HDFC Ltd. Financial Results for the Year Ended March 31, 2013

Mumbai, Maharashtra, India, Wednesday, May 08, 2013 -- (Business Wire India) 
Performance Highlights 
-- 22% increase in the consolidated profit after tax to INR 6,639.72 crores for
the year ended March 31, 2013  
-- 18% increase in the standalone profit after tax to INR 4,848.34 crores for
the year ended March 31, 2013 
-- Dividend of INR 12.50 per equity share of face value of INR 2 per share  
-- 17% increase in the standalone Net Interest Income for the year ended March
31, 2013 
-- 31% growth in the individual loan book (after adding back the loans sold in
the preceding 12 months)  
-- Gross non-performing loans stood at 0.70% of the loan portfolio as at March
31, 2013 compared to 0.74% as at March 31, 2012 – 33rd consecutive quarter end
at which the percentage of non-performing loans has been lower than the
corresponding quarter in the previous year. 
The Board of Directors of Housing Development Finance Corporation Limited (HDFC)
approved the consolidated and standalone audited financial results of the
Corporation for the year ended March 31, 2013 at its meeting held on Wednesday,
May 8, 2013 in Mumbai. 
CONSOLIDATED FINANCIAL RESULTS 
For the year ended March 31, 2013, the consolidated profit after tax stood at
INR 6,639.72 crores as compared to INR 5,462.51 crores for the year ended March
31, 2012 – an increase of 22%.  
The consolidated profit after tax for the year ended March 31, 2013 does not
consider the charge in respect of the redemption premium on Zero Coupon
Debentures amounting to INR 438.04 crores (net of tax) {INR 485.07 crores for
the year ended March 31, 2012}. 
Had the aforesaid adjustment been considered, the profit after tax for the year
ended March 31, 2013 would have been INR 6,201.68 crores compared to INR
4,977.44 crores for the year ended March 31, 2012, representing an increase of
25%. 
STANDALONE FINANCIAL RESULTS 
Financials for the year ended March 31, 2013 
For the year ended March 31, 2013, the profit before tax stood at INR 6,572.84
crores as compared to INR 5,665.62 crores for the year ended March 31, 2012.
This was after considering provision for contingencies of INR 145 crores
(previous year – INR 80 crores) through a debit to the profit and loss
account. This provision was mainly in respect of standard assets consequent to
the change in the provisioning norms for standard assets. 
After considering INR 1,724.50 crores for tax, the profit after tax stood at INR
4,848.34 crores as compared to INR 4,122.62 crores for the year ended March 31,
2012 – an increase of 18%. 
Dividend 
The Board of Directors recommends payment of dividend for the year ended March
31, 2013 of INR 12.50 per equity share of face value of INR 2 per share as
against INR 11 per equity share for the previous year.  
Financials for the quarter ended March 31, 2013 
For the quarter ended March 31, 2013, the profit after tax amounted to INR
1,555.21 crores (previous year – INR 1,326.14 crores). 
TOTAL ASSETS 
As at March 31, 2013, the total assets of HDFC stood at INR 1,95,531 crores as
against INR 1,67,520 crores as at March 31, 2012 – an increase of 17%. 
LOAN BOOK 
As at March 31, 2013, the loan book stood at INR 1,70,046 crores as against INR
1,40,875 crores in the previous year. Loans sold during the preceding twelve
months amounted to INR 5,175 crores. The growth in the individual loan book,
after adding back loans sold is 31% (25% net of loans sold). Non-individual
loans grew by 13%. The growth in the total loan book after adding back loans
sold is 24% (21% net of loans sold).  
Of the total loan book, individual loans comprise 68%. Further, 81% of the
incremental growth in the loan book during the year came from individual loans. 
As at March 31, 2013, the total loans outstanding in respect of loans
sold/assigned stood at INR 16,964 crores. HDFC continues to service these loans
and is entitled to the residual interest on the loans sold. The residual
interest on the individual loans sold/assigned is 1.33% p.a. and is being
accounted over the life of the loans. 
Spread and Net Interest Margin 
The spread on loans over the cost of borrowings for the year ended March 31,
2013 stood at 2.30%. Net Interest Margin for the year was 4.2%. 
Investments 
As at March 31, 2013, the unrealised gains on HDFC's listed investments amounted
to INR 30,698 crores (previous year INR 24,464 crores). This excludes the
appreciation in the value of the unlisted investments. As at May 7, 2013 the
unrealised gains on HDFC's listed investments amounted to INR 34,145 crores 
LENDING OPERATIONS 
Approvals and Disbursements 
Loan approvals during the year were INR 1,03,260 crores as compared to INR
90,154 crores in the previous year. Loan disbursements during the year were INR
82,452 crores as against INR 71,113 crores in the previous year.  
Cumulative loan approvals and disbursements as at March 31, 2013 were INR
5,66,660 crores and INR 4,56,098 crores respectively. This is in respect of
approximately 4.4 million housing units. 
Individual loan approvals and disbursements grew by 29% and 33% respectively
during the year. The average size of individual loans stood at INR 21.6 lacs as
compared to INR 19.5 lacs in the previous year. 
Non-Performing Loans 
Gross non-performing loans as at March 31, 2013 amounted to INR 1,199 crores.
This is equivalent to 0.70% of the portfolio (as against 0.74% in the previous
year). This is the thirty-third consecutive quarter end at which the percentage
of non-performing loans have been lower than the corresponding quarter in the
previous year.  
Based on a six months overdue basis, the non-performing loans as at March 31,
2013 stood at 0.40% of the loan portfolio as against 0.44% in the previous year. 
As per NHB norms, the Corporation is required to carry a total provision of INR
1,506 crores of which only INR 387 crores is on account of non-performing assets
and the balance INR 1,119 crores is in respect of general provisioning on
standard loans including Dual Rate Home Loans and other provisions.  
As against non-performing loans of INR 1,199 crores, the balance in the
provision for contingencies account as at March 31, 2013 stood at INR 1,792
crores. This is equivalent to 1.05% of the portfolio. Thus the Corporation
carries an additional provision of INR 286 crores over the regulatory
requirements. 
CAPITAL ADEQUACY RATIO 
HDFC's capital adequacy ratio stood at 16.2% of the risk weighted assets, as
against the minimum requirement of 12%. Tier 1 capital adequacy was 13.8%
against a minimum requirement of 6%. 
COST INCOME RATIO 
For the year ended March 31, 2013, the cost to income ratio stood at 7.8%.  
REVIEW OF KEY SUBSIDIARY COMPANIES 
HDFC Standard Life Insurance Company Limited (HDFC Life)  
New business premium income for the year ended March 31, 2013 stood at INR 3,113
crores as compared to INR 2,694 crores in the previous year representing a
growth of 16%. Individual business conservation ratio stood at 78%. 
HDFC Life has reported a profit of INR 451.48 crores for the year ended March
31, 2013 as against INR 271.02 crores in the previous year. The back book is
generating sufficient profits to offset the new business strain incurred in
writing of new policies.  
The Market Consistent Embedded Value as at March 31, 2013 was INR 5,872 crores. 
HDFC Life is now ranked No. 2 among private sector life insurers in terms of
market share based on the weighted received premium of individual business for
FY 2013. 
HDFC Asset Management Company Limited (HDFC AMC) 
As at March 31, 2013, HDFC AMC managed 42 debt, equity, exchange traded and fund
of fund schemes of HDFC Mutual Fund. The average assets under management during
the month of March 2013 stood at INR 1,02,142 crores (which is inclusive of
average assets under discretionary portfolio management and advisory services). 
For the year ended March 31, 2013, HDFC AMC reported a profit after tax of INR
318.75 crores as against INR 269.14 crores in the previous year 
HDFC Mutual Fund is ranked first in the industry on the basis of Average Assets
under Management. 
HDFC ERGO General Insurance Company Limited (HDFC ERGO) 
During the year, HDFC ERGO was the fourth largest private player in the general
insurance industry. The company continued to be the largest player in the
personal accident line of business.  
The gross direct premium of the company increased by 33% to INR 2,491 crores as
against INR 1,874 crores in the previous year. The profit after tax for the year
stood at INR 154.5 crores as against a loss of INR 39.7 crores in the previous
year. 
DISTRIBUTION NETWORK 
HDFC's distribution network spans 331 outlets which include 81 offices of HDFC's
distribution company, HDFC Sales Private Limited (HSPL). HDFC also covers
additional locations through its outreach programmes. Distribution channels form
an integral part of the distribution network with home loans being distributed
through HSPL, HDFC Bank Limited and third party direct selling associates. 
To cater to non-resident Indians, HDFC has an office in London, Dubai and
Singapore and service associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi and
Saudi Arabia. 
May 8, 2013 
To view the results, please click on the links given below: 
Intimatation to Stock Exchange - Audited Results - March 31, 2013 
March2013 
Media contact details 
Mahesh Shah,
Housing Development Finance Corporation Limited,
+91 (22) 66316410,
maheshs@hdfc.com 
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-0- May/08/2013 13:16 GMT
 
 
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