Unaudited Financial Results Q1 FY 2015-16

July 21, 2015

(CIN: L65922DL2005PLC136029)

Indiabulls Housing Finance Limited

Investor Contact
Ramnath Shenoy
investor.relations@indiabulls.com
+91 22 6189 1444

Media Contact
Rahat Ahmed
mediaquery@indiabulls.com
+91 22 6189 1155

This document does not constitute an offer or recommendation to buy or sell any securities of Indiabulls or any of its
subsidiaries or associate companies. This document also doesnt constitute an offer or recommendation to buy or sell any
financial products offered by Indiabulls.

This document contains certain forward-looking statements based on current expectations of Indiabulls management. Actual
results may vary significantly from the forward-looking statements in this document due to various risks and uncertainties.
These risks and uncertainties include the effect of economic and political conditions in India, and outside India, volatility in
interest rates and in Securities markets, new regulations and government policies that might impact the business of
Indiabulls, the general state of the Indian economy and the managements ability to implement the companys strategy.
Indiabulls doesnt undertake any obligation to update these forward-looking statements.

Safe Harbour Statement

Business Update

Operational Update

Indian Mortgage Market

Financial and Operational Highlights

Key Ratios, Valuations and Shareholding

Detailed Financials

1.

2.

3.

4.

5.

6.

Contents

43

38

20

11

Pg. No.

Business Update

2000

2004-05

IPO and listing

Multi-product lending

Launched secured mortgage and commercial vehicle businesses

FY 2014-15: Cumulative disbursements

crossed Rs. 1,00,000 Cr.

FY 2014-15: Long-term credit rating

upgraded to AAA

Credit rating upgraded to AA+

PAT crosses Rs.1,000 Cr.
Balance sheet crosses Rs. 30,000 Cr., RoE: 22%

Mortgage finance focused growth plan

Home loans to prime salaried segments
In-house sales team ramp up to over 1,000 employees

Credit Rating upgraded to AAA

Cumulative disbursements
crosses Rs.1,00,000 Cr.
Balance Sheet : Rs. 57,231 Cr.
PAT : Rs. 1,901 Cr.
RoE : 29%
PAT: Rs.1,569 Cr,
Balance Sheet : Rs.44,417 Cr
RoE : 27%

2014-15

Conversion to HFC
Indias 3rd largest HFC by size
PAT Rs.1,266 Cr., RoE: 26%

2013-14

Credit rating upgraded to AA

Retail mortgage constitutes 70% of loan book
Balance sheet crosses Rs. 20,000 Cr;, RoE : 17%

2011-12

2012-13

Credit rating of AA Loan book crosses Rs.10,000 Cr.

Exit from unsecured personal and business loans

Started as an NBFC

2006

2008

2009

2010 - 11

Our Journey

511.3
14.38

PAT (Rs. Cr.)

EPS (Rs.)

12.68

423.8

652.4

1,589.0

42,014.3

Q1 FY 14-15

20.6%

25.9%

27.4%

28.6%

Growth (%)

A second interim dividend of Rs. 9/-per share of face value of Rs. 2/-, amounting to 450%, has been
declared in the Board meeting held on 21st July, 2015.

The company had cash, cash equivalents and investments in liquid debt instruments of Rs. 9,552 Crs as at 30th
June, 2015. The company receives income from its cash, cash equivalents and investments in liquid debt
instruments through the quarter, most of which appears in Other Income.

821.5

2,024.9

54,021.5

NII (Rs. Cr.)

Total Revenues (Rs. Cr.)

Loan Assets (Rs. Cr.)

Q1 FY 15-16

Key Financial Highlights: Q1 FY15-16

Business Update

Operational Update

:
:
:

:
:

Loan Book CAGR (6 years)

Cumulative Loans given to retail Customers

Cumulative Loans Disbursed till date

Cost to Income Ratio (FY 2015)

Profit After Tax CAGR (6 years)

US $ amounts are converted based on the exchange rate of US $1 = Rs. 63.5

(June 30, 2015)

:
:

Loans Outstanding

Business Summary

18%

16.4%

Rs. 111,129 Cr
(US$ 17.50 bn)

6.54 Lacs

26 %

Rs. 54,022 Cr
(US$ 8.51 bn)

AA+

ICRA (An Associate of Moodys Investor Service)

A1+

A1+

AA+

CRISIL (A Standard & Poors Company)

India Ratings & Research (A Fitch Group

Company)

A1+

AAA

Brickwork Ratings

A1+

Short Term
Rating

AAA

Long Term
Rating

CARE Ratings

Credit Ratings

Country Wide Reach

Recommendation of
proposals but no credit
decisioning

Customer interaction
and service delivery

Service
Centres

Customer
interaction and
service delivery

Walk-in
branches with
credit decisioning
for low ticket
sizes

Branches

Underwriting of
high value proposals
and proposals that
require more
detailed credit
analysis

MSC is a regional
credit hub and is
manned by senior
personnel

Centres (MSC)

Master Service

All decisions for

loans above certain
predefined limits
taken jointly by the
committee

Presence of core
credit committee

Head office

10

Indian Mortgage Market

11

2 million affordable housing units to be launched in the next 3 years

- Rs. 8,000 crores allocated to the Rural Housing Fund run by NHB2

- Rs. 4,000 crores allocated for low-cost housing and Rs. 50,000 crores for urban housing2

- Relaxation of real estate FDI norms and REIT norms

Government policy focus towards affordable housing

- HFCs are permitted to borrow through ECBs for lending towards affordable housing

- Government focussed on making building approval process simpler and quicker

Affordable Housing: Policy makers focus on Home loans up to 50 Lacs (from sub 28 Lacs
classified as priority sector lending)

- Demand continues to increase due to rapid urbanization, growing trend of nuclear families and rising
income

Urban Housing requirement: estimated at 45 million units by 20221

1 Industry Reports; 2 RBI Deputy Governor Speech, Aug 2014

Vast Affordable Housing Opportunity

12

9%

Thailand

17%

China

Korea

26%

Malaysia

29%

Hong Kong

USA

UK

88%

Lower mortgage penetration compared to advanced and emerging economies implies huge
opportunity for growth
Indian mortgage industry at an inflection point and is expected to grow five-fold in next 10
years
In the most recent budget, the Government has increased tax exemption limits on home loan
repayments, effectively lowering the rate of interest
Government has underlined support for affordable housing in the budget, which has been
followed up by prompt steps by the regulator

Source: National Housing Bank, 2013

India

20%

41%

81%

Headroom for Growth - Low Mortgage Penetration

Indian Housing Finance Industry

13

FY05

28%

Bank's Share

FY10

4,595

FY15

HFC's Share

33%

FY20F
(Amounts in Rs. Bn)

Increasing Affordability: Rising disposable incomes coupled with low effective interest rate of
only 3.94 % after tax benefits for a home loan of Rs. 20 Lacs
Average age of house owner has reduced to 35 years from 43 years in FY20002
Urbanisation to rise to 40% of population by 2025 from the current 31%1
Urban Housing Shortage: estimated at 45 million units by 20222
Favourable Demographics: 60% of the countrys population is below 30 years of age3

1 NHB Report, 2014; 2 Industry Reports; 3 Census 2011

High demand growth driven by:

Source: RBI Database, NHB Reports & Industry Estimates

34%

2,052

10,285

36%

22,904

Growing HFC Market Share in a Steadily Expanding Home Loans Market

Indian Mortgage Market

14

- Ultimate benefit and knock-on effect on credit off-take and growth

- Social security schemes launched: Pension and Insurance schemes 142 Mn policies issued

- 16.7 Cr accounts opened: doubled in 6 months

Jan Dhan Yojana: Vast increase in organised banking infrastructure and reach

- Vast housing opportunity: Technologically integrated and planned townships

- Outlay of Rs. 1,00,000 Crs over next 5 years

100 smart cities plan: Guidelines issued

- Affordable housing in partnership with the private sector

- 20 million new housing units in 500 towns and cities in 7 years

Housing for all by 2022: Scheme launched by the government

Recent Government Policy Initiatives

15

1,50,000
1,21,128
1,22,965
5.07%

Principal component

Tax amount saved

Effective interest paid on home loan

Effective interest rate on home loan

6.15%

1,50,628

77,250

1,00,000

2,27,878

3,27,878

15

30.90%

1,00,000

1,50,000

9.25%

25,00,000

2010

11.94%

2,95,118

32,775

56,628

3,27,893

3,84,521

15

34.50%

20,000

75,000

13.25%

25,00,000

2000

* Interest Repayment Tax Break: Section 24 of the Income Tax Act

# Principal Repayment Tax Break: Section 80C of the Income Tax Act

2,44,093

Interest component

Amount in Rs.

3,94,093

15

Total amount paid per year

Tenure (Yrs)

34.61%

1,50,000

Deduction allowed on principal repayment#

Tax Rate applicable

2,00,000

9.90%

25,00,000

2015

Deduction allowed on interest repayment*

Nominal Interest Rate(%)

Loan amount

Particular

Tax Incentives Low Effective Interest Rates

Indian Mortgage Market

16

Affordability

2015

2.9

10.2

Hyderabad

Kolkata

3.3%

Mumbai

2.4%

India

3.1%

Source: NHB; Industry reports

Pune

3.5%

5.1%

* Source: NHB; Industry reports

17

Tepid property price appreciation combined with wage

inflation further pushing affordability

For only Rs. 3,500 per month more, a house costing Rs. 30
lacs can be purchased instead of renting it a tremendous
incentive to own a home and create real assets

Difference between rental yield and effective home loan

interest rate is only 2%

Effective Interest Rate on Home Loan (5.1%)

Delhi

2.5%

4.7%

Affordability is defined as Price of Home divided by the Annual Income

Annual Income

Price of Home*

5.7

3.4

2010

3.5

19.6

2005

13.3

3.8

30.0

Rent Yield

Chennai

2.9%

Increasing Affordability

Ahemedabad Bengaluru

3.1%

3.2%

Rental Yield v/s Home Loan Cost

Buying a Home Prudent Financial Investment

FY 14

FY 13
Market

FY 15

5,900

IBHFL

FY 16E

6,500

60,000

FY 18E

9,500

Source: CRISIL Research

FY 17E

8,250

85,000

Market estimated to grow at a CAGR of 17%

IBHFL is a market pioneer with underwriting
experience and capacity
Cash flow based loan appraisal

Lowrisk Prime LAP

Low

Moderate

High

Risk Levels

This independent scrutiny of individual LAP loans will form a critical input in underwriting and managing the
LAP portfolio. Eventually the grading will be extended to a comprehensive risk-model for LAP loans.
18

First of its kind initiative in India: IBHFL has tied up with CRISIL Ratings to grade all of its incremental LAP loans

3,800

40,400

3,500

34,300

46,000

76,000

LAP Market Size - Disbursals (Rs. Cr.)

Secured Loans to Small Businesses

Collateral
Basis of Loan Appraisal
Yields
Factory/ office space
Lending against components of
Inventory
18%+
business
Business receivables
Home/ commercial
Asset based lending
15% - 18%
property
Self-occupied
Cash flow based lending
12.5% - 15%
Residential Property

Loan Against Property Market

LAP Loans:
1.2 lakh crs.

Funding gap: 3 lakh crs.

LAP Market Opportunity: Rs. 8,80,000 Crs

Bank SME Loans:

5.8 lakh crs.

Funded : 7 lakh crs.

Viable demand: 10 lakh crs.

Potential Debt demand : 26 lakh crs.

Total finance demand for MSMEs: Rs. 32.6 lakh crs.

LAP Growth Opportunity

LAP loans do not represent additional

leverage, in fact they are replacing SME
loans with better collateralized LAP loans

Additionally professional customer centric

delivery has led to LAP loans rapidly
replacing SME loans from older banks

LAP loans from HFCs, NBFCs and private

banks represent a cost effective and
efficient source of finance for SMEs

19

Financial and Operational Highlights

20

Rs. 46,359 Cr. (US$ 7.30 bn)

As at June 30, 2014

* Cash, Cash Equivalents and Investments in Liquid Debt Instruments

US $ amounts are converted based on the exchange rate of US $1 = Rs. 63.5

Rs. 59,959 Cr. (US$ 9.44 bn)

Total Assets

80%

21

Loan Book:
80%
Cash & Liquid Investments*: 16%
Other Assets:
4%

As at June 30, 2015

16%

4%

Balance Sheet Assets

4%

Home loans, which forms the majority of incremental disbursals, are disbursed at an
average ticket size of Rs. 24 Lacs; average LTV of 71% (at origination)

Corporate Mortgage Loans

Commercial Vehicle Loans

Driven by the growth of the Home loans book, retail mortgage book growth has
outpaced the growth of corporate mortgage book growth

Mortgage

75%

2%

22%

Q1 FY 15-16

21%

Q1 FY 14-15

Asset Composition

76%

22

Sell down

Jun-15

Jun-14

Over Rs. 17,500 Cr. of loans sold down to 26 banks and FIs since FY 06
Loans sold (outstanding as on 30th June, 2015): Rs. 6,126 Cr. on which spread at 3.2% p.a. is
to be earned over the life of the loan

Jun-13

Jun-15

Jun-14

Ownbook

Jun-13

3,028

3,974

2,582

36,396

5,618

47,896

6,126

(in preceding 12 months)

Loans Sold (Rs. Cr.)

32,964

36,874
3,910

42,014

54,022

Total Loan Assets (Rs. Cr.)

Loan Book Growth

23

(as % of Total Loan Assets)

General & Specific Provisions

Jun-14

0.35%

0.49%

0.84%

0.36%

0.49%

Net NPA

Jun-15

0.85%

210.0

Excess Provisioning
Over Regulatory
Provisioning:

Provisioning Cover : 137% of GNPA

417.0

263.1
363.9

627.0

Regulatory
Provisioning:

Provisions for
Contingencies:
Of which
NPAs:
Other provisioning:

As at Jun 30, 2015

(in Rs. Cr.)
NPA (90+ dpd*):
456.9

NPAs continue to remain within the target range. Recoveries are expected to accelerate with
the turn-around in the economy
Standard Asset Provision and Counter-cyclical Provisions are over and above General and
Specific Provision pool and is not netted off against Gross NPAs in calculation of Net NPAs

* dpd: days past due

Gross NPA

Jun-13

0.44%
0.34%

0.78%

Asset Quality

24

Branch Walk-ins

External Channels

71%

*Direct Sales Team - on rolls sales employees

Over 80% of the incremental sourcing is done in-house by on-rolls employees

Direct Sales Team*

11%

18%

82% of Mortgage loans are sourced in-house

Mortgage Loans' Sourcing

25

Mortgage of property financed

Monthly amortizing

Primary Security

Repayment Type

HFCs are permitted to borrow through ECBs for lending towards affordable housing. IBHFL
has drawn down facilities of $ 200 million in FY 2014-15

15 years

Average Loan Term

71% (at origination)

Average Loan to Value

RBI defines Affordable housing finance as housing loans to individuals up to Rs. 50 Lacs for
houses of value up to Rs. 65 Lacs in the six metros and housing loans up to Rs. 40 Lacs for
houses of value up to Rs. 50 Lacs in other towns / cities

80%

Maximum Loan to Value

24 Lacs

Average Loan Size

Home Loan Profile:

Focus on Affordable Housing

26

71 Lacs
65%
49% (at origination)
7 years
Mortgage of property financed
Monthly amortizing

Average Loan Size

Maximum Loan to Value

Average Loan to Value

Average Loan Term

Primary Security

Repayment Type

Conservative Loan Against Property Profile

27

Property type and location

Valuation of property
Ownership and title chain of property
Adherence to local zoning and planning permissions

Collateral Quality

Interest and debt service cover

Revenues, margin and profitability
Networth and leverage
Growth track of key financial parameters

Financial Strength

Business Management

CERSAI
Registrar of companies
Credit bureau checks
CIBIL mortgage checks
RBI wilful defaulter list
Experian Hunter fraud check

Independent verification and valuation

Third party database checks

Underwriting Process Adherence

Business sector and sectoral prospects

Business duration and track record
Debt service track record
Experience and qualification of promoters and
proprietors
Management strength and experience

Detailed assessment of key factors determining credit worthiness

CRISIL LAP Grading Methodology

28

Excellent
Good
Average

Below Average
Inadequate

Grading Scale

LAP1

LAP2

LAP3

LAP4

LAP5

2.4 2.6

5.0 6.0

5.5 6.6

6.6%

80.4%

13.0%

Incremental
Disbursals*
Q1 FY16

Interest
Service
Coverage
Ratio (ISCR)

3.2 3.4

2.3 2.4

1.5 1.6

Total
Outstanding
Liabilities/
Total
Networth

5% 6%

10% 12%

13% 16%

EBITDA
Margins

29

* CRISIL LAP grading engagement began this quarter and up till the publication of this earnings update, CRISIL had graded 40% of the disbursals of the quarter

CRISIL grades the loans on aspects such as financial strength; business and management;
collateral and underwriting process

Grading is based on customized scale developed by CRISIL Ratings for IBHFLs LAP loans to small
business owners

41%

42%

44%

Loan to Value
(LTV)

Segment Characteristics

Incremental LAP loans are graded by CRISIL Ratings FY16 onwards

Level of credit
worthiness

Grading

Unique Initiative: CRISIL LAP Grading

4%
10%

Rs. 2,414 Cr. (US$ 0.38 bn)

Other Liabilities:

US $ amounts are converted based on the exchange rate of US $1 = Rs. 63.5

30

Rs. 50,863 Cr. (US$ 8.01 bn)

Borrowings:

Share Holders Funds: Rs. 6,682 Cr. (US$ 1.05 bn)

As of June 30, 2015: Rs. 59,959 Cr. (US$ 9.44 bn)

As of June 30, 2014: Rs. 46,359 Cr. (US$ 7.30 bn)

Total Liabilities:

85%

Liabilities

32%

60%

Jun-14

31%

61%

Jun-13

US $ amounts are converted based on the exchange rate of US $1 = Rs. 63.5

55%

35%

7%

Jun-15

As of June 30, 2015: Rs. 50,863 Cr. (US$ 8.01 bn)

As of June 30, 2014: Rs. 37,864 Cr. (US$ 5.96 bn)

Total Borrowings:

8%

8%

3%

Diversified Borrowing Programme

Bank Loans

Bonds

Commercial Paper

ECB

31

Jun-14

5.6

Jun-15
28,184
17,965
1,275
3,439
50,863

Total Borrowings (Rs. Cr.)

Jun-13

5.1

33,372

37,864

Jun-14
22,490
12,175
3,199
37,864

Jun-15

6.3

50,863

Net Gearing: Borrowings Net

of Cash & Cash Equivalents
and Investments in Liquid
Debt Instruments

Net Gearing

Borrowings

Contribution in
Incremental Borrowing
Last 12 months
44%
44%
10%
2%
100%

1.5

2.5

3.5

4.5

5.5

6.5

7.5

8.5

99% of the incremental borrowing in the last 3 months and 57% in the last 6 months have been
through bonds
Bond issuances have been healthy, and along with ECBs contributed 54% of the incremental
borrowings in the last 12 months
Amongst its lenders, the company now counts 138 strong relationships: 26 PSU banks, 17 Private and
Foreign banks and 95 Mutual Funds, Provident Funds, Pension Funds, Insurance Companies and others

Bank Loans
Bonds
ECB
CP
Total

10,000

20,000

30,000

40,000

50,000

Borrowings (Rs. Cr.)

Diversified Borrowing Programme

32

Assets

Liabilities

1 - 5 yrs

33

(Amounts in Rs. Cr.)

12,901

Over 5 yrs

11,455

* Assets in the Up to 1 Yr bucket includes Rs. 9,631.2 Cr. (as of March 31, 2015) of
Cash, Cash equivalents and investments in liquid debt instrument
The maturity profile reflects adjustments for prepayments and renewals in accordance
with the guidelines issued by National Housing Bank

Up to 1 yr

17,800* 17,366

(As of March 31, 2015)

27,895 26,883

Maturity Profile

Optimally Matched Balance Sheet

Robust risk management, low

NPA levels

Healthy capitalization and

balance sheet size

Focus on profitability in each

business segment

Scalable and Sustainable Value Creation

34

Technology leveraged scalable

capacity. Thrust on digital
presence exploiting digital
opportunity

Leading player in self-employed

mortgage lending extensive
expertise and underwriting
experience

High operating efficiencies , low

cost-to-income levels

Young staff: better connect with

increasingly younger home buyer

Focus on affordable housing.

Nationwide network with
expanding footprint

Growing economy/ low mortgage

penetration, increasing market
share

Business Value Proposition

Mr. Sameer Gehlaut

Mr. Gagan Banga

Dr. K.C. Chakrabarty

Justice Surinder Singh Nijjar

Justice Bisheshwar Prasad Singh

Mrs. Manjari Kacker

Brig. Labh Singh Sitara

Mr. Samsher Singh Ahlawat

Mr. Prem Prakash Mirdha

Mr. Ashwini Kumar Hooda

Mr. Ajit Kumar Mittal

Ex-Reserve Bank of India

Deputy Managing Director

Business background with expertise in SME sector

20 years of banking experience in senior management positions

35

Honoured with the Dhyan Chand Award by the President of India

Former member of CBDT (Central Board of Direct Taxes)

Retired Justice, Supreme Court of India

Retired Justice, Supreme Court of India

Former Deputy Governor of the Reserve Bank of India

Vice Chairman and MD

Chairman of the Board

Board of Directors with pre-eminence and experience in diverse fields

Eminent and Experienced Board of Directors

Free sanitary napkins to promote hygiene and sanitation amongst rural

women. About 10,000 underprivileged and rural women have benefitted
through this initiative

Free Paushtik Aahar (nutrition supplements) to 3,000 underprivileged

malnourished individuals and regular monitoring of their health, weight and
height

Nutrition

Cleft deformity surgery for 1,200 children across 6 states in partnership with
Smile Train, an international children charity

Womens
Health

Health

Swasthya Kalyan Vahika vehicles: 7 Mobile medical vans provide free primary
healthcare services to nearly 2,00,000 patients every year

Free medical clinics to provide primary and preventive health care to the
underprivileged

Indiabulls Foundation:
Corporate Social Responsibility

36

Rural
Empowerment

Education

Indiabulls
Foundation
E-learning
(IBFE)

Sustainable
Livelihoods

Sponsored a water project called Rahat at a Tribal Ashram School where

there was acute scarcity of water. Over 1,100 children of this tribal school
have benefited from this initiative

This year IBF plans to award 400 more scholarships to meritorious students
from economically challenged backgrounds to help them to obtain
employment in a field of their choice

Awarded scholarships to 100 meritorious & deserving students to pursue

their higher education after 12th standard.

Adopted an ashram school in Raigad district and equipped it with

sophisticated e-learning methods to enhance the quality of education

Tie-up with MKCL (Maharashtra Knowledge Corporation Ltd.) authorized

computer centers to help impart basic IT literacy to rural youth

Support to ladies self-help groups to make its Paushtik Aahar (nutritional

supplements) and provide sustainable employment options for the
underprivileged

Indiabulls Foundation:
Corporate Social Responsibility

37

Key Ratios, Valuations and

Shareholding

38

0.39

11.82
16.4%

Asset per employee (Rs. Cr.)

Cost Income Ratio

4,840

Profit per employee (Rs. Cr.)

No. of Employees

FY 2015

Rising Productivity Ratios

17.1%

10.84

0.38

4,099

FY 2014

18.0%

8.09

0.31

4,072

FY 2013

18.7%

5.85

0.24

4,243

FY 2012

39

29%

RoE (%)

15.25%
3.11%

- Tier I

- Tier II

18.36%

3.7%

Post Tax RoAA (%)

Capital Adequacy (%)

4.9%

Pre Tax RoAA (%)

FY 2015

Rising Productivity Ratios

4.09%

15.05%

19.14%

27%

3.8%

4.8%

FY 2014

3.51%

14.96%

18.47%

26%

3.8%

4.9%

FY 2013

0.65%

18.21%

18.86%

22%

3.7%

4.9%

FY 2012

40

3.0
26
51.8%

Price to Book Ratio (times)

Dividend per share (Rs.)

Foreign Shareholding (%)

US $ amounts are converted based on the exchange rate of US $1 = Rs. 63.5

184.5

10.2

PE Ratio (times)

Book Value per share (Rs.)

3.12

557.9

Market Capitalisation (US$ Bn)

Market Price per share (Rs.)

Mar-15

Valuations and Returns

41.1%

29

1.7

168.7

6.0

1.50

285.6

Mar-14

45.2%

20

1.6

165.4

6.8

1.34

271.8

Mar-13

38.7%

13

1.3

157.7

6.5

1.02

207.1

Mar-12

41

MF: Mutual Funds

IFI: Indian Financial Institutions

Promoters

3.1%

Foreign Shareholding

52.4%

16.7%

Shareholding Pattern

MFs/Banks/IFI

As on 3rd July, 2015

Public

27.8%

42

Detailed Financials

43

Consolidated Balance Sheet

Rs. 9,552 Cr. of

Cash & Cash
Equivalents and
Investments in
Liquid Debt
Instruments

44

Consolidated Income Statement

45

Thank you