Documente Academic
Documente Profesional
Documente Cultură
(CIN: L65922DL2005PLC136029)
Investor Contact
Ramnath Shenoy
investor.relations@indiabulls.com
+91 22 6189 1444
Media Contact
Rahat Ahmed
mediaquery@indiabulls.com
+91 22 6189 1155
Contents
Pg. No.
1.
Business Update
2.
Operational Update
3.
10
4.
17
5.
32
6.
39
7.
Detailed Financials
44
Business Update
Our Journey
2014-15
2013-14
2012-13
2011-12
2010 - 11
2009
2004-05
2000
Conversion to HFC
Indias 3rd largest HFC by size
PAT Rs.1,266 Cr., RoE: 26%
2008
2006
Started as an NBFC
Business Update
Key Financial Highlights: FY 2014-15
FY 14-15
7,270.4
3,179.5
1,901.2
55.0
29%
18.4%
FY 13-14
5,904.8
2,607.5
1,568.5
48.0
27%
19.1%
Growth (%)
23.1%
21.9%
21.2%
Q4 FY 14-15
2,122.6
912.9
551.0
15.5
Q4 FY 13-14
1,557.9
704.8
451.5
13.5
Growth (%)
36.3%
29.5%
22.0%
The company had cash, cash equivalents and investments in liquid debt instruments of Rs.9,631 Cr as
at 31st March, 2015. The company receives income from its cash, cash equivalents and investments in
liquid debt instruments through the quarter, which appears in Other Income.
Interim dividend of Rs 9/- per share of face value of Rs 2/- has been declared. Company has declared
and distributed interim dividend of Rs. 26/- per share in FY 2014-15.
Operational Update
Business Summary
Loans Outstanding
(March 31, 2015)
:
:
Rs. 52,235 Cr
(US$ 8.43 bn)
26%
6.44 Lacs
Rs. 106,604 Cr
(US$ 17.19 bn)
16.4%
18%
Credit Ratings
Long Term
Rating
Short Term
Rating
CARE Ratings
AAA
A1+
Brickwork Ratings
AAA
AA+
A1+
AA+
A1+
A1+
10
Affordable Housing: Policy makers focus on Home loans up to 50 Lacs (from sub 25 Lacs
classified as priority sector lending)
- HFCs are permitted to borrow through ECBs for lending towards affordable housing
- IBHFL has drawn down ECB facilities of $ 200 million in FY 2014-15
11
1 Industry Reports; 2 RBI Deputy Governor Speech, Aug 2014
88%
41%
9%
India
17%
20%
Thailand
China
26%
29%
Korea
Malaysia
Hong Kong
USA
UK
Lower mortgage penetration compared to advanced and emerging economies implies huge
opportunity for growth
Indian mortgage industry at an inflection point and is expected to grow five-fold in next 10
years
In this years budget, the Government has increased tax exemption limits on home loan
repayments, effectively lowering the rate of interest
Government has underlined support for affordable housing in the budget, which has been
followed up by prompt steps by the regulator
12
12,000
45%
40%
10,000
Rs. Billion
8,000
6,000
4,000
2,000
27%
27%
3,695
3,990
30%
32%
35%
37%
40%
35%
30%
4,541
5,448
6,249
7,110
25%
10,958
20%
FY 08
FY 09
FY 10
FY 11
FY 12
HFCs' Share
FY 13
FY 16E
(Amounts in Rs. Bn)
Increasing Affordability: Rising disposable incomes coupled with low effective interest rate of
only 3.94 % after tax benefits for a home loan of Rs. 20 Lacs
Average age of house owner has reduced to 35 years from 43 years in FY20002
Urbanisation to rise to 40% of population by 2025 from the current 31%1
Urban Housing Shortage: estimated at 45 million units by 20222
Favourable Demographics: 60% of the countrys population is below 30 years of age3
13
Housing for all by 2022: A major policy goal for the new government
Jan Dhan Yojana: Access to organised banking for all present coverage: 99.74%
- Vast increase in organised banking infrastructure and reach
- Ultimate benefit and knock on effect on credit off-take and growth
14
2015
2010
2000
2,500,000
2,500,000
2,500,000
9.90%
9.25%
13.25%
200,000
150,000
75,000
150,000
100,000
20,000
34.61%
30.90%
34.50%
15
15
15
394,093
327,878
384,521
Interest component
244,093
227,878
327,893
Principal component
150,000
100,000
56,628
121,128
77,250
32,775
122,965
150,628
295,118
5.07%
6.15%
11.94%
Loan amt
Tenor (Yrs)
Amount in Rs.
15
3.2%
2.5%
Chennai
Delhi
Rent Yield
Hyderabad
3.4
13.3
3.5
2005
Price of Home*
5.7
2010
Annual Income
Kolkata
Mumbai
Pune
India
30.0
19.6
3.1%
2.4%
Increasing Affordability
3.8
3.5%
3.3%
2.9%
Ahemedabad Bengaluru
5.1%
2.9
10.2
2015
Affordability
16
17
Loan Book:
80%
Cash & Liquid Investments*: 17%
Other Assets:
3%
80%
Total Assets
As at March 31, 2015
18
Asset Composition
Q4 FY 14-15
Q4 FY 13-14
22%
21%
2%
5%
74%
Mortgage
76%
Driven by the growth of the Home loans book, retail mortgage book growth has outpaced
the growth of corporate mortgage book growth
Home loans, which forms the majority of incremental disbursals, are disbursed at an average
ticket size of Rs. 24 Lacs; average LTV of 71% (at origination)
19
6,195
41,169
34,425
5,724
3,643
35,445
46,040
Mar-14
Ownbook
2,546
2,397
30,782
Mar-13
4,171
Mar-15
Mar-13
Mar-14
Mar-15
Sell down
Loans sold (outstanding as on 31st Mar, 2015): Rs. 6,195 Cr. on which spread at 3.4% p.a. is
to be earned over the life of the loan
20
Asset Quality
0.85%
0.83%
0.79%
0.46%
0.47%
0.36%
0.33%
Mar-13
Gross NPA
Mar-14
General & Specific Provisions
0.49%
0.36%
Mar-15
Net NPA
Provisions for
Contingencies:
Of which
NPAs:
Other provisioning:
615.5
256.9
358.6
Regulatory
Provisioning:
394.5
Excess Provisioning
Over Regulatory
Provisioning:
221.0
Provisioning Cover :
139% of GNPA
NPAs continue to remain within the target range. With the expected economic recovery,
recoveries are expected to accelerate
Standard Asset Provision and Counter-cyclical Provision pool of Rs. 358.6 Cr is over and
above General and Specific Provision pool and is not netted off against Gross NPAs in
calculation of Net NPAs
21
24 Lacs
80%
15 years
Primary Security
Repayment Type
Monthly amortizing
RBI defines Affordable housing finance as housing loans to individuals up to Rs. 50 Lacs for
houses of value up to Rs. 65 Lacs in the six metros and housing loans up to Rs. 40 Lacs for
houses of value up to Rs. 50 Lacs in other towns / cities
HFCs are permitted to borrow through ECBs for lending towards affordable housing. IBHFL
has drawn down facilities of $ 200 million in FY 2014-15
22
68 Lacs
65%
7 years
Primary Security
Repayment Type
Monthly amortizing
23
Head office
Master Service
Centres (MSC)
Branches
Service
Centres
Customer interaction
and service delivery
Walk-in
branches with
credit decisioning
for low ticket
sizes
Customer
interaction and
service delivery
MSC is a regional
credit hub and is
manned by senior
personnel
Presence of core
credit committee
All decisions for
loans above certain
predefined limits
taken jointly by the
committee
Underwriting of
high value proposals
and proposals that
require more
detailed credit
analysis
Recommendation of
proposals but no credit
decisioning
24
11%
71%
Branch Walk-ins
External Channels
25
Liabilities
5%
12%
Other Liabilities:
83%
Total Liabilities:
26
8%
3%
7%
30%
30%
31%
ECB
Commercial Paper
Bonds
62%
62%
59%
Mar-13
Mar-14
Mar-15
Bank Loans
Total Borrowings:
27
7.5
45,000
40,000
35,000
31,286
5.2
30,000
25,000
35,540
4.7
6.5
5.9
5.5
4.5
20,000
Borrowings
Net Gearing
3.5
15,000
10,000
2.5
5,000
1.5
Mar-13
Mar-14
Contribution in
Incremental Borrowing
Mar-15
Mar-14
Last 12 months
Bank Loans
22,170
52%
28,400
Bonds
10,525
34%
14,628
ECB
11%
1,252
CP
2,844
3%
3,207
Total
35,540
100%
47,487
Bond issuances have been healthy, and along with ECBs contributed 45% of the
incremental borrowings in the last 12 months
Amongst its lenders, the company now counts 132 strong relationships: 26 PSU banks, 17
Private and Foreign banks and 89 Mutual Funds, Provident Funds, Pension Funds, 28
Insurance Companies and others
Total Borrowings (Rs. Cr.)
Mar-15
30
Indiabulls Foundation:
Corporate Social Responsibility
Health
The Foundation has a free medical clinic at Lower Parel to provide primary and
preventive health care to the underprivileged and the clinic has successfully
treated 19,000 patients till date.
The Foundation has 6 medically equipped vans. Each caters to approximately 15
to 16 locations per week and diagnoses 80 to 100 patients per day.
Indiabulls
Foundation
E-learning
(IBFE)
Disaster Relief
The Foundation provided timely relief to 10,000 flood affected people in Kashmir
by providing them with nutrition supplements and medicines.
Rural
Empowerment
The Foundation has sponsored a water project called Rahat at Dadade Tribal
Ashram School, Thane district, where there was acute scarcity of water. Over
1,100 children of this tribal school have benefited from this initiative.
Education
32
Q4 FY15
Q3 FY15
Q2 FY 15
Q1 FY 15
Q4 FY 14
Q3 FY 14
Q2 FY 14
Q1 FY 14
Q4 FY 13
Q3 FY 13
Q2 FY 13
Q1 FY 13
Q4 FY 12
Q3 FY 12
Q2 FY 12
Q1 FY 12
Q4 FY 11
Q3 FY11
Q2 FY 11
Q1 FY 11
33
767
468
Q4 FY15
Q3 FY15
Q2 FY 15
Q1 FY 15
Q4 FY 14
1,474
Q3 FY 14
Q2 FY 14
Q1 FY 14
Q4 FY 13
Q3 FY 13
Q2 FY 13
1,118
Q1 FY 13
Q4 FY 12
911
Q3 FY 12
835
964
Q2 FY 12
Q1 FY 12
681
Q4 FY 11
577
Q3 FY11
Q2 FY 11
Q1 FY 11
1,859
1,696
1,334 1,344
1,179 1,215
1,050
34
442
Q3 FY 12
628
540
701
Q1 FY 15
Q4 FY15
Q3 FY15
Q2 FY 15
705
Q4 FY 14
659
Q3 FY 14
599
645
Q2 FY 14
Q1 FY 14
Q4 FY 13
459
502
Q3 FY 13
544
Q2 FY 13
Q1 FY 13
Q4 FY 12
439
Q2 FY 12
417
Q1 FY 12
313
437
Q4 FY 11
374
432
Q3 FY11
Q2 FY 11
Q1 FY 11
828
737
35
207
174
134
231
Q4 FY15
424
Q3 FY15
452
Q2 FY 15
Q1 FY 15
Q4 FY 14
352
370
Q3 FY 14
327
Q2 FY 14
368
Q1 FY 14
Q4 FY 13
304
Q3 FY 13
303
Q2 FY 13
250
Q1 FY 13
Q4 FY 12
Q3 FY 12
222
Q2 FY 12
236
Q1 FY 12
Q4 FY 11
Q3 FY11
Q2 FY 11
Q1 FY 11
448
478
395
268
36
0.63
0.33
0.33
0.31
0.33
Q4 FY 12
Q1 FY 13
Q2 FY 13
Q3 FY 13
0.34
0.34
Q2 FY 15
Q3 FY15
0.36
0.35
Q1 FY 15
Q4 FY15
0.36
0.48
Q3 FY 14
Q4 FY 14
0.44
Q2 FY 14
0.34
0.28
Q3 FY 12
Q1 FY 14
0.32
Q2 FY 12
0.33
0.37
Q1 FY 12
Q4 FY 13
0.37
0.53
Q4 FY 11
Q3 FY11
Q2 FY 11
Q1 FY 11
0.90
0.85
0.86
0.85
0.84
0.83
0.88
0.85
0.78
0.79
0.76
0.76
0.79
0.79
0.78
0.86
1.00
1.03
1.20
1.38
1.74
37
2.7
1.8
3.7
Q3 FY 12
4.5
Q4 FY 14
6.1
Q4 FY15
Q3 FY15
5.7
Q2 FY 15
5.2
5.6
Q1 FY 15
5.3
Q3 FY 14
5.1
Q2 FY 14
4.7
5.1
Q1 FY 14
Q4 FY 13
4.3
Q3 FY 13
4.1
Q2 FY 13
3.9
Q1 FY 13
Q4 FY 12
3.7
Q2 FY 12
3.2
Q1 FY 12
2.4
3.1
Q4 FY 11
Q3 FY11
Q2 FY 11
Q1 FY 11
38
39
FY 2014
FY 2013
FY 2012
4,840
4,099
4,072
4,243
0.39
0.38
0.31
0.24
11.82
10.84
8.09
5.85
16.4%
17.1%
18.0%
18.7%
No. Of Employees
40
FY 2014
FY 2013
FY 2012
4.9%
4.8%
4.9%
4.9%
3.7%
3.8%
3.8%
3.7%
RoE (%)
29%
27%
26%
22%
18.36%
19.14%
18.47%
18.86%
- Tier I
15.25%
15.05%
14.96%
18.21%
- Tier II
3.11%
4.09%
3.51%
0.65%
41
Mar-14
Mar-13
Mar-12
559.9*
285.6
271.8
207.1
3.21
1.59
1.42
1.08
PE Ratio (times)
10.2
6.0
6.8
6.5
184.5
168.7
165.4
157.7
3.0
1.7
1.6
1.3
51.8%
41.1%
45.2%
38.7%
42
Shareholding Pattern
17.11%
27.81%
3.30%
51.78%
Promoters
Foreign Shareholding
MFs/Banks/IFI
Public
43
Detailed Financials
44
45
46
Thank you