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Housing Development FinanceHousing Development Finance

Corporation LimitedCorporation Limited

September 2011

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CONTENTSCONTENTS

HDFC Snapshot

Indian Mortgage Market

2

Operational and Financial Highlights

Key Subsidiaries and Associates

Financials: Standalone & Consolidated

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HDF AP H THDF AP H T

3

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WHO WE AREWHO WE ARE

Incorporated in 1977 as the first specialised mortgage

company in India Now a Financial Conglomerate with interests beyond

mortgages:

HDFC Snapshot

4

73% shares held by Foreign Investors

HDFC

23.2%

HDFC Bank

72.4%

HDFCStandard Life

Insurance

60%

HDFC Asset

Management

74%

HDFC ERGO

GeneralInsurance

60.5%

GRUH

Finance

100%

HDFC

PropertyVentures

80.5%

HDFCVentureCapital

62.3%Credila

FinancialServices

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BUSINESS SUMMARYBUSINESS SUMMARY Loans Outstanding : Rs. 1,269.92 bn

(September 30, 2011) : US$ 25.93 bn

Mortgage Loans CAGR (5 years) : 24%

Cumulative Housing Units Financed : 3.8 million

HDFC Snapshot

5

Total loan write offs since inception : 4 basis points(of cumulative disbursements)

Cost to Income Ratio (FY 2011) : 7.7%

Unrealised gains on listed investments : Rs. 213.35 bn(September 30, 2011) : US$ 4.36 bn

Profit After Tax CAGR (5 years) : 23%

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600

700

800

491.66

606.11

751.85

504.13

603.14

n

LOAN APPROVALS & DISBURSEMENTSLOAN APPROVALS & DISBURSEMENTS

24%

20%

HDFC Snapshot

6

0

100200

300

400

500

FY09 FY10 FY11

396.50

Loans Approved Loans Disbursed

Rs.

in

billi

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CONTINUING GROWTH MOMENTUMCONTINUING GROWTH MOMENTUM(As at September 30, 2011)(As at September 30, 2011)

1400895.19

1062.871269.92

HDFC Snapshot

LOANS OUTSTANDING(Net of loans sold)

120

LOANS SOLD(In the preceding 12 months)

7

0

350

700

Sep-09 Sep-10 Sep-11

Rs.

in

billion

0

30

6090


.

48.58 49.89

Rs.

in

billion

As at September 30, 2011:

The growth in the loan book inclusive of loans sold in the previous 12 months is 24%

Loans sold (outstanding): Rs. 131.69 bn - on which spread at 1.54% p.a. is to be earned

over the life of the loan

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NATIONAL SPREADNATIONAL SPREAD

HDFC Snapshot

No. of Outlets

2001 87

2002 1182003 142

2004 173

2005 203

8

Outreach Programmes to 90 locations

Deposit & loan products offered

to individuals in over 2,400 towns and cities.

* Inclusive of 76 outlets of wholly owned distribution company

2007 234

2008 250

2009 267

2010 278

2011 (Sep) 298*

Denotes cities with 4 or more officesDenotes cities with 4 or more offices

Denotes cities with 3 OfficesDenotes cities with 3 Offices

OfficesOffices

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I DIA M RT A E MARKETI DIA M RT A E MARKET

9

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High demand growth driven by:

Improved Affordability

Rising disposable income

Tax incentives (interest and principal repayments deductible)

Affordable interest rates

MARKET SCENARIOMARKET SCENARIO

Mortgage Market in India

10

Increasing Urbanisation Currently only 31% of Indian population is urban

Favorable Demographics

60% of Indias population is below 30 years of age

Rapid rise in new households

Housing shortage estimated at 24.7 million units

Rural:14.1 million units, Urban:10.6 million units (Census Report)

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IMPROVED AFFORDABILITYIMPROVED AFFORDABILITY

22.0

15.6

11.1

4.00

5.00

6.00

7.00

8.00

9.00

20

25

30

35

40

45

lIncome(RsLac)

alue(RsLac)&

ordability


11

8.36.6

5.9 5.3 5.1 4.7 4.3 4.7 5.0 5.1 5.1 4.5 4.7 4.8

0.00

1.00

2.00

3.00

0

5

10

15

Ann

u

Property

A

ff

Property Cost (Rs Lac) Affordability Annual Income (Rs Lac)

1 Lac = 1,00,000

Representation of property price estimates Affordability equals property prices by annual income

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TAX INCENTIVES HAVE LOWERED THETAX INCENTIVES HAVE LOWERED THEEFFECTIVE RATES ON MORTGAGESEFFECTIVE RATES ON MORTGAGES


2011 2002 2000

Loan amount (Rs) 1,900,000 1,900,000 1,900,000

Nominal Interest Rate(%) 11.00% 10.75% 13.25%

Max deduction for interest allowed 150,000 150,000 75,000

12

Tax rate applicable 30.90% 31.50% 34.50%

Tenor (years) 15 15 15

Total amount paid per year 309,000 255,588 292,236

Interest component 209,000 204,250 251,750

Principal repaid 100,000 51,338 40,486

Tax amount saved 77,250 53,550 32,775

Effective interest paid on home loan 131,750 150,700 218,975

Effective interest on home loan 6.9% 7.9% 11.5%

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80%

100%

120%

81%88%

104%

LOW PENETRATION IMPLIES ROOM FOR GROWTHLOW PENETRATION IMPLIES ROOM FOR GROWTHMORTGAGES AS A % OF GDPMORTGAGES AS A % OF GDP


13

0%

20%

40%

60%

9%

17% 20%26% 29%

32%

39% 41%48%

Source: European Mortgage Federation, 2009 & World Bank, 2008

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OPERATIONAL AND FINANCIALOPERATIONAL AND FINANCIAL

14

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HDFCs ASSETSHDFCs ASSETS(As at September 30, 2011)(As at September 30, 2011)

89% Total Assets as at September 30, 2011Rs. 1,437.94 billion (US$ 29.36 billion)

Total Assets as at Se tember 30 2010


15

11%

Loans (including debentures & corporate depositsfor financing real estate projects) - 89%

Investments - 11%

Rs. 1,263.56 billion (US$ 28.10 billion)

Total assets have been computed as per Indian Accounting Standards and consequentlynot fair valued. The unrealised gains on listed investments as at September 30, 2011 of Rs.

213.35 bn has not been considered in the aforesaid.

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HDFC Bank-28%Direct Walk-ins -

15%

Other DSAs -10%

90% OF OUR MORTGAGES ARE SOURCED BY90% OF OUR MORTGAGES ARE SOURCED BYOURSELVES OR THROUGH OUR AFFILIATESOURSELVES OR THROUGH OUR AFFILIATES


September 30, 2011

16

HDFC Sales

Private Limited -47%

HDFC Bank - 28% HDFC Sales Private Limited - 47%

Direct Walk-ins - 15% Other DSAs - 10%

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67% 32%

INDIVIDUALS

Home Loans Fixed rate loans

Floating rate loans

Dual Rate loans

Home Improvement

CORPORATE BODIES

CORE BUSINESSCORE BUSINESS LENDINGLENDING(As at(As at September 30, 2011)September 30, 2011)


17

1%

Loans

Home Extension Loans

Short Term BridgingLoan

Loans to NRIs

OTHERS

September 30, 2011

Rs. in billion

Gross Loans 1,401.61

Less: Loans securitised - on which

spread is earned over the life of the loan 131.69

Loans Outstanding 1,269.92

LOANS

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OUR CONSERVATIVE LOAN PROFILEOUR CONSERVATIVE LOAN PROFILEUNDERLIES OUR HIGH CREDIT QUALITYUNDERLIES OUR HIGH CREDIT QUALITY

Average Loan Size : Rs. 1.9 mn (~ US$ 39,000)

Maximum Loan to Value : 80%


18

Average Loan to Value : 68% (at origination)

Average Loan Term : 13 years

Primary Security : Mortgage of property financed

Repayment Type : Amortising

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0.40%

0.60%

0.80%

1.00%

1.20%

0.81% 0.79%

0.77%

0.56%0.53%

0.46%

0.72%0.66%

0.95% As at March 31, 2011

(Rs. in bn)

Provision for Contingencies: 11.24

Regulatory Provisioning: 8.14

Actual provisioning is 1.4 timesthe re ulator re uirement

HIGH LOAN QUALITY/LOW CREDIT COSTSHIGH LOAN QUALITY/LOW CREDIT COSTS


Percentage

19

0.00%0.20%

FY09 FY10 FY11

GROSS NPLs AS A % OF PORTFOLIO

6 MONTH GROSS NPLs AS A % OF PORTFOLIO

PROVISION FOR CONTINGENCIES AS A % OF PORTFOLIO

Total loan write-offs are 4 basispoints of cumulative disbursements

KEY FACTORS

Low loan to value ratio In-house follow up team

Cash flow based lending Experienced appraisal team

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0.80%

1.00%

1.20%0.95%

0.86% 0.82%0.74%

0.66%

1.18%

PROVISION FOR CONTINGENCIES & NET NPLsPROVISION FOR CONTINGENCIES & NET NPLs


entage

20

0.00%

0.20%

0.40%

.


0.21% 0.20%

0.00%

GROSS NPL PROVISION FOR CONTINGENCIES NET NPL

As at September 30, 2011, it was the 27th consecutive quarter end at which the

percentage of non-performing loans have been lower than the corresponding quarter inthe previous year.

Pe

rc

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87%

Shareholders' Funds

LIABILITIESLIABILITIES(As at September 30, 2011)(As at September 30, 2011)


21

13%

Borrowings

. .

Rs. 1,251.03 bn

Total Liabilities Rs. 1,437.94 bn (PY Rs. 1,263.56 bn)

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47% 43% 49%

2% 1% 1%

80%

100%

International Borrowings

MULTIPLE SOURCES OF BORROWINGSMULTIPLE SOURCES OF BORROWINGS(As at September 30, 2011)(As at September 30, 2011)


e

22

23% 25% 25%

28%31% 25%

0%

20%

40%


Bonds & Debentures

Domestic Term Loans

Deposits

Total Borrowings Rs. 1,251.03 bn (PY Rs. 1,091.75 bn)

Percentag

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BORROWINGS (2)

Borrowings As At 30-Sep-11 30-Sep-10During theyear 2011

During theyear 2010

% of incremental

23

. .

Term Loans 323.24 350.04 -105% 23%Debentures 610.51 472.90 132% 47%

Deposits 317.28 268.81 73% 30%

Total 1,251.03 1,091.75 100% 100%

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12.20%

10.90%

10.30%

11.55%

9.99%2.31%

2.33%

2.29%

2.30%

2.35%

2.40%

8.00%

10.00%

12.00%

14.00%

LOAN SPREADSLOAN SPREADS


24

8.59%

7.97%

9.26%

2.21%

2.10%

2.15%

2.20%

.

0.00%

2.00%

4.00%

6.00%

FY09 FY10 FY11 Apr-Sep-11

Returns on Loans Cost of Borrowings Spread

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STRENGTHSSTRENGTHSHome Loan Strengths

Low average loan to value ratio and instalment to income ratios

Post dated cheques obtained from most customers or deduction at

source arrangements with employers

Steady level of prepayments


25

Quality underwriting with experience of over 30 years

Corporate Strengths

Strong brand customer base of 3.8 million

Stable and experienced management average tenor of senior

management in HDFC over 25 years

High service standards

Low cost income ratio: 7.7%

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RISING PRODUCTIVITY RATIOSRISING PRODUCTIVITY RATIOS

FY11FY11 FY00FY00 FY90FY90

# of employees 1,607 794 727

# of outlets 218 67 24


26

Profit per employee (US$ 000) 491.9 117.5 7.5

Assets per employee (US$ mn) 18.6 4.4 0.5

Admin cost/assets (%) 0.30 0.49 0.76

Cost income ratio (%) 7.7 13.8 30.9

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KEY FINANCIAL METRICSKEY FINANCIAL METRICS

MarMar--1111 MarMar--1010 MarMar--0909

Pre Tax RoAA (%) 4.0 3.8 3.6

Post Tax RoAA (%) 2.9 2.7 2.6


27

ROE (%) 21.7 20.0 18.2

Capital Adequacy (%) 13.8^ 14.6 15.1

Of which Tier I 11.7 12.8 13.2

Tier II 2.1 1.8 1.9

^ As at Sep 30, 2011

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SIGNIFICANT ACCOUNTING DIFFERENCESSIGNIFICANT ACCOUNTING DIFFERENCESBETWEEN INDIAN GAAP AND IFRSBETWEEN INDIAN GAAP AND IFRS

Investments are required to be reflected in thebalance sheet at original cost and not at fair value.

28

Standalone accounts only reflect dividend paid bythe subsidiary/associate companies and not the pro-rata share of profits.

Insurance companies are required to charge offacquisition costs upfront as against amortising thecosts over the life of the policy.

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Market price per share (Rs.) 641 733 558

Market Capitalisation (USD bn) 19.5 23.8 16.6

Book Value per share Indian GAAP (Rs.) 127 118 103

+Adjusted Book Value per share (Rs.) 272 277 196

VALUATIONSVALUATIONS && RETURNSRETURNS


29

(Without considering any gain on unlisted investments)

+Price to Book ratio (times) 2.4 2.6 2.8

Foreign Shareholding (%) 73 74 75

The face value of the equity shares of the Corporation was sub-divided to Rs. 2 per equity share fromRs. 10 per equity share w.e.f. August 21, 2010. Previous year figures have been adjusted to reflect therevised face value.

+Adjusted for unrealised gains on listed investments amounting to Rs. 213.35 bn as at September 30,2011. All unlisted investments, including investments in the life and non-life insurance companies and

the asset management business are reflected at cost.

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73% Foreign Shareholders - 73%

Individuals - 11%

SHAREHOLDING PATTERNSHAREHOLDING PATTERN(As at September 30, 2011)(As at September 30, 2011)

30

11%

11%3%2%

Financial Institutions, Banks andInsurance Companies - 11%

Mutual Funds - 3%

Companies - 2%

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K A i n i i riK A i n i i ri

31

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HDFC BANKHDFC BANK 23.2% owned by HDFC

Market Cap US$ 22.3 billion

ADRs listed on NYSE

2,150 branches, 6,520 ATMs, 1,141 cities

About 22 million customer accounts

Key business areas

Associates and Subsidiaries

32

Financials (as per Indian GAAP) for the half year ended September 30, 2011 Total gross advances as at September 30, 2011, stood at Rs. 1,899.17 billion an

increase of 26% over the previous year

PAT: Rs. 22.84 billion an increase of 33% over the previous year

Arrangement between HDFC & HDFC Bank HDFC Bank sources home loans for a fee

Loans originated in the books of HDFC

HDFC offers a part of the disbursed loans for sale to HDFC Bank

HDFC retains a spread on the loans that have been sold

A i d S b idi i

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Ownership and Capitalisation

HDFC holds 72.4% and Standard Life 26% of the equity of HDFC Life

Paid up share capital as at September 30, 2011: Rs. 21.6 bn

No additional capital injected in H1 FY12

Solvenc Ratio

HDFC STANDARD LIFEHDFC STANDARD LIFE INSURANCE COMPANY LTD.INSURANCE COMPANY LTD.((HDFC LIFE)HDFC LIFE)


33

As at September 30, 2011: 183% (as against regulatory requirement of 150%)

Premium income and growth

Total premium income in H1 FY12: Rs. 41.7 bn (PY Rs. 35.9 bn) a growth of

16%, share of renewal premium to total premium for H1 FY12: 65%

Total premium income in FY11: Rs. 90.04 bn (PY Rs. 70.05 bn) a growth of

29%, share of renewal premium to total premium for FY11: 55%

A i t d S b idi i

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Assets Under Management

As at September 30, 2011, Assets Under Management stood at Rs. 273 bn an

increase of 10% over September 30, 2010

Products

Offers 28 individual products and 9 group products along with 10 optional riders

Offers 25 fund options across product categories

HDFC STANDARD LIFE INSURANCE COMPANY LTD.HDFC STANDARD LIFE INSURANCE COMPANY LTD.


34

HDFC group network is used to cross sell by offering customised products Operates out of 491 offices across the country serving over 900 cities

Network of 128,000 financial consultants, corporate agents and other sales

intermediaries

Strong bancassurance tie-ups with public, private and co-operative banksMarket share

Market share of 15.1% (private sector ranked 1st) and 6% (overall) in terms of

weighted received premium of individual business for H1 FY12 (Source: IRDA)


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Operating highlights (half year ended September 30, 2011)

Commission ratio: 5.4% (PY 6.2%)

Commission rates have stabilised and have reduced after Sep-10Operating expenses: 11.9% (PY 20.2%)

Management actions had led to improvement in operating expense ratio

HDFC STANDARD LIFE INSURANCE COMPANY LTD.HDFC STANDARD LIFE INSURANCE COMPANY LTD.


35

Financial highlights

As at September 30, 2011: Market Consistent Embedded Value: Rs. 43.5 bn

Year ended September 30, 2011:

New business margin on individual business: 15.6% (based on loadedacquisition expenses).

A i t d S b idi i

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HDFC ASSET MANAGEMENTHDFC ASSET MANAGEMENT Tie-up with Standard Life Investments (SLI)

HDFC holds 60% of HDFC Asset Management HDFC MF manages 36 schemes comprising debt, equity and exchange

traded fund


36

Earned a Profit After Tax of Rs. 2.42 bn for FY11

Paid a dividend of 290% for FY11 to equity shareholders

Average assets under management (AUM) as at September 30, 2011, stood atRs. 959.18 bn which is inclusive of assets under discretionary portfolio

management and advisory services

Equity assets of HDFC MF as a proportion of total MF assets is 41%


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HDFC ERGO GENERAL INSURANCE COMPANY LTD.HDFC ERGO GENERAL INSURANCE COMPANY LTD.Ownership and Capitalisation

HDFC holds 74% and ERGO 26% of the equity of HDFC-ERGO

Paid up share capital as at September 30, 2011: Rs. 5.01 bn

Additional capital injected in H1 FY 12: Rs. 0.38 bn

Premium income and growth


37

Gross written premium stood at Rs. 14.08 bn for FY11 (PY Rs. 10.05 bn) growth of 40%.

Gross written premium for H1 FY12: Rs. 9.05 bn (PY Rs. 6.29 bn) growth of

44%.

Market share

Market share of 7.74% (private sector) and 3.4% (overall) in terms of gross

written premium in H1 FY12 (Source: IRDA)


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HDFC ERGO GENERAL INSURANCE COMPANY LTD.HDFC ERGO GENERAL INSURANCE COMPANY LTD.Products

The company offers insurance products such as:

Motor, health, travel, home & personal accident in the retail segment and;

Property, marine, aviation & liability insurance in the corporate segment.

Retail accounts for 57% of the total business.


38

Distribution

Operates out of 80 branches across the country

HDFC group network is used to cross sell home and health insurance products


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GRUH FINANCE LIMITED (GRUH)GRUH FINANCE LIMITED (GRUH) 60.5% owned by HDFC

Registered Housing Finance Company offering loans to individuals for

purchase, construction and renovation of dwelling units Also offers loans to the self employed segment where formal income

proofs are not available


39

Retail office network of 121 offices across 7 states in India Gujarat,

Maharashtra, Karnataka, Rajasthan, Madhya Pradesh, Chhattisgarh and Tamil

Nadu

Financials for the half year ended September 30, 2011

Loan portfolio as at September 30, 2011, stood at Rs. 35.44 bn an increase

of 29% over the previous year

Gross non-performing assets (NPAs) : 1.1%, net NPAs: NIL

PAT: Rs. 414.7 million an increase of 28% over the previous year

Market Capitalisation: US$ 215 million


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HDFC PROPERTY FUNDHDFC PROPERTY FUND Launched in 2005 First Scheme: HDFC India Real Estate Fund

Fund corpus : US$ 250 million fully invested

Domestic investors, 7 year close ended fund

Funds managed by HDFC Venture Capital Limited


40

Exits have commenced; fund corpus has been returned to investors

HIREF International Fund

Fund Corpus: US$ 800 million will be fully invested by January 2012

International investors, 9 year close ended fund

Targeted at premier institutions and funds across the world interested

in taking an exposure to Indian real estate

One investment exited in 2010


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CREDILA FINANCIAL SERVICESCREDILA FINANCIAL SERVICES HDFC holds 62.3% in Credila Financial Services Private Limited

Credila is a non-banking finance company and is the only Indian

lender that is exclusively focused on education loans

- -


41

in India or abroad

Credila uses the existing distribution network of HDFC

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FINANCIALSFINANCIALS

42

Standalone & ConsolidatedStandalone & Consolidated

Financials

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Sep-11 Sep-10 Growth

(Rs in billion) (Rs in billion) (%)

Sources of Funds

Net Worth 186.91 171.81Borrowings 1,251.03 1,091.75 15

1,437.94 1,263.56 14

BALANCEBALANCE SHEET (Standalone)SHEET (Standalone)

Financials

43

Application of Funds

Loans* 1,269.92 1,062.87 19

Investments 149.80 175.59

Net Current/ Fixed Assets 18.22 25.101,437.94 1,263.56 14

*Net of loans sold during the preceding 12 months amounting to Rs. 49.89 billion. If these loans wereincluded, the growth in loans would have been 24%.

Loans sold during the quarter ended September 30, 2011 amounted to Rs. 18.66 billion.

Financials

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PROFIT AND LOSS ACCOUNT (Standalone)PROFIT AND LOSS ACCOUNT (Standalone)Apr-Sep-11 Apr-Sep-10 Growth(Rs. in billion) (Rs. in billion) (%)

Operating Income of which: 78.77 57.04 38Interest Expenses 52.05 34.37 51

Net Interest Income 26.72 22.67 18

44

Add: Other Income 0.10 0.09Add: Profit on Sale of Investments 1.03 0.59

Less: Non Interest Expenses 2.72 2.35

Profit Before tax25.13 21.00 20

Provision for Tax 6.98 5.98

Profit After tax 18.15 15.02 21

Effective tax rate (%)27.8% 28.5%

Financials

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PROFIT AND LOSS ACCOUNT (Standalone)PROFIT AND LOSS ACCOUNT (Standalone)FY12FY12--Q2Q2Jul -Sep-11 Jul-Sep-10 Growth

(Rs. in billion) (Rs. in billion) (%)

Operating Income of which: 40.77 29.07 40

Interest Expenses 26.90 17.18 57

45

e n eres ncome 13.87 11.89 17

Add: Other Income 0.05 0.05

Add: Profit on Sale of Investments 0.87 0.59

Less: Non Interest Expenses 1.41 1.19

Profit Before tax 13.38 11.34 18

Provision for Tax 3.67 3.26

Profit After tax 9.71 8.08 20

Effective tax rate (%) 27.4% 28.7%

Financials

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BALANCEBALANCE SHEET (Consolidated)SHEET (Consolidated)MarMar--1111 MarMar--1010 GrowthGrowth

(Rs. in(Rs. in billion)billion) (Rs. in(Rs. in billion)billion) (%)(%)

Sources of FundsNet Worth 212.92 181.82

Policy Liabilities (Policyholders funds) 260.92 195.65

Loan Funds 1 183.60 984.63 20

46

Minority Interest 6.51 5.23

1,663.95 1,367.33 22

Application of Funds

Loans 1,205.18 1,004.85 20

Investments 409.65 327.43

Net Current/ Fixed Assets 44.64 33.35

Goodwill on consolidation 2.79 1.70

Deficit in the revenue account 1.69 --

1,663.95 1,367.33 22

Financials

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PROFIT AND LOSSPROFIT AND LOSS ACCOUNT (Consolidated)ACCOUNT (Consolidated)

Apr-Mar-11 Apr-Mar-10 Growth(Rs. in billion) (Rs. in billion) (%)

Income from Operations 136.06 120.93

Premium Earned (Net) 95.61 73.56 30

Other Operating Income from Insurance Business 20.87 57.39

Profit on Sale of Investments 5.12 2.25

Other Income 0.27 0.39

Total Income 257.93 254.52

Less Non Interest Expenses

47

n eres an er arges . .

Staff Expenses 3.76 3.17Claims paid pertaining to Insurance Business 33.62 17.34

Other Expenses pertaining to Insurance Business 85.18 117.91

Other Expenses 3.68 3.46

Depreciation 0.49 0.91

205.49 215.68

Profit Before Tax 52.44 38.84 35

Tax Expense 15.39 12.55

Net Profit (before Profit of Associates and adjustment of minority Interest) 37.05 26.29

Net share of profit of Associates (Equity Method) 9.08 6.06

Less : Share of profit / (loss) of minority Shareholder 0.85 -0.06

Profit after Tax attributable to the Corporation 45.28 32.41 40

Financials

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CONSOLIDATED EARNINGSCONSOLIDATED EARNINGSAs per Indian GAAPAs per Indian GAAP

(As at March 31, 2011)(As at March 31, 2011)HDFC Consolidated

48

e urn on qu y . .

Return on Average Assets 2.9% 3.0%

Earnings Per Share (Rs.) 24 31

Profit After Tax (Rs. in billion) 35.35 45.28

Total Assets (Rs. in billion) 1,327.27 1,663.95

Financials

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MarMar--1111 MarMar--1010

(Rs. in bn) (Rs. in bn)HDFC Profit After Tax 35.35 28.26

HDFC Standard Life (0.72) (1.99)

CONSOLIDATED PROFIT AFTER TAXCONSOLIDATED PROFIT AFTER TAXAs per Indian GAAPAs per Indian GAAP

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HDFC Ergo (0.27) (0.70)GRUH (net of dividend) 0.38 0.34

HDFC Bank (net of dividend) 7.79 5.24

HDFC-AMC (net of dividend) 0.89 0.76

Others (net of dividend) 1.86 0.50

Consolidated Profit After Tax 45.28 32.41

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AWARDS & ACCOLADESAWARDS & ACCOLADESi HDFC is the only Indian company to be included in the fifth annual list of the 2011 Worlds Most EthicalCompanies by Ethisphere Institute, USA

i HDFC voted Best Investor Relations in India Finance Asias 2011 Annual Poll

iBest Governed Company Award- 2010 Asian Centre for Corporate Governance & Sustainability

i HDFC one of Indias Best Managed Companies for two consecutive years Finance Asias 2010 and2011 Annual Poll

i HDFC the most admired company in the Financial Sector in India Wall Street Journals Asia 200

50

survey

i Top Indian Company in the Financial Institutions/Non-Banking Financial Companies/Financial Servicescategory at the Dun & Bradstreet Rolta Corporate Awards 2009. The Corporation has won this awardfor four consecutive years.

i HDFC was ranked the Most Consistent Wealth Creator for the second time by Motilal Oswal FinancialServices in its 14th Annual Wealth Creation Study, 2009.

i HDFC featured amongst the Top 50 Best Companies to Work For 2009 in a study by the Great Placeto Work Institute - India in association with The Economic Times. In addition, HDFC was adjudged asthe Best Company for Management Credibility.

i India Shining Star CSR Award for Outstanding CSR in the Banking and Financial Sector FY 2011

i

HDFC ranked among the world's seven best companies in financial services to sustain a competitiveadvantage in the long-term by Goldman Sachs

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