hdfc limited fy2021 earnings conference call may 07, 2021

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“HDFC Limited

FY2021 Earnings Conference Call”

May 07, 2021

ANALYST: MR. KUNAL SHAH – ICICI SECURITIES

MANAGEMENT:

MR. KEKI MISTRY - VICE CHAIRMAN & CHIEF EXECUTIVE OFFICER

MS. RENU SUD KARNAD – MANAGING DIRECTOR

MR. V.S RANGAN – EXECUTIVE DIRECTOR

MR. CONRAD D’SOUZA – MEMBER OF EXECUTIVE MANAGEMENT &

CHIEF INVESTOR RELATIONS OFFICER

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MODERATOR: LADIES AND GENTLEMEN, GOOD DAY AND WELCOME TO THE HDFC LIMITED FY2021 EARNINGS

CONFERENCE CALL HOSTED BY ICCI SECURITIES LIMITED. AS A REMINDER ALL PARTICIPANT LINES WILL BE IN THE LISTEN-

ONLY MODE AND THERE WILL BE AN OPPORTUNITY FOR YOU TO ASK QUESTIONS AFTER THE PRESENTATION CONCLUDES.

SHOULD YOU NEED ASSISTANCE DURING THE CONFERENCE CALL, PLEASE SIGNAL AN OPERATOR BY PRESSING “*” THEN “0”

ON YOUR TOUCHTONE PHONE. PLEASE NOTE THAT THIS CONFERENCE IS BEING RECORDED. I NOW HAND THE CONFERENCE

OVER TO MR. KUNAL SHAH FROM ICICI SECURITIES LIMITED. THANK YOU, AND OVER TO YOU SIR!

Kunal Shah: Thank you Steve and good afternoon all of you. This is Kunal Shah from ICICI Securities.

Today to discuss Housing Development Finance Corporation’s Q4 FY2021 and FY2021

earnings, we have with us Mr. Keki Mistry, Vice Chairman and CEO, Mr. Conrad D’Souza,

Member of Executive Management and Chief Investor Relations Officer and other senior

members of the management. Firstly, let me thank you for giving us an opportunity to host

the first earnings call of HDFC and over to you Keki Sir!

Keki Mistry: Thank you everyone and good afternoon. At the outset I would like to welcome all of you to

HDFC’s earnings call for the fourth quarter and for the financial year ended March 31,

2021. Let me also thank Jaideep and Kunal from ICICI Securities for hosting this call. The

Board of Directors at this meeting held earlier today approved the audited financial results

for the year ended March 31, 2021 and over the next few minutes I will try to give you a

quick summary of some of the key highlights of the performance for the year.

As you are aware, the country went into a lockdown from the third week of March 2020 and

as a housing finance company, our offices were shut for most part of the first two months of

the financial year. The phased opening of our offices really started only in June 2020; As a

consequence, we had a very low growth in individual loan disbursements during the first

quarter. At that time, I am talking of April and May 2020, based on the then prevailing

circumstances, we expected to achieve approximately 75% to 80% of FY2020 individual

loan disbursements during FY2021.

However, a series of measures undertaken by the government and RBI as well as the

digitalisation of major parts of our business operations led to a significantly better

performance by the time we completed the year. The year was characterised by the stimulus

package announced by the government of India, enhanced liquidity measures by RBI,

which not only ensured that there was adequate liquidity in the system but also that the

liquidity was made available to all segments of the market. We also saw drop in the repo

rates by 115 basis points by RBI and the consequent reduction in interest rates both on our

assets as well as on our liabilities.

We also saw an extension of the tax benefits on housing loans and affordable housing

projects. We saw an extension of CLSS (Credit Linked Subsidy Scheme) for affordable

housing. RBI announced a moratorium on payment for customers. This was initially for

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three months from March 1, 2020 and then was extended by a further period of three

months. We also saw a one-time restructuring package, which included real estate among

the 26 sectors.

Another very important feature of the year was the stamp duty cut in Maharashtra from 5%

to 2% up to December 31, 2020 and 3% thereafter from January 2021 to March 31, 2021.

This had an impact on the retail business in the second half of the year. Maharashtra

branches accounted for 28% of the disbursements in the second half as compared to 26% in

the same period in the previous year. So, effectively we saw 2% rise in the business that we

generated from Maharashtra.

Let me now quickly try to summarise the progress of business through the year. The first

quarter was significantly impacted due to the lockdown and the resultant inability to open

our offices during major part of the quarter. During the period April to June 2020 our

individual loan disbursements were just 37% of what they had been in the corresponding

first quarter of the previous year.

We started seeing a sharp pickup in disbursements during the second quarter. Our

individual loan disbursements in the second quarter were as much as 95% of what they had

been in the corresponding second quarter of the previous year. So even in the second

quarter we were 5% lower than what we had been in the previous year second quarter.

However, despite the pickup that we saw in the second quarter, individual loan

disbursements for the six month period, which is April to September 2020 was still 35%

lower than that of the corresponding period in the previous year. There was an extremely

strong recovery in the second half - significantly faster, significantly greater than what we

had envisaged at the start of the year. Our individual loan disbursements grew by 42% in

the period October 2020 to March 2021 compared to the corresponding period in the

previous year and you must remember that in the previous year, which is October 2019 to

March 2020, was unaffected by COVID except for the last 15 days, whereas this six month

period was relatively affected.

The month of March 2021 witnessed the highest ever level in terms of receipts, approvals

and disbursements. During the quarter ended March 31, 2021 individual loan disbursements

grew by 60% over the corresponding fourth quarter of the previous year. Growth in home

loans was seen in both the affordable housing segment as well as in middle and high-end

properties.

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For the full year, individual loan disbursements were higher by about 3% compared to the

previous year as compared to the negative growth that we had envisaged at the start of the

year. Our individual loan approvals for the year ended March 31, 2021 were higher by 10%

compared to the previous year. The number of individual loan applications received was 8%

higher than the previous year, but you must remember that 8% is in the context of the whole

year and out of that whole year the first quarter was almost a complete washout.

During the year, our loan book increased to Rs. 4,98,298 Crores in March 2021 - a growth

of 11%. In addition to this, the loans securitised by HDFC and outstanding as of March 31,

2021 amounted to Rs. 71,596 Crores. HDFC continues to service these loans.

The assets under management as of March 31, 2021 amounted to Rs. 5,69,894 Crores as

compared to Rs. 5,16,733 Crores in the previous year giving a growth of 10%.

Individual loan growth on an AUM basis was 12%. During the year we sold loans

aggregating to Rs. 18,980 Crores. If these loans had not been sold then the growth in the

individual loan book would have been 19% and the growth in the overall loan book would

have been 15%.

One of the reasons for the lower growth in the non-individual book was the development of

the REIT market. We received prepayments on our lease rental discounting book from

REIT issues amounting to Rs. 9,397 Crores, which accounted for about 7% of the opening

non-individual book.

During the quarter January 2021 to March 2021, we sold loans aggregating to Rs. 7,503

Crores. For the full year the total loans sold aggregated to Rs. 18,980 Crores. These loans

were all assigned to HDFC bank pursuant to the mortgage sharing agreement that we have

with the bank.

Prepayment on retail loans were lower at 10.3% of the opening loan balance as compared to

10.9% in the previous year and as shareholders are aware generally, we have seen

prepayments in the range of 10% to 12% of the loans outstanding at the beginning of the

year. This year as I said was 10.3%.

The average size of individual loans for the year ended March 31, 2021 stood at Rs. 29.5

lakhs compared to Rs. 27 lakhs in the previous year. Q4 ended March 31, 2021, the average

loan was higher at Rs. 31.4 lakhs as a result of increased activity in the metro cities post

lifting of lockdown restrictions.

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Our thrust on affordable housing continued unabated. During the year ended March 31,

2021, 33% of home loans approved in terms of numbers and 16% in terms of value were to

customers from the economically weaker section or the lower income group. The average

home loan to customers in the economically weaker section was Rs. 10.8 lakhs and to

customers in the lower income group was Rs. 18.6 lakhs.

If we break up the loan book outstanding on March 31, 2021 into different categories then

individual loans constitute 77% of the total book as compared to 74% in the previous year.

Construction finance constitutes 10% of the total loan book, lease rental discounting loans

constitute 7% of the total loan book while corporate loans constitute 6%. As you can see

therefore, the bulk of the growth is on account of individual loans. This is obviously on an

AUM basis.

If you were to look at incremental loan book growth – (earlier we were looking at the total

balance sheet growth). Now let us look at incremental loan book growth and split that

growth between individuals and non-individuals. Then for the year ended March 31, 2021,

as much as 92% of the growth was from individual loans and only the balance 8% was on

account of non-individual loans. If we were to look at this number which is the incremental

growth on a quarterly basis and look at only the fourth quarter, which is January to March

2021, then as much as 116% of the incremental loan book growth came from individual

loans and non-individual loans were actually a negative 16%.

Total loan sourced from distribution channels was 98%, of which HDFC sales was 54%,

HDFC bank was 27% and third party direct sales agents was 17% - that is as much as 83%

of our individual business was sourced directly or through our associates, and as you are

aware in all cases even if the loan is sourced to other distribution partners, the credit

appraisal, the legal checks, the technical checks, the decision on whether to pay the loan to a

particular customer or not, the decision on when to disburse money, how much money to

disburse is all taken by our people.

The emergency credit line guarantee scheme was announced by the Finance Minister in

May 2020 to mitigate the economic distress caused by the COVID-19 pandemic. We

approved an amount of Rs. 2,481 Crores under the facility of which about Rs. 936 Crores

has been disbursed till March 31, 2021. Amounts disbursed under this facility are

guaranteed by the government.

The Reserve Bank of India permitted a one-time restructuring of loans under its resolution

for COVID-19 related steps. In this regard, the aggregate amount of loans being

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restructured amounted to Rs. 4,479 Crores, which is 0.8% of our AUM. Out of the loans

that were restructured, 27% were individual loans and 73% were non-individual loans. Also

out of the total restructured loan as much as 58% of the total was in respect of just one

account.

Overall collection efficiency ratios for individual loans have improved nearing pre-COVID

levels. The collection efficiency for individual loans in the month of March 2021 stood at

98% compared to 96.3% in the month of September 2020.

As per regulatory norms, the gross non-performing loans as of March 31, 2021 stood at Rs.

9,759 Crores equivalent to 1.98% of the loan portfolio.

Non-performing individual loans stood at 0.99%, whilst non-performing non-individual

loans stood at 4.77%. During the second half of the year, we have also seen some

resolutions in respect of some of the non-individual accounts. As per regulatory norms,

based solely on period of default, the Corporation is required to carry a total provision of

Rs. 5,491 Crores as of March 31, 2021. As against this, the actual provision carry is as

much as Rs. 13,025 Crores. The excess provision over the regulatory requirement is Rs.

7,534 Crores, which is as much as 137% higher than the minimum required under

regulation. So, while the regulations require us to carry a position of Rs. 5,491 Crores, we

are actually carrying more than double, that at Rs. 13,025 Crores.

Under Ind-AS, asset classification and provisioning has moved from the incurred loss

model to the Expected Credit Loss (ECL) model for providing future credit losses. Based

on this model, the total EAD (Exposure at Default) of Rs. 4,97,208 Crores is broken up

into Stage 1, Stage 2 and Stage 3. Stage 1 loans constitute 91.4%, Stage 2 is 6.3% and Stage

3 is 2.3%. This EAD would include the interest component. There has been an increase in

Stage 2 assets from 5.5% to 6.3% and this is largely because some of the loans which were

classified as Stage 1 in the previous year and who have opted for the ECLGS (Emergency

Credit Line Guarantee Scheme) have been classified as Stage 2 accounts based on a

qualitative assessment of the respective exposures. Further, all loans which have opted for

the OTR (one-time restructuring) have all been classified as Stage 2 assets.

During the year, we have charged the Profit and Loss account with a sum of Rs. 2,948

Crores of which Rs. 719 Crores was in the fourth quarter on account of provisioning. The

ECL to EAD coverage ratio for Stage 2 assets is 19% and for Stage 3 is 52%. The

provisions carried as a percentage of the EAD amounted to 2.62%. As of March 31, 2021

we carry a COVID-19 provisioning of Rs. 844 Crores. We will in the course of this year

review this provision.

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As earlier, we continue to hold all our investments in HDFC Bank, HDFC Life, HDFC

Asset Management and all our other subsidiary and associate companies at the original cost

of acquisition, which is the price we had paid whilst making these investments. These

investments are thus not accounted for on a fair value basis. If we were to mark to market

the investments as of March 31, 2021 the unrealised gain, which is the difference between

the market price as of March 31, 2021 and the carrying cost, which would be as much as

Rs. 2,61,590 Crores. Accordingly, we carry an unrecognised gain or an unbooked gain of

Rs. 2,61,590 Crores, which is not part of our net worth nor is it part of the capital adequacy

calculations.

During the year, Reserve Bank of India had mandated that we reduce our shareholding to

50% or below in both, HDFC Life and HDFC ERGO as well. The reduction in the

shareholding of HDFC Life was largely done in the period April to June 2020 and the

reduction in the shareholding of HDFC ERGO will be completed this month. Even after the

reduction of the shareholding to below 50% HDFC Life continues to be consolidated under

Ind-AS accounting norms.

On August 11, 2020, HDFC completed the Qualified Institutions Placement of equity shares

and NCDs simultaneously with warrants. We raised Rs. 10,000 Crores through the issue of

equity shares. We also raised warrants at an issue price of Rs. 180 and an exercise price of

Rs. 2,165 per share, which represents a 32% premium over the the prevailing market price

of the share at the time of the issue. As a result, we received an upfront non-refundable

amount of Rs. 307 Crores. As of date no warrants have been converted into equity shares.

The maximum equity dilution on account of the aforesaid QIP issue, assuming full

conversion of the warrant exercise price will be 4.23% of the enhanced share capital. The

amount of NCDs raised as a part of this transaction amounted to Rs. 3,693 Crores for a

tenure of 3 years.

Our capital adequacy stood at 22.2% of which Tier-1 capital was 21.5% and Tier 2-capital

was 0.7%, which is way above the regulatory requirement of what we are required to carry.

As per the regulatory norms, the minimum requirement for the capital adequacy ratio and

Tier-1 capital for FY21, is 14% and 10% respectively. So, 14% total capital adequacy and

10% Tier-1 capital against which we are actually carrying 22.2% total capital adequacy and

21.5% Tier-1. As of March 31, 2021, the risk weighted assets stood at Rs. 3,98,000 Crores.

During the year, our total borrowings increased to Rs. 4,41,365 Crores. The year began with

uncertainty on interest rates as well as liquidity. However, full credit must be given to RBI

for taking a variety of measures that helped cooling the money markets and providing the

liquidity support that the market required and this liquidity support saw the growth of

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lending in the financial system. We were one of the beneficiaries of that. Term loans

including external commercial borrowings and refinance from the National Housing Bank

accounted for 24% of borrowings. Market borrowings that include NCDs and commercial

paper accounted for 42% of the borrowings. Deposits were a major source of funding

during the year. Deposits as at the year-end stood at Rs. 1,50,131 Crores - a growth of 13%.

CRISIL and ICRA have for 26th consecutive year reaffirmed that CRISIL FAAA/Stable

and ICRA’s AAA/Stable ratings for the Corporation’s deposits. We now have over 20.8

lakh deposit accounts from over 6.9 lakh depositors. We also have 52,897 deposit agents

who account for 94% of these deposit collections. Deposits accounted for 80% of the

incremental borrowings in the current year and constitute 34% of the outstanding

borrowings as of March 31, 2021.

I have always emphasised in my interaction with investors that there are two ways to look at

the net interest income (NII). One method is to consider only interest and the other is to also

take into account the profit that is booked at the time of selling a loan. If we were to

calculate the NII purely on the basis of interest without taking cognizance of the sale of

loans, then the NII for the year ended March 31, 2021 stood at Rs. 15,172 Crores compared

to Rs. 12,904 Crores in the previous year, representing an increase of 18%. In the same

manner, the NII for the quarter ended March 31, 2021 stood at Rs. 4,065 Crores compared

to Rs. 3,564 Crores in the corresponding fourth quarter of the previous year.

The second way to compute the net increase income is to also include the income on sale of

loans. This income is effectively an upfronting of the future interest on loans that are sold

on a discounted basis and after reducing estimated future expenses. Under Ind-AS

accounting standards, there is a requirement that when a loan is sold, this income has to be

accounted for upfront and is reflected as a separate item in the profit and loss account and

most analysts take this into account while calculating the net interest income.

During the quarter we sold loans aggregating to Rs. 7,503 Crores and booked an income of

Rs. 438 Crores. If you were to include this income of Rs. 438 Crores as part of the NII and I

repeat this is the way almost all analysts do it, and also consider similar income in the

previous year, then the net interest income for the quarter would be Rs. 4,532 Crores

compared to Rs. 3,846 Crores in the fourth quarter of the previous year amounting to an

increase of 18%. Similarly, for the full year, the NII would have been Rs. 16,372 Crores

compared to Rs. 13,909 Crores in the previous year, showing a similar increase of 18%.

During the year, due to the uncertainty caused due to the pandemic, we carried a huge

amount of excess liquidity. We began reducing the high liquidity levels during the year. The

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excess liquidity was largely deployed in overnight liquid funds, which actually yielded a

negative carry of 2.33%. In other words, the income we got from investing that money in

overnight liquid funds was 2.33% lower than the cost of funds.

Net Interest Margin for the year ended March 31, 2021 stood at 3.5% compared to 3.4% in

the previous year.

The spread on loans over the cost of borrowing for the year ended March 31, 2021was

2.29%. The spread on the individual loan book was 1.93% and on the non-individual book

was 3.22%. Previous year’s spreads have been 2.27%. Thus, there has been a two basis

points or 0.02% improvement in the spreads for the year.

Income earned from deployment of surplus funds and cash management schemes of mutual

funds was lower at Rs. 813 Crores as compared to Rs. 1,102 Crores in the previous year

despite much higher levels of daily surplus funds being invested. This was due to a sharp

drop in short-term rates where we earned just 3.75% on an average on our surplus liquidity

as compared to over 6% in the previous year.

During the year, we earned Rs. 734 Crores by way of dividend income as compared to Rs.

1,081 Crores in the previous year. There was a drop in dividend income in the first half as

we did not receive dividend from our investments in HDFC Bank and the insurance

companies on account of the directions stipulated by RBI and IRDA. Whilst banks were

unable to pay the dividends in the second half of the year also, the restriction was lifted by

IRDA for insurance companies. Accordingly, the Corporation received dividend from

HDFC ERGO in March 2021.

During the year, we booked profit on sale of investments amounting to a much lower level

than last year. Our profit that we booked this year was Rs. 1,398 Crores compared to Rs.

3,524 Crores in the previous year. Profit on sale of investments during the previous year

was largely on account of sale of a part of a holding in GRUH Finance. Also, in the

previous year and it is very important to understand that, and all analysts and all

shareholders aware of it, last year an amount of Rs. 9,020 Crores was booked as fair value

gain consequent to the merger of GRUH Finance with Bandhan bank as per the

requirements of the Ind-AS accounting standards.

Also, on that Ind-AS accounting standards, the stock options granted to employees are

measured at fair value of the options at the time of the grant. The fair value of the options is

accounted for as employee compensation cost over the vesting period on a straight line

basis. Accordingly, employee benefit expenses for the year includes an amount of Rs. 338

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Crores compared to only Rs. 14 Crores in the previous year. For the quarter ended March

31, 2021 it included a charge of Rs. 144 Crores compared to just Rs. 3 Crores in the

previous year.

For the year ended March 31, 2021 the cost to income ratio stood at 7.7% as compared to

9.0% in the previous year.

Coming to the profitability, for the quarter ended March 31, 2021, the standalone profit

before tax was Rs. 3,924 Crores compared to Rs. 2,692 Crores in the fourth quarter of the

previous year. Similarly for the full year profit before tax stood at Rs. 14,815 Crores

compared to Rs. 20,351 Crores in the previous year. Whereas as I explained to you this Rs.

20,351 Crores includes more than Rs. 9,000 Crores of profits that were booked only

because of the accounting requirement when GRUH was merged into Bandhan bank. So, on

the face of it the profit before tax for the full year is lower than what it was in the previous

year, but as you all know, the primary reason was that in the third quarter, the actual amount

was Rs. 9,020 Crores, which was booked consequent to the merger of GRUH Finance with

Bandhan bank.

Tax for the fourth quarter stood at Rs. 744 Crores compared to Rs. 460 Crores in the

previous year. For the full financial year, tax provision stood at Rs. 2,788 Crores compared

to Rs. 2,581 Crores in the previous year. Tax rate for the year was 18.8%.

The standalone profit after tax for the fourth quarter stood at Rs. 3,180 Crores - a 42%

increase compared to Rs. 2,233 Crores in the fourth quarter of the previous year. The profit

after tax for the full year stood at Rs. 12,027 Crores.

Pre-tax return on average assets excluding sale of strategic assets was 2.6% and the post tax

return on average assets was 2.1%. The basic and diluted EPS on a face value of Rs. 2 per

share was Rs. 67.77 and the diluted value was Rs. 67.20 and I repeat this is on a face value

of Rs. 2 a share.

The consolidated profit before tax for the fourth quarter stood at Rs. 6,704 Crores as

compared to Rs. 4,951 Crores a growth of 36%. The consolidated profit after tax for the

fourth quarter stood at Rs. 5,669 Crores as compared to Rs. 4,342 Crores - 31% increase

over the fourth quarter of last year. As mentioned earlier, the numbers for the full year are

not strictly comparable to that of the previous year on account of the amalgamation of

GRUH Finance with Bandhan bank in the third quarter of the previous year.

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On a consolidated basis for the year ended March 31, 2021, the profit before tax was Rs.

24,237 Crores as compared to Rs. 26,193 Crores in the previous year. After providing Rs.

3,750 Crores for tax compared to Rs. 3,367 Crores in the previous year the profit after tax

but before OCI stood at Rs. 20,488 Crores for the current year. The profit attributable to the

corporation was Rs. 18,740 Crores.

The Board of Directors after assessing the capital buffers and liquidity levels have

recommended a dividend of Rs. 23 per equity share of Rs. 2 each as compared to Rs. 21 per

share in the previous year. The dividend payout ratio is 34.5%.

As of March 31, 2021, we had 3,226 employees. Our total assets per employee stood at Rs.

171 Crores. This is per employee I repeat, net profit per employee was Rs. 3.4 Crores.

Our distribution network spans 593 outlets, which include 203 offices of HDFC’s wholly

owned distribution company HDFC Sales Private Limited. We cover additional locations

through our outreach programs. To cater to non-resident Indians, we have offices in

London, Dubai and Singapore and service associates in the Middle East.

During these trying times I do believe we are much to be grateful for. Our employees have

been working relentlessly through extremely difficult circumstances and it is their effort

that has helped the organisation tide over trying times. It remains our constant endeavor to

keep raising the bar on customer service. The well-being of our employees is of paramount

importance to us. We also appreciate the measures taken by the government and our

regulators in bringing confidence and stability in the financial system, which in turn has

helped us navigate the past year.

We will continue to engage deeply with all our stakeholders towards this and we stand

committed on environmental, social and governance parameters. Our Business

Responsibility Report and the Integrated Report which we shall shortly host on our website

provides our activities in the area of ESG. During the year, our Corporate Social

Responsibility (CSR) activities focus primarily on COVID-19 relief, healthcare, sanitation,

education and livelihoods. CSR activities were being conducted either directly or through

the H T Parekh Foundation. The total CSR spend during the year was Rs.190 Crores.

So, in conclusion that let me say that the above are some of the highlights of the results for

the year ended March 31, 2021. As you can see we have seen a sharp increase in the

demand for housing loans during the year. The second wave and partial lockdowns across

the country have brought new challenges, but given the digitalisation of operations as well

as the learnings of the past year, we are confident that we are well equipped to face the year

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ahead. The bottlenecks during the second wave are significantly lesser than what we

experienced in March 2020.

I must also say that as of date - this is as of yesterday, disbursements since April 1 for the

year have already crossed the disbursements we achieved in the whole of the first quarter of

last year. Before I conclude I would like to wish each one of you good health. Please stay

safe. We may now proceed to questions and answers and I would request you to kindly

introduce yourself and be brief with your questions. Thank you.

Moderator: Thank you very much. We will now begin the question and answer session. The first

question is from the line of Mahrukh Adajania from Elara Securities. Please go ahead.

Mahrukh Adajania: Congratulations, could you give the figure for slippages for the whole year and if possible

broken down into individual and non-individual?

Keki Mistry: So you will see the detailed presentation, I talked about the stage one, stage two, stage three

results in my talk. You would see that there is an increase in the level of stage two loans,

but this is primarily because of the fact that some of the restructured loans, in fact all the

one-time restructured loans that we had, we downgraded them from stage one to stage two

and also loans, -- the emergency line, we looked at it qualitatively and in many of these

cases, we downgraded them from stage one to stage two. So to give you a sense, our stage

one accounts constitute 91.4%, stage two constitutes 6.3% and stage three constitutes 2.3%,

but we are extremely conservative as I said earlier in the provisioning, which is reflected in

the fact that the total provision that we carry is more than double what is required for

recognition and we have been extremely proactive in terms of downgrading loans wherever

we saw the slightest degree of stress from stage one to stage two. As far as non-performing

loans are concerned the numbers are more or less the same as what they were last year, last

year was 1.99% in the aggregate, this year is 1.98%, and this is total, individual non-

performing loans stand at 0.99%, non-individual stands at 4.77%.

Mahrukh Adajania: Why has the stage two declined sequentially is it because of slippage?

Keki Mistry: No, stage two declined primarily because there would have been some resolution in some of

these loans or there would have been some prepayments in some of these loans and some of

these cases would have got downgraded to stage three, if you see stage three there is no

material difference.

Mahrukh Adajania: Okay thank you.

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Moderator: Thank you. The next question is from the line of Manish Ostwal from Nirmal Bang. Please

go ahead.

Manish Ostwal: Thank you for the opportunity Sir, my question on the non-individual portfolio gross NPA

levels that is 4.77% so can you comment on the trend going ahead in this portfolio Sir?

Keki Mistry: It is very difficult for me to comment on a portfolio. See for example, if you look at a

project which is stuck now, the project requires incremental funding, but every rupee that

we give to that project once it is classified as a non-performing loan, the new money, which

is given continues to be classified as a non-performing loan even though by giving that

additional money to the project, you are effectively completing the construction of the

project and therefore in all likelihood you will get the whole amount back, so I think just

looking at the non-performing loan numbers is not necessarily the best way to look at it. I

would say that we are very proactive in terms of downgrading accounts from stage one to

stage two wherever we see the slightest degree of stress and then carry special provisioning

in respect of those accounts and even from stage 2 to stage 3 if we believe that the stresses

have increased or of the loan has not got repaid, then we would downgrade that from stage

2 to stage 3.

Manish Ostwal: The second question on the quality of growth especially you mentioned that ticket size has

increased because of some higher activity in the metro city so can you comment on the

growth in the non-metro city?

Keki Mistry: Well the growth has been both, in the high-end market as well as in the affordable housing

market. As I mentioned earlier, cities like Mumbai for example or Delhi for that matter or

Bangalore would have also seen a robust growth during the course of this year. Our total

disbursement growth in the third quarter in the aggregate was as much as 60% and if we

were to look at the third quarter, our growth in total disbursements was 26% in the

aggregate and this would be a combination of affordable housing and non-affordable

housing. In terms of affordable housing that is loans to customers in the economically

weaker section or in the lower income group, I mentioned earlier that 33% of the loans in

terms of numbers were to customers who were in the economically weaker section or in the

lower income group. So in numbers 33% were in the EWS or LIG category, 67% were in

the middle income category.

Moderator: Thank you. The next question is from the line of Adarsh P from CLSA. Please go ahead.

Adarsh P Congrats on good numbers, Sir one question is the last two years a lot of the provisioning

that we have done in the P&L for strengthen the balance sheet 2.3% to 2.4% of overall sales

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provisions going forward does this provision cover give us the comfort that the P&L

provision requirement can go down, we can go back to the 10%-15% basis points that we

have had in the past or because of stage 4 we will continue to kind of provide some more

time?

Keki Mistry: See historically Adarsh our policy, which is the first stage we are provided in the sense to

envisage every possible theoretical risk which could possibly come about and create a

provision well in advance. You would have seen that a couple of years ago a lot of banks

and number of banks reported losses for two or three quarters because they had to catch up

on the provisioning that they sort of were lagging. We have been extremely proactive in that

provisioning and we would like to continue maintaining a policy of keeping a large amount

of provisioning so as I said earlier if we go strictly by the regulatory requirement, which is

what most companies would do, the total provisioning you need to carry in the balance

sheet would be Rs. 5,491 Crores against which we are actually carrying a provision of as

much as Rs. 13,025 Crores. We are carrying a provision, which is Rs. 7,534 Crores to be

precise more than what is required by regulations; so we will continue with the practice of

the policy of being very proactive in our provisioning.

Adarsh P But any threshold you can indicate or you can indicate as to where you would say that as

maybe as a percentage of loans that you come to where it is saying that beyond which we

do not need to build more buffers?

Keki Mistry: See we have built a sufficient enough buffer as things stand now, but having said that we

now have this new second wave of COVID, so we have to keep the higher provisioning in

place for the next few quarters because we do not really know how the second phase is

going to sort of pan out. The first phase that we saw COVID did not impact asset quality in

any significant manner, as you see in the individual category let us talk of individuals first

because that is the bulk of the business. In the individual category gross non-performing

loans went up by one basis point, which is neither here nor there so 0.98 became 0.99%, but

as a policy we carry a provisioning which is much more than what is required. Also I must

say we carry buffers so we sort of take into account events that should this happen or should

there be COVID-19 stress in certain sectors, how many customers do we have who are

working in those sectors, how will they get affected in terms of their salaries, their income

and therefore carry buffers or carry provisioning on that.

Adarsh P: These are fairly good disclosures on the breakup of stage one, two, three assets both

individual and corporate you did mention in your opening remarks the stage two in the non-

corporate part of which is ECLGS or restructuring but that still is a relatively large portfolio

it is Rs.24000 Crores and net of the provision is Rs.19000 Crores could you give some more

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color on that portfolio that gives comfort and where servicing is and what is the kind of risk

that we are dealing within that book, any color you can provide?

Keki Mistry: You are talking of non-individual loans?

Adarsh P Non-individual stage two.

Keki Mistry: Non-individual stage two (EAD) as we speak stands at Rs.24000 Crores of which as you

know restructuring was about Rs.5000 odd Crores all of which will be appearing in this

category, ECLGS also forms some part of that on a qualitative basis would come under

stage two so whenever we see that the customer is finding it difficult to pay installments on

time or there is a default of one month or two months we will immediately downgrade that

loan to stage two. This is particularly so in case of non-individual loans because if you look

at projects if you look at construction finance, if there is a delay in making payment in a

month or for two months, immediately the loan gets downgraded to stage two even though

the security cover that we may have on that loan is very, very significant. See you must

understand that what we are giving loans against is housing it is real estate so there is a

value to that real estate, when we are making these provisions on a conservative basis or on

a proactive basis we are not taking cognizance of the fact that we still had carry a

reasonably large security cover.

Adarsh P Got it thank you Sir.

Moderator: Thank you. The next question is from the line of Suresh Ganapathy from Macquarie. Please

go ahead.

Suresh Ganapathy: Sir I have three quick questions one is the second wave of course you said that the April

disbursements are higher than the full last year’s first quarter disbursements can you

comment on the collection aspect is it good compared to the previous quarter has declined

collection efficiency from an April perspective, the second question is the RBI’s

requirement for you to bring down to less than 50% is RBI asking you to further reduce, is

it something that you are engaging in a dialogue with Reserve Bank of India can this

number go to 20% in subsidiaries eventually and the third aspect is on the NHB rules of

having 50% in residential mortgages and 60% total as a percentage of unfortunately the

overall assets number I realized that you guys are just marginally below that threshold

would that actually govern your inability to lend more towards your real estate portfolio

going at or either the non-individual portfolio going at?

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Keki Mistry: Let me try to answer your questions. Your first question was on collection efficiency for the

current year. See Suresh, typically what happens is that there is full steam and full force in

the month of March to collect installments so even in pre-COVID times you would find that

the collections for the month of April, which is immediately after this massive drive in

March would always be a little lower than what the normal level is. To my mind, this year

what we have seen is no exception, what we are seeing now is not significantly different

from what we would have seen in April 2019, not April 2020. April 2019, which was pre-

COVID. Second question on insurance, RBI has asked us to bring down the stake to below

50% or below 50%. There is absolutely no indication or requirement from RBI or any other

regulator for us to bring our stake to below 50% that is not the case and your third question

was what Suresh?

Suresh Ganapathy: On that 60% and 50% NHB norm?

Keki Mistry: There we have a clear timeline on how we are going to achieve that 50% or 60%. We have

put down a periodic timeline on a quarterly basis and we are ahead of what we have

planned, so I do not see that is the problem. Our ability to lend money to non-individual

loans you said is really not there, it is only the corporate loans or the lease rental

discounting loans which do not qualify as housing. Loans given to property developers for

example for constructing residential housing qualifies.

Suresh Ganapathy: What will be the current number against 60% and 50%?

Keki Mistry: I do not have the number.

V. S. Rangan: We have worked out broadly on this and on 50%, we are higher. Actually we are at about

54%-55% and on 60% I think we are marginally lower at 58%.

Moderator: Thank you. The next question is from the line of Piran Engineer from Motilal Oswal

Financial Services. Please go ahead.

Piran Engineer: Congrats on the quarter. I have a couple of questions firstly regarding this CLSS scheme for

the MIG segment it was March 31, 2021 and it has not been extended by the government

yet and if it were to not be extended then what sort of impact do we foresee on

disbursement growth?

Keki Mistry: Very honestly I do not see it having any material impact on the disbursement growth

because a person who is buying a house is buying a house because he needs a house to stay

he is not buying a house just because there is some subsidy that is available from

government. Also last year if memory serves me right, this has come to an end in March

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2020 and then somewhere in May or June or May probably, I am not very sure of the date,

the government then extended that by a year, so whether to extend it even now going

forward frankly I have no idea, but whether they do or not I do not see it making that much

of a difference. See unfortunately COVID is a horrible thing to happen, but what COVID

has done is it has made it more imperative for people to look for bigger houses, better

houses, , so we have seen that once the lockdown restrictions were removed last year, we

saw a very significant increase in the demand for housing loans.

Piran Engineer: Sir my next question is on the asset quality front so we have seen a reduction of about

Rs.600 Crores in the restructured book on a quarter-on-quarter basis so is this because you

know the resolution (audio cut) 51:39?

Keki Mistry: It would - have happened because either the customers initially applied and then said that I

do not need it and then the restructuring was removed or in some cases, the person may

have applied and may not have been eligible so there are a variety of reasons why it could

happen but I know of cases where people applied for it and then said that look on second

thoughts we do not need it.

Piran Engineer: So this Rs.4500 odd Crores is the restructuring that has been completed?

Keki Mistry: Yes.

Piran Engineer: My last question on collection efficiency it is about 98% and has been at 97%, 98% for the

last few months, this excludes all earlier payments and repayments?

Keki Mistry: Repayments?

Piran Engineer: Does it include earlier payments also?

Keki Mistry: Yes it includes earlier payments.

Piran Engineer: Since the moratorium was listed we consistently have been at 97%, 98% by now at least 2%

of our individual loans (inaudible) 52:50 so the ratio has been 1% so I am trying to figure

out what was dichotomy in it?

Keki Mistry: It is starting up at 96% and then slowly over a period of time went up from 96% to 98%

which is where we ended the month of March, but as I said going forward looking at what

the COVID situation is, looking at this second phase one will again have to be mindful of

what happens in April and May.

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Piran Engineer: No what I meant was shortfall is still around 2% right, if you are expecting 100% but you

are getting 98% and in a matter of 90 days a loan should have been downgraded so I am just

trying to wonder?

Keki Mistry: Yes, but you cannot look at it like that I am sure you understand that customer x has not

paid for the month of January but he pays for the month of February, customer y pays for

the month of January but does not pay for the month of February so it is not necessarily

borrowers not paying us. So how will the same borrower always get same three months. I

think you can take that up offline.

Piran Engineer: I will take it offline. Thank you so much.

Moderator: Thank you. The next question is from the line of Saurabh from JP Morgan. Please go ahead.

Saurabh: Sir two questions, one is on the stage three and stage two book, will it be fair to say that on

the non-individual side a lot of it will be driven from the corporate and the project finance

book which is excluding the LRD book, so basically in the LRD I think there is no stage

three and there is stage two?

Keki Mistry: Yes that would be correct.

Saurabh: Second is on the single account restructuring that you have had what will be the LTV on

that loan?

Keki Mistry: Well we carry a huge security cover, off the cuff I would not be able to tell you what the

LTV amount on that one particular loan is, but the name is in public domain so you are

aware of the customer.

Saurabh: Generally on the construction finance book the LTV will be 50%?

Keki Mistry: Generally yes, we would have a two-time cover as a normal rule.

Saurabh: Yes perfect. Thank you.

Keki Mistry: It could be lower in some cases; it could be much higher in some cases so it is more or less

average.

Moderator: Thank you. The next question is from the line of Aditya Jain from Citigroup. Please go

ahead.

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Aditya Jain: My first point was in the non-individual portfolio what would be the size of the stage two

loans and second if you look at the additional provisions which have been carried what is

the basis of allocating a certain part of it as COVID-19 and is this the part which in this year

gradually the micro improves this is the part which you would look to perhaps recoup and

then write back?

Keki Mistry: So COVID-19 provisioning would be for example if we have loans given and I am giving

you only an example, if we have loans given let us say to people who are working in the

airline industry or people who are working in the hotel industry or people who are working

in hospitality. Now with this possible lockdown and also the selected lockdown that we

have seen today in many states effectively some of these people may either get lesser

salaries or their salaries may get cut or whatever may happen, so in anticipation of that

fortunately we do not have too many such employees or too many such customers who are

employees of these affected sectors, but to the extent we have the estimated what the total

loan amount is and then carry a provisioning for that and you are right that is the

provisioning which will get reviewed on a consistent basis from time to time. The actual

numbers, Conrad will send you, we already have probably sent you the break-down

between stage one and stage two and stage three both for individuals and non-individuals in

case you have not got it you can take it from them.

Aditya Jain: Got it. Thank you.

Moderator: Thank you. The next question is from the line of Roshan Chutkey from ICICI Prudential

Asset Management. Please go ahead.

Roshan Chutkey: A simple data keeping question what is the disbursement for this quarter and what is the

growth if you can share?

Keki Mistry: What is the disbursement for which quarter for the March quarter, year ended March?

Roshan Chutkey: March.

Keki Mistry: The disbursement growth for the March quarter was 60%.

Roshan Chutkey: On individual group?

Keki Mistry: On the individual group I am talking of individuals. Individual growth was 60% in the

fourth quarter and you must remember that the fourth quarter of this year was to some

extent impacted by COVID., The surge in the number of cases started at least in some

places like Mumbai and Maharashtra sometime in March itself whereas in the previous

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year, the previous year January, February and the first half of March was completely

unaffected by COVID. We had the impact of COVID coming in only from I think around

March 20, 2020 if I recall right the lockdown came in from March 23, 2021 or March 24,

2021 so it was really the effect was only 10 days whereas this year the effect was for pretty

much the whole quarter, but despite that we had a 60% growth in individual disbursals.

Roshan Chutkey: What is the absolute number if you can share that?

Keki Mistry: Absolute amount of disbursements, Conrad would you have a number, you can give it to

him offline.

Conrad D'Souza: Roshan I will give it offline.

Keki Mistry: I do not have that for both quarters in particular, but for the whole year it was about Rs.1,06,000 Crores.

Conrad D'Souza: Roughly around Rs.40,000 Crores.

Moderator: Thank you. The next question is from the line of Shweta Daptardar from Prabhudas

Lilladher India. Please go ahead.

Shweta Daptardar: Thank you Sir for the opportunity. Sir couple of questions one is how are the enquiries

panning out in light of second wave especially in April and May month?

Keki Mistry: So obviously there is some impact in terms of enquiries and in terms of new business, but it

is not so far at least has not been as bad as it perhaps could have been, but really one needs

to wait for the whole month of May before one can say that complete confidence where the

number stands, but at the moment, it is still reasonably okay and obviously much, much

better than what it was a year ago. Just to give you some numbers, applications, receipts

have been fairly good in the month of April reasonably good.

Shweta Daptardar: Okay did you quantify anything or did I miss?

Keki Mistry: Quantify what the applications received I do not have the number off the cuff.

Shweta Daptardar: Sure not a problem, secondly yields have been clearly under that pressure this quarter and

you also mentioned that disbursements have been slightly slower for three months vis-à-vis

previous year so what reasons besides this you attribute and also if you could elaborate on

competition, pricing war and any cases of balance transfers per se?

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Keki Mistry: Let us say this about pricing war, it is complete rubbish for a simple reason that if you were

to look at our spreads, our spreads have actually widened on a year-on-year basis, so there

was so much of pricing pressure and people undercutting and things like that that obviously

would not happen. Interest rates have come down but interest rates have come down

because borrowing costs have come down. Funding costs have come down in a big way if

you look at our deposits we have been extremely proactive in terms of cutting rates on our

deposits and also if you look at the wholesale lending wholesale borrowing also these

numbers would be in public domain you can see that borrowing cost has been declining on

a continuous basis and that is what has enabled us to pass the benefit back to our customers.

Reduction in lending rates is not and I repeat not a function of competitive pressure or

anything like that. Prepayments you talked about prepayments last year was 10.9%, if you

have been for last year I am talking of March 2020 year end, March 2021 year end was

10.3% so actually prepayments have come down, roughly about 60% of the prepayments

are full prepayments and 40% are part payments, so the trend that we see for 2020 this year

is actually a little lower than what we had seen last year and if you have been following

HDFC for several years as some of these analysts have been doing you would know that

historically our prepayments are between 10% and 12% of the loans outstanding at the

beginning of the year, this year was 10.3%, but as I said 40% of these prepayments really

are people who are just, they have got some savings or they have got some bonus and they

just come and sort of make a part prepayment of the loan and then get the term reduced and

keep the installment at more or less the same. So it is not that we have seen any large

amount of loans getting refinanced or vice versa. Some loans yes but also we would have

bought some loans from others, net-net I think on that score it is not material but we would

be a beneficiary.

Shweta Daptardar: Definitely thank you Sir.

Moderator: Thank you. The next question is from the line of Nischint Chawathe from Kotak Securities

Limited. Please go ahead.

Nischint Chawathe: We have announced a partnership with one of the housing finance companies just trying to

understand that is it a one-off thing or would you see a trend where you possibly announce

partnership with a couple of other HDFC as well especially the ones who are kind of

operating in the lower end of the market, the unorganized sector charging 12%, 14% IRRs?

Keki Mistry: See we do not have anything in mind at the moment if there is some arrangements where

somebody wants to source loans for us we are very happy to look at it, if you look at the

breakdown of the loans sourced for us, it is 27% is from HDFC bank, 54% is from HDFC

Sales, which is a 100% subsidy of us and 17% is other direct sales agents and 2% are walk-

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in customers, so we have other channels other people who source loans for us which we do

the credit legal technical checks and decide whether to lend money or not and that is as

much as 17% of our total number so it is something which we can look at more

partnerships. In this particular case every single loan that will come under this arrangement

will ultimately get approved by HDFC and therefore the final control on which loan is

given to what customer will be done by HDFC itself so there is no dilution whatsoever I

repeat of credit standards and that is the way it will be for any future arrangement that we

may have.

Nischint Chawathe: Perfect thank you very much.

Moderator: Thank you. The next question is from the line of Roshan Chutkey from ICICI Prudential

AMC. Please go ahead.

Roshan Chutkey: Thank you for taking my questions. The repayments this quarter are about 23000 Crores

based on the disbursement number that you have given me (inaudible) 1:6:20 repayment

rates of about 6.6% for the quarter without analyzing that is a fairly large repayment rate,

why are we seeing such large repayment rate?

Keki Mistry: You cannot look at it in a quarterly basis you have to look at it for a whole year and I will

answer your question even for the quarter but you have to look at it for the whole year so

10.3% of the loans outstanding at the beginning of the year was prepaid during the course

of the year and last year and I repeated that number before last year that number was 10.9%,

in rupee terms the total amount of prepayments we received this year was Rs.40000 Crores,

last year the number was about Rs.37000 Crores, so there is a roughly 8% increase in the

level of prepayments against 11% or 12% increase in the individual loan book, which is

what reflects in the lower prepayment ratio. Now why prepayments would have probably

gone higher in Q4 a lot of these were part prepayments because after COVID some people

would have their incomes and sinceDecember many companies started doing well, many

companies started giving bonuses to the employees and people would have used that bonus

to make part of the prepayment.

Moderator: Thank you. The next question is from the line of Bunty Chawla from IDBI Capital. Please

go ahead.

Bunty Chawla: If you can throw some outlook on the net interest margin as we have seen the net interest

margin has improved on a Y-o-Y basis for the full year and liquidity we believe will be still

going down in FY2022 with uptick in the disbursement as the economy is improving in

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second half of FY2022 so can we say net Ind-AS margin should go ahead in FY2022 or if

you can share your outlook on that?

Keki Mistry: See the net interest margin went up if I recall right from 3.4% last year to 3.5% this year

about 10 basis points increase. If you look at our numbers historically our net interest

margins have been in the range of 3.2% to 3.6% and there have been at times it will be

3.1%. I would say generally spreads have been stable to a little higher, stable spread or a

slightly higher spread would at least improve the net interest margin. Having said that we

had a huge amount of negative carry on the surplus funds that we were carrying, I

mentioned in my earlier talk that we had almost 3% points lower return on the excess

liquidity we were carrying this year versus last year so that would obviously have a

negative impact on net increase margin despite that the net interest margin for the year

stood at 3.5%, so a lot also depends on the outlook going ahead in terms of how much

excess liquidity we should carry and that obviously is a function of how the markets play

out and things like that. Personally my view is that the way things stand today is that we do

not need to really increase the level of excess liquidity that we are keeping, which should

therefore mean that the net increase margin should be more or less stable, but having said

that it is something which we will review through our ALM committee on a continuous

basis if we believe at any point of time that for whatever reason there is uncertainty in

markets and therefore we should keep a higher level of liquidity then at that point of time

we will decide to do so, otherwise I would expect net interest margin to be reasonably

stable.

Bunty Chawla: Thanks for that Sir. Secondly as we have already said that disbursement in the non-

individual portfolio is completely in your hands so what is the thought process now how the

non-individual AUM growth should be seen in FY2022 because in FY2021 that has been

the laggard which has impacted the overall AUM growth for us?

Keki Mistry: See what happens as you are aware of that we discussed this many times that on the

construction finance portfolio for some time we have been going a little slow. If you look at

total construction loans as a percentage of our total loan book it used to be as much as

14.4% about three years ago and now it stands at 10%, one of the reasons why the non-

individual portfolio has not grown sufficiently in the current year is also I mentioned that

when I talk that because of the formation of REIT a lot of the lease rental discounting loans

got paid back so we have something like Rs.9000 Crores if memory serves me right of

loans which got prepaid during the course of the year primarily because these loans got

converted into REIT. Now to the best of my knowledge there is no other REIT, which is in

the pipeline and therefore hopefully that kind of prepayment that we had last year should

not happen.

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Moderator: Thank you. The next question is from the line of Nilanjan Karfa from Nomura. Please go

ahead.

Nilanjan Karfa: Question on this restructuring that you mentioned is Rs.4479 Crores, notes to account is

Rs.3687 what explains the difference?

Keki Mistry: I think let us take it offline with you.

Conrad D’Souza: You can talk to me. It is the restructuring package which is implemented and the other is

invoked, but you talk to me offline, I will send you the numbers.

Moderator: Thank you. Ladies and gentlemen due to paucity of time we take the last question from the

line of Hiral Desai from Anived Portfolio Managers Pvt Ltd. Please go ahead.

Hiral Desai: Sir my question was given that individual or retail home loan growth has been fairly strong

should not that lead to some kind of opportunities of the developer financing side as we go

along because a lot of inventory that is getting solded either completed inventory, which

was lying unsold or inventory which was near completion so the cash flows for the

developers also would have improved just wanted to get thoughts on that?

Keki Mistry: We of course do construction finance loans it is not that we do not do it; we do construction

finance loans particularly for cases where we believe we can get a lot of retail business out

of it. If we are looking at projects which are in the outskirts of big cities, in Tier-2 towns,

Tier-3 towns where we would typically look at a loan of 25 lakh, 30 lakh, 35 lakh property

or 50 lakhs, those are the kind of projects which really have a lot of attraction for us because

from there we can increase the level of individual business that we do so. Yes we do look at

it on a continuous basis the good projects come up, good cash flows we are happy to look

at.

Hiral Desai: So the bad part of the business is the growth coming back?

Keki Mistry: In which part sorry?

Hiral Desai: In the construction finances you sort of worked with the smaller developers so what is

happening in terms of growth?

Keki Mistry: Obviously there are loans to small developers also which are happening, for example if you

look at the outstanding loans in the balance sheet today there would be a lot of loans which

would have got paid back also, but similarly there have been also new loans, which would

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have been given, which has maintained the amount to roughly what it was in the previous

quarter, but some repayments would have happened in the course of the quarter.

Hiral Desai: Okay and other is just one bookkeeping question would you have the write off number for

FY2021 and FY2020?

Keki Mistry: Conrad you can give it offline since I do not have it.

Conrad D’Souza: It is part of the excel sheet which you have, but I can give it to you. You can call me and I

will give it to you separately.

Keki Mistry: It is there in the excel sheet please look at it.

Moderator: Thank you. I would now like to hand the conference over to Mr. Kunal Shah for closing

comments.

Kunal Shah: Thanks Mr. Mistry and the entire senior management team of HDFC for such an elaborative

response and sharing your perspective and thanks once again for giving us an opportunity to

host the call. Thanks all the participants for being there on the call and having a patient

listening. Have a good day. Thank you.

Keki Mistry: Thank you and stay safe everyone these are difficult times please stay safe.

Moderator: Thank you. Ladies and gentlemen on behalf of ICICI Securities Limited that concludes this

conference. Thank you all for joining us and you may now disconnect your lines.

hdfc limited fy2021 earnings conference call may 07, 2021

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