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Financial Highlights CONTENTS O N E F I R M 10 HIGHLIGHTS 02 INFRASTRUCTURE REVIEW 20 CHAIRMAN'S STATEMENT 04 DIRECTORS' REPORT 29 BOARD OF DIRECTORS 08 MANAGEMENT DISCUSSION 36 AND ANALYSIS ACCOUNTS CONSOLIDATED GROUP 63 CORPORATE GOVERNANCE 52 A C C O U N T S W I T H AUDITORS' REPORT ADDITIONAL SHAREHOLDER 59 INFORMATION S TA N D A L O N E A C C O U N T S 85 WITH AUDITORS' REPORT CEO & CFO CERTIFICATE 62 STATEMENT PURSUANT TO 118 AUDITORS' CERTIFICATE 62 SECTION 212 financial highlights FIGURES IN RS. CRORE APPROVALS AND DISBURSEMENTS UNLESS OTHERWISE STATED 13 % 33,562 CONSOLIDATED BALANCE SHEET RS CRORE RS CRORE 9,131 4,912 21 % 27,445 NET ASSET BOOK* 0.17 % 43 6,064 NON PERFORMING ASSETS NET 4,982 % 0.31 80 4,783 NON PERFORMING ASSETS GROSS 4,112 1,793 % 3,506 22 25,539 3,339 GROSS LOAN BOOK 2,918 2,766 2,461 2,180 2,162 2,101 1,986 35 % 2,107 1,865 1,623 CONSOLIDATED OPERATING 1,567 1,476 INCOME APPROVALS DISBURSEMENTSAPPROVALS DISBURSEMENTSAPPROVALS 05-06 06-07 07-08 08-09 09-10 05-06 06-07 07-08 08-09 09-10 ENERGY T R A N S P O R T A T I O N SHARE OF TOTAL EXPOSURE 38.3 % 2009-2010 E N E R G Y 40.6 % *Comprising loans and equity participation, net of provisioning and 2008-2009 diminution in value of investments 2 I D F C A N N U A L R E P O R T 09 –10 2009-2010 APPROVALS AND DISBURSEMENTS FIGURES IN RS. CRORE UNLESS OTHERWISE STATED RS CRORE RS CRORE 21 % 1,117 12,401 30,442 NET INTEREST INCOME 55 % 950 CONSOLIDATED NON INTEREST INCOME 20,309 38 % 1,429 CONSOLIDATED PROFIT BEFORE TAX 13,053 12,962 12,006 42 % 1,062 10,631 4,150 10,317 CONSOLIDATED PROFIT AFTER TAX* 3,670 3,667 3,331 8,085 3,241 7,207 2,885 6,045 3.4 % 15.8 % RETURN ON RETURN ON 10,317 1,670 ASSETS EQUITY 1,301 1,184 DISBURSEMENTSAPPROVALS DISBURSEMENTSAPPROVALS 05-06 06-07 07-08 08-09 09-10 05-06 06-07 07-08 08-09 09-10 40 % 8.12 RUPEES T E L E C O M T O T A L DILUTED EARNINGS PER SHARE SHARE OF TOTAL EXPOSURE 19.8 % 24.4 % 8.2 % 9.3 % TRANSPORTATION 23.8 % TELECOM & IT 10.9 % C O M M E R C I A L & OT H E R S 13.7 % INDUSTRIAL 11.0 % *After minority interest, and including profits from associate companies FINANCIAL HIGHLIGHTS 3 chairman’s statement The year 2009-10 has seen IDFC consolidate its position as the country’s leading specialist infrastructure finance company and one of the largest financiers of infrastructure in the country with most of our businesses scaling new heights this year. IDFC has evolved into a composite financial services platform operating a full range of business lines, from project and corporate finance to asset management (mutual funds and alternatives) and investment banking. This will enable us to serve our clients seamlessly as well as to provide our shareholders with steady returns. 4 I D F C A N N U A L R E P O R T 09 –10 The year 2009-10 has seen IDFC consolidate culture that will help us create a better aligned its position as the country’s leading specialist and synergized platform that not only delivers infrastructure finance company and one of growth, but also helps us distinguish IDFC in the largest financiers of infrastructure in the the market. Further, in keeping with our mission country with most of our businesses scaling of nation building, we have carved out the new heights this year. IDFC has evolved into a development agenda of the IDFC Group under the composite financial services platform operating rubric of the IDFC Foundation. a full range of business lines, from project India has high domestic savings but we and corporate finance to asset management still need to develop our financial system to (mutual funds and alternatives) and investment channel these savings into long-term finance banking. This will enable us to serve our such as that required for infrastructure. In this clients seamlessly as well as to provide our context, some initiatives announced recently shareholders with steady returns. should help in raising long-term finance. The Going forward, we believe that this breadth tax-saving scheme for individual investors into of services combined with our domain expertise infrastructure bonds could be a significant in infrastructure gives us the unique ability to source of long-term finance each year. Until capitalize on the opportunities for developing, there is a big enough pool of investors with a financing and implementing infrastructure long-term view, though, the government may projects. We are at an inflection point in the need to step in to meet the need through credit expansion of our country’s infrastructure and enhancement and refinancing facilities. The IDFC is well-positioned to lead the development. Planning Commission’s proposed debt fund IDFC, therefore, aims to atleast treble its would be able to lend for much longer term. footprint over the next three to four years. The year stands out in terms of the progress The Infrastructure Finance Company (IFC) made in infrastructure development which status will allow us to diversify our borrowings has clearly been led by the private sector. and access long-term funds, supporting our Take the case of highways and power. After growth ambitions. It enables us to obtain more the government ironed out problems in the bank financing as well as external commercial framework for private sector participation in borrowing and increase our single party and national highways, the almost moribund highway group exposure. sector witnessed a sharp increase in projects We know that achieving this planned growth put up for bid and awarded. For example, 34 will be no easy task. Therefore, we spent 2009-10 projects were awarded in a span of four months in taking stock and evaluating our organizational and many more were in final stages of bidding. capabilities in terms of the preparedness for this The momentum is continuing as the pipeline growth. We gave special emphasis to nurturing of projects is large. At the same time, many and developing talent, so as to create a strong constraints to project implementation are being team of empowered professionals who can addressed. For example, the single biggest steer our diverse business needs. We undertook cause of project delays, land acquisition, is being a platform-wide initiative to create a common addressed through the establishment of Special culture based on the pillars of knowledge Land Acquisition Units (SLAUs) at the state expertise, teamwork and stewardship. It is this level, focused attention and accountability for CHAIRMAN’S STATEMENT 5 Gujarat Pipavav Port 6 lakh TEUs per annum and 5 million metric tonnes per annum container yard We undertook a execution and enhanced partnership between of the ability of utilities to absorb the massive platform-wide the centre and states. Altogether, this has inflow of power that would be generated. initiative to create a resulted in acquisition of double the amount of I urge state governments to pursue land last year as compared to the annual average distribution reforms and drastically reduce common culture based on of the previous three years. losses. The franchisee model, which has the pillars of knowledge There is good news on the power sector as proven positive outcomes, should be seriously expertise, teamwork and well. IDFC has estimated that about 50,000 considered. Despite heartening results stewardship. It is this MW of generation capacity will be added by in Bhiwandi, where this model was first the private sector alone in the next five years. implemented, only two cities – Kanpur and culture that will help us Some of this capacity addition has been spurred Agra - have taken up this model. Even the state create a better aligned by the maturing of the trading platform and of Maharashtra, which has tasted success in and synergized platform positive steps that have been taken to facilitate Bhiwandi, has not yet replicated this model that not only delivers this merchant power by improving the regulatory despite plans to extend it to at least 8-10 areas. framework, particularly for open access for A welcome development is the government’s growth, but also helps us sale of such power across the country. The increasing focus towards Renewable Energy distinguish IDFC in the transmission needs for these plants are also (RE) through the solar mission, which holds the market. being addressed. Some deficiencies continue potential to establish India as the manufacturing to exist in the implementation of open access, hub for solar power and encourage innovation in though I’m hopeful that these will be addressed. technology. If we succeed in developing But capacity addition will not bear fruits cost-effective technology, we will have a unless distribution reforms are taken forward long-term sustainable solution for meeting on a war footing. Some distribution utilities the country’s energy needs, far beyond the have shown improvements in their financial mission’s targets. The regulatory framework is health through concerted efforts to reduce creating a market for renewable energy through transmission and distribution losses. But their Renewable Energy Certificates. Efforts such as number is limited. Most are still bleeding and their this will boost investment in clean energy.
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