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Housing Development FinanceHousing Development Finance

Corporation LimitedCorporation Limited

December 2012

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CONTENTSCONTENTS

HDFC Snapshot

Mortgage Market in India

2

Valuations and Shareholding

Key Subsidiaries and Associates

Financials: Standalone and Consolidated

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WHO WE AREWHO WE ARE

Incorporated in 1977 as the first specialised mortgage

company in India Now a Financial Conglomerate with interests beyond

mortgages:

HDFC Snapshot

4

73% shares held by Foreign Investors

HDFC

23%

HDFC Bank

72.4%

HDFC

Standard LifeInsurance

59.9%

HDFC AssetManagement

73.9%

HDFC ERGO

GeneralInsurance

59.9%

GRUHFinance

100%

HDFC

PropertyVentures

80.5%

HDFC

VentureCapital

89.1^Credila

FinancialServices

^ On a fully diluted basis

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BUSINESS SUMMARYBUSINESS SUMMARY Loans Outstanding : Rs. 1,609.41 bn*

(December 31, 2012) : US$ 29.27 bn

Mortgage Loans CAGR (5 years) : 22%(Up to March 31, 2012)

Cumulative Housing Units Financed : 4.3 million

HDFC Snapshot

5

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. 341.17 bn(December 31, 2012) : US$ 6.21 bn

Profit After Tax CAGR (5 years) : 21%(Up to March 31, 2012)

* (Net of loans sold)

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800

900

1,000

606.11

751.85

901.54

603.14

711.13

n

LOAN APPROVALS & DISBURSEMENTSLOAN APPROVALS & DISBURSEMENTS

20%

18%

HDFC Snapshot

6

0

100200

300

400

500

600

FY10 FY11 FY12

.

Loans Approved Loans Disbursed

Rs.

in

billi

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NATIONAL SPREADNATIONAL SPREAD

HDFC Snapshot

No. of Outlets

2002 118

2003 142

2004 173

2005 203

2006 219

7

Outreach Programmes to 90 locations

Deposit & loan products offered

to individuals in over 2,400 towns and cities.

* Inclusive of 80 outlets of wholly owned distribution company

2008 250

2009 267

2010 278

2011 289

2012 (Dec) 326

Denotes cities with 4 or more officesDenotes cities with 4 or more offices

Denotes cities with 3 OfficesDenotes cities with 3 Offices

OfficesOffices

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8

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High demand growth driven by:

Improved Affordability

Rising disposable income

Tax incentives (interest and principal repayments deductible)

Affordable interest rates

MARKET SCENARIOMARKET SCENARIO


9

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 million

units (Source: Eleventh Five Year Plan)

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IMPROVED AFFORDABILITYIMPROVED AFFORDABILITY

22.0

15.6

11.1

6.00

8.00

10.00

12.00

20

25

30

35

40

45

50

Income(Rs.Lac)

alue(Rs.Lac)&

rdability


10

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

0.00

2.00

4.00

0

5

10

15Annua

Property

A

ff

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

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80%

100%

120%

77%

85%

101%

LOW PENETRATION IMPLIES ROOM FOR GROWTHLOW PENETRATION IMPLIES ROOM FOR GROWTHMORTGAGES AS AMORTGAGES AS A PERCENT OF NOMINALPERCENT OF NOMINAL GDPGDP


12

0%

20%

40%

60%

8%

17%20%

34%36% 40%

43%47%

54%

Source: European Mortgage Federation, 2010, HOFINET, 2010 & HDFC estimates for India

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OPERATIONAL AND FINANCIALOPERATIONAL AND FINANCIAL

13

::

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HDFCs ASSETSHDFCs ASSETS(As at December 31, 2012)(As at December 31, 2012)

88%

Operational & Financial Highlights: Mortgages

Total Assets as at December 31, 2012

Rs. 1,837.70 billion (US$ 33.42 billion)

Total Assets as at December 31, 2011

14

8%4%

Loans - 88%

Investments - 8%

Other Assets - 4%

Total assets have been computed as per Indian Accounting Standards and consequently notfair valued. The unrealised gains on listed and unlisted investments as at December 31, 2012has not been considered in the aforesaid. The unrealised gains only on listed investments as

at December 31, 2012 stood at Rs. 341.17 bn.US $ amounts are converted based on the exchange rate of US $ 1= Rs. 54.98

Rs. 1,540.36 billion (US 28.02 billion)

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Individuals68%

Corporate12%

RentalDiscounting

7%

INDIVIDUAL LOANS

Home Loans

Fixed rate loans Floating rate

loans

Home ImprovementLoans

CORE BUSINESSCORE BUSINESS LENDINGLENDING(As at(As at December 31, 2012)December 31, 2012)


15

ConstructionFinance

13%

Loans Short Term Bridging

Loan

Loans to NRIs

December 31, 2012Rs. in billion

Gross Loans 1,769.90

Less: Loans securitised - on which

spread is earned over the life of the loan 160.49

Loans Outstanding 1,609.41

LOANS

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ANALYSIS OF THE LOAN BOOKANALYSIS OF THE LOAN BOOK


As at December 31, 2012

Rs bn % Growth Rs bn % Growth

Individuals 1,052 25% 1,105 31%

Non Individuals 557 16% 557 16%

Loan Book o/s Loan Book o/s Before

Sell Down in last 12

months

16

* 31D12 3112

AD

2013

AD

2012. . .

Individuals 1,088 888 200 85% 76%

Non Individuals 557 521 36 15% 24%

1,645 1,409 236 100% 100%

%

* Includes loans sold

Total 1,609 22% 1,662 26

Incremental Growth of the Loan Book

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HDFC Bank - 29%

Direct Walk-ins -

11%

Other DSAs - 14%

86% OF OUR MORTGAGES ARE SOURCED BY86% OF OUR MORTGAGES ARE SOURCED BYOURSELVES OR THROUGH OUR AFFILIATESOURSELVES OR THROUGH OUR AFFILIATES


December 31, 2012

18

HDFC Sales

Private Limited -

46%

HDFC Bank - 29% HDFC Sales Private Limited - 46%

Direct Walk-ins - 11% Other DSAs - 14%

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OUR CONSERVATIVE LOAN PROFILEOUR CONSERVATIVE LOAN PROFILEUNDERLIES OUR HIGH CREDIT QUALITYUNDERLIES OUR HIGH CREDIT QUALITY

Average Loan Size : Rs. 2.15 mn (US$ 39,105)

Maximum Loan to Value : 80%


19

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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PROVISION FOR CONTINGENCIES & NET NPLsPROVISION FOR CONTINGENCIES & NET NPLs(As at December 31, 2012)(As at December 31, 2012)

0.80%

1.00%

1.20%0.85% 0.82% 0.75%

0.97%

1.17% 1.10%

age


(Rs. in bn)

NPLs (3 months): 12.24Provision forContingencies: 17.83Of whichNPAs: 5.07


20

0.00%

0.20%

0.40%

0.60%

Dec-10 Dec-11 Dec-12

0.00% 0.00%0.00%

GROSS NPLs PROVISION FOR CONTINGENCIES NET NPLs

Perce

n .

RegulatoryProvisioning: 14.92

Excess Provisioningover Regulatory

Provisioning: 2.91

As at December 31, 2012, it was the 32nd consecutive quarter end at which the percentage ofnon-performing loans have been lower than the corresponding quarter in the previous year.

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41%53% 58%

1% 1% 1%

80%

100%

International Borrowings

Bonds & Debentures

MULTIPLE SOURCES OF BORROWINGSMULTIPLE SOURCES OF BORROWINGS(As at December 31, 2012)(As at December 31, 2012)

Operational and Financial Highlights : Mortgages

22

25% 27% 33%

33%19% 8%

0%

20%

40%


Domestic Term Loans

Deposits

Total Borrowings Rs. 1,488.70 bn (PY Rs. 1,270.96 bn)

Percentag

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BORROWINGS (2)BORROWINGS (2)

Borrowings As At 31-Dec-12 31-Mar-12Net

IncreaseApr-Dec FY 2013

Rs. bn Rs. bn Rs. bn

% of incremental

funding


23

. . . -

Bonds & Debentures 854.67 621.38 233.29 239%

Deposits 497.63 362.93 134.70 138%

Total 1,488.70 1,391.28 97.42 100%

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416

735

524

423

772

480500

600

700

800

900

n

billion

MATURITYMATURITY PROFILEPROFILE(As at March 31, 2012)(As at March 31, 2012)


24

0

100

200

300

400

Up to 1 yr 2-5 yrs Over 5 yrs

Assets Liabilities

Rs

.i

The above graph reflects adjustments for prepayments and renewals in accordance with the

guidelines issued by National Housing Bank.

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10.90%

10.30%

11.83% 12.28%

8.59%

7.97%9.56%

10.00%

2.31%

2.33%

2.27%

2.28%

2.20%

2.25%

2.30%

2.35%

2.40%

6.00%

8.00%

10.00%

12.00%

14.00% LOAN SPREADSLOAN SPREADS


25

2.10%

2.15%

0.00%

2.00%

.

FY10 FY11 FY12 Apr-Dec-12

Return on Loans Cost of Borrowings Spread

Apr-Dec-2012:Spread on Individuals Loans: 1.95%Spread on Non-Individuals: 2.79%Spread on Loans: 2.28%

O i l & Fi i l Hi hli h M

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STRENGTHSSTRENGTHSHome 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


26

Corporate Strengths

Strong brand customer base of 4.3 million

Stable and experienced management average tenor of senior

management in HDFC over 25 years

High service standards

Low cost income ratio: 7.6% (As at March 31, 2012)

O ti l & Fi i l Hi hli ht M t

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RISING PRODUCTIVITY RATIOSRISING PRODUCTIVITY RATIOSFY12FY12 FY00FY00 FY90FY90

# of employees 1,719 794 727

# of outlets 237 67 24


27

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

O ti l & Fi i l Hi hli ht M t

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12 11 10

AA (%) 3.9 4.0 3.8

AA (%) 2.8 2.9 2.7

KEY FINANCIAL METRICSKEY FINANCIAL METRICS


28

(%) 22.7 21.7 20.0C A (%) 17.5 14.0 14.6

14.9 12.2 12.8

2.6 1.8 1.8

^ As at Dec 31, 2012

March 2012: The drop in the Return on Average Assets is on account of lower profit on sale ofinvestments amounting to Rs. 2.70 bn as against Rs. 3.60 bn for the year ended March 31, 2011.

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29

V l i d Sh h ldi

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SIGNIFICANT ACCOUNTING DIFFERENCESSIGNIFICANT ACCOUNTING DIFFERENCESBETWEEN INDIAN GAAP AND IFRSBETWEEN INDIAN GAAP AND IFRS

Investments are required to be reflected in thebalance sheet at original cost and not at fair value.


30

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 the

costs over the life of the policy.

V l ti d Sh h ldi

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M arket price per share (Rs) 829 652 728

M arket Capitalisation (USD Bn) 23.2 17.5 19.4

Price Earnings Ratio (times) 29.1 25.8 33.4

Book Value per share (Rs) - Indian GAAP 166 132 122

VALUATIONSVALUATIONS & RETURNS& RETURNS


31

Price to Book Ratio (times) 5.0 4.9 6.0+Adjusted Book value per share (Rs) 387 262 270

(Without co nsidering any gain on unlisted investments)

+P rice to Book ratio 2.1 2.5 2.7

Foreign Shareholding (%) 73 74 74

*Share price as at December 31, 2012

+ Adjusted only for unrealised gains on listed investments amounting to Rs. 341.17 bn as at December 31,2012. 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 54.98


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SHAREHOLDING PATTERNSHAREHOLDING PATTERN(As at December 31,(As at December 31, 2012)2012)

73% Foreign Shareholders - 73%

Individuals - 10%


32

10%

11%3%3%

Financial Institutions, Banks andInsurance Companies - 11%

Mutual Funds - 3%

Companies - 3%

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Associates and Subsidiaries

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HDFC BANKHDFC BANK 23% owned by HDFC Market Cap US$ 29.2 bn

ADRs listed on NYSE

2,776 branches, 10,490 ATMs, 1,568 cities Key business areas

Wholesale banking Retail banking Treasury operations


34

Total net advances as at December 31, 2012, stood at Rs. 2,414.93 bn an increase of24% over the previous year.

Total deposits stood at Rs. 2,841.19 bn an increase of 22% over the previous year.

PAT: Rs. 48.36 bn an increase of 30% 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


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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 December 31, 2012: Rs. 21.6 bn

No additional capital injected since FY12

HDFC STANDARD LIFE INSURANCE COMPANY LTD.HDFC STANDARD LIFE INSURANCE COMPANY LTD.(HDFC LIFE)(HDFC LIFE)


35

Premium income and growth New business premium income for the nine months ended December 31,

2012: Rs. 19.2 bn a growth of 15%

Share of renewal premium to total premium for 9M FY13 is 63%

Market share

Ranked 2nd in the private market share for the nine months ended December

31, 2012

Individual business market share at 17.2% (private sector), 6.2% (overall)Source: IRDA


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Assets Under Management

As at December 31, 2012, Assets Under Management stood at Rs. 392 bn anincrease of 42% over December 31, 2011

Products

Offers 31 individual products and 9 group products along with 10 (including

group and individual) optional riders

HDFC STANDARD LIFE INSURANCE COMPANY LTD.HDFC STANDARD LIFE INSURANCE COMPANY LTD.


36

Offers 26 fund options across product categories

Distribution

HDFC group network is used to cross sell by offering customised products

Operates out of 451 offices across the country serving over 939 cities & aliaison office in Dubai

Network of 103,000 financial consultants, corporate agents and other sales

intermediaries

Strong bancassurance tie-ups with public, private and co-operative banks


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Solvency Ratio

As at December 31, 2012 : 219% (as against regulatory requirement of 150%)

Operating highlights (Nine months ended December 31, 2012)

Commission ratio: 5.7%

Operating expenses: 12.2%

HDFC STANDARD LIFE INSURANCE COMPANY LTD.HDFC STANDARD LIFE INSURANCE COMPANY LTD.


37

Individual business conservation ratio: 78%

Nine months ended December 31, 2012

Indian GAAP profits for 9M FY13 stood at Rs. 3.4 bn (PY Rs. 0.3 bn).

- The deficit as at March 31, 2012 of Rs. 0.6 bn has been completely off-set

from the surplus generated in the Policyholders Account. With

this, the adjusted Indian GAAP profits for 9M FY13 stood at Rs. 4 bn.

Market Consistent Embedded Value: Rs. 53 bn (As at September 30, 2012)


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

HDFC holds 59.9% of HDFC Asset Management

HDFC Mutual Fund manages 39 schemes comprising debt, equity, exchangetraded fund and fund of fund schemes

38

arne a ro er ax o s. . n or

Average Assets under Management (AUM) as at December 31, 2012, stood atRs. 1,053.38 bn which is inclusive of assets under discretionary portfoliomanagement and advisory services.

Average Equity assets of HDFC MF as a proportion of average AUM as atDecember 31, 2012 was 35%.

Ranked first in the industry on the basis of Average Assets underManagement (Source: AMFI)


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HDFC ERGO GENERAL INSURANCE COMPANY LTD.HDFC ERGO GENERAL INSURANCE COMPANY LTD.

Ownership and Capitalisation

Paid-up share capital as at December 31, 2012: Rs. 5.24 bn

HDFC holds 73.9% , ERGO 26% of the equity of HDFC ERGO

No capital injected in the nine months ended December 31, 2012

Premium income and growth

Gross written premium for the nine months ended December 31, 2012: Rs. 18.12 bn

39

(PY Rs. 13.47 bn) growth of 35%

Profit After Tax for the nine months ended December 31, 2012

PAT: Rs. 1,105 mn (PY Rs. 616 mn)

Combined Ratio as at December 31, 2012

92.2% (PY 93.2%) before Motor Pool losses

Solvency

As at December 31, 2012: 151% (as against regulatory requirement of 140%)


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HDFC ERGO GENERAL INSURANCE COMPANY LTD.HDFC ERGO GENERAL INSURANCE COMPANY LTD.Market share

Market share of 8.4% (private sector) and 3.8% (overall) in terms of gross directpremium in the nine months ended December 31, 2012 (Source: GI Council)

Products

The company offers insurance products such as:

40

Motor, health, travel, home and personal accident insurance in the retail

segment and;

Property, marine, aviation and liability insurance in the corporate segment

Retail accounts for 56% of the total business

Distribution

Operates out of 80 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)GRUH FINANCE LIMITED (GRUH) 59.9% 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

41

, ,

Karnataka, Madhya Pradesh, Rajasthan, Chhattisgarh and Tamil Nadu Financials for the nine months ended December 31, 2012

Loan portfolio as at December 31, 2012, stood at Rs. 50.03 bn an increaseof 33% over the previous year

Gross non-performing assets (NPAs) : 0.53%, net NPAs: NIL

PAT: Rs. 828.2 million an increase of 28% over the previous year

Market Capitalisation: US$ 767 million

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CREDILA FINANCIAL SERVICESCREDILA 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

- -

43

studying in India or abroad


Loan book outstanding: Rs. 6.97 bn

Cumulative disbursements: Rs. 7.89 bn

Average loan: Rs. 1.13 mn

Credila uses the existing distribution network of HDFC

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Financials

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PROFIT AND LOSS ACCOUNTPROFIT AND LOSS ACCOUNT AprApr--Dec (Standalone)Dec (Standalone)Apr-Dec-12 Apr-Dec-11 Growth

(Rs. in billion) (Rs. in billion) (%)

Operating Income 152.36 122.57 24

Interest Expenses 104.51 82.18 27

Net Interest Income 47.85 40.39 18

0.23 0.15

46

Less: Non Interest Expenses 4.26 3.49Less: Provision for Contingencies 1.20 0.55

Profit before sale of investment & tax 42.62 36.50 17

Add: Profit on Sale of Investments 2.11 1.91

Profit Before tax 44.73 38.41 16Provision for T ax 11.80 10.45 13

Profit After tax 32.93 27.96 18

Effective tax rate (%) 27.7% 28.6%

Financials

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PROFIT AND LOSS ACCOUNTPROFIT AND LOSS ACCOUNT FY13 Q3 (Standalone)FY13 Q3 (Standalone)Oct -Dec-12 Oct-Dec-11 Growth

(Rs. in billion) (Rs. in billion) (%)

Operating Income 51.46 43.79 18

Interest Expenses 35.21 30.12 17

Net Interest Income 16.25 13.67 19

47

. .

Less: Non Interest Expenses 1.44 1.12Less: Provision for Contingencies 0.40 0.20

Profit Before Sale of Investments & Tax 14.49 12.40 17

Add: Profit on Sale of Investments 0.96 0.88

Profit Before tax 15.45 13.28 16

Provision for Tax 4.05 3.47 17

Profit After tax 11.40 9.81 16

Effective tax rate (%) 26.2% 26.1%

Financials

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BALANCE SHEETBALANCE SHEET (Consolidated)(Consolidated)D12 D11 (Rs.in billion) (Rs.in billion) (%)

' 320.82 242.51

10.29 7.78

380.53 269.23

899.06 753.82 19

48

. .

2,380.03 1,932.37 23A

* 1,661.17 1,363.30 22

597.24 452.27

C A, A & A 119.95 115.02

1.67 1.78

2,380.03 1,932.37 23

*Net of loans sold during the preceding 12 months amounting to Rs. 52.64 billion. If these loans wereincluded, the growth in loans would have been 26%.

Loans amounting to Rs. 10.21 billion were sold during the quarter ended December 31, 2012.

Financials

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PROFIT AND LOSSPROFIT AND LOSS ACCOUNT (Consolidated)ACCOUNT (Consolidated)

AD12 AD11 (. ) (. ) (%)

160.85 130.73 23

B 79.85 72.81 10

B 35.51 (24.57)

2.26 2.05 278.47 181.02

C 107.47 84.30

49

/ /D 8.51 7.36

C B 34.96 25.37

B 76.32 22.43

C 1.35 0.83

228.61 140.29

49.86 40.73

0.31 0.50 B 50.17 41.23 22

13.59 11.80

36.58 29.43

A: A ( ) 11.29 8.69

: / () (2.30) (1.26)

C 45.57 36.86 24

Financials

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D12 D11 (Rs. in billion) (Rs. in billion) (%)

DC A 32.93 27.96 18%

DC 2.44 0.23

DC 0.75 0.46

CONSOLIDATED PROFIT AFTER TAXCONSOLIDATED PROFIT AFTER TAXFor the Nine Months ended December 31, 2012For the Nine Months ended December 31, 2012

(As per Indian GAAP)(As per Indian GAAP)

50

0.50 0.39

DC B 11.29 8.62DCAC 1.12 1.05

1.13 1.17

D A (4.59) (3.02)

C A 45.57 36.86 24%C /

A 28% 24%

Note: The Profit After Tax (PAT) for the nine months ended December 31, 2012 does not consider the redemption premium on Zero

Coupon Debentures amounting to Rs. 3.55 billion (Previous year Rs. 4.10 billion [net of tax].

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AWARDS & ACCOLADESAWARDS & ACCOLADESi Leading Housing Finance Company Award - CNBC TV18, 2012i HDFC adjudged the Best Home Loan Provider for two consecutive years Outlook Money Awards, 2011

& 2012

i HDFC is the only Indian company to be included in the fifth annual list of the 2011 Worlds Most Ethical

Companies by Ethisphere Institute, USA

i HDFC voted Best Investor Relations in India Finance Asias 2011 Annual Poll

i HDFC ranked amongst Indias best companies to work for Great Place to Work Institute, 2012

51

i Awarded the Trusted Brand in the Home Loans Category by Readers Digest for two consecutive years

in 2011 and 2012

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

i HDFC one of Indias Best Managed Companies for two consecutive years Finance Asias 2010 and2011 Annual Poll

i Best Governed Company Award- 2010 Asian Centre for Corporate Governance & Sustainability

i Top Indian Company in the Financial Institutions/Non-Banking Financial Companies/Financial Servicescategory at the Dun & Bradstreet Rolta Corporate Awards 2011. The Corporation has won this awardfive times.

i India Shining Star CSR Award for Outstanding CSR in the Banking and Financial Sector FY11

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March 15, 2013

Hdfc Dec12 13

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