May 19, 2021

Scrip Code – 535789 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI – 400 001

IBULHSGFIN/EQ National Stock Exchange of India Limited "Exchange Plaza", Bandra-Kurla Complex, Bandra (E). MUMBAI – 400 051

Re: Approval of Audited Financial Results (standalone and consolidated) of Indiabulls Housing Finance Limited, for the quarter and financial year ended March 31, 2021, declaration of Interim Dividend for the FY 2020-21 and outcome of Board Meeting

Dear Sir,

Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we enclose hereto, for your information and record, the Audited Standalone and Consolidated Financial Results of Indiabulls Housing Finance Limited (the Company) for the quarter and financial year ended March 31, 2021, duly approved by the Board of Directors of the Company (the Board) at its meeting held today i.e. May 19, 2021 (which was commenced at 6:00 P.M. and concluded at 7:40 P.M.), along with requisite information pursuant to Regulation 52(4) and a declaration pursuant to Regulation 33(3)(d) of the Listing Regulations.

We also submit herewith Audit Reports dated May 19, 2021, issued by the Statutory Auditors of the Company, on the standalone and consolidated financial results respectively of the Company, for the financial year ended March 31, 2021, which was duly placed before the Board at the aforesaid meeting.

Pursuant to the applicable provisions of the Listing Regulations, we wish to inform you that the Board at its aforesaid meeting has declared an Interim Dividend of INR 9/- per equity share (on the face value of INR 2 per share) for the financial year 2020-21, and that the Record Date for the purpose of determining the names of members eligible for receipt of the interim dividend will be Monday, May 31, 2021. The dividend will be paid on or before Thursday, June 17, 2021.

The Board at its aforesaid meeting has also extended the validity period upto November 18, 2021 of its existing authorization dated February 12, 2021 to issue Secured Non-Convertible Debentures and Unsecured, Redeemable, Non-Convertible Subordinate Debt in the nature of Debentures (NCDs) of upto INR 5,000 Crore, on private placement basis, in one or more tranches, from time to time.

Thanking you,

Yours truly for Indiabulls Housing Finance Limited

Amit Jain Company Secretary

Enclosure: as above

CC:

Luxembourg Stock Exchange, Luxembourg Singapore Exchange Securities Trading Limited, Singapore

S.R. BATLIBOL & Co. I I.P

Chartered Accountants

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Tο The Board of Directors of Indiabulls Housing Finance Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results Indiabulls Housing Finance Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements and financial information of the subsidiaries, the Statement:

i. includes the results of the following entities:
- Indiabulls Housing Finance Limited (Holding Company) $(i)$
- $(ii)$ Indiabulls Collection Agency Limited
- $(iii)$ Ibulls Sales Limited
- $(iv)$ Indiabulls Insurance Advisors Limited
- Nilgiri Financial Consultants Limited (Subsidiary of Indiabulls Insurance Advisors Services $(v)$ Limited)
- Indiabulls Capital Services Limited $(vi)$
- Indiabulls Commercial Credit Limited $(vii)$
- $(viii)$ Indiabulls Advisory Services Limited
- $(ix)$ Indiabulls Asset Holding Company Limited
- $(x)$ ICCL Lender Repayment Trust (Subsidiary of Indiabulls Commercial Credit Limited)
- $(xi)$ Indiabulls Asset Management Company Limited
- $(xii)$ Indiabulls Trustee Company Limited
- $(xiii)$ Indiabulis Holdings Limited
- Indiabulls Venture Capital Management Company Limited (Subsidiary of Indiabulls Holdings $(xiv)$ Limited)
- Indiabulls Asset Management Mauritius (Subsidiary of Indiabulls Commercial Credit Limited) $(xv)$
- (xvi) IBHFL Lender Repayment Trust
- (xvii) Pragati Employee Welfare Trust (formerly "Indiabulls Housing Finance Limited Employee Welfare trust")
ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
gives a true and fair view in conformity with the applicable accounting standards, and other iii. accounting principles generally accepted in India, of the consolidated net profit and other comprehensive loss and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group, in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

S.R. Batliboi & Co. LLP Chartered Accountants

Emphasis of Matter

In respect of Holding Company

We draw attention to Note 8 of the consolidated financial results, which describes the manner of utilization of provisions during the year ended March 31, 2021, aggregating to Rs.381 crores, by writing off non-performing assets. The said provisions were, created from Additional Reserves made under section 29 (c) of NHB Act, 1987 and, as permitted under NHB circular no. NHB (ND)/DRS/Pol-No.03/2004-05 dated August 26, 2004. Our opinion is not modified in respect of this matter.

We draw attention to Note 7(a) of the consolidated financial results which describes the uncertainties relating to the impact of COVID-19 pandemic on the Company's operations and financial metrics, including the expected credit losses. Our opinion is not modified in respect of this matter.

In respect of Component - Indiabulls Commercial Credit Limited as reported by Component auditor

We draw attention to Note 7(b) which describes the effects of uncertainties relating to COVID - 19 pandemic outbreak on the Company's operations, that are dependent upon future developments, and the impact thereof on the Company's estimates of impairment of loans to customers outstanding as at March 31, 2021. Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive loss and other financial information of the Group in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

S.R. BATLIBOI & CO. LLP Chartered Accountants

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial results/statements and other financial information, in respect of 15 subsidiaries, whose financial results/statements include total assets of Rs. 16,190.79 crores as at March 31, 2021, total revenues of Rs.376.62 crores and Rs.1,675.23 crores, total net loss after tax of Rs. 137.22 crores and net profit after tax of Rs.131.09 crores, total comprehensive loss of Rs. 137.23 crores and total comprehensive income Rs. 131.66 crores, for the quarter and the year ended on that date respectively, and net cash outflows of Rs. 193.92 crores for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditors.

The independent auditor's report on the financial results of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.

The accompanying Statement includes unaudited financial statements and other unaudited financial information in respect of 1 subsidiary, whose financial statements and other financial information reflect total assets of Rs.0.01 crores as at March 31, 2021, and total revenues of Rs.0.00001 crores and Rs.0.002 crores, total net loss after tax of Rs. 0.02 crores and Rs.0.04 crores, total comprehensive loss of Rs. 0.02 crores and Rs.0.04 crores, for the quarter and the year ended on that date respectively and net cash outflows of Rs. 0.33 crores for the year ended March 31, 2021, whose financial results /statements and other financial information have not been audited by any auditor.

S.R. BATLIBOI & CO. LLP

Chartered Accountants

These unaudited financial statements have been approved and furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management, these financial statements are not material to the Group.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results certified by the Management.

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited yearto-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP Chartered Accountants CAI Firm Registration Number: 301003E/E300005

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per Shrawan Jalan Partner Membership No.: 102102

UDIN: 21102102AAAAJJ2715 Mumbai May 19, 2021

Indiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Audited Consolidated Financial Results for the year ended March 31, 2021

	(Rupees in Crores

	Statement of Consolidated Audited Results for the year ended March 31, 2021
			Quarter ended		Year ended
	Particulars	31.03.21	31.12.20	31.03.20	31.03.21	31.03.20
		(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
	Revenue from operations
	(i) Interest Income	2,329.08	2,381.11	2.464.53	9.721.96	11,548.60
	(ii) Dividend Income			148.73	0.17	863.04
	(iii) Fees and commission Income	13.31	35.71	80.06	94.02	351.79
	(iv) Net gain on fair value changes		53.97	123.78
	(v) Net gain on derecognition of financial instruments under amortised cost
	category	29.32	42.46	132.94	111.27	453.01
	Total Revenue from operations	2,371.71	2,513.25	2,950.04	9,927.42	13,216.44
$\overline{2}$	Other Income	50.25	1.45	4.16	102.70	6.79
$\mathbf{3}$	Total Income (1+2)	2,421.96	2,514.70	2,954.20	10,030.12	13,223.23
4	Expenses
	Finance Costs	1,594.13	1,706.04	2,125.77	6,939.38	8,511.92
	Net loss on fair value changes	63.85	÷.		36.95	119.96
	Impairment on financial instruments (net of recoveries)	316.49	143.31	535.69	919.89	1,062.78
	Employee Benefits Expenses	15.72	102.48	120.28	252.54	604.81
	Depreciation, amortization and impairment	22.67	25.23	27.93	96.70	107.84
	Other expenses	52.27	100.60	50.15	223.00	255.03
	Total expenses	2,065.13	2,077.66	2,859.82	8,468.46	10.662.34
5	Profit before tax (3-4)	356.83	437.04	94.38	1,561.66	2.560.89
6	Tax expense
	Current tax expense	(57.98)	22.46	(256.60)	62.84	371.19
	Deferred Tax Charge / (Credit)	138.58	85.26	224.13	297.23	23.78
	Total Tax Expense	80.60	107.72	(32.47)	360.07	diabul/$384,97
	Profit for the Period / Year (5-6)	276.23	329.32	126.85	1.201.52	2.165.92

$\overline{9}$Profit for the period / year attributable to the Shareholders of the Company$(7+8)$10Other comprehensive incomeA (i) Items that will not be reclassified to statement of profit or loss(a) Remeasurement gain / (loss) on defined benefit plan(b) Gain / (Loss) on equity instrument designated at FVOCI(c) impairment allowance(ii) Income tax impact on aboveB (i) Items that will be reclassified to statement of profit or loss(a) Derivative instruments in Cash flow hedge relationship(ii) Income tax impact on aboveOther comprehensive (loss) (net of tax)11Total comprehensive income (after tax) (9+10)12Paid-up Equity Share Capital13Earnings per Share (EPS)*(EPS for the quarters are not annualised)-Basic (Amount in Rs.)-Diluted (Amount in Rs.)-Face Value (Amount in Rs.)Notes to the Financial Results:The financial results have been prepared in accordance with Ind AS, notified under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules2015, as amended from time to time, and other accounting principles generally accepted in India.2 The consolidated financial results of Indiabulls Housing Finance Limited ('IBHFL', 'the Company') for the year ended March 31, 2021 have been reviewed by the Audit Committee onMay 19, 2021 and subsequently approved at the meeting of the Board of Directors held on May 19, 2021.3Employee benefit expense include cost of Employee Stock option / Stock Appreciation Rights of Rs. (3.00) crores in the current quarter and Rs. 20.25 crores in previous quarter (costof employee stock option for the year ended March 31, 2021 and March 31, 2020 is Rs. (7.09) crores and Rs. 29.69 crores respectively and for the quarter ended March 31, 2020 isRs. (4.28) crores).4Statement of Assets and Liabilities:ParticularsASSETS(1) Financial Assets(a) Cash and cash equivalents	10.21137.066.692,214.98(2,402.72)47.77(95.07)25.84(202.51)(65.45)83.833.273.272.00	1,201,5913.19(685.19)153.45(244.82)61.62(701.75)499.8489.0727.7227.722.00	33.882,199.809.582,054.77(2,402.72)83.47(126.11)16.34(364.67)1,835.1383.8351.7051.692.00




















	(Rupees in Crores)
	As at31.03.21(Audited)	As at31.03.20(Audited)

(b) Bank Balance other than (a) above(c) Derivative financial instruments(d) Receivables(I) Trade Receivables(II) Other Receivables	13.124.163,879.72154.13	13,564.591,474.06739.18	iabull s
(e) Loans	23.7965,407.25	28.8470,211.44	್ಠ

Statement of Assets and Liabilities (Continued):	(Rupees in Crores)
	As at	As at
Particulars	31.03.21	31.03.20
	(Audited)	(Audited)
(f) Investments	6,146.01	12,277.46
(g) Other Financial assets	1,160.48	1,420.83
Sub-total - Financial Assets	89,895.54	99,716.40
(2) Non-financial Assets
(a) Current tax assets (Net)	583.82	1,214.90
(b) Deferred tax Assets (Net)	669.62	388,28
(c) Property, Plant and Equipment	82.80	120.67
(d) Right-of-use assets	118.64	253.29
(e) Goodwill on Consolidation	57.83	57.83
(f) Other Intangible assets	36.14	18.06
(g) Other non-financial assets	408.14	433.18
(h) Assets Held for Sale	1,385.34	669.42
Sub-total - Non-financial Assets	3,342.33	3,155.63

Total Assets	93,237.87	102,872.03

LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Derivative financial instruments	289.22	187.82
(b) Payables
Trade Payables
(i) total outstanding dues of micro enterprises and small enterprises	Ξ
(ii) total outstanding dues of creditors other than micro enterprises and small enterprises	23.50	11.70
(c) Debt Securities	30,219.07	32,617.01
(d) Borrowings (Other than Debt Securities)	33,908.25	42,370.02
(e) Subordinated Liabilities	4,678.11	4,687.46
	7.264.88	6,573.18
(f) Other financial liabilities
Sub-total - Financial Liabilities
	76,383.03	86,447.19
(2) Non-Financial Liabilities
(a) Current tax liabilities (Net)	144.55	69.31
(b) Provisions	124.80	196.95
(c) Other non-financial liabilitiesSub-total - Non-Financial Liabilities	451.63720.98	620.93887.19

$\overline{\mathcal{M}}$

$\sim$

$\gamma$

×.

Statement of Assets and Liabilities (Continued):			(Rupees in Crores)
		As at	As at
Particulars		31.03.21	31.03.20
		(Audited)	(Audited)
(3) EQUITY
(a) Equity Share capital		89.07	83.83
(b) Other Equity		16,044.79	15,453.82
	Sub-total - Equity	16,133.86	15,537.65
	Total Liabilities and Equity	93,237.87	102,872.03
5 Consolidated Cash Flow Statement
			(Rupees in Crores)
		Year endedMarch 31, 2021	Year endedMarch 31, 2020
		(Audited)	(Audited)
A Cash flows from operating activities :
Profit before tax		1,561.66	2,560.89
.

		MAICH 91, ZUZ I	MATCH 31, ZUZU
		(Audited)	(Audited)
A	Cash flows from operating activities :
	Profit before tax	1,561.66	2,560.89
	Adjustments to reconcile profit before tax to net cash flows:
	Employee Stock Compensation	(7.09)	29.69
	Provision for Gratuity, Compensated Absences and Superannuation Expense	(58.36)	29.99
	Impairment on financial instruments	1,264.14	850.95
	Interest Income	(9,721.96)	(11,548.60)
	Dividend Income	(0.17)	(863.04)
	Gain on modification of leases	(8.61)	(1.09)
	Interest Expense	6,472.91	8,276.01
	Depreciation and Amortisation expense	96.70	107.84
	Provision for Diminution in value of Investment	(636.61)	636.61
	Loss on sale on Property, plant and equipment	3.48	2.33
	Unrealised (loss) on appreciation of Mutual Fund Investments	23.92	(188.75)
	Operating (Loss) before working capital changes	(1,009.99)	(107.17)
	Working Capital Changes
	Trade Receivables, Other Financial and non Financial Assets	615.59	(473.62)
	Loans	4,500.82	17,733.83
	Trade Payables, other financial and non Financial Liabilities	668.11	223.55
	Cash from operations	4,774.53	17,376.59

$\mathcal{L}_{\mathbf{R}}$

$452$

	Consolidated Cash Flow Statement (Continued):		(Rupees in Crores)
		Year ended	Year ended
		March 31, 2021	March 31, 2020
		(Audited)	(Audited)
	Interest received on loans	8.438.41	11,137.72
	Interest paid on borrowings	(6,404.41)	(8,777.58)
	Income taxes paid (Net)	279.97	(405.68)
	Net cash (used in) / from operating activities	7,088.50	19,331.05
B	Cash flows from investing activities :
	Purchase of Property, plant and equipment	(34.35)	(34.58)
	Sale of Property, plant and equipment	5.38	0.86
	Movement in Capital Advances	(13.32)	3.01
	(Investments in) / Proceeds from deposit accounts	(2,405.66)	(755.63)
	Proceeds from Mutual Funds / Other Investments (Net)	5,200.31	8,277.77
	Dividend Received	0.17	863.04
	Interest received on Investments	350.56	592.78
	Proceeds from Subsidiary / Associate / Other Investments		(682.31)
	Net cash from investing activities	3,103.09	8,264.94
C	Cash flows from financing activities :
	Proceeds from Issue of Equity Share through ESOPs (Including Securities Premium)	662.31	4.99
	Distribution of Equity Dividends (including Corporate Dividend Tax thereon)	(416.62)	(1,592.67)
	Repayment of Term loans (Net)	(7,783.84)	(11, 375.88)
	Repayment of Commercial Papers (Net)		(5,330.00)
	Repayment of Secured Redeemable Non-Convertible Debentures (Net)	(2,508.26)	(11, 439.48)
	Proceeds from issue of Subordinated Debt		5.00
	Lease Rent Payment	(49.79)
	(Repayment of) / Proceeds from Working capital loans (Net)	(535.82)	1,793.82
	Net cash (used in) financing activities	(10, 632.02)	(27, 934.22)
D	Net (Decrease) in cash and cash equivalents (A+B+C)	(440.43)	(338.23)
ε	Cash and cash equivalents at the beginning of the year	13,564.59	13,902.82
F	Cash and cash equivalents at the end of the year $(D + E)$	13,124.16	13,564.59

Net gain on derecognition of financial instruments under amortised cost category for the quarter and for the year ended 31 March 2021 and for the quarter ended 31 December 2020comprises net gain on direct assignment of lo

7 (a) The outbreak of CoVID-19 virus, and more specifically the ongoing current wave of infections and resultant lockdowns continue to cause significant disruptions and dislocations for individuals and businesses. While the lockdown introduced by the government at the beginning of the year were lifted in a phased manner and was followed by a period of increased economic activity, with the onset of a very severe second wave of infections, state governments have reintroduced lockdowns and have imposed restrictions on movement of people and goods. The Company's performance continues to be dependent on future developments, which are uncertain, including, among other things, including the current wave that has sionificantly increased the number of cases in India and any action to contain its spread or mitigate its impact.

In accordance with RBI guidelines relating to CoVID-19 Regulatory Package dated March 27, 2020 and April 17, 2020, the Company had granted moratorium on the payment of instalments falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers who have requested for the moratorium. The moratorium was further extended for instalment falling due between June 1, 2020 to August 31, 2020 in accordance with the RBI press release dated May 22, 2020 which permitted lending institutions to extend the moratorium. In accordance with the quidance from Institute of Chartered Accountant of India ("ICAI"), extension of the moratorium to borrowers by the Company pursuant to the RBI quidelines relating to COVID 19 Requiatory Package dated March 27, 2020 and April 17, 2020 and RBI press conference, by itself was not considered to result in a SICR for a borrower.

The Company is mainly engaged in providing individual housing loans, loans against property (LAP) and project finance for real estate development. Operations of all these segments were impacted over the past few years and consequent to CoVID-19 pandemic are expected to be further significantly impacted, including erosion in the asset values of the collateral held by the Company. The Company has assessed each of its loan portfolio and performed a comprehensive analysis of the staging of each of its borrower segment. Further, for project finance loans, the Company has reviewed the project status, funding plans and analysis of the borrowers for large projects. Further, the Company has also analysed its outstanding exposures viz a viz the valuation of the collateral/underlying property based on third party valuation reports. Based on the above analysis, the Company has recorded expected credit loss provision to reflect, among other things, the impact of CoVID-19 pandemic. The ECL provision has been determined based on estimates using information available as of the reporting date and given the uncertainties relating to the impact of CoVID-19. the period of which current wave may continue, and relief measures that may be announced by the government, the expected credit loss including management overlay is based on various variables and assumptions, which could result in actual credit loss being different than that being estimated; this will have a corresponding impact on the carrying value of the financial assets, results of operation and the financial position of the Company.

7 (b) The outbreak of CoVID-19 virus, and more specifically the ongoing current wave of infections and resultant lockdowns continue to cause significant disruptions and dislocations for individuals and businesses. While the lockdown introduced by the government at the beginning of the year were lifted in a phased manner and was followed by a period of increased economic activity, with the onset of a very severe second wave of infections, state governments have reintroduced lockdowns and have imposed restrictions on movement of people and goods. The Company's performance continues to be dependent on future developments, which are uncertain, including, among other things, including the current wave that has significantly increased the number of cases in India and any action to contain its spread or mitigate its impact.

In accordance with RBI quidelines relating to CoVID-19 Regulatory Package dated March 27, 2020 and April 17, 2020, Indiabulls Commercial Credit Limited ('ICCL', 'the Company') had granted moratorium on the payment of instalments falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers who have requested for the moratorium. The moratorium was further extended for instalment falling due between June 1, 2020 to August 31, 2020 in accordance with the RBI press release dated May 22, 2020 which permitted lending institutions to extend the moratorium. In accordance with the guidance from Institute of Chartered Accountant of India ("ICAI"), extension of the moratorium to borrowers by the Company pursuant to the RBI guidelines relating to COVID 19 Regulatory Package dated March 27, 2020 and April 17, 2020 and RBI press conference, by itself was not considered to result in a SICR for a borrower.

Indiabulls Commercial Credit Limited ('ICCL', 'the Company') is mainly engaged in the business of financing by way of loans against property (LAP), mortgage backed SME loans, and certain other purposes in India. Operations of all these segments were impacted over the past few vears and consequent to CoVID-19 pandemic are expected to be further significantly impacted. including erosion in the asset values of the collateral held by the Company. The Company has assessed each of its loan portfolio and performed a comprehensive analysis of the staging of each of its borrower segment. Further, for project finance loans, the Company has reviewed the project status, funding plans and analysis of the borrowers for large proiects. Further, the Company has also analysed its outstanding exposures viz a viz the valuation of the collateral/underlying property based on third party valuation reports. Based on the above analysis, the Company has recorded expected credit loss provision to reflect, among other things, the impact of CoVID-19 pandemic. The ECL provision has been determined based on estimates using information available as of the reporting date and given the uncertainties relating to the impact of CoVID-19, the period of which current wave may continue, and relief measures that may be announced by the government, the expected credit loss including management overlay is based on various variables and assumptions. which could result in actual credit loss being different than that being estimated; this will have a corresponding impact on the carrying value of the financial assets, results of operation and the financial position of the Company.

8 At March 31, 2020, the Company had created provision for expected credit loss by debiting the Additional Reserve under section 29 (c) of NHB Act, 1987 as per NHB circular no. NHB (ND)/DRS/Pol-No.03/2004-05 dated August 26, 2004 ("Additional Reserve u/s 29 (c)"). For the year ended March 31, 2021, Rs. 381 crores of such provision which was no longer required has been utilized towards write off of non-performing assets.
$\mathbf{Q}$ The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
$101$ During the current quarter, the Company has issued 4.50% secured foreign currency convertible bonds due 2026 ('FCCBs') of USD 150 Million at par, convertible into fully paid-up equity shares of face value of Rs. 2/- each of the Company at an initial conversion price of Rs. 242 per equity share, on or after April 14, 2021 and up to the close of business hours on February 20, 2026, at the option of the FCCB holders. FCCBs, which are not converted to equity shares during such specified period, will be redeemable on March 4, 2026.
Hon'ble Supreme Court, in a public interest litigation (Gajendra Sharma vs Union of India & Anr), vide an interim order dated September 3, 2020 ('interim order') has directed that $11$ accounts classified which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Basis the said interim order, the Company, till December 31, 2020 has not classified any account as NPA, as per requiatory norms, after August 31, 2020 which was not NPA as of August 31, 2020. Such accounts have been classified as stage 3 and provisioned accordingly.

The interim order granted to not declare accounts as NPA stood vacated on March 23, 2021 vide the judgement of the Hon'ble SC in the matter of Small Scale Industrial Manufacturers Association vs. UOI & Ors. and other connected matters. In accordance with the instructions in paragraph 5 of the RBI circular no. RBI/2021-22/17DOR. STR.REC.4/21.04.048/2021-22 dated April 7, 2021, the Company has carried out asset classification of the borrower accounts as per the extant RBI instructions / IRAC norms, without considering any standstill in asset classification and also done staging of the borrower accounts in accordance with ECL model / framework under Ind AS in the financial statements for the quarter and year ended March 31, 2021.

12 The Group's main business is financing by way of loans for purchase or construction of residential houses, commercial real estate and certain other purposes in India. All other activities of the Company revolve around the main business. Accordingly, there are no separate reportable segments as per IND-AS 108 dealing with Operating Segment.
Figures for the prior year / period have been regrouped and / or reclassified wherever considered necessary.

S.R. BATLIBOL & CO. LLP

Chartered Accountants

12th Floor. The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors of Indiabulls Housing Finance Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Indiabulls Housing Finance Limited (the "Company") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.