Sammaan Capital Ltd · NSE:SAMMAANCAP
Sammaan Capital — Indiabulls Housing Finance — Investor Presentation (March 2017)
70 slides from Sammaan Capital's investor presentation, Mar 27, 2017
Slide 1: Indiabulls Housing Finance Limited
Indiabulls Housing Finance Limited
Slide 2: Safe Harbour Statement
Safe Harbour Statement This document contains certain forward-looking statements based on current expectations of Indiabulls Housing Finance Ltd. (CIN: L65922DL2005PLC136029) management. Actual results may vary significantly from the forward-looking statements in this document due to various risks a
Slide 3: Contents
Contents Pg. No. 1. Business Update 04 2. Operational Update 09 3. eHome Loans v2.0 12 4. Indian Mortgage Market 15 5. Financial and Operational Highlights 27 6. LAP Grading 35 7. Demonetization Update 41 8. Liabilities Profile 50 9. Corporate Social Responsibility 57 10. Distribution Network, Ratin
Slide 4: Business Update
Indiabulls HOME LOANS Business Update
Slide 5: Our Journey
Our Journey 2016-17 Balance sheet: ₹ 1,024.1 Bn. Net worth of ₹118 Bn 406.4* For the first time PAT crosses 2015-16 ₹ 7.5 Bn a quarter 283.9 2014-15 Balance Sheet: ₹ 764.4 Bn, PAT: ₹ 23.4 Bn ₹ 40 Bn raised through QIP issue 198.4 Net worth of ₹ 107 Bn: 2nd highest among pvt HFCs/ NBFCs 2
Slide 6: Business Update
Business Update Key Financial Highlights : 9M FY 16-17 (ending December 31, 2016) Balance sheet size at ₹ 1,02,406.2 Crs (₹ 1.02 trillion) Y-o-Y 9M FY 16-17 9M FY 15-16 Growth (%) Loan Assets (₹ Bn) 814.22 622.65 30.8% Total Revenues (₹ Bn) 84.77 65.78 28.9% NII (₹ Bn) 34.08 26.77 27.3% PBT (₹ Bn) 2
Slide 7: Growth Driver: Core Home Loans Business
Growth Driver: Core Home Loans Business Favourable Macros Environment • Strong structural drivers and government focus: “Housing for All by 2022” ‒ Coordinated efforts by government agencies and regulators to align policies and fiscal incentives ‒ Budget 2017 has meaningfully enhanced the scope of ‘
Slide 8: Growth Driver: Core Home Loans Business
Growth Driver: Core Home Loans Business IBHFL’s Competitive Leverage from Operating Efficiencies and Funding Advantage Vast headroom for home loans’ growth ‒ Home loans growth driven by eHome Loans and Smart City Home Loans ‒ Portfolio performance stable as home loan growth drives total loan asset g
Slide 9: Operational Update
Indiabulls HOME LOANS Operational Update
Slide 10: Business Summary
Business Summary • Balance Sheet : ₹ 1.02 Trillion • Loans Outstanding : ₹ 814.22 Bn (December 31, 2016) : (US$ 11.97 Bn) • Loan Assets CAGR (5 years) : 27% • Cumulative Loans given to retail Customers : 8,89,070 • Cumulative Loans Disbursed till date : ₹ 1,538.2 Bn (US$ 22.62 Bn) • Cost to Income R
Slide 11: Consistent Growth Track Record
Consistent Growth Track Record Balance Sheet Loan Assets Revenue CAGR: 28% CAGR: 28% CAGR: 30% 814 92 1,024 687 85 73 764 522 59 572 344 412 48 444 275 38 322 391 198 25 253 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Dec-16 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Dec-16 FY11 FY12 FY13 FY14 FY15 FY1
Slide 12: e-Home Loans Version 2.0
Indiabulls HOME LOANS = e-Home Loans Version 2.0 12
Slide 13: Version 2.0: Enhancing Customer Experience and Convenience
version 2.0: Continuing Focus on Enhancing Customer Experience and Convenience OneGO e-Sign Unified Payment Interface Facebook Integration Single e-signature for multiple uploaded Money transfer as easy as sending a text Lead generation through Facebook documents message Application form filling thr
Slide 14: Technology Leveraged Cost-Effective Growth
Technology Leveraged Cost-Effective Growth Reduction in Processing Cost per File and Greater Credit Control • Smart city home loans driven through eHome loans led sourcing and credit appraisal • Within 6 months of launch, 18% of incremental home loans sourced through ‘e-Home Loans’ • End-to-end IT e
Slide 15: Indian Mortgage Market
Indiabulls HOME LOANS Indian Mortgage Market
Slide 16: Favourable Macro Environment for Affordable Housing
Favourable Macro Environment for Affordable Housing Pg. 17 Strong structural drivers and government focus: “Housing for All by 2022” ‒ Coordinated efforts by government agencies and regulators to align policies and fiscal incentives ‒ Budget 2017 has meaningfully enhanced the scope of ‘Affordable Ho
Slide 17: Strong Structural Drivers and Government Focus
Strong Structural Drivers and Government Focus CY2016: Boost to the Housing Sector Real Estate (Regulatory & Development) Act, 2016 will lead to a structured, transparent and Regulator disciplined sector Tax Incentives Increased tax incentive reduces effective home loan yields to 2.4% for a 8.65% ho
Slide 18: RBI, SEBI and IRDA – Regulatory Focus on Increasing Funding Avenues to HFCs
RBI, SEBI and IRDA – Regulatory Focus on Increasing Funding Avenues to HFCs Government focus and mission of ‘Housing For All’ has prompted all financial regulators to increase flow of funds to housing finance companies • RBI has reduced risk weights on bank lending to AAA rated housing finance compa
Slide 19: Pradhan Mantri Awas Yojana (PMAY)
Pradhan Mantri Awas Yojana (PMAY) • Tremendous boost from expansion of coverage under Pradhan Mantri Awas Yojana (PMAY) - People earning up to ₹ 150,000 per month now covered under the scheme for purchase of a house of carpet area up to 1,185 Sq. Ft. - There is no cap on the value of the house being
Slide 20: Pradhan Mantri Awas Yojana (PMAY)
Pradhan Mantri Awas Yojana (PMAY) • 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 Principal Repayment Opening Loan Interest Payment Net Amount Paid
Slide 21: EMI Smaller than Rent Cheque: PMAY and Tax Incentive
EMI Smaller than Rent Cheque: PMAY and Tax Incentive for 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% 0.42% Rental yield Effective Interest Rate on Home Loans with PMAY (0.42%) Source: NHB; Industry reports Increasing Affordabili
Slide 22: Commercial Office Space Absorption
Commercial Office Space Absorption • Office leasing is a lead indicator of housing demand • Leasing activity is the highest in suburban and peripheral localities, which coincide with supply of affordable housing • Uptick in commercial office space absorption at an all time high of 43 million sq.ft.
Slide 23: Growth Momentum: Trends in Residential Real Estate
Growth Momentum: Trends in Residential Real Estate • Boost to affordable housing ₋ Home loan rates down to 8.5% levels – a drop of 50 bps ₋ Effective home loan rates for a ₹ 2.4 mn. home loan is 0.42%, lower than rental yields in top-12 Indian cities which is at 3.2% ₋ Home ownership is very lucrati
Slide 24: Housing Potential: Driven by Favourable Demographics
Housing Potential: Driven by Favourable Demographics • Urban housing requirement: estimated at 45 million units by 20221 • Demand continues to increase due to rapid urbanization, which is expected to rise to 40% by 2030, and growing trend of nuclear families 88% 81% 41% 26% 29% 17% 20% 09% India Tha
Slide 25: Mortgage Market Growth
Mortgage Market Growth Growing HFC Market Share in a Steadily Expanding Home Loans Market 17% 18% 18% CAGR HFC CAGR: 22% 10,299 8,887 7,526 39% 6,249 38% 5,538 37% 4,595 36% 34% 33% Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Banks' Share HFCs' Share (Amounts in ₹ Bn) • Home loan market is concentrate
Slide 26: No Regulatory Arbitrage: Regulatory Regime for Housing Finance Cos at par with Banks
No Regulatory Arbitrage: Regulatory Regime for Housing Finance Co’s at par with Banks Parameters HFCs Banks NBFCs SI NPA Recognition 90 dpd 90 dpd 90 dpd (from FY18) CRAR 12% 9% 15% - Tier 1 6% 6% 7.5% Standard Asset Housing Loans 0.4% 0.4% 0.4% (from FY18) Provisions Others 1% 0.25-1% 0.4% (from FY
Slide 27: Financial and Operational Highlights
Financial and Operational Highlights 27
Slide 28: Balance Sheet Assets
Balance Sheet Assets 7% 22% Loan Book: 71% Cash & Liquid Investments*: 22% Other Assets: 7% 71% Total Assets As at December 31, 2016 ₹ 1,024.1 Bn (US$ 15.06 Bn) As at December 31 , 2015 ₹ 712.0 Bn (US$ 10.47 Bn) *Cash, Cash Equivalents and Investments in Liquid Debt Instruments US $ amounts are conv
Slide 29: Asset Composition
Asset Composition Q3FY 15-16 Q3FY 16-17 1% 23% 21% 76% 79% Mortgage Loans Corporate Mortgage Loans Commercial Vehicle Loans • Home loans, which form the majority of incremental disbursals, are disbursed at an average ticket size of ₹ 2.5 Mn; average LTV of 71% (at origination) 29
Slide 30: Asset Quality
Asset Quality As at December 31, 2016 0.86% 0.83% 0.85% (in ₹ Bn) NPA (90+ dpd): 6.94 Provisions for 0.52% Contingencies: 10.26 0.48% 0.49% Of which 0.34% 0.35% 0.36% NPAs: 3.98 Other provisioning: 6.28 Regulatory Provisioning: 7.11 Dec 14 Dec 15 Dec 16 Excess Provisioning Gross NPA General & Specif
Slide 31: Retail Mortgage Loans' Sourcing
Retail Mortgage Loans' Sourcing 84% of Mortgage loans are sourced in-house 10% 16% 74% Direct Sales Team* External Channels Branch Walk-ins • Nearly 85% of the incremental sourcing is done in-house by on-rolls employees *Direct Sales Team: on-rolls sales employees 31
Slide 32: Smart City Home Loan
Smart City Home Loan • 20 new Smart City Home Loan branches have been added in Q3 FY17 • ₹ 800 Mn of monthly incremental business is being sourced from these branches 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 L
Slide 33: Home Loan Profile: Focus on Affordable Housing
Home Loan Profile: Focus on Affordable Housing Average Loan Size ₹ 2.5 Mn Maximum Loan to Value 80% Average Loan to Value 71% (at origination) Average Loan Term 15 years Primary Security Mortgage of property financed Repayment Type Monthly amortizing • RBI defines affordable housing finance as housi
Slide 34: 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 Basis of Credit Appraisal Business Cash flow analysis
Slide 35: LAP Grading
LAP Grading A Pioneering Initiative for Improved Risk Management and Greater Transparency 35
Slide 36: Loan Against Property Grading from CRISIL and ICRA
Loan Against Property Grading from CRISIL and ICRA • LAP grading engagement with CRISIL (a Standard and Poor’s Company) and ICRA (a Moody’s Investors Service Company) - CRISIL grades the loans on aspects such as past payment track record; nature of business and financial performance; nature of prope
Slide 37: 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 38: 7th Report CRISIL LAP Grading: Updated for Q3 FY17
7th Report CRISIL LAP Grading: Updated for Q3 FY17 Grading Segment Characteristics Total Interest Disbursals Outstanding Grading Quality of Service Loan to EBITDA Apr 15 – Liabilities/ Scale LAP Loans# Coverage Value (LTV) Margins Dec16 Total Ratio (ISCR) Networth 99% of incremental LAP1 Highest 8.9
Slide 39: ICRA LAP Grading Methodology
ICRA LAP Grading Methodology (2nd rating agency to grade LAP loans) • In Q2 FY 2015-16, 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 loan on a ICRA developed customised scale Grading Assessment Par
Slide 40: 5th Report ICRA LAP Grading: Updated for Q3 FY17
5th Report ICRA LAP Grading: Updated for Q3 FY17 Grading Characteristics Level of credit Grading Grading Scale Median LTV Median FOIR worthiness Distribution Over 99% of LAP1 Excellent 17.9% 26% 32% incremental LAP loans LAP2 Good 65.5% 52% 47% are within the top LAP3 Average 16.4% 63% 56% three gra
Slide 41: Demonetization Update
Indiabulls HOME LOANS Demonetization Update
Slide 42: Demonetisation Led Tailwinds in Loan Spreads
Demonetisation Led Tailwinds in Loan Spreads: Leverage from Reducing Funding Costs 67 bps reduction in funding costs for Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 IBHFL on stock since Sep 2016 v/s SBI Base Rate 9.30% 9.30% 9.30% 9.30% 9.25% 5 bps transmission by banks on stock of loans IBHFL CoF on Stock 9
Slide 43: Monthly Monitoring Report of ₹ 164.6 Bn of Sold Down Portfolio
Monthly Monitoring Report of ₹ 164.6 Bn of Sold Down Portfolio – from Rating Agencies CRISIL, ICRA and CARE • CRISIL, a Standard & Poor’s Company, publishes pool performance parameters for 74 of 81 sold down pools • ICRA, a Moody’s Investors Service Company, and CARE publishes pool performance of 7
Slide 44: Monthly Monitoring Report of ₹ 164.6 Bn of Sold Down Portfolio
Monthly Monitoring Report of ₹ 164.6 Bn of Sold Down Portfolio – from Rating Agencies CRISIL, ICRA and CARE Initial Pool Details of Initial POS Sold Down Number of Disbursement Months on Pool Principal Summary Principal Amortisation 90+ dpd % 180+ dpd % CCR MCR Pools (₹ Mn) Book (₹ Mn) (₹ Mn) HL Poo
Slide 45: Home Loans Pool Performance Factsheet: CRISIL
Home Loans Pool Performance Factsheet: CRISIL 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 1 20-Mar-12 1,679.7 1,587.4 58 52
Slide 46: Home Loans Pool Performance Factsheet: CRISIL
Home Loans Pool Performance Factsheet: CRISIL 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) 20 Bank 7 01-Sep-15 1,380.1 1,288.1 16 8
Slide 47: LAP Pool Performance Factsheet: CRISIL
LAP Pool Performance Factsheet: CRISIL 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 2 29-Sep-11 3,676.9 3,354.5 64 368.4 90%
Slide 48: Home Loans and LAP Pool Performance Factsheet
Home Loans and LAP Pool Performance Factsheet Pass-Through Certificates Home Loan PTC Pools rated by CRISIL 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) Rati
Slide 49: Industry Home Loans' Off-take: Data from CIBIL
Industry Home Loans’ Off-take: Data from India’s Largest Credit Bureau – CIBIL Average Daily Home Loan Enquiries across Financial Institutions Lender Type Oct 16 Dec 16 % Change All Housing Finance Companies 8,776 8,363 -5% Private Sector Banks 3,313 2,936 -11% (incl. Foreign Banks) Public Sector Ba
Slide 50: Liabilities Profile
Indiabulls HOME LOANS Liabilities Profile
Slide 51: Liabilities
Liabilities 12% 7% Share Holders’ Funds: ₹ 117.9 Bn (US$ 1.73 Bn) Borrowings: ₹ 831.8 Bn (US$ 12.2 Bn) Other Liabilities: ₹ 74.4 Bn (US$ 1.09 Bn) 81% Total Liabilities: As of December 31, 2016: ₹ 1,024.1 Bn (US$ 15.06 Bn) As of December 31, 2015: ₹ 712.0 Bn (US$ 10.47 Bn) US $ amounts are converted
Slide 52: Funding Mix
Funding Mix 0% 2% 3% 11% 10% 12% 37% 54% 49% ECB Sell Down Bank Loans 50% 35% 37% Debentures and Securities Dec 14 Dec 15 Dec 16 Total Borrowings: As of December 31, 2016: ₹ 831.8 Bn (US$ 12.23 Bn) As of December 31, 2015: ₹ 562.17 Bn (US$ 8.27 Bn) US $ amounts are converted based on the exchange ra
Slide 53: Strengthening Liability Profile
Strengthening Liability Profile 900 Borrowings (₹ Bn) 832 800 562 700 600 437 Borrowings 500 400 Net Gearing 300 6.1 5.2 200 100 4.3 Net Gearing: Borrowings Net of ‘Cash & Cash Equivalents’ and ‘Investments in Liquid - Dec 14 Dec 15 Dec 16 Debt Instruments’ Total Funding (₹ Bn) Net Incremental Contr
Slide 54: RoE Maximization through Capital Conservation
RoE Maximization through Capital Conservation Loan Assets (₹ Bn) Cost of Funds Stable Spreads Loan Assets 5-Yr CAGR: 27% Own Book 5-Yr CAGR: 25% 814 9.25% 9.05% 12.43% 87 8.80% 12.25% 12.07% 623 8.72% 8.44% 481 74 3.18% 3.20% 3.27% 54 8.06% 727 549 9.25% 9.05% 8.80% 427 Dec 14 Dec 15 Dec 16 Jun 16 S
Slide 55: Optimally Matched Balance Sheet
Optimally Matched Balance Sheet Maturity Profile (As of March 31, 2016) 353 333 273* 270 175 153 Up to 1 yr 1 - 5 yrs Over 5 yrs Assets Liabilities (Amounts in ₹ Bn) • * Assets in the ‘Up to 1 Yr’ bucket includes ₹ 128.7 Bn (as of March 31, 2016) of Cash, Cash equivalents and investments in liquid d
Slide 56: 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 and Managing Director • Dr. K.C. Chakrabarty : Former Deputy Governor, The Reserve Bank of India • Justice Gyan
Slide 57: Corporate Social Responsibility
Corporate Social Responsibility 57
Slide 58: 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 Health Jan Swastha Kalyan Vahika ` Scholarship: Education` (mobile medical vans): - To over 500 meritorious students - Free check-up Computer Lit
Slide 59: Distribution Network, Ratings, Key Ratios, Valuations and Shareholding
Distribution Network, Ratings, Key Ratios, Valuations and Shareholding 59
Slide 60: Country Wide Reach
Country Wide Reach Head office • Core credit committee Master Service • Loans above pre- Centers (MSC) defined limits go to • Regional credit hub the committee Branches • Detailed credit • Walk-in analysis branches • Underwrites high • Customer Service interaction and value cases Centers service del
Slide 61: Credit Ratings
Credit Ratings Long Term Short Term Rating Rating CARE Ratings AAA A1+ Brickwork Ratings AAA CRISIL (a Standard & Poor’s Company) AA+ A1+ ICRA (an Associate of Moody’s Investor Service) AA+ A1+ India Ratings & Research (a Fitch Group A1+ Company) 61
Slide 62: Rising Productivity Ratios
Rising Productivity Ratios FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 No. of Employees 5,453 4,840 4,099 4,072 4,243 Profit per employee (₹ Mn) 4.3 3.9 3.8 3.1 2.4 Asset per employee (₹ Mn) 140.2 118.2 108.4 80.9 58.5 Cost-to-Income Ratio 14.3% 16.4% 17.1% 18.0% 18.7% 62
Slide 63: Key Financial Metrics
Key Financial Metrics FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 Pre Tax RoAA (%) 4.9% 4.9% 4.8% 4.9% 4.9% Post Tax RoAA (%) 3.7% 3.7% 3.8% 3.8% 3.7% RoE (%)^ 26% 29% 27% 26% 22% Capital Adequacy (%)# 23.38% 19.60% 20.47% 18.58% 19.96% - Tier I# 20.36% 16.28% 16.10% 15.05% 19.27% - Tier II# 3.02% 3.32%
Slide 64: Valuations and Returns
Valuations and Returns Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Market Price per Share (₹) 959.1* 674.0 557.9 285.6 271.8 207.1 Market Capitalisation 406.4 284.0 198.4 95.4 84.9 64.5 (₹ Bn) PE Ratio (times) 14.7 11.3 10.2 6.0 6.8 6.5 Dividend per Share (₹) # 27 36 35 29 20 13 Dividend Yield 3.8% 5.
Slide 65: Shareholding Pattern
Shareholding Pattern 10.4% 4.5% 24.0% 61.1% Founder Foreign Institutional Shareholding MFs/Banks/IFI Public MF: Mutual Funds; IFI: Indian Financial Institutions As on 31st December, 2016 65
Slide 66: Detailed Financials
Indiabulls HOME LOANS Detailed Financials 66
Slide 67: Consolidated Balance Sheet
Consolidated Balance Sheet ₹ 228.15 Bn of Cash & Cash Equivalents and Investments in Liquid Debt Instruments The company had cash, cash equivalents and investments in liquid debt instruments of ₹ 228.15 Bn as at 31st Dec, 2016. The company receives income from its cash, cash equivalents and investme
Slide 68: Consolidated Income Statement
Consolidated Income Statement The company had cash, cash equivalents and investments in liquid debt instruments of ₹ 228.15 Bn as at 31st Dec, 2016. The company receives income from its cash, cash equivalents and investments in liquid debt instruments through the quarter, most of which appears in ‘O
Slide 69: Disclaimer from CRISIL (for Pool Performance Reports)
Disclaimer from CRISIL (for Pool Performance Reports) The Pool Performance Factsheet (“Factsheet”) has been prepared at the request of the Originator – Indiabulls Housing Finance Limited. The Factsheet for pools backed by Pass-Through Certificates (PTCs) and Direct Assignments (DAs) presented in thi
Slide 70: Thank you
Indiabulls HOME LOANS Thank you
Indiabulls Housing Finance — Investor Presentation (March 2017) on 6ix