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LIC Housing Finance Ltd

BSE Code : 500253 | NSE Symbol : LICHSGFIN | ISIN:INE115A01026| SECTOR : Finance |

NSE BSE
 
SMC down arrow

372.10

-2.75 (-0.73%) Volume 280564

30-Nov-2021 EOD

Prev. Close

374.85

Open Price

377.40

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

372.10(940)

 

Today’s High/Low 385.25 - 371.00

52 wk High/Low 542.45 - 325.70

Key Stats

MARKET CAP (RS CR) 20462.34
P/E 13.4
BOOK VALUE (RS) 422.7448965
DIV (%) 425
MARKET LOT 1
EPS (TTM) 27.77
PRICE/BOOK 0.879963313761731
DIV YIELD.(%) 2.1
FACE VALUE (RS) 2
DELIVERABLES (%) 30.74
4

News & Announcements

22-Nov-2021

LIC Housing Finance Ltd - LIC Housing Finance Limited - Analysts/Institutional Investor Meet/Con. Call Updates

16-Nov-2021

LIC Housing Finance Ltd - LIC Housing Finance Limited - Analysts/Institutional Investor Meet/Con. Call Updates

03-Nov-2021

LIC Housing Finance Ltd - LIC Housing Finance Limited - Loss of Share Certificates

22-Oct-2021

LIC Housing Finance consolidated net profit declines 68.41% in the September 2021 quarter

14-Oct-2021

LIC Housing Finance to discuss results

09-Sep-2021

LIC Housing Finance allots 4.54 cr equity shares to LIC

07-Sep-2021

India Post Payments Bank and LIF Housing Finance announce strategic partnership

30-Jul-2021

LIC Housing Finance to conduct AGM

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
Apex Capital and Finance Ltd 541133
Aptus Value Housing Finance India Ltd 543335 APTUS
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
Housing Development Finance Corporation Ltd 500010 HDFC
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
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
Star Housing Finance Ltd 539017

Share Holding

Category No. of shares Percentage
Total Foreign 134929619 24.53
Total Institutions 82294479 14.96
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 5486240 1.00
Total Promoters 248842495 45.24
Total Public & others 78516217 14.28
Total 550063000 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About LIC Housing Finance Ltd

LIC Housing Finance Ltd (LICHFL) is one of the largest housing finance companies in India with a key objective of providing long term finance to individuals for the purchase or construction of house/flat for residential purposes in India. LICHFL also provides finance on existing property for business/personal needs and also gives loans to professionals for purchase/construction of Clinics/Nursing Homes/ Diagnostic Centers/ Office Space and also for purchase of equipment. The Company also provides finance to builders and developers engaged in the business of construction of houses or flats for residential purpose and to be sold by them. The company has one of the widest networks of offices across the country. The company has its registered and corporate office at Mumbai. It has 9 regional offices, 23 back offices and 249 marketing units across India. LICHFL has set up a representative office in Dubai and Kuwait to cater to the non-resident Indians in the GLCC countries covering Bahrain, Dubai, Kuwait, Qatar and Saudi Arabia. LICHFL has four subsidiaries viz. LICHFL Financial Services Limited, LICHFL Asset management Company Limited, LICHFL Trustee Company Private Limited and LICHFL Care Homes Limited. LICHFL Financial Services was established for undertaking non fund based activities like marketing of housing loans, insurance products, credit card, mutual funds, Pension Schemes etc. The company provides multiple financial solutions for every customer segment through its territory offices spread across the Country. LICHFL Asset management Company is the Investment Manager of LICHFL Urban Development Fund, a Venture Capital Fund with focus on mid income housing and Income yielding micro infrastructure assets. The LICHFL Urban Development Fund is sponsored by LIC Housing Finance Limited and co-sponsored by LIC of India. LICHFL Trustee Company Private Limited currently provides Trusteeship services to LICHFL Urban Development Fund managed by LICHFL Asset Management Company Limited. LICHFL Care Homes Limited was established to set up and operate assisted community living centres for Senior Citizens. It has established Care Homes under two Projects in Bengaluru and another one in Bhubaneswar is nearing Completion. LICHFL Care Homes Limited is also developing a Senior Living project at Vasind in collaboration with TATA value Homes Limited. LIC Housing Finance Ltd was incorporated on June 19 1989. The company was promoted by LIC of India and went public in the year 1994. The company is recognized by National Housing Bank and listed on the National Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE) and its shares are traded only in Demat format. The GDR's are listed on the Luxembourg Stock Exchange. In the period of 2001, the company launched their new scheme called Griha Vikas. In the year 2002, the company signed a deed of assignment to take over individual housing loan portfolio of Citibank. In the year 2003, they unveiled a new project for elderly people called LICHFL Care Homes. The company launched their maiden GDR issue in the year 2004. Also, they introduced flexi-fixed scheme offering fixed rate of interest for first five years and variable thereafter. In October 2005, the company started offering of 'New Griha Laxmi' housing loans against the security of certain approved financial assets like Bank Fixed Deposits, National Savings Certificates and Life Insurance Policies. In the year 2006, the company introduced new Griha Jestha for senior citizens for buying unit of LICHFL Care Homes Ltd. In May 2007, the company launched maiden Fixed Deposit Scheme. In October 31, 2007, the company incorporated LICHFL Financial Services Ltd for undertaking non fund based activities like marketing of housing loans, insurance products, credit card, mutual fund, personal loan etc. In February 2008, they launched reverse mortage for senior citizens above 60 years of age. In February 14, 2008, the company incorporated LICHFL Asset Management Company Private Limited for undertaking the business of managing, advising, administering venture funds, unit trust, investment trust in India as well as abroad. In March 5, 2008, the company incorporated LICHFL Trustee Company Private Limited for undertaking the business of trustees of venture capital trust, funds - in India and offshore fund. In March 12, 2008, they launched a new venture capital fund for realty projects. During the year 2009-10, the company was awarded the 'Second Best Home Loan Provider' award by Outlook Profit. During the year 2010-11, the company launched a unique interest rate scheme namely 'MINI 5' to cater to housing finance needs of the priority sector population residing in Tier II and Tier III cities. On 6 September 2010, LIC Housing Finance announced that it is applying for a license with the Pension Fund Regulatory Development Authority (PFRDA) to act as Aggregator under the National Pension System (NPS) - Lite. The Board of Directors of LIC Housing Finance at its meeting held on 27 October 2010 approved subdivision of Equity shares of the Company of Rs. 10/- each into 5 equity shares of Rs. 2/- each. In 2011, LIC Housing Finance crossed Rs 50000 crore loan portfolio milestone. On 21 March 2012, LIC Housing Finance completed allotment of 3 crore equity shares to LIC of India, the promoter of the company, on preferential allotment basis at issue price of Rs 270 per share. In 2013, the company crossed Rs 1000 crore profit and Rs 75000 crore assets mark. In 2015, the company crossed Rs 1 lakh crore loan portfolio mark. The Board of Directors of LIC Housing Finance at its meeting held on 15 December 2015 approved the proposal to acquire upto 19.3% in the paid up Equity Share Capital of LIC Nomura Mutual Fund Asset Management Company Limited from Nomura Asset Management Strategic Investment Pte Ltd for a consideration not exceeding Rs 27.36 crore and upto 19.3% in the paid up Equity Share Capital of LIC Nomura Mutual Fund Trustee Company Private Ltd. for a consideration not exceeding Rs 1.52 lakh. In 2017, LIC Housing Finance crossed Rs 1.5 lakh crore assets mark.

LIC Housing Finance Ltd Chairman Speech

We successfully triggered our business continuity plans and enabled work from home for more than 90% of our employees. We are proud to share with you that a change of this scale was executed smoothly. .

Dear Shareholders,

As I write this, we continue to be in the middle of the COVID-19 pandemic - the biggest crisis we have seen in our lifetime. The pandemic and the resultant lockdowns led to unprecedented socio-economic disruption and loss of human life. And just when the exit path in the form of a vaccine became visible, the second wave hit India, which resulted in another bumpy ride for the Indian economy.

Having said that, I reiterate that we, at LIC Housing Finance Limited, have undergone adverse economic circumstances earlier too. And each time, we have bounced back with even greater strength and vigour. Hence, like the earlier crises, we are confident we will bounce back from the Covid crisis as a stronger and more valuable LICHFL, having mastered the new normal with the unleashing of a fresh wave of energy.

Impact on the industry

One of the sectors most affected by the outbreak and the ensuing lockdown was real estate and housing finance, which was already facing a liquidity crunch following the IL&FS crisis. In March 2020, the Reserve Bank of India (RBI) announced a moratorium on loan repayment of term loans till 31st May, 2020, but this was later extended by another three months. The loan moratorium had a significant impact on housing finance companies with a substantial portion of the aggregate underlying assets placed under it.

In addition to this, the Government also extended a credit line and liquidity support in the form of Emergency Line Credit Guarantee Scheme (ECLGS) to MSME borrowers in the form of collateral-free loans to mitigate the economic impact of the pandemic. In order to further support COVID-19-hit customers, the Finance Ministry announced an extension of the scheme from time to time through the introduction of ECLGS 2.0, ECLGS 3.0 and ECLGS 4.0.

However, the housing finance market witnessed good bounce back in terms of confidence on the ground from the 2nd and 3rd quarter of the year. The gap kept narrowing to move towards pre-COVID-19 disbursement, especially with the vaccination drive in place at the start of Current Year 2021. Demand for housing was back in lower income and middle-income segments. Affordable housing finance witnessed a faster bounce back among retail asset classes. On account of this business being semi-urban and rural-based, it was relatively unaffected as compared to urban cities.

Rising above the pandemic challenges

During these challenging times, the one thing that remained of paramount importance for us was safety and well-being of our employees and our customers. At the early onset of the crisis, we successfully triggered our business continuity plans and enabled work from home for more than 90% of our employees. We are proud to share with you that a change of this scale was executed smoothly. We actively leveraged technologies to remain connected and engaged, ensuring employee welfare and seamless customer service delivery.

As we settled into the new way of working, our focus continued to be to provide impeccable service to our customers. During the pandemic, we provided seamless delivery of products and services, protecting the safety of our customers. Our local teams engaged with borrowers

At LICHFL, we are India's second-largest pureplay mortgage lender finance company in terms of assets.

Being a long-term player with a strong record of 35 years and wide industry experience, we have witnessed and experienced several credit and economic cycles and moved from strength to strength.

"/

affected by the virus to provide guidance to them on their borrowings. We also constantly interacted and engaged with customer segments to address their anxiety regarding the loan moratorium offered by the Government. Further, we also extended our support through counselling sessions on how to best avail the moratorium.

Ability to withstand challenges

At LICHFL, we are India's second-largest pureplay mortgage lender finance company in terms of assets. Being a long-term player with a strong record of 35 years and wide industry experience, we have witnessed and experienced several credit and economic cycles and moved from strength to strength. We are not only aware of the current challenges, but also have the agility and dexterity to negotiate and overcome these economic and industry situations with even greater strength and vigour.

Following the Government's policies, about 25% of our loan book was placed under moratorium. The proportion of retail loans under moratorium was lower at 16%. Our restructured assets are also expected to rise largely because of the impact of the pandemic's second wave. During the first lockdown, the Reserve Bank of India (RBI) made an exception by launching

a loan recast or restructuring facility for those impacted by the pandemic.

In the 4th quarter, LICHFL recorded 197% YoY growth - the highest YoY growth in the past three decades, and business is on a high growth trajectory. Our collections continued to hold up above 90%, even during April and May 2021, despite COVID-induced lockdowns. A collection efficiency of 96% of pre-pandemic level was reported for loan book out of moratorium. Our borrowers were able to ride the lockdown without trouble, and continued to keep up their repayment after the economy unlocked.

Disrupting the market

In probably the lowest in the market, we announced a 6.9% rate of interest on new home loans in July 2021, resulting in low EMI payment. Attractive price points and affordable EMIs helped us in addressing the demand side for buying homes. We also utilised the lockdown period to further drive operatini efficiencies. All this, along with softening of cost of funds and our acute focus on low-income housing finance segment, cushioned the effect of COVID-19. Further, we are also comfortable on the liquidity front.

Adequately capitalised

During the year, we infused three tranches of Tier 2 capital through a capital infusion of ? 1,800 crore. This Tier 2 capital infusion has been done after almost a decade. We are further exploring the means to improve Tier 1 capital from regulatory perspective and also growth capital through the promoter, including through a preferential allotment.

With this, our capitalisation profile will remain adequate from a regulatory and solvency perspective. We will be well-positioned in terms of capital adequacy norms and will lead to healthy expansion of business, furthering loan book size. Currently, our capital adequacy stands at 15.28% above regulatory levels, and needs to be shored up to 15% by end of FY2022.

Drivers for future growth

In the backdrop of the COVID-19 pandemic, demand for house moved up as asset creation assumed priority and people became keen to buy their own home as security. With the corporate sector moving to a hybrid model of working, and with online studies in schools and colleges, people are either buying bigger houses, or modifying and renovating the existing houses. Several people moving back to their native

Interest rates too are at an all-time low - in the range of 6.9%, encouraging home buyers to go for purchase.

In addition, the Government provides adequate tax benefit to home buyers.

/

towns during the lockdown to continue working from there also increased demand in Tier 2/3 cities.

Being in a buyers' market

Based on our experience of 35 years, we feel this is perhaps the best and favourable time to buy a house. There is price stability across real estate markets and segments. Real estate prices have fallen by up to 10% in the bigger cities.

Interest rates too are at an all-time low - in the range of 6.9%, encouraging home buyers to go for purchase. In addition, the Government provides adequate tax benefit to home buyers. And a marginal fall in home prices across major markets has been an enabling factor. Another big driver for push in demand has been the stamp duty waiver given by several state governments, including Maharashtra and Karnataka. At LICHFL, too, charges on processing fee were eliminated for loans up to ? 50 lakh, while a 50% processing fee is being charged on loans over? 50 lakh.

Those with stable earnings haven't been impacted by the pandemic so much, and in fact they are looking to cash-in on the opportunity. At LIC Flousing, we too have seen a rebound in the mid-segment owing to a growing demand for large spaces. We have been experiencing potential buyers taking the plunge on the back of property prices bottoming out.

PMAY fuelling demand

The recovery in housing finance sector was faster also due to the inherent demand and sops given by the Government under the Pradhan Mantri Awas Yojana (PMAY), which envisages affordable housing for all by giving borrowers

financial means to purchase a home via a subsidy on home oan interest rates.

The CLSS (Credit Linked Subsidy Scheme), a component of PMAY under which not only economically weaker, but middle-income groups can also avail of home loans at reduce EMIs, is expected to be a major driver of MIG home loans currently. It provides the required confidence to prospective first-time buyers to go ahead with their purchases, and augur well for the sector. LICHFL earns 35-40% of its loan bookfron this segment, and this is expected to be a significant growth driver going forward. Total loan disbursed under PMAY CLSS was 115,443.19 crore, making us the one of the largest ender under the scheme.

Setting the agenda for our future

During these challenging circumstances, our focus remains to improve our market share and advance on tech-enabled customer service. We continued to follow our 4-R Strategy tc seize the new opportunities emerging in the past year and to further strengthen customer relationships. Our investments in Project RED (Reimagining Excellence through Digital transformation) are aimed to generate our long-term objective of creating more stakeholder value, expanding geographies and delivering elevated and best-in-class customer service. Moving forward, we are working towards consolidating our position in all the areas, providing better customer service, delivering value to all our stakeholders and improving market share.

Driving growth

We see bright prospects to record double-digit growth this fiscal, supported by the return of home loan growth to pre COVID-19 levels, government push, revival in affordable housing segment, and new products and support measures. As sentiments are improving day-by-day, we expect a rub off in the realty space. A big chunk of an upwardly mobile middle-class segment, urbanisation rates, and the emerging concept of Work from Home (WFH) will sustain demand.

We seek to continue our focus on the core strength area of retail home loans to individuals.

What lies ahead - Outlook for FY2022

FY2022 is still a COVID year - and we are not out of market uncertainties just yet. The second round of lockdown in April-May 2021 affected market sentiments, even as the vaccination campaign of the Government induced the much-required confidence. However, FY2022 will also be

Even though this year has had many challenges, we are operationally ready to face them and seize the emerging opportunities.

/

a year of consolidation and a year of customers with our improved digital footprint. It will be a year wherein Project RED will see the maximum projects.

With all the above, we hope to emerge as a much stronger LICHFL, with even greater strength, vitality and robustness, and with a great sense of confidence and capabilities.

With the optimal use of technology, we continue to live our dream of building a roof for every Indian by supporting affordable housing. With the Indian economy expected to record near double-digit growth, we too foresee healthy growth in disbursements and profitability. We remain positive on the intrinsic demand for housing. Despite the second wave, we expect a bounce back, but with even higher intensity. Demand is visible across sectors and loan segments. Small towns and affordable loans have already taken a lead. People relocating to native towns aided growth momentum in Tier 2/3 cities, while the concept of WFH continues to sustain demand.

Finally, I take this opportunity to thank our management team and express my gratitude to all our employees, without whose relentless support we could not have steered this journey to new milestones.

also thank our Board of Directors for their continued support and guidance and for having inspired us to perform better in these difficult circumstances.

Thanking you,

Yours sincerely,

M.R. Kumar

Chairman

Message from the Managing Director & CEO

Dear Shareholders,

FY2021 can be described as a unique year. The sudden outbreak of the COVID-19 pandemic altered broader outlook, witnessed global economies facing slowdown fears and India's GDP growth slowing down, with challenges emanating from a strict lockdown regime.

Although the first wave of COVID-19 was contained and economic activities resumed around the third quarter of FY2021, the resurgence of the virus in the second wave was far more devastating. Lockdowns were again imposed across the country. The outlook still continues to be uncertain in terms of its impact on economic recovery.

The housing finance sector too initially grappled with liquidity and demand, but in the second half of the fiscal year, consumption demand gradually increased across segments. While initially, growth was restricted to the affordable housing finance sector only, later the mid, upper and premium segments also grew. At LICHFL, we had a satisfying year with a rising loan book, even as we maintained our profitability, asset quality and solvency, and took collaborated efforts to overcome the difficult circumstances.

The Government and the Reserve Bank of India (RBI) took steps and granted a moratorium twice which ended in August 2020. At LICHFL, we too offered moratorium to our customers to soften the COVID-19 blow. And I'd like to share that most of the borrowers paid back their EM Is. After the moratorium, we have witnessed more than 96% of the collection happening.

How we performed

During FY2021, Income stood at 7 19,848 crore as compared to 7 19,670 crore in the previous year, while Profit After Tax rose 13.8% at 7 2,734 crore, against 7 2,401 crore earlier.

Our Outstanding Loan Portfolio was up 10% at 7 2,32,003 crore, in comparison with 7 2,10,578 crore. Individual Loan Portfolio also increased 10% to 7 2,16,047 crore. A dividend of 425% was recommended for FY2021 by the Board.

Despite a challenging environment, there was a healthy growth in disbursement, especially in the individual home loan segment. Total disbursement was 7 55,223 crore vis-S-vis 7 46,936 crore a year ago. Individual home loan disbursement was up 125%, from 7 37,539 crore to 7 46,926.99 crore.

Strong business traction with good disbursement led to growth in our assets under management and the outstanding portfolio. With retail disbursements rising, net interest income remained stagnant. Our Net Interest Margin was 2.37% vis-S-vis 2.38% in the previous year.

Operational performance

FY2021 has probably been one of our best years in terms of operations in the past decade. We witnessed good customer retention, with a reduction in cost of funds. Improvement in products in the past year led to a sustained market share.

In terms of disbursement, we had the best 3rd and 4th quarters in the fiscal year, which can be well attributed to our market outreach, product innovation and distribution network.

Making adequate provisioning

Gross NPA rose to 4.12% in March 2021 vis-S-vis 2.86% in March 2020. The NPA levels are being monitored stringently and continue to be a matter of high priority. The good news is that we also made recoveries in some big accounts during the year. We set aside a provision of 7 984.8 crore. Provisions were high due to NPA recognition from the moratorium book. Beefing up the provisioning has been comforting for asset quality, as we continue to build protection against the anticipated stress.

Improving asset quality

The COVID-induced slowdown impacted performance of housing finance companies with lower housing credit growth and rise in GNPAs. With loss of livelihood and reduction in incomes, especially for self-employed borrowers engaged in non-essential services, COVID is likely to impact the asset quality of retail home loans At LICHFL, we remained strongly committed to preserve our asset quality and have been closely monitoring it and also preparing for higher provisioning. An NPA Warrior and Core Team has been constituted at the local level, with stringent monitoring at the corporate office.

Digital - the way forward

As companies are becoming more and more agile and nimble-footed, one trend that we see accelerating is the precipitation of shift to digital and rapid adoption of technology. Even though this was happening earlier too, the crisis has offered an opportunity to hasten the transformation. We too evaluated our technology stack to operate with flexibility and agility, and gain the capability to respond and adjust quickly to changing circumstances.

Digital has become the way forward. With the establishment of Project RED (Reimagining Excellence through Digital transformation), we expect a profound impact on the established way of our operations. As we made differentiated investments to strengthen our offerings, accelerated our digital capabilities and adopted tech-led processes, our strategy of driving a ‘digital first' approach became particularly relevant in the current context.

We invested in Project RED with long-term objectives that will generate more stakeholder value, expand our geographies, thereby contributing to the economic growth of the country. We have made massive strides in accelerating our customers' journey through our differentiated offerings. Our ultimate objective behind this is to organize and automate every facet of customer interaction and deliver elevated customer experience.

Our technology investments will increase further - as we keep gaining capabilities to face the crisis and reduce future disruptions.

Innovating and advancing

During the year, we introduced a special home loan product Griha Varishtha for pensioners, catering to individuals covered under defined pension benefits.

The tenure is till the attainment of 80 years of age or maximum of 30 years, whichever is earlier, under the Defined Benefit Pension Scheme. Close to ? 1,000 crore has already been sanctioned under the scheme since its introduction in July 2020. Apart from this, our innovative

product offerings are gaining traction. Such as the 2020 Home Loan Offer that gives 6 EMI waivers for borrowers opting for ready-to-move-in homes and 48 months principal repayment moratorium for under-construction projects put fullstop at construction projects.

Towards a sustainable future

We have brought about changes in our liability mix and also reduced the overall weighted average cost of funds. We are also looking at re-skilling distribution to support remote onboarding. To further improve the quality of our existing assets, especially in the backdrop of the moratorium, we shaped up a special task force - the NPA Warrior Team - for efficient asset recovery and to imbibe a sense of accountability. In addition to adopting tech-led processes, we are collaborating our insights with that of our customers to further strengthen our asset quality.

Years of persistence

Even though this year has had many challenges, we are operationally ready to meet them and seize the emerging opportunities. We are confident of FY2022 being a year of growth. We will also continue to surpass your expectations yet again, paving our way for a promising future.

Our inherent strengths, coupled with our products and services, growing affluence and changing consumer preference towards trusted partners, and digital manner of engagement present an exciting opportunity for us.

In the end, I take this opportunity to thank our shareholders and my colleagues on the Board who have been valuable guide in steering LIC HFL to new heights. We also thank our customers who have patronised Brand LICHFL to make it the fastest-growing HFC in India. We also thank our regulator, the National Housing Bank, for their continuous and timely guidance.

Lastly, I am also thankful to our shareholders who reposed their trust and confidence in the Company. We are committed to work through the current environment and our future feels bright and exciting.

Your trust and confidence in us helped us build a very strong organisation, whose future has always been more promising.

Together, we shall overcome and triumph!

Yours very sincerely,
Y Viswanatha Gowd
Managing Director & CEO

   

LIC Housing Finance Ltd Company History

LIC Housing Finance Ltd (LICHFL) is one of the largest housing finance companies in India with a key objective of providing long term finance to individuals for the purchase or construction of house/flat for residential purposes in India. LICHFL also provides finance on existing property for business/personal needs and also gives loans to professionals for purchase/construction of Clinics/Nursing Homes/ Diagnostic Centers/ Office Space and also for purchase of equipment. The Company also provides finance to builders and developers engaged in the business of construction of houses or flats for residential purpose and to be sold by them. The company has one of the widest networks of offices across the country. The company has its registered and corporate office at Mumbai. It has 9 regional offices, 23 back offices and 249 marketing units across India. LICHFL has set up a representative office in Dubai and Kuwait to cater to the non-resident Indians in the GLCC countries covering Bahrain, Dubai, Kuwait, Qatar and Saudi Arabia. LICHFL has four subsidiaries viz. LICHFL Financial Services Limited, LICHFL Asset management Company Limited, LICHFL Trustee Company Private Limited and LICHFL Care Homes Limited. LICHFL Financial Services was established for undertaking non fund based activities like marketing of housing loans, insurance products, credit card, mutual funds, Pension Schemes etc. The company provides multiple financial solutions for every customer segment through its territory offices spread across the Country. LICHFL Asset management Company is the Investment Manager of LICHFL Urban Development Fund, a Venture Capital Fund with focus on mid income housing and Income yielding micro infrastructure assets. The LICHFL Urban Development Fund is sponsored by LIC Housing Finance Limited and co-sponsored by LIC of India. LICHFL Trustee Company Private Limited currently provides Trusteeship services to LICHFL Urban Development Fund managed by LICHFL Asset Management Company Limited. LICHFL Care Homes Limited was established to set up and operate assisted community living centres for Senior Citizens. It has established Care Homes under two Projects in Bengaluru and another one in Bhubaneswar is nearing Completion. LICHFL Care Homes Limited is also developing a Senior Living project at Vasind in collaboration with TATA value Homes Limited. LIC Housing Finance Ltd was incorporated on June 19 1989. The company was promoted by LIC of India and went public in the year 1994. The company is recognized by National Housing Bank and listed on the National Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE) and its shares are traded only in Demat format. The GDR's are listed on the Luxembourg Stock Exchange. In the period of 2001, the company launched their new scheme called Griha Vikas. In the year 2002, the company signed a deed of assignment to take over individual housing loan portfolio of Citibank. In the year 2003, they unveiled a new project for elderly people called LICHFL Care Homes. The company launched their maiden GDR issue in the year 2004. Also, they introduced flexi-fixed scheme offering fixed rate of interest for first five years and variable thereafter. In October 2005, the company started offering of 'New Griha Laxmi' housing loans against the security of certain approved financial assets like Bank Fixed Deposits, National Savings Certificates and Life Insurance Policies. In the year 2006, the company introduced new Griha Jestha for senior citizens for buying unit of LICHFL Care Homes Ltd. In May 2007, the company launched maiden Fixed Deposit Scheme. In October 31, 2007, the company incorporated LICHFL Financial Services Ltd for undertaking non fund based activities like marketing of housing loans, insurance products, credit card, mutual fund, personal loan etc. In February 2008, they launched reverse mortage for senior citizens above 60 years of age. In February 14, 2008, the company incorporated LICHFL Asset Management Company Private Limited for undertaking the business of managing, advising, administering venture funds, unit trust, investment trust in India as well as abroad. In March 5, 2008, the company incorporated LICHFL Trustee Company Private Limited for undertaking the business of trustees of venture capital trust, funds - in India and offshore fund. In March 12, 2008, they launched a new venture capital fund for realty projects. During the year 2009-10, the company was awarded the 'Second Best Home Loan Provider' award by Outlook Profit. During the year 2010-11, the company launched a unique interest rate scheme namely 'MINI 5' to cater to housing finance needs of the priority sector population residing in Tier II and Tier III cities. On 6 September 2010, LIC Housing Finance announced that it is applying for a license with the Pension Fund Regulatory Development Authority (PFRDA) to act as Aggregator under the National Pension System (NPS) - Lite. The Board of Directors of LIC Housing Finance at its meeting held on 27 October 2010 approved subdivision of Equity shares of the Company of Rs. 10/- each into 5 equity shares of Rs. 2/- each. In 2011, LIC Housing Finance crossed Rs 50000 crore loan portfolio milestone. On 21 March 2012, LIC Housing Finance completed allotment of 3 crore equity shares to LIC of India, the promoter of the company, on preferential allotment basis at issue price of Rs 270 per share. In 2013, the company crossed Rs 1000 crore profit and Rs 75000 crore assets mark. In 2015, the company crossed Rs 1 lakh crore loan portfolio mark. The Board of Directors of LIC Housing Finance at its meeting held on 15 December 2015 approved the proposal to acquire upto 19.3% in the paid up Equity Share Capital of LIC Nomura Mutual Fund Asset Management Company Limited from Nomura Asset Management Strategic Investment Pte Ltd for a consideration not exceeding Rs 27.36 crore and upto 19.3% in the paid up Equity Share Capital of LIC Nomura Mutual Fund Trustee Company Private Ltd. for a consideration not exceeding Rs 1.52 lakh. In 2017, LIC Housing Finance crossed Rs 1.5 lakh crore assets mark.

LIC Housing Finance Ltd Directors Reports

To the Members of LIC Housing Finance Limited

Your Directors are pleased to present the Thirty Second Annual Report together with the Audited Financial Statements for the year ended 31st March, 2021 of LIC Housing Finance Limited (‘the Company').

FINANCIAL RESULTS

Particulars For the year ended 31st March, 2021 For the year ended 31st March, 2020
Profit before Tax 3,348.57 3,268.99
Tax Expense 614.23 867.15
Profit after Tax 2,734.34 2,401.84
Other Comprehensive Income (2.40) (6.85)
Total Comprehensive Income 2,731.94 2,394.99
Appropriations
Special Reserve u/s 36(l)(viii) of the Income Tax Act,1961 829.99 749.99
Statutory Reserve u/s 29C of N H B Act,1987 0.01 0.01
General Reserve 700.00 600.00
Dividend 403.73 383.54
Final Tax on Dividend pertaining to the previous year paid during the year 77.61
Balance carried forward to next year 798.21 583.83
2,734.34 2,401.84

The Board of Directors has assessed the performance of the Company during the year under review and also taken cognisance of the impact of the coronavirus disease (COVID-19) which has been declared as a pandemic. As the COVID-19 continues to spread around the world, many companies are facing unprecedented challenges which have adversely impacted their operations. Consequently, there is a great deal of uncertainty and it has affected global economy, financial markets, lives and livelihoods and the resultant impact has been felt by the Company.

DIVIDEND

The Company has in place a Dividend Distribution Policy formulated in accordance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, which intends to ensure that a rational decision is taken, with regard to the amount to be distributed to the shareholders as dividend, after retaining sufficient funds for the Company's growth, to meet its long-term objective and

other purposes. The Policy also lays down various parameters to be considered by the Board of Directors of the Company before recommendation of dividend to the Shareholders of the Company.

Considering the performanceof the Company during thefinancial year 2020-2021, the Board of Directors felt the need to strike a balance between being prudent and conserving capital in the Company, while at the same time catering to the expectations of shareholders, also considering the Dividend Distribution Policy and also after assessing the capital buffers and liquidity levels of the Company, have recommended payment of dividend for the financial year ended 31st March, 2021 of ? 8.50 per equity share of face value of ? 2/- per share i.e. @ 425 percent, as against ? 8.00 per equity share of face value of ? 2/- per share for the previous year i.e. @ 400 percent. The total dividend outgo for the current year would amount to ? 428.96 crore, as against ? 403.73 crore for the previous year. The dividend payable shall be subject to the approval of the Members of the Company at the ensuing Annual General Meeting.

Following the amendment in the Finance Act, 2020, the imposition of the Dividend Distribution Tax has been abolished. Accordingly, the dividend amount received by the shareholders of the Company, for the financial year ended 31st March, 2020, onwards is taxable in the hands of the shareholders for which the Company is required to deduct tax at source under Section 194K from dividend paid to the shareholders at the prescribed rates.

The Dividend Distribution Policy is available on the website of the Company at https://www.lichousing.com/downloads/ DIVIDEND%20DISTRIBUTION%20POLICY%202021.pdf and forms part of this Board's report as Annexure - 8.

INDIAN ACCOUNTING STANDARDS

The Company has complied with the applicable Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs under Section 133 of the Companies Act, 2013. The financial statements for the year have been prepared in accordance with Schedule III to the Companies Act, 2013.

PERFORMANCE Income and profit

The Company earned total revenue of ? 19,847.69 crore, marginally higher than the previous year. The percentage of administrative expenses to the housing loans, which was 0.29 percent in the previous year, has slightly increased to 0.30 percent during the financial year 2020-21.

Profit before tax and after tax stood at ? 3,348.57 crore and ? 2,734.34 crore respectively as against ? 3,268.99 crore and ? 2,401.84 crore, respectively, for the previous year. Profit before tax increased by 2.43 percent over the previous year while profit after tax showed an increase of 13.84 percent over that of the previous year.

LENDING OPERATIONS

LIC Housing Finance Limited is a housing finance company registered with National Housing Bank (NHB) and is mainly engaged in financing purchase / construction of residential flats / houses to individuals and project finance to developers, Loan against Property (LAP), Lease Rental Discounting (LRD) etc. All other activities revolve around the main business of the Company. The business of the Company was impacted in the first half of the financial year due to the imposition of a strict national lockdown. The growth trajectory improved gradually as restrictions were lifted and from September 2020 onwards, growth trends normalised. Subsequently, the demand for home oans surpassed expectations. These factors impacted the overall performance of the loan book.

As at 31st March, 2021 the loan book constituted of 93.12 per cent of retail portfolio and 6.88 per cent of project portfolio.

Individual loans:

During the year the main thrust continues on individual housing loans. The Company has sanctioned 245,543 individual housing loans for X 62,869.21 crore and disbursed 222,285 oans for X 52,211.91 crore (inclusive of Non Core Non-Housing Individual) during FY 2020-21. Housing loan to Individual i.e. retail loans constitute 96.77 percent of the total sanctions and 94.54 percent of the total disbursements for the FY 2020-21 as compared to 92.92 percent and 94.42 percent respectively during the FY 2019-20. The gross retail loan portfolio grew by over 10.17 percent from X 1,96,340 crore as on 3?: March, 2020 to X 2,16,047 crore as on 3Y: March, 2021.

The cumulative sanctions and disbursements since incorporation, in respect of individual housing loans are:

Amount sanctioned: X 4,51,461.39 crore

Amount disbursed: X 4,30,198.80 crore

30,38,002 customers have been serviced by the Company up to 31st March, 2021 since inception.

Project loans:

The project loans sanctioned and disbursed by the Company during the year amounted to X 2,096.77 crore and X 3,011.25 crore respectively. Corresponding figures for the previous year were X 3,693.19 crore and X 2,618.35 crore. These loans are generally for short durations, giving better yields as compared to individual housing loans.

AWARDS AND RECOGNITIONS:

• Featured amongst 'India's Top 500 Companies 2020' by Dun & Bradstreet

• Awarded Top Home Loan Provider' at Times Real Estate Icon Awards .

MARKETING AND DISTRIBUTION

During the year under review, efforts were taken to further strengthen the distribution network. The distribution network

of the Company consists of 282 Marketing Offices and 1 Customer Service Point. The distribution network also includes 50 offices of LICHFL Financial Services Ltd., a wholly owned subsidiary of the Company, engaged in distribution of various financial products including housing loans. The Company has representative offices in Dubai and Kuwait.

REPAYMENTS

During the F.Y. 2020-2021, X 32,151.50 crore was received by way of schedule repayment of principal through monthly instalments as well as prepayment of principal ahead of schedule, as compared to X 28,895.38 crore received in the previous year.

NON-PERFORMING ASSETS AND PROVISIONS

The amount of gross Non-Performing Assets (NPA) as at 3?: March, 2021 was X 9,659.13 crore, which is 4.23 percent of the loan portfolio of the Company, as against? 6,316.16 crore i.e., 3.04 percent of the loan portfolio as at 31st March, 2020. The net NPA as at 31st March 2021 was X 5,913.94 crore i.e. 2.59 percent of the loan portfolio vis-a-vis X 3703.96 crore i.e. 1.78 percent of the loan portfolio as at 31st March, 2020. The total cumulative provision towards housing loan portfolio including provision for standard assets as at 31st March, 2021 is X 2758.93 crore as against X 2631.62 crore in the previous year.

During the year, the Company has written off X 356.91 crore provision as against an amount of X 35.05 crore, provision written off in respect of retail & non retail during the previous year.

RESOURCE MOBILISATION

During the year, the Company mobilised funds aggregating to X 1,32,946.17 crore by way of the Non-Convertible Debentures (NCD), Term Loans / Line of Credit (LoC) / Working Capital Demand Loan (WCDL) from banks, NHB refinance, Commercial Paper and Public Deposits. The Company raised an amount of X 1,800 crore through issuance of Tier II Bonds, which would enable the company to increase its Capital Adequacy Ratio. Funds were also mobilised from NHB under its refinancing facilities. The following is a brief about the various sources of fund mobilised during FY 2020-2021:

NON-CONVERTIBLE DEBENTURES (NCD)

During the year, the Company issued NCD amounting to X 18,760 crore on a private placement basis which have been listed on Wholesale Debt Segment of National Stock Exchange of India Ltd. The NCD have been assigned highest rating of ‘CRISIL AAA/Stable' by CRISIL & ‘CARE AAA/Stable' by CARE. As at 31st March, 2021, NCD amounting to X 1,13,367.71 crore were outstanding. The Company has been regular in making repayment of principal and payment of interest on the NCD.

As at 31st March, 2021, there were no NCD which have not been claimed by the Investors or not paid by the Company after the date on which the said NCD became due for redemption. Accordingly, the amount of NCD remaining unclaimed or unpaid beyond due date is Nil.

TIER II BONDS

During the year, the Company has issued Tier II Bonds amounting to ? 1,800 crore. As at 3?: March, 2021, the outstanding Tier II Bonds stood at ? 1,795.12/- crore. Considering the balance term of maturity as at 3?: March, 2021, ? 1,795.12/- crore of the book value of Tier II Bonds is considered as Tier II Capital as per the Guidelines issued by NHB for the purpose of Capital Adequacy.

TERM LOANS FROM BANK/ LOC / WCDL, REFINANCE FROM NHB / OTHER FINANCIAL INSTITUTIONS / COMMERCIAL PAPER

The total loans / LOC outstanding from the Banks and Other Financial institution as at 3T: March, 2021 are ? 52,013.20 crore as compared to ? 43,188.28 crore as at 31st March, 2020. The Refinance from NHB as at 31st March, 2021 stood at ? 10,119.54 Crore as against? 1,882.17 Crore as at 31st March, 2020. During the year, the Company has availed ? 9,600 crores Refinance from NHB under various refinance schemes. As at 31st March, 2021, Commercial Paper amounting to ? 12,230.25 Crore were outstanding as compared to ? 7628.71 Crore for corresponding previous year. During the year 2020-21, the Company issued Commercial Paper amounting to ? 12,758.59 Crore from market as compared to ? 19,152.23 Crore for the previous year.

The Company's long term loan facilities have been assigned the highest rating of 'CRISIL AAA/STABLE' and short term loan has been assigned rating of ‘CRISIL A1+ & ICRA A1+' signifying highest safety for timely servicing of debt obligations.

TRANSFER OF UNCLAIMED DIVIDEND /DEPOSITS AND SHARES TO INVESTOR EDUCATION & PROTECTION FUND (IEPF)

Pursuant to the provisions of Sections 124 and 125 of the Companies Act, 2013, rules made thereunder and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 read with the relevant circulars and amendments thereto, the amount of dividend / deposits remaining unclaimed for a period of seven years from the date of transfer to unpaid dividend account is required to be transferred to the Investor Education and Protection Fund (IEPF) as constituted by the Central Government. Further, as per the provisions of Section 124(6) of the Companies Act, 2013 read with the Investor Education & Protection Fund Authority (Accounting, Audit, Transfer & Refund) Rules 2016, the shares in respect of which the dividend has not been claimed for seven consecutive years are required to be transferred by the Company to the designated demat account of the IEPF Authority. The details of the unclaimed dividend/deposits and the shares transferred to the IEPF, are uploaded as per the requirements, on the website of the Company i.e. www.lichousing.com.

UNPAID/UNCLAIMED DIVIDEND

During the financial year under review, your Company has transferred unclaimed dividend of ? 1,07,35,998 /- pertaining to the financial year 2012-13 to the Investor Education and Protection Fund (IEPF), established by the Central Government, on expiry of seven years from the date of transfer to unpaid dividend account.

TRANSFER OF SHARES TO IEPF

Pursuant to the provisions of Section 124(6) of the Companies Act, 2013 and the Rules made thereunder, the Company has transferred in aggregate 1,62,502 equity shares of ? 2/- each to IEPF in respect of which the dividend remained unclaimed for a period of seven consecutive years i.e. from 2012-13 till the due date of 4th September, 2020 after following the prescribed procedure.

Any person who is entitled to claim unclaimed dividend or deposits etc. that have been transferred to IEPF, can claim the same by making an application directly to IEPF in the prescribed form under the IEPF Rules which is available on the website of EPF i.e. www.iepf.gov.in

PUBLIC DEPOSITS

As at 31st March, 2021, the outstanding amount on account of Public Deposits was ? 7,510.52 crore as against ? 6,384.09 crore in the previous year and outstanding amount on account of corporate deposits was ? 10,825.15 crore as against ? 6,224.91 crore in the previous year. During F.Y. 2020-21, the number of depositors has reduced for public deposit from 42427 to 37804 and for corporate deposit increased from 1099 to 1856.

? 3,381.15 crore has been collected as public deposits while ? 8,86.61 crore was as corporate deposits. Total aggregate amount collected ? 12,167.76 crore.

CRISIL has for the fourteenth consecutive year, re-affirmed a ratingof"CRISILFAAA/Stable"forthe company's deposits which indicates highest degree of safety regarding timely servicing of financial obligations and carries the lowest credit risk.

The support of the agents and their commitment to the Company has been vital in mobilization of deposits and making the product most preferred investment for individual households and others.

1,065 deposits amounting to ? 198.57 Crore which were due for repayment on or before 31st March, 2021 were not claimed by the depositors. Since then, 209 depositors have claimed or renewed amounting to deposits of ? 40.43 crore as on 20th August, 2021 of this report. Depositors are appropriately intimated for renewal / claim of their deposits through an authorised agency. Further, adequate follow-up is made in respect of those cases where deposits are lying unclaimed.

As per the provisions of Section 125 of the Companies Act, 2013, deposits and interest thereon 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, accordingly, as on 20th August, 2021 ? 6,64,000/- against unclaimed principal and ? 4,81,207/- against unclaimed interest on deposits have been transferred to IEPF.

Being a housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987, the disclosures as per Rule 8(5)(v)&(vi) of the Companies

(Accounts) Rules, 2014 read with section 73 and 74 of the Companies Act, 2013 are not applicable to the Company.

REGULATORY COMPLIANCE

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, however, would continue to carry out supervision of HFCs. In this regard Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 has been notified on February 17, 2021 in supersession of the regulations/ directions as given in Chapter XVII of these directions.

The Company has been following guidelines, circulars and directions issued by National Housing Bank (NHB) from time to time. In fact, the Company 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 and thereafter with the Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 which has been notified on February 17, 2021 in supersession of the regulations/ directions as given in Chapter XVII of these directions.

Your Company has been maintaining capital adequacy as prescribed by the NHB. The capital adequacy was 15.28 percent as at 31st March, 2021, after considering the loan to value ratio for deciding risk weightage.

The Company also has been following directions / guidelines / circulars issued by SEBI and MCA from time to time, applicable to a listed company.

DISCLOSURE UNDER HOUSING FINANCE COMPANIES ISSUANCE OF NON-CONVERTIBLE DEBENTURES ON PRIVATE PLACEMENT BASIS (NHB) DIRECTIONS, 2014 READ WITH MASTER DIRECTION - NON BANKING FINANCIAL COMPANY - HOUSING FINANCE COMPANY (RESERVE BANK) DIRECTIONS, 2021.

During the financial year under review, the Non-Convertible Debentures issued on private placement basis, were repaid / redeemed by the Company on their respective due dates and there were no instances of any Non-Convertible Debentures which have not been claimed by the investors or not paid by the Company after the date on which the Non-Convertible Debentures became due for redemption.

AUDIT REPORTS AND AUDITORS

Audit Reports and observations

Statutory Audit, Auditor and Statutory Audit Report

The statutory auditors namely M/s. Gokhale & Sathe, Chartered Accountant (Firm Registration No.: 103264W) and

M/s. M. P. Chitale&Co., Chartered Accountant (Firm Registration No.: 101851W) were appointed as Joint Statutory Auditors of the Company for a term of 5 consecutive years at 30th AGM and to hold office until the conclusion of the Thirty Fifth Annual General Meeting to be held in the year 2024. However as per the guidelines for appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) issued by the Reserve Bank of India vide ref. no. DoS.CO.ARG/ SEC.01/08.91.001/2021-22 dated 27th April, 2021, the Statutory Auditors are required to be appointed on annual basis and the intimation of the appointment has to be given to RBI for every year, accordingly the Board proposes and recommends to the members of the Company, the appointment of Statutory Auditors till the conclusion of 33rd Annual General Meeting (AGM) of the Company to be held in the year 2022.

M/s. Gokhale & Sathe, Chartered Accountant (Firm Registration No.: 103264W) and M/s. M. P. Chitale & Co., Chartered Accountant (Firm Registration No.: 101851W) have confirmed to the Company that they continue to satisfy the eligibility criteria as mentioned in Section 141 of the Companies Act, 2013.

The remuneration payable to each of the Joint Statutory Auditors will be ? 65,72,700/- per annum plus applicable taxes / cess and out of pocket expenses on actual basis (being ? 32,86,350/- per annum per firm plus applicable taxes / cess and out of pocket expenses on actual basis ) for financial year 2021-22 as determined by the Board of Directors in consultation with them for the purpose of audit of the Company's accounts at the Corporate Office along with consolidated accounts as well as at all Back Offices to be allotted equally between them in consultation with the management subject to approval of the members of the Company at an ensuing AGM.

In terms of the guidelines issued by RBI vide circular No.DoS. CO.ARG/SEC.01/08.91.001/2021-22 dated April 27, 2021, the Joint Statutory Auditors continue to satisfy the eligibility norms as prescribed and have submitted their eligibility certificate in the prescribed manner to the Company.

For qualification, reservation or adverse remark it may be referred to the Joint Statutory Auditors' Report dated 15th June, 2021 for the financial year 2020-21 alongwith Annexure B note on IFC and the same is enclosed with the financial statements in this Annual Report.

Internal Audit, Auditor and Audit Report

Internal Audit of Back Offices

The Company has an in-house mechanism for Internal Audit of all its back offices, which are the nodal offices looking after the accounting, sanction and disbursement functions. Such Audit is conducted by the team(s) of in-house officials of audit department. The Company maintains an exhaustive checklist/ questionnaire for the purpose of such Audit and the same is updated regularly. The In-house internal audit team(s) submit quarterly reports in respect of the back offices, assigned to them and such reports are periodically reviewed by the Internal Audit Committee at Corporate Office, which is a management level

Committee at the Corporate Office. Detailed deliberations take place in respect of key points related to Internal Audit Reports and the same is also placed before the Audit Committee of the Board for their information and guidance.

Internal Audit of Corporate Office

M/s. Borkar & Muzumdar, Chartered Accountants, Mumbai are Internal Auditors for Internal Audit of the Corporate Office for financial year 2020-21 and their term was further extended for two year for FY 2021-22 and FY 2022-23. No adverse remark or observation has been cited by them in their four (4) quarterly Audit Reports for the financial year 2020-21.

Systems and procedures are being upgraded from time to time to provide checks and alerts for avoiding fraud arising out of misrepresentation, if any, made by borrower/s while availing the housing loans and non-housing loans.

Secretarial Audit, Auditor and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. N. L. Bhatia & Associates, Practicing Company Secretaries conducted the secretarial audit ofthe Company for the financial year 2020-21.

The Secretarial Auditor's Report for the financial year 2020-21 does not contain any qualification, reservation or adverse remark. Report of the Secretarial Auditor for the financial year 2020-21 in Form MR-3 is annexed to this report as Annexure 9.

Cost Records and Cost Audit:

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

Corporate Governance

Your Company has been complying with the principles of good Corporate Governance over the years. The Board of Directors supports the broad principles of Corporate Governance. In addition to the basic governance issues, the Board lays strong emphasis on transparency, accountability and integrity. The report on Corporate Governance is appended as a separate section in this Annual Report.

A certificate from Shri Bhaskar Upadhyay (FCS 8663 and Certificate of Practice No.:9625), Partner of M/s. N. L. Bhatia & Associates, Practicing Company Secretaries, Mumbai (UIN: P1996MH055800), regarding compliance of the conditions of Corporate Governance as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached to the Corporate Governance Report, which does not contain any qualification, reservation or adverse remark.

Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, as stipulated under SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015 is presented in a separate section forming part of the Annual Report.

Business Responsibility Report

In terms of Regulations 34(2)(f) of the SEBI(Listing Obligation and Disclosure Requirements) Regulations, 2015, the top 1000 listed entities, based on the market capitalization (calculated as on 31st March of every financial year), business responsibility report describing the initiatives taken by these listed entities from an environmental, social and governance perspective, in the format as specified by SEBI from time to time, has been included as part of the Annual Report. Accordingly, Business Responsibility Report in accordance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the National Voluntary guidelines (NVG) on Social, Environmental and Economic Responsibilities of Business released by the Ministry of Corporate Affairs, Govt, of India., is presented in a separate section forming part of the Annual Report.

Depository System

For transaction of the Company's shares in dematerialised form, the Company has entered into an agreement with Central Depository Services (India) Ltd. (CDSL) and National Securities Depository Ltd. (NSDL). The shareholders have a choice to select the Depository Participant. As at 31st March, 2021, 5108 members ofthe Company continue to hold shares in physical form. As per the Securities and Exchange Board of India's (SEBI) circular, the Company's shares have to be transacted in dematerialised form and therefore, members are requested to convert their holdings to dematerialised form.

OUTLOOK FOR 2021-2022

• Focus on growth of Retail Flome Loans, along with that of Non Flousing Loans for better margins.

• Continued focus on PMAY-CLSS in alignment with Government Initiatives ''Flousing for all by 2022" from time to time & thus ensuring achievement of targets in numbers since it being last year of subsidy scheme.

• Augmentation of distribution network and activation in line with the initiative of Paradigm Shift.

• Penetration into under-represented geographies by utilizing connector model.

• Making use of builders / developers as distribution channel / Connectors.

• Continuous relation building with Builders and synergy between project and retail loans.

• To create brand LICPIFL as a source of trusted partner exuding consumer confidence.

• Understanding the inherent risks to the business and managing it effectively.

• Widespread market studies assisting modelling of loan products to suit customer needs.

• Making use of information provided by marketing offices about ground market conditions.

• Continued focus on Business Potential Mapping for sustained business growth.

• Focus on Advance Processing Facility (APF) approvals as a core activity to generate bulk business.

• Leveraging alternate business channels viz., Direct Marketing Executive (DME) channel, LICHFL Financial Services Ltd. for generating additional business.

• Making Homy App/Online loan application more effective.

• Adoption of e-Appraisal for minimizing Turn Around Time (TAT).

• Implementation of various initiatives under Project RED

• Achievement of Term Targets- Monthly, Quarterly by all Units.

• Overseas Offices to be made more effective and productive.

• Continuous ‘Training' to intermediaries and Marketing Officials to increase productivity.

• Monitoring of TAT at different levels.

• Training / workshops for Project Finance Teams at ROs.

• Identification of 22 centres apart from Metros to have business contribution in Project Finance segment.

• Introduction of the concept of Digital Office to achieve competitiveness and tap into millennial customers.

• Tie up with various lead aggregators and property portals for business.

• Outreach to customers by strengthening the Camp Office concept for Sanction & Disbursement at select locations.

• Positioning as a thought leader in industry through placement of related articles across media including digital.

THE MANAGEMENT PERSPECTIVE ABOUT FUTURE OF THE COMPANY

While the recent times have been tough due to the onslaught of the second wave of the COVID-19 pandemic, due to various unlock initiatives by the Government, the local authorities, the Ives seems to have been returning to normalcy. Further, the various initiatives by the Reserve Bank of India including that of providing the One Time Restructuring for the stressed loans have immensely helped both the lenders as well as the borrowers to come out of the stressed times and recover from the same. Also the infusion of liquidity by the RBI and other development banks have eased the liquidity situation and have made lending cheaper. While all these remains supply side interventions, it is expected that there would be more initiatives, going forward, to boost the demand for housing loans. The return of the migrated labour force to their work places has also kept the

construction activities rolling and slowly as the vaccination initiatives further picks up, the economic activities are expected to return in full swing.

Although, the Company has experienced a surge in the delinquencies in the recent times and had restrictions in carrying out the business activities in full capacity, the Company has developed parallel alternatives through digitization of its processes and workflows by its digitization initiative under project RED. The initiatives such as E-KYC, V-KYC, Penny Drop, Video PD etc., have contributed towards continuance of the Company's business activities even during the period where travel restrictions were in force. The management would continue to focus on digitization of its processes while augmenting the same with the efficient, motivated and trained work force, so that to convert this adverse situation to the advantage of the Company through its re-engineered business processes.

The Company not only intends to focus on underwriting and disbursement activities but it very well understand the need of being agile in the fronts of loan servicing, monitoring and recovery. All these fronts are constantly being reviewed in the light of the digitised initiatives.

The Company in order to make best use of its operational advantages, intends to synergise its customer base by connecting the builders/developers with property buyers by creating a property market place though web portal and is working towards introducing this initiative and for making it a profitable venture.

With the dynamic regulatory and compliance environment in which the Company operates, the management would endeavour to put in place all the best governance practices through constant review and upgradations of its compliance initiatives, judicious management of its treasury and other aspects of its operations for ensuring co-ordinated and result oriented efforts in its business as well as in expanding its reach, market share as well as market capitalization in order to ensure maximum Shareholders wealth.

COMPLIANCE UNDER COMPANIES ACT, 2013

Pursuant to Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, the Company complied with the compliance requirements and the detail of compliances under Companies Act, 2013 are enumerated below:

ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013 the Annual Return as on 31st March, 2020 is available on the website of the Company in the following link: www.lichousing.com/annual_general_meeting.php.

REPORTING OF FRAUDS BY AUDITORS:

During the year under review, neither the joint statutory auditors nor the secretarial auditor has reported to the Audit Committee, under Section 143(12) of the Companies Act, 2013 any instances of fraud committed against the Company by its

officers or employees, the details of which was required to be mentioned in the Board's report.

SECRETARIAL STANDARDS:

The Company complies with all applicable mandatory secretarial standards issued by The Institute of Company Secretaries of India.

RATING RATIONALE:

CRISIL had reaffirmed its outstanding rating as 'CRISIL AAA/ Stable' rating to the non-convertible debentures issue of LIC Housing Finance Limited and has also reaffirmed its ‘CRISIL AAA/ FAAA/Stable/CRISIL A1+' ratings on other debt instruments, bank facilities and fixed deposit programme of the company.

Total Bank Loan Facilities Rated X 40059.88 crore
Long Term Rating CRISIL AAA/ Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
X 25000 Crore CRISIL AAA/
Non-Convertible Debentures Stable (Assigned)
X 3000 Crore Tier II Bond CRISIL AAA/ Stable (Reaffirmed)
X 25000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 25000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 25000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 5000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 15000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 10000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 5000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 5976 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 15000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 15000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 20000 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X 33833 crore CRISIL AAA/
Non-Convertible Debentures Stable (Reaffirmed)
X1600 crore Upper Tier II Bond CRISIL AAA/ Stable (Reaffirmed)
X 1750 crore Tier II Bond CRISIL AAA/ Stable (Reaffirmed)
Fixed Deposits Programme FAAA/ Stable (Reaffirmed)
X 17500 crore Commercial Paper CRISIL A1+ (Reaffirmed)

: CARE Ratings had reaffirmed its ‘CARE AAA; Stable' rating

X 35.842.90 crore for non-convertible debenture issue of LIC Housing Finance Limited.

, Also, CARE Ratings had assigned its ‘CARE AAA; Stable'

, rating to the tune of X 3,000 crore for Tier II Bonds issue of LIC

Housing Finance Limited and reaffirmed its ‘CARE AAA; Stable'. The unutilised amount as on 28.07.2021 was X 1,200 crore.

, ICRA Limited had reaffirmed ICRA A1+ rating to the? 17,500 crore commercial paper issue of LIC Housing Finance Limited and has " reaffirmed its ICRAA1+ which is one notch higherthan [ICRAJA1.

BOARD MEETINGS HELD DURING THE YEAR:

During the year under review, 7 Board meetings were held. Detailed information on the meetings of the Board as well as Committee meetings, their composition and attendance record of the members of respective Committees of the Board are included in the Report on Corporate Governance which forms part of this Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT:

The financial statements are prepared in accordance with Indian Accounting Standards (Ind As) under the historical cost convention on accrual basis except for certain financial instruments, which are measured at fair values, the provisions of the Companies Act, 2013 (to the extent modified), guidelines issued by the Securities and Exchange Board of India (SEBI) , guidelines issued by the National Housing Bank (‘NHB') and the Reserve Bank of India (‘RBI') (Collectively referred to as ‘the Previous GAAP').

The Ind AS are prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and other accounting principles generally accepted in India. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires change in the accounting policy hitherto in use.

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 the annual accounts, the applicable accounting standards has been followed and there are no material departures;

(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that period;

(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in

accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the Directors have prepared the annual accounts on a going concern basis:

(e) the Directors have laid down internal financial controls to be followed by the company and that such Internal Financial controls are adequate and were operating effectively. Note on Internal Financial control is attached as Annexure 1 to this Report and

(f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

STATEMENT ON DECLARATION FROM INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each Independent Director under Section 149(7) of the Companies Act, 2013 that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA:

It is an endeavour of the Company to have an appropriate mix of executive, non-executive and independent directors to maintain the independence of the Board, and separate its functions of governance and management. As of 31st March, 2021, the Board had Twelve members, consisting of two non-executive directors nominated by LIC of India including Chairman and one executive director who is Managing Director & CEO nominated by LIC of India: three non-executive and non-independent directors, while rest six are independent directors including one independent woman director.

The Nomination and Remuneration Committee at its meeting had laid down Criteria for determining Director Qualification, positive attributes and independence of a Director, remuneration of Directors, Key Managerial Personnel and also criteria for evaluation of Directors, Chairperson, Non-Executive Directors and Board as a whole and also the evaluation process of the same.

The performance of the members of the Board, and the Board as a whole were evaluated at the meeting of Independent Directors held on T: March, 2021.

We affirm that except nominee director (Chairman, LIC Director and Managing Director & CEO) were paid sitting fees for Board and Committee (other than for Corporate Social Responsibility Committee) meetings attended by them. Flowever, Managing

Director & CEO is paid remuneration as applicable to an Officer in the cadre of Executive Director of LIC of India and PLI as per the terms laid out in the Nomination and Remuneration Policy of the Company.

QUALIFICATION, RESERVATION OR ADVERSE REMARK OR DISCLAIMER MADE BY JOINT STATUTORY AUDITORS AND SECRETARIAL AUDITOR:

For qualification, reservation or adverse remark it may be referred to the Joint Statutory Auditors' Report dated 15th June, 2021 for the financial year 2020-21 alongwith Annexure B note on IFC.

The management accepts responsibility for establishing and maintaining internal controls and have evaluated the effectiveness of some internal control system of the Company which have been disclosed to the auditors and the Audit Committee, the deficiencies, of which the management is aware of, in the design or operation of the internal control systems and have taken the steps to rectify these deficiencies.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Pursuant to Section 186(11) of the Companies Act, 2013 loans made, guarantee given or security provided by a housing finance company in the ordinary course of its business are exempted from disclosure in the Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO SECTION IN 188(1) OF THE COMPANIES ACT, 2013 READ WITH RULE 8(2) OF COMPANIES (ACCOUNTS) RULES, 2014:

Considering the nature of the industry in which the Company operates, all Related Party Transaction that were entered during the financial year were in the ordinary course of the business of the Company and were on arm's length basis. There were no materially significant related party transaction entered by the Company with Promoters, Directors, key managerial personnel or other persons which may have a potential conflict with the interest of the Company. All such Related Party Transactions are placed before the Audit committee for approval, wherever applicable. Prior omnibus approval as per SEBI (LODR) is also obtained from Audit Committee for the Related Party Transactions which are of repetitive nature as well as in ordinary course of business.

The Related Party Transactions Policy and Procedures as reviewed by Audit Committee and approved by Board of Directors are uploaded on the website of the Company and is annexed as Annexure 2 to this report.

Form AOC-2 pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, and Rule 8(2) of the Companies (Accounts) Rules, 2014 is annexed as Annexure 3 to this report.

AMOUNTS, IF ANY WHICH IT PROPOSES TO CARRY TO ANY RESERVES:

The Company has transferred X 829.99 crore to Special Reserve u/s 36(1)(viii) of the Income-tax, Act, 1961 and X 0.01 crore to the Statutory reserve u/s 29C of NHB Act; and an amount of X 700 crore to General Reserve.

AMOUNT, IF ANY, WHICH IT RECOMMENDS SHOULD BE PAID BY WAY OF DIVIDEND:

X 428.96 crore is proposed to be paid by way of dividend to shareholders of the Company i.e. X 8.50 per equity share of face value of? 2/- each.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There are no material changes and commitments affecting the financial position of the Company which has occurred between the end of the financial year of the Company i.e. 31st March, 2021 and the date of the Board's Report i.e. 20'" August, 2021

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

A. Conservation of energy -

(i) The steps taken and impact on conservation of energy-

The Company has replaced models of computers, printers, and other equipment which were consuming between 50 to 90 percent more energy than energy-efficient models. This has ensured reduction in energy consumption and resultant saving in costs.

Air conditioning equipment is cleaned and serviced on routine basis thereby saving energy and costs and giving required cooling.

The office has LED lights and after office hours, only the required lights and air conditioning is used thereby saving energy and minimizing energy wastage.

(ii) The steps taken by the Company for utilizing alternate sources of energy-

The Company is in the process of exploring use of alternate source of energy.

(iii) The capital investment on energy conservation equipments-

None

B. Technology absorption -

(i) The efforts made towards technology absorption - Initiated a digital transformation Project RED to automate and digitize various processes of the company. Also, implemented online services for customer on boarding etc.

(ii) The benefits derived like product improvement, efforts to reduce cost of fund, product development or import substitution - The benefits are mainly towards:

• Reduced TAT for customer onboarding

• Online payment services

• Online rewriting

(iii) In case of imported technology (imported during the last three years reckoned from the beginning of financial year)- Not applicable.

(a) The details of technology imported - Not applicable.

(b) The year of import - Not applicable.

(c) Whetherthe technology has been fully absorbed - Not applicable

(d) If not fully absorbed areas where absorption has not taken place and the reason thereof - Not applicable.

(iv) The expenditure incurred on Research and Development - Not applicable.

C. Foreign Exchange Earnings and Outgo-

The foreign exchange earned in terms of actual inflows and the foreign exchange outgo during the year in terms of actual outflows.

During the year ended 31st March, 2021, the Company does not have any foreign currency earning and the foreign currency spent is X 1.98 crore. This does not include foreign currency cash flows in derivatives and foreign currency exchange transactions.

RISK MANAGEMENT POLICY FOR THE COMPANY:

The Board of the Company has constituted a Risk Management Committee to frame, implement, monitor, review risk management policy; review of the current status on the outer limits prescribed in the Risk Management policy and report to the Board; review the matters on risk management. Risks faced by the Company are identified and assessed. For each of the risks identified, corresponding controls are assessed and policies and procedure are in place for monitoring, mitigating and reporting risk on a periodic basis. In the opinion of the Board, none of the risks faced by the Company threaten its existence.

The Company has a Risk Management Policy in place. During the financial year under review, the Risk Management Policy of the Company was reviewed and put up to the Board in the Board Meeting dated 3rd March, 2021.

REMUNERATION POLICY

The Company framed the Remuneration Policy in order to align with various provisions under "SEBI LODR REGULATIONS" vide its circular no.CIR/CFD/Policy Cell/2/2014 dated

17th April 2014 and circular no.CIR/CFD/Policy Cell/7/2014 dated 15'" September 2014.

The Nomination & Remuneration Committee recommends to the Board a policy, relating to the remuneration for the Directors, Key Managerial Personnel and other employees as per sub-section (3) of Section 178 and based on the functions of the Board of Directors as indicated under Schedule IV (as per section 149) annexed to the Companies Act, 2013 and the Rules made thereunder.

Accordingly, the Remuneration policy relating to the remuneration of Directors, Key Managerial personnel and other employees is as below:

REMUNERATION TO NON-EXECUTIVE DIRECTORS:

The Non-Executive Directors would be paid such amount of sitting fees as decided from time to time for every Board and Committee Meeting they attend. Apart from sitting fees no other remuneration / commission would be payable to them.

In future if Company decides to pay any remuneration / commission to Non-Executive Independent Directors, then the same will be in compliance with Regulation 17(6)(ca) of the "SEBI LODR REGULATIONS" as amended from time to time.

REMUNERATION TO NON-EXECUTIVE NOMINEE DIRECTORS:

The Non-Executive Nominee Directors would not be paid any sitting fees for the Board and Committee Meetings they attend. The Non-Executive Nominee Directors are not paid any salary and / or other benefits by the Company.

REMUNERATION TO EXECUTIVE NOMINEE DIRECTOR:

The Executive Nominee Director who is designated as Managing Director & CEO is paid remuneration as applicable to an Officer in the cadre of Executive Director of LIC of India. This apart, the Executive Nominee Director is entitled for PLI as per criteria approved by the Nomination and Remuneration Committee of the Board.

As and when there is any revision in the pay scales of the Executive Nominee Director as per the charter decided by the LIC of India, then the same is made applicable to the Executive Nominee Director at par with those of the officials in the similar cadre. Further, tenure and terms and conditions of appointment of Executive Nominee Director are as decided by LIC of India from time to time and as approved by the Board of Directors of the Company.

However, the remuneration payable to Executive Nominee Director at any point of time shall be within the limits specified as per Regulation 17(6)(e) of the "SEBI LODR REGULATIONS" LODR REGULATIONS") as amended from time to time.

REMUNERATION TO KEY MANAGERIAL PERSONNEL (OTHER THAN MD & CEO) AND OTHER EMPLOYEES:

In the present set up of the Company, key managerial personnel, other than Managing Director & CEO, are Company Secretary

and Chief Financial Officer. Remuneration payable to Company Secretary, Chief Financial Officer and other employees is as decided by the Board of Directors as per Service Terms, Conduct Rules 1990 as amended from time to time.

Except Managing Director & CEO who is a whole time Executive Director, none of the Directors of the Company is paid any other remuneration or any elements of remuneration package under major groups, such as salary, benefits, bonuses, stock options, pension, performance linked incentive etc.

CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY:

In compliance with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has established Corporate Social Responsibility Committee and statutory disclosures with respect to the CSR Committee and an Annual Report on CSR activities is annexed as Annexure 4 to this report.

COMPOSITION OF THE CORPORATE SOCIAL RESPONSIBILITY COMMITTEE IS AS FOLLOWS:

Shri Jagdish Capoor Chairman Independent Director
Dr. Dharmendra Bhandari Member Independent Director
Shri Y.Viswanatha Gowd Member Managing Director & CEO

ANNUAL EVALUATION MADE BY THE BOARD OF ITS OWN PERFORMANCE:

The Nomination and Remuneration Committee at its meeting had recommended Criteria for evaluation of Directors, Chairperson, Non-Executive Directors, Board level committee and Board as a whole and also the evaluation process of the same.

The Board of Directors carried out an annual evaluation of its performance, Board level committees and Individual Directors pursuant to the provisions of the Act and the Corporate Governance requirements as prescribed by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, at the meeting of Independent Directors held on 1st March, 2021.

The performance of the Board was evaluated after seeking inputs from all the Directors on the basis of criteria such as the Board composition and structure, effectiveness of Board process, information and functioning, process of disclosure and communication, access to timely, accurate and relevant information etc.

The performance of the various Board Committee was evaluated by the Board after seeking inputs from the respective committee members, on the basis of criteria such as the composition of committee, effectiveness of committee meeting, functioning, etc.

The Board reviewed the performance of the Individual Directors on the basis of the criteria such as the contribution of the Individual Director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, presented views convincingly, resolute in holding views etc.

In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, performance of the Board as a whole and performance of Chairman was evaluated.

Report on the performance and financial position of each of the subsidiaries, associates and joint venture companies included in the consolidated financial statement:

Pursuant to Section 129 of the Companies Act, 2013, the Company has prepared a consolidated financial statement of the Company and also of its subsidiaries and associates, in the same form and manner as that of the Company which shall be laid before the ensuing Thirty Second Annual General Meeting of the Company alongwith the Company's Financial Statement under sub-section (2) of Section 129 i.e. Standalone Financial Statement. Further, pursuant to the provisions of Accounting Standard (‘AS') 21, Consolidated Financial Statements notified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, issued by the Ministry of Corporate Affairs, the Consolidated Financial Statements of the Company alongwith its subsidiaries and associates for the year ended 31st March, 2021 form part of this Annual Report.

In accordance with the provisions of Section 136 of the Companies Act, 2013, the annual report of the Company, the annual financial statements and the related documents of the Company's subsidiary and associate companies are hosted on the website of the Company.

THERE HAS BEEN NO CHANGE IN THE NATURE OF BUSINESS OF THE COMPANY DURING THE YEAR UNDER REVIEW.

DIRECTORS:

As of 31st March, 2021, the Board had Twelve members, consisting of two non-executive directors nominated by the promoter, LIC of India which includes the Chairman, Shri M.R Kumar and Director Shri Vipin Anand. The Managing Director & CEO, Shri Y.Viswanatha Gowd, who is the only executive director in the Board is also a Nominee of the LIC of India. Apart from these three (3) nominee directors there are three (3) non-executive and non-independent directors namely Shri P Koreswara Rao, Shri Sanjay Kumar Khemani and Shri Akshay Kumar Rout. Other 6 board members are independent directors including one independent woman director namely Ms. Jagennath Jayanthi. The other independent Directors are Shri Jagdish Capoor, Dr. Dharmendra Bhandari, Shri Ameet N Patel, Shri V. K. Kukreja, Shri Kashi Prasad Khandelwal.

SUCCESSION PLANNING:

In order to ensure stability and effective implementation of long term business strategies and for smooth transition at MD & CEO level, the Board decided that new MD & CEO should be posted in advance, say 4-6 months as COO who would subsequently take over as MD & CEO on retirement / elevation / transfer of the existing MD & CEO.

In terms of Article 138(b) of the Articles of Association of Company, LIC of India is entitled to nominate upto one third of the total number of directors of the Company and therefore, the Board after consideration, approved posting of senior official from LIC of India as Nominee of LIC of India for the post of COO as part of succession plan for MD & CEO with a view to ensure stability and effective implementation of long term business strategies.

APPOINTMENTS / RESIGNATIONS OF DIRECTORS:

Nomination and Remuneration Committee after considering the profile, qualifications, etc., of Shri Akshay Rout (DIN-08858134) and in terms of ‘Fit and Proper' criteria adopted by the Board on 10th March, 2017 pursuant to NHB notification No.NFIB. HFC.CG-DIR.1/MD&CEO/2016 dated 9th February, 2017 also in accordance with the SEBI(LODR) Regulations, 2015 as well as after undertaking the process of due diligence, recommended to the Board of Directors of the Company, Shri Akshay Rout (DIN-08858134), to be suitable and eligible for the appointment of Non-Executive Non Independent Director of the Company with effect from 28th September, 2020 liable to retire by rotation. Based on the recommendation of Nomination and Remuneration Committee, the Board considered and after having thought fit pursuant to the provisions of the SEBI(LODR) Regulations, 2015, Sections 152, 161 and other applicable provisions, if any of the Companies Act, 2013 and the Rules made thereunder, including any amendment, modification, variation or re-enactment thereof read with Schedule IV to the Companies Act, 2013, for the time being in force, and ‘fit and proper' criteria adopted by the Board, approved the appointment of Shri Akshay Rout (DIN-08858134) as Additional Non Executive Director of the Company, liable to retire by rotation.

Nomination and Remuneration Committee after considering the profile, qualifications, etc., of Ms Jagennath Jayanthi (DIN 09053493), and in terms of ‘Fit and Proper' criteria adopted by the Board on 10th March, 2017 pursuant to NHB notification No.NFIB.FIFC.CG-DIR.1/MD&CEO/2016 dated

9th February, 2017 also in accordance with the SEBI(LODR) Regulations, 2015 as well as after undertaking the process of due diligence, recommended to the Board of Directors of the Company, Ms Jagennath Jayanthi (DIN 09053493), to be suitable and eligible for the appointment of Additional Non-Executive Independent Director of the Company for a period of five consecutive years with effect from 5th February, 2021 not liable to retire by rotation, subject to the approval of the shareholders in the forthcoming 32nd Annual General Meeting (AGM). Based on the recommendation by Nomination and Remuneration Committee, the Board considered and after having thought fit pursuant to the provisions of the SEBI(LODR) Regulations, 2015, Sections 149,152,161 and other applicable provisions of the Companies Act, 2013 the Rules made thereunder, including any amendment, modification, variation or re-enactment thereof read with Schedule IV to the Companies Act, 2013, Article 141 of the Articles of Association of the Company, Ms Jagennath Jayanthi (DIN 09053493) as an Additional Non-Executive Independent Director of the Company for a period of five consecutive years with

effect from 5th February, 2021 not liable to retire by rotation, subject to the approval of the shareholders in the forthcoming 32nd Annual General Meeting (AGM).

On the recommendation of the Nomination and Remuneration Committee, the Board considered and accorded its consent in its Board Meeting held on 2nd February, 2021 and further recommended the appointment of Shri Yerur Viswanatha Gowd (DIN 09048488), Managing Director and Chief Executive Officer (MD & CEO) as a Director and MD & CEO as also Key Managerial Personnel (KMP) for a period of 3 years and beyond, maximum upto 5 years effective from 1st February, 2021 or as decided by LIC of India from time to time on payment of remuneration and PLI for the aforesaid period to the shareholders / members of the Company for approval in the forthcoming Annual General Meeting of the company based on terms of Notification No.NFIB. HFC.CG-DIR.1/MD&CEO/2016 dated 09.02.2017 issued by NHB and other applicable provisions of the Companies Act, 2013 and SEBI (LODR), 2015, NHB Directions and any other notification(s),circular(s),order(s) etc. made under the said statute(s) and considering the process of due diligence and scrutiny of the declarations undertaken by the Nomination and Remuneration Committee. The appointment of Shri Yerur Viswanatha Gowd (DIN 09048488) as MD & CEO and also as Key Managerial Personnel (KMP) is pursuant to the provisions of Sections 2(78), 2(94), 196, 197, 203 and other applicable provisions, if any, of the Companies Act, 2013, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and any other Rules framed thereunder read with Schedule V to the Companies Act, 2013 including any amendment, modification, variation or re-enactment thereof for the time being in force and the Articles 138,161 and 194(c) of Articles of Association of the Company, subject to approval of the members in the 32" Annual General Meeting and such other consents and permission as may be necessary, and subject to such modifications, variations as may be approved and acceptable to the appointee, the consent of the Board of Directors be and is hereby accorded forthe appointment of Shri Yerur Viswanatha Gowd (DIN 09048488) as Managing Director & CEO as also KMP of the Company for a period of 3 years and beyond, maximum upto 5 years effective from 1st February, 2021 or as decided by LIC of India from time time, on payment of remuneration and PLI for the aforesaid period.

The terms and conditions of his service shall be determined from time to time by LIC of India and the Board of LIC Flousing Finance Limited and that, the remuneration payable to him shall be within the limit as per the Companies Act, 2013. His appointment as Managing Director & CEO as also Key Managerial Personnel shall be without prejudice to his continuing service in LIC of India.

The Nomination and Remuneration Committee after considering the profile, qualifications, etc., of Shri Raj Kumar (DIN: 06627311) and in terms of ‘Fit and Proper' criteria adopted by the Board on 10th March, 2017, pursuant to NHB notification NO.NHB.HFC.CG-DIR.1/MD&CE0/2016 dated 9th February, 2017, also in accordance with "SEBI LODR REGULATIONS"

as well as after undertaking the process of due diligence, recommended to the Board of Directors of the Company, Shri Raj Kumar (DIN: 06627311), to be suitable and eligible for the appointment of Non-Executive Non Independent (Nominee) Director of the Company with effect from 13th August, 2021 liable to retire by rotation. Based on such recommendation, the Board considered and after having thought fit, pursuant to the provisions of the "SEBI LODR REGULATIONS", Sections 152,161 of the Companies Act, 2013 and read with Schedule IV, approved appointment of Shri Raj Kumar (DIN: 06627311) as Additional Non Executive (Nominee) Director of the Company liable to retire by rotation.

Ms. Savita Singh (DIN 01585328), Independent director had tendered her resignation from Directorship of the Company with effect from 9th November, 2020, on account of personal reason.

Shri Siddhartha Mohanty (DIN: 08058830), Executive - Nominee Director had tendered his resignation from Directorship of the Company with effect from 1st February, 2021 on account of repatriation to LIC of India.

Shri Vipin Anand (DIN 05190124) had tendered his resignation from Directorship of the Company with effect from 30th July, 2021 on attainment of superannuation from the services of LIC of India.

Thus as on 13st August, 2021, the Board of Directors of the Company consists of twelve members, five of them are non-executive directors including Chairman and one LIC Director, while other three are non-executive non-independent directors. Managing Director & CEO is executive whole time director. Remaining six directors are independent directors including one independent woman director.

DIRECTOR RETIRING BY ROTATION:

Shri Pottimutyala Koteswara Rao, retires by rotation at the ensuing Annual General Meeting and is eligible for re-appointment

APPOINTMENTS / RESIGNATION OF THE KEY MANAGERIAL PERSONNEL:

Shri Yerur Viswanatha Gowd, Managing Director & CEO, Mr. Nitin K. Jage, General Manager & Company Secretary and Mr. Sudipto Sil, CFO are the Key Managerial Personnel (KMP) as per the provisions of the Companies Act, 2013.

During the Financial year 2020-2021 Shri Yerur Viswanatha Gowd had been appointed in the place of Shri Siddhartha Mohanty who had been transferred back to LIC of India with effect from 1st February, 2021.

COMMITTEES OF THE BOARD:

The Company has various committees which have been constituted as a part of the best corporate governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statutes.

The Company has following Committees of the Board:

• Audit Committee

• Stakeholders Relationship Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• Risk Management Committee

• Executive Committee

• Debenture Allotment Committee

• Strategic Investment Committee

• IT Strategy Committee

Composition of Audit Committee is as follows:

• Shri Jagdish Capoor Chairman Independent Director

• Dr. Dharmendra Bhandari Member Independent Director

• Shri Arneet Patel Member Independent Director

• Shri Kashi Prasad Khandelwal Member Independent Director

There has not been any instance during the year when recommendations of Audit Committee were not accepted by the Board.

The details with respect to the compositions, powers, roles, terms of reference etc. of relevant committees are given in detail in the Report on Corporate Governance which forms part of this Report.

SUBSIDIARIES AND GROUP COMPANIES

As on 31st March, 2021, the Company has four Subsidiaries namely, LICHFL Care Homes Limited, LICHFL Asset Management Company Limited, LICHFL Trustee Company Private Limited and LICHFL Financial Services Limited. The Consolidated financial statements incorporating the results of all the subsidiaries of the Company for the year ended 31st March, 2021, are attached along with the statement pursuant to Section 129 of the Companies Act, 2013, with respect to the said subsidiaries. Brief write up including performance and financial position of each of the subsidiaries is provided as under:

1. LICHFL Care Homes Limited (LICHFL CHL)

LICHFL CHL, a wholly owned subsidiary of LIC Housing Finance Limited, was incorporated on 11th September, 2001. Authorised share capital of the Company is ? 75 Crore. The basic purpose of incorporating the Company was to establish and operate ‘assisted living community centres' for the senior citizens.

During the FY 2020-2021, the Company earned a Profit before Tax (PBT) of ? 38.05 Lakhs and Profit after Tax (PAT) stood at ^ 37.29 Lakhs.

The Company has successfully completed a project at Bangalore in two Phases and Jeevan Anand Project at Bhubaneswar.

Further, the Company is in process to develop new Carehomes project at Jaipur, Rajasthan and Aluva, Kerala. The Company is also in process to purchase land at various locations across the Country. Going forward, these projects are likely to further improve the overall operations and stability of the Company.

With life expectancy going up and number of elderly citizens rising year after year, the Company is set on a growth trajectory keeping LIC & LIC HFLs' vision for fulfilment of Corporate Social Responsibility at the forefront.

2. LICHFL Asset Management Company Limited (LICHFL AMC)

LICHFL AMC was incorporated on 14th February 2008. The Company is in the business of managing, advising, administering Private Equity Funds including Venture Capital Fund (VCF) and Alternate Investment Fund (AIF)

The Company was appointed as Investment Manager in 2010 to raise and manage the LICHFL Sponsored, LICHFL Urban Development Fund (LUDF). The Company has raised total commitments of ? 529.35 Crore from Banks, Financial Institutions, Corporates and HNIs as against the targeted size of ? 500 Crore and announced financial closure on 30th March, 2013. The Company has deployed ? 461.30 Crore in 9 Portfolio Companies, acquisition or operation of affordable / mid income housing, related infrastructure and Hospitals. With receipts from 6 exits, the Fund has so far achieved an IRR of 27.29%.

The Company also launched a new Alternative Investment Fund (AIF) namely LICHFL Housing & Infrastructure Fund (LHIF), with a total corpus of ? 1,000 Crore including Green Shoe Option (GSO) of ? 250 Crore and the focus of the Fund is on Affordable Housing and Property backed Infrastructure in sectors which include Educational Institutions, Hospitals, Industrial Parks & Warehouses. As on 31st March 2021, the Company has already received total Commitment of ? 812 crore out of which Contribution Agreement was signed.

The Company has recently registered a New Fund with SEBI - LICHFL Real Estate Debt Opportunities Fund - I on 30th March 2021 under AIF Category II of SEBI Alternate Investment Fund Regulations 2012 (AIF). The Fund is having a target corpus of ? 3,000 crore (Base corpus of ? 2,000 crore plus ? 1,000 crore as green shoe option). The Fund is envisaged to be raised from both Domestic and Overseas Investors. The focus sector of the Fund is Housing.

During the FY 2020-21, the Company earned a Profit before Tax (PBT) of ? 1,136.52 Lakh and Profit after Tax (PAT) stood at ? 769.47 Lakh. The Company has

recommended dividend @ 27.50% for FY 2020-21 on its paid up share capital.

3. LICHFL Trustee Company Private Limited (LICHFL TCPL)

LICHFL TCPL was incorporated on 5th March, 2008. The Company is undertaking the business of trusteeship services for Venture Capital Funds (VCFs) and Alternative Investment Funds (AIFs).

The Company was appointed as Trustee in 2010 for LICHFL Fund and further appointed LICHFL Asset Management Company Limited (LICHFL AMC) as Investment Manager for the Fund. In 2010 the Company had registered LICHFL Fund with SEBI as Venture Capital Fund (VCF) under the SEBI (Venture Capital Funds) Regulations, 1996. LICHFL Urban Development Fund achieved its financial closure with ? 529.35 Crore on 30:' March, 2013.

The Company was appointed as Trustee in 2017 for LICHFL Housing & Infrastructure Trust (LHIT) and further appointed LICHFL AMC Ltd. as Investment Manager for LICHFL Housing and Infrastructure Fund (LHIF). The Company had received registration for LHIF on October 2017 from SEB under Alternative Investment Fund Regulations, 2012 as Category - I Infrastructure. LICHFL AMC launched LICHFL Housing & Infrastructure Fund (LHIF) in October 2017 and achieved initial closing on 31st March 2018. The Fund announced its final closing on 31st March 2021.

The Company is recently appointed as Trustee on 30th March 2021 for a New Fund registered with SEBI - LICHFL Real Estate Debt Opportunities Fund - I and appointed LICHFL AMC Ltd. as Investment Manager for the Fund.

During the FY 2020-21, the Company earned a Profit before Tax (PBT) of ? 15.21 Lakh and Profit after Tax (PAT) of? 11.56 Lakh.

4. LICHFL Financial Services Limited (LICHFL FSL)

LICHFL FSL, a wholly owned subsidiary of LIC Housing Finance Limited, was incorporated on 31st October, 2007, for marketing of housing loan, insurance products (Life and General Insurance), mutual funds, fixed deposits, credit cards. It became operational in March, 2008 and at present has 47 offices spread across the country.

The vision of the Company is "SARVESHAM POORNAM BHAVATU" - to provide complete financial solutions" to secure not only the present but also the future of the customer and his family. In this endeavour, the marketing officials assist at every step - right from financial planning to manage every aspect of investment, both for the short & long term.

At present, the Company distributes Life Insurance products of LIC of India, Home Loans & Fixed Deposits

of LIC Housing Finance Limited, Mutual Funds of various fund houses, General Insurance products of United India Insurance Company Limited, Tata AIG General Insurance Company Limited and HDFC ERGO General Insurance Company Ltd., Health Insurance products of Aditya Birla Health Insurance Co. Ltd. and Star Health and Allied Insurance Co. Ltd., Credit Cards of LIC Cards Services Limited and Point of Presence for National Pension System (NPS). More business verticals will be added depending on market opportunities and customer needs.

The Company has earned a Profit before Tax (PBT) of ? 1,892.97 Lakhand Profit after Tax (PAT) of ?1,295.90 Lakh for the FY 2020-21 and recommended dividend @ 25% for FY 2020-21 on paid up share capital of ? 9.50 Crores.

The Company is striving to improve its Performance across all Business verticals in the coming years.

Name/s of Company/ies which have ceased / become subsidiary/joint venture/associate: None

As on 31st March, 2021, the Company has two associate companies namely LIC Mutual Fund Asset Management Company Limited and LIC Mutual Fund Trustee Company Private Limited.

The Annual Report which consists of the financial statements of the Company on standalone as well as consolidated financial statements of the group for the year ended 31st March, 2021, has been sent to all the members of the Company. It does not contain Annual Reports of Company's subsidiaries. The Company will provide Annual Report of subsidiaries upon request by any member of the Company. These Annual Reports are also be available on Company's website viz www.lichousing.com.

No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and operating effectively. Note on Internal financial control as Annexure 1 is attached to this report.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has a Whistle Blower Policy in place which provides whistle blowers to raise concerns relating to reportable matters as defined in the policy. The mechanism adopted by the Company encourages the whistle blower to report genuine concerns or grievances and provides for adequate safeguards against victimisation of whistle blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee.

EMPLOYEE STOCK OPTION:

No stock options were issued to the Directors or any employees of the Company as the Company does not have any such scheme.

EMPLOYEE REMUNERATION:

Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Non-Executive Directors (including Independent Directors)* Ratio to median remuneration
Nil N.A.

'Remuneration is not paid to Non-Executive Directors (including Independent Directors)

Executive Director (MD&CEO) Ratio to median remuneration
Shri Yerur Viswanatha Gowd 8:1

b. The percentage increase in remuneration of each director, Chief Executive Officer, Chief Financial Officer, Company Secretary in the financial year:

Non-Executive Directors (including Independent Directors)* % increase in remuneration in the financial year
Nil N.A.

*No remuneration is paid to Non-Executive Directors (including Independent Directors)

KMP % increase in remuneration in the financial year
Executive Director (MD&CEO)* -2.55%
Company Secretary 2.08%
Chief Financial Officer** -19.06%

'Remuneration of MD & CEO includes Salary for the month from Apr-20 to Jan-21 & PLI which was given during F. Y. 2020-21 to the MD & CEO who has been repatriated to LIC of India. "Remuneration of CFO includes Salary for the month of Apr-19 & PLI which was given for F. Y. 2019-20 to the CFO who has been repatriated to LIC of India.

c. The percentage increase in the median remuneration of employees in the financial year:

11.37%

d. The number of permanent employees on the rolls of the Company:

2427

e. Percentage increase over decrease in the market quotations of the shares of the Company in comparison to the rate at which the Company came out with the last public offer:

Particulars Market Price 31 March, 2021 428.10" 15 November 1994 12* % Change 3467.5
(in?)

'Adjusted Issue price on account of sub-division "BSE-closing Price ? 428J0

f. Average percentile increase already made in the salaries of employees other than managerial personnel in the financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

Decrease in managerial remuneration for the year was -2.55%. The average annual Increase in the salaries of the employees other than managerial personnel during the year was 11.37% on account of increase in DA and scale at which new recruitment at officer level was made.

g. Affirmation that remuneration is as per the Remuneration policy of the Company:

The Company affirms that the remuneration is as per the Remuneration Policy of the Company.

During the year the Company has not engaged any employee drawing remuneration exceeding the limit specified under Section 197(12) read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

In terms of Section 136(1) of the Companies Act, 2013 read with the Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board's Report is being sent to all the shareholders of the Company excluding the annexure containing names of the top ten employees in terms of remuneration drawn. Any shareholder interested in obtaining a copy of the said annexure may write to the Company at: The Company Secretary, LIC Housing Finance Limited, Corporate Office, 131 Maker Towers, ‘F' Premises, 13th Floor, Cuffe Parade, Mumbai - 400 005.

Prevention, Prohibition & Redressal of Sexual Harassment of women at workplace:

As per the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, your Company has in place a Policy on Prevention, Prohibition & Redressal of Sexual Harassment of Women at Workplace and has a robust mechanism to redress the complaints reported thereunder. An Internal Committee has been constituted, which comprises of internal members who have experience in the subject field.

Pursuant to the provisions of Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the complaints received thereunder and the details relating thereto are as follows:

(a) Number of complaints received in the year: 1

(b) Number of complaints disposed of during the year: 1

(c) Number of cases pending more than ninety days: Nil

(d) Number of workshops or awareness programme against sexual harassment carried out: Your Company on a regular basis sensitizes its employees on prevention of sexual harassment through various workshops, awareness programmes.

(e) Nature of action taken by the employer or district officer: Nil

It may be mentioned here that the Company has zero tolerance towards any action on the part of any executive / staff which may fall under the ambit of 'Sexual Harassment' at workplace, and is fully committed to uphold and maintain the dignity of every women working in the Company.

HUMAN RESOURCES

The Company aims to align HR practices with business goals, increase productivity of Human Resource by enhancing knowledge, skills and to provide conducive work environment for develop a sense of ownership amongst employees. Productive high performing employees are vital to the

Company's success. The Board values and appreciates the contribution and commitment of the employees towards performance of the Company during the year. The Company inducted employees during the year for various positions and also promoted employees to take up higher responsibilities. Apart from fixed salaries, perquisites and benefits, the Company also has in place performance-linked incentives which reward outstanding performers, who meet certain performance targets. In pursuance of the Company's commitment to develop and retain the best available talent, the Company had organised and sponsored various training programmes / seminars / conferences for upgrading skill and knowledge of its employees in different operational areas.

Employee relations remained cordial and the work atmosphere remained congenial during the year.

ACKNOWLEDGMENTS

The Directors place on record their appreciation for the advice, guidance and support given by Life Insurance Corporation of India, National Housing Bank and all the bankers of the Company. The Directors also place on record their sincere thanks to the Company's clientele, lenders, investors and members for their patronage. The Directors express their appreciation for the dedicated services of the employees and their contribution to the growth of the Company.

For and on behalf of the Board
Place: Mumbai Chairman
Date: 20th August, 2021

   

LIC Housing Finance Ltd Company Background

M R KumarY Viswanatha Gowd
Incorporation Year1989
Registered OfficeBombay Life Building 2nd Floor,45/47 Veer Nariman Road
Mumbai,Maharashtra-400001
Telephone91-22-22040006/22049682/22049919,Managing Director
Fax91-22-22049839
Company SecretaryNitin K Jage
AuditorM P Chitale & Co/Gokhale & Sathe
Face Value2
Market Lot1
ListingBSE,Luxembourg,MSEI ,NSE,
RegistrarSharex Dynamic (India) Pvt Ltd
Unit No 1 Luthra Ind,Andheri Kurla Road ,Safed Pool Andheri(E,Mumbai - 400 072

LIC Housing Finance Ltd Company Management

Director NameDirector DesignationYear
Nitin K Jage Company Secretary 2021
Jagdish Capoor Non-Exec. & Independent Dir. 2021
V K Kukreja Non-Exec. & Independent Dir. 2021
Ameet N Patel. Non-Exec. & Independent Dir. 2021
Dharmendra Bhandari Non-Exec. & Independent Dir. 2021
P Koteshwara Rao Non-Exec. & Independent Dir. 2021
M R Kumar Chairman (Non-Executive) 2021
Kashi Prasad Khandelwal Non-Exec. & Independent Dir. 2021
Sanjay Kumar Khemani Non-Exec & Non-Independent Dir 2021
Vipin Anand Non-Exec & Non-Independent Dir 2021
Akshay Rout Non Executive Director 2021
Y Viswanatha Gowd Managing Director & CEO 2021
J Jayanthi Addtnl Non-Exe Dir &Indpnt Dir 2021
Raj Kumar Nominee 2021

LIC Housing Finance Ltd Listing Information

Listing Information
BSE_500
BSE_200
BSEDOLLEX
CNX500
BSEMID
CNXMIDCAP
CNXMID50
CNX200
NFT100EQWT
BSEALLCAP
BSEFINANCE
NFTMIDLQ15
SENSNEXT50
MID150
LMI250
MSL400
BSEEVI
BSEDFINRVG
NFTYLM250
NFTYMC150
NFTYMSC400
NF500M5025

LIC Housing Finance Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest Income Rs.00019605.35
Other Operating Income Rs.00046.06
Processing Fees & Oth. ChargesRs.00039.42
Dividend Rs.0006.19
Net Gain on Derecognition of FRs.0005.86
Management Fee Rs.0000
Residual Income on PTC B Rs.0000
Income from Investments Rs.0000
Profit on Sale of Investments Rs.0000

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