Rating Rationale
August 07, 2019 | Mumbai
Housing Development Finance Corporation Limited
'CRISIL AAA/Stable' assigned to NCD issue 
Rating Action
Rs.45000 Crore Non-Convertible Debenture Issue CRISIL AAA/Stable (Assigned)
Rs.45000 Crore Non-Convertible Debenture Issue CRISIL AAA/Stable (Reaffirmed)
Rs.35000 Crore Non-Convertible Debenture Issue CRISIL AAA/Stable (Reaffirmed)
Non-Convertible Debentures Aggregating Rs.70615 Crore CRISIL AAA/Stable (Reaffirmed)
Bonds Aggregating Rs.23.8 Crore  CRISIL AAA/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.5500 Crore CRISIL AAA/Stable (Reaffirmed)
Fixed Deposits FAAA/Stable (Reaffirmed)
Rs.75000 Crore Commercial Paper  CRISIL A1+ (Reaffirmed) 
Non-Convertible Debentures Aggregating Rs.21500 Crore   CRISIL AAA/Stable (Withdrawn)
Bonds Aggregating Rs.3.55 Crore CRISIL AAA/Stable (Withdrawn)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has assigned its 'CRISIL AAA/Stable' rating to the Rs 45000 crore non-convertible debentures (NCDs) of Housing Development Finance Corporation Limited (HDFC). CRISIL has also withdrawn its rating on NCDs aggregating Rs 21,500 crore and bonds aggregating Rs 3.55 crore (See annexure 'details of rating withdrawn') on confirmation from the debenture trustee that it is fully redeemed or was unutilized. The rating is withdrawn in line with CRISIL's policy. The ratings on the other debt instruments and fixed deposits have been reaffirmed at 'CRISIL AAA/FAAA/Stable/CRISIL A1+'.
The ratings continue to factor in HDFC's leading market position and sound track record in the housing finance businesses, healthy asset quality, diversified and stable resource profile, and strong financial risk profile. These strengths are partially offset by exposure to intense competition in the housing finance segment.

Analytical Approach

For arriving at the ratings, CRISIL has consolidated the business and financial risk profiles of HDFC and its subsidiaries and associates. CRISIL expects managerial and financial support to these subsidiaries on account of their strategic importance, majority shareholding and shared brand name.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
* Strong market position:
It is India's largest housing finance company, with profitable growth over the past 40 years in the individual housing and corporate segments. While competition has increased over time, with the entry of new players and greater focus by banks on this segment, HDFC has maintained its market share. As on March 31, 2019, HDFC's loan book stood at Rs 4,06,607 crore, a growth of 12.1% over the previous year. Gross loans i.e. including loans sold, stood at Rs 4,61,913 crore as on same date (Rs 4,02,880 crore, respectively, as on March 31, 2018).  Loan book stood at Rs 416,597 cr as on June 30, 2019, logging in a growth of 11.1%. HDFC Ltd also has sizeable presence in other financial services space including life insurance, general insurance, AMC and education financing business, through its subsidiaries.
* Healthy asset quality
Asset quality remains healthy. The gross non-performing assets (NPAs) as on March 31, 2019 was 1.18% (1.11% as on March 31, 2018). The NPAs have witnessed an uptick from March 31, 2017 levels (0.79%), largely on account of delinquencies in non-individual portfolio, leading to an increase in NPAs in this segment to 2.34% as on March 31, 2019 from 1.16% as on March 31, 2017. NPAs in the individual portfolio stood comfortable at 0.70% as on March 31, 2019. As on June 30, 2019, GNPA ratio stood at 1.29%. With the slowdown in the real estate sector and incipient stress for developers, HDFC's sizeable exposure to the builder and corporate segments will remain a sensitivity factor.
* Diversified and stable resource profile
The resource profile continues to be well-diversified, lending flexibility to HDFC's borrowings. The borrowing mix primarily comprises of market borrowings (50%) and fixed deposits (29%). The share of term loans in overall borrowings stood at 17% as on March 31, 2019. HDFC raised external commercial borrowings (ECBs) of US$ 1.2 bn in fiscal 2019. HDFC's strong resource-raising capabilities, high fixed deposit renewals, and the high proportion of floating rate home loans in its portfolio mitigate the inherent tenure mismatch and interest rate risks in the housing finance business.
* Strong financial risk profile
Financial risk profile remains sound, marked by healthy capitalisation and earnings profile. As on March 31, 2019, HDFC had an overall capital adequacy ratio1 (CAR) of 19.1% and Tier-I CAR of 17.5%. Networth stood at Rs 77,355 crore as on same date. HDFC raised Rs 13,000 crore capital in Q4FY18. Further, conversion of warrants led to ~Rs 5,300 crore increase in networth in fiscal 2019. Adjusted gearing of the company stood at 5.4 times as on Mar-19. As on June 30, 2019, tier 1 ratio and CAR stood at 17.3% and 18.8% respectively.
The earnings profile is marked by healthy interest spreads, low expense levels, and good returns on networth. The interest spread has been at 2.15%-2.35% over the past five years (2.30% for the fiscal 2019). The return on assets was 2.2% for fiscal 2019, including the one-time consideration that HDFC received from the gains of Rs 891 crore through the listing of HDFC Asset Management Company in the August 2018.
* Exposed to intense competition in the housing finance industry:
HDFC is exposed to intensifying competition in the housing finance industry. Especially, of late, the housing finance industry has been facing intense competition on account of new entrants and increased focus from public sector banks.

Given the longer tenure on asset side, the ALM profile (as on March 31, 2019) of HDFC had mismatches in few buckets. Nevertheless, cumulative mismatch for one year was positive. As on June 2019, HDFC has upcoming repayments (excluding CP rollovers) stands at Rs 48,795 crore of debt (of which Rs 8,850 crore is commercial paper repayments) by September 30, 2019. Against this, the entity has liquidity of around Rs 31,284 crore in the form of bank balances, liquid fund schemes of mutual funds, deposits with banks, and investments in Government Securities as on June, 2019. Further cushion is provided by NHB refinance, flexibility to securitize loan assets, and adequate flow of monthly collections. The unaccounted gains of listed equity including the Corporation's subsidiary and associate companies stood at Rs 2.08 lakh crores as at June 30, 2019.

Outlook: Stable

CRISIL believes HDFC will maintain its robust credit risk profile over the medium term, backed by its healthy asset quality, and strong financial risk profile. Strong franchise and fundamentals will, likely, enable the company to maintain its competitive position, supporting its present ratings. The outlook may be revised to 'Negative' if HDFC's asset quality or profitability weakens significantly.

About the Company

HDFC, a housing finance company, was incorporated in 1977; its initial shareholders included the International Finance Corporation, Washington, and the Aga Khan Trust. As on March 31, 2019, HDFC's gross loans, stood at Rs 4,06,607 crore, of which 74% consisted of loans to individuals. Loans to corporate entities, rental discounting, and construction finance accounted for 5%, 9% and 12% respectively.
The company also has strong presence in life insurance, general insurance, asset management and education financing business through its subsidiaries - HDFC Life insurance company, HDFC Ergo, HDFC AMC and HDFC Credila respectively.
For fiscal 2019, HDFC, on a standalone basis, reported a profit after tax (PAT) of Rs 9633 crore (including profit on sale of investment of Rs 1,212 crore, part of which was on account of HDFC AMC IPO) on a total income (net of interest expense) of Rs 15,540 crore, as compared to Rs 10,959 crore (including profit on sale of investment of Rs 5,609 crore on account of HDFC Life IPO) and Rs 17,210 crore, respectively, for previous fiscal.
For the three months ended June 30, 2019, HDFC reported a PAT of Rs 3,203 crore (Rs 2,190 crore for the corresponding period of the previous year) on a total income (net of interest expense) of Rs 5,257 crore (Rs 3,599 crore).
On a consolidated basis, HDFC reported a profit after tax (PAT) of Rs 16,232 crore (post minority interest, profit from associates) on a total income (net of interest expense) of Rs 66,670 crore for fiscal 2019, as compared to Rs 11,980 crore (post minority interest, profit from associates) and Rs 55,101 crore, respectively, for previous fiscal.

1Overall CAR and Tier I CAR, after reducing the investment in HDFC Bank Ltd and DTL on Special Reserve from Tier I capital

Key Financial Indicators
    Standalone Consolidated
As on March 31  (as per IND AS)   2019 2018 2019 2018
Total assets Rs crore 458778 398910 660875 566609
Total Income (net of interest) Rs crore 15540 17210 66670 55101
Profit after tax Rs crore 9633 10959 16232 11980
Gross NPA % 1.18 1.11 NA NA
Return on assets* % 2.2 3.0 2.9 2.5
Adjusted gearing Times 5.4 5.5 3.7 3.9
*FY17 base is as per I GAAP

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of instrument Date of allotment Coupon
rate (%)
Maturity date Issue size
(Rs crore)
Rating outstanding
with outlook
INE001A07RV7 Debentures 11-Jul-19 7.99% 11-Jul-24 2555 CRISIL AAA/Stable
INE001A07RW5 Debentures 18-Jul-19 7.87% 18-Jul-22 5000 CRISIL AAA/Stable
INE001A07RQ7 Debentures 28-Feb-19 8.52% 28-May-20 1500.00 CRISIL AAA/Stable
INE001A07RR5 Debentures 11-Mar-19 8.51% 15-Jul-20 2715.00 CRISIL AAA/Stable
INE001A07RS3 Debentures 18-Mar-19 8.58% 18-Mar-22 5000.00 CRISIL AAA/Stable
INE001A07RT1 Debentures 27-Mar-19 8.55% 27-Mar-29 5000.00 CRISIL AAA/Stable
INE001A07RU9 Debentures 20-Jun-19 8.05% 20-Jun-22 2265.00 CRISIL AAA/Stable
INE001A07DE3 Debentures 12-Dec-07 9.60% 12-Dec-19 250.00 CRISIL AAA/Stable
INE001A07FG3 Debentures 08-Apr-10 8.96% 08-Apr-25 500.00 CRISIL AAA/Stable
INE001A07FJ7 Debentures 09-Apr-10 8.96% 09-Apr-25 500.00 CRISIL AAA/Stable
INE001A07FM1 Debentures 20-May-10 8.65% 20-May-20 250.00 CRISIL AAA/Stable
INE001A07FR0 Debentures 21-Jul-10 8.79% 21-Jul-20 500.00 CRISIL AAA/Stable
INE001A07FT6 Debentures 18-Aug-10 8.90% 18-Aug-20 500.00 CRISIL AAA/Stable
INE001A07FV2 Debentures 19-Oct-10 8.95% 19-Oct-20 500.00 CRISIL AAA/Stable
INE001A07FW0 Debentures 26-Nov-10 8.98% 26-Nov-20 250.00 CRISIL AAA/Stable
INE001A07FZ3 Debentures 23-Dec-10 9.00% 23-Dec-20 500.00 CRISIL AAA/Stable
INE001A07GD8 Debentures 18-Jan-11 9.30% 18-Jan-21 400.00 CRISIL AAA/Stable
INE001A07GO5 Debentures 13-Apr-11 9.40% 13-Apr-21 185.00 CRISIL AAA/Stable
INE001A07GP2 Debentures 03-May-11 9.40% 03-May-21 1000.00 CRISIL AAA/Stable
INE001A07GV0 Debentures 10-Jun-11 9.90% 10-Jun-21 400.00 CRISIL AAA/Stable
INE001A07HA2 Debentures 20-Jul-11 9.55% 20-Jul-21 450.00 CRISIL AAA/Stable
INE001A07HE4 Debentures 17-Aug-11 9.45% 17-Aug-21 200.00 CRISIL AAA/Stable
INE001A07HH7 Debentures 23-Sep-11 9.60% 23-Sep-21 250.00 CRISIL AAA/Stable
INE001A07HJ3 Debentures 11-Nov-11 9.90% 11-Nov-21 670.00 CRISIL AAA/Stable
INE001A07II3 Debentures 09-May-12 9.50% 09-May-22 200.00 CRISIL AAA/Stable
INE001A07IO1 Debentures 04-Jul-12 9.50% 04-Jul-22 200.00 CRISIL AAA/Stable
INE001A07KU4 Debentures 21-Mar-13 8.95% 21-Mar-23 200.00 CRISIL AAA/Stable
INE001A07MS4 Debentures 24-Jun-14 9.24% 24-Jun-24 510.00 CRISIL AAA/Stable
INE001A07MX4 Debentures 13-Aug-14 9.50% 13-Aug-24 475.00 CRISIL AAA/Stable
INE001A07MY2 Debentures 21-Aug-14 9.45% 21-Aug-19 1970.00 CRISIL AAA/Stable
INE001A07MZ9 Debentures 26-Aug-14 9.40% 26-Aug-19 685.00 CRISIL AAA/Stable
INE001A07NB8 Debentures 28-Aug-14 9.34% 28-Aug-24 1000.00 CRISIL AAA/Stable
INE001A07NG7 Debentures 06-Jan-15 8.65% 06-Jan-20 1000.00 CRISIL AAA/Stable
INE001A07NH5 Debentures 13-Jan-15 8.75% 13-Jan-20 1985.00 CRISIL AAA/Stable
INE001A07NI3 Debentures 15-Jan-15 0.00% 15-Jan-20 1000.00 CRISIL AAA/Stable
INE001A07NJ1 Debentures 23-Jan-15 8.40% 23-Jan-25 500.00 CRISIL AAA/Stable
INE001A07NN3 Debentures 25-Feb-15 8.45% 25-Feb-25 750.00 CRISIL AAA/Stable
INE001A07NP8 Debentures 04-Mar-15 8.43% 04-Mar-25 600.00 CRISIL AAA/Stable
INE001A07NU8 Debentures 27-Apr-15 8.49% 27-Apr-20 1251.00 CRISIL AAA/Stable
INE001A07NW4 Debentures 18-May-15 8.70% 18-May-20 1450.00 CRISIL AAA/Stable
INE001A07NZ7 Debentures 31-Aug-15 8.50% 31-Aug-20 2000.00 CRISIL AAA/Stable
INE001A07OA8 Debentures 18-Sep-15 8.65% 18-Sep-20 1100.00 CRISIL AAA/Stable
INE001A07OO9 Debentures 04-Mar-16 8.75% 04-Mar-21 1558.00 CRISIL AAA/Stable
INE001A07OP6 Debentures 09-Mar-16 0.00% 09-Mar-20 1000.00 CRISIL AAA/Stable
INE001A07OR2 Debentures 12-Apr-16 8.26% 12-Aug-19 1000.00 CRISIL AAA/Stable
INE001A07OS0 Debentures 26-Apr-16 8.35% 26-Apr-21 500.00 CRISIL AAA/Stable
INE001A07OT8 Debentures 04-May-16 8.32% 04-May-26 500.00 CRISIL AAA/Stable
INE001A07OW2 Debentures 10-May-16 0.00% 10-May-21 500.00 CRISIL AAA/Stable
INE001A07OX0 Debentures 13-May-16 8.35% 13-May-26 1035.00 CRISIL AAA/Stable
INE001A07OY8 Debentures 18-May-16 8.45% 18-May-26 1500.00 CRISIL AAA/Stable
INE001A07PB3 Debentures 01-Jun-16 8.44% 01-Jun-26 710.00 CRISIL AAA/Stable
INE001A07PC1 Debentures 15-Jun-16 8.46% 15-Jun-26 1000.00 CRISIL AAA/Stable
INE001A07PE7 Debentures 20-Jun-16 8.49% 20-Mar-20 500.00 CRISIL AAA/Stable
INE001A07PF4 Debentures 24-Jun-16 8.46% 24-Jun-26 535.00 CRISIL AAA/Stable
INE001A07PJ6 Debentures 29-Jul-16 8.20% 29-Jul-21 500.00 CRISIL AAA/Stable
INE001A07PM0 Debentures 23-Aug-16 7.95% 23-Sep-19 1000.00 CRISIL AAA/Stable
INE001A07PN8 Debentures 24-Aug-16 7.90% 24-Aug-26 1000.00 CRISIL AAA/Stable
INE001A07PR9 Debentures 04-Oct-16 7.69% 04-Dec-19 525.00 CRISIL AAA/Stable
INE001A07PT5 Debentures 18-Oct-16 7.48% 18-Nov-19 1000.00 CRISIL AAA/Stable
INE001A07PU3 Debentures 11-Nov-16 7.80% 11-Nov-19 2000.00 CRISIL AAA/Stable
INE001A07PV1 Debentures 18-Nov-16 7.72% 18-Nov-26 2000.00 CRISIL AAA/Stable
INE001A07PX7 Debentures 09-Dec-16 0.00% 09-Mar-20 1000.00 CRISIL AAA/Stable
INE001A07PY5 Debentures 12-Jan-17 1.50% 12-Feb-20 593.00 CRISIL AAA/Stable
INE001A07PZ2 Debentures 18-Jan-17 0.00% 18-Feb-20 800.00 CRISIL AAA/Stable
INE001A07QB1 Debentures 30-Jan-17 1.50% 30-Mar-20 1000.00 CRISIL AAA/Stable
INE001A07QD7 Debentures 17-Mar-17 1.51% 17-Mar-20 500.00 CRISIL AAA/Stable
INE001A07QF2 Debentures 24-Mar-17 7.78% 24-Mar-20 1498.00 CRISIL AAA/Stable
INE001A07QG0 Debentures 27-Mar-17 1.50% 27-Mar-27 1800.00 CRISIL AAA/Stable
INE001A07QH8 Debentures 13-Apr-17 1.50% 13-Apr-27 1680.00 CRISIL AAA/Stable
INE001A07QI6 Debentures 18-Apr-17 1.50% 18-Jun-20 2300.00 CRISIL AAA/Stable
INE001A07QJ4 Debentures 24-Apr-17 1.50% 24-Apr-27 1680.00 CRISIL AAA/Stable
INE001A07QK2 Debentures 19-May-17 7.67% 19-May-20 500.00 CRISIL AAA/Stable
INE001A07QL0 Debentures 22-May-17 1.50% 22-Jun-20 1250.00 CRISIL AAA/Stable
INE001A07QM8 Debentures 29-May-17 1.50% 29-Jun-20 750.00 CRISIL AAA/Stable
INE001A07QP1 Debentures 08-Jun-17 7.60% 26-Jun-20 2000.00 CRISIL AAA/Stable
INE001A07QQ9 Debentures 13-Jun-17 7.50% 07-Jul-20 1500.00 CRISIL AAA/Stable
INE001A07QR7 Debentures 16-Jun-17 1.50% 16-Sep-20 2000.00 CRISIL AAA/Stable
INE001A07QT3 Debentures 20-Jun-17 7.43% 20-Jun-22 720.00 CRISIL AAA/Stable
INE001A07QY3 Debentures 01-Aug-17 7.20% 01-Sep-20 2000.00 CRISIL AAA/Stable
INE001A07RA1 Debentures 06-Sep-17 7% 06-Sep-19 2000.00 CRISIL AAA/Stable
INE001A07RC7 Debentures 17-Oct-17 7.40% 17-Nov-20 2500.00 CRISIL AAA/Stable
INE001A07RG8 Debentures 16-Oct-18 9.05% 16-Oct-28 2,953.00 CRISIL AAA/Stable
INE001A07RH6 Debentures 26-Oct-18 9.11% 13-Dec-19 1,700.00 CRISIL AAA/Stable
INE001A07RI4 Debentures 01-Nov-18 9.00% 01-Nov-28 308.75 CRISIL AAA/Stable
INE001A07RJ2 Debentures 20-Nov-18 9.05% 20-Nov-23 4,000.00 CRISIL AAA/Stable
INE001A07RK0 Debentures 29-Nov-18 9.00% 29-Nov-28 9,000.00 CRISIL AAA/Stable
INE001A07RL8 Debentures 18-Dec-18 8.80% 18-Jun-20 1,500.00 CRISIL AAA/Stable
INE001A07RM6 Debentures 12-Dec-18 8.66% 21-Dec-28 5,000.00 CRISIL AAA/Stable
INE001A07RN4 Debentures 15-Jan-19 8.70% 15-Dec-20 5,000.00 CRISIL AAA/Stable
INE001A07RO2 Debentures 28-Jan-19 8.43% 25-Feb-20 2,000.00 CRISIL AAA/Stable
INE001A07RP9 Debentures 1-Feb-19  8.62% 15-Oct-20 2,500.00 CRISIL AAA/Stable
NA Debentures* NA NA NA 22,003.25 CRISIL AAA/Stable
NA Debentures* NA NA NA 45,000.00 CRISIL AAA/Stable
INE001A08338 Subordinated debt 04-Mar-10 8.73% 04-Mar-20 500.00 CRISIL AAA/Stable
INE001A08346 Subordinated debt 17-Feb-11 9.40% 17-Feb-21 1000.00 CRISIL AAA/Stable
INE001A08353 Subordinated debt 02-Mar-12 9.50% 02-Mar-22 1000.00 CRISIL AAA/Stable
INE001A08361 Subordinated debt 21-Oct-14 9.60% 21-Oct-24 2000.00 CRISIL AAA/Stable
INE001A08379 Subordinated debt 24-Feb-15 8.65% 24-Feb-25 1000.00 CRISIL AAA/Stable
INE001A07678 Bond 27-Feb-98 10.53% 10-Dec-19 3.70 CRISIL AAA/Stable
INE001A07686 Bond 27-Feb-98 10.53% 10-Jun-20 3.70 CRISIL AAA/Stable
INE001A07694 Bond 27-Feb-98 10.53% 10-Dec-20 4.00 CRISIL AAA/Stable
INE001A07702 Bond 27-Feb-98 10.53% 10-Jun-21 4.00 CRISIL AAA/Stable
INE001A07710 Bond 27-Feb-98 10.53% 10-Dec-21 4.20 CRISIL AAA/Stable
INE001A07728 Bond 27-Feb-98 10.53% 10-Jun-22 4.20 CRISIL AAA/Stable
NA Commercial paper NA NA 7-365 days 75000.00 CRISIL A1+
NA Fixed deposits NA NA NA NA FAAA/Stable
*Not yet issued/ availed
Annexure - Details of Rating Withdrawn
ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size (Rs crore)
INE001A07OI1 Debentures 08-Jan-16 8.45% 08-Feb-19 690
INE001A07RD5 Debentures 20-Dec-17 7.55% 20-Feb-19 2000
INE001A07OK7 Debentures 27-Jan-16 8.60% 27-Feb-19 450
INE001A07OL5 Debentures 28-Jan-16 8.60% 28-Feb-19 370
INE001A07OU6 Debentures 06-May-16 8.34% 06-Mar-19 635
INE001A07PD9 Debentures 17-Jun-16 8.46% 11-Mar-19 475
INE001A07OH3 Debentures 08-Dec-15 8.39% 15-Mar-19 1055
INE001A07QE5 Debentures 20-Mar-17 7.65% 20-Mar-19 1000
INE001A07RE3 Debentures 19-Mar-18 7.90% 20-Mar-19 4000
INE001A07ON1 Debentures 22-Feb-16 8.70% 22-Mar-19 500
INE001A07QU1 Debentures 21-Jun-17 7.28% 25-Mar-19 775
INE001A07OQ4 Debentures 11-Mar-16 8.72% 15-Apr-19 345
INE001A07QN6 Debentures 31-May-17 7.55% 05-Jun-19 1000
INE001A07660 Bond 27-Feb-98 10.53% 10-Jun-19 3.55
INE001A07OM3 Debentures 03-Feb-16 8.59% 14-Jun-19 415
INE001A07RF0 Debentures 21-Mar-18 7.85% 21-Jun-19 2500
INE001A07PG2 Debentures 28-Jun-16 8.50% 28-Jun-19 135
INE001A07PH0 Debentures 15-Jul-16 8.38% 15-Jul-19 925
INE001A07OZ5 Debentures 24-May-16 8.45% 24-Jul-19 730
INE001A07QX5 Debentures 25-Jul-17 7.17% 24-Jul-19 3500
Annexure - List of entities consolidated
Entity consolidated Extent of consolidation Rationale for consolidation
HDFC Asset Management Company Limited Full Subsidiary
HDFC Life Insurance Company Limited Full Subsidiary
HDFC ERGO General Insurance Company Limited Full Subsidiary
HDFC Credila Financial Services Limited Full Subsidiary
HDFC Holdings Limited Full Subsidiary
HDFC Investments Limited Full Subsidiary
HDFC Trustee Company Limited Full Subsidiary
HDFC Sales Private Limited Full Subsidiary
HDFC Venture Capital Limited Full Subsidiary
HDFC Property Ventures Limited Full Subsidiary
HDFC Ventures Trustee Company Limited Full Subsidiary
HDFC Pension Management Company Limited Full Subsidiary
HDFC Capital Advisors Limited Full Subsidiary
HDFC Education and Development Services Private Ltd Full Subsidiary
HDFC International Life and RE Company Limited Full Subsidiary
HDFC Investment Trust Full Subsidiary
HDFC Investment Trust-II Full Subsidiary
Griha Investments Full Subsidiary
Griha Pte Limited Full Subsidiary
Gruh Finance Limited Full Subsidiary
HDFC Bank Limited Proportionate Associate
True North Ventrues Pvt Ltd Proportionate Associate
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Bond  LT  23.80
CRISIL AAA/Stable  06-02-19  CRISIL AAA/Stable  21-08-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  27-07-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
        14-01-19  CRISIL AAA/Stable  16-01-18  CRISIL AAA/Stable  26-10-17  CRISIL AAA/Stable  03-06-16  CRISIL AAA/Stable   
                27-07-17  CRISIL AAA/Stable  03-02-16  CRISIL AAA/Stable   
                30-01-17  CRISIL AAA/Stable       
Commercial Paper  ST  75000.00  CRISIL A1+  06-02-19  CRISIL A1+  21-08-18  CRISIL A1+  26-12-17  CRISIL A1+    --  -- 
        14-01-19  CRISIL A1+  16-01-18  CRISIL A1+  26-10-17  CRISIL A1+       
Fixed Deposits  FD  0.00  FAAA/Stable  06-02-19  FAAA/Stable  21-08-18  FAAA/Stable  26-12-17  FAAA/Stable  27-07-16  FAAA/Stable  FAAA/Stable 
        14-01-19  FAAA/Stable  16-01-18  FAAA/Stable  26-10-17  FAAA/Stable  03-06-16  FAAA/Stable   
                27-07-17  FAAA/Stable  03-02-16  FAAA/Stable   
                30-01-17  FAAA/Stable       
Non Convertible Debentures  LT  128611.75
CRISIL AAA/Stable  06-02-19  CRISIL AAA/Stable  21-08-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  27-07-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
        14-01-19  CRISIL AAA/Stable  16-01-18  CRISIL AAA/Stable  26-10-17  CRISIL AAA/Stable  03-06-16  CRISIL AAA/Stable   
                27-07-17  CRISIL AAA/Stable  03-02-16  CRISIL AAA/Stable   
                30-01-17  CRISIL AAA/Stable       
Short Term Debt  ST              27-07-17  CRISIL A1+  27-07-16  CRISIL A1+  CRISIL A1+ 
                30-01-17  CRISIL A1+  03-06-16  CRISIL A1+   
                    03-02-16  CRISIL A1+   
Subordinated Debt  LT  5500.00
CRISIL AAA/Stable  06-02-19  CRISIL AAA/Stable  21-08-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  27-07-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
        14-01-19  CRISIL AAA/Stable  16-01-18  CRISIL AAA/Stable  26-10-17  CRISIL AAA/Stable  03-06-16  CRISIL AAA/Stable   
                27-07-17  CRISIL AAA/Stable  03-02-16  CRISIL AAA/Stable   
                30-01-17  CRISIL AAA/Stable       
All amounts are in Rs.Cr.
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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About CRISIL Ratings
CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of independence, analytical rigour and innovation, CRISIL sets the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 24,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. Over 1,10,000 MSMEs have been rated by us.

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