30.90% 31.50% 34.50%
Tenor (years) 15 15 15
Total amount paid per year 320,000 269,028 307,620
Interest component 220,000 215,000 265,000
Principal repaid 100,000 54,028 42,620
Tax amount saved 77,250 53,550 32,775
Effective interest paid on home loan 142,750 161,450 232,225
Effective interest on home loan 7.1% 8.1% 11.6%
M t M k t i I di
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0%
20%
40%
60%
80%
100%
120%
8%
17%20%
34%36% 40%
43%47%
54%
77%
85%
101%
LOW PENETRATION IMPLIES ROOM FOR GROWTHMORTGAGES AS A PERCENT OF NOMINAL GDP
Mortgage Market in India
Source: European Mortgage Federation, 2010, HOFINET, 2010 & HDFC estimates for India
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OPERATIONAL AND FINANCIAL
HIGHLIGHTS
Operational and Financial Highlights
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HDFCs ASSETS(As at June 30, 2012)
86%
9%
5%
Loans (including debentures & corporate depositsfor financing real estate projects) - 86%Investments - 9%
Other Assets - 5%
Total Assets as at June 30, 2012
Rs. 1,746.76 billion (US$ 31.76 billion)
Total Assets as at June 30, 2011
Rs. 1,488.31 billion (US$ 33.28 billion)
Total assets have been computed as per Indian Accounting Standards and consequentlynot fai r valued. The unreal ised gain on l isted investments as at June 30, 2012 of Rs. 270.01bn has not been considered in the aforesaid.
Operational and Financial Highlights
Operational and Financial Highlights
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HDFC Bank - 29%
HDFC Sales
Private Limited -
45%
Direct Walk-ins -
13%
Other DSAs - 13%
HDFC Bank - 29% HDFC Sales Private Limited - 45%
Direct Walk-ins - 13% Other DSAs - 13%
87% OF OUR MORTGAGES ARE SOURCED BYOURSELVES OR THROUGH OUR AFFILIATES
Operational and Financial Highlights
June 30, 2012
Operational and Financial Highlights
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Individuals67%
Corporate13%
Rental
Discounting
7%
ConstructionFinance
13%
INDIVIDUAL LOANS
Home Loans
Fixed rate loans
Floating rate loans
Home ImprovementLoans
Home Extension Loans Short Term Br idging
Loan
Loans to NRIs
CORE BUSINESS LENDING(As at June 30, 2012)
Operational and Financial Highlights
June 30, 2012
Rs . in billionGross Loans 1,621.34
Less: Loans securitised - on w hich
spread is earned over the life of the loan 138.72
Loans Outstanding 1,482.62
LOANS
Operational and Financial Highlights
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OUR CONSERVATIVE LOAN PROFILE
UNDERLIES OUR HIGH CREDIT QUALITY Average Loan Size : Rs. 2.14 mn (US$ 38,909)
Maximum Loan to Value : 80%
Average Loan to Value : 65% (at origination)
Average Loan Term : 13 years
Primary Security : Mortgage of property financed
Repayment Type : Amortising
Operational and Financial Highlights
Operational and Financial Highlights
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0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
FY10 FY11 FY12
0.79% 0.77% 0.74%
0.53%
0.46% 0.44%0.66%
0.95%
1.16%
GROSS NPLs AS A % OF PORTFOLIO
6 MONTH GROSS NPLs AS A % OF PORTFOLIO
PROVISION FOR CONTINGENCIES AS A % OF PORTFOLIO
As at March 31, 2012
(Rs. in bn)
Provision for Contingencies: 16.71
Regulatory Provisioning: 14.02
Of which:
Provisioning for NPLs: 3.18
General Provisioning on
Standard Assets: 10.84
Actual provisioning is 1.2 times theregulatory requirement
Total loan write-offs continue to be 4basis points of cumulative
disbursements
KEY FACTORS
Low loan to value ratio In-house follow up team
Cash flow based lending Experienced appraisal team
HIGH LOAN QUALITY/ LOW CREDIT COSTS
Operational and Financial Highlights
Percentage
Operational and Financial Highlights
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0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
Jun-10 Jun-11 Jun-12
0.89%0.83% 0.79%
0.68%
0.94%
1.14%
0.21%
0.00% 0.00%
GROSS NPLs PROVISION FOR CONTINGENCIES NET NPLs
PROVISION FOR CONTINGENCIES & NET NPLs
Operational and Financial Highlights
As at June 30, 2012, it was the 30th consecutive quarter end at which thepercentage of non-performing loans have been lower than the correspondingquarter in the previous year.
Percentage
Operational and Financial Highlights
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12%
82%
6%
Shareholders' Funds
Borrowings
Other Liabilities
Rs. 204.66 bn
Rs. 1,438.12 bn
Rs. 103.98 bn
LIABILITIES
(As at June 30, 2012)
Operational and Financial Highlights
Total Liabili ties Rs. 1,746.76 bn (PY Rs. 1,488.31 bn)
Operational and Financial Highlights
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24%25% 28%
31% 32% 25%
43% 42% 46%
2% 1% 1%
0%
20%
40%
60%
80%
100%
Jun-10 Jun-11 Jun-12
International Borrowings
Bonds & Debentures
Term Loans
Deposits
MULTIPLE SOURCES OF BORROWINGS(As at June 30, 2012)
Total Borrowings Rs. 1,438.12 bn (PY Rs. 1,235.19 bn)
Operational and Financial Highlights
Percentag
e
Operational and Financial Highlights
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BORROWINGS (2)
p g g
Borrowings as at 30-Jun-12 31-Mar-12Net
Increase
During the
quarter 2012
During the
quarter 2011
Rs bn Rs bn Rs bn
Term Loans 374.84 406.97 (32.13) -69% -7%Debentures 663.84 621.38 42.46 91% 58%
Deposits 399.44 362.93 36.51 78% 50%
Total 1,438.12 1,391.28 46.85 100% 100%
% of incremental fund ing
Operational and Financial Highlights
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416
735
524
423
772
480
0
100
200
300400
500
600
700
800
900
Up to 1 yr 2-5 yrs Over 5 yrs
Assets Liabilities
Rs.
inbillion
MATURITY PROFILE(As at March 31, 2012)
The above graph reflects adjustments for prepayments and renewals in accordance with theguidelines issued by National Housing Bank.
Operational and Financial Highlights
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10.90%
10.30%
11.83% 12.37%
8.59%
7.97%9.56%
10.10%
2.31%
2.33%
2.27%
2.27%
2.10%
2.15%
2.20%
2.25%
2.30%
2.35%
2.40%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
FY10 FY11 FY12 Apr-Jun-12
Returns on Loans Cost of Borrowings Spread
LOAN SPREADS
p g g
Operational and Financial Highlights
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STRENGTHSHome Loan Strengths
Low average loan to value ratio and instalment to income ratios
Efficient recovery mechanisms
Steady level of prepayments
Quality underwrit ing with experience of over 35 years
Corporate Strengths
Strong brand customer base of 4.02 million
Stable and experienced management average tenor of senior
management in HDFC over 25 years
High service standards
Low cost income ratio: 7.6%
Operational and Financial Highlights
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RISING PRODUCTIVITY RATIOS
FY12 FY00 FY90
# of employees 1,719 794 727
# of outlets 237 67 24
Profit per employee (US$ 000) 473 118 8
Assets per employee (US$ mn) 18.1 4.4 0.5
Admin cost/assets (%) 0.30 0.49 0.76
Cost income ratio (%) 7.6 13.8 30.9
Operational and Financial Highlights
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Mar-12 Mar-11 Mar-10
Pre Tax RoAA (%) 3.9 4.0 3.8
Post Tax RoAA (%) 2.8 2.9 2.7
ROE (%) 22.7 21.7 20.0
Capital Adequacy (%) 14.6^ 14.0 14.6
Of which Tier I 11.8 12.2 12.8
Tier II 2.8 1.8 1.8
KEY FINANCIAL METRICS
^ As at June 30, 2012
March 2012: The drop in the Return on Average Assets is on account of lower prof it on sale ofinvestments amount ing to Rs. 2.70 bn as against Rs. 3.60 bn for the year ended March 31, 2011.
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SIGNIFICANT ACCOUNTING DIFFERENCES
BETWEEN INDIAN GAAP AND IFRS Investments are required to be reflected in the
balance sheet at original cost and not at fair value.
Standalone accounts only reflect dividend paid bythe subsidiary/associate companies and not the pro-rata share of profits.
Insurance companies are required to charge offacquisition costs upfront as against amortising thecosts over the life of the policy.
Operational and Financial Highlights
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VALUATIONS & RETURNSJun-12 Jun-11 Jun-10
Market price per share (Rs) * 684 706 589Market Capitalisation (USD Bn) 19 23 18Price Earnings Ratio (times) 25.4 30.7 30.4Book Value per share (Rs) - Indian GAAP 137 123 114+Adjusted Book value per share (Rs) 319 281 231
(Without considering any gain on unlisted investments)
+Price to Book ratio (times) 2.1 2.5 2.6Foreign Shareholding (%) 71 73 73*Share price as at July 17, 2012
The face value of the equity shares of the Corporation was sub-divided to Rs. 2 per equity share from Rs.10 per equity share w.e.f. August 20, 2010. Figures for June 2010 have been adjusted to reflect the revisedface value.
+Adjusted only for unreal ised gains on listed investments amount ing to Rs. 270.01 bn as at June 30, 2012.All unli sted investments, including investments in the l ife and non-l ife insurance companies and the assetmanagement bus iness are reflected at cost.
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SHAREHOLDING PATTERN
(As at June 30, 2012)71%
11%
12%3%3%
Foreign Shareholders - 71%
Individuals - 11%
Financial Institutions, Banks & InsuranceCompanies - 12%
Mutual Funds - 3%
Companies - 3%
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Associates and Subsidiaries
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HDFC BANK 23.1% owned by HDFC
Market Cap US$ 24 bn ADRs listed on NYSE
2,564 branches, 9,709 ATMs, 1,416 cities
Key business areas
Wholesale banking Retail banking Treasury operations
Financials (as per Indian GAAP) for the quarter ended June 30, 2012
Total net advances as at June 30, 2012, stood at Rs. 2,133.38 bn an increase of 22%
over the previous year.
Total deposits stood at Rs. 2,575.31 bn an increase of 22% over the previous year.
PAT: Rs. 14.17 bn an increase of 31% over the previous year
Arrangement between HDFC & HDFC Bank
HDFC Bank sources home loans for a fee
Loans originated in the books of HDFC
HDFC offers a part of the disbursed loans for sale to HDFC Bank
HDFC retains a spread on the loans that have been sold
Associates and Subsidiaries
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Ownership and Capitalisation
HDFC holds 72.4% and Standard Life 26% of the equity of HDFC Life
Paid up share capital as at March 31, 2012: Rs. 21.6 bn
No additional capital injected in FY12
Solvency Ratio
As at March 31, 2012: 188% (as against regulatory requirement of 150%)
Premium income and growth
Total premium income in FY12: Rs. 102.02 bn (PY Rs. 90.04 bn) a growth of
13%, share of renewal premium to total premium for FY12 is 62% (PY 55%)
HDFC STANDARD LIFE INSURANCE COMPANY LTD.(HDFC LIFE)
Associates and Subsidiaries
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Assets Under Management
As at March 31, 2012, Assets Under Management stood at Rs. 322.54 bn an
increase of 22% over March 31, 2011
Products
Offers 25 individual products and 9 group products along with 10 optional r iders
Offers 25 fund options across product categories
Distribution
HDFC group network is used to cross sel l by offer ing customised products
Operates out of 481 off ices across the country serving over 940 cit ies & a l iaison
off ice in Dubai
Network of 117,000 financial consultants, corporate agents and other sales
intermediaries
Strong bancassurance tie-ups with public, private and co-operative banks
Market share
Market share of 15.5% (private sector ranked 2nd) and 5.7% (overal l) in terms of
weighted received premium of individual business for FY12 (Source: IRDA)
HDFC STANDARD LIFE INSURANCE COMPANY LTD.
Associates and Subsidiaries
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Operating highl ights (Year ended March 31, 2012)
Commission ratio: 5.7% (PY 5.3%)
Operating expenses: 11.5% (PY 16%)
Individual business conservation ratio: 81% (PY 80%)
Financial highlights
Indian GAAP Results: Maiden profit of Rs. 2.71 bn in FY12
Back book started generating sufficient profits to of fset the newbusiness strain on writ ing new policies
As at March 31, 2012: Market Consistent Embedded Value: Rs. 48.16 bn
New business margin on individual business: 17.2% (based on loaded
acquisition expenses); New business margin after impact of acquisition
expenses overrun is 10.5%
HDFC STANDARD LIFE INSURANCE COMPANY LTD.
Associates and Subsidiaries
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HDFC ASSET MANAGEMENT Tie-up with Standard Life Investments (SLI)
HDFC holds 60% of HDFC Asset Management
HDFC Mutual Fund manages 39 schemes comprising debt, equity, exchangetraded fund and fund of fund schemes
Earned a Prof it After Tax of Rs. 2.69 bn for FY12
Average Assets under Management (AUM) as at June 30, 2012, stood atRs. 976.68 bn which is inclusive of assets under discretionary portfoliomanagement and advisory services
Equi ty assets of HDFC MF as a proport ion of total assets is 40%
Ranked first in the industry on the basis of Average Assets under Management
Associates and Subsidiaries
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HDFC ERGO GENERAL INSURANCE COMPANY LTD.Ownership and Capitalisation
HDFC holds 74% and ERGO 26% of the equity of HDFC-ERGO
Paid up share capital as at March 31, 2012: Rs. 5.23 bn
Capital injected in FY12: Rs. 1.48 bn (including Share Premium)
Premium income and growth
Gross writ ten premium stood at Rs. 18.74 bn for FY12 (PY Rs. 13.02 bn) growthof 44%.
Combined Ratio as at March 31, 2012
92.1% (PY 99.6%) before Motor Pool losses
Solvency
As at March 31, 2012: 157% (as against regulatory requirement of 150%, nowrelaxed to 130%)
Market share
Market share of 8% (private sector) and 3% (overall) in terms of gross writtenpremium in FY12 (Source: GI Council)
Associates and Subsidiaries
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HDFC ERGO GENERAL INSURANCE COMPANY LTD.
Products
The company offers insurance products such as:
Motor, health, travel , home and personal accident in the retail segment
and;
Property, marine, aviation and liability insurance in the corporate
segment.
Retai l accounts for 62% of the total business.
Distribution
Operates out of 80 branches across the country
HDFC group network is used to cross sel l home and health insurance products
Associates and Subsidiaries
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GRUH FINANCE LIMITED (GRUH) 60% owned by HDFC
Registered housing finance company offering loans to individuals for purchase, construction and renovation of dwelling units
Also offers loans to the sel f employed segment where formal incomeproofs are not available
Retai l network of 124 offices across 7 states in India Gujarat, Maharashtra,
Karnataka, Rajasthan, Madhya Pradesh, Chhattisgarh and Tamil Nadu
Financials for the quarter ended June 30, 2012
Loan portfolio as at June 30, 2012, stood at Rs. 43.5 bn an increaseof 29% over the previous year
Gross non-performing assets (NPAs) : 0.68%, net NPAs: 0.08%
PAT: Rs. 267 mil lion an increase of 30% over the previous year
Market Capitalisation: US$ 461 mn
Associates and Subsidiaries
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HDFC PROPERTY FUND Launched in 2005
First Scheme: HDFC India Real Estate Fund
Fund corpus : Rs 10 billion fully invested
Domestic investors, 7 year close ended fund
Funds managed by HDFC Venture Capital Limited
Exits have commenced; fund corpus has been returned to investors
HIREF International Fund
International investors, 9 year close ended fund
Targeted at premier institutions and funds across the world interestedin taking an exposure to Indian real estate
Exits have commenced since 2010
Associates and Subsidiaries
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CREDILA FINANCIAL SERVICES
HDFC holds 87.2% in Credila Financial Services Private Limited
Credila is a non-banking finance company and is the only Indian
lender that is exclusively focused on education loans
The company lends to under-graduate and post-graduate students
studying in India or abroad
As at March 31, 2012
Cumulative disbursements: Rs. 4.8 bn
Average loan: Rs. 0.77 mn
Credila uses the existing distribution network of HDFC
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FINANCIALS
Standalone & Consolidated
Financials
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BALANCE SHEET (Standalone)
*Net of loans sold during the preceding 12 months amounting to Rs. 49.78 bn. If these loans wereincluded, the grow th in loans would have been higher at 23%.
No loans were sold dur ing the quarter ended June 30, 2012.
Jun-12 Jun-11 Growth
(Rs. in billion) (Rs. in billion) (%)Sources of Funds
Net Worth 204.66 180.70
Borrowings 1,438.12 1,235.19 16
Current Liabilities & Provisions 103.98 72.42
1,746.76 1,488.31 17
Application of Funds
Loans* 1,482.62 1,241.68 19
Investments 151.83 173.28
Current/ Fixed Assets 112.31 73.35
1,746.76 1,488.31 17
Financials
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PROFIT AND LOSS ACCOUNT (Standalone)Apr-Jun-12 Apr-Jun-11 Growth
(Rs. in billion) (Rs. in billion) (%)
Operating Income of which: 49.15 38.01 29
Interest Expenses 33.88 25.15 35
Net Interest Income 15.27 12.86 19
Add: Other Income 0.07 0.05Less : Non Interest Expenses 1.74 1.31
Profit before Sale of Investments & tax 13.60 11.60 17
Add: Profit on Sale of Investments 0.20 0.16
Profit Before tax 13.80 11.76 17
Provision for tax 3.78 3.31 14
Profit After tax 10.02 8.45 19
Effective tax rate (%) 27.4 28.1
BALANCE SHEET
Financials
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Mar-12 Mar-11 Growth(Rs. in billion) (Rs. in billion) (%)
Sources of Funds
Shareholders' Funds 244.24 211.90
Minority Interest 8.20 6.51
Policy Liabilities 314.22 260.92
Loan Funds 1,424.79 1,180.56 21%Current Liabilities & Provisions 134.59 94.36
2,126.04 1,754.25 21
Application of Funds
Loans 1,449.34 1,201.55 21%
Investments 486.37 415.97Current Assets, Advances & Fixed Assets 187.96 133.26
Others 2.37 3.47
2,126.04 1,754.25 21
BALANCE SHEET (Consolidated)
PROFIT AND LOSS ACCOUNT (Consolidated)
Financials
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PROFIT AND LOSS ACCOUNT (Consolidated)Apr-Mar-12 Apr-Mar-11 Growth
(Rs. in billion) (Rs. in billion) (%)
Income from Operations 182.24 136.10 34
Premium Income from Insurance Business 111.56 95.75 17
Other Operating Income from Insurance Business 2.52 20.73
Profit on Sale of Investments 2.99 5.07
Other Income 0.27 0.28
Total Income 299.58 257.93
Less Expenses
Interest and Other Charges 115.57 78.76
Staff/Other Expenses 8.91 7.44
Claims paid pertaining to Insurance Business 37.98 33.62
Other Expenses pertaining to Insurance Business 74.44 85.18
Depreciation 0.51 0.49
Total Expenses 237.41 205.49
Profit Before Tax 62.17 52.44 19
Tax Expense 17.27 15.39Net Profit (before Profit of Associates and adjus tment of minority Interest) 44.90 37.05
Net share of profit of Associates (Equity Method) 11.81 9.08
Less : Share of profit / (loss) of minority shareholder 2.08 0.85
Profit after Tax attributable to the Corporation 54.63 45.28 21
CONSOLIDATED EARNINGS
Financials
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CONSOLIDATED EARNINGSAs per Indian GAAP
(As at March 31, 2012)
HDFC Consolidated
Return on Equity 22.7% 24%
Return on Average Assets 2.8% 2.9%
Earnings Per Share (Rs.) 28 37
Profit After Tax (Rs. in billion) 41.23 54.63
Total Assets (Rs. in billion) 1,675.20 2,126.04
Financials
CONSOLIDATED PROFIT AFTER TAX
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Mar-12 Mar-11
(Rs. in billion) (Rs. in billion)
HDFC Profi t After Tax 41.23 35.35
HDFC Standard Li fe 1.96 -0.72
HDFC Ergo -0.29 -0.27
GRUH (net of dividend) 0.45 0.38HDFC Bank (net of d ividend) 10.02 7.79
HDFC-AMC (net of dividend) 0.98 0.89
Others (net of d ividend) 0.28 1.86
Consol idated Profi t After Tax 54.63 45.28
Contr ib utio n of sub s/associates to
the consolidated PAT 25% 22%
CONSOLIDATED PROFIT AFTER TAXAs per Indian GAAP
Note: The Profit After Tax (PAT) for the year ended March 31, 2012 does not consider the redempt ionpremium on Zero Coupon Debentures amounting to Rs. 4.85 bn (net of tax). Had this been charged tothe P&L account, the PAT would have been Rs. 49.78 bn.
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WARRANTS Warrants issued in August 2009
Warrants to be exchanged into equity shares on or beforeAugust 24, 2012 (Trading of Warrants on the stock exchangewill be suspended w.e.f. August 17, 2012)
Warrant exercise price: Rs. 600 per equity share (adjusted for
sub-division of equity shares of face value of Rs. 2 each)
Number of Warrants %
Total Warrants Issued 54,768,530
Warrants exchanged & allotted till J uly
18, 2012 13,428,630 25%Exchange of Warrants under process 3,306,180 6%
Total Warrants Outstanding 38,033,720 69%
AWARDS & ACCOLADES
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AWARDS & ACCOLADES HDFC adjudged the Best Home Loan Provider Outlook Money Awards, 2011
HDFC is the only Indian company to be included in the f if th annual l is t of the 2011 Worlds Most Eth icalCompanies by Ethisphere Institute, USA
HDFC voted Best Investor Relations in India Finance Asias 2011 Annual Poll
HDFC ranked amongst Indias best companies to work for Great Place to Work Institute, 2012
Awarded the Trusted Brand in the Home Loans Category by Reader s Digest for two consecutive yearsin 2011 and 2012
Awarded the Best Foreign Enterprise wi th a Developmental Role in Housing Finance in Africa Afri can
Real Estate & Housing Finance Academy HDFC one of Indias Best Managed Companies for two consecut ive years Finance Asias 2010 and
2011 Annual Poll
Best Governed Company Award- 2010 Asian Centre for Corporate Governance & Sustainability
Top Indian Company in the Financial Institutions/Non-Banking Financial Companies/Financial Servicescategory at the Dun & Bradstreet Rolta Corporate Awards 2011. The Corporat ion has won this award
five times. India Shining Star CSR Award for Outstanding CSR in the Banking and Financial Sector FY11
HDFC ranked among the wor ld 's seven best companies in f inancial services to sustain a compet itiveadvantage in the long-term by Goldman Sachs
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Thank YouJuly 19, 2012