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Housing Development Finance Corporation Ltd

BSE Code : 500010 | NSE Symbol : HDFC | ISIN:INE001A01036| SECTOR: - |

NSE BSE
 
SMC up arrow

1,658.90

35.20 (2.17%) Volume 280564

29-May-2020 EOD

Prev. Close

1,623.70

Open Price

1,615.90

Bid Price (QTY)

1,658.90(4999)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 1,676.35 - 1,676.35

52 wk High/Low 2,499.90 - 1,473.45

Key Stats

MARKET CAP (RS CR) 287407.91
P/E 16.17
BOOK VALUE (RS) 497.4336832
DIV (%) 1050
MARKET LOT 1
EPS (TTM) 102.59
PRICE/BOOK 3.33582154976995
DIV YIELD.(%) 1.27
FACE VALUE (RS) 2
DELIVERABLES (%) 16.8
4

News & Announcements

28-May-2020

Housing Development Finance Corporation Ltd - Housing Development Finance Corporation Limited - Updates

26-May-2020

Housing Development Finance Corporation Ltd - Housing Development Finance Corporation Limited - Dividend

25-May-2020

HDFC to hold AGM

25-May-2020

Board of HDFC recommends Final Dividend

25-May-2020

HDFC Board approves fund raising up to Rs 1.25 lakh crore via issue of debt or hybrid securities

21-May-2020

HDFC to announce Quarterly Result

07-May-2020

HDFC to issue NCDs aggregating Rs 2500 cr on 11 May

22-Apr-2020

HDFC reduces its Retail Prime Lending Rate by 15 bps

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
AAVAS Financiers Ltd 541988 AAVAS
Akme Star Housing Finance Ltd 539017
Apex Capital and Finance Ltd 541133
Awas Ayogen Vittnigam Ltd 526975
Can Fin Homes Ltd 511196 CANFINHOME
Coral India Finance & Housing Ltd 531556 CORALFINAC
Dewan Housing Finance Corporation Ltd 511072 DHFL
GIC Housing Finance Ltd 511676 GICHSGFIN
GRUH Finance Ltd(Merged) 511288 GRUH
Happy Home Profin Ltd (Wound-up) 531451
Housing & Urban Development Corporation Ltd 540530 HUDCO
Ind Bank Housing Ltd 523465
India Home Loans Ltd 530979
Indiabulls Housing Finance Ltd 535789 IBULHSGFIN
International Housing Finance Corporation Ltd 530781
Kamakshi Housing Finance Ltd 530399
LIC Housing Finance Ltd 500253 LICHSGFIN
Madhur Housing Finance Ltd (Merged) 531383
Manraj Housing Finance Ltd 530537
Mehta Housing Finance Ltd 511740
Oriental Housing Development Finance Corp Ltd 511752
PNB Housing Finance Ltd 540173 PNBHOUSING
Reliance Home Finance Ltd 540709 RHFL
Repco Home Finance Ltd 535322 REPCOHOME
Sahara Housing Fina Corporation Ltd 511533
SBI Home Finance Ltd 500379 SBIHOMEFIN
SRG Housing Finance Ltd 534680

Share Holding

Category No. of shares Percentage
Total Foreign 1233049966 71.19
Total Institutions 309012330 17.84
Total Govt Holding 3524256 0.20
Total Non Promoter Corporate Holding 19409683 1.12
Total Promoters 0 0.00
Total Public & others 167054954 9.65
Total 1732051189 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Housing Development Finance Corporation Ltd

Housing Development Finance Corporation Limited (HDFC) was incorporated in October 17th, 1977 as the first specialized Mortgage Company in India. The principal business is to provide finance to individuals, corporate and developers for the purchase, construction, development and repair of houses, apartments and commercial property in India. The business is conducted through its branches in India and its overseas offices in London, Singapore and Dubai supported by a network of agents for sourcing loans as well as deposits and service associates in the Middle East region, to provide housing loans and property advisory services to non-resident Indians (NRIs) and persons of Indian origin (PIOs). HDFC is the holding company for investments in its associates and subsidiary companies. HDFC's product range includes loans for purchase and construction of a residential unit, purchase of land, home improvement loans, home extension loans, non-residential premises loans for professionals and loan against property, while its flexible repayment options include Step Up Repayment Facility (SURF) and Flexible Loan Installment Plan (FLIP). The company's subsidiaries include HDFC Developers Ltd, HDFC Investments Ltd, HDFC Holdings Ltd, HDFC Trustee Company Ltd, HDFC Realty Ltd, HDFC Property Ventures Ltd, HDFC Sales Pvt Ltd, HDFC Ventures Trustee Company Ltd, HDFC Venture Capital Ltd, HDFC Ergo General Insurance Company Ltd, HDFC Standard Life Insurance Company Ltd, GRUH Finance Ltd, HDFC Asset Management Company Ltd and HDFC Bank Ltd. Housing Development Finance Corporation Ltd was incorporated in the year 1977. The Corporation is established with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs. The company was promoted with an initial share capital of Rs. 100 million. In the year 1979, the Corporation introduced HDFC Certificate of Deposit Scheme. In the year 1981, they introduced their first retail Deposit Product. They promoted a wholly owned subsidiary, HDFC Developers during the year. In the year 1982, the Corporation introduced the Line of Credit Product (LOC) for employee owned housing. In the year 1985, the Corporation introduced the Home Savings Plan based on the 'Bausparkassen' model, West Germany and the 'Step-up Repayment Facility'. In the year 1988, the Corporation in with India's leading financial institutions and commercial banks promoted Gujarat Rural Housing Finance Corporation Ltd (GRUH Finance), Housing Promotion and Finance Corporation Ltd (now SBI Home Finance), Can Fin Homes Ltd and Infrastructure Leasing and Financial Services (IL&FS), and the Credit Rating Information Services of India Ltd (CRISIL). They introduced Telescopic Loan Plan and Short Term Bridging Loan products. In the year 1989, the Corporation introduced two new products, namely Home Improvement loans & Home Extension loans. In the year 1990, the Corporation in association with the United Nations Centre for Human Settlements promoted the Coalition of Housing Finance Institutions in Asia. In the year 1991, they re-launched their retail fixed deposit products. In the year 1993, the company made a joint venture with General Electric Capital Corporation of US to promote Countrywide Consumer Financial Services Ltd for consumer finance. In the year 1994, the Corporation introduced Non-Residential Premises Loans for Individuals. In the year 1995, the Corporation made a Strategic alliance with NatWest Markets (UK) and promoted the HDFC Bank. They made a joint venture with IL&FS and Colliers Jardine Asia Pacific Ltd and promoted Colliers Jardine India Property Services Ltd. Also, they signed a MoU with Standard Life Assurance Co. of UK for life insurance. In the year 1997, the Corporation promoted the first private sector housing finance company, namely Delta Brac Housing Finance Corporation Ltd in Bangladesh. In the year 1998, the Corporation in partnership with a South-based NGO launched the Indian Association for Savings & Credit (IASC), a pioneering micro-finance institution operating in the states of Tamil Nadu and Kerala. Also, they introduced Home Equity Loans and Corporate Employees Group Finance Arrangement. In the year 1999, the Corporation invested in a new Housing Finance company in Sri Lanka. They launched the Corporation website www.hdfcindia.com (now hdfc.com). Also, they introduced the Adjustable Rate Home Loans and became the first housing finance institution to do so. In the year 2000, the Corporation inaugurated a new HDFC Standard Life office in Mumbai. They launched their first Property Fair and they issued their first Mortgage Backed Securities. The Corporation made a joint venture with Mahindra & Mahindra group and promoted propertymartindia.com, a website for providing a range of real estate services. During the year, the Corporation acquired the entire shareholding of Hometrust Housing Finance Company Ltd. Also, GRUH became a subsidiary of the Corporation. They made a joint venture with TCS and promoted Intelenet Global Services Limited for IT enabled services. Also, they entered into joint venture with Standard Life Investments for promoting the HDFC Mutual Fund. In the year 2001, the Corporation in association with State Bank of India, Dun & Bradstreet and Trans Union International Inc. (TU) promoted Credit Information Bureau (India) Ltd. They opened their 100th office at Amristar. In the year 2002, the company made a joint venture with Chubb Corporation, USA and promoted HDFC-Chubb General Insurance Company Ltd for non-life insurance. In June 2003, they singed a USD 200 million-loan agreement with International Finance Corporation (IFC), Washington. In May 2003, the Corporation signed a Technical Service Contract with Egyptian American Bank for providing technical assistance for setting up Egypt's first private sector led mortgage finance company Egyptian Housing Finance Company. In February 2005, the Corporation entered into an implementation agreement with NHB and Asian Development Bank for technical assistance for a study on the development of an agency/secondary mortgage institution to facilitate issuance of residential mortgage backed securities along similar lines as Fannie Mae in USA. During the year 2006-07, the Corporation approved 8 schemes in the area of low-income housing and micro-enterprise financing by way of financial intermediation to partner non-government organisations and micro-finance institutions. They divested their equity holding in HDFC-SL in favour of Standard Life Assurance Company, UK for a consideration of Rs. 5.66 crore. During the year 2007-08, the Corporation approved 16 new schemes under the KfW Entsicklungsbank lines in the area of low-income housing and micro-finance by way of financial intermediation to partner non-government organisations across India. They launched two major advertising campaigns, namely 'Asset Plus' and 'Empowerment'. 'Asset Plus' was launched primarily to create awareness about home equity loans. 'Empowerment' highlighted the fact that the Corporation's employees are empowered to deploy all resources available to them to provide professional services to customers. During the year, the Corporation acquired the entire 26% of the equity of HDFC Chubb General Insurance Company Ltd from Chubb Global Financial Service Corporation, USA, consequent to which the company became a wholly owned subsidiary of the Corporation. In June 2007, consequent to a preferential offer by HDFC Bank Ltd, the Corporation acquired 13,582,000 shares of HDFC Bank for a consideration of Rs. 1,390.11 crore. In October 2007, the Corporation and Standard Life Investments realigned their shareholding in HDFC Asset Management Company Ltd. Accordingly; the Corporation increased their stake to 60% in HDFC-AMC by acquiring 9.9% from Standard Life Investments. Also, the Corporation and ERGO International AG (ERGO), the primary insurance entity of Munich Re Group (Germany) entered into a joint venture, where by HDFC sold 26% equity stake of the company to ERGO. As a result of this new joint venture, the company was named HDFC ERGO General. During the year, the Corporation divested 7.15% of its equity holding in HDFC-SL in favour of Standard Life Assurance Company, UK for a profit of Rs. 120.94 crore. Also, they divested their entire shareholding in Intelenet Global Service Pvt Ltd for a profit of Rs. 313.25 crore. As a result, Intelenet Global Service Pvt Ltd ceased to be an associate of the Corporation. During the year 2008-09, the Corporation approved 12 new schemes under the KfW Entsicklungsbank lines in the area of low-income housing and micro-finance by way of bulk loans to partner Non-Government Organisations and micro-finance institutions. During the year 2009-10, the Corporation introduced 'HDFC Systematic Savings Plan', which is a monthly savings plan offering a variable rate of interest. They launched a key brand campaign - 'HDFC - because every family needs a home'. The objective of the campaign was to connect with HDFC' s existing customers as well as prospective customers, making the HDFC brand synonymous with a home. In April 2010, the company launched a special home loan product at a fixed rate of 8.25% per annum up to March 31, 2011, 9% for the period between April 4, 2011 and March 31, 2012 and the applicable floating rate for the balance term. This is a flexible product with dual rates. They also re-launched their product loan against property to assist customers. During the year 2010-11, HDFC Real Estate Destination (HDFC RED), an on-line real estate portal was launched with the key objective of providing a single destination to potential home buyers to search and short-list desired properties that suit their requirements. In 2011 HDFC signed MOU with Indian Army for total Salary Solutions. HDFC 5000th ATM was launched at Swami Narayan Chowk, Rajkot In 2012, the company incorporated a new wholly owned subsidiary, namely HDFC Education and Development Services Pvt Ltd. HDFC launched Solitaire' range of women's Credit Cards. HDFC Bank and Vodafone India launch m-paisa - a product for financial inclusion. The company also launches Tax payment facility through ATM and also a Bouquet of premium Travel Credit Cards. The company also launches INFINIA Credit Card In 2013 HDFC Mutual Fund Acquires the Schemes of Morgan Stanley Mutual Fund. In 2015 HDFC Life gets nod to up foreign partner stake -FDI boost for HDFC as FIPB clears Standard Life's proposal. HDFC launches its first school 'The HDFC School' in Gurgaon. HDFC announced a reduction in its Retail Prime Lending Rate (RPLR) by 20 basis points, with effect from 13 April 2015. On 8 June 2015, a Committee of the Board of Directors of the Company approved a proposal for simultaneous offering of Secured Redeemable Non-Convertible Debentures of upto Rs. 5000 crore along with warrants convertible into equity shares. On 14 August 2015, HDFC announced that it had agreed to sell 17.95 crore shares of HDFC Standard Life Insurance Company Limited (HDFC Life) in favour of its joint venture partner Standard Life (Mauritius Holdings) 2006 Limited at a price of Rs 95 per share aggregating to 9% of the issued and paid-up share capital of HDFC Life. Post the stake sale; HDFC' s holding in HDFC Life will drop to 61.65%. HDFC announced a reduction in its Retail Prime Lending Rate (RPLR) by 25 basis points, with effect from 6 October 2015. HDFC's Board of Directors at its meeting held on 26 October 2015 granted in-principle approval for establishment of a Sponsored Level 1 ADR programme in respect of up to 10% of the issued and paid-up share capital of the company. The Sponsored ADR programme envisages conversion of existing equity shares of the company into ADRs and does not entail any issue of additional shares. On 7 January 2016, HDFC announced that HDFC Capital Affordable Real Estate Fund-1 (HCARE-1), an Alternative Investment Fund (AIF) sponsored by the company, has received an aggregate commitment for an amount of Rs. 2700 crore from various investors. The targeted fund size is approximately Rs. 5000 crore and the first close will be Rs. 2700 crore. The tenure of the fund will be 12 years and it will invest in the long-term equity of mid income housing. HDFC Capital Advisors Limited, a wholly owned subsidiary of HDFC, has been appointed as an investment manager for HCARE-1. On 3 June 2016, HDFC announced that it had completed the transfer of 12.33 crore shares of its subsidiary HDFC ERGO General Insurance Company Limited (HDFC ERGO), representing 22.902% stake in HDFC ERGO, in favour of its joint venture partner ERGO International AG. HDFC further said that it made pre tax profit of Rs. 922 crore and post tax profit of Rs. 725 crore from this transaction. On 17 December 2015, HDFC had agreed to sell 22.902% stake in HDFC ERGO to ERGO International at a price of Rs. 90.973 per share for aggregate consideration of Rs. 1122 crore. On 14 July 2016, HDFC announced that it had successfully priced Rs 3000-crore overseas issue of unrated rupee denominated bonds. HDFC thus became the first Indian corporate issuer of rupee denominated bonds overseas. Rupee-denominated bonds are instruments through which Indian entities can raise funds in overseas capital markets, while the bond investors hold the currency risk. HDFC's Board of Directors at its meeting held on 27 July 2016 granted in-principle approval for the amalgamation of five wholly-owned subsidiaries viz. Grandeur Properties Private Limited, Haddock Properties Private Limited, Winchester Properties Private Limited, Pentagram Properties Private Limited and Windermere Properties Private Limited into HDFC. The area of business of these five subsidiaries is receiving of rental income on commercial properties. On 18 November 2016, HDFC announced that it has assigned its outstanding loans to the Unitech group to JM Financial Asset Reconstruction Company (JMFARC). Against total outstanding loans of Rs. 869 crore to the Unitech group, JMFARC paid HDFC Rs. 155 crore upfront and issued Security Receipts (SRs) to HDFC amounting to Rs. 705 crore to be redeemable over the period of construction of Unitech's projects. On 30 March 2017, HDFC announced that it had raised Rs. 3300 crore through the first issue of rupee denominated bonds to overseas investors under the Medium Term Note programme. On 1 June 2017, HDFC announced that its wholly-owned subsidiary HDFC Investments Limited has made an investment about $ 1.5 million by subscribing to 15% of the share capital of First Housing Finance (Tanzania), the first housing finance company to be set up in Tanzania. On 22 June 2017, HDFC executed a subscription agreement with International Finance Corporation, Washington (IFC) whereby IFC decided to subscribed to the rupee denominated bonds to be issued overseas by HDFC up to an amount of Rs. 1300 crore. On 26 July 2017, HDFC's Board of Directors granted approval for issue of Secured Redeemable Non-Convertible Debentures (NCD) aggregating to Rs 35000 crore on a private placement basis under a Shelf Disclosure Document. On 28 July 2017, HDFC announced that it had approved offering of up to 19.12 crore equity shares of Rs 10 each of HDFC Standard Life Insurance Company (HDFC Life), representing 9.57% of the paid up and issued share capital of HDFC Life, for sale in the initial public offer of HDFC Life. HDFC Life will continue to be a subsidiary of HDFC after the IPO. On 31 July 2017, HDFC Standard Life Insurance Company and Max Group entities announced that they had called off the proposed merger of their life insurance business since the parties were unable to obtain the requisite regulatory approvals to consummate the proposed merger and other transactions contemplated under the definitive agreements for the merger. On 8 August 2016, HDFC Life and Max Group Entities had announced a proposal for the merger of their life insurance business through a composite scheme of arrangement and had entered into certain definitive agreements to implement the merger. On 17 June 2016, the Board of Directors of HDFC Standard Life Insurance Company, Max Life Insurance Company and Max Financial Services approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life Insurance Company and Max Financial Services with HDFC Standard Life Insurance Company by way of a scheme of arrangement. On 14 August 2017, the Insurance Regulatory & Development Authority of India granted its final approval for the merger of HDFC ERGO General Insurance Company Limited (HDFC ERGO), a subsidiary of the company with HDFC General Insurance Company Limited (formerly L&T General Insurance Company). On 9 September 2016, HDFC ERGO announced that it had completed the acquisition of 100% shares of L&T General Insurance Company Limited for Rs 551 crore. On 3 June 2016, the Board of Directors of HDFC ERGO had approved the acquisition of 100% stake in L&T General Insurance Company Limited for an aggregate amount of Rs. 551 crore subject to receipt of requisite approvals. On 16 November 2017, HDFC announced that it had raised Rs. 1300 crore from the issue of rupee denominated bonds to International Finance Corporation, Washington under the Medium Term Note Programme. On 30 November 2017, HDFC approved offering a part of its shareholding in its subsidiary HDFC Asset Management Company Limited (HDFC AMC) through offer for sale in the initial public offer (IPO) of HDFC AMC. As on 30 September 2017, HDFC held 57.36% stake in HDFC AMC. HDFC's Board of Directors at its meeting held on 19 December 2017 approved subscription to the securities offered by HDFC Bank on preferential basis up to an amount not exceeding Rs 8500 crore. The board also approved raising funds through issue of equity shares and/or other permissible securities up to an aggregate amount not exceeding Rs. 13000 crore. On 20 December 2017, HDFC approved the sale of 6.3% stake in Computer Age Management Services Private Limited (CAMS) to Great Terrain Investment Ltd, Mauritius, an affiliate of Warburg Pincus group, for a total consideration of Rs 209.50 crore. After completion of the sale, HDFC's holding in CAMS will drop to 4.8% of the equity capital of CAMS. On 21 December 2017, HDFC approved the sale of 100% of its equity share capital in HDFC Developers Limited, which runs the HDFC Red platform, and HDFC Realty Limited, a real estate brokerage platform, to Quikr for total consideration of Rs. 101.99 crore and Rs. 254.98 crore respectively. Quikr is India's largest classifieds platform. Simultaneously, HDFC acquired an equity stake in Quikr India Private Limited. Pursuant to receipt of approval of the members through Postal Ballot in February 2018, the Corporation issued 6,43,29,882 equity shares of Rs 2 each at an issue price of Rs 1,726.05 per equity share on preferential basis in accordance with the provisions of Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (SEBI ICDR Regulations). The Corporation also issued 1,03,89,041 equity shares at an issue price of Rs 1,825 per equity share to QIBs on a qualified institutions placement basis in accordance with the provisions of Chapter VIII of the SEBI ICDR Regulations. The Corporation raised an aggregate amount of Rs 13,000 crore from both the issuances. In October 2015, the Corporation had issued 3.65 crore warrants at an issue price of Rs 14 per warrant with a right exercisable by the warrant holder to exchange each warrant for one equity share of Rs 2 each of the Corporation at any time on or before October 05, 2018, at a warrant exercise price of Rs 1,475 per equity share to be paid by the warrant holder at any time of exchange of the warrants. As at March 31, 2018, 5,14,600 warrants have been exercised and exchanged into 5,14,600 equity shares of Rs 2 each of the Corporation. The equity shares so issued rank pari passu with the existing shares of the Corporation. In January 2018, the Corporation sold its entire stake in its wholly owned subsidiary companies, HDFC Developers Limited and HDFC Realty Limited, to Quikr India Private Ltd. Consequently, HDFC Realty Limited and HDFC Developers Limited ceased to be subsidiaries of the Corporation with effect from 24 January 2018. During the year 2018, the Corporation approved offering of upto 4.08% of the paid up and issued equity share capital of HDFC Asset Management Co., Ltd., (HDFC AMC), a subsidiary of the Corporation for sale in the IPO of HDFC AMC. The Board of Directors at its earlier meeting held on 27 July 2016 had approved the scheme of amalgamation of five of its wholly- owned subsidiaries, Windermere Properties Private Limited, Haddock Properties Private Limited, Grandeur Properties Private Limited, Winchester Properties Private Limited and Pentagram Properties Private Limited with itself. The applications for the proposed merger were filed with the NCLT, Mumbai bench and in March 2018, the scheme of amalgamation was approved by the NCLT. The order was filed with the Registrar of Companies, Mumbai on April 27, 2018. Accordingly, the Corporation has considered the operations of the said subsidiaries from April 1, 2016, as its own operations and accounted for the same in its books of accounts after making necessary adjustments. During the year 2018, the Corporation sold individual loans amounting to Rs. 6,453 crore, of which Rs. 1,850 crore qualified as priority sector advances for banks.

Housing Development Finance Corporation Ltd Chairman Speech

To our Shareholders

We have had an extraordinarily good financial year. The demand for home loans continued to be strong with much of the headwinds of the previous year being behind us. We had a successful listing of our subsidiary, HDFC Life, which enabled us to monetise a part of our stake in the life insurance company. Right from the beginning, we had told our shareholders that investing in the insurance sector required patient capital. We supported and nurtured HDFC Life for seventeen long years prior to its listing. We believe listing best reflects the value we have created for our shareholders.

We concluded the financial year with an equity share capital raise of Rs. 13,000 crore. A large part of the capital raised will be utilised to maintain our shareholding in HDFC Bank. Our investment in the bank has been amongst our best value drivers for several years.

HDFC continues to maintain a fortified balance sheet. We now feel that the time is right to lay the foundation for the next phase of long-term growth and sustainability.

Some of our plans for the future are still at the drawing board stage. Yet, we know the broad contours. We want to focus on strengthening our presence across the entire value chain of housing, seek opportunities in stressed real estate assets, mark a deeper footprint in the health insurance space and explore emerging organic and inorganic growth opportunities. Besides this, we will continue to support the growth of our subsidiary companies.

Building for the Long-Term

As a financial conglomerate, we need to keep building for the future. Our key long-term priorities are ethics, transparency, performance and customer-orientation. We will continue to pursue these priorities with vigor whilst focusing on the potential to create long-term value.

We regularly engage in dialogue with our stakeholders on developments of the Corporation, but desist from the practice of quarterly or annual earnings guidance. Listed companies do feel the pressure - not of quarterly reporting per se, but meeting short-term expectations of the markets in an increasingly volatile environment. Globally, there is a discernible trend of companies curtailing capex, holding back on investing in new products or reducing budgets on human resources, research and development. These are often myopically construed as dispensable costs. Nothing can be more damaging to a company than putting off long-term investments to appease short-term stakeholders.

Fortunately, there is now a chorus of saner voices highlighting the long-term perils of shortterm thinking. This also calls for a mind-set change on the part of both, companies and the investor community to lay less emphasis on the short-term. A period of one quarter is way too short in the life of a company. Many industries are cyclical in nature, including housing.

To reiterate, we are completely in for the long-term. We like long-term investors, nurture long-tenured employees and strive for loyal customers who stay with the HDFC group of companies for years.

An Era of Housing Reforms

Urbanisation is an irreversible trend in India. By 2030, it is estimated that half of India's population will be residing in urban areas. An overwhelming majority of India's GDP growth, jobs and wealth are created in its cities. Existing cities have to grow the peripheries and new cities need to be created to absorb the influx of people.

Clearly, more houses are needed. But to keep pace with the demand, there is an urgent need for many more construction and contracting companies. Construction of affordable housing on a mass scale needs thousands of plumbers, electricians, carpenters, masons, amongst several others. The housing sector always fuels the job market. If job creation is the need of the hour for the country, then the solution lies in building more homes.

So what makes us optimistic about the future Rs.

The impetus given to increasing homeownership over the past two years by the present government has been unprecedented. Especially in the affordable housing space, the slew of measures undertaken to incentivise developers, financiers and homebuyers has resulted in visible change on the ground.

Activity in the construction sector has picked up and housing credit growth has been robust. The pool of financially stronger real estate companies focusing on affordable housing has widened, largely due to the attractive tax incentives. This augurs well for the supply side. The interest subvention scheme has been well received and with the widening of its scope, the number of beneficiaries is expected to rise. Housing finance companies now have a diversified pool of resources to tap into with the liberalisation of external commercial borrowings and masala bonds.

Incentives or subventions are generally temporary in nature. Yet, the most significant measure taken has been the discipline brought in for developers and the protection of homebuyers, which is now permanently enshrined in the Real Estate (Regulation and Development) Act, 2016. Though implementation within states varies, RERA marks an era of confidence for all prospective homebuyers.

Calling for Transparency

The central government has outdone itself in its support to the housing sector. The single roadblock in the housing sector today is the cussedness of state governments and local level authorities in embracing a transparent and streamlined process for building approvals. In so many ways, the government has been ahead of the curve in adopting digitisation to make processes more efficient. Yet, one fails to understand the reluctance to put in place an online, time-bound, single-window clearance mechanism for at least fast-tracking the numerous approvals required for affordable housing.

Many of our long-term shareholders would have noticed that I keep raising the issue of the need for greater transparency in building approvals. The reason I do so, is because it is the homebuyer who is hurt the most. Price escalations due to delays and payment of speed money for building approvals are ultimately costs borne by the homebuyer.

The clarion call from the highest authority in the country to "free the housing sector of corruption and middlemen" is significant. Perhaps the central government needs to implement a carrot-and-stick approach, which either incentivises state governments who fast-track approvals for affordable housing or penalises them for not falling in line. Quicker approvals shorten construction timelines and this will help reduce the overall cost for a homebuyer.

Housing Finance: Next Steps

One aspect that the housing sector has always grappled with is how can land be made available at reasonable prices Rs. The answer lies in smart regulation.

For the past twelve years, the regulators have not allowed banks and housing finance companies (HFCs) to fund land transactions, yet non-banking financial companies (NBFCs) and private equity players are permitted to do so. This regulatory arbitrage allows NBFCs and private equity players to levy prohibitively high interest rates on developers borrowing to acquire land.

My key question is if NBFCs are allowed to cross over into activities of HFCs, then why can't HFCs be permitted to fund developers to buy land for affordable housing Rs.

One can understand the central bank's predicament of not wanting banks at this juncture to fund land transactions. But the core role of HFCs is to support housing. If HFCs of a certain threshold size are permitted to fund developers to acquire land for affordable housing, then the current high interest rates are likely to get rationalised. This in turn will help reduce the ultimate cost for a homebuyer.

HFCs are well regulated. The National Housing Bank, the regulator for HFCs, understands the nuances of housing markets and can ensure there is sufficient vigilance to guard against any speculative funding of land transactions.

Secondly, the growing practice of housing finance players picking loans off each other's balance sheet needs to be carefully monitored. With the regulators prohibiting prepayment charges on most home loans, no one gains in this game, except the agent who keeps collecting commissions. Lenders do incur costs while originating loans. It is thus logical that there be some compensation to a lender — especially when a customer is poached within a timeframe of say, less than two years. To my mind, regulators should not encourage 'lazy housing finance'.

Closing Thoughts

I am told HDFC has delivered amongst the best-in-class shareholder value - an estimated 360 times increase in market capitalisation over a 25-year period between 1993 and 2018. There are now four listed entities within the HDFC group and one more is on the anvil. We hope to have the initial public offering of HDFC Asset Management Company Limited launched shortly.

Our stock market performance is simply a reflection of the progress we have made over the years. Long-term investors who understand how we work should not get perturbed with short-term market volatilities. After all, resilient businesses take time to grow - our financial results of today are in actuality, a reflection of our actions taken several quarters and several years ago.

Finally, I think it is important to reiterate to all our shareholders that succession planning both, within HDFC and its group companies is a key agenda on each of the respective boards. As passionate and energetic as some of our leaders within the HDFC group are about their jobs, the reality is that individuals do get on in age.

Personally, the task of ensuring frictionless transitions is and will be on the top of my mind. That said, it is not as if there will be any announcements right away. All the boards of the HDFC group of companies believe that succession planning needs a time frame of 18 to 24 months to ensure a smooth transition.

I am confident of the strong pipeline of talent for various functions across all companies within the HDFC group. Yet, positions at the helm require the respective boards and nomination and remuneration committees to evaluate options of both, internal and external candidates. At HDFC, the board and Keki Mistry have agreed that he will continue in his present capacity as Vice Chairman and CEO for a period of three years, subject to shareholders' approval.

I could not be more grateful to all the leaders across the HDFC group for the extraordinary work that they do each day. Yet, each one of these outstanding leaders stand tall because of their strong and cohesive teams that back them.

As for me, I won't lose sight of the fact that it is the continued support of our shareholders that gives me the privilege to serve as non-executive chairman.

   

Housing Development Finance Corporation Ltd Company History

Housing Development Finance Corporation Limited (HDFC) was incorporated in October 17th, 1977 as the first specialized Mortgage Company in India. The principal business is to provide finance to individuals, corporate and developers for the purchase, construction, development and repair of houses, apartments and commercial property in India. The business is conducted through its branches in India and its overseas offices in London, Singapore and Dubai supported by a network of agents for sourcing loans as well as deposits and service associates in the Middle East region, to provide housing loans and property advisory services to non-resident Indians (NRIs) and persons of Indian origin (PIOs). HDFC is the holding company for investments in its associates and subsidiary companies. HDFC's product range includes loans for purchase and construction of a residential unit, purchase of land, home improvement loans, home extension loans, non-residential premises loans for professionals and loan against property, while its flexible repayment options include Step Up Repayment Facility (SURF) and Flexible Loan Installment Plan (FLIP). The company's subsidiaries include HDFC Developers Ltd, HDFC Investments Ltd, HDFC Holdings Ltd, HDFC Trustee Company Ltd, HDFC Realty Ltd, HDFC Property Ventures Ltd, HDFC Sales Pvt Ltd, HDFC Ventures Trustee Company Ltd, HDFC Venture Capital Ltd, HDFC Ergo General Insurance Company Ltd, HDFC Standard Life Insurance Company Ltd, GRUH Finance Ltd, HDFC Asset Management Company Ltd and HDFC Bank Ltd. Housing Development Finance Corporation Ltd was incorporated in the year 1977. The Corporation is established with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs. The company was promoted with an initial share capital of Rs. 100 million. In the year 1979, the Corporation introduced HDFC Certificate of Deposit Scheme. In the year 1981, they introduced their first retail Deposit Product. They promoted a wholly owned subsidiary, HDFC Developers during the year. In the year 1982, the Corporation introduced the Line of Credit Product (LOC) for employee owned housing. In the year 1985, the Corporation introduced the Home Savings Plan based on the 'Bausparkassen' model, West Germany and the 'Step-up Repayment Facility'. In the year 1988, the Corporation in with India's leading financial institutions and commercial banks promoted Gujarat Rural Housing Finance Corporation Ltd (GRUH Finance), Housing Promotion and Finance Corporation Ltd (now SBI Home Finance), Can Fin Homes Ltd and Infrastructure Leasing and Financial Services (IL&FS), and the Credit Rating Information Services of India Ltd (CRISIL). They introduced Telescopic Loan Plan and Short Term Bridging Loan products. In the year 1989, the Corporation introduced two new products, namely Home Improvement loans & Home Extension loans. In the year 1990, the Corporation in association with the United Nations Centre for Human Settlements promoted the Coalition of Housing Finance Institutions in Asia. In the year 1991, they re-launched their retail fixed deposit products. In the year 1993, the company made a joint venture with General Electric Capital Corporation of US to promote Countrywide Consumer Financial Services Ltd for consumer finance. In the year 1994, the Corporation introduced Non-Residential Premises Loans for Individuals. In the year 1995, the Corporation made a Strategic alliance with NatWest Markets (UK) and promoted the HDFC Bank. They made a joint venture with IL&FS and Colliers Jardine Asia Pacific Ltd and promoted Colliers Jardine India Property Services Ltd. Also, they signed a MoU with Standard Life Assurance Co. of UK for life insurance. In the year 1997, the Corporation promoted the first private sector housing finance company, namely Delta Brac Housing Finance Corporation Ltd in Bangladesh. In the year 1998, the Corporation in partnership with a South-based NGO launched the Indian Association for Savings & Credit (IASC), a pioneering micro-finance institution operating in the states of Tamil Nadu and Kerala. Also, they introduced Home Equity Loans and Corporate Employees Group Finance Arrangement. In the year 1999, the Corporation invested in a new Housing Finance company in Sri Lanka. They launched the Corporation website www.hdfcindia.com (now hdfc.com). Also, they introduced the Adjustable Rate Home Loans and became the first housing finance institution to do so. In the year 2000, the Corporation inaugurated a new HDFC Standard Life office in Mumbai. They launched their first Property Fair and they issued their first Mortgage Backed Securities. The Corporation made a joint venture with Mahindra & Mahindra group and promoted propertymartindia.com, a website for providing a range of real estate services. During the year, the Corporation acquired the entire shareholding of Hometrust Housing Finance Company Ltd. Also, GRUH became a subsidiary of the Corporation. They made a joint venture with TCS and promoted Intelenet Global Services Limited for IT enabled services. Also, they entered into joint venture with Standard Life Investments for promoting the HDFC Mutual Fund. In the year 2001, the Corporation in association with State Bank of India, Dun & Bradstreet and Trans Union International Inc. (TU) promoted Credit Information Bureau (India) Ltd. They opened their 100th office at Amristar. In the year 2002, the company made a joint venture with Chubb Corporation, USA and promoted HDFC-Chubb General Insurance Company Ltd for non-life insurance. In June 2003, they singed a USD 200 million-loan agreement with International Finance Corporation (IFC), Washington. In May 2003, the Corporation signed a Technical Service Contract with Egyptian American Bank for providing technical assistance for setting up Egypt's first private sector led mortgage finance company Egyptian Housing Finance Company. In February 2005, the Corporation entered into an implementation agreement with NHB and Asian Development Bank for technical assistance for a study on the development of an agency/secondary mortgage institution to facilitate issuance of residential mortgage backed securities along similar lines as Fannie Mae in USA. During the year 2006-07, the Corporation approved 8 schemes in the area of low-income housing and micro-enterprise financing by way of financial intermediation to partner non-government organisations and micro-finance institutions. They divested their equity holding in HDFC-SL in favour of Standard Life Assurance Company, UK for a consideration of Rs. 5.66 crore. During the year 2007-08, the Corporation approved 16 new schemes under the KfW Entsicklungsbank lines in the area of low-income housing and micro-finance by way of financial intermediation to partner non-government organisations across India. They launched two major advertising campaigns, namely 'Asset Plus' and 'Empowerment'. 'Asset Plus' was launched primarily to create awareness about home equity loans. 'Empowerment' highlighted the fact that the Corporation's employees are empowered to deploy all resources available to them to provide professional services to customers. During the year, the Corporation acquired the entire 26% of the equity of HDFC Chubb General Insurance Company Ltd from Chubb Global Financial Service Corporation, USA, consequent to which the company became a wholly owned subsidiary of the Corporation. In June 2007, consequent to a preferential offer by HDFC Bank Ltd, the Corporation acquired 13,582,000 shares of HDFC Bank for a consideration of Rs. 1,390.11 crore. In October 2007, the Corporation and Standard Life Investments realigned their shareholding in HDFC Asset Management Company Ltd. Accordingly; the Corporation increased their stake to 60% in HDFC-AMC by acquiring 9.9% from Standard Life Investments. Also, the Corporation and ERGO International AG (ERGO), the primary insurance entity of Munich Re Group (Germany) entered into a joint venture, where by HDFC sold 26% equity stake of the company to ERGO. As a result of this new joint venture, the company was named HDFC ERGO General. During the year, the Corporation divested 7.15% of its equity holding in HDFC-SL in favour of Standard Life Assurance Company, UK for a profit of Rs. 120.94 crore. Also, they divested their entire shareholding in Intelenet Global Service Pvt Ltd for a profit of Rs. 313.25 crore. As a result, Intelenet Global Service Pvt Ltd ceased to be an associate of the Corporation. During the year 2008-09, the Corporation approved 12 new schemes under the KfW Entsicklungsbank lines in the area of low-income housing and micro-finance by way of bulk loans to partner Non-Government Organisations and micro-finance institutions. During the year 2009-10, the Corporation introduced 'HDFC Systematic Savings Plan', which is a monthly savings plan offering a variable rate of interest. They launched a key brand campaign - 'HDFC - because every family needs a home'. The objective of the campaign was to connect with HDFC' s existing customers as well as prospective customers, making the HDFC brand synonymous with a home. In April 2010, the company launched a special home loan product at a fixed rate of 8.25% per annum up to March 31, 2011, 9% for the period between April 4, 2011 and March 31, 2012 and the applicable floating rate for the balance term. This is a flexible product with dual rates. They also re-launched their product loan against property to assist customers. During the year 2010-11, HDFC Real Estate Destination (HDFC RED), an on-line real estate portal was launched with the key objective of providing a single destination to potential home buyers to search and short-list desired properties that suit their requirements. In 2011 HDFC signed MOU with Indian Army for total Salary Solutions. HDFC 5000th ATM was launched at Swami Narayan Chowk, Rajkot In 2012, the company incorporated a new wholly owned subsidiary, namely HDFC Education and Development Services Pvt Ltd. HDFC launched Solitaire' range of women's Credit Cards. HDFC Bank and Vodafone India launch m-paisa - a product for financial inclusion. The company also launches Tax payment facility through ATM and also a Bouquet of premium Travel Credit Cards. The company also launches INFINIA Credit Card In 2013 HDFC Mutual Fund Acquires the Schemes of Morgan Stanley Mutual Fund. In 2015 HDFC Life gets nod to up foreign partner stake -FDI boost for HDFC as FIPB clears Standard Life's proposal. HDFC launches its first school 'The HDFC School' in Gurgaon. HDFC announced a reduction in its Retail Prime Lending Rate (RPLR) by 20 basis points, with effect from 13 April 2015. On 8 June 2015, a Committee of the Board of Directors of the Company approved a proposal for simultaneous offering of Secured Redeemable Non-Convertible Debentures of upto Rs. 5000 crore along with warrants convertible into equity shares. On 14 August 2015, HDFC announced that it had agreed to sell 17.95 crore shares of HDFC Standard Life Insurance Company Limited (HDFC Life) in favour of its joint venture partner Standard Life (Mauritius Holdings) 2006 Limited at a price of Rs 95 per share aggregating to 9% of the issued and paid-up share capital of HDFC Life. Post the stake sale; HDFC' s holding in HDFC Life will drop to 61.65%. HDFC announced a reduction in its Retail Prime Lending Rate (RPLR) by 25 basis points, with effect from 6 October 2015. HDFC's Board of Directors at its meeting held on 26 October 2015 granted in-principle approval for establishment of a Sponsored Level 1 ADR programme in respect of up to 10% of the issued and paid-up share capital of the company. The Sponsored ADR programme envisages conversion of existing equity shares of the company into ADRs and does not entail any issue of additional shares. On 7 January 2016, HDFC announced that HDFC Capital Affordable Real Estate Fund-1 (HCARE-1), an Alternative Investment Fund (AIF) sponsored by the company, has received an aggregate commitment for an amount of Rs. 2700 crore from various investors. The targeted fund size is approximately Rs. 5000 crore and the first close will be Rs. 2700 crore. The tenure of the fund will be 12 years and it will invest in the long-term equity of mid income housing. HDFC Capital Advisors Limited, a wholly owned subsidiary of HDFC, has been appointed as an investment manager for HCARE-1. On 3 June 2016, HDFC announced that it had completed the transfer of 12.33 crore shares of its subsidiary HDFC ERGO General Insurance Company Limited (HDFC ERGO), representing 22.902% stake in HDFC ERGO, in favour of its joint venture partner ERGO International AG. HDFC further said that it made pre tax profit of Rs. 922 crore and post tax profit of Rs. 725 crore from this transaction. On 17 December 2015, HDFC had agreed to sell 22.902% stake in HDFC ERGO to ERGO International at a price of Rs. 90.973 per share for aggregate consideration of Rs. 1122 crore. On 14 July 2016, HDFC announced that it had successfully priced Rs 3000-crore overseas issue of unrated rupee denominated bonds. HDFC thus became the first Indian corporate issuer of rupee denominated bonds overseas. Rupee-denominated bonds are instruments through which Indian entities can raise funds in overseas capital markets, while the bond investors hold the currency risk. HDFC's Board of Directors at its meeting held on 27 July 2016 granted in-principle approval for the amalgamation of five wholly-owned subsidiaries viz. Grandeur Properties Private Limited, Haddock Properties Private Limited, Winchester Properties Private Limited, Pentagram Properties Private Limited and Windermere Properties Private Limited into HDFC. The area of business of these five subsidiaries is receiving of rental income on commercial properties. On 18 November 2016, HDFC announced that it has assigned its outstanding loans to the Unitech group to JM Financial Asset Reconstruction Company (JMFARC). Against total outstanding loans of Rs. 869 crore to the Unitech group, JMFARC paid HDFC Rs. 155 crore upfront and issued Security Receipts (SRs) to HDFC amounting to Rs. 705 crore to be redeemable over the period of construction of Unitech's projects. On 30 March 2017, HDFC announced that it had raised Rs. 3300 crore through the first issue of rupee denominated bonds to overseas investors under the Medium Term Note programme. On 1 June 2017, HDFC announced that its wholly-owned subsidiary HDFC Investments Limited has made an investment about $ 1.5 million by subscribing to 15% of the share capital of First Housing Finance (Tanzania), the first housing finance company to be set up in Tanzania. On 22 June 2017, HDFC executed a subscription agreement with International Finance Corporation, Washington (IFC) whereby IFC decided to subscribed to the rupee denominated bonds to be issued overseas by HDFC up to an amount of Rs. 1300 crore. On 26 July 2017, HDFC's Board of Directors granted approval for issue of Secured Redeemable Non-Convertible Debentures (NCD) aggregating to Rs 35000 crore on a private placement basis under a Shelf Disclosure Document. On 28 July 2017, HDFC announced that it had approved offering of up to 19.12 crore equity shares of Rs 10 each of HDFC Standard Life Insurance Company (HDFC Life), representing 9.57% of the paid up and issued share capital of HDFC Life, for sale in the initial public offer of HDFC Life. HDFC Life will continue to be a subsidiary of HDFC after the IPO. On 31 July 2017, HDFC Standard Life Insurance Company and Max Group entities announced that they had called off the proposed merger of their life insurance business since the parties were unable to obtain the requisite regulatory approvals to consummate the proposed merger and other transactions contemplated under the definitive agreements for the merger. On 8 August 2016, HDFC Life and Max Group Entities had announced a proposal for the merger of their life insurance business through a composite scheme of arrangement and had entered into certain definitive agreements to implement the merger. On 17 June 2016, the Board of Directors of HDFC Standard Life Insurance Company, Max Life Insurance Company and Max Financial Services approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life Insurance Company and Max Financial Services with HDFC Standard Life Insurance Company by way of a scheme of arrangement. On 14 August 2017, the Insurance Regulatory & Development Authority of India granted its final approval for the merger of HDFC ERGO General Insurance Company Limited (HDFC ERGO), a subsidiary of the company with HDFC General Insurance Company Limited (formerly L&T General Insurance Company). On 9 September 2016, HDFC ERGO announced that it had completed the acquisition of 100% shares of L&T General Insurance Company Limited for Rs 551 crore. On 3 June 2016, the Board of Directors of HDFC ERGO had approved the acquisition of 100% stake in L&T General Insurance Company Limited for an aggregate amount of Rs. 551 crore subject to receipt of requisite approvals. On 16 November 2017, HDFC announced that it had raised Rs. 1300 crore from the issue of rupee denominated bonds to International Finance Corporation, Washington under the Medium Term Note Programme. On 30 November 2017, HDFC approved offering a part of its shareholding in its subsidiary HDFC Asset Management Company Limited (HDFC AMC) through offer for sale in the initial public offer (IPO) of HDFC AMC. As on 30 September 2017, HDFC held 57.36% stake in HDFC AMC. HDFC's Board of Directors at its meeting held on 19 December 2017 approved subscription to the securities offered by HDFC Bank on preferential basis up to an amount not exceeding Rs 8500 crore. The board also approved raising funds through issue of equity shares and/or other permissible securities up to an aggregate amount not exceeding Rs. 13000 crore. On 20 December 2017, HDFC approved the sale of 6.3% stake in Computer Age Management Services Private Limited (CAMS) to Great Terrain Investment Ltd, Mauritius, an affiliate of Warburg Pincus group, for a total consideration of Rs 209.50 crore. After completion of the sale, HDFC's holding in CAMS will drop to 4.8% of the equity capital of CAMS. On 21 December 2017, HDFC approved the sale of 100% of its equity share capital in HDFC Developers Limited, which runs the HDFC Red platform, and HDFC Realty Limited, a real estate brokerage platform, to Quikr for total consideration of Rs. 101.99 crore and Rs. 254.98 crore respectively. Quikr is India's largest classifieds platform. Simultaneously, HDFC acquired an equity stake in Quikr India Private Limited. Pursuant to receipt of approval of the members through Postal Ballot in February 2018, the Corporation issued 6,43,29,882 equity shares of Rs 2 each at an issue price of Rs 1,726.05 per equity share on preferential basis in accordance with the provisions of Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (SEBI ICDR Regulations). The Corporation also issued 1,03,89,041 equity shares at an issue price of Rs 1,825 per equity share to QIBs on a qualified institutions placement basis in accordance with the provisions of Chapter VIII of the SEBI ICDR Regulations. The Corporation raised an aggregate amount of Rs 13,000 crore from both the issuances. In October 2015, the Corporation had issued 3.65 crore warrants at an issue price of Rs 14 per warrant with a right exercisable by the warrant holder to exchange each warrant for one equity share of Rs 2 each of the Corporation at any time on or before October 05, 2018, at a warrant exercise price of Rs 1,475 per equity share to be paid by the warrant holder at any time of exchange of the warrants. As at March 31, 2018, 5,14,600 warrants have been exercised and exchanged into 5,14,600 equity shares of Rs 2 each of the Corporation. The equity shares so issued rank pari passu with the existing shares of the Corporation. In January 2018, the Corporation sold its entire stake in its wholly owned subsidiary companies, HDFC Developers Limited and HDFC Realty Limited, to Quikr India Private Ltd. Consequently, HDFC Realty Limited and HDFC Developers Limited ceased to be subsidiaries of the Corporation with effect from 24 January 2018. During the year 2018, the Corporation approved offering of upto 4.08% of the paid up and issued equity share capital of HDFC Asset Management Co., Ltd., (HDFC AMC), a subsidiary of the Corporation for sale in the IPO of HDFC AMC. The Board of Directors at its earlier meeting held on 27 July 2016 had approved the scheme of amalgamation of five of its wholly- owned subsidiaries, Windermere Properties Private Limited, Haddock Properties Private Limited, Grandeur Properties Private Limited, Winchester Properties Private Limited and Pentagram Properties Private Limited with itself. The applications for the proposed merger were filed with the NCLT, Mumbai bench and in March 2018, the scheme of amalgamation was approved by the NCLT. The order was filed with the Registrar of Companies, Mumbai on April 27, 2018. Accordingly, the Corporation has considered the operations of the said subsidiaries from April 1, 2016, as its own operations and accounted for the same in its books of accounts after making necessary adjustments. During the year 2018, the Corporation sold individual loans amounting to Rs. 6,453 crore, of which Rs. 1,850 crore qualified as priority sector advances for banks.

Housing Development Finance Corporation Ltd Directors Reports

TO THE MEMBERS

Your directors are pleased to present the forty-second annual report of your Corporation with the audited accounts for the year ended March 31, 2019.

Financial Results For the year ended March 31, 2019 For the year ended March 31, 2018
(Rs. in crore) (Rs. in crore)
Profit Before Sale of Investments and Provision for Expected Credit Loss 12,841.42 9,695.64
Profit on Sale of Investments 1,212.35 5,609.00
Impairment on Financial Instruments (Expected Credit Loss) (935.00) (2,115.00)
Profit Before Tax 13,118.77 13,189.64
Tax Expense 3,486.31 2,230.30
Net Profit After Tax 9,632.46 10,959.34
Other Comprehensive Income (131.53) (71.97)
Total Comprehensive Income 9,500.93 10,887.37
Retained Earnings
Opening Balance 7,929.24 5,295.72
Profit for the year 9,632.46 10,959.34
Re-measurement of Defined Benefit Plan (11.94) (6.23)
Amount Available for Appropriations 17,549.76 16,248.83
Appropriations:
Special Reserve No. II 1,850.00 1,355.00
General Reserve - 2,432.10
Statutory Reserve (Under Section 29C of the National Housing Bank Act, 1987) 100.00 1,078.00
Interim Dividend (Rs. 3.50 per equity share of Rs. 2 each) & Tax on Interim Dividend 616.70 590.87
Final Dividend & Tax pertaining to the previous year paid during the year 3,347.82 2,863.62
Surplus in Statement of Profit & Loss 11,635.24 7,929.24

Note: The nancial statements for the year ended March 31, 2019 have been prepared under Indian Accounting Standards (Ind AS). The nancial statements for the year ended March 31, 2018 have been restated in accordance with Ind AS for comparative purposes.

In March 2019, your directors declared an interim dividend of Rs. 3.50 per equity share of Rs. 2 each which was same as in the previous nancial year. The interim dividend was paid in March 2019.

Your directors recommend payment of nal dividend for the nancial year ended March 31, 2019 of Rs. 17.50 per equity share of Rs. 2 each compared to Rs. 16.50 per equity share for the previous year.

The total dividend for the year is Rs. 21 per equity share as against Rs. 20 per equity share for the previous year.

The dividend pay-out ratio for the year ended March 31, 2019 is 44.1%.

The dividend declared/recommended is in accordance with the principles and criteria as set out in the Dividend Distribution Policy which has been approved by the Board of Directors. The policy is placed on the Corporation’s website, www.hdfc.com.

Management Discussion and Analysis Report, Report of the Directors on Corporate Governance and Business Responsibility Report In accordance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and directions issued by the National Housing Bank (NHB), the Management Discussion and Analysis Report (MD&A) and the Report of the Directors on Corporate Governance form part of this report.

In accordance with the Listing Regulations, the Business Responsibility Report (BRR) has been placed on the Corporation’s website. Members who wish to receive a physical copy of the BRR are requested to write to the Corporation.

The policy on Business Responsibility is also placed on the Corporation’s website.

Adoption of Indian Accounting Standards (Ind AS)

The Ministry of Corporate Affairs vide its press release dated January 18, 2016 had issued directions for implementation of Ind AS for the accounting period beginning April 1, 2018 along with comparatives for the period beginning April 1, 2017. NHB vide its circular dated April 16, 2018 and June 14, 2018 had directed HFCs to comply with Ind AS as stated above. Accordingly, the standalone and the consolidated financial statements for the financialyear ended March 31, 2019, forming part of this annual report, have been prepared in accordance with Ind AS specified under the Companies Act, 2013 and other relevant provisions of the Companies Act, 2013. The adoption of Ind AS has resulted in significant changes in the financial details of which are provided in the notes to accounts.

Conversion of Warrants

In October 2015, the Corporation had issued 3,65,00,000 warrants at an issue price of Rs. 14 per warrant with a right exercisable by the warrant holder to exchange each warrant for one equity share of Rs. 2 each of the Corporation at any time on or before October 5, 2018, at a warrant exercise price of Rs. 1,475 per equity share, to be paid by the warrant holder at the time of exchange of the warrants.

As at October 5, 2018, 3,64,99,471 warrants had been lodged for exchange with equity shares of the Corporation, representing 99.99% of the warrants issued. Accordingly, the Corporation issued and allotted 3,64,99,471 equity shares of Rs. 2 each and realised an amount of Rs. 5,384 crore (of which Rs. 5,308 crore was received during the year). The equity shares so issued rank pari passu with the existing equity shares of the Corporation in all respects.

The amount received upon the exchange of warrants was utilised for on lending for housing finance and capital requirements of the Corporation.

Lending Operations

The Corporation is a housing finance company registered with NHB and is engaged in financing the purchase and construction of residential houses, real estate and certain other purposes in India. All other activities of the Corporation revolve around the main business.

The Assets Under Management (AUM) as at March 31, 2019 amounted to Rs. 4,61,913 crore as compared to Rs. 4,02,880 crore in the previous year. On an AUM basis, the growth in the individual loan book was 17% and the non-individual loan book was 8%. The growth in the total loan book on an AUM basis was 15%.

The Corporation’s outstanding loan book stood at Rs. 4,06,607 crore as at March 31, 2019, compared to Rs. 3,62,811 crore in the previous year. The lower growth in the loan book was due to the unfavourable lending environment for non-individual loans that prevailed in the second half of the financial year. Tight liquidity conditions, over leverage and credit rating downgrades led to heightened risks across the corporate sector. In order to preserve asset quality, the Corporation opted to be prudent by curtailing some of its lending to non-individual loans. The loan book also reflects a lower growth because loans assigned during the year were significantly higher at Rs. 25,150 crore compared to Rs. 6,453 crore in the previous year. Loans assigned during the year included a backlog of loans of the previous year. There were no loans assignments in the second half of FY18 as certain regulatory clarifications pertaining to the Goods and Services Tax were awaited. Loan assignments resumed from June 2018 onwards once necessary clarifications were received.

Further details of lending operations are provided in the MD&A.

Market Borrowings

The Corporation is in compliance with the provisions of the Housing Finance Companies issuance of Non-Convertible Debentures on private placement basis (NHB) Directions, 2014 and has been regular in payment of principal and interest on the non-convertible debentures. During the year, the Corporation also raised funds under its Medium Term Note (MTN) Programme in accordance with Reserve Bank of India’s External Commercial Borrowings policy. Details of market borrowings are provided in the MD&A and notes to accounts.

Deposits

Deposits outstanding as at March 31, 2019 amounted to Rs. 1,05,599 crore as compared to Rs. 91,269 crore in the previous year. CRISIL and ICRA have for the twenty-fourth consecutive year, reaffirmed their ‘CRISIL FAAA/Stable’ and ‘ICRA MAAA/Stable’ ratings respectively for HDFC’s deposits. These ratings represent the highest degree of safety regarding timely servicing of financial obligations. Increasing uncertainties in market conditions led to a flight to safety, which was reflected in the strong mobilisation of retail deposits of the Corporation, particularly in the second half of the financial year. There has been no default in repayment of deposits or payment of interest during the year. All the deposits accepted by the Corporation are in compliance with the requirements of Chapter V of the Companies Act, 2013.

As of March 31, 2019, public deposits amounting to Rs. 769 crore had not been claimed by 45,752 depositors. Since then, 10,007 depositors have claimed or renewed deposits of Rs. 223 crore. Depositors were intimated regarding the maturity of deposits with a request to either renew or claim their deposits. Where the deposit remains unclaimed, reminder letters are sent to depositors periodically and follow up action is initiated through the concerned agent or branch. Deposits remaining unclaimed for a period of seven years from the date they became due for payment have to be transferred to the Investor Education and Protection Fund (IEPF) established by the central government. The concerned depositor can claim the deposit from the IEPF. During the year, an amount of Rs. 1.56 crore was transferred to the IEPF.

Capital Adequacy Ratio

The Corporation’s capital adequacy ratio (CAR) stood at 19.1%, of which Tier I capital was 17.5% and Tier II capital was 1.6%. The investment in HDFC Bank has been considered as a deduction in the computation of Tier I capital. As per regulatory norms, the minimum requirement for the capital adequacy ratio and Tier I capital is 12% and 6% respectively.

Regulatory Guidelines

The Corporation has complied with the Housing Finance Companies (NHB) Directions, 2010 and other directions/guidelines prescribed by NHB regarding deposit acceptance, accounting standards, prudential norms for asset classification, income recognition, provisioning, capital adequacy, credit rating, corporate governance, information technology framework, fraud monitoring, concentration of investments, capital market exposure norms and know your customer and anti-money laundering.

Corporate Social Responsibility (CSR)

During the year, the Corporation’s CSR activities focused on three key sectors – healthcare, education and skilling and livelihoods. The Corporation contributed to rebuilding efforts of homes in the state of Kerala that were damaged due to floods in August 2018. The Corporation also supported projects relating to community development, differently abled, environment and sports. The Corporation contributed directly and through H T Parekh Foundation to these identifiedsocial sectors. Further details on the prescribed CSR spend under Section 135 of the Companies Act, 2013 and the amount committed and disbursed during the year under review are provided in the Annual Report on CSR activities annexed to this report.

Subsidiary and Associate Companies

In accordance with the provisions of Section 136 of the Companies Act, 2013, the annual report of the Corporation, the annual financial statements and the related documents of the Corporation’s subsidiary companies are placed on the website of the Corporation. Shareholders may download the annual financial statements and detailed information on the subsidiary companies from the Corporation’s website or may write to the Corporation for the same. Further, the documents shall also be available for inspection by the shareholders at the registered office of the Corporation. In July 2018, HDFC Bank Limited on a preferential basis allotted 3,90,96,817 equity shares of Rs. 2 each at an issue price of Rs. 2,174.09 per equity share to the Corporation.

This investment amounting to Rs. 8,500 crore has enabled the Corporation, along with its wholly owned subsidiaries to retain its shareholding in HDFC Bank at 21.4%. The investment was made out of the proceeds of equity shares issued by the Corporation on a preferential and qualified institutions placement basis in the previous financial During the year, the Corporation offered for sale 4.08% of the paid-up and issued equity share capital of HDFC Asset Management Company Limited (HDFC AMC), a subsidiary of the Corporation in the initial public offer (IPO) of HDFC AMC. HDFC AMC’s equity shares were listed on BSE and NSE on August 6, 2018. As at March 31, 2019, the Corporation’s shareholding in HDFC AMC stood at 52.8%.

In August 2018, the Corporation acquired 30,52,469 equity shares of Good Host Spaces Private Limited (Good Host), representing 25.01% of the paid-up share capital of the company. Good Host operates and manages hostel facilities for students.

Pursuant to the acquisition, Good Host became an associate company of the Corporation.

On January 7, 2019, the Board of Directors of GRUH Finance Limited (GRUH), a listed subsidiary of the Corporation approved the scheme of amalgamation of GRUH with and into Bandhan Bank Limited (Bandhan). As per the scheme, the appointed date is January 1, 2019 and the share exchange ratio is 568 equity shares of face value Rs. 10 each of Bandhan for every 1,000 fully paid-up equity shares of face value Rs. 2 each of GRUH. In April 2019, the RBI granted its approval to the Corporation to acquire up to 9.9% of the paid-up voting equity capital of Bandhan upon the effective date of the scheme. The application for the proposed merger has been filed by GRUH and Bandhan with the National Company Law Tribunal, Ahmedabad and Kolkata bench respectively. The scheme has also received approval from the Competition Commission of India and remains subject to other regulatory and statutory approvals, including the respective shareholders and creditors of GRUH and Bandhan.

The Corporation has not made any loans or advances in the nature of loans to any of its subsidiary or associate company or companies in which its directors are deemed to be interested, other than in the ordinary course of business.

The Corporation is in compliance with the provisions of the Foreign Exchange Management Act, 1999 with respect to downstream investments made in/by its subsidiaries and in other companies during the year. Further, as required by the RBI Master Direction - Foreign Investments in India, the Corporation has obtained a certificate from its statutory auditors on the same.

A review of the key subsidiary and associate companies of the Corporation form part of the MD&A which forms part of this report.

Particulars of Employees

HDFC had 2,840 employees as of March 31, 2019. During the year, 12 employees were in receipt of remuneration of Rs. 1.02 crore or more per annum. In accordance with the provisions of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names and particulars of the top ten employees in terms of remuneration drawn and of the aforesaid employees are set out in the annex to the Directors’ Report. In terms of the provisions of Section 136(1) of the Companies Act, 2013 read with the rule, the

Directors’ Report is being sent to all shareholders of the Corporation excluding the annex. Any shareholder interested in obtaining a copy of the annex may write to the Corporation. Further disclosures on managerial remuneration are annexed to this report.

Prevention, Prohibition and Redressal of Sexual Harassment of Women at the Workplace

The Corporation has a policy on prevention, prohibition and redressal of sexual harassment of women at the workplace and has an Internal Complaints Committee (ICC) in compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Corporation’s policy on the same is placed on the Corporation’s website. Members of the Corporation’s ICC are responsible for reporting and conducting inquiries pertaining to such complaints. The Corporation on a regular basis sensitises its employees including outsourced employees on the prevention of sexual harassment at the workplace through workshops, group meetings, online training modules and awareness programmes. The Corporation also conducted a special training programme for the members of the ICC. During the year, one complaint was received by the committee. The case was reviewed and disposed of and thus there were no pending complaints with the committee as at March 31, 2019.

Particulars of Loans, Guarantees or Investments

Since the Corporation is a housing finance company, the disclosures regarding particulars of the loans given, guarantees given and security provided is exempt under the provisions of Section 186(11) of the Companies Act, 2013.

As regards investments made by the Corporation, the details of the same are provided in notes to the statements of the Corporation for the year ended March 31, 2019 (note 10).

Particulars of Contracts or Arrangements with Related Parties

The particulars of contracts or arrangements with related parties as prescribed in Form No. AOC 2 of the Companies (Accounts) Rules, 2014, is annexed to this report. Details of related party transactions are given in the notes to the financial statements. The policy on Related Party Transactions of the Corporation ensures proper approval and reporting of the concerned transactions between the Corporation and its related parties.

The policy on Related Party Transactions is published elsewhere in the annual report and is also placed on the Corporation’s website.

Particulars Regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

During the year ended March 31, 2019, earnings in foreign currency stood at Rs. 8 crore and expenditure in foreign currency stood at Rs. 1,367 crore.

The Corporation is in the business of housing finance and hence its operations are not energy intensive. The Corporation is cognisant of the importance of imbibing measures towards optimum energy utilisation and conservation.

Employees Stock Option Scheme

(ESOS)

Presently, stock options granted to the employees operate under the following schemes -- ESOS-07, ESOS-08, ESOS-11, ESOS-14 and ESOS-17. There has been no variation in the terms of the options granted under any of these schemes and all the schemes are in compliance with the SEBI (Share Based Employee Benefits)Regulations, 2014. The disclosures as required under the regulations have been placed on the website of the Corporation.

Unclaimed Dividend and Shares

As at March 31, 2019, dividend amounting to Rs. 25.04 crore had not been claimed by shareholders of the Corporation. The Corporation takes various initiatives to reduce the quantum of unclaimed dividend and has been periodically intimating the concerned shareholders, requesting them to encash their dividend before it becomes due for transfer to the Investor Education and Protection Fund (IEPF). Unclaimed dividend amounting to Rs. 1.62 crore for FY 2010-11 was transferred to the IEPF on August 28, 2018. Further, in compliance with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 as amended, the Corporation transferred 73,237 equity shares of Rs. 2 each (corresponding to the dividend for the FY 2010-11 and remaining unclaimed for a continuous period of 7 years) in favour of the IEPF. However, the concerned shareholders may claim the unclaimed dividend and unclaimed shares from IEPF, the procedure for which is detailed in the Shareholders’ Information section. The unclaimed dividend in respect of FY 2011-12 must be claimed by shareholders on or before August 10, 2019, failing which the Corporation would be required to transfer the unclaimed dividend and the corresponding shares to the IEPF within a period of 30 days from the said date.

Directors

Independent directors, Mr. B. S. Mehta and Dr. Bimal Jalan resigned from the board with effect from July 30, 2018. The independent directors resigned on account of personal commitments. The board placed on record its sincere appreciation for the wise counsel and enormous contributions made by the directors to the board over the years. The board appointed Dr. Bhaskar Ghosh and Ms. Ireena Vittal with effect from September 27, 2018 and January 30, 2019 respectively, as independent directors of the Corporation for a term of five consecutive years each. Their appointments are subject to the approval of the members of the Corporation at the ensuing AGM. The board has approved the reappointment of Dr. J. J. Irani and Mr. Nasser Munjee as independent directors of the Corporation for a term of two consecutive years each with effect from July 21, 2019, subject to the approval of members at the ensuing AGM as their present tenure expires on July 20, 2019. The board deliberated on the contributions made by Dr. J. J. Irani and Mr. Nasser Munjee and concluded that given their vast experience, knowledge and strategic inputs to the board, it would be benefic ial for the Corporation to retain them as directors. In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Corporation, Mr. V. Srinivasa Rangan, executive director of the Corporation is liable to retire by rotation at the ensuing AGM. He is eligible of which for reappointment. The necessary resolutions for the appointment/re-appointment of the directors and their brief profiles have been included in the notice convening the ensuing AGM. All the directors of the Corporation have confirmed that they satisfy the proper criteria as prescribed fit under the applicable regulations and that they are not disqualified from being appointed as directors in terms of Section 164(2) of the Companies Act, 2013. The details on the number of board/ committee meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.

Auditors

At the 40th AGM of the Corporation, the members had appointed Messrs B S R & Co. LLP, Chartered Accountants, (firm registration number 101248W/W-100022) as the statutory auditors for a term of 5 consecutive years and to hold office until the conclusion of the 45th AGM. Messrs B S R & Co. LLP, Chartered Accountants, is a leading firm of chartered accountants and adheres to high professional standards and benchmarks. The firm has several experienced partners on a pan-India basis. The Auditors’ Report annexed to the financial statements for the year under review does not contain any qualifications. During the year, Messrs B S R & Co. LLP, chartered accountants and all entities in the network firm the statutory auditor is a part received a total remuneration of Rs. 6.25 crore from the Corporation and its certain subsidiaries. The remuneration pertains to fees for audit, internal financial control reporting, limited reviews, tax audits and taxation services, certifications and other matters and reimbursement of expenses.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Corporation has appointed Messrs Vinod Kothari & Company, practicing company secretaries to undertake the secretarial audit of the Corporation. The Secretarial Audit Report is annexed to this report and does not contain any The Secretarial Compliance Report as prescribed by SEBI is provided elsewhere in the annual report.

Significant and Material Orders

Passed by Regulators

During the year, there were no significantor material orders passed by the regulators or courts or tribunals that would impact the going concern status or operations of the Corporation in the future.

Directors’ Responsibility Statement

In accordance with the provisions of Section 134(3)(c) of the Companies Act, 2013 and based on the information provided by the management, your directors state that:

a) In the preparation of annual accounts, the applicable accounting standards have been followed;

b) Accounting policies selected have been applied consistently. Reasonable and prudent judgements and estimates have been made so as to give a true and fair view of the state of affairs of the Corporation as at March 31, 2019 and of the profit of the Corporation for the year ended on that date;

c) Proper and sufficient care has been taken for the maintenance of adequate accounting record s i n accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Corporation and for preventing and detecting frauds and other irregularities; .

d) The annual accounts of the Corporation have been prepared on a going concern basis;

e) Internal financial controls have been laid down to be followed by the Corporation and such internal financial controls are adequate and operating effectively; and

f) Systems to ensure compliance with the provisions of all applicable laws are in place and were adequate and operating effectively.

Internal Financial Control

The Corporation has put in place adequate policies and procedures to ensure that the system of internal financial control is commensurate with the size and nature of the Corporation’s business. These systems provide a reasonable assurance in respect of providing financial and operational information, complying with applicable statutes, safeguarding of assets of the Corporation, prevention and detection of frauds, accuracy and completeness of accounting records and ensuring compliance with corporate policies.

Extract of Annual Return Form No. MGT-9

The details forming part of the extract of the annual return in Form No. MGT-9 is annexed to this report. The annual return for the financial 2018-19 is uploaded on the website of the Corporation.

Material changes and commitment, if any, affecting the of the Corporation from the year end till the date of this report

There are no material changes and commitments affecting the financial position of the Corporation which have occurred after March 31, 2019 till the date of this report.

Acknowledgements

The directors place on record their gratitude for the support of various regulatory authorities including

National Housing Bank, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority, Ministry of Housing and Urban Affairs, Ministry of Corporate Affairs, Registrar of Companies, Financial Intelligence Unit (India), the stock exchanges and the depositories.

The Corporation acknowledges the role of all its key stakeholders - shareholders, borrowers, channel partners, depositors, deposit agents and lenders for their continued support to the Corporation.

Your directors place on record their appreciation for the hard work and dedication of all the employees of the Corporation.

On behalf of the Board of Directors

MUMBAI DEEPAK S. PAREKH
May 13, 2019 Chairman

   

Housing Development Finance Corporation Ltd Company Background

Deepak ParekhRenu S Karnad
Incorporation Year1977
Registered OfficeRamon House H T Parekh Marg,169 Backbay Reclamation
Mumbai,Maharashtra-400020
Telephone91-22-6716 6000,Managing Director
Fax91-22-2281 1205
Company SecretaryAjay Agarwal
AuditorB S R & Co LLP
Face Value2
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarHDFC Ltd
5th Flr Ramon House ,Churchgate ,169 Backbay Reclam ,Mumbai-400020

Housing Development Finance Corporation Ltd Company Management

Director NameDirector DesignationYear
Deepak Parekh Chairman 2019
Nasser Munjee Independent Director 2019
J J Irani Independent Director 2019
V Srinivasa Rangan Whole-time Director 2019
Renu S Karnad Managing Director 2019
Keki M Mistry Vice Chairman & CEO 2019
Ajay Agarwal Company Secretary 2019
Upendra Kumar Sinha Independent Director 2019
Jalaj Ashwin Dani Independent Director 2019
Bhaskar Ghosh Independent Director 2019
Ireena Vittal Independent Director 2019

Housing Development Finance Corporation Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
CNX500
CNX100
CNXSERVICE
CNX200
CNXFINANCE
BSECARBONE
NI15
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEFINANCE
SENSEX50
ESG100
LMI250
BSEDSI
NFT50EQWT
NFT100LV30

Housing Development Finance Corporation Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest Rs.00039240.24
Profit on Sale of Investments Rs.0002690.95
Dividends Rs.0001130.64
Fees and Other Charges Rs.000221.14
Other Operating Income Rs.00065.07
Income from Leasing Rs.0000
Brokerage Rs.0000
Income from Investment OperatiRs.0000
Securitisation of loans Rs.0000

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