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Housing Development Finance Corporation Ltd

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

NSE BSE
 
SMC up arrow

2,059.70

17.15 (0.84%) Volume 280564

23-Oct-2020 EOD

Prev. Close

2,042.55

Open Price

2,056.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

2,059.70(19)

 

Today’s High/Low 2,067.90 - 2,046.00

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

Key Stats

MARKET CAP (RS CR) 370133.56
P/E 21.01
BOOK VALUE (RS) 535.4668102
DIV (%) 1050
MARKET LOT 1
EPS (TTM) 98.11
PRICE/BOOK 3.84916480487403
DIV YIELD.(%) 0.98
FACE VALUE (RS) 2
DELIVERABLES (%) 43.68
4

News & Announcements

22-Oct-2020

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

19-Oct-2020

Housing Development Finance Corporation Ltd - Housing Development Finance Corporation Limited - Copy of Newspaper Publication

16-Oct-2020

Housing Development Finance Corporation Ltd - Announcement under Regulation 30 (LODR)-Newspaper Publication

15-Oct-2020

Housing Development Finance Corporation Ltd - Housing Development Finance Corporation Limited - Loss of Share Certificates

07-Oct-2020

HDFC to convene board meeting

24-Sep-2020

HDFC allots 17.64 lakh equity shares under ESOP

07-Sep-2020

HDFC disburses subsidy over Rs 4700 cr under PMAY Credit Linked Subsidy Scheme

25-Aug-2020

HDFC allots 10.29 lakh equity shares under ESOP

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 1262943837 70.33
Total Institutions 331334477 18.45
Total Govt Holding 3882089 0.22
Total Non Promoter Corporate Holding 18712783 1.04
Total Promoters 0 0.00
Total Public & others 178932746 9.97
Total 1795805932 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

Numerous thoughts have been stirring through my mind as I write to you today. It is now just over 80 days since the national lockdown was first announced in India on March 24, 2020. While restrictions on the lockdown have gradually lifted, the sense of unease has not abated. The world's focus shifted so suddenly to a future that is unpredictable, unknown and consuming in its entirety.

Never before has the global economy simultaneously seen demand and supply evaporate overnight. Millions have been rendered jobless for no fault of their own. World over, the pandemic has revealed the fragility of health systems and the lack of social safety nets. The key question is how are countries going to unwind from the HHEF crisis', which is a health, humanitarian, economic and financial crisis that has morphed into each other ?

The lockdown has reinforced the value of the essentials of life - food, clothing, shelter and now, the internet. There can be no better security in life than a home. More than ever before, people will want their own homes. People will go to any length to hold on to their homes. HDFC is in the right business and we have done business the right way. There may be lags in terms of healing time, but we remain confident that the inherent demand for housing is intact.

For individual loans, growth was on track during the year under review. We pursued our strategy of focusing on the affordable housing segment. We continued to support the government's flagship housing programme, the Credit Linked Subsidy Scheme (CLSS), which focuses on low and middle-income home loan borrowers. HDFC retained its position of having the largest number of beneficiaries under CLSS, with cumulative disbursements to nearly 2 lac customers under the scheme. To my mind, the financial inclusion bank accounts, digital payment platforms and the CLSS are three standout examples of successful partnerships between the government and financial sector entities in India. Much can be achieved with strong intent, well designed platforms, good execution and a consultative approach to identify solutions.

In good times as also in unsettling ones, the greatest solace for any institution is its core values. Honesty, transparency and integrity has always held us in good stead. Being honest with our stakeholders means we will not sugar-coat the truth. Transparency is owing up to mistakes we made and integrity is about shunning short-cuts and doing what is right not just for ourselves, but for other stakeholders as well. Over the years, companies within the HDFC group have steered through many crises, both global and local. Each time, it has been our ethics and values that has helped us surmount and emerge stronger.

While we delivered a good performance in FY20, it was by no means an easy year. Risk averseness in lending heightened, further choking credit where it was needed the most. With our nonindividual loans, we consciously took a stance to prioritise asset quality over growth. This was a decision that worked well for us. We resolved a few accounts by leveraging our existing relationships, including finding stronger partners for our borrowers. We had our share of disappointments too. These pertained to certain long-standing relationships we thought we were confident about. When hardships fell upon them, the legal system overrode our recovery efforts. Through this, we have learnt to be patient as we have to respect the system. We know these loans did not constitute imprudent lending as we have more than adequate security backing them and we have always, as a policy ensured prudent provisioning. Yet, as we hold the trust of our stakeholders, we have to have the humility to own up to judgement calls that did not work as expected.

That said, our recovery efforts shall continue unabated. In the most trying times, recent resolutions in our favour have been encouraging, sparking hope of a changing tide.

We know our position is considerably stronger than most of our peers. We kept building buffers and erred on the side of abundant caution on provisioning requirements.

Each time we did this, it was always from a position of strength. This prudence gives comfort to our investors.

We are now emerging into a scenario where there may be inorganic opportunities for our group companies. Some of our subsidiary companies will need additional capital for their expansion plans. We have also identified new investment opportunities that will help build the next generation of value creators for HDFC. To support this, we are putting in place a roadmap for our future capital requirements.

The Reserve Bank of India (RBI) has been at the forefront, shouldering a huge burden to maintain financial stability. The saga of the highest court of law questioning the RBI on the moratorium was indeed unfortunate. Why should a central bank have to be answerable to a court on basic principles which the financial sector operates on? Interest payments on borrowings and loans are contractual obligations. No laws are being violated. At this juncture, all efforts must be channelled towards economic recovery rather than getting into legal wrangles. These issues must be resolved smoothly and I remain hopeful that the authorities will find solutions to safeguard its stakeholders.

The woes of the Indian economy predate the pandemic. Given the immense constraints on fiscal finances, solutions have to be found which do not impinge on the limited resources of the government. The government has rightly recognised the benefits of encouraging housing. The construction sector is important as it is the second largest employment generator and has multiplier effects through its extensive backward and forward linkages with other industries. A few policy changes will go a long way in supporting housing and housing finance going forward.

First, is a call for a level playing field for external commercial borrowings (ECBs). Today, non-banking financial companies can access the ECB market for any of their lending business. Housing finance companies on the other hand, can only raise ECBs under a very confined definition of affordable housing, wherein the housing project must have at least 50% of the floor space index for dwelling units with a carpet area not exceeding 60 square metres. In short, a standalone home of 60 square metres would not qualify. This definition is at odds with the government's overall objective of enabling more individuals to become homeowners.

Recognising this hurdle, in September 2019, the honourable finance minister made an announcement that ECB guidelines would be relaxed to facilitate the financing of home buyers who are eligible under the Pradhan Mantri Awas Yojana, the government's Housing for All scheme. One sincerely hopes the finance ministry along with the RBI will expedite this to enable the raising of long-term resources from a diversified borrower base. With global interest rates being so low, there is an opportunity to raise large resources for affordable housing. The RBI has always had the necessary checks and balances on entities it deems fit to raise ECBs, so this should not warrant any regulatory concern.

Second, the RBI should permit a one-time restructuring for real estate loans. This has been a long standing request and a measure implemented in the past to revive the sector. If developers do not have cashflows due to a slowdown in sales or delay in receiving requisite building approvals, they can neither complete the existing projects nor can they service their loans. Even if a lender is willing to help the project stay viable, any modification in the terms of the loan, including additional funding is construed to be a non-performing loan under the current regulatory norms. Allowing for a restructuring of these loans and categorising them as standard assets will facilitate last mile funding for these projects.

These are unusual times and a pragmatic approach is needed to resolve the financial stress in the real estate sector, without bail-out packages. Allowing the problem to fester, may result in a rise in non-performing loans, which in turn will weaken the overall financial sector. It is important to recognise that unlike other loans, the underlying value of the land is always there as security. Further, to repair the sector, real estate prices have to be realistic to reflect current market realities. This would help developers offload their unsold inventory and improve their cashflows. Simultaneously, there is a need for realignment of ready reckoner rates as well.

Third, is the need to amend regulations so as to facilitate end-to-end execution of mortgages online. Currently, loans are being approved online, but disbursements cannot happen as e-signatures on mortgage documents or agreements pertaining to immovable properties are excluded from the purview of the Information Technology Act, 2000. With the immense thrust on technology in the financial sector, this amendment can easily be facilitated through an ordinance. This would go a long way in reducing timelines for home loan disbursements and bring in cost efficiencies.

None of these solutions can work unless there is a concerted and co-ordinated effort on the part of financiers, developers and central and state governments. The country is just beginning to recover from one of the longest and strictest lockdowns across major economies. India's sheer numbers means domestic demand has to revive. The challenges are daunting, but I remain confident that India will display its resilience.

To conclude, the future may look unsettling, but it is also a time when stronger institutions stand out. We see multiple roles for ourselves in this environment. We will work to build back demand, seek new ways of doing business, be a white knight where needed, but most importantly, we will stay compassionate, empathetic and kind with our people, stakeholders and communities. We feel a sense of unusual optimism which keeps us going and we stand privileged to have shareholders who have and continue to believe in the HDFC story.

I hope when I write to you next year, we would have put this period well behind us.

   

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-third annual report of your Corporation with the audited accounts for the year ended March 31, 2020.

Financial Results For the year ended March 31, 2020 For the year ended March 31, 2019
( Rs in crore) ( Rs in crore)
Profit Before Fair Value Changes, Dividend, Sale of Investments and Provision for Expected Credit Loss 12,540.55 11,158.67
Net Gain/(Loss) on Fair Value Changes 99.23 552.11
Fair Value Gain consequent to merger of GRUH Finance Limited with Bandhan Bank Limited 9,019.81
Dividend 1,080.68 1,130.64
Profit on Sale of Investments 3,523.75 1,212.35
Impairment on Financial Instruments (Expected Credit Loss) (5,913.10) (935.00)
Profit Before Tax 20,350.92 13,118.77
Tax Expense 2,581.27 3,486.31
Net Profit After Tax 17,769.65 9,632.46
Other Comprehensive Income (6,652.31) (131.53)
Total Comprehensive Income 11,117.34 9,500.93
Retained Earnings Opening Balance 11,635.24 7,929.24
Profit for the year 17,769.65 9,632.46
Re-measurement of Defined Benefit Plan (31.99) (11.94)
Amount Available for Appropriations 29,372.90 17,549.76
Appropriations:
Special Reserve No. II 3,400.00 1,850.00
General Reserve 8,034.60 -
Statutory Reserve (Under Section 29C of the National Housing Bank Act, 1987) 200.00 100.00
Interim Dividend & Tax on Interim Dividend - 616.70
Final Dividend & Tax pertaining to the previous year paid during the year 3,600.63 3,347.82
Closing Balance Carried Forward 14,137.67 11,635.24

Dividend

No interim dividend was declared by the Corporation during the year ended March 31, 2020 compared to an interim dividend of Rs 3.50 per equity share of face value of Rs 2 each in the previous financial year.

The Board of Directors has assessed the performance of the Corporation during the year under review. The board also took cognisance of the impact of the coronavirus disease (COVID-19) being declared as a pandemic. There remains a great deal of uncertainty of its impact on the global economy, financial markets, lives and livelihoods and the resultant impact on the Corporation as well.

Based on the performance of the Corporation during the year under review, the Board of Directors recognised the need to strike a balance between being prudent and conserving capital in the Corporation, whilst also meeting expectations of shareholders. The board after assessing the capital buffers and liquidity levels of the Corporation recommended a final dividend of Rs 21 per equity share of Rs 2 each compared to Rs 17.50 per equity share in the previous year.

Thus, the total dividend recommended is Rs 21 per equity share which is the same as the previous year.

The dividend pay-out ratio for the year ended March 31, 2020 is 20.5%.

Following the amendment in the Finance Act, 2020, the imposition of the Dividend Distribution Tax has been abolished. The dividend recommended for the financial year ended March 31, 2020 will be taxable in the hands of the shareholders of the Corporation. For further details, shareholders are requested to refer the 'Shareholders' Information' section provided elsewhere in the annual report.

The dividend 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 Dividend Distribution Policy is published elsewhere in the annual report and is also placed on the Corporation's website.

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

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.

Given the prolonged uncertainty and heightened risk averseness in the lending environment for non-individual loans, the Corporation continued to be prudent by curtailing some of its lending to the non-individual segment. During the latter half of March 2020, overall lending operations were disrupted due to the national lockdown announced in a bid to curtail the spread of COVID-19. These factors impacted the overall performance of the loan book.

The Assets Under Management (AUM) as at March 31, 2020 amounted to Rs 5,16,773 crore as compared to Rs 4,61,913 crore in the previous year.

On an AUM basis, the growth in the individual loan book was 14%. The growth in the total loan book on an AUM basis was 12%.

The Corporation's outstanding loan book stood at Rs 4,50,903 crore as at March 31, 2020, compared to Rs 4,06,607 crore in the previous year.

During the year, the Corporation assigned loans amounting to Rs 24,127 crore compared to Rs 25,150 crore in the previous year.

As at March 31, 2020, the outstanding amount in respect of individual loans sold was Rs 65,695 crore. The Corporation continues to service these loans.

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.

Details of market borrowings are provided in the MD&A and notes to Accounts.

Deposits

Deposits outstanding as at March 31, 2020 amounted to Rs 1,32,324 crore as compared to Rs 1,05,599 crore in the previous year - a growth rate of 25%.

CRISIL and ICRA have for the twenty- fifth 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.

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 Housing Finance Companies (NHB) Directions, 2010 and other directions/guidelines prescribed by NHB regarding deposit acceptance.

As of March 31, 2020, public deposits amounting to Rs 1,477 crore had not been claimed by 62,600 depositors. Since then, 12,188 depositors have claimed or renewed deposits of Rs 384 crore. These numbers, however, have to be viewed in light of the pandemic and national lockdown announced in March 2020. Thus, the numbers pertaining to unclaimed deposits are not comparable with that of the previous year.

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 1.86 crore was transferred to the IEPF.

Capital Adequacy Ratio

The Corporation's capital adequacy ratio (CAR) stood at 17.6%, of which Tier I capital was 16.5% and Tier II capital was 1.1%. The investment in HDFC Bank has been considered as a deduction in the computation of Tier I capital.

During the year, the National Housing Bank amended the capital adequacy requirements for Housing Finance Companies (HFCs). Accordingly, the minimum stipulated capital adequacy ratio for the year ended March 31, 2020 was increased from 12% to 13% and the minimum Tier I capital was increased from 6% to 10%.

In addition, NHB has also stipulated that the minimum capital adequacy ratio for HFCs would increase to 14% on or before March 31, 2021 and 15% on or before March 31, 2022.

Regulatory Guidelines

Following the amendment in the Finance Act, 2019 and the subsequent notification by the Reserve Bank of India (RBI) in August 2019, HFCs would be treated as one of the categories of non-banking financial companies (NBFCs) for regulatory purposes and accordingly would come under RBI's direct oversight. NHB would continue to carry out supervision of HFCs.

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, capital adequacy, credit rating, corporate governance, information technology framework, fraud monitoring, concentration of investments, risk management, 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. As these sectors are wide-ranging, the Corporation prioritised key sub-thematic areas within each of these sectors to ensure that the CSR interventions were targeted most optimally. The Corporation also supported projects relating to community development, environment and sports. The Corporation contributed directly and through the H T Parekh Foundation to the identified social sectors.

The HDFC group together committed Rs 150 crore to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund) to support the Indian government's efforts in managing the health crisis caused by the COVID-19 pandemic. Of this, the Corporation's contribution was Rs 60 crore.

During the national lockdown, the H T Parekh Foundation intensified its efforts to further reach vulnerable communities across various states in India. The foundation increased its reach to support 22 partners across 12 states, with either cooked meals or monthly ration kits or hygiene safety kits for the police force. As of date, the foundation has touched over 1.2 lac individuals through the provision of food ration kits and supported approximately 7.7 lac cooked meals during the lockdown. Over 1 lac personal protection equipment (PPE) kits, 70,000 masks and some ventilators have been distributed to state governments of Maharashtra, Delhi and Gujarat and charitable hospitals treating COVID-19 patients.

Accordingly, a total of Rs 77 crore has been provided towards COVID-19 relief across healthcare, community outreach and contribution to PM- CARES Fund.

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.

As at April 1, 2019, the Corporation held 56.1% of the share capital of GRUH Finance Limited (GRUH) and thus was a subsidiary of the Corporation. The Corporation had in its directors' report for FY19 disclosed that the board of directors of GRUH and Bandhan Bank Limited (Bandhan) had approved a scheme of amalgamation for the merger of GRUH into and with Bandhan and that the share exchange ratio was 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 Reserve Bank of India granted its approval to the Corporation to acquire and hold up to 9.9% of the paid-up voting equity capital of Bandhan, upon the effective date of the scheme.

Accordingly, between May and August 2019, the Corporation sold such number of shares of GRUH in the open market so as to ensure that the Corporation was entitled to only 9.9% of the post merger paid-up capital of Bandhan, considering the share exchange ratio. Accordingly, GRUH ceased to be a subsidiary and became an associate company of the Corporation.

In October 2019, subsequent to the receipt of approval of shareholders and creditors of GRUH and Bandhan, the National Company Law Tribunal granted its approval for the merger of GRUH with Bandhan. In accordance with the share exchange ratio, the Corporation acquired 15,93,63,149 equity shares of Rs 10 each, representing 9.9% of the total share capital of Bandhan.

In December 2019, the Corporation acquired 1,14,70,000 equity shares of face value of Rs 10 each representing 9.12% of the equity share capital on a fully diluted basis of HDFC Credila Financial Services

Private Limited (HDFC Credila) from the other promoters of the company. Pursuant to the acquisition, HDFC Credila became a wholly-owned subsidiary of the Corporation.

During the year, the Corporation acquired 20,75,15,521 equity shares of HDFC ERGO Health Insurance Limited (HDFC ERGO Health), formerly Apollo Munich Health Insurance Company Limited, representing 51.16% of its equity share capital. Consequently, HDFC ERGO Health became a subsidiary of the Corporation. HDFC ERGO Health is licensed as a general insurer and specialises in health insurance in India.

On January 9, 2020, the Board of Directors of HDFC ERGO Health and HDFC ERGO General Insurance Company Limited (HDFC ERGO) approved a scheme of arrangement and amalgamation for the merger of HDFC ERGO Health with and into HDFC ERGO. As per the scheme, the approved share exchange ratio is 100 equity shares of face value of Rs 10 each of HDFC ERGO for every 385 equity shares of face value of Rs 10 each of HDFC ERGO Health. The application for the proposed merger has been filed by HDFC ERGO Health and HDFC ERGO with the National Company Law Tribunal, Mumbai.

In May 2020, the RBI directed the Corporation to reduce its shareholding in its insurance companies to 50% or below.

Based on the shareholding of the Corporation in HDFC ERGO and taking into consideration the share exchange ratio (for the merger of HDFC ERGO with HDFC ERGO Health), the Corporation is entitled to 50.58% stake in the merged entity (i.e. HDFC ERGO). RBI has directed the Corporation to bring down its shareholding in the merged entity to 50% or below within a period of 6 months from the effective date of the merger.

RBI has also directed the Corporation to bring down its shareholding in HDFC Life Insurance Company Limited (HDFC Life) to 50% or below on or before December 16, 2020. The Corporation holds 51.43% of the paid-up share capital of HDFC Life as on the date of this report.

As HDFC Life and HDFC ERGO are material subsidiaries of the Corporation in terms of the Listing Regulations, necessary resolutions seeking approval of the members of the Corporation to reduce its shareholding in the said companies have been included in the notice convening the ensuing Annual General Meeting (AGM).

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 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 statutory auditors on the same.

A review of the key subsidiary and associate companies of the Corporation is included in the MD&A which forms part of this report. Further, a statement containing salient features of Financial Statements of the subsidiaries and associates of the Corporation in the prescribed Form No. AOC-1 is provided elsewhere in this annual report.

Particulars of Employees

HDFC had 3,095 employees as of March 31, 2020. During the year, 14 employees employed throughout the year were in receipt of remuneration of Rs 1.02 crore or more per annum and 2 employees employed for the part of the year were in receipt of remuneration of Rs 8.5 lac or more per month.

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. The ICC comprises majority of women members. Members of the Corporation's ICC are responsible for 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 which are held on a regular basis. The Corporation also conducted a special training programme for the members of the ICC. During the year, two complaints were received by the ICC. The cases were reviewed and disposed of and thus there were no pending complaints with the ICC as at March 31, 2020.

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 financial statements of the Corporation for the year ended March 31, 2020 (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, 2020, earnings in foreign currency stood at Rs 4 crore and expenditure in foreign currency stood at Rs 1,205 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, 2020, dividend amounting to Rs 24.60 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 2.05 crore for FY 2011-12 was transferred to the IEPF on September 5, 2019. Further, in compliance with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 as amended, the Corporation transferred 77,370 equity shares of Rs 2 each (corresponding to the dividend for the FY 2011-12 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 2012-13 must be claimed by shareholders on or before August 19, 2020, 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

The board at its meeting held on December 17, 2019, approved the re-appointment of Ms. Renu Sud Karnad as the Managing Director of the Corporation with effect from January 1, 2020 up to September 2, 2022. The board at the said meeting also approved the re-appointment of Mr. V. Srinivasa Rangan as the whole-time director of the Corporation (designated as 'Executive Director') for a period of 5 years with effect from January 1, 2020. Both the re-appointments are subject to the approval of members of the Corporation at the ensuing AGM. The Managing Director and Executive Director of the Corporation will be liable to retire by rotation.

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Corporation, Ms. Renu Sud Karnad is liable to retire by rotation at the ensuing AGM. She is eligible for re-appointment.

The necessary resolutions for the 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 fit and proper criteria as prescribed 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. They have confirmed to the Corporation that they continue to satisfy the eligibility criteria as mentioned in Section 141 of the Companies Act, 2013.

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 of which the statutory auditor is a part received a total remuneration of Rs 6.6 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. The details of remuneration paid by the Corporation to Messrs B S R & Co. LLP, chartered accountants is provided in note 39 to the financial statements. The non-audit fees paid to the statutory auditors by the Corporation does not exceed the audit fees.

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, Messrs Vinod Kothari & Company, practicing company secretaries undertook the secretarial audit of the Corporation for the financial year 2019-20. The Secretarial Audit Report is annexed to this report and does not contain any qualifications.

The Secretarial Compliance Report as prescribed by SEBI is provided elsewhere in the annual report.

Further, Messrs Vinod Kothari & Company, practicing company secretaries had completed five years as Secretarial Auditors of the Corporation. Accordingly, in order to rotate the secretarial auditors, the Board of Directors of the Corporation at its meeting held on May 25, 2020, appointed Messrs Parikh & Associates, practicing company secretaries as the secretarial auditors to undertake the secretarial audit of the Corporation for the financial year 2020-21.

Significant and Material Orders Passed by Regulators

During the year, there were no significant or material orders passed by the regulators or courts or tribunals against the Corporation.

In March 2020, NHB imposed a monetary penalty of Rs 85,000 on the Corporation for non-compliance with two provisions of the Housing Finance Companies (NHB) Directors, 2010 pertaining to the financial year 2017-18. The Corporation paid the penalty, made the disclosure to the stock exchanges, but has not had the opportunity to present its stance to the regulator owing to the national lockdown. The Corporation maintains that this is not significant or material in nature.

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, 2020 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 records in 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 year 2019-20 is uploaded on the website of the Corporation.

Material changes and commitment, if any, affecting the financial position of the Corporation from the financial 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, 2020 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, 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 and appreciates all its subsidiary and associate companies for their consistent support and co-operation to the Corporation.

Last and most importantly, your directors remain extremely grateful to all the medical professionals and first hand responders who are working tirelessly to save lives and contain the spread of the pandemic.

On behalf of the Board of Directors
MUMBAI DEEPAK S. PAREKH
May 25, 2020 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 2020
Nasser Munjee Independent Director 2020
J J Irani Independent Director 2020
V Srinivasa Rangan Whole-time Director 2020
Renu S Karnad Managing Director 2020
Keki M Mistry Vice Chairman & CEO 2020
Ajay Agarwal Company Secretary 2020
Upendra Kumar Sinha Independent Director 2020
Jalaj Ashwin Dani Independent Director 2020
Bhaskar Ghosh Independent Director 2020
Ireena Vittal Independent Director 2020

Housing Development Finance Corporation Ltd Listing Information

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

Housing Development Finance Corporation Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest Rs.00042647.12
Net Gain on Fair Value ChangesRs.0009119.04
Profit on Sale of Investments Rs.0003558.86
Surplus from Deployment of CasNA 0001102.21
Dividends Rs.0001080.68
Income on Derecognised Loans Rs.000967.87
Fees and Other Charges Rs.000192.78
Rental Income Rs.00070.36
Securitisation of loans Rs.0000
Other Operating Income Rs.0000
Income from Leasing Rs.0000
Brokerage Rs.0000
Income from Investment OperatiRs.0000

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