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Annual Report of Hero Fincorp Limited

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Annual Report of Hero Fincorp Limited 29th Annual Report 2019-20 4 29th Annual Report 2019-20 5 2927th Annual Report 2019-202017-18 6 2927th Annual Report 2019-202017-18 7 29th Annual Report 2019-20 8 29th Annual Report 2019-20 9 29th Annual Report 2019-20 10 29th Annual Report 2019-20 11 29th Annual Report 2019-20 12 29th Annual Report 2019-20 13 29th Annual Report 2019-20 29th Annual Report 2019-20 15 2928th Annual Report 2019-202018-19 16 2928th Annual Report 2019-202018-19 17 29th Annual Report 2019-20 18 29th Annual Report 2019-20 19 29th Annual Report 2019-20 20 29th Annual Report 2019-20 21 29th Annual Report 2019-20 22 29th Annual Report 2019-20 23 29th Annual Report 2019-20 24 29th Annual Report 2019-20 25 29th Annual Report 2019-20 26 29th Annual Report 2019-20 27 29th Annual Report 2019-20 28 29th Annual Report 2019-20 29 29th Annual Report 2019-20 30 29th Annual Report 2019-20 31 29th Annual Report 2019-20 32 29th Annual Report 2019-20 33 29th Annual Report 2019-20 34 29th Annual Report 2019-20 BOARD’S REPORT Dear Members, The Board of Directors of Hero FinCorp Limited (“your Company” or “the Company”) is pleased to present the 29th (Twenty Ninth) Annual Report and the Audited Financial Statements (Consolidated and Standalone) of your Company for the financial year ended 31st March, 2020 (“financial year under review”). FINANCIAL SUMMARY The Company’s financial performance (Consolidated and Standalone) for the financial year ended 31st March, 2020 as compared to the previous financial year ended 31st March, 2019 is summarized below: (Rs. in crore) Standalone Consolidated Particulars 2019-20 2018-19 2019-20 2018-19 Total Income 3,702.62 2,492.52 3,855.18 2,518.47 Profit before Finance Costs, Depreciation & 2,053.79 1,557.67 2,114.34 1,540.63 Amortization Expense Less: Finance Costs 1,539.84 1,119.96 1,629.22 1,124.71 Depreciation & Amortization Expense 33.02 24.05 36.33 24.88 Profit before tax 480.93 413.66 448.79 391.04 Less: Tax expense Current tax 248.36 198.05 248.36 198.05 Deferred tax (77.60) (52.76) (77.60) (52.76) Profit after tax 310.17 268.37 278.03 245.75 Other comprehensive income/(loss) net of tax (0.95) (1.35) (0.73) (1.36) Add: Balance of profit brought forward 372.11 221.50 346.05 218.07 Balance available for appropriation 681.33 488.52 623.35 462.46 Appropriations Dividend (Rs.) – Proposed (48.53) (29.77) (48.53) (29.77) Corporate Dividend Tax – Current year (9.98) (6.12) (9.98) (6.12) Transfer to Statutory Reserve (62.03) (53.68) (62.03) (53.68) Transfer to General Reserve (31.02) (26.84) (31.02) (26.84) Other Adjustments - - - - Balance carried to Balance Sheet 529.77 372.11 471.79 346.05 Dividend (%) (Proposed) 25.50 42.50 25.50 42.50 Earnings per Share (EPS) • Basic 26.98 25.97 24.18 23.78 • Diluted 26.79 25.92 24.01 23.73 The above figures are extracted from the Consolidated and Standalone Financial Statements prepared in accordance with Indian Accounting Standards (“Ind AS”) as notified under Sections 129 and 133 of the Companies Act, 2013 (“the Act”) read with the Companies (Accounts) Rules, 2014 and other relevant provisions of the Act and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”). 35 Board’s Report 29th Annual Report 2019-20 The Audited Financial Statements including the Consolidated Financial Statements of the Company as stated above and the Financial Statements of the Subsidiary and all other documents required to be attached thereto are available on the Company’s website at https://www.herofincorp.com/ Investor-Relations. MANAGEMENT DISCUSSION AND ANALYSIS REPORT The management discussion and analysis report forms an integral part of this report and gives details of the overall industry structure, economic developments, performance and state of affairs of your Company’s business in India, risk management systems and other material developments during the year under review, as per ANNEXURE – A. FINANCIAL HIGHLIGHTS During the year under review, receivables under financing activity including leasing portfolio has grown by 19% from Rs. 19,736 crore in FY 2018-19 to Rs. 23,389 crore in FY 2019-20. The total income has shown an impressive growth of 49% from Rs.2,493 crore in FY 2018-19 to Rs. 3,703 crore in FY 2019-20. Profit before tax (PBT) increased by 16% from Rs.413.66 crore in FY 2018-19 to Rs. 480.93 crore in FY 2019-20, accordingly the Profit after tax (PAT) registered an increase of 16% from Rs.268.37 crore in FY 2018-19 to Rs. 310.17 crore in FY 2019-20. The Company had an excellent year aided by strong volume growth across lines of businesses. During FY 2019-20, the Company had taken various measures to strengthen its business model and continue its growth momentum such as launching of various new products and variants. COVID-19 PANDEMIC The “Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2)”, generally known as COVID-19, which was declared as a pandemic by the WHO on March 11, 2020, continues to spread across India and there is an unprecedented level of disruption on socioeconomic front across the country. Globally, countries and businesses are under lockdown. Considering the severe health hazard associated with COVID-19 pandemic, the Government of India declared a lock down effective from March 25, 2020 which was initially till April 14, 2020 and was extended till May 31,2020. There is a high level of uncertainty about the duration of the lockdown and the time required for things to get normal. The extent to which COVID-19 pandemic will impact the Company’s operations and financial results is dependent on the future developments, which are highly uncertain. Further, in accordance with the Circulars issued by Reserve Bank of India (RBI) dated March 27, 2020, April 17, 2020 and May 23, 2020 with regard to providing relief to borrowers on account of COVID-19 pandemic, the Company has offered moratorium to eligible borrowers in accordance with a Board approved policy. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period. The Company has, based on current available information estimated and applied management overlays based on the policy approved by the Board of Directors for the purpose of determination of the provision for impairment of financial assets. Given the uncertainty over the potential macro- economic impact, the Company’s management has considered internal and external information including economic forecasts up to the date of approval of these financial results and the Company will continue to closely monitor any material changes to future economic conditions. SUBSIDIARY COMPANIES, JOINT VENTURE OR ASSOCIATE AND CONSOLIDATED FINANCIAL STATEMENTS The Company has one wholly owned subsidiary company viz. Hero Housing Finance Limited (“HHFL”). HHFL was granted a housing finance company license by the National Housing Bank (NHB) in August, 2017 to carry on the business of (non-deposit taking) housing finance. HHFL had started its lending operations from April, 2018. It is an all-inclusive housing finance 36 Board’s Report 29th Annual Report 2019-20 company providing hassle-free home loans pan India which includes the following products to its customers: (i) Home Loans, (ii) Loan Against Property etc. HHFL had seen tremendous growth in the financial year 2019-20, aided by strong volume growth across all its lines of businesses. During the year under review, receivables under financing activity has reached to Rs. 1,780.40 Crore in the financial year 2019-20 as compared to Rs. 555.51 Crore in financial year 2018-19 representing an increase of 220% over the previous year. HHFL has Revenue from operations of Rs. 137.81 crore in financial year 2019-20 as compared to Rs. 26.27 Crore in previous year 2018-19, registering a growth of 425% over the previous year. However, the net losses for the year after tax from operations has increased from Rs. 22.62 Crore in financial year 2018-19 to Rs. 32.14 crore in financial year 2019-20 HHFL has shown a tremendous growth and touched an asset under management (AUM) of Rs. 1793.06 Crore during the FY 2019-20. During the financial year 2019-20, the Company has invested an amount of Rs. 149.99 crore into Hero Housing Finance Limited (HHFL), a wholly owned subsidiary company of the Company, by subscribing to 20,83,33,333 partly paid equity shares of face value of Rs.10 each, which were issued and allotted by HHFL at Rs. 7.20 including face value per equity share of Rs. 6 and premium of Rs. 1.20 per equity share. Further, First & Final call money of Rs. 4.80 including face value per equity share of Rs. 4 and premium of Rs. 0.80 per equity share would be paid within 12 months of allotment of the equity shares. The consolidated financial statements of the Company including its subsidiary company duly audited by the statutory auditors are presented in the annual report. A report on performance and financial position of the subsidiary company included in the consolidated financial statement is presented in a separate section of this annual report, please refer AOC-1 annexed to the financial statements of the annual report.
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