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Positive Present. Promising Future Positive present. Promising future. Annual Report | 2020-21 CONTENTS Corporate Overview 01-31 Positive present. Promising future. 01 We are LIC Housing finance limited This is how we work with PROWESS. PRUDENCE. PERSEVERANCE. 02 Three decades of making a difference 04 A dominant position among major markets and states 05 Message from the Chairman 06 Message from the Managing Director & CEO 10 Enhancing value for our investors and other stakeholders 12 Differentiated strategies to drive asset quality 14 Embedding a future-fit LIC Housing Finance 16 Reimagining Digital for distinctive experiences 18 Awards & Recognition 20 Corporate Information 22 Board of Directors 24 Statutory Reports 29-127 Management Discussion and Analysis Report 29 Board’s Report 43 Report on Corporate Governance 87 Business Responsibility Report 117 Financial Statements 128-320 Standalone 128 Consolidated 233 Date of Annual General Meeting Monday, 27th September, 2021 Time: 03:00 PM Through Video Conference (‘VC’) / Other Audio Visual Means (‘OAVM’) Date of E-voting To view Start Date: 24th September, 2021 Annual Report 2021 Online, visit: (09:00 AM) http://www.lichousing.com/ End Date: 26th September, 2021 (05:00 PM) Positive present. Promising future. It requires strategy, courage, conviction, perseverance and passion for a company to overcome the challenges it faces. But to win consistently, be distinctive, and leverage the opportunities coming one’s way, it requires a far-sighted vision and an over-arching ambition. Perfectly poised for an exciting future We are on the right track – ready Making the most of a for a focussed and progressive challenging present journey ahead. With our passion, professionalism and perseverance, At LIC Housing Finance Limited we look to the future with optimism. (LIC HFL), we have built our business We are poised for a positive and on sound fundamentals which gives us exciting future with strong capital enough room to tackle unprecedented adequacy, comfortable liquidity situations. Being India’s second-largest position, a resilient operating pure-play mortgage lender finance model and increasing retail mix. company by assets, we are adapting Our operational capabilities, evolved to fast-paced change, pursuing the skill-sets and solid competencies help path to become more efficient, leaner us straddle across the value chain and faster, thus setting the momentum and emerge. With an eagle-eye focus for sustained progress. With a on growth, we are well-prepared to consistent focus on innovation and embark on another journey of growth, quality, we are building differentiated as we constantly expand our horizons capabilities and focusing on pursuing with technological capabilities and our strategies. We are accelerating set new benchmarks of excellence. our digital capabilities, re-skilling distribution and strengthening our asset quality. Even while we face the present economic and industry challenges, we are constantly making transformative moves to deliver increased shareholder value. LIC Housing Finance Limited CORPORATE OVERVIEW We are LIC Housing finance limited This is how we work with PROWESS. PRUDENCE. PERSEVERANCE. Our genesis Our objective An extensive network We are a pure-play mortgage Our key objective is to become We possess one of the industry’s most lender finance company. We are the a leading provider of financing extensive marketing network in India front-runners ensuring access to and credit solutions for the retail with 282 marketing offices. In addition, housing finance for home ownership. segment and emerging SME there are 24 Back Offices spread across These very same traits of prowess, businesses, and catering to the the country to conduct the credit prudence and perseverance ranked aspirations of the growing consumer appraisal and administrative functions. us among the market leaders. base of Middle-India. We have also set up Representative Offices in Dubai and Kuwait. We wish to become the “go-to” NBFC in retail home finance lending. We are committed to finding new ways to develop value-based and A giant leap of faith innovative financial solutions for Our passion is to help millions our corporate and retail customers, of people in owning their own and deliver greater value to home. We are a trusted financial our stakeholders. services company with a strong business foundation, an extensive distribution network, and proven industry expertise, with 30 lakh prudent home owners. Today, the Company has a proud group of over 30 lakh prudent home owners who have been enjoying the Company’s financial assistance. Nurturing hopes, homes and happiness Incorporated in 1989, LIC Housing Finance Limited is one of the largest 77.9% Housing Finance companies in Retail loans India, with the key objective of providing long-term finance to individuals for the purchase or OUR construction of a house or a flat for lOaN BOOK 15.3% residential purposes. Non-Core loans We also provide finance on an BreaK-up existing property for business or personal needs, and give loans to professionals for buying their office 6.8% space and equipment. We also Developer loans provide finance to persons engaged in the business of construction and the sale of residential properties. 02 Annual Report 2020-21 01-28 CORPORATE OVERVIEW Galaxy of Today! This is how we work with PROWESS. PRUDENCE. PERSEVERANCE. Key numbers that define us(as on 31st March, 2021) `2,32,003 Crore `55,223 Crore `4,46,363.44 Crore Loan portfolio Disbursement in FY2021 Cumulative disbursement (as on 20th August, 2021) `20,316.53 Crore* 15.28% 30.38 Lakh Net Worth Capital adequacy ratio Number of Customers 2.37% Net Interest Margin * ` 204.78 Crore Excluding Impairment Reserve Annual Report 2020-21 03 LIC Housing Finance Limited CORPORATE OVERVIEW Three decades of making a difference 1989 2014 2018 Incorporated LICHFL; Lending Received Best HFC profiled in India’s leading BFSI commences from first office in Delhi Award from ABP News Companies 2018 by Dun & Bradstreet 2002 2016 2019 Achieved Received Outlook Money Crossed ` 2,00,000 Credit Rating (AAA) Awards for Best HFC Crore in assets Set up Dubai Won Best Voted as the Brand office, marking first HFC by ABP News of the Decade overseas presence Won asia pacific 2019 by BARC Asia Entrepreneurship Award Power Brands Award by Franchise India 2009 QIP of US$ 135 Mn oversubscribed 6 times 2020 Ranked as the Best Private Issuer 2019 on Electronic Bidding Platform by 2017 National Stock Exchange ` Crossed 1,50,000 Received Data Quality award Crore in assets by Transunion CIBIL in the Won Best HFC Award Housing Finance Company by Outlook Money category at the TU CIBIL 2012 Won BFSI Best Annual Conference 2019 Received CEO Award Awarded the ‘Best Housing award for Best from Business Today Finance Company’ at the HFC from CNBC-TV18 National Real Estate Congress leadership & awards, 2019 Received award “Best in Home Finance” from Listed as ‘The Outperforming Construction Industry Housing Finance Company 1994 2019’ by Outlook Business Launched IPO 2015 Featured amongst the Top of ` 120 Crore 10 Most Consistent Wealth Loan portfolio crosses Creators according to the ` 1,00,000 Crore “Motilal Oswal 24th Annual 2004 Won Best Housing Wealth Creation Study, 2019” Loan portfolio Finance Company crosses ` 10,000 Crore award by BFSI Awards US$ 29 Mn GDr issue; First HFC Won award for Best Data to do GDr issue over-subscribed Quality in HFC by CIBIL 04 Annual Report 2020-21 01-28 CORPORATE OVERVIEW Three decades of making a difference | A dominant position among major markets and states A dominant position among major markets and states 282 24 9 Marketing Offices Back Offices regional Offices 450 Dubai and Kuwait 2,427 Centres Coverage Overseas presence Number of Employees Amritsar Jalandhar Shimla Ludhiana Ambala Chandigarh Bhatinda Dehradun Hisar Patiala Noida Karnal Meerut Haldwani Gurugram New Delhi Faridabad Ghaziabad Gangtok Bikaner Bareilly Siliguri Jorhat Gorakhpur Jaipur Agra Lucknow Guwahati Jodhpur Kota Ajmer Udaipur Malda Gwalior Kanpur Patna Silchar Dhanbad Ahmedabad Allahabad Varanasi Behrampur Durgapur Gandhidham Bhopal Ranchi Jamshedpur Rajkot Vadodara Indore Kolkata Rourkela Surat Jabalpur Bilaspur Jalgaon Nagpur Vapi Raipur Nallasopara Nasik Aurangabad Durg - Bhilai Cuttack Kalyan Bhubaneswar Thane Warangal Mumbai Jogeshwari Visakhapatnam Pune Hyderabad Rajahmundry Vashi Kolhapur Gulburga Vijayawada Satara Kurnool Kakinada Belgaum Anantapur Guntur Panjim Nellore Hubli Bellary Bengaluru Tirupati Chennai Mangaluru Hosur Mysuru Vellore Kannur Hassan Salem Thrissur Coimbatore Kozhikode Erode Tiruchirapalli Palghat Puducherry Ernakulam Thanjavur Kottayam Madurai Thiruvananthapuram Tirumangalam Kollam Nagercoil Map not to scale. For illustrative purposes only. Annual Report 2020-21 05 LIC Housing Finance Limited CORPORATE OVERVIEW Message from the Chairman We successfully triggered our business continuity plans and enabled work from home for more than 90% of our employees. We are proud to share with you that a change of this scale was executed smoothly. Dear Shareholders, As I write this, we continue to be in the Having said that, I reiterate that we, at LIC middle of the COVID-19 pandemic – the Housing Finance Limited, have undergone biggest crisis we have seen in our lifetime. adverse economic circumstances earlier too. The pandemic and the resultant lockdowns And each time, we have bounced back with led to unprecedented socio-economic even greater strength and vigour. Hence, like disruption and loss of human life. And just the earlier crises, we are confident we will when the exit path in the form of a vaccine bounce back from the Covid crisis as a stronger became visible, the second wave hit India, and more valuable LICHFL, having mastered which resulted in another bumpy ride for the the new normal with the unleashing of a fresh Indian economy. wave of energy. 06 Annual Report 2020-21 01-28 CORPORATE OVERVIEW Message from the Chairman Impact on the industry One of the sectors most affected by the outbreak and the ensuing lockdown was real estate and housing finance, At LICHFL, we are India’s which was already facing a liquidity crunch following the second-largest pureplay Il&FS crisis.
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