hdfc ltd: quarter ended march, 2014

Housing Development Finance Corporation Limited

March 2014

2

CONTENTS• HDFC Snapshot

• Mortgage Market in India

• Operational and Financial Highlights: Mortgages

• Valuations and Shareholding

• Key Subsidiaries and Associates

• Financials: Consolidated and Standalone

3

HDFC SNAPSHOT

4

WHO WE ARE…• Incorporated in 1977 as the first specialised mortgage

company in India• Now a Financial Conglomerate with interests beyond

mortgages:

• 76% shares held by Foreign Investors

HDFC

22.6% HDFC Bank

72.4% HDFC

Standard Life Insurance

59.8% HDFC Asset Management

73.8%HDFC ERGO

General Insurance

59.2%GRUH

Finance

100% HDFC

Property Ventures

80.5% HDFC

Venture Capital

89.5%^ Credila

Financial Services

HDFC Snapshot

^ On a fully diluted basis

5

BUSINESS SUMMARY• Loans Outstanding (Net of loans sold) : Rs. 1,971 bn

(March 31, 2014) : US$ 32.76 bn

• Individual Loans Originated CAGR (5 years) : 20%

• Cumulative Housing Units Financed : 4.7 million

• Total loan write offs since inception : Under 4 basis points(of cumulative disbursements)

• Cost to Income Ratio (FY14) : 7.9%

• Unrealised gains on listed investments : Rs. 382.13 bn(March 31, 2014) : US$ 6.35 bn

• Profit After Tax CAGR (5 years) : Standalone - 19%: Consolidated - 28%

HDFC Snapshot

Presenter

Presentation Notes

Exchange rate of 60.17 Rs to a dollar

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No. of Outlets

2004 – 1732005 – 2032006 – 2192007 – 2342008 – 2502009 – 2672010 – 2782011 – 2892012 – 3112013 – 3312014 – 354

HDFC Snapshot

Outreach programmes to several locations Deposit & loan products offered to individuals in over 2,400 locationsInclusive 93 outlets of HDFC’s wholly owned distribution company

Denotes cities with 4 or more offices

Denotes cities with 3 Offices

Offices

DISTRIBUTION

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MORTGAGE MARKET IN INDIA

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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 India’s population is below 30 years of age• Rapid rise in new households

• In FY12, the urban housing shortage was estimated at 18.76 million units (Source: Ministry of Housing & Urban Poverty Alleviation)

MARKET SCENARIO

Mortgage Market in India

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IMPROVED AFFORDABILITY

22.0

15.6

11.1

8.36.6 5.9 5.3 5.1 4.7 4.3 4.7 5.0 5.1 5.1 4.5 4.7 4.8 4.6 4.7 4.6

0.00

2.00

4.00

6.00

8.00

10.00

12.00

0

10

20

30

40

50

60

Ann

ual I

ncom

e (R

s. L

ac)

Prop

erty

Val

ue (R

s. L

ac) &

Aff

orda

bilit

y

Property Cost (Rs. Lac) Affordability Annual Income (Rs. Lac)


1 Lac = 1,00,000

Representation of property price estimates Affordability equals property prices by annual income

10

TAX INCENTIVES HAVE LOWERED THE EFFECTIVE RATES ON MORTGAGES


FY 2015 FY 2002 FY 2000

Loan amount (Rs) 2,000,000 2,000,000 2,000,000

Nominal Interest Rate(%) 10.25% 10.75% 13.25%

Max deduction for interest allowed 150,000 150,000 75,000

Deduction on principal 100,000 20,000 20,000

Tax rate applicable 33.99% 31.50% 34.50%Tenor (years) 15 15 15

Total amount paid per year 305,000 269,028 307,620

Interest component 205,000 215,000 265,000

Principal repaid 100,000 54,028 42,620

Tax amount saved 84,975 53,550 32,775

Effective interest paid on home loan 120,025 161,450 232,225

Effective interest on home loan 6.0% 8.1% 11.6%

Note - FY 2015: The maximum deduction for interest allowed could be Rs. 2,50,000 if the loan was taken during the period April 1, 2013 to March 31, 2014.

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0%

20%

40%

60%

80%

100%

120%

9%17% 20%

32% 36% 40%45% 45%

56%

69%81%

101%

LOW PENETRATION IMPLIES ROOM FOR GROWTH MORTGAGES AS A PERCENT OF NOMINAL GDP


Source: European Mortgage Federation, HOFINET & HDFC estimates for India

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OPERATIONAL & FINANCIAL HIGHLIGHTS: MORTGAGES

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HDFC’s ASSETS (As at March 31, 2014)

87%

6%7%

Loans (including debentures & corporate deposits for financing real estate projects) - 87%Investments - 6%

Other Assets - 7%

Total Assets as at March 31, 2014Rs. 2,257.57 billion (US$ 37.52 billion)

Total Assets as at March 31, 2013Rs. 1,953.61 billion (US$ 32.47 billion)

Total assets have been computed as per Indian Accounting Standards and consequently not fair valued.The unrealised gain on listed and unlisted investments as at March 31, 2014 has not been considered inthe aforesaid. The unrealised gain on listed investments as at March 31, 2014 stood at Rs. 382.13 bn.

Operational & Financial Highlights: Mortgages

US $ amounts are converted based on the exchange rate of US$ 1= Rs. 60.17

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INDIVIDUAL LOANS– Home Loans

• Fixed rate loans• Floating rate loans

– Home Improvement Loans

– Home Extension Loans– Home Equity Loans– Short Term Bridging

Loan– Loans to NRIs

CORE BUSINESS – LENDING(As at March 31, 2014)


March 31, 2014Rs. in billion

Gross Loans 2,178Less: Loans securitised - on which spread is earned over the life of the loan 207Loans Outstanding 1,971

LOANS

Individuals 71% Corporate

11%

Construction Finance

13%

Lease Rental Discounting

5%

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ANALYSIS OF THE LOAN BOOK

Loans Outstanding* 31-Mar-14 31-Mar-13 Net Increase FY 2014 FY 2013Rs. bn Rs. bn Rs. bn

Individuals 1,402 1,113 289 85% 81%Non Individuals 638 587 51 15% 19%

2,040 1,700 340 100% 100%

% of incremental loans

* Includes loans sold


As at March 31, 2014

Rs. bn % Growth Rs. bn % GrowthIndividuals 1,333 20% 1,402 26%Non Individuals 638 9% 638 9%Total 1,971 16% 2,040 20%

Loan Book o/sLoan Book o/s Before Sell Down in last 12

months

Incremental Growth of the Loan Book

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CONTINUING GROWTH MOMENTUM(As at March 31, 2014)

0400800

120016002000

Mar-12 Mar-13 Mar-14

1,408.75 1,700.46

1971.00

Rs.

in b

illio

n

LOANS OUTSTANDING(Net of loans sold)

0

25

50

75

100


49.78 51.75

69.44

Rs.

in b

illio

n

LOANS SOLD(In the preceding 12 months)

As at March 31, 2014:• The growth in the loan book inclusive of loans sold in the previous 12 months is 20%• Loans amounting to Rs. 53.17 bn were sold during the quarter ended March 31, 2014•Loans sold (outstanding): Rs. 206.63 bn - on which spread at 1.32% p.a. is to be earned over the life of the loan


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HDFC Bank 24%

HDFC Sales Private Limited

46%

Direct Walk-ins 12%

Other Direct Selling Agents 18%

82% OF OUR MORTGAGES ARE SOURCED BY OURSELVES OR THROUGH OUR AFFILIATES


March 31, 2014

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OUR CONSERVATIVE LOAN PROFILE UNDERLIES OUR HIGH CREDIT QUALITY

• Average Loan Size : Rs. 2.21 mn (~US$ 36,729)

• Average Loan to Value : 65% (at origination)

• Average Loan Term : 13 years

• Primary Security : Mortgage of property financed

• Repayment Type : Amortising


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0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

FY12 FY13 FY14

0.74% 0.70% 0.69%

1.16%1.05%

0.96%

GROSS NPLs PROVISIONS FOR CONTINGENCIES

GROSS NON-PERFORMING LOANS & PROVISIONS FOR CONTINGENCIES

Perc

enta

geOperational & Financial Highlights: Mortgages

As at March 31, 2014(Rs. in bn)

NPLs (3 months): 13.57

Provisions forContingencies: 19.07Of which NPAs: 5.46Other Provisioning: 13.61

Regulatory Provisioning: 14.60

Excess Provisioningover Regulatory Provisioning: 4.47

•Total NPLs: 0.69% of which:•Individual Loans: 0.53%,•Non-Individual Loans: 1.01%

•Total loan write-offs since inception is less than 4 basis points of cumulative disbursements.

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12%

82%

6%

Shareholders' Funds

Borrowings

Other Liabilities

Rs. 279.55 bn

Rs. 1,842.98 bn

Rs. 135.04 bn

LIABILITIES(As at March 31, 2014)


Total Liabilities Rs. 2,257.57 bn (PY Rs. 1,953.61 bn)

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26% 33% 31%

28% 11% 18%

46%56% 51%

0%

20%

40%

60%

80%

100%


Debentures & SecuritiesTerm LoansDeposits

MULTIPLE SOURCES OF BORROWINGS(As at March 31, 2014)

Total Borrowings Rs. 1,842.98 bn (PY Rs. 1,588.28 bn)

Perc

enta

geOperational & Financial Highlights: Mortgages

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BORROWINGS (2)Operational & Financial Highlights: Mortgages

Borrowings 31-Mar-14 31-Mar-13 Net Increase

During the year FY 2014

Rs. bn Rs. bn Rs. bn % of incremental funding

Term Loans 330 178 152 60%Debentures & Securities 948 891 57 22%Deposits 565 519 46 18%Total 1,843 1,588 255 100%

Net increase in funding for the year ended March 31, 2014

23

618

1,046

594 645

1,082

531

0

200

400

600

800

1,000

1,200

Up to 1 yr 2-5 yrs Over 5 yrs

Assets Liabilities

Rs.

in b

illio

n

MATURITY PROFILE(As at March 31, 2014)

The above graph reflects adjustments for prepayments and renewals in accordance with the guidelines issued by National Housing Bank.


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10.30%

11.83% 11.98% 11.78%

7.97% 9.56% 9.68%9.49%

2.33%

2.27%2.30%

2.29%

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%

FY11 FY12 FY13 FY14

Return on Loans Cost of Borrowings Spread

LOAN SPREADS


April-March 2014Spread earned on:Individual Loans 1.97%Non-individual Loans 2.95%Loan Book 2.29%

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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 underwriting with experience of over 35 years

Corporate Strengths• Strong brand – customer base of 4.7 million • Stable and experienced management – average tenor of senior

management in HDFC ~ 30 years• High service standards• Low cost income ratio: 7.9% (As at March 31, 2014)


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PRODUCTIVITY RATIOS


FY14 FY10 FY00 FY90Number of employees 1,956 1,505 794 727

Number of outlets 261 214 67 24

Profit per employee (US$ '000) 462 416 118 8

Assets per employee (US$ mn) 18.1 16.4 4.4 0.5

Admin costs/assets (%) 0.30 0.29 0.49 0.76

Cost income ratio (%) 7.9 7.9 13.8 30.9

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FY14 FY13 FY12Pre Tax RoAA (%) 3.8 3.8 3.9Post Tax RoAA (%) 2.7 2.8 2.8ROE (%) # 20.5 22.0 22.7Capital Adequacy (%) ^ 17.9 16.4 14.6

Of which Tier I 15.4 13.9 11.6 Tier II 2.5 2.5 3.0

KEY FINANCIAL METRICS

# FY 13: Net worth includes an amount of Rs. 32.85 bn realised on the conversion of 99.9% ofthe Warrants issued into equity shares.

^As at March 31, 2014: The Capital Adequacy Ratio (CAR) of 17.9% is without reducing theinvestment in HDFC Bank from Tier 1 Capital, while treating it as a 100% risk weight. The CARafter reducing the investment in HDFC Bank from Tier I capital stood at 14.6%, of which Tier Icapital: 12.1% and Tier II capital: 2.5%.


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VALUATIONS & SHAREHOLDING

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VALUATIONS & RETURNS

^ Adjusted only for unrealised gains on listed investments amounting to Rs. 382.13 bn as at March 31, 2014. All unlisted investments, including investments in the life and non-life insurance companies and the asset management business are reflected at cost.

US $ amounts are converted based on the exchange rate of US $ 1= Rs. 60.17

Valuations and Shareholding

Mar-14 Mar-13 Mar-12 Market price per share (Rs) 884 826 674Market Capitalisation (USD Bn) 23 21 17Earnings per share (Rs) 35 32 28Price Earnings Ratio (times) 25.4 26.0 24.1Book Value per share (Rs) - Indian GAAP 179 162 129Price to Book Ratio (times) 4.9 5.1 5.2^Adjusted Book value per share (Rs) 424 362 294(Without considering any gain on unlisted investments)

^Price to Book ratio 2.1 2.3 2.3Foreign Shareholding (%) 76 74 71

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SHAREHOLDING PATTERN(As at March 31, 2014)

76%

10%

9%3%2%

Foreign Shareholders - 76%

Individuals - 10%

Financial Institutions, Banks & Insurance Companies - 9%

Mutual Funds - 3%

Companies - 2%

Valuations and Shareholding

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KEY ASSOCIATES AND SUBSIDIARIES

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HDFC BANK• 22.6% owned by HDFC• Market Cap US$ 29.9 bn• ADRs listed on NYSE• 3,403 branches, 11,256 ATMs, 2,171 locations• Key business areas

– Wholesale banking Retail banking Treasury operations• Financials (as per Indian GAAP) for the year ended March 31, 2014

– Advances as at March 31, 2014, stood at Rs. 3,030 bn – an increase of 26% over theprevious year

– Total deposits stood at Rs. 3,673 bn – an increase of 24% over the previous year– PAT: Rs. 84.78 bn – an increase of 26% 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 assignment to HDFC Bank

– HDFC retains a spread on the loans that have been assigned

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, 2014: Rs. 19.9 bn

• Maiden dividend – 5%

Premium income and growth• Gross premium income stood at Rs. 120.63 bn as against Rs. 113.23 bn in

the previous year• Group business grew by 30%, renewal premium by 17%• Share of renewal premium to total premium for FY14 is 67% (PY 61%)

Market share• Ranked third in the private market share in FY14• Individual business market share of 13.8% (private sector) and 5.2% (overall)

(Source: IRDA)

HDFC STANDARD LIFE INSURANCE COMPANY LTD. (HDFC LIFE)


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Assets Under Management• As at March 31, 2014, Assets Under Management stood at Rs. 503 bn – an

increase of 25% over March 31, 2013

Products• Offers 22 individual products and 8 group products along with 9 optional

riders• Offers 26 fund options across product categories

Distribution• HDFC group network is used to cross sell by offering customised products• Operates out of 429 offices across the country serving over 985 locations

and a liaison office in Dubai• Network of 75,000 financial consultants, 4 key bancassurance partners, 7 pan

India brokers and corporate agency tie-ups

HDFC STANDARD LIFE INSURANCE COMPANY LTD.


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Solvency Ratio• As at March 31, 2014: 194% (as against regulatory requirement of 150%)

Operating highlights (Year ended March 31, 2014)

• Commission ratio: 4.3% (PY 5.7%)• Operating expenses: 10.7% (PY 10.8%)• Individual business conservation ratio: 79% (PY 79%)

Financial highlights

• Indian GAAP profits for FY14 stood at Rs. 7.3 bn (PY Rs. 4.5 bn)• For the year ended March 31, 2014, new business margin on individual

business stood at 26% {based on loaded acquisition expenses} - (PY 17.8%)

• Market Consistent Embedded Value: Rs. 69.9 bn

HDFC STANDARD LIFE INSURANCE COMPANY LTD.


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HDFC ASSET MANAGEMENT• Tie-up with Standard Life Investments (SLI)

• HDFC holds 59.8% of HDFC Asset Management

• HDFC MF manages 50 schemes comprising debt, equity, gold exchangetraded fund and fund of fund schemes

• Earned a Profit After Tax of Rs. 3.58 bn for FY14

• Paid a dividend of 500% for FY14

• Average Assets under Management as at March 31, 2014, stood at Rs.1,167.53 bn which is inclusive of assets under discretionary portfoliomanagement and advisory services

• Equity assets of HDFC MF as a proportion of total MF assets is 36%

• Largest in the industry on the basis of quarterly average assets undermanagement (Source: AMFI)


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HDFC ERGO GENERAL INSURANCE COMPANY LTD.Ownership and Capitalisation

• Paid up share capital as at March 31, 2014: Rs. 5.29 bn

• HDFC holds 73.8% and ERGO 25.9% of the equity of HDFC ERGO

• Maiden dividend – 5%

For the year ended March 31, 2014

• Gross direct premium: Rs. 29.78 bn (PY Rs. 24.91 bn) – growth of 20%

• Profit After Tax: Rs. 1.95 bn (PY Rs. 1.55 bn)

• Combined Ratio as at March 31, 2014: 97.9% before Declined Pool losses (PY96.7% calculated in a similar manner)

• Solvency as at March 31, 2014: 160% (as against regulatory requirement of150%)


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HDFC ERGO GENERAL INSURANCE COMPANY LTD.Market share

• Market share of 8.5% (private sector) and 4% (overall) in terms of gross direct

premium in FY14 (Source: GI Council)

Products• The company offers insurance products such as:

– Motor, health, travel, home and personal accident in the retail segmentand;

– Property, marine, aviation and liability insurance in the corporatesegment

• Retail accounts for 55% of the total business

Distribution• Operates out of 108 branches across the country• HDFC group network is used to cross sell home and health insurance products


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GRUH FINANCE LIMITED (GRUH)• 59.2% owned by HDFC

• Registered housing finance company offering loans to individuals forpurchase, construction and renovation of dwelling units

• Also offers loans to the self employed segment where formal incomeproofs are not available

• Retail network of 142 offices across 7 states in India – Gujarat, Maharashtra,Karnataka, Rajasthan, Madhya Pradesh, Chhattisgarh and Tamil Nadu

• Financials for the year ended March 31, 2014

• Loan portfolio as March 31, 2014 stood at Rs. 70.09 bn – an increase of29% over the previous year

• Gross non-performing assets (NPAs) : 0.27%

• PAT: Rs. 1.77 billion – an increase of 21% over the previous year

• Market Capitalisation: US$ 884 mn


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HDFC PROPERTY FUND• HDFC India Real Estate Fund

– Launched in 2005– Fund corpus : Rs. 10 billion – fully invested– Domestic investors, close-ended fund– Funds managed by HDFC Venture Capital Limited– Exits have commenced; 1.55 X of the fund corpus has been returned to investors

• HIREF International LLC– Fund corpus : US$ 750 mn– International investors, 9 year close-ended fund– Targeted at premier institutions and funds across the world interested in taking an exposure to

Indian real estate – Fund is completely deployed and exits have commenced since 2010

• HIREF International LLC II Pte Ltd.– Fund corpus targeted: US$ 500 mn– Fund raising currently underway– International investors, 8 year close-ended fund


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CREDILA FINANCIAL SERVICES• HDFC holds 89.5% in Credila Financial Services Private Limited

• Credila is a non-banking finance company and was the first Indian lender to

exclusively focus on education loans

• The company lends to under-graduate and post-graduate students studying

in India or abroad

• As at March 31, 2014:

– Cumulative disbursements: Rs. 14.58 bn

– Loan book outstanding as at March 31, 2014: Rs. 11.81 bn – growth of

53% over last year

– Average loan: Rs. 0.94 mn


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FINANCIALS Consolidated & Standalone

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Mar-14 Mar-13 Growth(Rs. in bil l ion) (Rs. in bil l ion) (%)

HDFC Profit After Tax 54.40 48.48 12HDFC Life (net of dividend) 4.40 3.27 HDFC Ergo (net of dividend) 1.21 1.14 GRUH (net of dividend) 0.73 0.58 HDFC Bank (net of dividend) 16.16 12.84 HDFC-AMC (net of dividend) 1.23 1.09 Others (net of dividend) 1.35 (1.00) Consolidated Profit After Tax 79.48 66.40 20Adjustment for: Securities Premium debited in HDFC for Zero Coupon Bonds (3.57) (4.38)

75.91 62.02 22Contribution of subs/associates to the consolidated PAT 32 27

CONSOLIDATED PROFIT AFTER TAXAs per Indian GAAP

Financials

44

Mar-14 Mar-13 Growth(Rs . in billion) (Rs. in billion) (%)

Sources of FundsShareholders' Funds 401.31 318.91 Minority Interest 14.24 10.71 Policy Liabilities 450.03 350.86 Loan Funds 1,909.33 1,636.63 17Current Liabilities & Provisions 197.44 200.67

2,972.35 2,517.78 18

Application of FundsLoans * 2,047.48 1,758.25 16Investments 729.14 594.92 Current Assets, Advances & Fixed Assets 193.88 162.76 Goodwill on Consolidation 1.85 1.85

2,972.35 2,517.78 18

BALANCE SHEET (Consolidated)

*Net of loans sold during the preceding 12 months amounting to Rs. 69.44 bn. If these loans were included, the growth in loans would have been 20%.Loans amounting to Rs. 53.17 bn sold during the quarter ended March 31, 2014.

Financials

45

PROFIT AND LOSS ACCOUNT (Consolidated)

Financials

FY14 FY13 GrowthIncome (Rs. in billion) (Rs. in billion) (%)Revenue from Operations 255.83 220.33 16Profit on Sale of Investments 2.94 3.78Other Income 0.61 0.39Premium Income from Insurance Business 135.40 126.50 7Other Operating Income from Insurance Business 13.36 8.87Total Income 408.14 359.87 13ExpensesFinance Cost 166.08 142.95 16Staff/Establishment/Other Expenses 12.05 10.83Claims paid pertaining to Insurance Business 59.70 52.22Commission, Operating, Other Expenses - Insurance Business 80.28 77.17Depreciation/Provision for Contingencies 1.57 2.03

319.68 285.20 12Profit Before Tax 88.46 74.67 18Tax Expense 23.58 20.02Net Profit (before Profit of Associates and adjustment of minority Interest) 64.88 54.65 19Share of profit of minority interest (4.55) (3.41)Net share of profit of Associates (Equity Method) 19.15 15.16Profit after Tax attributable to the Group 79.48 66.40 20Securities Premium debited in HDFC for Zero Coupon Bonds (3.57) (4.38)Adjusted Consolidated Profit After Tax 75.91 62.02 22

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BALANCE SHEET (Standalone)

*Net of loans sold during the preceding 12 months amounting to Rs. 69.44 bn. If these loans were included, the growth in loans would have been higher at 20%.Loans of Rs. 53.17 bn sold during the quarter ended March 31, 2014.

Financials

Mar-14 Mar-13 Growth(Rs. in billion) (Rs. in billion) (%)

Sources of FundsShareholders' Funds 279.55 248.30Borrowings 1,842.98 1,588.28 16Current Liabilities & Provisions 135.04 117.03

2,257.57 1,953.61 16

Application of FundsLoans* 1,971.00 1,700.46 16Investments 139.13 136.13Current/ Fixed Assets 147.44 117.02

2,257.57 1,953.61 16

47

PROFIT AND LOSS ACCOUNT – FY14 (Standalone)

Financials

FY14 FY13 Growth(Rs . in bi l l ion) (Rs . in bi l l ion) (%)

Operating Income 233.38 203.16 15Interest Expenses 160.29 138.91 15Net Interest Income 73.09 64.25 14Less: Non Interest Expenses 6.28 5.39Less: Provision for Contingencies 1.00 1.45Add: Other Income 0.54 0.35Profit Before Tax, Dividend & Sale of Investments 66.35 57.76 15Dividend 5.56 4.81Profit on Sale of Investments 2.49 3.16Profit Before Tax 74.40 65.73 13Provision for Tax 20.00 17.25Profit After Tax 54.40 48.48 12Effective tax rate (%) 26.9% 26.2%

48

CONSOLIDATED EARNINGS As per Indian GAAP

(As at March 31, 2014)

HDFC Consolidated

Return on Equity 20.5% 22.1%

Return on Average Assets 2.7% 2.9%

Earnings Per Share (Rs.) 35 51

Profit After Tax (Rs. in billion) 54.40 79.48

Total Assets (Rs. in billion) 2,257.57 2,972.35

Financials

49

AWARDS & ACCOLADES HDFC selected as the Best Home Loan Provider by CNBC Awaaz – CNBC Awaaz Real Estate Awards 2013

HDFC adjudged the ‘Best Home Loan Provider’ for third consecutive year – Outlook Money Awards, 2013

Awarded the Qimpro-Best Prax Benchmark 2013 in Leadership Governance

HDFC Board recognised as one of the “Five Best Boards" in a study conducted by Economic Times andHay Group on India's Best Boards - 2012

Top Indian Company in the ‘Financial Institutions/Non-Banking Financial Companies/Financial Services’category at the Dun & Bradstreet Corporate Awards 2012. The Corporation has won this award six times.

Leading Housing Finance Company Award - CNBC TV18, 2012

HDFC is the only Indian company to be included in the fifth annual list of the ‘ 2011 World’s Most EthicalCompanies’ by Ethisphere Institute, USA

HDFC voted ‘Best Investor Relations’ in India – Finance Asia’s 2011 Annual Poll

HDFC ranked amongst India’s best companies to work for – Great Place to Work Institute®, 2012

Awarded the ‘Best Foreign Enterprise with a Developmental Role in Housing Finance in Africa’ – AfricanReal Estate & Housing Finance Academy

HDFC one of India’s ‘Best Managed Companies’ for two consecutive years – Finance Asia’s 2010 and 2011Annual Poll

‘India Shining Star CSR Award’ – for Outstanding CSR in the Banking and Financial Sector – FY11

50

Thank You

May 15, 2014

hdfc ltd: quarter ended march, 2014

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