Sammaan Capital Ltd · NSE:SAMMAANCAP
Sammaan Capital — Indiabulls Housing Finance — Investor Presentation (August 2018)
69 slides from Sammaan Capital's investor presentation, Aug 27, 2018
Slide 1: Indiabulls Housing Finance
Indiabulls HOUSING FINANCE
Slide 2: Safe Harbour Statement
Safe Harbour Statement This document contains certain forward-looking statements based on current expectations of Indiabulls Housing Finance Ltd.’s [CIN: L65922DL2005PLC136029] management. Actual results may vary significantly from the forward-looking statements in this document due to various risks
Slide 3: Contents
Contents Pg. No. 1. Business Update 04 2. Indian Home Loans Market 10 3. Financial and Operational Highlights 21 4. Home Loans Distribution Model 32 5. LAP Grading 40 6. Static Credit Performance Analysis of LAP and HL Pools 46 7. Liabilities Profile 53 8. Corporate Social Responsibility 59 9. Board
Slide 4: Business Update
Indiabulls HOUSING FINANCE Business Update
Slide 5: Our Journey
Our Journey • Credit rating upgraded to AAA by CRISIL [a Standard & Poor’s Company] and ICRA [a Moody’s Company] • Balance sheet: ₹ 1.32 Tn 543.4* • PAT: ₹ 38.5 Bn, RoE: 30% • Balance sheet: ₹ 1.04 Tn.; Net worth: ₹ 121 Bn • Launched India’s first digital home loans platform: 2017-18 eHome Loans • I
Slide 6: Business Update
Business Update Key Financial Highlights: Q1 FY 2018-19 vs Q1 FY 2017-18 as per Indian Accounting Standards [IndAS] Q1 FY 18-19 Q1 FY 17-18 YoY Growth [%] Balance Sheet [₹ Bn] 1,382.36 1,066.12 29.7% Loan Assets [₹ Bn] 1,259.63 944.51 33.4% Total Revenues [₹ Bn] 40.72 32.88 23.8% *NII [₹ Bn] 16.90 1
Slide 7: Profit and Loss Statement Under IndAS
Profit and Loss Statement Under IndAS Quarter ended Amounts in ₹ Bn June 30, 2018 IndAS Interest Income & Fees 40.25 Interest Expense 23.35 Net Interest Income 16.90 Net gain on excess interest spread on 0.47 assignment transactions for the quarter Total Net Income 17.37 Less: Operating Expenses 2.7
Slide 8: Reconciliation of Consolidated Profit with Indian GAAP: Q1 FY 2017-18
Reconciliation of Consolidated Profit with Indian GAAP: Q1 FY 2017-18 Amounts in ₹ Bn Q1 FY 18 Profit after tax as per previous GAAP 7.88 IndAS adjustment: Adjustment on account of effective interest rate for financial [0.72] assets and liabilities recognised at amortised cost Adjustment on account
Slide 9: Conservative ECL Provisions and Stable Asset Quality
Conservative ECL Provisions and Stable Asset Quality Amounts in ₹ Bn As per IndAS Q1 FY19 Q1FY18 Gross Stage 3 9.8 7.6 % Portfolio in Stage 3 0.78% 0.80% ECL Provision Stage 3 2.4 1.8 Net Stage 3 7.4 5.7 Coverage Ratio % Stage 3 25% 24% Gross Stage 1&2 1,249.8 936.9 % Portfolio in Stage 1&2 99.22% 9
Slide 10: Indian Home Loans Market
Indiabulls HOUSING FINANCE Indian Home Loans Market 10
Slide 11: Indian Housing Landscape
Indian Housing Landscape Regulator Government Push RERA has brought greater Housing for All by 2022, PMAY, etc. transparency and discipline Easier Credit Flow Fiscal Incentives Infrastructure status to housing; RBI, SEBI, Tax incentives and subsidies for IRDAI eased exposure norms to mortgage buyers
Slide 12: Housing Demand in India
Housing Demand in India • Estimated housing shortage: ~ 40 Mn houses • Drivers of incremental demand: Current population growth Demand for 3.4 Mn houses p.a. @ 1.3% p.a. Ongoing nuclearisation Demand for 2.5 Mn houses p.a. @ 0.9% p.a. Rising income/aspirations – per capita GDP growth at 9-10% p.a. D
Slide 13: Housing: From Social Objective to Centrepiece Economic Policy
Housing: From Social Objective to Centrepiece Economic Policy Housing sector has the ability to propel rural and urban economic activity - Housing sector: Country’s 4th largest employment provider* employing both semi-skilled and unskilled labour - Housing and the larger real estate sector has a hig
Slide 14: PMAY and Tax Incentives for Mid-Income Affordable Housing
PMAY and Tax Incentives for Mid-Income Affordable Housing Illustration for Indiabulls Housing’s average Home Loan - House value: ₹ 3,500,000 - Home loan amount: ₹ 2,400,000 [Loan to value of 70%] - PMAY subsidy : ₹ 230,156 - Net loan amount: ₹ 2,169,844 Opening Loan Interest Payment Principal Repaym
Slide 15: EMI Smaller than Rent Cheque
EMI Smaller than Rent Cheque: PMAY and Tax Incentive for Mid-Income Affordable Housing Rental Yield v/s Home Loan Cost 5.0% 4.0% 3.4% 3.5% 3.9% 3.1% 3.4% 3.2% 2.3% 2.9% 2.6% 2.6% 2.7% 0.58% Rental yield Effective Interest Rate on Home Loans with PMAY [0.58%] Source: NHB; Industry reports Increasing
Slide 16: Mortgage Market Growth
Mortgage Market Growth Growing HFC Market Share in a Steadily Expanding Home Loans Market 17% 18% CAGR HFC CAGR: 21% 22% 16,750 14,405 17% 18% 12,384 16% 10,650 42% 8,887 40% 7,526 39% 40% 5,538 6,249 38% 13% 4,595 36% 37% 11% 34% 11% 11% 33% 7% Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-1
Slide 17: Regulatory Updates
Regulatory Updates • The government has approved a 33-percent increase in carpet area of houses eligible for interest subsidy under PMAY-U - Eligible carpet area has been increased to 1,722 sq. ft. from 1,291 sq. ft. for MIG-I, and to 2,153 sq. ft. from 1,614 sq. ft. in case of MIG –II • Home loan t
Slide 18: Growth Momentum in Residential Real Estate
Growth Momentum in Residential Real Estate • Housing sales across top eight Indian cities recorded a 13% jump in FY18, vs 5% in FY171 ‒ MMR: 25%, Delhi-NCR: 19%, Hyderabad: 17% • Sales in top seven cities rose 24% in Q2CY18 over Q1CY182 ‒ Bengaluru: 27%, MMR – 26% Sales Pick-up • Supply of affordabl
Slide 19: Commercial Office Space Absorption
Commercial Office Space Absorption • Leasing activity in top eight cities grew 56% over the past five years1 • Leasing activity grew 27% YoY in H1CY18 with 24 million sq. ft. leased2 Pick-up in Leasing • Tech corporates, BFSI sector and e-commerce contributed to 64% of the leasing3 • Rents saw appre
Slide 20: Strong Structural Drivers and Government Focus
Strong Structural Drivers and Government Focus Measures in the last 30 months: Boost to the Housing Sector Pradhan Mantri Subsidy eligibility under Pradhan Mantri Awas Yojana [PMAY] covers up to ₹ 12 lakh of home loan – Awas Yojana [PMAY] reduces effective home loan rates to 0.58% for mid-income aff
Slide 21: Financial and Operational Highlights
Financial and Operational Highlights 21
Slide 22: Business Summary
Business Summary • Balance Sheet : ₹ 1.38 Tn • Loans Outstanding : ₹ 1.26 Tn [March 31, 2018] : [US$ 18.8 Bn] • Loan Assets CAGR [7 years] : 29% • Cumulative Loans to Retail Customers : 1,067,667 • Cumulative Loans Disbursed till date : ₹ 2.25 Tn [US$ 33.6 Bn] • Cost to Income Ratio [FY18] : 12.5% •
Slide 23: Consistent Track Record
Consistent Track Record Balance Sheet Loan Assets NII CAGR: 27% CAGR: 30% CAGR: 24% 1,382 1,319 1,226 1,260 1,037 913 58 764 687 48 572 522 38 391 444 344 412 24 30 253 322 198 275 13 15 19 17 Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Jun- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Jun- FY11 FY12 FY13 FY
Slide 24: Balance Sheet Assets
Balance Sheet Assets 5% 13% Loan Book: 82% Cash & Liquid Investments*: 13% Other Assets: 5% 82% Total Assets As at June 30, 2018 ₹ 1.38 Tn [US$ 20.63 Bn] As at June 30, 2017 ₹ 1.07 Tn [US$ 15.91 Bn] *Cash, Cash Equivalents and Investments in Liquid Debt Instruments US $ amounts are converted based o
Slide 25: Asset Composition
Asset Composition Q1 FY 17-18 Q1 FY 18-19 22% 21% 78% 79% Mortgage Loans Corporate Mortgage Loans • Home loans, which form the majority of incremental disbursals, are disbursed at an average ticket size of ₹ 2.4 Mn; average LTV of 71% [at origination] 25
Slide 26: Asset Quality
Asset Quality Gross NPA As at Jun 30, 2018 [IndAS] 0.84% [in ₹ Bn] % of Total Loan Assets 0.80% 0.78% GNPA : 9.80 0.78% Stage 3 ECL Provisions: 2.45 0.19% NNPA: 7.35 0.59% Jun 16 Jun 17 Jun 18 • The stage 1&2 ECL provisions of ₹ 3.2 Bn have not been taken into account while calculating the Net NPA •
Slide 27: Retail Mortgage Loans' Sourcing
Retail Mortgage Loans' Sourcing 23% 5% 7% 65% Direct Sales Team External Channels Branch Walk-ins eHome Loans • 28% of home loans’ sourcing is now through eHome Loans. Including LAP, 23% of all retail mortgage loans’ sourcing is now through eHome Loans • Over 90% of incremental sourcing is done in-h
Slide 28: Consumer Focused Mid-Income Housing Loans
Consumer Focused Mid-Income Housing Loans: Granular, Low-risk, Prime Home Loans Typical Annual Distribution Ticket Size Core Customer Segment Household Income Count Amount ₹ 1.5 Mn – ₹ 5 Mn Urban Mid-Income Affordable Home Loans ₹ 0.6 – ₹ 1.8 Mn 51% 55% [$ 22,400 - $ 75,000] Prime mid-income, tier I
Slide 29: Home Loan Profile: Focus on Mid-Income Affordable Housing
Home Loan Profile: Focus on Mid-Income Affordable Housing Average Loan Size ₹ 2.4 Mn Maximum Loan to Value 80% Average Loan to Value 73% [at origination] Average Loan Term 15 years Average Customer Age 38 years Primary Security Mortgage of property financed Repayment Type Monthly amortizing • PMAY c
Slide 30: Smart City Home Loan: Technology-led cost-effective
Smart City Home Loan: Technology-led cost-effective Geographical Expansion through eHome Loans platform Minimum Loan Size ₹ 1.0 Mn Average Loan Size ₹ 1.5 Mn Maximum Loan Size ₹ 4.0 Mn Maximum Loan to Value 80% [at origination] Maximum Loan Term 20 years Average Customer Age 39 years Primary Securit
Slide 31: Conservative Loan Against Property Profile
Conservative Loan Against Property Profile Average Loan Size ₹ 7.3 Mn 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 Apprai
Slide 32: Home Loans Distribution Model
Home Loans Distribution Model: Analytics and Technology-led Next Phase of Growth 32
Slide 33: Evolution of Home Loans Distribution Model Thus Far
Evolution of Home Loans Distribution Model Thus Far Pre 2005: • Entirely branch based. Multiple customer visits to the branch. Branch-based • Long-drawn process usually taking 20+ days Fulfillment • Tedious process for subsequent disbursals [Dominance of PSBs] • Multiple visits for on-going loan man
Slide 34: Indiabulls Integrated Home Loan Technology Platform
Indiabulls Integrated Home Loan Technology Platform Integrated Home Loan Technology Platform Social Media Access to Developers Fee Customers Analytics Integration Source Data and DSAs Generation One app for all Automated Product Real-time access Shorter working Cross-sell: needs underwriting persona
Slide 35: Comprehensive Customer Coverage; Scalable Processing Capacity
Comprehensive Customer Coverage; Scalable Processing Capacity and Robust Risk Management Robust credit underwriting Ring of touchpoints Technology-driven, elastic, scalable loan rigour, risk management encircling target customers processing capacity practices and process integrity Digital Channels A
Slide 36: Pan-India Brick-and-Mortar Branch Network
Pan-India Brick-and-Mortar Branch Network Head Master office • • Service • Centers • Branches [MSC] • • Core credit • • committee • • • Service • • • Loans above pre- • • Centers • Regional credit hub • • • Walk-in defined limits go to • branches • Detailed credit the committee • analysis • • • Cust
Slide 37: Unique Franchise in Indian Mortgage Market
Unique Franchise in Indian Mortgage Market Consumer focused scalable lending model Strengths similar to Banks Scalability of Mortgage • Access to deep pools of capital: debt and equity • Focused on the most scalable and secure asset class: Home Loans • Funding efficiencies from highest AAA credit ra
Slide 38: eHome Loans: Digitised Workflow, Analytics driven
eHome Loans: Digitised Workflow, Analytics driven Underwriting, Aadhaar and Digital Payments Infrastructure Customer eHome Loan App and Portal IB Systems Toughpoints Application form Document upload e-sign Lead Sources Auto population of demographics Income proof directly Aadhaar enabled e-signs Dat
Slide 39: eHome Loans: Digitised Workflow, Analytics driven
eHome Loans: Digitised Workflow, Analytics driven Underwriting, Aadhaar and Digital Payments Infrastructure Sanctioning e-sign and instant Servicing Verifications Automated Credit Decisioning Disbursement Parallel reports Post application the following are On request for disbursement, customer Self
Slide 40: LAP Grading
LAP Grading A Pioneering Initiative for Improved Risk Management and Greater Transparency 40
Slide 41: Loan Against Property Grading from CRISIL and ICRA
Loan Against Property Grading from CRISIL and ICRA • 13th quarter of industry-pioneering LAP grading initiative • Sourcing quality sustained through transition to GST • LAP grading engagement with CRISIL [a Standard and Poor’s Company] and ICRA [a Moody’s Investors Service Company] - CRISIL grades L
Slide 42: CRISIL LAP Grading Methodology
CRISIL LAP Grading Methodology Detailed assessment of key factors determining quality of LAP loans Financial Strength Business Management • Interest and debt service cover • Business sector and sectoral prospects • Revenues, margin and profitability • Business duration and track record • Networth an
Slide 43: CRISIL LAP Grading
CRISIL LAP Grading Grading Segment Characteristics Total Interest Disbursals Outstanding Grading Quality of Service Loan to EBITDA Apr 15 – Jun Liabilities/ Scale LAP Loans# Coverage Value [LTV] Margins 18 Total Ratio [ISCR] Networth LAP1 Highest 8.90% 10.4 – 13.4 1.3 – 1.4 48% 15% – 19% Over 99% of
Slide 44: ICRA LAP Grading Methodology
ICRA LAP Grading Methodology [2nd rating agency to grade LAP loans] • Nearly three years ago in H1FY16, IBHFL tied up with rating agency ICRA to grade its incremental LAP loans • ICRA LAP Grading reflects ICRA’s assessment of the credit quality of the LAP loan on a ICRA developed customised scale Gr
Slide 45: ICRA LAP Grading
ICRA LAP Grading Grading Characteristics Level of credit Grading Grading Scale Median LTV Median FOIR worthiness Distribution LAP1 Excellent 12.2% 25% 32% Over 99% of LAP2 Good 67.5% 54% 50% incremental LAP loans are within the top LAP3 Average 20.1% 65% 58% three grades LAP4 Below Average 0.1% 61%
Slide 46: Static Credit Performance Analysis of LAP and HL Pools
Static Credit Performance Analysis of LAP and HL Pools 46
Slide 47: Monthly Monitoring Report of Sold Down Portfolio
Monthly Monitoring Report of ₹ 242.5 Bn of Sold Down Portfolio as on 30th June, 2018 Monthly monitoring of sold down pool performance • CRISIL, a Standard & Poor’s Company, ICRA, a Moody’s Investors Service Company and CARE publishes pool performance of 14 PTC pools rated by them • Both CRISIL and I
Slide 48: Monthly Monitoring Report of Sold Down Portfolio
Monthly Monitoring Report of ₹ 242.5 Bn of Sold Down Portfolio as on 30th June, 2018 Initial Pool Details of Initial POS Sold Down Pool Number of Disbursement Months on Summary Principal Principal Amortisation# 90+ dpd % 180+ dpd % CCR MCR Pools [₹ Bn] Book [₹ Bn] [₹ Bn] HL Pools 61 150.2 126.0 32 6
Slide 49: Home Loans Pool Performance Factsheet: Direct Assignments
Home Loans Pool Performance Factsheet: CRISIL and ICRA Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Sold Down Disbursement Pool Principal Sr. No Investor Principal MPS Amortisation# 90+ dpd % 180+ dpd % CCR MCR Date [₹ Mn] [₹ Mn] [₹ Mn] 1 Bank 4 20-Mar-14 3,451.6 2,92
Slide 50: Home Loans Pool Performance Factsheet: Direct Assignments
Home Loans Pool Performance Factsheet: CRISIL and ICRA Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Sold Down Disbursement Pool Principal Sr. No Investor Principal MPS Amortisation# 90+ dpd % 180+ dpd % CCR MCR Date [₹ Mn] [₹ Mn] [₹ Mn] 28 Bank 8 31-Mar-16 597.8 506.4
Slide 51: LAP Pool Performance Factsheet: Direct Assignments
LAP Pool Performance Factsheet: CRISIL and ICRA Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Disbursement Sold Down Pool Principal Sr. No Investor MPS Amortisation# 90+ dpd % 180+ dpd % CCR MCR Date [₹ Mn] Principal [₹ Mn] [₹ Mn] 1 Bank 3 31-Dec-13* 2,244.2 1,786.4 53
Slide 52: Home Loans and LAP Pool Performance Factsheet
Home Loans and LAP Pool Performance Factsheet Pass-Through Certificates HL Pools Initial Pool Details of Initial POS Sold Down Sold Down Disbursement Pool Principal Outstanding Sr No Investor Principal MPS Amortisation# 90+ dpd % 180+ dpd % CCR MCR Date [₹ Mn] [₹ Mn] Rating from [₹ Mn] 1 Bank 2 20-M
Slide 53: Liabilities Profile
Indiabulls HOUSING FINANCE Liabilities Profile
Slide 54: Liabilities
Liabilities 12% 5% 83% Shareholders' Funds Borrowings Other Liabilities Net worth at the end of Q1FY19 stands at ₹ 164 Bn Total Liabilities As at June 30, 2018 ₹ 1.38 Tn [US$ 20.63 Bn] As at June 30, 2017 ₹ 1.07 Tn [US$ 15.91 Bn] US $ amounts are converted based on the exchange rate of US $1 = ₹ 67
Slide 55: Funding Mix
Funding Mix 2% 3% 4% 11% 10% 11% 35% 32% 47% ECB Sell Down Bank Loans 52% 53% 40% Debentures and Securities Jun-16 Jun-17 Jun-18 Total Borrowings As at June 30, 2018 ₹ 1.16 Bn [US$ 17.31 Bn] As at June 30, 2017 ₹ 0.88 Bn [US$ 13.20 Bn] US $ amounts are converted based on the exchange rate of US $1 =
Slide 56: Strengthening Liability Profile
Strengthening Liability Profile 1,160 1,400 1,200 1,000 885 800 Borrowings [₹ Bn] 600 400 200 - June 17 June 18 Total Funding [₹ Bn] Net Incremental Contribution to Incremental Jun 18 Mar 18 in 3 Months Borrowings in last 3 Months Bank Loans 417.1 417.1 - - Debentures and Securities 695.5 656.2 39.3
Slide 57: Spreads Within Guided Range as Home Loan Share Increases
Spreads Within Guided Range as Home Loan Share Increases Spreads Cost of Funds Loan Assets [₹ Bn] Loan Assets 7-Yr CAGR: 29% Own Book 7-Yr CAGR: 27% 9.25% 1,260 11.14% 10.86% 11.15% 8.72% 138 945 3.22% 3.11% 3.23% 8.25% 710 93 7.92% 7.88% 7.51% 82 1,122 7.92% 7.75% 7.92% 852 628 Dec 17 Mar 18 Jun 18
Slide 58: Optimally Matched Balance Sheet
Optimally Matched Balance Sheet Maturity Profile [As of March 31, 2018] 609 587 414 355* 383 347 Up to 1 yr 1 - 5 yrs Over 5 yrs Assets Liabilities [Amounts in ₹ Bn] • *Assets in the ‘Up to 1 Yr’ bucket includes ₹ 165.35 Bn [as of March 31, 2018] of Cash, Cash equivalents and investments in liquid d
Slide 59: Corporate Social Responsibility
Corporate Social Responsibility 59
Slide 60: Indiabulls Foundation: Corporate Social Responsibility
Indiabulls Foundation: Corporate Social Responsibility Best Overall Excellence in CSR award at National Awards for Excellence in CSR & Sustainability 2016 Free Mobile Medical Vans HDFC Cancer Relief Fund: Community Care Health - Free primary doorstep healthcare facility ⁻ Invested ₹200 Mn in HDFC Ca
Slide 61: Board of Directors, Ratings, Business Value Proposition, Key Ratios, Valuations, and Shareholding
Board of Directors, Ratings, Business Value Proposition, Key Ratios, Valuations, and Shareholding 61
Slide 62: Eminent and Experienced Board of Directors
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 • Dr. K.C. Chakrabarty : Former Deputy Governor, The Reserve Bank of India • Justice
Slide 63: Credit Ratings
Credit Ratings Long Term Credit Rating CRISIL [a Standard & Poor’s Company] AAA ICRA [a Moody’s Investor Service Company] AAA CARE Ratings AAA Brickwork Ratings AAA 63
Slide 64: Business Value Proposition
Business Value Proposition Growing economy/ low mortgage Focus on affordable housing. Technology leveraged scalable penetration, increasing market Nationwide network with capacity. Thrust on digital presence share expanding footprint – exploiting digital opportunity Leading player in self-employed H
Slide 65: Rising Productivity Ratios
Rising Productivity Ratios FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 No. of Employees 4,512 4,243 4,072 4,099 4,840 5,453 6,388 8,111 Profit per employee 1.7 2.4 3.1 3.8 3.9 4.3 4.6 4.7 [₹ Mn] Asset per employee 37.1 58.5 80.9 108.4 118.2 140.2 162.3 162.6 [₹ Mn] Cost-to-Income
Slide 66: Key Financial Metrics
Key Financial Metrics FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Pre Tax RoAA [%] 5.5% 4.9% 4.9% 4.8% 4.9% 4.9% 4.6% 4.3% Post Tax RoAA [%] 4.1% 3.7% 3.8% 3.8% 3.7% 3.7% 3.6% 3.3% RoE [%] 17.2% 22% 26% 27% 29% 26% 26% 30% Capital Adequacy 23.87% 19.96% 18.58% 20.47% 19.60% 23.38
Slide 67: Valuations and Returns
Valuations and Returns Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Jun-18 Market Price per Share [₹] 155 207 272 286 558 674 998 1,194 1,274* Market Capitalisation 48.1 64.5 84.9 95.4 198.4 284.0 422.9 509.3 543.4 [₹ Bn] Net Worth [₹ Bn] 45.4 49.1 53.2 57.1 66.3 106.9 124.7 154.2 164.2 P
Slide 68: Shareholding Pattern
Shareholding Pattern 9.1% 21.6% 14.7% 54.6% Founder Foreign Institutional Shareholding MFs/Banks/IFI Public MF: Mutual Funds; IFI: Indian Financial Institutions As on 30st June, 2018 68
Slide 69: Thank you
Indiabulls HOUSING FINANCE Thank you
Indiabulls Housing Finance — Investor Presentation (August 2018) on 6ix