Indiabulls Housing Finance Limited (August 2015) Disclaimer This - - PowerPoint PPT Presentation

Indiabulls Housing Finance Limited (August 2015)

This presentation is strictly confidential and may not be copied, published, distributed or transmitted. The information in this presentation is being provided by Indiabulls Housing Finance Limited (the "Company"). By attending the meeting where this presentation is being made or by reading the presentation materials, you agree to be bound by following limitations: The information in this presentation has been prepared for use in presentations by the Company for information purposes only and does not constitute, or should be regarded as, or form part of, any offer, invitation, inducement or advertisement to sell or issue, or any solicitation or initiation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, including the United States and India; nor shall it, or the fact of its distribution form the basis of, or be relied on, in connection with, any investment decision or any contract or commitment to purchase or subscribe for any securities of the Company in any jurisdiction, including the United States and India. This presentation does not constitute a recommendation by the Company or any other party to sell or buy any securities of the Company. The securities of the Company are not and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S), except pursuant to a valid exemption from registration in accordance with Regulation S

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• bligation to update, revise or affirm.

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Disclaimer

Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. This presentation contains financial information regarding the business and assets of the Company and its consolidated subsidiaries. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this presentation should not be regarded as a representation or warranty by the Company, any of its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations of the Company and should not be relied upon when making an investment decision. This presentation also contain certain tables and other statistical analyses. Numerous assumptions were used in preparing the statistical information, which may or may not be reflected herein. The Company has not verified such statistical information with independent sources. As such, no assurance can be given as to the statistical information’s accuracy, appropriateness or completeness in any particular context nor as to whether the statistical information and/or the assumptions upon which they are based reflect present market conditions or future market performance. The statistical information should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Unless otherwise indicated, the information contained herein is preliminary and indicative and is based on management information, current plans and estimates. Industry and market-related information is obtained or derived from industry publications and other sources and has not been independently verified by

• us. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. The Company

disclaims any obligation to update these forward-looking statements to reflect future events or developments. By attending and reviewing this presentation and/or accepting a copy of these presentation materials, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this disclaimer including, without limitation, the obligation to keep these presentation materials and their contents strictly confidential; (ii) you will not at any time have any discussion, correspondence or contact concerning the information contained herein with any of the directors or employees of the Company or its subsidiaries nor with any of their customers or suppliers, or any governmental or regulatory body without the prior written consent of the Company; (iii) you will not remove these presentation materials, or any materials provided in connection herewith, from the conference room where such presentation materials are provided and (iv) you and any customers you represent are either (a) qualified institutional buyers (within the meaning of Rule 144A under the Securities Act), or (b) not a U.S. person and are outside of the United States and not acting for the account or benefit of a U.S. person (as defined in Regulation S under the Securities Act). US dollar converted figures used in this presentation are only representative as the underlying financial data is denominated in INR. It is only for reader’s convenience THIS PRESENTATION IS NOT AN OFFER FOR SALE OF SECURITIES IN INDIA, THE UNITED STATES OR ELSEWHERE

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Disclaimer

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• Pg. No.

1. Business Update 5 2. Sustained Financial Performance 8 3. Indian Mortgage Market 14 4. Financial and Operational Highlights 16 5. Key Ratios, Valuations and Shareholding 35 6. Income Statement (Limited Review) 39 7. Glossary 41

Contents

5

Business Update

Business Update

6

FY 14-15 FY 12-13 FY 13-14 FY 14-15 Y-o-Y Growth FY 14-15 (%) Loan Assets ($ Mn) 5,296.2 6,333.7 8,036.2 26.9% Total Revenues ($ Mn) 733.2 915.1 1,115.9 21.9% NII ($ Mn) 290.8 365.3 456.5 25.0% PAT ($ Mn) 194.8 241.3 292.5 21.2% EPS ($) 0.62 0.74 0.85

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

Key Financial Highlights:

Values for consolidated entity

7

Sustained Financial Performance

8

Sustained Financial Performance

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65 * Cash, Cash Equivalents and Investments in Liquid Debt Instruments

FY 13 FY 14 FY 15 2 Yr CAGR (%) Balance Sheet size ($ Mn) 6,020 6,833 8,805 20.9% On Balance Sheet Loan Book ($ Mn) 4,736 5,453 7,083 22.3% Total Revenues ($ Mn) 733 915 1,116 23.4% Net Interest Income ($ Mn) 291 365 457 25.3% Profit After Tax ($ Mn) 195 241 292 22.4% Gross NPA (%) 0.79 0.83 0.85 Net NPA (%) 0.33 0.36 0.36 Net Gearing 4.7 5.2 5.9 Cash & Liquid Investments* ($ Mn) 1,105 1,129 1,482 Liquidity* as % of on Balance Sheet Loan Book 23% 21% 21% CRAR (%) 18.5% 19.1% 18.4% ROE (%) 23.8% 27.5% 28.7%

Values for consolidated entity

0.62 0.74 0.85 FY-13 FY-14 FY-15

IBHFL-Key Achievement In Last 3 Years

195 241 292 FY-13 FY-14 FY-15

PAT ($ Mn)

733 915 1,116 FY-13 FY-14 FY-15

Revenues ($ Mn) Earnings per Share ($)

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

291 365 456 FY-13 FY-14 FY-15

Net Interest Income ($ Mn)

9

Values for consolidated entity

10

Indian Mortgage Market

Vast Affordable Housing Opportunity

• Housing requirement estimated at 88.78 million units by 2017 1
• Demand continues to increase due to rapid urbanization, growing trend of nuclear families and rising

income

• Affordable Housing: Policy makers’ focus on Home loans up to Rs. 50 Lacs (from sub Rs. 28

Lacs classified as priority sector lending) 2

• Government focussed on making building approval process simpler and quicker
• HFCs are permitted to borrow through ECBs for lending towards affordable housing
• Government policy focus towards affordable housing
• Relaxation of real estate FDI norms
• $ 615 million allocated for low-cost housing and $ 7.7 Bn for urban infrastructure3
• $ 1.2 billion allocated to the Rural Housing Fund run by NHB3

11

1 – NHB Report on Trend & Progress of Housing in India 2014; 2 – RBI Circular dated July 15, 2015 (Issue of long term bonds by banks – Financing of Infrastructure and affordable housing); 3 – Budget 2014

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

09%

17% 20% 34% 36% 40% 43% 47% 54% 77% 85% 101%

• Lower mortgage penetration compared to advanced and emerging economies implies huge
• pportunity for growth
• 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

12

Headroom for Growth - Low Mortgage Penetration

Indian Housing Finance Industry

Source: CRISIL Research – Retail Housing Finance, 2015

1 – CRISIL Research 2015

Indian mortgage industry at an inflection point and is expected to grow 1.7 times in next 5 years1

Penetration as a % of GDP

Recent Government Policy Initiatives

• Housing for all by 2022: Scheme launched by the government
• 20 million new housing units in 500 towns and cities in 7 years1
• Affordable housing in partnership with the private sector
• 100 smart cities plan: Guidelines issued
• Outlay of $ 15.38 Bn over next 5 years2
• Vast housing opportunity: Technologically integrated and planned townships
• Jan Dhan Yojana: Vast increase in organised banking infrastructure and reach
• 177.4 million accounts opened: doubled in 6 months3
• Social security schemes launched: Pension and Insurance schemes – 110 Mn policies issued4
• Ultimate benefit and knock-on effect on credit off-take and growth

13

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

1 – Prime Minister Speech (June 17, 2015); 2 – Smart City Guidelines (Ministry of Urban Development, GoI); 3 – www.pmjdy.gov.in; 4 – www.jansuraksha.gov.in

38% 39%

FY15 FY20F Bank's Share HFC's Share

158 371

Indian Mortgage Market

14

High demand growth driven by:

• Increasing Affordability: Rising disposable incomes coupled with tax exemption of upto $ 3,077
• n Interest repayment and upto $ 2,308 on Principal repayment1
• Urbanisation to rise to 40% of population by 2030 from the current 31%2
• Favourable Demographics: 61% of the country’s population is below 30 years of age3

1 - Section 24 & Section 80C of Income Tax Act; 2 – NHB Trend & Progress 2014; 3 – Census 2011

Growing HFC Market Share in a Steadily Expanding Home Loans Market

(Amounts in $ Bn)

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

Source: CRISIL Research

Parameters HFCs Banks NBFCs

NPA Recognition 90 dpd 90 dpd 180 dpd CRAR 12% 11.5% 15%

• Tier 1

6% 7% 7.5% Standard Asset Provisions Housing Loans 0.4% 0.4% 0.25% Others 1% 0.25-1% 0.25% SARFAESI Coverage Yes Yes Proposed (Budget 2015)

• HFCs are regulated by National Housing Bank (NHB)
• Certain new regulatory guidelines are uniformly applied to both banks and HFCs

Regulations Imposed for Banks Imposed for HFCs

Waiver of pre-payment penalties on home loans 5 Jun 2012 18 Oct 2010 Deferred tax liability creation for profit appropriation towards regulatory reserves 20 Dec 2013 27 May 2014 Waiver of pre-payment penalties on all other individual loans 7 May 2014 14 Aug 2014

Regulatory Regime for Housing Finance at par with Banks

dpd : days past due 15 Source: RBI Circulars, NHB Circulars

16

Financial and Operational Highlights

Credit Ratings

17

Long Term Rating Short Term Rating CARE Ratings AAA A1+ Brickwork Ratings AAA CRISIL (A Standard & Poor’s Company) AA+ A1+ ICRA (An Associate of Moody’s Investor Service) AA+ A1+ India Ratings & Research (A Fitch Group Company) A1+

Ratings as on 31st March’15 and 30th June’15

80% 17% 3%

FY 15

Balance Sheet Assets

18

* Cash, Cash Equivalents and Investments in Liquid Debt Instruments US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

Total Assets As at March 31, 2015

• Rs. 572,312 Mn (US$ 8.80 Bn)

As at March 31, 2014

• Rs. 444,169 Mn (US$ 6.83 Bn)

Loan Book: 80% Cash & Liquid Investments*: 17% Other Assets: 3%

Values for consolidated entity

FY 14

Asset Composition

FY 15

Mortgage Corporate Mortgage Loans Commercial Vehicle Loans

76% 2% 22% 74% 5% 21%

19

• Home loans, which forms the majority of incremental disbursals, are disbursed at an

average ticket size of Rs. 2.4 Mn; average LTV of 71% (at origination)

Composition of Asset Under Management (AUM) Values for consolidated entity

Loan Book Growth

Total Loan Assets ($ Mn)

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

4,736 5,453 7,083 560 881 953

Mar-13 Mar-14 Mar-15

5,296 6,334 8,036

Sell down Own book

20

Values for consolidated entity

0.79% 0.83% 0.85% 0.46% 0.47% 0.49% 0.33% 0.36% 0.36%

Mar-13 Mar-14 Mar-15 Gross NPA General & Specific Provisions Net NPA

Asset Quality

21

• Standard Asset Provision and Counter-cyclical Provision pool of $ 55.2 Mn are over and

above General and Specific Provision pool and is not netted off against Gross NPAs in calculation of Net NPAs

(as % of Total Loan Assets)

As at Mar 31, 2015 (in $ Mn) NPA (90+ dpd*): 68.1 Provisions for Contingencies: 94.7 Of which Gross NPAs: 39.5 Other provisioning: 55.2 Provisioning Cover : 139% of GNPA

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65 * dpd: days past due Values for consolidated entity

Home Loan Profile: Focus on Affordable Housing

22

Typical Loan Size $ 36,923 Maximum Loan to Value 80% Typical Loan to Value 71% (at origination) Typical Loan Term 15 years Primary Security Mortgage of property financed Repayment Type Monthly amortizing

• RBI defines Affordable housing finance as housing loans to individuals up to Rs. 5 Mn for

houses of value up to Rs. 6.5 Mn in the six metros and housing loans up to Rs. 4 Mn for houses of value up to Rs. 5 Mn in other towns / cities1

• HFCs are permitted to borrow through ECBs for lending towards affordable housing. IBHFL

has drawn down facilities of $ 200 million in FY 2014-15

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

1 – RBI Circular (July 15, 2015 - (Issue of long term bonds by banks – Financing of Infrastructure and affordable housing)

Loan Against Property Profile

23

Typical Loan Size $ 104,615 Maximum Loan to Value 65% Typical Loan to Value 49% (at origination) Typical Loan Term 7 years Primary Security Mortgage of property financed Repayment Type Monthly amortizing

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

Detailed assessment of key factors determining credit worthiness

CRISIL LAP Grading Methodology

24

Financial Strength

• Interest and debt service cover
• Revenues, margin and profitability
• Networth and leverage
• Growth track of key financial parameters

Collateral Quality

• Property type and location
• Valuation of property
• Ownership and title chain of property
• Adherence to local zoning and planning permissions

Business Management

• 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

Underwriting Process Adherence

• Independent verification and valuation
• Third party database checks

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

Unique Initiative: CRISIL LAP Grading

25

• Incremental LAP loans are graded by CRISIL Ratings FY16 onwards
• Grading is based on customized scale developed by CRISIL Ratings for IBHFL’s LAP loans to small

business owners

• CRISIL grades the loans on aspects such as financial strength; business and management;

collateral and underwriting process

Grading Segment Characteristics

Grading Scale Level of credit worthiness Incremental Disbursals* Q1 FY16 Interest Service Coverage Ratio (ISCR) Total Outstanding Liabilities/ Total Networth Loan to Value (LTV) EBITDA Margins

LAP1 Excellent 13.0% 5.0 – 6.6 1.5 – 1.6 44% 13% – 16% LAP2 Good 80.4% 3.0 – 5.0 2.3 – 2.4 42% 10% – 12% LAP3 Average 6.6% 2.4 – 2.6 3.2 – 3.4 41% 5% – 6% LAP4 Below Average

• LAP5

Inadequate

• * 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

Mortgage Loans' Sourcing

82% of Mortgage loans are sourced in-house

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

71% 11% 18%

Direct Sales Team* Branch Walk-ins External Channels

*Direct Sales Team - on rolls sales employees

26

Sourcing for FY 15 Mortgage loans: Home loans and Loan Against Property

27

Country Wide Reach

Service Centres

Branches

Master Service Centres (MSC) Head office

• Presence of core

credit committee

• All decisions for

loans above certain predefined limits taken jointly by the committee

• MSC is a regional

credit hub and is manned by senior personnel

• Underwriting of

high value proposals and proposals that require more detailed credit analysis

• Walk-in

branches with credit decisioning for low ticket sizes

• Customer

interaction and service delivery

• Customer interaction

and service delivery

• Recommendation of

proposals but no credit decisioning

12% 83% 5%

FY 15

Liabilities

28

Total Liabilities: As of March 31, 2015: Rs. 572,312 Mn (US$ 8.80 Bn) As of March 31, 2014: Rs. 444,169 Mn (US$ 6.83 Bn)

Share Holder’s Funds: Rs. 66,337 Mn (US$ 1.02 Bn) Borrowings:

• Rs. 474,874 Mn (US$ 7.31 Bn)

Other Liabilities:

• Rs. 31,100 Mn (US$ 0.48 Bn)

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65 Values for consolidated entity

62% 62% 59% 30% 30% 31% 8% 8% 7% 3%

Mar-13 Mar-14 Mar-15 ECB Commercial Paper Bonds Bank Loans

Diversified Borrowing Programme

29

Total Borrowings: As of March 31, 2015: Rs. 474,874 Mn (US$ 7.31 Bn) As of March 31, 2014: Rs. 355,395 Mn (US$ 5.47 Bn)

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65 Values for consolidated entity

4,813 5,468 7,306 4.7 5.2 5.9

• 1,000

Mar-13 Mar-14 Mar-15

Borrowings Net Gearing

Diversified Borrowing Programme

• Bond issuances have been healthy, and along with ECBs have contributed 45% of the net incremental

borrowings in the last financial year

Total Borrowings ($ Mn) Contribution to Net Incremental Borrowing Mar-15 Mar-14 Last 12 months Bank Loans 4,369 3,411 52% Bonds 2,250 1,619 34% ECB 193

• 11%

CP 493 438 3% Total 7,306 5,468 100%

Borrowings ($ Mn)

Net Gearing: Borrowings Net

• f ‘Cash & Cash Equivalents’

and ‘Investments in Liquid Debt Instruments divided by net worth

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65

30

Values for consolidated entity

31

Business Value Proposition

One of the largest HFCs in India with strong financial performance, capitalization and credit ratings Access to diversified and cost effective funding sources Leverage our financial strength and improved ratings to increase our competitiveness, diversify our funding mix and reduce our funding costs Prudent credit and information technology policies and processes leading to improved asset quality Experienced senior management team Continue to maintain adequate liquidity Strong network, pan-India presence and brand Continue to maintain prudent risk management policies Continue our expansion by focusing

• n home loans and affordable

housing Expand our physical and online networks and leverage digital media

Eminent and Experienced Board of Directors

32

• Mr. Sameer Gehlaut

: Chairman

• Mr. Gagan Banga

: Vice Chairman and MD

• Dr. K.C. Chakrabarty *

: Former Deputy Governor of the Reserve Bank of India

• Justice Surinder Singh Nijjar *

: Retired Justice, Supreme Court of India

• Justice Bisheshwar Prasad Singh *

: Retired Justice, Supreme Court of India

• Mrs. Manjari Kacker

: Former member of CBDT (Central Board of Direct Taxes)

• Brig. Labh Singh Sitara *

: Honoured with the Dhyan Chand Award by the President of India

• Mr. Samsher Singh Ahlawat *

: 20 years of banking experience in senior management positions

• Mr. Prem Prakash Mirdha *

: Business background with expertise in SME sector

• Mr. Ashwini Kumar Hooda

: Deputy Managing Director

• Mr. Ajit Kumar Mittal

: Ex-Reserve Bank of India

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

* Independent Director

Indiabulls Foundation: Corporate Social Responsibility

Free medical clinics to provide primary and preventive health care to the underprivileged Swasthya Kalyan Vahika™ vehicles: 7 Mobile medical vans provide free primary healthcare services to nearly 200,000 patients every year Cleft deformity surgery for 1,200 children across 6 states in partnership with Smile Train, an international children charity Health Women’s Health 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

33 IBHFL has contributed Rs. 232 Mn in FY15 to Indiabulls Foundation for CSR activities Indiabulls Foundation was the implementing agency for the following CSR activities:

Indiabulls Foundation: Corporate Social Responsibility

Education Awarded scholarships to 100 meritorious & deserving students to pursue their higher education after 12th standard. 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 Rural Empowerment 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 Indiabulls Foundation E-learning (IBFE) Tie-up with MKCL (Maharashtra Knowledge Corporation Ltd.) authorized computer centers to help impart basic IT literacy to rural youth Adopted an ashram school in Raigad district and equipped it with sophisticated e-learning methods to enhance the quality of education Sustainable Livelihoods Support to ladies self-help groups to make its Paushtik Aahar (nutritional supplements) and provide sustainable employment options for the underprivileged

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35

Key Ratios and Shareholding

Rising Productivity Ratios

FY 2013 FY 2014 FY 2015

• No. of Employees

4,072 4,099 4,840 Profit per employee ($ Mn) 0.05 0.06 0.06 Asset per employee ($ Mn) 1.48 1.67 1.82

36

US $ amounts are converted based on the exchange rate of US $1 = Rs. 65 Values for consolidated entity

Rising Return Ratios

37

FY 2014 FY 2015 Pre Tax RoAA (%) 4.8% 4.9% Post Tax RoAA (%) 3.8% 3.7% RoE (%) 27% 29% Capital Adequacy (%) 19.14% 18.35%

• Tier I

15.05% 15.24%

• Tier II

4.09% 3.11%

Values for consolidated entity

Shareholding Pattern

38 MF: Mutual Funds IFI: Indian Financial Institutions

27.8% 52.4% 3.1% 16.7%

Promoter Foreign Shareholding MFs/Banks/IFI Public

As on 30th June, 2015

39

Financials

Income Statement (Limited Review)

40

Glossary - I

41

Terms Understanding Terms Understanding

AUM/Loan Book/Loan Assets Assets under management/Total Loan Assets DST Direct Sales Team BV Book Value (Net Worth/No. of Shares) ECB External Commercial Borrowings CAGR Cumulative Annual Growth Rate EPS Earnings per share (Profit After Tax/Weighted Average No. of Equity Shares) CBDT Central Board of Direct Taxes FDI Foreign Direct Investment CCI Competition Commission of India FII Foreign Institutional Investors CERSAI Central Registry of Securitisation Asset Reconstruction and Security Interest FPI Foreign Portfolio Investors CIBIL Credit Information Bureau (India) Limited GoI Government of India Cost to Income (Operating Expenses/Total Income) HFC Housing Finance Company CP Commercial Papers IBFSL Indiabulls Financial Services Limited CRAR Capital Risk Adequacy Ratio IBHFL Indiabulls Housing Finance Limited CSR Corporate Social Responsibility ICSL Indiabulls Credit Services Limited Dpd Days past due IPO Initial Public Offering

Glossary - II

42

Terms Understanding Terms Understanding

LAP Loan against property PAT Profit after taxes LTV Loan to Value PF Pension / Provident Funds MFs Mutual Funds PMJDY Pradhan Mantri Jan Dhan Yojna MSC Master Service Centres PSU Public Sector Undertakings NBFC Non-Banking Finance Company RBI Reserve Bank of India NCD Non-convertible debentures REIT Real Estate Investment Trust Net Gearing (Debt-Cash and Liquid Investments)/Closing Equity RoAA Return on Average Assets (Profit After Tax/Average Balance Sheet Size) Net NPA (Non Performing Assets-Provision for Loan Assets) RoC Registrar of Companies NHB National Housing Bank RoE Return on Equity (Profit After Tax/Closing Equity) NII Net Interest Income (Interest Income includes interest from financing activities, dividend and gains on sale of units from MFs, profit on sale of current investment) SARFAESI The Securitisation and Reconstruction

• f Financial Assets and Enforcement of

Security Interest Act, 2002 NIM Net Interest Margin SME Small and Medium Enterprises NPA Non Performing Assets Total Revenue Total revenue less CERSAI and client verification charges

Thank you