Questions across 4 calls

Suresh Ganapathy

Macquarie

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Apr26.pdf · 2026-04-16

Yes, so Vibha, again somewhat indirectly related to the first question itself. You know, in FY23, if you were to make a business projection of your VNB growth, you would have said 15% plus CAGR, right, for the next three years? I am looking at FY26 number, your CAGR has been just 3%, FY26 over FY23. So, it's actually not grown at all in three years' time. I am sure you were not expecting this kind of an outcome. I know there have been a lot of changes, but unfortunately, the regulator is still talking about some commission caps, so many things are happening. Are you confident that with the GST cut, whether it is protection, the next three years will not see a single-digit VNB CAGR?

Even if I were to adjust for that, that is still way below your industry standard, right? If I look at FY10 to FY21-22, you were the bellwether on the industry benchmark. All said and done, even normalizing for that, your growth has been weak, your VNB growth has been weak, and competition is not going away. People are going to be aggressive. There is no compulsory listing. So, we are in a tough industry in a way, right, both from a competition angle as well as from a regulatory angle.

HDFC Life Insurance Company Limited CC-Sep23.pdf · 2023-10-13

Two questions. You said the counter share has gone up. HDFC Bank’s counter share was up to 56% last quarter from 55%. Can you share any numbers? How much has it gone up this quarter?

That is fantastic. Can you tell us what have you done? What has happened to have such a massive pickup? And how have you gone about doing this?

HDB Financial Services Limited

HDB Financial Services Limited CC-Jun25.pdf · 2025-07-15

So just a little bit on what you think will be the eventual sustainable credit cost, because we are already at 2.5% for this quarter. And the fourth quarter was, I mean, sorry, last year, full year was 2.1% because we're already operating at a high level. A nd your numbers are much higher than peers. And also, the ROA level at 1.9%, again, it is much, much lower than peers. So, is the business model inherently having higher credit costs and therefore lower RO A? Because we have touched 3% RO A also in the past. So, we want to know where the reality is and where things would eventually settle, because you are currently operating at 1.9% RO A. That's one point. And yes, so that's the first question. Maybe then I'll go for the second one. Yes.

Okay. And this is my last question. It's just a qualitative understanding since you guys, of course, run the business. What is explaining this CV slowdown? Is the government not spending? Is the rural incomes weaker? Because we see rural incomes being very buoyant. Last year, monsoon was fantastic. Still, we have had this kind of an outcome in the CV space. Is it over-leveraging? Any kind of qualitative assessment that you can give on what has gone wrong here?

HDFC Bank Limited

HDFC Bank Limited CC-Sep23.pdf · 2023-10-16

Yes, hi. I had Just two questions. One is Sashi said, 83% to 85% of that INR1.1 trillion is retail deposits, right? So it's about INR85,000 crores is what you mobilize out of INR1.1 trillion. Is that right?

Yes. So seen it as INR85,000 crores, which is the effective number absolute, what would be the Basel III LCR quarter -on-quarter addition? The reason why I'm asking is last quarter, it was INR66,000 crores. I want a like -for-like quarter -on-quarter addition for the Basel III retail deposits because this number seems to be way different from this INR85,000 crores. Is it possible to share that number?