hdfc limited fy2021 earnings conference call may 07, 2021
TRANSCRIPT
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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.