Sammaan Capital Ltd · NSE:SAMMAANCAP
Sammaan Capital — Debt Investor Presentation (March 2025)
41 slides from Sammaan Capital's debt investor presentation, Mar 24, 2025
Slide 1: Investor Presentation
(Formerly known as Indiabulls Housing Finance Limited) Investor Presentation
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR IN ANY OTHER JURISDICTIONIN WHICH SUCH RELEASE, PUBLICATION O
Slide 3: Transaction Summary
Transaction Summary Issuer Sammaan Capital Limited (“SCL”) Issue Fixed Rate, Senior Secured Social US$ Notes Issuer Rating/Outlook (S&P) B+/Stable Expected Issue Rating (S&P) [TBD] Issue Amount Benchmark Tenor [TBD] Coupon [TBD]% p.a. payable semi-annually • The financial and non-financial assets (i
Slide 4: Contents
Contents Pg. No. 1 Company Overview 5 2 Business Overview 12 3 Growth Book 15 4 Servicing Track Record 18 5 Legacy Book 21 6 Key Credit Highlights 25 7 Appendix 38 7A Financial and Operational highlights 40 7B Abbreviations and Exchange rates 41 4
Slide 5: Company Overview
SAMMAAN CAPITAL Company Overview
Slide 6: History and Milestones
History and Milestones Key Milestones • Conversion to NBFC-ICC and name change to Indiabulls Financial “Sammaan Capital Limited” Indiabulls Housing Services Limited Finance Limited • ~US$395mn equity • ~US$150mn QIP issue (IBFSL) started in (IBHFL) was a wholly capital raised from 2000 and registere
Slide 7: Business Journey: Consolidation followed by Stabilization
Business Journey: Consolidation followed by Stabilization On a consolidated basis FY18 – FY23: Journey of Consolidation and Build-Out of Co-lending model FY24: Year of stabilization Parameters FY18 FY19 FY20 FY21 FY22 FY23 FY24 9MFY25 Russia/Ukraine War, IL&FS Crisis COVID Headwinds Global Macro Vol
Slide 8: Company Overview
Company Overview Shareholding Pattern(1) Key Highlights (as of 31 December 2024) Promoter-less financial Institution: Professionally Managed, Board run company On a consolidated basis 6.7% 1.5% ~US$2.4bn ~US$7.2bn 34.1% Net Worth Total AUM(2) CRAR Long Term Ratings International Rating Short Term Ra
Slide 9: Business Structure and Product Portfolio
Business Structure and Product Portfolio Sammaan Capital Limited (SCL) Sammaan Capital (SCL) Sammaan Finserve (SFL) Prime Mortgage Origination Home Loans LAP Home Loans LAP • Operating Listed NBFC and Holding Company for affordable housing Average Loan Size (US$000s) ~35 ~90 ~20 ~30 subsidiary and r
Slide 10: Business Model: Asset-Light Focus
Business Model: Asset-Light Focus Sell-Down Approach Co-Lending Business Model • Collaboration with 10 banks and financial institutions for sourcing home loans and secured MSME loans Operational arrangements • Credit parameters are pre-decided with Banks • Securitize or directly assign loan receivab
Slide 11: Accelerating Growth through Consistent Equity Infusion
Accelerating Growth through Consistent Equity Infusion Total capital raised for ~$995mn since FY20 Amount in US$mn 443 270 150 91 40 FY20 FY21 FY22 FY24 9MFY25 Shareholding Pattern post QIP Top 5 shareholders 6.7% 27.5% 1.5% 64.3% Public Foreign Institutional Holding MFs/Bank/IFI/Insurance cos Emplo
Slide 12: Business Overview
SAMMAAN CAPITAL Business Overview 12
Slide 13: Business Snapshot
Business Snapshot Growth Legacy Growth AUM Legacy AUM 56% 9M FY25 44% ~US$4,082mn ~US$3,153mn 4,082 4,366 3,739 3,408 3,611 3,153 Q1 FY25 Q2 FY25 Q3 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Strong capitalization levels and low leverage provide ample cushion to sustain long term AUM growth. On a consolidated bas
Slide 14: SCL: Key Metrics
SCL: Key Metrics On a consolidated basis Key Metrices Q1FY25 Q2FY25 Q3FY25 Legacy AUM US$4,366mn US$3,611mn US$3,153mn Growth AUM US$3,408mn US$3,739mn US$4,082mn ~US$1,450mn ~US$1,690mn ~US$1,750mn Annual Incremental Disbursal (Annualised) (Annualised) (Annualised) Incremental Growth business RoA 2
Slide 15: Growth Book
SAMMAAN CAPITAL Growth Book 15
Slide 16: Growth Book trajectory
Growth Book trajectory Growth AUM (in US$mn) 4,082 3,739 3,408 Q1 FY25 Q2 FY25 Q3 FY25 10 partner banks with disbursement of ~US$3.2bn under Asset Light Model since FY22 and delinquency rate <0.6% ~US$780mn disbursed through co-lending and sell down in 9MFY25 Profile of Loans Disbursed in 9MFY25 Hom
Slide 17: Growth Business AUM Split
Growth Business AUM Split Loan Type Stage Wise LTV (at origination) Geography 0.6% 1.0% 15.3% 19.6% 33.6% 29.7% 19.6% 34.6% AUM Split Geographical 66.4% By Stage Distribution 13.2% LTV 8.0% 33.4% 31.6% 8.9% 13.2% 20.2% 8.5% 98.4% 10.6% Maharashtra Delhi Co-Lending Assignment Stage 1 Stage 2 Stage 3
Slide 18: Servicing Track Record
Servicing Track Record (Pillar for the future Co-lending business ) 18
Slide 19: Asset Light Business: Co-Lending
Asset Light Business: Co-Lending Consistent Track Record • Strategic and sizable sourcing partner for 10 banks • Advantage to partner banks: good asset quality; cost efficiencies; quick access to stable, long-tenured Strategic Partnerships with select banks mortgage products • Total Disbursement of
Slide 20: Securitised Loans Performance
Securitised Loans Performance Retail Loan Book of Highest Quality – Strong portfolio performance of all sold down pools till date of ~US$10.7 bn Amounts till date Loan Pool Type HL Pools LAP Pools Total Disbursement US$mn 7,176 3,152 10,687 Average Ticket Size at Disbursement $000s 30 62 37 Sold Dow
Slide 21: Legacy Book
SAMMAAN CAPITAL Legacy Book 21
Slide 22: Legacy Book: Accelerating Run-Down
Legacy Book: Accelerating Run-Down Legacy AUM run down by ~78% since FY19 Amounts in US$mn 17,424 8,162 5,856 4,655 3,153 FY19 FY22 FY23 FY24 9MFY25 Run Down supported by strong collections Since FY2019 ~US$19.4bn have been collected on the legacy AUM Cash collections from legacy book at its highest
Slide 23: Legacy Book Movement
Legacy Book Movement 19,409 Amount in US$mn 5,169 14,288 Repayment 4,884 Collections and Recoveries 17,424 3,728 Refinance Portfolio Sale 1,393 1,567 3,153 Mar 19 Legacy Mar-19 Legacy Book AUM [+] Disbursal [+] Interest [-] Collections [-] Provision & Write-offs Legacy AUM (Dec-24) Net of the impact
Slide 24: Legacy Book – Portfolio Split
Legacy Book – Portfolio Split Stage Wise Vintage Wise LTV(1) 10.6% 18% 15.0% Split by LTV Stage 35% 18.5% Vintage 61.5% 41% 87.6% <4 year 4 - 6 years Less than 50 50-70 70-80 Above 80 Stage 1 Stage 2 + SR Stage 3 6 - 8 years >8 years AUM Split by AUM Split by AUM Split by Collateral Geography Constr
Slide 25: Key Credit Highlights
SAMMAAN CAPITAL Key Credit Highlights 25
Slide 26: Key Credit Highlights
Key Credit Highlights 1 Robust industry fundamentals complemented by growth drivers 2 One of the largest pan-India NBFCs with wide geographic reach 3 Access to diversified funding sources 4 Well capitalised NBFC with prudent risk management 5 Well matched ALM profile 6 Experienced board of directors
Slide 27: Abundant opportunities for growth in the mortgage finance market
Abundant opportunities for growth in the 1 mortgage finance market, supported by secular growth drivers Growth in NBFC credit and low housing penetration in India provide abundant opportunities for growth in mortgage finance Credit growth of NBFCs to remain healthy in fiscals 2025 and 2026 India’s m
Slide 28: Mortgage finance sector is an Integral Part of India's credit market
Mortgage finance sector is an Integral Part of 1 India’s credit market Spreads(%) of NBFCs are on the rise Gearing ratios improved across all NBFCs Spreads (%) Gearing 7.3% 5.9 7.0% 7.0% 5.4 5.0 4.9 6.3% 4.7 6.0% 6.2% 4.3 6.0% 5.9% 6.0% 6.0% 4.0 5.7% 5.7% 5.7% 3.9 3.7 3.9 5.5% 5.2% 3.1 2.7 2.7 2.5 3
Slide 29: One of the largest Pan-India NBFCs with wide geographic reach
2 One of the largest Pan-India NBFCs with wide geographic reach Wide geographic reach with 217 branches across 21 states in India 1.4mn+ Number of customers served # of branches in the state States where branches are 21 States with Branch presence 1 present 12 Corporate Headquarters 1 6 25 10 217 To
Slide 30: Access to diversified funding sources
3 Access to diversified funding sources Diversified Borrowing Mix Banking relationships across PSUs, Private and Foreign Banks 29% Public 40% Sector 37% 35% Banks 3% 1% 1% 1% 30% 28% 28% 31% Private Sector 38% Banks 36% 31% 31% Mar-22 Dec-23 Mar-24 Dec-24 Financial Non-Convertible Debentures Bank Lo
Slide 31: Foreign currency borrowings raised and repaid in the last 10 Years
3 Foreign currency borrowings raised and repaid in the last 10 Years Amount of Foreign Currency borrowings raised (US$mn) 3,844 1157 833 281 281 350 350 139 150 165 100 37 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Total Amounts Foreign Currency borrowings repaid (US$mn) 3,420
Slide 32: Well capitalised NBFC with prudent risk management policies
Well capitalised NBFC with prudent risk 4 management policies Capital Adequacy (%) - Standalone PPOP (%) CRAR regulatory minimum: 15% % Avg. Assets Tier II Capital Tier I Capital 3.3% 22.7% 27.9% 2.9% 22.5% 23% 2.7% 2.3% 0.9% 5.9% 4.6% 27.9% 21.8% 16.6% 18.4% FY22 FY23 FY24 9MFY25 FY22 FY23 FY24 9MF
Slide 33: Well matched ALM profile
5 Well matched ALM profile Tenor with Asset Liability position Amounts in US$mn Cumulative GAP(%) (As of Dec 2024) +185% +121% +25% +1% Fully Matched 7,552 7,552 Assets Liabilities 4,796 4,752 3,521 2,819 1,814 1,368 822 479 6m 1yr 3yr 5yr ∞ Liquidity Coverage Ratio (LCR) as on December 31, 2024, st
Slide 34: Experienced board of directors and senior management team
6 Experienced board of directors and senior management team Board of Directors Mr. Subhash Sheoratan Mundra Mr. Dinabandhu Mohapatra [Non-executive Chairman & Independent director] [Independent Director] • Former Deputy Governor Of RBI, Chairman and MD of Bank of Baroda, • Former MD & CEO of Bank of
Slide 35: Credit rating views
Credit rating views Ratings AA (May 2024) AA (November 2024) B+ (March 2025) Outlook Stable Stable Stable ▪ The ratings continue to reflect strong ▪ The profitability trajectory has remained ▪ The upgrade of Sammaan Capital Ltd. (SCL) from capitalization with healthy cover for subdued in recent year
Slide 36: Safe Harbour Statement
Safe Harbour Statement This document contains certain forward-looking statements based on current expectations of Sammaan Capital Limited management (“SCL”). These forward looking statements and any other projections contained herein are predictions and involve known and unknown risks, uncertainties
Slide 37: Thank You
SAMMAAN CAPITAL Thank You
Slide 38: Appendix
SAMMAAN CAPITAL Appendix
Slide 39: Financial and Operational Highlights
Financial and Operational Highlights 39
Slide 40: Consolidated Income Statement
Consolidated Income Statement (Rupees in Billions) Quarter ended Nine Months ended Year ended Particulars 31.12.24 30.09.24 31.12.23 31.12.24 31.12.23 31.03.24 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Revenue from operations (i) Interest Income 18.90 21.06 16.62 56.85 52.11
Slide 41: Abbreviations and Exchange rates
Abbreviations and Exchange rates Abbreviations Table Exchange Rates 1US$ to INR* ARC Asset reconstruction companies AUM Assets under management 31-Mar-18 65.1 CIBIL Credit Information Bureau (India) Limited CLM Co-lending model DA Direct assignment 31-Mar-19 69.2 FCCB Foreign currency convertible bo
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