Sammaan Capital Limited — Earnings Release 2020

Jul 3, 2020

Date: July 3, 2020

Scrip Code - 535789 BSE Limited 1 st Floor, New Trading Ring P.J. Towers, Dalal Street Mumbai – 400 001

IBULHSGFIN/EQ National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051

Sub: Earnings Update for the financial year ended March 31, 2020

Dear Sirs,

Please find enclosed an Earnings Update of Indiabulls Housing Finance Limited for the financial year ended March 31, 2020, for your information and record.

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

Audited Financial Results – Q4 FY2019-20 July 3, 2020

Contents

		Pg. No.
1.	BusinessUpdate	03
2.	NetProfitReconciliation:ImpactofOne-offItems	04
3.	LargeConservativeProvisioningBuffer	05
4.	FundsRaisedinLast3Months	06
5.	PerformanceMetrics	07
6.	GranularAssetLiabilityMaturityManagement	08
7.	AssetQuality&ProvisionLevels	09
8.	RetailBusinessModel	10
9.	DeveloperLoanBusinessModel	11
10.	Appendix	12

Key Financial Highlights: FY19-20 vs FY18-19 as per Indian Accounting Standards [IndAS]

	FY19-20	FY 18-19
Loan book	69,676	91,530
Total Revenues	13,103	17,027
PAT	2,200	4,091
Normalized PAT*	2,904	4,091

Key Financial Highlights: Q4 FY19-20 vs Q3 FY19-20 as per Indian Accounting Standards [IndAS]

	Q4FY19-20	Q3FY19-20
Total Revenues	2,954	2,843
PAT	137	552
Normalized PAT*	841	552

*We have chosen to adopt a conservative approach on account of macro uncertainties resulting from COVID-19 and have provided for 1% of our loan book, i.e. ₹ 700 Cr, from the P&L on account of COVID-19. Adjusted for the COVID-19 related provisions, taken through the P&L, aggregating to ₹ 700 Cr, Normalized PAT for the Company for the quarter is ₹ 841 Cr, and for full FY20 is ₹ 2,904 Cr

Net Profit Reconciliation: Impact of One-off Items

Particulars	Q4 FY20	Q3 FY20	FY20	FY19
Reported PAT	137	552	2,200	4,091
Add:COVID-19Related ProvisionsA1% of the Loan Book	700		700
Add:Fair Valuation profit on OakNorthBankBHolding[Routedthrough OCI instead of P&L as required by IndAS]	1,802		1,802
Less:Conservative ProvisionsC[Taken through OCI instead of P&L as required by IndAS]	1,798		1,798
NormalizedPAT[adjusted for A, B & C]	841	552	2,904	4,091

Total Provisions of ₹ 3,741 Cr on Balance Sheet representing 218% of GNPAs

Extra Provisions on Balance Sheet of ₹ 2,391 Cr representing 3.4% of Loan Book

4

• ₹ 1,802 Cr of profit on fair valuation of holding in OakNorth Bank has been routed through Other Comprehensive Income [OCI], instead of the P&L as required by IndAS
• Of this, ₹ 1,798 Cr has been debited to OCI to create extra provisions
• Additionally, ₹ 700 Cr of provisions, representing 1% of the loan book, taken through the P&L on account of COVID-19
• The total provisions now stand at ₹ 3,741 Cr representing 5.4% of the loan book
• The Company has effectively achieved ZERO Net NPA status and now carries ₹ 2,391 Cr of Extra Provisions, representing 3.4% of the loan book, for navigating through COVID-19 and post COVID-19 periods

In the last 3 months, IBH has raised the following monies

	Amount Raised
Bonds of over 3 years' tenure	₹ 1,230 Cr
Bonds of 1 to 3 years' tenure	₹ 925 Cr
Term Loans of over 5 years' tenure	₹ 1,275 Cr
Loans of 1 to 3 years' tenure	₹ 4,194 Cr
Developer Loan Sell Downs	₹ 1,870 Cr
Total	₹ 9,494 Cr

• Even during the lockdown, the Company was able to conclude a developer loan securitization deal with a large FPI generating ₹ 1,870 Cr of liquidity. Sell down of both retail and developer loans is central to our asset-light business model

Total monies raised in last 3 months during COVID-19 lockdown [$ 1.27 Bn] represents 12.5% of our Total Liabilities

Particulars	FY19-20
Loan Book	₹ 69,676 Cr
Net Debt to Equity	4.0x
CRAR	27.1%
Yield on Loans	11.6%
Costof Borrowings	8.8%
Book Spread	2.8%
Costto Income Ratio	16.2%
Total Provisions	₹ 3,741 Crs
Total Provisions as a % of LoanBook	5.4%
Gross NPA	1.8%
Total Extra Provisions [after accounting for all GNPAs]	₹ 2,391 Cr
Total Extra Provisions as a % of LoanBook	3.4%
RoA	1.9%
RoE	17.6%

Granular Asset Liability Maturity Management

91,558 91,558

The ALM above is shown on a cumulative basis up to each bucket, with positive cash of ₹ 10,686 Cr at the end of 1 year

* Cash, cash equivalent and other inflows

	Q4FY20	Q3FY20
Gross Stage 3 Loans [GNPA]	1,712	1,988
GNPA Ratio [% of loans in Stage 3]	1.84%	1.94%
ECL ProvisionStage 3	418	561
NetStage 3 Loans [NNPA]	1,294	832
Provision Coverage Ratio -Stage 3	24%	22%
Gross Stage 1 & 2	91,309	1,00,347
%Portfolio in Stage 1 & 2	98.16%	98.06%

Total Provisions 3,741 1,574

Loan Book 69,676 78,253

Total Provisions/ Loan Book 5.4% 2.0%

Total Provisions/ GNPAs 218% 79%

• Adopted a conservative & prudent approach to provisioning, given macroeconomic uncertainties due to COVID-19
• Total provisions stand at ₹ 3,741 Cr
• Provisions as a % of loan book stand at 5.4% and Provisions as a % of GNPA stand at 218% as of March 2020

Total Provisioning at 218% of GNPA
------------------------------------	--	--

3,323 1,012

As per IND AS

ECL Provision Stage 1 & 2

[incl. COVID-19 provisions]

Retail Business Model [60% HL, 40% LAP]

Proportion of Origination	40%			40%		20%		100%
On-Balance Sheet Retention	8%			4%		20%		32%
	Co-origination[20% on IBH Books]		Sell Down[10%	on IBH Books]		Onward Lending	Total On-Balance SheetRoA
	HL	LAP	HL	LAP	HL	LAP	HL	LAP
Yield	9.75%	11.75%	9.60%	12.33%	9.60%	12.33%
Effective Yield to Customer	8.00%	10.00%	9.60%	12.33%	9.60%	12.33%
Cost of Funds/ Sell Down Rate	9.00%	9.40%	8.65%	9.60%	9.00%	9.00%
Spread[loadedon retained for sell down]	0.75%	2.35%	9.50%	27.3%	0.60%	3.33%
Processing Fees[ + Sourcing Fees from Bank for Coorigination]	1.3%	5.6%	0.6%	5.8%	0.06%	0.6%
On going Service Fees[for Co-origination]	2.0%	3.0%
InsuranceIncome	2.4%	2.4%	4.8%	4.8%	0.48%	0.48%
Operating + Sourcing Expenses	-1.9%	-6.0%	-3.9%	-12.0%	-0.4%	-1.2%
Credit Costs	-0.2%	-1.0%	-0.2%	-1.0%	-0.2%	-1.0%
RoAPre-Tax	4.3%	6.4%	10.9%	24.9%	0.6%	2.2%
RoAPost-Tax	3.4%	4.8%	8.7%	18.6%	0.4%	1.6%	2.2%	4.5%
BlendedRoAPost-Tax	4.0%		12.7%			0.9%	3.0%
	Steady state Blended Business RoE[@ 1:5 leverage]:25%In the short term, during the ramp-up phase RoE: 14% -18%							10

Developer Loan Business Model

on FPI Balance Sheet	80%
on IBH Balance Sheet	20%
Yield	18.0%
Cost of Fundsfor IBH	8.8%
Spread for IBH	9.2%
Processing Fees[1.0% of Disbursal] [Entirely to IBH]	1.7%
Annual Service Fees	1.1%
[0.25% of book with FPI –loaded on book with IBH]
Operating + Sourcing Expenses	-1.7%
Credit Costs
	-0.7%
[1.5% of Disbursals] [Pari-passushared]
RoAPre-Tax	9.5%
RoAPost-Tax	7.1%

Appendix

Financial and Operational Highlights

Balance Sheet Assets

Asset Composition

Liabilities Profile

Liabilities

	Mar 20	Mar 19
Bank Loans	33,570	46,100
Non-ConvertibleDebentures	37,305	48,739
Commercial Papers	-	5,330
ECB	5,146	4,819
Total Borrowing	76,021	1,04,988

• No reliance on funding through Commercial Papers
• Amongst its lenders, the company now counts 597 strong relationships: 18 PSU banks, 16 Private and Foreign banks and 563 Mutual Funds, Provident Funds, Pension Funds, Insurance Companies and Corporates

Funding Mix

Particulars	Total	Q1FY21	Q2FY21	Q3FY21	Q4FY21	Q1FY22	Q2FY22	Q3FY22	Q4FY22
Cash & Cash Equivalents	13,410	13,410	11,611	7,260	8,618	10,686	12,046	6,480	4,661
Customer Repayments	69,676	1,006	1,462	4,462	4,144	4,049	3,919	4,018	3,944
Non Current Assets	8,472	-	-	-	-	-	-	-	-
Total Inflows [A]	91,558	14,417	13,073	11,722	12,761	14,734	15,965	10,498	8,605
Cumulative Total Inflows		14,417	15,879	20,341	24,485	28,534	32,452	36,470	40,414
Repayments	76,021	2,806	5,814	3,104	2,076	2,688	9,485	5,837	4,197
Equity Capital, Reserves & Surplus	15,538	-	-	-	-	-	-	-	-
Total Outflows [B]	91,558	2,806	5,814	3,104	2,076	2,688	9,485	5,837	4,197
Cumulative Total Outflows		2,806	8,619	11,724	13,799	16,487	25,973	31,809	36,006
Net Cash [A-B]		11,611	7,260	8,618	10,686	12,046	6,480	4,661	4,408

Particulars	Q1FY23	Q2FY23	Q3FY23	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24
Cash & Cash Equivalents	4,408	2,149	2,750	2,128	3,498	5,233	3,185	4,545
Customer Repayments	3,770	3,517	3,026	3,023	2,863	2,600	2,614	2,331
Non Current Assets	-	-	-	-	-	-	-	-
Total Inflows [A]	8,178	5,666	5,776	5,151	6,361	7,833	5,800	6,876
Cumulative Total Inflows	44,184	47,701	50,727	53,750	56,613	59,214	61,828	64,159
Repayments	6,029	2,915	3,648	1,653	1,128	4,648	1,254	705
Equity Capital, Reserves & Surplus	-	-	-	-	-	-	-	-
Total Outflows [B]	6,029	2,915	3,648	1,653	1,128	4,648	1,254	705
Cumulative Total Outflows	42,035	44,951	48,599	50,252	51,380	56,028	57,282	57,987
Net Cash [A-B]	2,149	2,750	2,128	3,498	5,233	3,185	4,545	6,171

Particulars	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26
Cash & Cash Equivalents	6,171	7,769	9,200	10,800	11,633	12,181	13,346	14,420
Customer Repayments	2,202	2,222	2,176	1,690	1,591	1,489	1,367	1,200
Non Current Assets	-	-	-	-	-	-	-	-
Total Inflows [A]	8,373	9,991	11,376	12,490	13,224	13,671	14,713	15,621
Cumulative Total Inflows	66,360	68,582	70,758	72,448	74,040	75,529	76,896	78,096
Repayments	604	791	577	857	1,043	324	293	193
Equity Capital, Reserves & Surplus	-	-	-	-	-	-	-	-
Total Outflows [B]	604	791	577	857	1,043	324	293	193
Cumulative Total Outflows	58,591	59,382	59,959	60,815	61,858	62,182	62,475	62,668
Net Cash [A-B]	7,769	9,200	10,800	11,633	12,181	13,346	14,420	15,428

Particulars	Q1FY27	Q2FY27	Q3FY27	Q4FY27	Q1FY28	Q2FY28	Q3FY28	Q4FY28
Cash & Cash Equivalents	15,428	14,606	13,233	13,498	13,746	13,728	11,605	11,684
Customer Repayments	322	302	283	265	249	233	219	204
Non Current Assets	-	-	-	-	-	-	-	-
Total Inflows [A]	15,750	14,908	13,516	13,763	13,994	13,961	11,824	11,888
Cumulative Total Inflows	78,418	78,720	79,003	79,269	79,517	79,750	79,969	80,173
Repayments	1,144	1,675	18	18	266	2,356	140	4,746
Equity Capital, Reserves & Surplus	-	-	-	-	-	-	-	-
Total Outflows [B]	1,144	1,675	18	18	266	2,356	140	4,746
Cumulative Total Outflows	63,812	65,487	65,505	65,523	65,789	68,145	68,285	73,031
Net Cash [A-B]	14,606	13,233	13,498	13,746	13,728	11,605	11,684	7,142

Particulars	Q1FY29	Q2FY29	Q3FY29	Q4FY29	Q1FY30	Q2FY30	Q3FY30	Q4FY30	10+ Years
Cash & Cash Equivalents	7,142	7,227	6,348	5,508	4,957	5,093	5,220	5,352	5,482
Customer Repayments	191	179	167	155	143	133	132	130	1,684
Non Current Assets	-	-	-	-	-	-	-	-	8,472
Total Inflows [A]	7,333	7,406	6,515	5,663	5,099	5,226	5,352	5,482	15,638
Cumulative Total Inflows	80,365	80,543	80,710	80,865	81,007	81,140	81,272	81,403	91,558
Repayments	106	1,058	1,006	706	6	6	-	-	100
Equity Capital, Reserves & Surplus	-	-	-	-	-	-	-	-	15,538
Total Outflows [B]	106	1,058	1,006	706	6	6	-	-	15,638
Cumulative Total Outflows	73,138	74,196	75,202	75,908	75,914	75,921	75,921	75,921	91,558
Net Cash [A-B]	7,227	6,348	5,508	4,957	5,093	5,220	5,352	5,482	-

Regulatory and Market Developments

Residential Market: GFC vs COVID-19

	Global Financial Crisis [GFC]	COVID-19
Valuationof residential properties	Overheated	Realistic
Nature of Market	Sellers' market	Buyers' market
Home loan rates	High	Lower
Ability ofbanks to lend	Low	High due to sound financialpositionand presence of security as well asRBI's efforts to infuse liquidity
Tax benefits	Less	More taxbenefits for developers aswell as buyers introduced by thegovernment in the last 4-5 years
Speculative fear	More	Relativelyless because of lowerdemand from investors
Project portfolio prior to crisis	Across differentprice segments, withfocus on high-end to luxury	Affordableand mid-segment housing,which is more in sync with demand

Source: JLL Research

The COVID-19 pandemic is expected to have a similar effect on GDP growth as during the Global Financial Crisis. However, following a series of structural reforms by the government, the residential real estate market appears to be at an advantageous position today as compared to the 2007-08 Global Financial Crisis

Regulatory Updates

• Emergency Credit Line Guarantee Scheme of ₹ 3 lakh Cr announced for giving government guaranteed collateral free loans to MSMEs
• Long Term Repo Operations [LTRO] of ₹ 1 lakh Cr and Targeted Long Term Repo Operations [TLTRO] of ₹ 50,000 Cr announced by RBI to infuse liquidity into the system
• Special Liquidity Scheme offering guarantees for up to ₹ 30,000 Cr on investments in primary and secondary debt papers of NBFCs/ HFCs announced
• Partial Credit Guarantee Scheme extended till March 31, 2021 for purchase of additional pooled assets of ₹ 10,000 Cr from NBFCs/ HFCs. Also under the same Scheme, a one-time partial credit guarantee of up to 20% on Bonds and Commercial papers of NBFCs purchased by state-owned banks announced
• ₹ 10,000 Cr allocated to NHB under the Special Refinance Facility Scheme to provide short term refinance support to HFCs
• ₹ 15,000 Cr allocated to SIDBI under the Special Liquidity Facility scheme to promote onward lending to MSMEs through NBFC/HFCs
• Draft RBI Framework on Securitization of Standard Loans has proposed to reduce the Minimum Holding Period [MHP] for RMBS transaction to 6 months from the earlier 12 months.
• Draft RBI Framework on Sale of Loan Exposures has proposed to do away with Minimum Retention Ratio [MRR] requirement for loan sell down

Product Profiles

Home Loan Profile: Focus on Mid-Income Affordable Housing

Average Loan Size	₹ 24 Lakhs
Maximum Loan to Value	80%
Average Loan to Value	73% [at origination]
Average Loan Term	15 years
AverageCustomer Age	38 years
Primary Security	Mortgage of property financed
Repayment Type	Monthly amortizing

• PMAY covers Middle Income Group [MIG] defined as households with annual income up to ₹ 18 Lakhs - for purchase of a house of carpet area of up to 2,153 sq. ft.
• Effective home loan rate for ₹ 24 Lakhs home loan, IBH's average ticket size, is only 0.59%

Smart City Home Loan: Technology-led Cost-effective

Delivery through eHomeLoans Platform

Minimum Loan Size	₹ 10 Lakhs
Average Loan Size	₹ 15 Lakhs
Maximum LoanSize	₹ 40 Lakhs
Maximum Loan to Value	80% [at origination]
Maximum Loan Term	20 years
Average Customer Age	39 years
Primary Security	Mortgage of property financed
Repayment Type	Monthly amortizing

• Smart City Home Loans rides on the eHome Loans infrastructure with lean spoke branches logging in digital/ scanned loan applications, these are underwritten at centralised regional credit hubs
• Smart City Home Loans is driving expansion into geographies with low competitive intensity, contributing better margins at low cost-to-income without dilution in credit standards

Loan Against Property Product Profile

Average Loan Size	₹ 73 Lakhs
Maximum Loan to Value	65%
Average Loan to Value	49% [at origination]
Average Loan Term	7 years
Primary Security	Mortgage of property financed
Repayment Type	Monthly amortizing
Average Age of Business	7 years
Basis of Credit Appraisal	Businesscash flow analysis based

Cash flow based underwriting: Loan repayment is from underlying business cash flows and not from refinancing

Minimum Loan Size	₹ 10 Lakhs
Average Loan Size	₹ 25 Lakhs
Maximum LoanSize	₹ 50 Lakhs
Maximum Loan to Value	55% [at origination]
Average Loanto Value	40%
Maximum Loan Term	10 years
Average LoanTerm	5 years
Average Customer Age	41 years
Primary Security	Mortgage of property financed
Repayment Type	Monthly amortizing

Static Credit Performance Analysis of LAP and HL Pools

Retail Loan Book of Highest Quality

Portfolio performance of all sold down pools of ₹ 62,885 Cr

			Initial Pool Details						of Initial POS
Loan PoolType	Number ofPools	Disbursement[₹ Cr]	AverageTicket Size[at disbursement][₹ Lakh]	Sold DownPrincipal[₹ Cr]	Months onBook	PoolPrincipal[₹ Cr]	Amortisation	90+ dpd%	180+ dpd%
HL Pools	123	40,323	24	32,164	31	16,621	52%	0.11%	0.07%
LAP Pools	89	22,562	75	17,514	38	5,858	71%	0.12%	0.05%
Total	212	62,885	32	49,678	34	22,479	64%	0.12%	0.06%

Portfolio performance of all 212 sold down DA pools is monitored on a monthly basis by the credit bureau Experian

Remainder 21 PTC pools are being monitored monthly by CRISIL, ICRA and CARE and Brickwork Ratings [respective agencies that rated the PTCs]

IBHFL has 25 ongoing relationships with banks / mutual funds for sell down

Axis Bank	Bank of Baroda	Bank of India	CanaraBank
ICICI Bank	Central Bank of India	Corporation Bank	Dena Bank
Deutsche Bank	IDFC First Bank	IDBI Bank	Indian Bank
Indian Overseas Bank	KotakMahindra Bank	Oriental Bank of Commerce	Punjab National Bank
State Bank of India	RBL Bank	Syndicate Bank	UCO BANK
Union Bank of India	VijayaBank	HDFCBank	United Bank of India
Reliance Nippon

		Initial Pool Details					of Initial POS
Sr. No	Investor	Sold Down	Disbursement	Sold Down	MPS	Pool Principal	Amortisa	90+ dpd%	180+ dpd%	CCR	MCR	QCR
		Date	[₹ Cr]	Principal [₹ Cr]		[₹ Cr]	tion#
1	Bank 4	29-Oct-13	164.1	134.0	76	8.1	95%	0.00%	0.00%	100.0%	102.4%	100.8%
2	Bank 4	27-Dec-13	273.2	231.0	74	14.3	94%	0.00%	0.00%	99.8%	97.8%	97.6%
3	Bank 10	31-Dec-13	228.4	189.3	74	16.7	92%	0.08%	0.08%	99.9%	98.9%	100.1%
4	Bank 3	31-Dec-13	85.7	71.7	74	17.8	77%	0.00%	0.00%	100.0%	99.5%	99.8%
5	Bank 4	19-Mar-14	345.2	292.3	71	33.2	89%	0.00%	0.00%	99.9%	95.5%	96.3%
6	Bank 14	28-Mar-14	212.0	167.7	71	10.2	95%	0.05%	0.05%	99.9%	97.2%	99.8%
7	Bank 6	28-Mar-14	101.1	82.6	71	8.4	90%	0.00%	0.00%	100.0%	100.0%	100.0%
8	Bank 14	27-Jun-14	107.2	90.0	68	7.5	92%	0.06%	0.06%	99.9%	99.2%	98.0%
9	Bank 6	30-Jul-14	102.4	80.0	67	6.8	92%	0.00%	0.00%	99.9%	92.6%	98.8%
10	Bank 14	29-Sep-14	129.9	96.6	65	4.0	97%	0.00%	0.00%	100.0%	100.0%	100.0%
11	Bank 14	26-Dec-14	84.1	68.0	62	4.1	95%	0.00%	0.00%	100.0%	103.9%	100.0%
12	Bank 4	30-Dec-14	234.6	198.3	62	21.2	90%	0.05%	0.00%	99.9%	96.2%	97.1%
13	Bank 4	3-Mar-15	187.7	156.3	59	13.2	92%	0.05%	0.05%	99.9%	94.7%	97.7%
14	Bank 4	11-Jun-15	100.0	85.5	56	7.0	92%	0.00%	0.00%	100.0%	100.0%	99.3%
15	Bank 4	23-Jun-15	232.8	186.9	56	15.9	92%	0.11%	0.11%	99.9%	105.1%	101.2%
16	Bank 7	29-Jun-15	100.0	84.5	56	7.0	92%	0.00%	0.00%	99.9%	103.0%	99.0%
17	Bank 8	25-Aug-15	72.9	61.3	54	12.7	81%	0.18%	0.18%	100.0%	99.4%	99.4%
18	Bank 7	1-Sep-15	138.0	115.9	53	9.9	92%	0.04%	0.00%	99.9%	99.0%	99.7%
19	Bank 8	24-Sep-15	116.4	100.1	53	25.7	75%	0.00%	0.00%	100.0%	105.3%	101.4%
20	Bank 7	28-Sep-15	116.8	96.4	53	7.7	93%	0.00%	0.00%	99.9%	96.0%	100.1%
21	Bank 7	23-Dec-15	52.9	45.1	50	4.1	91%	0.00%	0.00%	100.0%	100.0%	99.4%
22	Bank 22	31-Dec-15	449.6	374.2	50	70.8	82%	0.11%	0.09%	99.9%	100.3%	100.9%
23	Bank 8	31-Dec-15	117.8	98.6	50	15.3	86%	0.18%	0.00%	100.0%	100.4%	99.8%
24	Bank 8	29-Feb-16	105.3	89.4	48	12.0	87%	0.00%	0.00%	99.9%	100.1%	98.6%
25	Bank 6	21-Mar-16	281.8	234.5	47	21.1	92%	0.06%	0.06%	99.9%	95.7%	98.0%
26	Bank 6	21-Mar-16	97.4	79.3	47	4.3	95%	0.00%	0.00%	99.9%	102.3%	98.1%

CCR: Cumulative collection ratio QCR- Quarterly collection ratio dpd: days past due

MPS: Months post securitisation MCR: Monthly collection ratio # Amortisation is calculated on Disbursement

			Initial Pool Details					of Initial POS
Sr. No	Investor	Sold Down	Disbursement	Sold Down	MPS	Pool Principal	Amortisa	90+ dpd%	180+ dpd%	CCR	MCR	QCR
		Date	[₹ Cr]	Principal [₹ Cr]		[₹ Cr]	tion#
27	Bank 22	23-Mar-16	134.2	112.5	47	29.5	76%	0.35%	0.35%	99.9%	99.0%	99.0%
28	Bank 8	28-Mar-16	62.0	53.0	47	11.9	79%	0.00%	0.00%	99.9%	101.2%	100.4%
29	Bank 8	31-Mar-16	59.8	50.6	47	8.3	85%	0.00%	0.00%	100.0%	100.0%	100.0%
30	Bank 6	27-Jun-16	112.0	93.5	44	10.3	90%	0.00%	0.00%	100.0%	99.1%	99.7%
31	Bank 8	28-Jun-16	186.5	157.4	44	32.0	81%	0.41%	0.26%	99.8%	100.1%	98.6%
32	Bank 22	29-Jun-16	115.4	97.7	44	33.5	68%	0.20%	0.00%	99.9%	100.1%	100.2%
33	Bank 10	30-Jun-16	135.8	112.8	44	17.7	86%	0.00%	0.00%	99.6%	83.1%	92.1%
34	Bank 8	28-Sep-16	256.4	216.4	41	41.0	82%	0.12%	0.00%	100.0%	100.1%	99.5%
35	Bank 22	28-Sep-16	118.9	100.3	41	39.8	63%	0.20%	0.20%	99.9%	99.6%	100.3%
36	Bank 11	29-Sep-16	128.6	108.2	41	21.3	82%	0.00%	0.00%	100.0%	100.8%	100.4%
37	Bank 15	29-Mar-17	733.5	612.0	35	149.2	77%	0.10%	0.04%	99.8%	97.9%	99.7%
38	Bank 15	23-Jun-17	459.5	386.9	32	93.0	78%	0.00%	0.00%	99.9%	99.3%	99.8%
39	Bank 5	23-Jun-17	195.5	159.2	32	59.5	66%	0.00%	0.00%	99.7%	97.4%	97.1%
40	Bank 8	30-Jun-17	212.4	177.0	32	83.4	56%	0.00%	0.00%	99.9%	99.5%	99.8%
41	Bank 8	26-Sep-17	200.8	168.1	29	102.1	43%	0.22%	0.10%	99.9%	99.4%	99.6%
42	Bank 15	27-Sep-17	909.2	759.7	29	325.2	60%	0.31%	0.21%	99.9%	99.0%	99.4%
43	Bank 15	22-Dec-17	878.6	735.5	26	323.5	59%	0.18%	0.03%	99.9%	100.1%	99.8%
44	Bank 16	22-Dec-17	225.4	178.8	26	93.2	54%	0.49%	0.49%	99.8%	100.3%	99.3%
45	Bank 8	22-Dec-17	126.5	104.2	26	65.3	43%	0.13%	0.00%	99.9%	99.5%	99.7%
46	Bank 15	5-Mar-18	601.0	503.9	23	246.9	54%	0.00%	0.00%	99.9%	99.5%	102.0%
47	Bank 16	9-Mar-18	483.2	394.3	23	238.1	45%	0.60%	0.48%	99.8%	99.4%	99.0%
48	Bank 1	22-Mar-18	358.5	289.1	23	196.0	39%	0.17%	0.15%	99.9%	99.7%	99.7%
49	Bank 16	26-Mar-18	480.9	404.3	23	220.8	49%	0.19%	0.01%	99.9%	99.6%	99.4%
50	Bank 1	27-Mar-18	222.9	185.0	23	119.3	41%	0.08%	0.08%	99.9%	99.9%	99.8%
51	Bank 8	28-Mar-18	337.1	270.6	23	177.3	42%	0.41%	0.19%	99.9%	99.2%	99.5%
52	Bank 8	30-Apr-18	174.6	146.1	22	97.6	38%	0.43%	0.36%	99.8%	99.1%	99.4%

CCR: Cumulative collection ratio QCR- Quarterly collection ratio dpd: days past due

MPS: Months post securitisation MCR: Monthly collection ratio # Amortisation is calculated on Disbursement

			Initial Pool Details					of Initial POS
Sr. No	Investor	Sold Down	Disbursement	Sold Down	MPS	Pool Principal	Amortisa	90+ dpd%	180+ dpd%	CCR	MCR	QCR
		Date	[₹ Cr]	Principal [₹ Cr]		[₹ Cr]	tion#
53	Bank 15	4-May-18	413.9	349.0	21	162.5	56%	0.02%	0.00%	100.0%	99.1%	99.8%
54	Bank 15	17-May-18	270.0	224.8	21	101.1	58%	0.00%	0.00%	100.0%	100.2%	100.7%
55	Bank 8	18-May-18	109.8	91.4	21	60.6	39%	0.18%	0.18%	99.8%	99.2%	99.5%
56	Bank 15	22-Jun-18	596.3	502.2	20	269.9	50%	0.03%	0.00%	99.9%	100.0%	99.9%
57	Bank 8	26-Jun-18	134.9	112.8	20	73.4	40%	0.00%	0.00%	99.9%	99.8%	99.7%
58	Bank 15	25-Jul-18	327.7	275.0	19	143.5	51%	0.11%	0.00%	99.8%	98.9%	99.1%
59	Bank 8	31-Jul-18	109.4	90.4	19	62.8	36%	0.20%	0.20%	99.9%	99.4%	99.6%
60	Bank 15	30-Aug-18	413.2	349.4	18	190.5	49%	0.08%	0.00%	99.7%	99.5%	99.0%
61	Bank 15	19-Sep-18	353.2	297.5	17	155.8	51%	0.00%	0.00%	99.8%	98.7%	98.4%
62	Bank 8	19-Sep-18	109.4	90.4	17	60.5	39%	0.28%	0.28%	99.8%	99.0%	99.6%
63	Bank 17	29-Oct-18	879.7	672.3	16	455.4	39%	0.14%	0.14%	99.9%	99.7%	99.7%
64	Bank 17	29-Oct-18	828.0	645.4	16	380.3	46%	0.35%	0.23%	99.8%	99.0%	98.7%
65	Bank 18	31-Oct-18	352.8	287.7	16	151.0	52%	0.15%	0.00%	99.9%	100.2%	99.7%
66	Bank 17	15-Nov-18	104.7	82.0	15	41.2	54%	1.27%	0.41%	99.7%	98.9%	99.0%
67	Bank 17	15-Nov-18	65.9	51.1	15	40.5	28%	0.21%	0.00%	99.7%	98.6%	99.4%
68	Bank 8	16-Nov-18	1569.4	1202.3	15	660.3	51%	0.08%	0.07%	99.9%	99.5%	99.7%
69	Bank 8	17-Nov-18	377.4	306.3	15	206.8	39%	0.25%	0.18%	99.9%	99.3%	99.5%
70	Bank 8	30-Nov-18	92.0	69.0	15	43.1	45%	0.71%	0.00%	99.6%	96.3%	98.8%
71	Bank 8	30-Nov-18	49.3	40.1	15	31.4	29%	1.48%	0.31%	99.5%	102.1%	100.6%
72	Bank 8	14-Dec-18	239.2	194.2	14	138.4	36%	0.30%	0.30%	99.8%	99.2%	99.3%
73	Bank 8	14-Dec-18	236.9	189.3	14	101.2	50%	0.00%	0.00%	100.0%	100.2%	100.0%
74	Bank 8	21-Dec-18	3253.5	2461.4	14	1426.2	45%	0.14%	0.09%	99.8%	99.3%	99.5%
75	Bank 8	21-Dec-18	1643.3	1184.0	14	851.2	35%	0.20%	0.17%	99.8%	99.3%	99.6%
76	Bank 21	29-Dec-18	338.5	271.8	14	161.1	47%	0.00%	0.00%	100.0%	99.7%	99.7%
77	Bank 6	31-Dec-18	368.0	275.3	14	198.7	33%	0.02%	0.00%	99.9%	99.6%	100.2%
78	Bank 18	31-Dec-18	340.0	255.1	14	143.4	47%	0.11%	0.06%	99.5%	98.0%	98.2%

CCR: Cumulative collection ratio QCR- Quarterly collection ratio dpd: days past due

MPS: Months post securitisation MCR: Monthly collection ratio # Amortisation is calculated on Disbursement

		Initial Pool Details						of Initial POS
Sr. No	Investor	Sold Down	Disbursement	Sold Down	MPS	Pool Principal	Amortisa	90+ dpd%	180+ dpd%	CCR	MCR	QCR
		Date	[₹ Cr]	Principal [₹ Cr]		[₹ Cr]	tion#
79	Bank 19	31-Dec-18	16.6	11.7	14	5.1	61%	0.00%	0.00%	100.0%	100.0%	100.0%
80	Bank 21	16-Jan-19	905.8	716.1	13	364.1	55%	0.05%	0.04%	100.0%	99.8%	99.9%
81	Bank 8	29-Jan-19	678.2	511.7	13	313.5	42%	0.34%	0.34%	99.7%	98.5%	99.1%
82	Bank 8	31-Jan-19	310.0	226.1	13	160.9	35%	0.10%	0.00%	99.9%	100.6%	99.9%
83	Bank 23	31-Jan-19	237.0	169.5	13	125.6	34%	0.12%	0.05%	99.9%	99.9%	100.0%
84	Bank 10	31-Jan-19	161.0	117.4	13	89.6	30%	0.00%	0.00%	99.9%	100.6%	99.9%
85	Bank 10	15-Feb-19	133.4	100.3	12	73.8	31%	0.42%	0.42%	99.7%	99.1%	99.3%
86	Bank 23	22-Feb-19	248.7	182.7	12	138.1	31%	0.07%	0.07%	99.8%	99.8%	99.8%
87	Bank 8	27-Feb-19	176.8	128.9	12	98.8	30%	0.40%	0.00%	99.8%	98.8%	99.4%
88	Bank 11	28-Feb-19	200.5	143.2	12	84.0	48%	0.00%	0.00%	99.8%	99.2%	99.8%
89	Bank 8	19-Mar-19	182.4	133.4	11	104.4	28%	0.09%	0.09%	99.9%	99.5%	99.6%
90	Bank 10	19-Mar-19	171.4	126.3	11	96.1	30%	0.10%	0.10%	99.8%	99.5%	99.7%
91	Bank 11	28-Mar-19	74.9	52.6	11	43.0	28%	0.00%	0.00%	100.0%	100.7%	99.6%
92	Bank 11	28-Mar-19	74.6	56.7	11	38.3	36%	0.00%	0.00%	99.9%	98.4%	99.0%
93	Bank 14	29-Mar-19	203.7	145.7	11	95.7	41%	0.00%	0.00%	100.0%	100.5%	100.1%
94	Bank 6	31-Mar-19	975.0	709.3	11	482.8	38%	0.12%	0.09%	99.9%	99.6%	99.7%
95	Bank 8	25-Apr-19	207.6	147.4	10	121.2	27%	0.15%	0.00%	99.9%	100.5%	99.9%
96	Bank 11	14-May-19	166.4	122.4	9	88.2	34%	0.00%	0.00%	100.0%	99.6%	99.9%
97	Bank 23	27-May-19	612.3	463.7	9	337.9	31%	0.00%	0.00%	99.9%	99.8%	99.9%
98	Bank 23	27-May-19	116.7	84.3	9	70.0	25%	0.17%	0.17%	99.8%	98.9%	99.5%
99	Bank 23	28-Jun-19	334.9	248.2	8	168.1	37%	0.00%	0.00%	99.9%	100.0%	99.9%
100	Bank 23	28-Jun-19	169.3	123.4	8	96.6	29%	0.22%	0.12%	99.9%	99.7%	99.7%
101	Bank 23	19-Jul-19	75.9	54.7	7	43.7	28%	0.62%	0.25%	99.5%	97.2%	98.8%
102	Bank 11	19-Sep-19	328.7	242.2	5	193.6	26%	0.00%	0.00%	99.9%	99.8%	99.9%
103	Bank 11	26-Sep-19	258.9	180.5	5	159.8	23%	0.09%	0.00%	100.0%	99.8%	99.8%
104	Bank 11	27-Dec-19	260.0	184.9	2	174.4	16%	0.00%	0.00%	99.9%	99.9%	99.8%

CCR: Cumulative collection ratio QCR- Quarterly collection ratio dpd: days past due

MPS: Months post securitisation MCR: Monthly collection ratio # Amortisation is calculated on Disbursement

		Initial Pool Details						of Initial POS
Sr. No	Investor	Sold Down	Disbursement	Sold Down	MPS	Pool Principal	Amortisa	90+ dpd%	180+ dpd%	CCR	MCR	QCR
		Date	[₹ Cr]	Principal [₹ Cr]		[₹ Cr]	tion#
1	Bank 3	31-Dec-13	224.4	178.6	74	8.5	96%	0.16%	0.16%	99.9%	95.8%	95.2%
2	Bank 10	7-Feb-14	429.8	329.8	72	12.8	97%	0.00%	0.00%	99.9%	102.1%	100.1%
3	Bank 4	27-Mar-14	271.6	214.5	71	8.2	97%	0.00%	0.00%	100.0%	99.4%	100.3%
4	Bank 4	20-Jun-14	231.1	189.4	68	8.3	96%	0.00%	0.00%	99.9%	100.0%	97.7%
5	Bank 4	27-Jun-14	185.5	153.6	68	19.9	88%	0.12%	0.12%	99.8%	98.8%	99.1%
6	Bank 10	29-Dec-14	454.0	371.6	62	30.3	93%	0.15%	0.15%	99.3%	94.8%	94.5%
7	Bank 2	30-Mar-15	1067.2	869.5	59	106.3	89%	0.09%	0.09%	99.8%	97.5%	96.6%
8	Bank 4	30-Jun-15	145.1	112.8	56	7.9	94%	0.18%	0.18%	99.8%	92.5%	94.3%
9	Bank 1	28-Sep-15	359.5	285.0	53	24.5	92%	0.00%	0.00%	99.9%	123.7%	102.1%
10	Bank 12	28-Sep-15	234.5	200.3	53	27.9	87%	0.00%	0.00%	99.9%	97.1%	99.0%
11	Bank 12	28-Sep-15	220.2	180.7	53	18.0	91%	0.00%	0.00%	100.0%	100.0%	100.0%
12	Bank 8	29-Sep-15	430.3	364.1	53	36.3	91%	0.26%	0.04%	99.8%	94.9%	99.9%
13	Bank 12	9-Dec-15	50.6	43.5	50	9.9	78%	0.00%	0.00%	99.6%	63.2%	97.0%
14	Bank 12	9-Dec-15	33.3	24.2	50	3.5	88%	0.00%	0.00%	99.6%	86.3%	90.7%
15	Bank 12	29-Dec-15	156.2	133.7	50	13.3	91%	0.00%	0.00%	99.8%	118.9%	104.9%
16	Bank 1	31-Dec-15	278.5	222.5	50	18.9	92%	0.00%	0.00%	99.8%	100.0%	100.0%
17	Bank 1	31-Dec-15	120.4	99.8	50	15.8	85%	0.02%	0.02%	99.7%	80.1%	89.3%
18	Bank 1	3-Mar-16	95.7	77.4	47	10.0	88%	0.00%	0.00%	99.8%	80.7%	90.5%
19	Bank 12	10-Mar-16	175.3	150.0	47	6.8	96%	0.00%	0.00%	99.6%	100.0%	99.0%
20	Bank 22	29-Jun-16	250.3	209.4	44	40.4	82%	0.00%	0.00%	99.6%	93.6%	98.0%
21	Bank 10	30-Jun-16	405.9	331.5	44	56.8	84%	0.15%	0.13%	99.6%	107.0%	98.0%
22	Bank 13	26-Sep-16	216.3	174.8	41	22.6	88%	0.00%	0.00%	99.9%	84.6%	94.1%
23	Bank 13	26-Sep-16	152.4	124.8	41	21.7	84%	0.00%	0.00%	99.7%	100.1%	100.5%
24	Bank 8	30-Sep-16	331.2	273.3	41	48.5	84%	0.35%	0.27%	99.7%	96.9%	97.9%
25	Bank 5	30-Mar-17	415.9	340.5	35	97.8	74%	0.00%	0.00%	99.9%	102.7%	101.0%
26	Bank 10	28-Jun-17	626.6	469.4	32	141.3	75%	1.43%	0.61%	99.7%	95.0%	95.0%
27	Bank 8	30-Jun-17	406.0	332.7	32	92.1	75%	0.17%	0.00%	99.8%	102.1%	98.0%
28	Bank 14	26-Sep-17	1237.7	947.7	29	289.7	74%	0.20%	0.17%	99.5%	93.5%	91.7%

CCR: Cumulative collection ratio QCR- Quarterly collection ratio dpd: days past due

MPS: Months post securitisation MCR: Monthly collection ratio # Amortisation is calculated on Disbursement

			Initial Pool Details					of Initial POS
Sr. No	Investor	Sold Down	Disbursement	Sold Down	MPS	Pool Principal	Amortisa	90+ dpd%	180+ dpd%	CCR	MCR	QCR
		Date	[₹ Cr]	Principal [₹ Cr]		[₹ Cr]	tion#
29	Bank 14	26-Sep-17	706.1	580.8	29	176.8	72%	0.19%	0.00%	99.7%	99.2%	96.9%
30	Bank 14	28-Dec-17	436.8	356.9	26	137.2	65%	0.20%	0.10%	99.8%	98.8%	98.9%
31	Bank 14	29-Dec-17	444.6	354.0	26	151.0	62%	0.04%	0.04%	99.8%	101.6%	100.1%
32	Bank 12	29-Dec-17	217.1	172.0	26	24.3	88%	0.00%	0.00%	99.8%	105.4%	116.2%
33	Bank 12	29-Dec-17	160.6	129.8	26	43.8	70%	0.00%	0.00%	99.8%	97.0%	97.9%
34	Bank 12	1-Mar-18	136.6	115.4	23	30.7	75%	0.00%	0.00%	100.0%	97.2%	101.1%
35	Bank 12	1-Mar-18	89.5	71.4	23	26.6	67%	0.00%	0.00%	99.9%	92.9%	113.3%
36	Bank 8	28-Jun-18	112.8	86.5	20	35.0	66%	0.00%	0.00%	99.9%	99.6%	99.5%
37	Bank 15	29-Jun-18	510.8	424.4	20	195.9	57%	0.04%	0.00%	99.7%	98.9%	98.8%
38	Bank 12	29-Jun-18	196.0	166.3	20	95.5	46%	0.22%	0.22%	99.6%	97.4%	98.5%
39	Bank 12	29-Jun-18	182.6	147.7	20	80.2	51%	0.00%	0.00%	99.8%	100.3%	102.6%
40	Bank 12	23-Aug-18	121.7	102.2	18	50.1	54%	0.00%	0.00%	99.5%	97.0%	97.2%
41	Bank 12	23-Aug-18	96.2	83.2	18	45.7	47%	0.00%	0.00%	99.7%	98.2%	99.2%
42	Bank 15	19-Sep-18	284.2	237.5	17	110.8	57%	0.56%	0.00%	99.4%	94.2%	94.3%
43	Bank 15	26-Sep-18	404.0	334.4	17	149.2	59%	0.00%	0.00%	99.7%	99.9%	99.7%
44	Bank 8	27-Sep-18	108.4	81.1	17	38.4	61%	0.50%	0.10%	99.6%	98.4%	100.0%
45	Bank 15	31-Oct-18	153.8	131.0	16	59.8	57%	0.00%	0.00%	100.0%	100.1%	99.7%
46	Bank 12	31-Oct-18	64.6	53.3	16	35.0	40%	0.00%	0.00%	99.0%	98.0%	96.2%
47	Bank 12	31-Oct-18	64.1	53.5	16	33.2	43%	0.00%	0.00%	99.5%	98.1%	98.8%
48	Bank 12	16-Nov-18	74.9	64.1	15	41.6	38%	0.00%	0.00%	99.7%	101.2%	99.0%
49	Bank 12	16-Nov-18	25.2	19.5	15	8.1	64%	0.00%	0.00%	99.9%	98.4%	99.2%
50	Bank 19	30-Nov-18	380.1	298.8	15	140.4	59%	0.00%	0.00%	99.4%	99.1%	96.7%
51	Bank 15	30-Nov-18	245.7	205.4	15	102.3	54%	0.00%	0.00%	99.0%	94.9%	93.5%
52	Bank 20	12-Dec-18	138.3	79.6	14	32.5	72%	0.00%	0.00%	100.0%	100.0%	100.0%
53	Bank 15	21-Dec-18	116.4	99.4	14	55.4	47%	0.00%	0.00%	99.8%	98.2%	98.2%
54	Bank 18	23-Dec-18	45.4	37.8	14	22.7	44%	0.00%	0.00%	99.4%	90.5%	97.6%
55	Bank 15	27-Dec-18	462.3	354.6	14	224.4	39%	0.42%	0.10%	99.6%	99.0%	98.8%
56	Bank 15	27-Dec-18	291.0	246.6	14	155.6	41%	0.42%	0.00%	99.6%	99.9%	100.0%

CCR: Cumulative collection ratio QCR- Quarterly collection ratio dpd: days past due

MPS: Months post securitisation MCR: Monthly collection ratio # Amortisation is calculated on Disbursement

			Initial Pool Details					of Initial POS
Sr. No	Investor	Sold Down	Disbursement	Sold Down	MPS	Pool Principal	Amortisa	90+ dpd%	180+ dpd%	CCR	MCR	QCR
		Date	[₹ Cr]	Principal [₹ Cr]		[₹ Cr]	tion#
57	Bank 19	31-Dec-18	305.2	226.8	14	99.4	59%	0.00%	0.00%	99.7%	91.8%	94.7%
58	Bank 22	31-Dec-18	52.2	40.2	14	27.9	33%	0.00%	0.00%	99.9%	99.6%	100.8%
59	Bank 15	22-Jan-19	179.2	137.6	13	97.0	32%	0.00%	0.00%	99.6%	97.7%	99.2%
60	Bank 15	24-Jan-19	128.3	108.9	13	62.2	46%	0.00%	0.00%	99.7%	103.3%	99.4%
61	Bank 19	31-Jan-19	73.6	51.6	13	38.0	36%	0.00%	0.00%	99.9%	100.0%	101.4%
62	Bank 15	18-Feb-19	183.8	135.6	12	82.7	44%	0.12%	0.12%	99.9%	99.7%	99.6%
63	Bank 20	28-Feb-19	142.8	84.2	12	36.5	66%	0.00%	0.00%	100.0%	100.0%	100.0%
64	Bank 20	22-Mar-19	69.1	33.3	11	7.5	87%	0.00%	0.00%	100.0%	100.0%	100.0%
65	Bank 15	23-Mar-19	131.6	101.7	11	77.2	27%	0.12%	0.12%	99.7%	103.2%	101.0%
66	Bank 19	23-Mar-19	96.6	74.3	11	39.6	49%	0.00%	0.00%	99.9%	100.0%	99.3%
67	Bank 14	29-Mar-19	259.0	188.7	11	106.0	49%	0.00%	0.00%	99.7%	99.0%	99.7%
68	Bank 14	29-Mar-19	49.3	37.6	11	26.1	34%	0.81%	0.00%	99.7%	96.2%	98.7%
69	Bank 14	30-Mar-19	293.6	211.0	11	126.3	46%	0.00%	0.00%	100.0%	100.0%	100.0%
70	Bank 14	30-Mar-19	105.1	78.9	11	38.7	54%	0.93%	0.00%	99.5%	95.0%	97.0%
71	Bank 15	31-Mar-19	181.1	138.4	11	87.1	40%	0.00%	0.00%	99.7%	99.0%	99.2%
72	Bank 19	31-Mar-19	79.4	52.8	11	39.6	38%	0.00%	0.00%	99.9%	100.0%	99.3%
73	Bank 20	5-Apr-19	112.1	86.8	10	48.3	49%	0.00%	0.00%	100.0%	100.0%	100.0%
74	Bank 15	28-May-19	131.8	102.0	9	64.7	39%	0.00%	0.00%	99.9%	99.4%	99.3%
75	Bank 24	28-May-19	69.0	55.5	9	51.0	8%	0.00%	0.00%	100.0%	105.6%	101.9%
76	Bank 20	28-Jun-19	41.9	31.3	8	22.6	33%	0.00%	0.00%	100.0%	100.0%	100.0%
77	Bank 19	29-Jun-19	35.2	26.1	8	13.6	52%	0.00%	0.00%	100.0%	100.0%	100.0%
78	Bank 14	25-Sep-19	31.0	19.4	5	15.2	29%	0.00%	0.00%	99.7%	97.4%	96.5%
79	Bank 24	27-Sep-19	339.9	249.2	5	192.3	37%	0.00%	0.00%	97.9%	98.4%	89.0%
80	Bank 20	27-Nov-19	45.4	25.5	3	25.4	34%	0.00%	0.00%	100.0%	100.0%	100.0%
81	Bank 19	31-Dec-19	56.8	37.5	2	33.5	26%	0.00%	0.00%	100.0%	100.0%	100.0%

CCR: Cumulative collection ratio QCR- Quarterly collection ratio dpd: days past due

MPS: Months post securitisation MCR: Monthly collection ratio # Amortisation is calculated on Disbursement

Home Loans and LAP Pool Performance Factsheet PTC and PCG Pools

HL Pools			Initial Pool Details					of Initial POS
SrNo	Investor	Sold DownDate	Disbursement[₹ Cr]	Sold DownPrincipal[₹ Cr]	MPS	Pool Principal[₹ Cr]	Amortisation#	90+dpd%	180+dpd%	CCR	MCR	QCR	Rating from
1	Bank 2	30-Dec-13	109.6	99.3	75	18.1	83.45%	0.00%	0.00%	100.0%	101.5%	100.6%	CRISIL
2	Bank 14	4-Mar-15	294.1	272.4	61	67.9	76.90%	0.00%	0.00%	100.0%	100.0%	99.9%	CRISIL
3	Bank 3	31-Dec-12	128.7	118.6	87	17.2	86.62%	0.00%	0.00%	99.9%	99.0%	99.7%	CRISIL
4	Bank 3	28-Mar-13	114.6	107.1	84	20.4	82.21%	0.00%	0.00%	100.0%	100.0%	99.8%	CRISIL
5	Bank 14	27-Sep-13	311.9	286.4	78	50.9	83.68%	0.00%	0.00%	99.9%	100.2%	105.0%	CRISIL
6	Bank 18	30-Nov-18	107.4	89.2	16	47.8	55.48%	0.00%	0.00%	99.0%	100.0%	100.0%	CRISIL
7	Bank 2	20-Mar-14	335.4	315.2	72	76.3	77.25%	0.00%	0.00%	100.0%	99.4%	99.8%	ICRA
8	Bank 9	29-Jun-17	354.5	330.0	32	152.8	56.89%	0.00%	0.00%	99.6%	103.5%	101.0%	ICRA
9	Bank 2	25-Nov-19	154.9	112.2	4	84.5	45.46%	0.00%	0.00%	99.8%	100.3%	99.9%	Brickworks
10	Bank 2	30-Dec-19	231.9	185.3	2	156.8	32.40%	0.00%	0.00%	99.6%	99.7%	99.7%	ICRA
11	Bank 14	30-Dec-19	604.4	449.8	3	409.2	32.30%	0.00%	0.00%	99.4%	99.7%	99.4%	Brickworks
12	Bank 21	30-Dec-19	546.7	486.5	2	449.4	17.80%	0.00%	0.00%	97.6%	97.5%	97.6%	Brickworks
13	Bank 10	14-Jan-20	532.5	492.6	2	443.8	16.66%	0.00%	0.00%	99.4%	100.0%	99.4%	ICRA

LAP	PoolsInitial Pool Details							of Initial POS
SrNo	Investor	Sold DownDate	Disbursement[₹ Cr]	Sold DownPrincipal[₹ Cr]	MPS	Pool Principal[₹ Cr]	Amortisation#	90+dpd%	180+dpd%	CCR	MCR	QCR	Rating from
1	Bank 3	31-Mar-16	228.0	209.1	47	41.7	81.69%	0.00%	0.00%	99.7%	99.1%	95.9%	CARE
2	Bank 14	30-Sep-16	143.7	136.0	41	30.8	78.54%	0.00%	0.00%	99.6%	99.5%	98.9%	CRISIL
3	Bank 9	30-Dec-16	545.8	512.7	37	167.6	69.30%	0.00%	0.00%	99.8%	99.7%	101.5%	CRISIL
4	Bank 9	27-Mar-17	310.1	292.4	35	132.0	57.43%	0.00%	0.00%	99.8%	100.1%	100.1%	CRISIL
5	FI 1	31-Dec-19	743.84	480.8	3	386.9	47.99%	0.00%	0.00%	97.4%	100.0%	97.4%	CRISIL
6	Bank 9	27-Sep-17	664.0	609.7	29	339.4	48.89%	0.00%	0.00%	99.8%	99.4%	99.4%	ICRA

MPS: Months post securitisation MCR: Monthly collection ratio # Amortisation is calculated on Disbursement CCR: Cumulative collection ratio QCR- Quarterly collection ratio dpd: days past due 42

Corporate Social Responsibility

Indiabulls Foundation: Corporate Social Responsibility

Mahatma Awards For Excellence in Corporate Social Responsibility- 2019

Health

JanSwasthya Kalyan Vahika

• Free primary healthcare facility provided at doorstep for the underprivileged with 43 mobile medical vans.
• 3,08,807 patients diagnosed in this quarter.
• 39,70,383 patients benefitted since inception

Free Charitable Medical Clinic

• 1,00,086 patients have benefitted from 15 clinics pan-India in this quarter and 8,59,927 patients benefitted since inception

Health Check up Camps

• 11,298 people benefitted this quarter
• 1,34,128 beneficiaries since inception

Smile Train- Cleft and Palate Surgeries

• 550 children benefitted this quarter
• 6,000 beneficiaries since inception

Nutrition

Sanitation Kumud

Paushtik Aahar

• Free nutritional supplements distributed to the underprivileged and malnourished individuals

• 1,31,420 individuals benefitted this quarter

• 15,51,002 beneficiaries since inception

• Sanitary napkins distributed to over 9,595 women and adolescent girls

• Sessions on Hygiene awareness were also conducted in this quarter

• 1,95,220 women benefitted from this program since inception

Transforming Mokhada, Shahapur & Trimbakeshwar

• Medical vans, clinics, health camps, nutrition supplements, sanitary napkins, awareness, etc. provided to the above mentioned districts of Maharashtra
• 2,11,961 people benefitted this quarter
• 20,00,073 people benefitted since inception

Rural Development

• Fetching water became easier for 13,702 rural underprivileged people by the distribution of 2,049 water wheel barrows.
• Since inception 82,727 people benefitted by the distribution of 15,000 water wheels.

Rural Development

Renewable Energy

• To provide lighting, solar energy plants were installed in 5 rural tribal schools in Maharashtra
• More than 3,738 tribal students have benefitted; 32,54 students since inception
• 25 solar energy plants have been setup Since inception

Skill Development

• 253 school dropouts between 18-30 years of age trained in this quarter in various domains
• 1,892 youths trained since inception

Scholarship Program

• 2 underprivileged students awarded scholarship for higher education in this quarter
• 1,379 beneficiaries since inception

Education

Board of Directors, Ratings, Business Value Proposition, Key Ratios, Valuations, and Shareholding

Eminent and Experienced Board of Directors

Board of Directors with pre-eminence and experience in diverse fields

• Mr. Sameer Gehlaut : Executive Chairman
• Mr. Gagan Banga : Vice Chairman, Managing Director and CEO
• Mr. S.S. Mundra : Former Deputy Governor, The Reserve Bank of India
• Mr. A Siddharth : Ex-Partner, Deloitte, Haskins & Sells
• Justice Gyan Sudha Misra : Retired Justice, Supreme Court of India
• Mr. Satish Chand Mathur : Ex-Director General of Police, Maharashtra
• Mr. Samsher Singh Ahlawat : 20 years of banking experience in senior management positions
• Mr. Prem Prakash Mirdha : Business background with expertise in SME sector
• Mr. Ashwini Kumar Hooda : Deputy Managing Director
• Mr. Ajit Kumar Mittal : Executive Director, Ex-Reserve Bank of India
• Mr. Sachin Chaudhary : Chief Operating Officer

Mr. Siddharth Achuthan, Additional Director

• Mr. A Siddharth was associated with Deloitte, Haskins & Sells for over 4 decades and served as Partner for 33 years
• He has vast and varied experience in the field of Audit of domestic as well as multinational companies in sectors such as Non-Banking Financial Services, Manufacturing, Hospitality and Technology
• He is a Commerce and Law graduate from the Mumbai University and a fellow member of the Institute of Chartered Accountant of India

Rating Agency	Long Term Credit Rating
CRISIL [an S&PGlobalCompany]	AA
ICRA [a Moody's Investors Service Company]	AA
CARE Ratings	AA
Brickwork Ratings	AA+

Auditors
Statutory Auditor	[IndianMemberfirmofErnst&Young]SRBatliboi&Co.
Internal Auditor	Grant Thornton

Productivity Ratios

	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020
No. ofEmployees	4,512	4,243	4,072	4,099	4,840	5,453	6,388	8,111	8,676	5,407
Profit peremployee [₹Cr]	0.17	0.24	0.31	0.38	0.39	0.43	0.46	0.47	0.47	0.41
Asset peremployee [₹Cr]	3.71	5.85	8.09	10.84	11.82	14.02	16.23	16.26	15.00	19.03
Cost-to-IncomeRatio	21.0%	18.7%	18.0%	17.1%	16.4%	14.3%	13.3%	12.5%	12.7%	16.2%

Key Financial Metrics

	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020
Pre Tax RoAA[%]	5.5%	4.9%	4.9%	4.8%	4.9%	4.9%	4.6%	4.3%	4.2%	2.2%
Post Tax RoAA[%]	4.1%	3.7%	3.8%	3.8%	3.7%	3.7%	3.6%	3.3%	3.0%	1.9%
RoE[%]	17%	22%	26%	27%	29%	26%	26%	30%	24%	18%
CapitalAdequacy [%]#	23.87%	19.96%	18.58%	20.47%	19.60%	23.38%	20.91%	20.82%	26.49%	27.09%
-Tier I#	23.63%	19.27%	15.05%	16.10%	16.28%	20.36%	17.25%	15.07%	19.81%	20.31%
Tier II#-	0.24%	0.69%	3.53%	4.37%	3.32%	3.02%	3.66%	5.76%	6.68%	6.78%

Valuations and Returns

	Mar-11	Mar-12	Mar-13	Mar-14	Mar-15	Mar-16	Mar-17	Mar-18	Mar-19	Mar-20
Market Price per Share[₹]	155	207	272	286	558	674	998	1,194	744	228*
Dividend per Share [₹]	10	13	20	29	35	36	36	42	40	21
DividendYield [%]	6.5%	6.3%	7.4%	10.2%	6.3%	5.3%	3.6%	3.5%	5.4%	9.2%
Market Capitalisation[₹'000 Cr]	4.8	6.5	8.5	9.5	19.8	28.4	42.3	50.9	31.8	9.7
Price-to-Book[times]	1.1	1.3	1.6	1.7	3.0	2.7	3.4	3.3	1.7	0.6
PE Ratio [times]	6.5	6.5	6.8	6.0	10.2	11.3	14.5	13.2	7.8	4.4

Shareholding Pattern

Mr. Sameer Gehlaut on 31st March, 2020 acquired 24,00,000 equity shares in the Company from the open market, which were credited to his de-mat account subsequent to 31st March, 2020. Hence, 24,00,000 equity shares are not included in his shareholding as on 31st March, 2020.

Detailed Financials

Consolidated Balance Sheet

Statement of Assets and Liabilities:	($ in Billions)
	As at	As at
Particulars	31.03.20	31.03.19
	(Audited)	(Audited)
ASSETS
(1) Financial Assets
(a) Cash and cash equivalents	135.65	139.03
(b) Bank Balance other than (a) above	14.74	7.18
(c) Derivative financial instruments	7.39	1.36
(d) Receivables
(I) Trade Receivables	0.29	0.36
(II) Other Receivables
(e) Loans	702.11	923.87
(f) Investments	122.77	197.17
(g) Other Financial assets	14.21	15.79
Sub-total - Financial Assets	997.16	1,284.76
(2) Non-financial Assets
(a) Current tax assets (Net)	12.153.89	8.181.14
(b) Deferred tax assets (Net)(c) Property, Plant and Equipment	1.21	1.35
(d) Right-of-use assets	2.53	Contract
(e) Goodwill on Consolidation	0.58	0.58
(f) Other Intangible assets	0.18	0.21
(g) Other non-financial assets	4.33	4.82
(h) Non-current Assets Held for Sale	6.69	$\sim$
Sub-total - Non-financial Assets	31.56	16.28
Total Assets	1,028.72	1,301.04
LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Derivative financial instruments	1.88	1.06
(b) Payables
Trade Payables
(i) total outstanding dues of micro enterprises
and small enterprises
(ii) total outstanding dues of creditors other	0.12	0.32
than micro enterprises and small enterprises
(c) Debt Securities	326.17	493.96
(d) Borrowings (Other than Debt Securities)	423.70	516.87
(e) Subordinated Liabilities	46.87	46.73
(f) Other financial liabilitiesSub-total - Financial Liabilities	65.73864.47	68.201,127.14
(2) Non-Financial Liabilities
(a) Current tax liabilities (Net)	0.69	0.64
(b) Provisions	1.97	1.76
(c) Other non-financial liabilities	6.21	6.68
Sub-total - Non-Financial Liabilities	8.87	9.08
$(3)$ EQUITY
(a) Equity Share capital	0.84	0.85
(b) Other Equity	154.54	163.97
Sub-total - Equity	155.38	164.82
Total Liabilities and Equity	1,028.72	1,301.04

The company had cash, cash equivalents and investments in liquid debt instruments of ₹ 13,410 Cr as at 31st Mar, 2020. The company receives income from its cash, cash equivalents and investments in liquid debt instruments through the quarter, most of which appears in 'Other Income'

Consolidated Income Statement

						(₹ in Billions)
			Quarter ended	Year ended
	Particulars	31.03.20	31.12.19	31.03.19	31.03.20	31.03.19
		(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
1	Revenue from operations
	(i) Interest Income	24.65	26.70	36.05	115.49	148.56
	(ii) Dividend Income	1.49	4.34	4.72	8.63	4.73
	(iii) Fees and commission Income	0.80	0.57	1.22	3.52	4.50
	(iv) Net gain on fair value changes	1.24		$\mathbf{r}$		5.68
	(v) Net gain on derecognition of financial instruments under	1.33	2.08	1.44	4.53	6.73
	amortised cost category
	Total Revenue from operations	29.50	33.69	43.43	132.16	170.20
$\overline{2}$	Other Income	0.04	0.01	0.00	0.07	0.07
3	Total Income (1+2)	29.54	33.70	43.44	132.23	170.27
4	Expenses
	Finance Costs	21.26	20.55	23.74	85.12	97.26
	Net loss on fair value changes		3.27	1.34	1.20
	Impairment on financial instruments (net of recoveries)	5.36	1.43	1.64	10.63	5.78
	Employee Benefits Expenses	1.20	1.49	1.67	6.05	7.77
	Depreciation, amortization and impairment	0.28	0.20	0.12	1.08	0.43
	Other expenses	0.50	0.62	0.65	2.55	3.00
	Total expenses	28.60	27.57	29.16	106.62	114.23
5	Profit before tax (3-4)	0.94	6.13	14.27	25.61	56.04
6	Tax expense
	Current tax expense	(2.57)	0.92	2.53	3.71	11.93
	Deferred Tax Charge / (Credit)	2.24	(0.25)	1.73	0.24	3.53
	Total Tax Expense	(0.32)	0.66	4.26	3.95	15.46
7	Profit for the Period / Year (5-6)	1.27	5.47	10.01	21.66	40.58
8	Add: Share of Profit of Associate	0.10	0.05	0.05	0.34	0.33
g	Profit for the period / year attributable to Minority	1.37	5.52	10.06	22.00	40.91
	Interest $(7+8)$
10	Less: Share of Profit attributable to Minority Interest	ä.		÷.
11	Profit for the period / year attributable to the	1.37	5.52	10.06	22.00	40.91
	Shareholders of the Company (9-10)
12	Other comprehensive income
	Other comprehensive income / loss (net of tax)	(2.03)	(0.48)	(0.57)	(3.65)	(0.05)
13	Total comprehensive income (after tax) (11+12)	(0.65)	5.03	9.49	18.35	40.85
14	Paid-up Equity Share Capital	0.84	0.86	0.85	0.84	0.85
15	Earnings per Share (EPS) before extraordinary items
	*(EPS for the quarters are not annualised)
	-Basic (Amount in ₹)	3.27	12.90	23.54	51.70	95.83
	-Diluted (Amount in ₹)	3.27	12.90	23.43	51.69	95.26
	-Face Value (Amount in ₹)	2.00	2.00	2.00	2.00	2.00
	Earnings per Share (EPS) after extraordinary items
	*(EPS for the quarters are not annualised)
	-Basic (Amount in ₹)	3.27	12.90	23.54	51.70	95.83
	-Diluted (Amount in ₹)	3.27	12.90	23.43	51.69	95.26
	-Face Value (Amount in ₹)	2.00	2.00	2.00	2.00	2.00

The company had cash, cash equivalents and investments in liquid debt instruments of ₹ 13,410 Cr as at 31st Mar, 2020. The company receives income from its cash, cash equivalents and investments in liquid debt instruments through the quarter, most of which appears in 'Other Income'

Safe Harbour Statement

This document contains certain forward-looking statements based on current expectations of Indiabulls Housing Finance Ltd. management ("IBH"). These forward looking statements and any other projections contained herein are predictions and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievements to be materially different from any future results, performance or achievements, expressed or implied, by such forward looking statements or other projections. These risks and uncertainties include the effect of economic and political conditions in India, and outside India; volatility in interest rates and in the securities markets; new regulations and accounting standards, and government policies that might impact the business of IBH; the general state of the Indian economy; and the management's ability to implement the company's strategy. All of these factors are contingencies which may or may not occur and IBH is not in a position to express a view on the likelihood of any such contingency occurring.

The forward looking statements contained herein are based on the beliefs of the management of IBH, as well as the assumptions made by and information available to management as at the date hereof. Moreover, the statements made herein are on the basis of estimates which may undergo a change depending on market conditions and dynamics including changes in the operating costs and demand-supply scenario. There can be no assurance that the expectations will prove to be correct. Interest rates applicable for any product are highly sensitive to many factors beyond IBH's control, including the monetary policies of the regulatory bodies, domestic and international economic and political conditions, inflation and other factors. IBH expressly disclaims any obligation or undertaking to release any updated information or revisions to any statements contained herein to reflect any changes in the expectations or assumptions with regard thereto or any change in the events, conditions or circumstances on which such statements are based.

All subsequent written and oral forward looking statements attributable to IBH are expressly qualified in their entirety by reference to these cautionary statements.

All information contained in this presentation has been prepared solely by IBH. No information contained herein has been independently verified by anyone else. No representation or warranty (express or implied) of any nature is made nor is any responsibility or liability of any kind accepted with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty (expressed or implied) or omissions in this presentation. Neither IBH nor anyone else accepts any liability whatsoever for any for any direct, indirect or consequential loss or damage, howsoever, arising from any use or reliance on this presentation or its contents or otherwise arising in connection therewith. This presentation may not be used, reproduced, copied, distributed, shared, or disseminated in any other manner.

This document does not constitute an offer or recommendation. The receipt of this presentation by any recipient is not to be constituted as the giving of investment advice by IBH to that recipient. Any action taken by you on the basis of the information contained herein is your responsibility alone and IBH or its directors or employees will not be liable in any manner for the consequences of such action taken by you. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe any such restrictions.

Investor Contact Media Contact Ramnath Shenoy Ankit Banga indiabulls.update@indiabulls.com mediaquery@indiabulls.com +91 22 6189 1444 +91 22 6189 1153

Thank you