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Launch of Piramal Housing Finance September 2017 Launch of Piramal Housing Finance

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Launch of Piramal Housing Finance September 2017 Launch of Piramal Housing Finance Launch of Piramal Housing Finance September 2017 Launch of Piramal Housing Finance Is there an opportunity for us to create a sizeable HFC in India? Launch of Piramal Housing Finance Page 3 Significant long term potential in housing sector in India 25% 2 Crore of 25 Crores Indian 10 Crore houses targeted in urban households currently facing houses need to get added in areas under ‘Housing for All by housing shortage next 10 years 2022’ Source : KPMG - NARDECO Report : Source : Industry Research Report Source : MHUPA, PIB Release on ‘Housing for all by 2022’, Census 2011 ‘Housing for All by 2022 30 Lac ~3 Lac houses targeted to get added houses currently added every year each year in urban areas Source : Prop Equity, Source : MHUPA, PIB Release on ‘Housing Industry Research for All by 2022 Report Investments in excess of US$ 1 trillion are required in housing and allied industry in next 7 years Launch of Piramal Housing Finance Page 4 Strong government focus on housing sector Low and Middle Income Group to get significantly benefited through Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojana Measures to boost Enhanced transparency and greater accountability in real estate sector due to Real housing sector in India Estate (Regulation and Development) Act will increase the confidence of new home buyers 100% tax exemption on profits from construction of affordable housing Infrastructure status to affordable housing will ensure easier access to credit and help in reducing developers’ cost of borrowing for affordable projects Home buyers allowed to withdraw funds from their accumulated Employee Provident Fund corpus for buying homes / pay home loan EMIs Launch of Piramal Housing Finance Page 5 Opportune time to enter housing finance India’s mortgage market is highly underpenetrated Home affordability is nearing best-in-decade 60 Denmark 114 (%) EMI as % of post-tax income UK 75 50 US 68 Singapore 56 HK 45 40 Germany 42 Taiwan 40 Mortgage to GDP ratio 30 S Korea 36 Malaysia 32 20 Thailand 20 China 18 10 India 9 (% GDP) 0 0 20 40 60 80 100 120 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Note : Mortgage penetration is based on 2015 HFCs’ access to funds is also improving…. ….and also benefits from sharp fall in funding costs Mutual Funds Insurance Funds Foreign Funds 10.0 9.7 Cost of 5Y AAA-rated bond Masala Bonds to help 9.5 Debt mutual funds can tap foreign funding 9.0 now invest up to 40% of AAA-rated HFCs through INR 8.5 assets in HFCs vs 30% excluded from sectoral denominated bonds 8.0 7.8 earlier cap for investments in 7.5 financial / insurance =>Additional Rs.600bn Strong demand 7.0 sector can be accessible to indicates good appetite for future issuances as Jul-15 Jul-16 HFCs Jul-14 Jan-14 Jan-15 Jan-16 Jan-17 Sep-14 Sep-15 Sep-16 Nov-14 Nov-15 Nov-16 Mar-14 Mar-15 Mar-16 Mar-17 May-15 May-16 well May-14 Source : Government, European Mortgage Federation, Asian Development Bank, EconomyWatch.com, Bloomberg, CLSA Launch of Piramal Housing Finance Page 6 Very few players in HFCs dominating the market HFCs/NBFCs growing faster than the home loan market HFCs/NBFCs market share in home loans is growing Total home loans CAGR : 16% (Rs. billion) Market share of HFC /NBFCs Home Loans (%) 37% HFCs/NBFCs loans CAGR : 21% 36% 36% Banks HFCs/NBFCs 14,405 35% 35% 12,384 10,433 8,824 33% 7,421 5,477 6,252 31% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 PSU Banks & HFCs/NBFCs dominates home loan market However, very few sizable HFCs present in India PSU Banks HFCs & NBFCs Private Banks Foreign Banks No. of HFCs based No. of HFCs based (in Rs. Crores) on Total AUM on Retail AUM 100,000+ 2 2 Over 60% of the housing 70,000 – 100,000 2 1 finance market is dominated 2017 40,000 – 70,000 1 2 today by 4 HFCs & 3 banks 10,000 – 40,000 5 4 < 10,000 Cr 79 80 Source : Company analysis Source : NHB, RBI, ICRA Data as on 31st March 2017 Launch of Piramal Housing Finance Business Overview Launch of Piramal Housing Finance Page 8 Business overview FY2020 Projected Segmental Mix Product offerings Products Property type 1. Home Loan 1. Residential i. Purchase i. Under-construction Salaried ii. Improvement ii. Self-occupied 30% iii. Balance transfer iii. Vacant iv. Top Up 2. Commercial 2. Loan Against Property i. Self-occupied i. Business expansion ii. Lease Rental Self-employed ii. Balance transfer 70% iii. Top Up 3. Small Construction Finance Key Differentiators Leveraging the Leveraging Brickex Using technology Extending loans strong relationship (distributor base of and analytics to Customised Leveraging our beyond salaried with top developers ~10,000 agents) for provide quick innovative products understanding of class to cover the (focusing on B to B sourcing and turnaround time in to suit different micro markets self-employed to C model instead facilitating retail underwriting and types of customers segment of B to C model) housing loan disbursement Launch of Piramal Housing Finance Page 9 Target segments Target segments Area of focus Self Employed - No income proof De-prioritize the segment Selective sourcing based on Self employed - builder’s reputation Completed and under Selective transactions for Partial income proof construction through developer higher ticket size No DSA sourcing relationship No DSA sourcing Higher margins with selective Self Employed - Resale and balance transfer by use of syndication/down DSA (Direct Sourcing Agents) Less focus area Income proof selling Salaried To boost growth and de-risking Affordable Urban development Luxury Tier I cities <Rs.40 Lacs Rs.40 Lacs to Rs. 5 Crores Rs.5 Crores+ Ticket size Tier II & III cities <Rs.35 Lacs Rs.35 Lacs to Rs. 2.5 Crores Rs.2.5 Crores+ Launch of Piramal Housing Finance Page 10 Our guiding principles for building the HFC Team recruitment and business practices to Creating a values driven Housing align with group values Finance business Leveraging our expertise in Real Taking selective calls for underwriting based Estate on domain expertise Stringent and standardised underwriting Following a disciplined approach and asset monitoring processes Strive for appropriate mix of retail home loans, Driving profitability through loan against property and small construction portfolio diversification finance; targeting self-employed category Technology and data analytics driven Designing systems and processes underwriting and robust operations to enable scalability management Leveraging group’s shared services Utilize group’s shared services for all non-core to achieve economies of scale and support functions Leadership team gained quality experience to Leveraging our association with target self-employed segment investee companies Launch of Piramal Housing Finance How will we grow rapidly and create a sizeable HFC? Launch of Piramal Housing Finance Page 12 How will we grow rapidly and create a sizeable HFC? Currently funding 330 projects of 104 developers in key micro-markets of Tier I cities Leveraging developer • Tapping merely a portion of the existing customer base of these developers can create a relationships • significant opportunity Brickex, an in-house distribution arm, has an access to over 10,000 distributors Leveraging Brickex • • To provide market intelligence and support in sourcing customers • Over 50% of workforce in India is self-employed Extending loans to self- • Created a proprietary set of underwriting parameters to assess the creditworthiness of employed category self-employed individuals • Strong penetration in Tier I cities; incremental growth will be largely driven by entry into Focusing on Tier II & III Tier II & III cities with Grade A developers cities • Target to open 50% of our branches in Tier II & III cities in coming years Focusing also on • Our development partners are entering into the affordable housing segment affordable housing • To selectively fund affordable housing projects of the developers with existing relationship • Tap Piramal group’s ecosystem for loan against property – regular vendors, etc. LAP, Small Construction • Target top developers (leaders in their micro markets) in Tier II & III cities for small ticket Finance Construction Finance Launch of Piramal Housing Finance Page 13 PEL has a strong presence in real estate developer financing Real Estate Developer Financing Loan Book as on 30th Jun 2017 of PEL and its peers 70,000 (Rs. Crores) 60,000 50,000 40,000 30,000 24,924 20,000 10,000 0 HDFC PEL Indiabulls Dewan PNB JM Edelweiss L&T LIC Reliance IIFL Housing Housing Housing Financial Finance Housing Capital Holdings Holdings Finance Launch of Piramal Housing Finance Page 14 Significant opportunity from existing developer relationships Top 10 cities account for ~45% of the total home loans in India; Direct access to 330 projects of 104 developers in key PEL’s developer loan book is exposed to 8 of these top 10 cities micro-markets of top tier cities of India Micro- Cities Developers Projects markets Mumbai 30 31 72 Bengaluru Mumbai - 10% Bengaluru - 8% 40 26 107 Chennai 16 15 40 Delhi - 7% Pune - 4% NCR 15 13 34 Pune 34 10 63 Chennai - 4% Hyderabad - 4% Hyderabad 2 5 6 Thane - 2% Kolkata - 2% Ahmedabad 5 3 8 Kolkata 1 1 1 Ahmedabad - 2% Ernakulam - 2% Total 143 104 330 Rest - 55% Potential home Source : Industry Research Report loan opportunity Sold Unsold Sold Value Unsold Value Total Value No. of Projects Total Units Units units (Rs. Crores) (Rs. Crores) (Rs. Crores) Total projects financed by PEL1 221 49,131 52,379 58,006 60,311 1,01,510 1,18,317 Total projects with developer 553 1,22,828 1,30,948 1,45,016 1,50,777 2,53,775 2,95,793 Note: 1.
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