Housing Development Finance Corporation Limited

Ratings reaffirmed at 'FAAA / Stable / CRISIL AAA / Stable / CRISIL A1+ '; 'CRISIL AAA / Stable' assigned to Non Convertible Debentures

 

Rating Action

Rs.45000 Crore Non Convertible Debentures	CRISIL AAA/Stable (Assigned)
Rs.45000 Crore Non Convertible Debentures	CRISIL AAA/Stable (Reaffirmed)
Rs.3693 Crore Non Convertible Debentures* (Reduced from Rs.9000 Crore)	CRISIL AAA/Stable (Reaffirmed)
Non Convertible Debentures  Aggregating Rs.126436 Crore (Reduced from Rs.168436 Crore)	CRISIL AAA/Stable (Reaffirmed)
Bonds Aggregating Rs.12.4 Crore (Reduced from Rs.16.4 Crore)	CRISIL AAA/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.4000 Crore (Reduced from Rs.5000 Crore)	CRISIL AAA/Stable (Reaffirmed)
Fixed Deposits	FAAA/Stable (Reaffirmed)
Rs.75000 Crore Commercial Paper	CRISIL A1+ (Reaffirmed)

1 crore = 10 million

Refer to annexure for Details of Instruments & Bank Facilities

*With warrants

Detailed Rationale

CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to the Rs 45,000 crore non-convertible debentures (NCDs) of Housing Development Finance Corporation Limited (HDFC). The ratings on the other debt instruments and fixed deposits have been reaffirmed at 'CRISIL AAA/FAAA/Stable/CRISIL A1+'.

 

Further, CRISIL Ratings has withdrawn its rating on NCDs of Rs 47,307 crore, subordinated debt of Rs 1,000 crore and bonds of Rs 4 crore (See Annexure 'Details of Rating Withdrawn' for details), in line with its withdrawal policy. CRISIL Ratings has received an independent verification that these instruments are fully redeemed.             

 

The ratings continue to factor in the company’s leading market position and sound track record in the housing finance business, 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.

 

The nationwide lockdown to contain the Covid-19 pandemic impacted disbursements and collections of financial institutions. Though the lockdown has been eased in phases, delay in return to normalcy will continue to constrain collections and asset quality of financial institutions. Additionally, any change in the payment discipline of borrowers can affect delinquencies.

 

The company had provided moratorium to its borrowers in line with the relief measures provided by the Reserve Bank of India (RBI). After lifting of the moratorium, collections have picked up to 97.6% in December 2020 from 96.3% in September 2020

 

On the asset quality front, gross non-performing assets (NPAs) improved to 1.67% as on December 31, 2020, from 1.99% as on March 31, 2020 (1.18% as on March 31, 2019).  Without factoring in the Supreme Court's order dated September 3, 2020, on maintaining a standstill on NPA classification, gross NPAs (proforma basis) stood at 1.91% as on December 31, 2020. Gross NPAs could witness an uptick from current levels, primarily in the wholesale book. However, the company has made adequate provisions to manage potential credit costs; as on December 31, 2020, the cumulative Covid-19 provision stood at Rs 959 crore.

 

As on December 31, 2020, assets of Rs 5,010 crore (0.9% of the gross loans as on December 31, 2020) is being restructured under RBI’s Resolution Framework for Covid-19-Related Stress. Of the total loans under restructuring, 26% are individual loans and 74% non-individual loans. While the one-time restructuring scheme is likely to provide the necessary support to borrowers affected by the pandemic, the implementation of the same remains to be seen.

 

On the liabilities side, RBI had announced regulatory measures under the Covid-19 - Regulatory Package, whereby lenders were permitted to grant moratorium on bank loans. HDFC had not availed any moratorium on its bank loans or any other borrowings.

 

As on February 28, 2021, the company had liquidity of Rs 37,728 crore in the form of bank balances, liquid fund schemes of mutual funds, deposits with banks, and investments in government securities. The total debt payment over the next three months (excluding commercial paper [CP] rollovers) till May 31, 2021 is Rs 50,533 crore.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has consolidated the business and financial risk profiles of HDFC and its subsidiaries and associates. CRISIL Ratings 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

Strengths:

• Strong market position:

HDFC is India's largest housing finance company, with profitable growth over the past 43 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 December 31, 2020, the loan book stood at Rs 4,83,919 crore, a growth of 10% over the previous year (Rs 4,41,472 crore as on December 31, 2019; Rs 4,50,903 crore as on March 31, 2020). Gross loans, including loans sold, stood at Rs 5,52,167 crore as on this date (Rs 5,05,401 crore as on December 31, 2019; Rs 5,16,773 crore as on March 31, 2020). The company also has a sizeable presence in other financial services, including life insurance, general insurance, AMC and education financing, through subsidiaries.

 

• Healthy asset quality:

Overall asset quality remains healthy with gross NPAs as on December 31, 2020 at 1.67% (1.99% as on March 31, 2020). The NPAs have increased from the March 31, 2017, level (0.79%), largely on account of delinquencies in the non-individual portfolio, leading to an increase in NPAs in this segment to 4.00% as on December 31, 2020, from 1.16% as on March 31, 2017 (4.71% as on March 31, 2020). NPAs in the individual portfolio were comfortable at 0.79% as on December 31, 2020 (0.95% as on March 31, 2020). With a sizeable exposure to the real estate sector and the sensitivity of such sectors to prolonged liquidity tightness, performance of such loans will remain a monitorable. Nevertheless, RBIs measure on extension of the date of commencement of commercial operations (DCCO) for commercial real estate projects should provide some respite.  

 

• 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 (43%) and fixed deposits (33%). The share of term loans (including external commercial borrowings [ECBs]) in the overall borrowings stood at 24% as on December 31, 2020. Strong resource-raising capabilities, high fixed deposit renewals, and the high proportion of floating rate home loans in the 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 December 31, 2020, HDFC (standalone) had an overall capital adequacy ratio (CAR) of 20.9% and Tier-I CAR of 19.9%. The networth and adjusted gearing stood at Rs 105,720 crore and 4.7 times, respectively, as on this date. The company also has an established track record of raising capital. The most recent round of capital raising was done in August 2020, wherein the company had raised Rs 10,307 crore through a combination of qualified institutional placement and NCDs (with warrants)

 

The earnings profile is marked by comfortable interest spreads, low expense levels, and good returns on networth. The interest spread has been range bound between 2.15-2.35% over the past five years (2.28% for the nine month ended fiscal 2021; 2.27% for fiscal 2020). Return on assets (RoA) stood at 3.6% for fiscal 2020, including the one-time consideration that HDFC received from profit on sale of investment for the stake sale in Gruh Finance and profits from fair value change on account of de-recognition of investments in Gruh Finance to tune of Rs 12,541 crore. For the first nine months of fiscal 2021, RoA (annualised) was 1.8%.

 

Weakness:

• Exposure to intense competition in the housing finance industry:

HDFC is exposed to intense competition in the retail mortgage loan segment especially from banks. Lately, with weak corporate loan demand, banks have become aggressive in the retail mortgage space.

Liquidity: Superior

Given the longer tenure on asset side, the asset-liability maturity (ALM) profile (as on September 30, 2020) had mismatches in a few buckets. Nevertheless, on a reported basis, cumulative mismatch in the up to one year bucket was positive. As on February 28, 2020, upcoming repayments (excluding CP rollovers) were Rs 50,533 crore of debt (of which Rs 11,170 crore is CP repayments) by May 31, 2021. Against this, liquidity is around Rs 37,728 crore in the form of bank balances, liquid fund schemes of mutual funds, deposits with banks, and investments in government securities as on February 28, 2021. Further cushion is provided by National Housing Bank (NHB) refinance, flexibility to securitise 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 2.64 lakh crore as at February 28, 2021.

Outlook: Stable

HDFC should maintain its robust credit risk profile over the medium term, backed by healthy asset quality and a strong financial risk profile. Strong franchise and fundamentals should enable the company to maintain its competitive position, supporting its present ratings.

Rating Sensitivity factors

Downward factors

• Deterioration in asset quality with gross NPAs ratio over 3% on a steady-state basis, thereby impacting profitability
• Weakening of the capital structure with a significant increase in the gearing

About the Company

HDFC, a housing finance company, was incorporated in 1977; its initial shareholders included International Finance Corporation, Washington, and the Aga Khan Trust. As on December 31, 2020, Gross loans (including loans sold) stood at Rs 552,167 crore, of which 76% consisted of loans to individuals. Loans to corporate entities, lease rental discounting, and construction finance accounted for 6%, 7% and 11% respectively.

 

The company also has a 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 2020, HDFC, on a standalone basis, reported a profit after tax (PAT) of Rs 17,770 crore (including profit on sale of investment for the stake sale in Gruh Finance and profits from fair value change on account of de-recognition of investments in Gruh Finance to tune of Rs 12,544 crore) and a total income (net of interest expense) of Rs 27,762 crore, as compared to a PAT nd total income (net of interest expense) of Rs 9632 crore (including profit on sale of investment of Rs 1,212 crore, part of which was on account of HDFC AMC IPO) and Rs 15,540 crore, respectively, for previous fiscal. For the nine months ended December 31, 2020, reported PAT on a standalone basis stood at Rs 8,847 crore (including profit on sale of investment of Rs 1,398 crore) on the net interest income of Rs 11,107 crore as against a PAT and the net interest income of Rs 15,537 crore (including profit on sale of investment for the stake sale in Gruh Finance and profits from fair value change on account of de-recognition of investments in Gruh Finance to tune of Rs 12,541 crore) and Rs 9,340 crore, respectively, for the corresponding period of the previous fiscal.

 

For fiscal 2020, on a consolidated basis, HDFC reported a profit after tax (PAT) of Rs 21,435 crore (post minority interest, profit from associates) and a total income (net of interest expense) of Rs 69,686 crore, as compared to a PAT and total income (net of interest expense) of Rs 16,232 crore (post minority interest, profit from associates) and Rs 66,670 crore, respectively, for previous fiscal. For the nine months ended December 31, 2020, reported PAT on a consolidated basis stood at Rs 13,390 crore  and a total income (net of interest expense) of Rs 80,902 crore as against a PAT and total income (net of interest expense) of Rs 17,318 crore and Rs 60,855 crore, respectively, for the corresponding period of the previous fiscal.

Key Financial Indicators

			Standalone			Consolidated
As on March 31  (as per IND AS)		2020		2019	2020		2019
Total assets	Rs crore	5,24,094		4,58,778	7,29,815		6,60,875
Total Income (net of interest)	Rs crore	27,762		15,540	69,686		66,670
Profit after tax	Rs crore	17,770		9,632	21,435		16232
Gross NPA	%	2.0		1.2	NA		NA
Return on assets	%	3.6		2.2	3.1		2.6
Adjusted gearing	Times	5.6		5.4	NA		NA

 

Any other information: Not applicable

Annexure - Details of Instrument(s)

ISIN	Name of instrument	Date of allotment	Coupon rate (%)	Maturity	Issue size	Complexity Levels	Ratings with Outlook
INE001A07702	Bond	27-Feb-98	10.53%	10-Jun-21	4	Simple	CRISIL AAA/Stable
INE001A07710	Bond	27-Feb-98	10.53%	10-Dec-21	4.2	Simple	CRISIL AAA/Stable
INE001A07728	Bond	27-Feb-98	10.53%	10-Jun-22	4.2	Simple	CRISIL AAA/Stable
INE001A08353	Subordinated debt	02-Mar-12	9.50%	02-Mar-22	1000	Complex	CRISIL AAA/Stable
INE001A08361	Subordinated debt	21-Oct-14	9.60%	21-Oct-24	2000	Complex	CRISIL AAA/Stable
INE001A08379	Subordinated debt	24-Feb-15	8.65%	24-Feb-25	1000	Complex	CRISIL AAA/Stable
INE001A07SR3	Debentures	29-Sep-20	6.43%	29-Sep-25	5000	Simple	CRISIL AAA/Stable
INE001A07ST9	Debentures	25-Nov-20	5.78%	25-Nov-25	5000	Simple	CRISIL AAA/Stable
INE001A07SU7	Debentures	14-Dec-20	4.50%	14-Dec-22	2000	Simple	CRISIL AAA/Stable
INE001A07SV5	Debentures	18-Dec-20	4.23%	18-Feb-22	3650	Simple	CRISIL AAA/Stable
INE001A07SW3	Debentures	08-Jan-21	6.83%	08-Jan-31	5000	Simple	CRISIL AAA/Stable
INE001A07FG3	Debentures	08-Apr-10	8.96%	08-Apr-25	500	Simple	CRISIL AAA/Stable
INE001A07FJ7	Debentures	09-Apr-10	8.96%	09-Apr-25	500	Simple	CRISIL AAA/Stable
INE001A07GO5	Debentures	13-Apr-11	9.40%	13-Apr-21	185	Simple	CRISIL AAA/Stable
INE001A07GP2	Debentures	03-May-11	9.40%	03-May-21	1000	Simple	CRISIL AAA/Stable
INE001A07GV0	Debentures	10-Jun-11	9.90%	10-Jun-21	400	Simple	CRISIL AAA/Stable
INE001A07HA2	Debentures	20-Jul-11	9.55%	20-Jul-21	450	Simple	CRISIL AAA/Stable
INE001A07HE4	Debentures	17-Aug-11	9.45%	17-Aug-21	200	Simple	CRISIL AAA/Stable
INE001A07HH7	Debentures	23-Sep-11	9.60%	23-Sep-21	250	Simple	CRISIL AAA/Stable
INE001A07HJ3	Debentures	11-Nov-11	9.90%	11-Nov-21	670	Simple	CRISIL AAA/Stable
INE001A07II3	Debentures	09-May-12	9.50%	09-May-22	200	Simple	CRISIL AAA/Stable
INE001A07IO1	Debentures	04-Jul-12	9.50%	04-Jul-22	200	Simple	CRISIL AAA/Stable
INE001A07KU4	Debentures	21-Mar-13	8.95%	21-Mar-23	200	Simple	CRISIL AAA/Stable
INE001A07MS4	Debentures	24-Jun-14	9.24%	24-Jun-24	510	Simple	CRISIL AAA/Stable
INE001A07MX4	Debentures	13-Aug-14	9.50%	13-Aug-24	475	Simple	CRISIL AAA/Stable
INE001A07NB8	Debentures	28-Aug-14	9.34%	28-Aug-24	1000	Simple	CRISIL AAA/Stable
INE001A07NJ1	Debentures	23-Jan-15	8.40%	23-Jan-25	500	Simple	CRISIL AAA/Stable
INE001A07NN3	Debentures	25-Feb-15	8.45%	25-Feb-25	750	Simple	CRISIL AAA/Stable
INE001A07NP8	Debentures	04-Mar-15	8.43%	04-Mar-25	600	Simple	CRISIL AAA/Stable
INE001A07O09	Debentures	04-Mar-16	8.75%	04-Mar-21	1558	Simple	CRISIL AAA/Stable
INE001A07OS0	Debentures	26-Apr-16	8.35%	26-Apr-21	500	Simple	CRISIL AAA/Stable
INE001A07OT8	Debentures	04-May-16	8.32%	04-May-26	500	Simple	CRISIL AAA/Stable
INE001A07OW2	Debentures	10-May-16	0.00%	10-May-21	500	Simple	CRISIL AAA/Stable
INE001A07OX0	Debentures	13-May-16	8.35%	13-May-26	1035	Simple	CRISIL AAA/Stable
INE001A07OY8	Debentures	18-May-16	8.45%	18-May-26	1500	Simple	CRISIL AAA/Stable
INE001A07PB3	Debentures	01-Jun-16	8.44%	01-Jun-26	710	Simple	CRISIL AAA/Stable
INE001A07PC1	Debentures	15-Jun-16	8.46%	15-Jun-26	1000	Simple	CRISIL AAA/Stable
INE001A07PF4	Debentures	24-Jun-16	8.46%	24-Jun-26	535	Simple	CRISIL AAA/Stable
INE001A07PJ6	Debentures	29-Jul-16	8.20%	29-Jul-21	500	Simple	CRISIL AAA/Stable
INE001A07PN8	Debentures	24-Aug-16	7.90%	24-Aug-26	1000	Simple	CRISIL AAA/Stable
INE001A07PV1	Debentures	18-Nov-16	7.72%	18-Nov-26	2000	Simple	CRISIL AAA/Stable
INE001A07QG0	Debentures	27-Mar-17	1.50%	27-Mar-27	1800	Complex	CRISIL AAA/Stable
INE001A07QH8	Debentures	13-Apr-17	1.50%	13-Apr-27	1680	Complex	CRISIL AAA/Stable
INE001A07QJ4	Debentures	24-Apr-17	1.50%	24-Apr-27	1680	Complex	CRISIL AAA/Stable
INE001A07QT3	Debentures	20-Jun-17	7.43%	20-Jun-22	720	Simple	CRISIL AAA/Stable
INE001A07RG8	Debentures	16-Oct-18	9.05%	16-Oct-28	2953	Simple	CRISIL AAA/Stable
INE001A07SS1	Debentures	01-Nov-18	9.00%	01-Nov-28	1235	Simple	CRISIL AAA/Stable
INE001A07RJ2	Debentures	20-Nov-18	9.05%	20-Nov-23	4000	Simple	CRISIL AAA/Stable
INE001A07RK0	Debentures	29-Nov-18	9.00%	29-Nov-28	9000	Simple	CRISIL AAA/Stable
INE001A07RM6	Debentures	12-Dec-18	8.66%	21-Dec-28	5000	Simple	CRISIL AAA/Stable
INE001A07RS3	Debentures	18-Mar-19	8.58%	18-Mar-22	5000	Simple	CRISIL AAA/Stable
INE001A07RT1	Debentures	27-Mar-19	8.55%	27-Mar-29	5000	Simple	CRISIL AAA/Stable
INE001A07RU9	Debentures	20-Jun-19	8.05%	20-Jun-22	2265	Simple	CRISIL AAA/Stable
INE001A07RV7	Debentures	11-Jul-19	7.99%	11-Jul-24	2555	Simple	CRISIL AAA/Stable
INE001A07RW5	Debentures	18-Jul-19	7.87%	18-Jul-22	5000	Simple	CRISIL AAA/Stable
INE001A07RX3	Debentures	14-Aug-19	7.91%	14-Aug-29	2000	Simple	CRISIL AAA/Stable
INE001A07RY1	Debentures	16-Sep-19	7.15%	16-Sep-21	2600	Simple	CRISIL AAA/Stable
INE001A07RZ8	Debentures	26-Sep-19	7.28%	26-Sep-22	2000	Simple	CRISIL AAA/Stable
INE001A07SB7	Debentures	22-Oct-19	8.05%	22-Oct-29	6000	Simple	CRISIL AAA/Stable
INE001A07SC5	Debentures	25-Nov-19	6.99%	25-Nov-21	5000	Simple	CRISIL AAA/Stable
INE001A07SD3	Debentures	30-Dec-19	7.21%	30-Dec-22	2550	Simple	CRISIL AAA/Stable
INE001A07SE1	Debentures	08-Jan-20	7.50%	08-Jan-25	3180	Simple	CRISIL AAA/Stable
INE001A07SF8	Debentures	28-Jan-20	6.77%	28-Jun-21	3525	Simple	CRISIL AAA/Stable
INE001A07SG6	Debentures	10-Feb-20	7.35%	10-Feb-25	2510	Simple	CRISIL AAA/Stable
INE001A07SH4	Debentures	13-Feb-20	6.99%	13-Feb-23	5000	Simple	CRISIL AAA/Stable
INE001A07SI2	Debentures	28-Feb-20	7.40%	28-Feb-30	2005	Simple	CRISIL AAA/Stable
INE001A07SJ0	Debentures	13-Apr-20	7.20%	13-Apr-23	2500	Simple	CRISIL AAA/Stable
INE001A07SK8	Debentures	27-Apr-20	6.95%	27-Apr-23	1250	Simple	CRISIL AAA/Stable
INE001A07SL6	Debentures	13-May-20	7.06%	13-Dec-21	2500	Simple	CRISIL AAA/Stable
INE001A07SM4	Debentures	19-May-20	7.00%	19-May-22	5000	Simple	CRISIL AAA/Stable
INE001A07SN2	Debentures	10-Jun-20	6.22%	10-Dec-21	5000	Simple	CRISIL AAA/Stable
INE001A07SO0	Debentures	17-Jun-20	7.25%	17-Jun-30	4000	Simple	CRISIL AAA/Stable
INE001A07SQ5	Debentures	09-Sep-20	4.95%	09-Sep-22	2000	Simple	CRISIL AAA/Stable
INE001A07SP7	Debentures**	11-Aug-20	5.40%	11-Aug-23	3693	Complex	CRISIL AAA/Stable
NA	Debentures*	NA	NA	NA	24350	Simple	CRISIL AAA/Stable
NA	Debentures*	NA	NA	NA	45000	Simple	CRISIL AAA/Stable
NA	Commercial Paper	NA	NA	NA	75000	Simple	CRISIL A1+
NA	Fixed Deposits	NA	NA	NA	Programme	Simple	FAAA/Stable

*Yet to be issued

**with warrants

 

Annexure - Details of Rating Withdrawn

ISIN	Name of instrument	Date of allotment	Coupon rate (%)	Maturity	Issue size	Complexity Levels
INE001A07694	Bond	27-Feb-98	10.53%	10-Dec-20	4	Simple
INE001A08346	Subordinated debt	17-Feb-11	9.40%	17-Feb-21	1000	Complex
INE001A07FT6	Debentures	18-Aug-10	8.90%	18-Aug-20	500	Simple
INE001A07NZ7	Debentures	31-Aug-15	8.50%	31-Aug-20	2000	Simple
INE001A07QY3	Debentures	01-Aug-17	7.20%	01-Sep-20	2000	Simple
INE001A07QR7	Debentures	16-Jun-17	1.50%	16-Sep-20	2000	Simple
INE001A07OA8	Debentures	18-Sep-15	8.65%	18-Sep-20	1100	Simple
INE001A07RP9	Debentures	1-Feb-19	8.62%	15-Oct-20	2500	Simple
INE001A07FV2	Debentures	19-Oct-10	8.95%	19-Oct-20	500	Simple
INE001A07RC7	Debentures	17-Oct-17	7.40%	17-Nov-20	2500	Simple
INE001A07FW0	Debentures	26-Nov-10	8.98%	26-Nov-20	250	Simple
INE001A07RN4	Debentures	15-Jan-19	8.70%	15-Dec-20	5000	Simple
INE001A07FZ3	Debentures	23-Dec-10	9.00%	23-Dec-20	500	Simple
INE001A07GD8	Debentures	18-Jan-11	9.30%	18-Jan-21	400	Simple
NA	Debentures*	NA	NA	NA	22750	Simple
NA	Debentures**	NA	NA	NA	5307	Complex

*unutilised or matured

**with warrants - unutilised

Note: Bonds redeemed till 28th February 2021 have been withdrawn

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 ERGO Health Insurance Company Limited (formerly known as Apollo Munich Health 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
HDFC Bank Limited	Proportionate	Associate
True North Ventures Pvt Ltd	Proportionate	Associate