Hdfc jan22 14

Housing Development FinanceHousing Development Finance
Corporation LimitedCorporation Limited
December 2013

CONTENTSCONTENTS
• HDFC Snapshot
• Mortgage Market in India
• Operational and Financial Highlights: Mortgages
2
• Operational and Financial Highlights: Mortgages
• Valuations and Shareholding
• Key Subsidiaries and Associates
• Financials: Consolidated and Standalone

HDFC SNAPSHOTHDFC SNAPSHOT
3
HDFC SNAPSHOTHDFC SNAPSHOT

WHO WE ARE…WHO WE ARE…
• Incorporated in 1977 as the first specialised mortgage
company in India
• Now a Financial Conglomerate with interests beyond
mortgages:
HDFC Snapshot
4
• 74% shares held by Foreign Investors
HDFC
22.7%
HDFC Bank
72.4%
HDFC
Standard Life
Insurance
59.8%
HDFC Asset
Management
73.8%
HDFC ERGO
General
Insurance
59.3%
GRUH
Finance
100%
HDFC
Property
Ventures
80.5%
HDFC
Venture
Capital
89.4%^
Credila
Financial
Services
^ On a fully diluted basis

BUSINESS SUMMARYBUSINESS SUMMARY
• Loans Outstanding (Net of loans sold) : Rs. 1,922.66 bn
(December 31, 2013) : US$ 31.05 bn
• Mortgage Loans CAGR (5 years) : 21%
• Cumulative Housing Units Financed : 4.6 million
HDFC Snapshot
5
• Total loan write offs since inception : Under 4 basis points
(of cumulative disbursements)
• Cost to Income Ratio (FY13) : 7.8%
• Unrealised gains on listed investments : Rs. 333.79 bn
(December 31, 2013) : US$ 5.39 bn
• Profit After Tax CAGR (5 years) : 20%

No. of Outlets
2003 – 142
2004 – 173
2005 – 203
2006 – 219
2007 – 234
2008 – 250
HDFC Snapshot
DISTRIBUTIONDISTRIBUTION
6
2008 – 250
2009 – 267
2010 – 278
2011 – 289
2012 – 311
2013(Dec) – 351DISTRIBUTION
• Outreach programmes to several locations
• Deposit & loan products offered in over 2,400 locations
• 3 representative offices in Dubai, London and Singapore
• As at December 31, 2013, the number of outlets include 91 outlets of HDFC’s wholly
owned distribution company, HDFC Sales Limited
• Distribution also through HDFC Bank and third party direct selling agents
Denotes cities with 4 or more officesDenotes cities with 4 or more offices
Denotes cities with 3 OfficesDenotes cities with 3 Offices
OfficesOffices

MORTGAGE MARKET IN INDIAMORTGAGE MARKET IN INDIA
7
MORTGAGE MARKET IN INDIAMORTGAGE MARKET IN INDIA

• 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
8
– Increasing Urbanisation
• Currently only 31% of Indian population is urban
– Favorable Demographics
• 60% of India’s population is below 30 years of age
• Rapid rise in new households
• In FY12, the urban housing shortage was estimated at 18.76 million
units (Source: Ministry of Housing & Urban Poverty Alleviation)

IMPROVED AFFORDABILITYIMPROVED AFFORDABILITY
22.0
15.6
11.1
4.00
6.00
8.00
10.00
12.00
20
25
30
35
40
45
50
AnnualIncome(Rs.Lac)
PropertyValue(Rs.Lac)&
Affordability
9
8.3
6.6
5.9 5.3 5.1 4.7 4.3 4.7 5.0 5.1 5.1 4.5 4.7 4.8 4.6 4.7 4.6
0.00
2.00
4.00
0
5
10
15
AnnualIncome(Rs.Lac)
PropertyValue(Rs.Lac)&
Affordability
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

TAX INCENTIVES HAVE LOWERED THETAX INCENTIVES HAVE LOWERED THE
EFFECTIVE RATES ON MORTGAGESEFFECTIVE RATES ON MORTGAGES
FY 2014 FY 2002 FY 2000
Loan amount (Rs) 2,000,000 2,000,000 2,000,000
Nominal Interest Rate(%) 10.25% 10.75% 13.25%
Max deduction for interest allowed 250,000 150,000 75,000
Deduction on principal 100,000 20,000 20,000
Tax rate applicable 33.99% 31.50% 34.50%
10
Tax rate applicable 33.99% 31.50% 34.50%
Tenor (years) 15 15 15
Total amount paid per year 305,000 269,028 307,620
Interest component 205,000 215,000 265,000
Principal repaid 100,000 54,028 42,620
Tax amount saved 103,670 53,550 32,775
Effective interest paid on home loan 101,331 161,450 232,225
Effective interest on home loan 5.1% 8.1% 11.6%
Note: The Finance Act, 2013 has provided an additional one time benefit of interest deduction up to Rs. 100,000 for first time
home buyers provided the loan amount and property cost does not exceed Rs. 2.5 million and Rs. 4 million respectively.

80%
100%
120%
76%
84%
101%
LOW PENETRATION IMPLIES ROOM FOR GROWTHLOW PENETRATION IMPLIES ROOM FOR GROWTH
MORTGAGES AS AMORTGAGES AS A PERCENT OF NOMINALPERCENT OF NOMINAL GDPGDP
11
0%
20%
40%
60%
8%
15%
20%
32%
36% 40%
44% 45%
54%
Source: European Mortgage Federation, HOFINET & HDFC estimates for India

OPERATIONAL & FINANCIALOPERATIONAL & FINANCIAL
HIGHLIGHTS: MORTGAGESHIGHLIGHTS: MORTGAGES
12
HIGHLIGHTS: MORTGAGESHIGHLIGHTS: MORTGAGES

HDFC’s ASSETSHDFC’s ASSETS
(As at December 31, 2013)(As at December 31, 2013)
88%
Total Assets as at December 31, 2013
Rs. 2,182.86 billion (US$ 35.25 billion)
Total Assets as at December 31, 2012
Operational & Financial Highlights: Mortgages
13
7%
5%
Loans (including debentures & corporate deposits
for financing real estate projects) - 88%
Investments - 7%
Other Assets - 5%
Rs. 1,837.70 billion (US$ 29.68 billion)
Total assets have been computed as per Indian Accounting Standards and consequently
not fair valued. The unrealised gain on listed and unlisted investments as at December 31,
2013 has not been considered in the aforesaid. The unrealised gains only on listed
investments as at December 31, 2013 stood at Rs. 333.79 bn
US $ amounts are converted based on the exchange rate of US$ 1= Rs. 61.92

INDIVIDUAL LOANS
– Home Loans
• Fixed rate loans
• Floating rate loans
– Home Improvement
Loans
– Home Extension Loans
CORE BUSINESSCORE BUSINESS –– LENDINGLENDING
(As at(As at December 31, 2013)December 31, 2013)
Individuals
70%
Corporate
11%
Construction
Finance
13%
14
– Home Extension Loans
– Home Equity Loans
– Short Term Bridging
Loan
– Loans to NRIs
December 31, 2013
Rs. in billion
Gross Loans 2,085
Less: Loans securitised - on which
spread is earned over the life of the loan 162
Loans Outstanding 1,923
LOANS
Lease Rental
Discounting
6%

ANALYSIS OF THE LOAN BOOKANALYSIS OF THE LOAN BOOK
As at December 31, 2013
Rs. bn % Growth Rs. bn % Growth
Individuals 1,309 24% 1,341 27%
Non Individuals 614 10% 614 10%
Loan Book o/s Loan Book o/s Before
Sell Down in last 12
months
15
Loans Outstanding* 31-Dec-13 31-Mar-13 Net Increase
Apr-Dec
FY14
Apr-Dec
FY13
Rs. bn Rs. bn Rs. bn
Individuals 1,325 1,113 212 89% 87%
Non Individuals 614 587 27 11% 13%
1,939 1,700 239 100% 100%
% of incremental loans
* Includes loans sold in the current year
Non Individuals 614 10% 614 10%
Total 1,923 19% 1,955 21%
Incremental Growth of the Loan Book

1,200
1,600
2,000
1,322
1,609
1,923
LOANS OUTSTANDING
(Net of loans sold)
Rs.inbillion
75
100
42
53
Rs.inbillion
LOANS SOLD
(In the preceding 12 months)
CONTINUING GROWTH MOMENTUMCONTINUING GROWTH MOMENTUM
16
0
400
800
1,200
Dec-11 Dec-12 Dec-13
Rs.inbillion
0
25
50
75
42
33
Rs.inbillionAs at December 31, 2013:
• The growth in the loan book inclusive of loans sold in the previous 12 months is 21%
• Loans of Rs. 4.92 bn sold during the quarter ended December 31, 2013
• Loans sold (outstanding): Rs. 162.11 bn - on which spread at 1.25% p.a. is to be earned over
the life of the loan

HDFC Bank 24%
Other Direct
Selling Agents 17%
83% OF OUR MORTGAGES ARE SOURCED BY83% OF OUR MORTGAGES ARE SOURCED BY
OURSELVES OR THROUGH OUR AFFILIATESOURSELVES OR THROUGH OUR AFFILIATES
December 31, 2013
17
HDFC Sales
Private Limited
47%
Direct Walk-ins
12%

OUR CONSERVATIVE LOAN PROFILEOUR CONSERVATIVE LOAN PROFILE
UNDERLIES OUR HIGH CREDIT QUALITYUNDERLIES OUR HIGH CREDIT QUALITY
• Average Loan Size : Rs. 2.19 mn (~US$ 35,368)
• Average Loan to Value : 65% (at origination)
18
• Average Loan to Value : 65% (at origination)
• Average Loan Term : 13 years
• Primary Security : Mortgage of property financed
• Repayment Type : Amortising

0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
0.82%
0.75% 0.77%
1.17% 1.10%
0.95%
GROSS NONGROSS NON--PERFORMING LOANS & PROVISIONS FORPERFORMING LOANS & PROVISIONS FOR
CONTINGENCIESCONTINGENCIES
Operational & Financial Highlights: MortgagesPercentage
As at December 31, 2013
(Rs. in bn)
NPLs (3 months): 14.78
Provisions for
Contingencies: 18.23
Of which
NPAs: 5.32
19
0.00%
0.20%
0.40%
GROSS NPLs PROVISIONS FOR CONTINGENCIES
•Total NPLs: 0.77% of which:
•Individual Loans: 0.57%,
•Non-Individual Loans: 1.18%
•Total loan write-offs since inception is less than 4 basis points of cumulative disbursements.
Percentage
NPAs: 5.32
Other Provisioning: 12.91
Regulatory
Provisioning: 13.57
Excess Provisioning
over Regulatory
Provisioning: 4.66

82%
Shareholders' Funds
Rs. 290.04 bn
LIABILITIESLIABILITIES
20
13%
5%
Borrowings
Other Liabilities
Rs. 1,773.55 bn
Rs. 119.27 bn
Total Liabilities Rs. 2,182.86 bn (PY Rs. 1,837.70 bn)

53% 58% 56%
60%
80%
100%
Debentures & Securities
MULTIPLE SOURCES OF BORROWINGSMULTIPLE SOURCES OF BORROWINGS
Percentage
21
27% 33% 31%
20% 9% 13%
0%
20%
40%
60%
Term Loans
Deposits
Total Borrowings Rs. 1,773.55 bn (PY Rs. 1,485.37 bn)
Percentage

BORROWINGS (2)BORROWINGS (2)
Borrowings 31-Dec-13 31-Mar-13
Net
Increase
Apr-Dec FY14
% of incremental
Net increase in funding for the nine months ended December 31, 2013
22
Rs. bn Rs. bn Rs. bn
% of incremental
funding
Term Loans 230 178 52 28%
Debentures & Securities 993 891 102 55%
Deposits 551 519 31 17%
Total 1,774 1,588 185 100%

484
902
569
462
936
557600
800
1,000
Rs.inbillion
MATURITYMATURITY PROFILEPROFILE
(As at March 31, 2013)(As at March 31, 2013)
23
462
0
200
400
Up to 1 yr 2-5 yrs Over 5 yrs
Assets Liabilities
Rs.in
The above graph reflects adjustments for prepayments and renewals in accordance with the
guidelines issued by National Housing Bank.

10.30%
11.83% 11.98%
11.80%
7.97% 9.56% 9.68%
9.55%
2.33%
2.27%
2.30%
2.25%
2.20%
2.25%
2.30%
2.35%
2.40%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
LOAN SPREADSLOAN SPREADS
24
9.55%
2.10%
2.15%
2.20%
0.00%
2.00%
4.00%
FY11 FY12 FY13 Apr-Dec-13
Return on Loans Cost of Borrowings Spread
April-December 2013
Spread earned on:
Individual Loans 1.97%
Non-individual Loans 2.82%
Loan Book 2.25%

STRENGTHSSTRENGTHS
Home Loan Strengths
• Low average loan to value ratio and instalment to income ratios
• Efficient recovery mechanisms
• Steady level of prepayments
• Quality underwriting with experience of over 35 years
25
Corporate Strengths
• Strong brand – customer base of 4.6 million
• Stable and experienced management – average tenor of senior
management in HDFC over 25 years
• High service standards
• Low cost income ratio: 7.8% (As at March 31, 2013)

PRODUCTIVITY RATIOSPRODUCTIVITY RATIOS
FY13 FY10 FY00 FY90
Number of employees 1,833 1,505 794 727
Number of outlets 250 214 67 24
Profit per employee (US$ '000) 489 416 118 8
26
Profit per employee (US$ '000) 489 416 118 8
Assets per employee (US$ mn) 18.5 16.4 4.4 0.5
Admin costs/assets (%) 0.30 0.29 0.49 0.76
Cost income ratio (%) 7.8 7.9 13.8 30.9

FY13 FY12 FY11
Pre Tax RoAA (%) 3.8 3.9 4.0
Post Tax RoAA (%) 2.8 2.8 2.9
ROE (%) 22.0 22.7 21.7
Capital Adequacy (%) 19.1 14.6 14.0
KEY FINANCIAL METRICSKEY FINANCIAL METRICS
^
27
Capital Adequacy (%) 19.1 14.6 14.0
Of which Tier I 16.6 11.7 12.2
Tier II 2.5 2.9 1.8
^As at December 31, 2013
Capital Adequacy Ratio (CAR): i) The risk weights on loans to individuals and commercial real estate
(residential housing) were revised by the National Housing Bank via its notification dated September 6,
2013. (ii) If the investment in HDFC Bank were to be reduced from Tier 1 capital instead of being treated as
a 100% risk weight, the adjusted CAR would be 15.8% of which Tier I: 13.3% and Tier II: 2.5%
^

VALUATIONS & SHAREHOLDINGVALUATIONS & SHAREHOLDING
28
VALUATIONS & SHAREHOLDINGVALUATIONS & SHAREHOLDING

M arket price per share (Rs) 842 829 652
M arket Capitalisation (USD Bn) 21.2 20.6 15.5
Price Earnings Ratio (times) 26.5 29.1 25.8
Book Value per share (Rs) - Indian GAAP 186 166 132
Price to Book Ratio (times) 4.5 5.0 4.9
VALUATIONSVALUATIONS & RETURNS& RETURNS
Valuations and Shareholding
*
29
Price to Book Ratio (times) 4.5 5.0 4.9
+Adjusted Book value per share (Rs) 400 387 262
(Without considering any gain on unlisted investments)
+ Price to Book ratio 2.1 2.1 2.5
Foreign Shareholding (%) 74 73 74
*Share price as at January 22, 2014
+ Adjusted only for unrealised gains on listed investments amounting to Rs. 333.79 bn as at December 31,
2013. All unlisted investments, including investments in the life and non-life insurance companies and the
asset management business are reflected at cost.
US $ amounts are converted based on the exchange rate of US $ 1= Rs 61.92

SHAREHOLDING PATTERNSHAREHOLDING PATTERN
74%
Foreign Shareholders - 74%
Individuals - 10%
Valuations and Shareholding
30
10%
10%
3%3%
Individuals - 10%
Financial Institutions, Banks & Insurance
Companies - 10%
Mutual Funds - 3%
Companies - 3%

KEY ASSOCIATES ANDKEY ASSOCIATES AND
SUBSIDIARIESSUBSIDIARIES
31
SUBSIDIARIESSUBSIDIARIES

HDFC BANKHDFC BANK
• 22.7% owned by HDFC
• Market Cap US$ 25.8 bn
• ADRs listed on NYSE
• 3,336 branches, 11,473 ATMs, 2,104 locations
• Key business areas
– Wholesale banking Retail banking Treasury operations
• Financials (as per Indian GAAP) for the nine-months ended December 31, 2013
Associates and Subsidiaries
32
• Financials (as per Indian GAAP) for the nine-months ended December 31, 2013
– Advances as at December 31, 2013, stood at Rs. 2,967 bn – an increase of 23% over
the previous year
– Total deposits stood at Rs. 3,492 bn – an increase of 23% over the previous year
– PAT: Rs. 61.52 bn – an increase of 27% 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 assignment to HDFC Bank
– HDFC retains a spread on the loans that have been assigned

Ownership and Capitalisation
• HDFC holds 72.4% and Standard Life 26% of the equity of HDFC Life
• Paid up share capital as at December 31, 2013: Rs. 21.6 bn
• No additional capital infusion since FY12
Premium income and growth for the nine months ended December 31, 2013
HDFC STANDARD LIFE INSURANCE COMPANY LTD.HDFC STANDARD LIFE INSURANCE COMPANY LTD.
(HDFC LIFE)(HDFC LIFE)
33
Premium income and growth for the nine months ended December 31, 2013
• Total premium income grew by 9% (PY 7%), led by growth in renewal
premium business
• Share of renewal premium to total premium stood at 67% (PY 63%)
Market share
• Ranked 3rd in the private market share
• Individual business market share of 12.8% (private sector) and 4.4% (overall)
(Source: IRDA)

Assets Under Management
• As at December 31, 2013, Assets Under Management stood at Rs. 462 bn – an
increase of 18% over December 31, 2012
Products
• Offers 41 individual products and 8 group products along with 9 optional
riders
34
riders
• Offers 26 fund options across product categories
Distribution
• HDFC group network is used to cross sell by offering customised products
• Operates out of 429 offices across the country serving over 975 locations
and a liaison office in Dubai
• Network of 73,000 financial consultants, 4 key bancassurance partners, 10
major pan India brokers and corporate agency tie-ups

Solvency Ratio
• As at December 31, 2013: 202% (as against regulatory requirement of 150%)
Operating highlights (Nine months ended December 31, 2013)
• Commission ratio: 4.2% (PY 5.7%)
• Operating expenses: 11.2% (PY 12.2%)
35
• Operating expenses: 11.2% (PY 12.2%)
• Individual business conservation ratio: 79% (PY 79%)
Financial highlights
• Indian GAAP profits for the nine months ended December 31, 2013 stood at Rs.
5.3 bn (PY Rs. 4 bn)
• For the nine months ended December 31, 2013, new business margin on
individual business stood at 24.1% (based on loaded acquisition expenses)
• Market Consistent Embedded Value: Rs. 60.9 bn (As at September 30, 2013)

HDFC ASSET MANAGEMENTHDFC ASSET MANAGEMENT
• Tie-up with Standard Life Investments (SLI)
• HDFC holds 59.8% of HDFC Asset Management
• HDFC MF manages 45 schemes comprising debt, equity, gold exchange
traded fund and fund of fund schemes
• Earned a Profit After Tax of Rs. 3.19 bn for FY13
36
• Earned a Profit After Tax of Rs. 3.19 bn for FY13
• Average Assets under Management (AUM) as at December 31, 2013, stood at
Rs. 1,124.68 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 37%
• Ranked first in the industry on the basis of Average Assets under
Management (Source: AMFI)

HDFC ERGO GENERAL INSURANCE COMPANY LTD.HDFC ERGO GENERAL INSURANCE COMPANY LTD.
Ownership and Capitalisation
• Paid up share capital as at December 31, 2013: Rs. 5.29 bn
• HDFC holds 73.8% and ERGO 26% of the equity of HDFC ERGO
• No capital injected during the nine months ended December 31, 2013
37
For the nine months ended December 31, 2013
• Gross written premium: Rs. 21.57 bn (PY Rs. 18.21 bn) – growth of 18%
• Profit After Tax: Rs. 1.46 bn (PY Rs. 1.02 bn)
• Combined Ratio as at December 31, 2013: 98.3% before Motor and Declined
Risk Pool losses (PY 98.8% calculated in a similar manner)
• Solvency as at December 31, 2013: 164% (as against regulatory requirement
of 150%)

HDFC ERGO GENERAL INSURANCE COMPANY LTD.HDFC ERGO GENERAL INSURANCE COMPANY LTD.
Market share
• Market share of 8.9% (private sector) and 4% (overall) in terms of gross direct
premium for the nine months ended December 31, 2013 (Source: GI Council)
Products
• The company offers insurance products such as:
38
• The company offers insurance products such as:
– Motor, health, travel, home and personal accident in the retail segment
and;
– Property, marine, aviation and liability insurance in the corporate
segment
• Retail accounts for 53% of the total business
Distribution
• Operates out of 104 branches across the country
• HDFC group network is used to cross sell home and health insurance products

GRUH FINANCE LIMITED (GRUH)GRUH FINANCE LIMITED (GRUH)
• 59.3% 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
• Retail network of 138 offices across 7 states in India – Gujarat, Maharashtra,
39
• Retail network of 138 offices across 7 states in India – Gujarat, Maharashtra,
Karnataka, Rajasthan, Madhya Pradesh, Chhattisgarh and Tamil Nadu
• Financials for the nine months ended December 31, 2013
• Loan portfolio stood at Rs. 65.45 bn – an increase of 31% over the
previous year
• Gross non-performing assets (NPAs) : 0.46%
• PAT: Rs. 1.03 billion – an increase of 25% over the previous year
• Market Capitalisation: US$ 743 mn

HDFC PROPERTY FUNDHDFC PROPERTY FUND
• HDFC India Real Estate Fund
– Launched in 2005
– Fund corpus : Rs. 10 billion – fully invested
– Domestic investors, close-ended fund
– Funds managed by HDFC Venture Capital Limited
– Exits have commenced; 1.25 X of the fund corpus has been returned to investors
• HIREF International LLC
40
• HIREF International LLC
– Fund corpus : US$ 720 mn
– 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
– Fund is completely deployed and exits have commenced since 2010
• HIREF International LLC II Pte Ltd.
– Fund corpus targeted: US$ 500 mn
– Fund raising currently underway
– International investors, 8 year close-ended fund

CREDILA FINANCIAL SERVICESCREDILA FINANCIAL SERVICES
• HDFC holds 89.4% in Credila Financial Services Private Limited
• Credila is a non-banking finance company and was the first Indian lender to
exclusively focus on education loans
• The company lends to under-graduate and post-graduate students studying
41
in India or abroad
• Financial Highlights:
– Cumulative disbursements: Rs. 13.4 bn
– Loan book outstanding as at December 31, 2013: Rs. 11.03 bn – growth
of 58% over last year
– Average loan: Rs. 0.89 mn

FINANCIALSFINANCIALS
Consolidated & StandaloneConsolidated & Standalone
42
Consolidated & StandaloneConsolidated & Standalone

Apr-Dec-13 Apr-Dec-12 Growth
(Rs. in billion) (Rs. in billion) %
HDFC Profit After Tax 37.17 32.93 13
HDFC Life 3.73 2.44
HDFC Ergo 1.08 0.75
GRUH 0.61 0.50
HDFC Bank 14.31 11.29
Financials
CONSOLIDATED PROFIT AFTER TAXCONSOLIDATED PROFIT AFTER TAX –– AprApr--DecDec
As per Indian GAAPAs per Indian GAAP
43
HDFC Bank 14.31 11.29
HDFC-AMC 1.35 1.12
Others 2.71 1.13
Dividend and Other Adjustments (5.63) (4.59)
Consolidated Profit After Tax 55.33 45.57 21
Adjustment for:
Securities Premium debited in HDFC
for Zero Coupon Bonds (2.68) (3.55)
52.65 42.02 25
Contribution of subs/associates to
the consolidated PAT (%) 33 28

Dec-13 Dec-12 Growth
(Rs. in billion) (Rs. in billion) (%)
Sources of Funds
Shareholders' Funds 379.16 320.82
Minority Interest 13.25 10.29
Policy Liabilities 407.23 342.04
Loan Funds 921.31 874.56 5
Current Liabilities & Provisions 1,113.23 832.32
BALANCE SHEETBALANCE SHEET (Consolidated)(Consolidated)
Financials
44
Current Liabilities & Provisions 1,113.23 832.32
2,834.18 2,380.03 19
Application of Funds
Loans* 1,993.94 1,661.17 20
Investments 704.99 597.24
Current Assets, Advances & Fixed Assets 133.40 119.95
Goodwill on Consolidation 1.85 1.67
2,834.18 2,380.03 19
*Net of loans sold during the preceding 12 months amounting to Rs. 32.63 bn. If these loans were included,
the growth in loans would have been higher at 22%.
Loans of Rs. 4.92 billion sold during the quarter ended December 31, 2013.

PROFIT AND LOSSPROFIT AND LOSS ACCOUNT (Consolidated)ACCOUNT (Consolidated)
Financials
Revenue from Operations 184.64 160.85 15
Premium Income from Insurance Business 87.89 79.85 10
Other Operating Income from Insurance Business 9.88 6.17
Profit on Sale of Investments 2.46 2.26
Other Income 0.32 0.31
Total Income 285.19 249.44 14
Expenses
Finance Cost 122.99 107.47 14
45
Finance Cost 122.99 107.47 14
Staff/Establishment/Other Expenses 9.24 8.12
Claims paid pertaining to Insurance Business 41.26 32.39
Commission and Operating Expenses - Insurance Business 12.68 15.84
Other Expenses pertaining to Insurance Business 37.59 33.71
Depreciation/Provisions for Contingencies 1.30 1.74
225.06 199.27 13
Profit Before Tax 60.13 50.17 20
Tax Expense 15.94 13.59
Net Profit (before Profit of Associates and adjustment of minority Interest) 44.19 36.58 21
Share of profit of minority shareholder (3.16) (2.30)
Net share of profit of Associates (Equity Method) 14.30 11.29
Profit after Tax attributable to the Corporation 55.33 45.57 21
Securities Premium debited in HDFC for Zero Coupon Bonds (2.68) (3.55)
Adjusted Consolidated Profit After Tax 52.65 42.02 25

BALANCE SHEET (Standalone)BALANCE SHEET (Standalone)
Financials
Dec-13 Dec-12 Growth
Sources of Funds
Shareholders' Funds 290.04 255.48
Borrowings 1,773.55 1,485.37 19
Current Liabilities & Provisions 119.27 96.85
46
*Net of loans sold during the preceding 12 months amounting to Rs. 32.63 bn. If these loans were
included, the growth in loans would have been higher at 21%.
Loans of Rs. 4.92 billion sold during the quarter ended December 31, 2013.
Current Liabilities & Provisions 119.27 96.85
2,182.86 1,837.70 19
Application of Funds
Loans* 1,922.66 1,609.41 19
Investments 161.63 145.78
Current/ Fixed Assets 98.57 82.51
2,182.86 1,837.70 19

Financials
PROFIT AND LOSS ACCOUNTPROFIT AND LOSS ACCOUNT –– FY14 Q3 (Standalone)FY14 Q3 (Standalone)
Oct-Dec-13 Oct-Dec-12 Growth
Operating Income 59.09 51.01 16
Interest Expenses 40.80 35.21 16
Net Interest Income 18.29 15.80 16
Less: Non Interest Expenses 1.68 1.44
Less: Provisionsfor Contingencies 0.25 0.40
47
Add: Other Income 0.11 0.08
Profit Before tax, Dividend & Sale ofInvestments 16.47 14.04 17
Dividend 0.76 0.45
Profit on Sale ofInvestments 0.35 0.96
Provision for Tax 4.80 4.05
Profit After Tax 12.78 11.40 12
Effectivetax rate(%) 27.3% 26.2%

PROFIT AND LOSS ACCOUNTPROFIT AND LOSS ACCOUNT –– AprApr--Dec (Standalone)Dec (Standalone)
Financials
(Rs. in billion)(Rs. in billion) (%)
Operating Income 169.37 148.36 14
Interest Expenses 118.88 104.51 14
Net Interest Income 50.49 43.85 15
48
Add: Other Income 0.27 0.23
Profit Before Tax, Dividend & Sale ofInvestments 45.02 38.63 17
Dividend 4.64 3.99
Profit on Sale ofInvestments 1.21 2.11
Provision for Tax 13.70 11.80
Profit After Tax 37.17 32.93 13
Effectivetax rate(%) 26.9% 26.4%

CONSOLIDATED EARNINGSCONSOLIDATED EARNINGS
As per Indian GAAPAs per Indian GAAP
HDFC Consolidated
Return on Equity 18.4% 21.1%
Financials
49
Return on Equity 18.4% 21.1%
Return on Average Assets 2.5% 2.8%
Earnings Per Share (Rs.) 32 36
Profit After Tax (Rs. in billion) 37.17 55.33
Total Assets (Rs. in billion) 2,182.86 2,834.18

AWARDS & ACCOLADESAWARDS & ACCOLADES
i HDFC selected as the Best Home Loan Provider by CNBC Awaaz – CNBC Awaaz Real Estate Awards 2013
i HDFC adjudged the ‘Best Home Loan Provider’ for third consecutive year – Outlook Money Awards, 2013
i Awarded the Qimpro-Best Prax Benchmark 2013 in Leadership Governance
i HDFC Board recognised as one of the “Five Best Boards" in a study conducted by Economic Times and
Hay Group on India's Best Boards - 2012
i Top Indian Company in the ‘Financial Institutions/Non-Banking Financial Companies/Financial Services’
category at the Dun & Bradstreet Corporate Awards 2012. The Corporation has won this award six times.
50
i Leading Housing Finance Company Award - CNBC TV18, 2012
i HDFC is the only Indian company to be included in the fifth annual list of the ‘ 2011 World’s Most Ethical
Companies’ by Ethisphere Institute, USA
i HDFC voted ‘Best Investor Relations’ in India – Finance Asia’s 2011 Annual Poll
i HDFC ranked amongst India’s best companies to work for – Great Place to Work Institute®, 2012
i Awarded the ‘Best Foreign Enterprise with a Developmental Role in Housing Finance in Africa’ – African
Real Estate & Housing Finance Academy
i HDFC one of India’s ‘Best Managed Companies’ for two consecutive years – Finance Asia’s 2010 and 2011
Annual Poll
i ‘India Shining Star CSR Award’ – for Outstanding CSR in the Banking and Financial Sector – FY11

Thank YouThank YouThank YouThank You
51
Thank YouThank YouThank YouThank You
January 29, 2014

Hdfc jan22 14

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