IIFL Wealth Prime Limited: Ratings Reaffirmed Summary of Rating Action

January 22, 2021 IIFL Wealth Prime Limited: Ratings reaffirmed Summary of rating action

Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Long-term principal protected market PP-MLD[ICRA]AA(Stable); 750 750 linked debenture programme reaffirmed Long-term principal protected market PP-MLD[ICRA]AA(Stable); 1,000 1,000 linked debenture programme reaffirmed Long-term principal protected market PP-MLD[ICRA]AA(Stable); 3,550 3,550 linked debenture programme reaffirmed Commercial paper programme 1,500 1,500 [ICRA]A1+; reaffirmed NCD programme 700 700 [ICRA]AA(Stable); reaffirmed Unsecured NCD programme 650 650 [ICRA]AA(Stable); reaffirmed Commercial paper programme (IPO 6,000 6,000 [ICRA]A1+; reaffirmed financing) Total 14,150 14,150 *Instrument details are provided in Annexure-1 Rationale

The ratings for IIFL Wealth Prime Limited (erstwhile IIFL Wealth Finance Limited; IWPL) are based on a consolidated view of IIFL Wealth Management Limited and its subsidiaries (referred to as IIFL Wealth/the Group/company), given the common senior management team and strong financial and operational synergies.

The ratings factor in IIFL Wealth’s leading market position, as reflected in the assets under advice, management and distribution of Rs. 1,67,091 crore as on September 30, 2020. The company’s senior management team has significant experience and expertise in the wealth management business, which has helped it grow into a leading player in the wealth management industry. The franchisee built over the years has helped ensure low client attrition (less than 2.5% p.a.). ICRA also takes into account the comfortable capitalisation with the demonstrated ability to raise equity. The ratings consider the reduction in the Group’s profitability on account of a change in the revenue recognition model to trail basis and the mark-to-market (MTM) losses on its alternate investment funds (AIFs), with profit after tax/average total assets (PAT/ATA) of 1.8% and return on equity (RoE) of ~7% in FY2020. ICRA draws comfort from the management’s strategy of focusing on increasing the share of annual recurring assets (42% as on September 30, 2020; 37% as on March 31, 2019) as opposed to transaction/brokerage assets, which could help reduce the volatility in income.

ICRA considers the modest lending operations with a loan book of Rs. 2,836 crore as on September 30, 2020 and the top 20 exposures forming 48% of the total loans and 46% of the consolidated net worth as on June 30, 2020. The loans are primarily to IIFL Wealth’s clients. The ratings also factor in the concentration of the funding sources, which is largely through its own client base in the form of principal protected market linked debentures (PP-MLDs).

The outlook is Stable as the company is expected to maintain its strong position in wealth management with the gearing likely to remain under 3.5x.

Key rating drivers and their description

Credit strengths

Strong market position in wealth management – IIFL Wealth offers advisory, asset management, broking and distribution services to high net worth individuals (HNIs) and ultra HNIs. Its leading market position is reflected in the assets under advice, management and distribution of Rs. 1,67,091 crore as on September 30, 2020. It is also one of the largest managers of AIFs with assets under management (AUM) of Rs. 19,023 crore as of September 30, 2020. It has a subsidiary, IIFL Wealth Prime Limited (IWPL), which is a non-banking financial company (NBFC) that provides loans against securities to the clients of the wealth management business with a loan book of Rs. 2,836 crore as on September 30, 2020. The company has a presence in wealth management across nine geographies with 31 offices and 297 relationship managers as on September 30, 2020.

Experienced and stable management team – The company’s senior management team has significant experience and expertise in the wealth management business, which has helped it grow into a leading player in the wealth management industry. Apart from the senior management, the bankers have average experience of over seven years in IIFL Wealth and overall experience of more than 12 years.

Comfortable capitalisation; demonstrated ability to raise equity – The consolidated net worth stood at Rs. 3,089 crore as on September 30, 2020 with a reported gearing of 2.72x. ICRA takes note of the one-time special interim dividend of ~Rs. 300 crore paid by the company. On a standalone basis, IWPL reported a CRAR of 24.5% with a Tier I capital of 23.2% as of September 30, 2020 (32.8% and 28.7%, respectively, as on March 31, 2019). While the gearing remains comfortable, ICRA takes note of the likely increase in the same for one to two weeks when the company would utilise commercial paper for initial public offering (IPO) financing. The capitalisation has been supported by a regular equity infusion of Rs. 904 crore in FY2016 by General Atlantic and an equity infusion of Rs. 745.71 crore in Q1 FY2019. The infused capital was utilised for the acquisition of Chennai-based wealth management company, Wealth Advisors India Pvt. Ltd, for Rs. 253.6 crore in cash. Further, the company purchased the wealth business of L&T Finance for Rs. 230 crore. With minimal additional sponsor investments in AIFs, a low capital-intensive business and moderate growth plans for the loan book, IIFL Wealth is currently comfortably capitalised. ICRA derives comfort from the Group’s demonstrated ability to raise equity.

Comfortable asset quality – IWPL, a 100% subsidiary of IIFL Wealth, provides loans against securities and had a loan book of Rs. 2,836 crore as on September 30, 2020 (Rs. 4,798 crore as on March 31, 2019). These loans are largely to the clients of the wealth management business and are sourced by the wealth relationship managers. The loan book accounted for ~2% of the wealth management AUM and is expected to remain within ~3-4% of the AUM. The reported asset quality indicators remain comfortable with gross and net NPAs of 0% and zero credit losses since inception. While the asset quality remains comfortable, the loan book, which is backed by financial assets, is susceptible to a decline in prices that may result in a decline in the loan-to-value (LTV) ratios. ICRA derives comfort from the fact that the portfolio largely comprises the clients of the wealth management business and the company does not have any aggressive plans to grow its portfolio.

Credit challenges

Funding profile remains concentrated – The funding profile remains concentrated with the company’s borrowings largely being from its own client base through PP-MLDs. IIFL Wealth has significantly reduced its reliance on commercial papers (less than 1% as on September 30, 2020 from 63% as on March 31, 2018), which has helped increase the duration

of its liability base, albeit with an increase in the cost of funds. ICRA draws comfort from the limited funding requirements, given the limited expected growth in the loan book.

Earnings remain exposed to capital market movements and regulatory uncertainties – With the change in the revenue recognition model, whereby the revenues on distribution are now on a trail basis even for the portfolio management services (PMS) and AIFs, the company’s overall revenues declined in FY2020 to Rs. 851 crore from Rs. 1,067 crore in FY2019. The revenues were further impacted in Q4 FY2020 on account of the MTM loss on the sponsor and non-sponsor AIFs of Rs. 79 crore incurred in Q4 FY2020. The profit before tax (PBT) was lower at Rs. 286 crore in FY2020 compared to Rs. 537 crore in FY2019 due to lower revenues and partly due to higher employee expenses. The profit after tax (PAT) was lower at Rs. 206 crore in FY2020 (PAT/ATA of 1.8% and RoE of 7%) compared to Rs. 384 crore in FY2019 (PAT/ATA of 4.0% and RoE of 16.1%). For H1 FY2021, the company reported a PAT of Rs. 169 crore (PAT/ATA of 2.8% and RoE of 11.6%) on revenues of Rs. 486 crore. The loan book declined in H1 FY2021, which resulted in lower revenues despite the growth in the AUM. This was offset by the reversal of the MTM losses, which the company had incurred in Q4 FY2020 in its sponsor and non-sponsor AIFs. The company’s net inflows are exposed to fluctuations in the capital markets. While the currently high AUM of Rs. 1,67,091 crore as on September 30, 2020 is expected to support revenues, lower net inflows could impact revenue growth. ICRA draws comfort from the management’s strategy of focusing on increasing the share of annual recurring assets (42% as on September 30, 2020; 37% as on March 31, 2019) as opposed to transaction/brokerage assets, which could help reduce the volatility in income. The revenues are also susceptible to regulatory changes such as the regulations for the total expense ratio (TER). The company’s strategy of moving to an advisory model from the broker model would help reduce the regulatory uncertainties associated with the distribution fees from the manufacturer.

Franchisee risks – The company relies on its brand and the franchisee developed over a period for the retention and acquisition of clients. Any reputational damage could affect the business. A risk mitigant would be the seasoned relationship manager base with low client attrition rates.

Modest scale of lending operations with concentration of top 20 exposures – IIFL Wealth’s lending operations remain modest with a loan book of Rs. 2,836 crore as on September 30, 2020. Further, the portfolio is entirely concentrated on a single product, i.e. loans against securities to HNI clients. ICRA also notes that the top 20 exposures formed 48% of the total loans and 46% of the consolidated net worth as of June 30, 2020.

Liquidity position: Adequate

IWPL had positive cumulative mismatches in the less-than-1-year bucket as on September 30, 2020. On a consolidated basis, it had cash and liquid investments of Rs. 1,398 crore and unutilised bank lines of Rs. 145 crore as on December 25, 2020, which are adequate for debt repayments of Rs. 1,564 crore till June 2021.

Rating sensitivities

Positive triggers – ICRA will upgrade the ratings/change the outlook to Positive if the company is able to increase the annual recurring assets to 75% of the AUM on a sustained basis while growing the AUM and increasing the profitability with an RoE of >16%.

Negative triggers – ICRA will downgrade the ratings/change the outlook to Negative if there is a material and prolonged erosion in the company’s AUM with high client and advisor attrition. Increase in the consolidated gearing beyond 3.5x on a sustained basis remains a rating trigger.

Analytical approach

Analytical Approach Comments Applicable Rating Methodologies ICRA’s Credit Rating Methodology for Non-Banking Finance Companies Parent/Group Support Not applicable For arriving at the ratings, ICRA has considered the consolidated financials of IIFL Consolidation/Standalone Wealth Management Limited About the company

IIFL Wealth Prime Limited (IWPL) is a 100% subsidiary of IIFL Wealth Management Limited (rated [ICRA]AA(Stable)/[ICRA]A1+). It was acquired by the IIFL Group (IWPL was originally Chephis Capital Markets Limited) in March 2016. After the acquisition, its name was changed to IIFL Wealth Prime Limited in March 2016. The company started its operations in March 2016. The equity infusion of Rs. 904 crore from General Atlantic Singapore Fund in March 2016 was transferred to IWPL from IIFL Wealth Management Limited. IWPL is primarily involved in lending against securities. IWPL’s net worth stood at Rs. 1,858 crore as on March 31, 2020. It earned a net profit of Rs. 50 crore on total revenues of Rs. 913 crore in FY2020 compared to a net profit of Rs. 292 crore on total revenues of Rs. 1,194 crore in FY2019. For H1 FY2021, the company reported a net profit of Rs. 91 crore on total revenues of Rs. 493 crore.

IIFL Wealth Management Limited IIFL Wealth Management Limited (IIFL Wealth), founded in 2008, is one of the largest private wealth management firms in India. The entity was a part of the IIFL Group with IIFL Holdings Limited (renamed IIFL Finance) holding a majority stake of 53.3% in IIFL Wealth as on March 31, 2019. After the scheme of arrangement (effective May 2019), the demerger of the wealth business undertaking of IIFL Finance Limited into IIFL Wealth became effective. The entity was listed on September 19, 2019. IIFL Wealth’s (consolidated) net worth stood at Rs. 2,991 crore as on March 31, 2020. It generated a net profit of Rs. 206 crore on net revenues of Rs. 851 crore in FY2020 compared to a net profit of Rs. 384 crore on net revenues of Rs. 1,067 crore in FY2019. For H1 FY2021, the company reported a net profit of Rs. 169 crore on net revenues of Rs. 486 crore.

Key financial indicators (consolidated for IIFL Wealth Management Limited)

FY2019 FY2020 H1 FY2021 IND-AS IND-AS IND-AS Net revenues 1,067 851 486 Profit after tax 384 206 169 Net worth1 2,911 2,991 2,847 Loan book 4,798 3,535 2,836 AUM2 1,36,601 1,38,792 1,67,091 ARR/AUM 43% 45% 47% Total assets 9,780 13,021 11,440 PAT/ATA 4.00% 1.80% 2.77% Return on equity 16% 7% 12% Gross NPA - - - Net NPA - - - Gearing3 2.1 2.95 2.72 Amounts in Rs. crore Ratios as per ICRA calculations Status of non-cooperation with previous CRA: Not applicable Any other information: None

1 Including minority interest 2 AUM, advisory and distribution (excluding custody assets) 3 Including minority interest

Rating history for last three years

Current Rating (FY2021) FY2021 FY2020 FY2019 FY2018 Mar-16-18, Mar-13-18, Jul-27-17, Mar-07-18, Jul-24-17, Feb-14-18, Jul-19-17, Sr. Jul-25-18, Jan-23-18, Instrumen Amount Aug-07-19, Jun-28-17, No Amount Jan-22- Jun-28-18, Jan-18-18, t Type Outstand Aug-14- Mar- Feb- Jan- Nov- Nov- May-08-19, Jan- Nov-30-18, Oct-19-18, Jun-21-17, . Rated 21 May-25-18, Dec-13-17, ing 20 05-20 27-20 22-20 29-19 22-19 Apr-11-19, 22-19 Oct-31-18 Aug-20-18 Jun-02-17, May-18-18, Nov-01-17, Apr-04-19 May-31-17, May-14-18 Oct-12-17, May-02-17, Sep-13-17, Apr-24-17, Sep-07-17, Apr-19-17 Aug-11-17, Aug-04-17 ; (Stable (Stable reaffir ) ) med PP-MLD PP- PP- PP- PP- PP- [ICRA]A PP-MLD MLD MLD MLD MLD MLD PP-MLD A PP-MLD Long [ICRA]A [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] 5 Programm 300 (Stable) [ICRA]AA ------Term A AA AA AA AA AA e ; (Stable) (Stable) (Stable (Stable (Stable (Stable (Stable reaffir ) ) ) ) ) med PP-MLD PP- PP- PP- PP- PP- PP- [ICRA]A PP-MLD MLD MLD MLD MLD MLD MLD PP-MLD A PP-MLD PP-MLD Long [ICRA]A [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] 6 Programm 1,000 (Stable) [ICRA]AA [ICRA]AA - - - - Term A AA AA AA AA AA AA e ; (Stable) (Stable) (Stable) (Stable (Stable (Stable (Stable (Stable (Stable reaffir ) ) ) ) ) ) med PP-MLD PP- PP- PP- PP- PP- PP- [ICRA]A MLD PP-MLD MLD MLD MLD MLD MLD PP-MLD A PP-MLD PP-MLD PP-MLD PP-MLD PP-MLD PP-MLD Long [ICRA]A [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] 7 Programm 3,250 (Stable) [ICRA]AA [ICRA] [ICRA]AA [ICRA]AA [ICRA]AA [ICRA]AA [ICRA]AA Term A AA AA AA AA AA e ; (Stable) AA (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable (Stable (Stable (Stable (Stable reaffir ) ) ) ) ) med (Stable 7

Current Rating (FY2021) FY2021 FY2020 FY2019 FY2018 Mar-16-18, Mar-13-18, Jul-27-17, Mar-07-18, Jul-24-17, Feb-14-18, Jul-19-17, Sr. Jul-25-18, Jan-23-18, Instrumen Amount Aug-07-19, Jun-28-17, No Amount Jan-22- Jun-28-18, Jan-18-18, t Type Outstand Aug-14- Mar- Feb- Jan- Nov- Nov- May-08-19, Jan- Nov-30-18, Oct-19-18, Jun-21-17, . Rated 21 May-25-18, Dec-13-17, ing 20 05-20 27-20 22-20 29-19 22-19 Apr-11-19, 22-19 Oct-31-18 Aug-20-18 Jun-02-17, May-18-18, Nov-01-17, Apr-04-19 May-31-17, May-14-18 Oct-12-17, May-02-17, Sep-13-17, Apr-24-17, Sep-07-17, Apr-19-17 Aug-11-17, Aug-04-17 ) Commerci [ICRA]A al Paper Short 1+; [ICRA]A [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] 8 1,500 NA [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ Programm Term reaffir 1+ A1+ A1+ A1+ A1+ A1+ A1+ e med [ICRA]A Unsecured A [ICRA] [ICRA]A [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] NCD Long (Stable) [ICRA]AA AA [ICRA]AA(St [ICRA]AA(Sta [ICRA]AA(St [ICRA]AA(St [ICRA]AA(Sta 9 650 198.6 A AA(Sta AA(Sta AA(Sta AA(Sta AA(Sta Programm Term ; (Stable) (Stable able) ble) able) able) ble) (Stable) ble) ble) ble) ble) ble) e reaffir ) med [ICRA]A A [ICRA] NCD [ICRA]A [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] Long (Stable) [ICRA]AA(St AA [ICRA]AA(St [ICRA]AA(Sta [ICRA]AA(St [ICRA]AA(St [ICRA]AA(Sta 10 Programm 200 10 A AA(Sta AA(Sta AA(Sta AA(Sta AA(Sta term ; able) (Stable able) ble) able) able) ble) e (Stable) ble) ble) ble) ble) ble) reaffir ) med Amount in Rs. crore

Complexity level of the rated instrument ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in

Annexure-1: Instrument details

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Principal Protected Linked to January May 14, PP- INE248U07AJ3 Market Linked Performance 10.44 18, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 1 1, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 7.3 8, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 4 22, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 2.96 28, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 15, May 14, PP- INE248U07AJ3 Market Linked Performance 1 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 22, May 14, PP- INE248U07AJ3 Market Linked Performance 2 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 28, May 14, PP- INE248U07AJ3 Market Linked Performance 2.5 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 5, May 14, PP- INE248U07AJ3 Market Linked Performance 1.96 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 6, May 14, PP- INE248U07AJ3 Market Linked Performance 9.89 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 10, May 14, PP- INE248U07AJ3 Market Linked Performance 1 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 12, May 14, PP- INE248U07AJ3 Market Linked Performance 4 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to May 3, May 14, PP- INE248U07AJ3 Market Linked Performance 5.37 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to May 10, May 14, PP- INE248U07AJ3 Market Linked Performance 1 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty INE248U07AJ3 Principal Protected May 17, Linked to May 14, 1.94 PP-

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Market Linked 2018 Performance 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 14, May 14, PP- INE248U07AJ3 Market Linked Performance 1 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 21, May 14, PP- INE248U07AJ3 Market Linked Performance 9.65 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 22, May 14, PP- INE248U07AJ3 Market Linked Performance 3 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 9, May 14, PP- INE248U07AJ3 Market Linked Performance 4.3 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September May 14, PP- INE248U07AJ3 Market Linked Performance 1 4, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to November May 14, PP- INE248U07AJ3 Market Linked Performance 1 1, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 9.77 13, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 2.5 28, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January 2, May 14, PP- INE248U07AJ3 Market Linked Performance 8.74 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January 7, May 14, PP- INE248U07AJ3 Market Linked Performance 1.17 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 14, PP- INE248U07AJ3 Market Linked Performance 6.62 15, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 14, PP- INE248U07AJ3 Market Linked Performance 7.7 16, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 14, PP- INE248U07AJ3 Market Linked Performance 1.3 17, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 6.39 7, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty INE248U07AJ3 Principal Protected May 30, Linked to May 14, 1 PP-

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Market Linked 2019 Performance 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 6, May 14, PP- INE248U07AJ3 Market Linked Performance 26.92 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 10, May 14, PP- INE248U07AJ3 Market Linked Performance 3 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 13, May 14, PP- INE248U07AJ3 Market Linked Performance 11.19 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 26, May 14, PP- INE248U07AJ3 Market Linked Performance 4.57 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 5, May 14, PP- INE248U07AJ3 Market Linked Performance 1 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 10, May 14, PP- INE248U07AJ3 Market Linked Performance 10 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 15, May 14, PP- INE248U07AJ3 Market Linked Performance 7 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 22, May 14, PP- INE248U07AJ3 Market Linked Performance 5 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September May 14, PP- INE248U07AJ3 Market Linked Performance 3.47 19, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to October 4, May 14, PP- INE248U07AJ3 Market Linked Performance 1 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to October May 14, PP- INE248U07AJ3 Market Linked Performance 2.5 10, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to October May 14, PP- INE248U07AJ3 Market Linked Performance 6 14, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to November May 14, PP- INE248U07AJ3 Market Linked Performance 10.74 29, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 25 2, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty INE248U07AJ3 Principal Protected December Linked to May 14, 1.75 PP-

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Market Linked 3, 2019 Performance 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 6.01 5, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 3 6, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 10.45 12, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 6.97 19, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 10.17 26, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 14, PP- INE248U07AJ3 Market Linked Performance 0.86 27, 2019 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January 2, May 14, PP- INE248U07AJ3 Market Linked Performance 5.96 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January 9, May 14, PP- INE248U07AJ3 Market Linked Performance 19.63 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 14, PP- INE248U07AJ3 Market Linked Performance 6.57 16, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 14, PP- INE248U07AJ3 Market Linked Performance 10.59 28, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 3.1 6, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 42.18 7, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 6.5 10, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 18.67 13, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty INE248U07AJ3 Principal Protected February Linked to May 14, 2 PP-

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Market Linked 18, 2020 Performance 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 58.8 26, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 18.42 27, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 14, PP- INE248U07AJ3 Market Linked Performance 5 28, 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 2, May 14, PP- INE248U07AJ3 Market Linked Performance 1.43 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 11, May 14, PP- INE248U07AJ3 Market Linked Performance 1.5 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 12, May 14, PP- INE248U07AJ3 Market Linked Performance 27.64 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 24, May 14, PP- INE248U07AJ3 Market Linked Performance 24.32 2020 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February August 9, PP- INE248U07AL9 Market Linked Performance 7.8 7, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February August 9, PP- INE248U07AL9 Market Linked Performance 2 12, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February August 9, PP- INE248U07AL9 Market Linked Performance 2 22, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February August 9, PP- INE248U07AL9 Market Linked Performance 6.9 28, 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 12, August 9, PP- INE248U07AL9 Market Linked Performance 3 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 14, August 9, PP- INE248U07AL9 Market Linked Performance 6 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 22, August 9, PP- INE248U07AL9 Market Linked Performance 5 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty INE248U07AL9 Principal Protected March 28, Linked to August 9, 4.25 PP-

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Market Linked 2018 Performance 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 5, August 9, PP- INE248U07AL9 Market Linked Performance 7.5 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 18, August 9, PP- INE248U07AL9 Market Linked Performance 4.1 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to May 8, August 9, PP- INE248U07AL9 Market Linked Performance 1.74 2018 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February October PP- INE248U07AN5 Market Linked Performance 2 28, 2018 25, 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 5, October PP- INE248U07AN5 Market Linked Performance 2.2 2018 25, 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 10, October PP- INE248U07AN5 Market Linked Performance 1 2018 25, 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 11, July 12, PP- INE248U07AU0 Market Linked Performance 3 2018 2023 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December December PP- INE248U07AX4 Market Linked Performance 13.35 12, 2018 11, 2028 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December December PP- INE248U07AX4 Market Linked Performance 6.29 20, 2018 11, 2028 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December December PP- INE248U07AX4 Market Linked Performance 8 21, 2018 11, 2028 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January 8, December PP- INE248U07AX4 Market Linked Performance 9 2019 11, 2028 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January 9, December PP- INE248U07AX4 Market Linked Performance 1.49 2019 11, 2028 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January December PP- INE248U07AX4 Market Linked Performance 11.54 17, 2019 11, 2028 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January December PP- INE248U07AX4 Market Linked Performance 5.45 24, 2019 11, 2028 MLD[ICRA]AA(Stable) Debenture Programme of Nifty INE248U07AY2 Principal Protected December Linked to May 5, 117.15 PP-

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Market Linked 12, 2018 Performance 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 5, PP- INE248U07AY2 Market Linked Performance 34.82 20, 2018 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December May 5, PP- INE248U07AY2 Market Linked Performance 25 28, 2018 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January 3, May 27, PP- INE248U07AZ9 Market Linked Performance 48 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January 9, May 27, PP- INE248U07AZ9 Market Linked Performance 9.44 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 27, PP- INE248U07AZ9 Market Linked Performance 24.6 10, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 27, PP- INE248U07AZ9 Market Linked Performance 44.41 16, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 27, PP- INE248U07AZ9 Market Linked Performance 20.75 17, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 27, PP- INE248U07AZ9 Market Linked Performance 18.2 18, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 27, PP- INE248U07AZ9 Market Linked Performance 14.61 24, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January May 27, PP- INE248U07AZ9 Market Linked Performance 1.75 25, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February May 27, PP- INE248U07AZ9 Market Linked Performance 5.5 7, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January January PP- INE248U07BB8 Market Linked Performance 28.5 22, 2019 22, 2029 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January January PP- INE248U07BB8 Market Linked Performance 42.38 25, 2019 22, 2029 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Linked to Principal Protected March 12, Performance March 12, PP- INE248U07BC6 Market Linked 39.21 2019 of 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Instrument Linked to Principal Protected Performance March 15, March 12, PP- INE248U07BC6 Market Linked of 14.76 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 19, March 12, PP- INE248U07BC6 Market Linked of 16.8 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 28, March 12, PP- INE248U07BC6 Market Linked of 20.49 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 4, March 12, PP- INE248U07BC6 Market Linked of 9.6 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 7, March 12, PP- INE248U07BC6 Market Linked of 18.35 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 11, March 12, PP- INE248U07BC6 Market Linked of 6.05 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance August 16, March 12, PP- INE248U07BC6 Market Linked of 18.46 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance September March 12, PP- INE248U07BC6 Market Linked of 5.63 5, 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected March 12, Performance March 12, PP- INE248U07BD4 Market Linked 5.5 2019 of 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying 16

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Instrument Linked to Principal Protected Performance March 15, March 12, PP- INE248U07BD4 Market Linked of 13.7 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 19, March 12, PP- INE248U07BD4 Market Linked of 21.2 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 26, March 12, PP- INE248U07BD4 Market Linked of 20 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 28, March 12, PP- INE248U07BD4 Market Linked of 7.46 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance May 7, March 12, PP- INE248U07BD4 Market Linked of 17.21 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance May 10, March 12, PP- INE248U07BD4 Market Linked of 11.82 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance May 14, March 12, PP- INE248U07BD4 Market Linked of 11.05 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance August 16, March 12, PP- INE248U07BD4 Market Linked of 15 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected March 12, Performance April 12, PP- INE248U07BE2 Market Linked 8.9 2019 of 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying 17

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Instrument Linked to Principal Protected Performance March 15, April 12, PP- INE248U07BE2 Market Linked of 27.4 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 19, April 12, PP- INE248U07BE2 Market Linked of 12.8 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 22, April 12, PP- INE248U07BE2 Market Linked of 14.7 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 26, April 12, PP- INE248U07BE2 Market Linked of 22.25 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 28, April 12, PP- INE248U07BE2 Market Linked of 47.14 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 4, April 12, PP- INE248U07BE2 Market Linked of 14.82 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 7, April 12, PP- INE248U07BE2 Market Linked of 7 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance March 27, April 27, PP- INE248U07BF9 Market Linked of 20.5 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected March 28, Performance April 27, PP- INE248U07BF9 Market Linked 3.32 2019 of 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying 18

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Instrument Linked to Principal Protected Performance April 5, April 27, PP- INE248U07BF9 Market Linked of 5 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 4, April 27, PP- INE248U07BF9 Market Linked of 16.65 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 7, April 27, PP- INE248U07BF9 Market Linked of 13.7 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 11, April 27, PP- INE248U07BF9 Market Linked of 1 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance June 25, April 27, PP- INE248U07BF9 Market Linked of 2.93 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance July 4, April 27, PP- INE248U07BF9 Market Linked of 14.85 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance July 8, April 27, PP- INE248U07BF9 Market Linked of 16.1 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance July 12, April 27, PP- INE248U07BF9 Market Linked of 6.5 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected July 18, Performance April 27, PP- INE248U07BF9 Market Linked 4 2019 of 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying 19

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Instrument Linked to Principal Protected Performance August 22, April 27, PP- INE248U07BF9 Market Linked of 1.89 2019 2026 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Principal Protected March 29, Linked to G- February PP- INE248U07BG7 Market Linked 150.33 2019 sec 14, 2024 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected June 28, Linked to G- February PP- INE248U07BG7 Market Linked 159.83 2019 sec 14, 2024 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected May 29, Linked to G- February PP- INE248U07BG7 Market Linked 1.34 2020 sec 14, 2024 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected October Linked to G- February PP- INE248U07BG7 Market Linked 0.94 21, 2020 sec 14, 2024 MLD[ICRA]AA(Stable) Debenture Programme Linked to Principal Protected Performance April 5, April 5, PP- INE248U07BH5 Market Linked of 59.75 2019 2029 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Linked to Principal Protected Performance April 9, April 5, PP- INE248U07BH5 Market Linked of 6.92 2019 2029 MLD[ICRA]AA(Stable) Debenture Programme Underlying Instrument Principal Protected May 29, Linked to G- February PP- INE248U07BI3 Market Linked 9.29 2019 sec 14, 2024 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to G- February PP- INE248U07BI3 Market Linked 1.46 17, 2020 sec 14, 2024 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected Linked to May 30, August 2, PP- INE248U07BJ1 Market Linked Performance 1.1 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 6, August 2, PP- INE248U07BJ1 Market Linked Performance 7.28 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 12, August 2, PP- INE248U07BJ1 Market Linked Performance 5.25 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected June 13, Linked to August 2, PP- INE248U07BJ1 19.28 Market Linked 2019 Performance 2022 MLD[ICRA]AA(Stable) 20

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Debenture Programme of Nifty Principal Protected Linked to June 26, August 2, PP- INE248U07BJ1 Market Linked Performance 1 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 5, August 2, PP- INE248U07BJ1 Market Linked Performance 1 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 10, August 2, PP- INE248U07BJ1 Market Linked Performance 10.5 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 16, August 2, PP- INE248U07BJ1 Market Linked Performance 2.97 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 19, August 2, PP- INE248U07BJ1 Market Linked Performance 4.5 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 22, August 2, PP- INE248U07BJ1 Market Linked Performance 25 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September August 2, PP- INE248U07BJ1 Market Linked Performance 1 19, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September August 2, PP- INE248U07BJ1 Market Linked Performance 3.98 25, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to October August 2, PP- INE248U07BJ1 Market Linked Performance 6 14, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December August 2, PP- INE248U07BJ1 Market Linked Performance 3 6, 2019 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to January August 2, PP- INE248U07BJ1 Market Linked Performance 7.15 28, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February August 2, PP- INE248U07BJ1 Market Linked Performance 1 6, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February August 2, PP- INE248U07BJ1 Market Linked Performance 1 10, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to February August 2, PP- INE248U07BJ1 Market Linked Performance 7.63 13, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected February Linked to August 2, PP- INE248U07BJ1 1.25 Market Linked 27, 2020 Performance 2022 MLD[ICRA]AA(Stable) 21

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Debenture Programme of Nifty Principal Protected Linked to March 12, August 2, PP- INE248U07BJ1 Market Linked Performance 32.61 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to April 24, August 2, PP- INE248U07BJ1 Market Linked Performance 22.65 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to May 12, August 2, PP- INE248U07BJ1 Market Linked Performance 6.81 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to May 21, August 2, PP- INE248U07BJ1 Market Linked Performance 24.83 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 11, August 2, PP- INE248U07BJ1 Market Linked Performance 17.27 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 18, August 2, PP- INE248U07BJ1 Market Linked Performance 4.75 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 24, August 2, PP- INE248U07BJ1 Market Linked Performance 14.83 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 25, August 2, PP- INE248U07BJ1 Market Linked Performance 6.72 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 29, August 2, PP- INE248U07BJ1 Market Linked Performance 3 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 2, August 2, PP- INE248U07BJ1 Market Linked Performance 30.38 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 17, August 2, PP- INE248U07BJ1 Market Linked Performance 43.65 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 22, August 2, PP- INE248U07BJ1 Market Linked Performance 18.43 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 23, August 2, PP- INE248U07BJ1 Market Linked Performance 20 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 27, August 2, PP- INE248U07BJ1 Market Linked Performance 13 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected July 30, Linked to August 2, PP- INE248U07BJ1 17.58 Market Linked 2020 Performance 2022 MLD[ICRA]AA(Stable) 22

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Debenture Programme of Nifty Principal Protected Linked to August 4, August 2, PP- INE248U07BJ1 Market Linked Performance 14.75 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 13, August 2, PP- INE248U07BJ1 Market Linked Performance 21.29 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 20, August 2, PP- INE248U07BJ1 Market Linked Performance 14.76 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September August 2, PP- INE248U07BJ1 Market Linked Performance 10 7, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September August 2, PP- INE248U07BJ1 Market Linked Performance 30 15, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September August 2, PP- INE248U07BJ1 Market Linked Performance 68.3 22, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September August 2, PP- INE248U07BJ1 Market Linked Performance 4.68 28, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to October 6, August 2, PP- INE248U07BJ1 Market Linked Performance 128.56 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to October August 2, PP- INE248U07BJ1 Market Linked Performance 10 12, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to November August 2, PP- INE248U07BJ1 Market Linked Performance 7 2, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to November August 2, PP- INE248U07BJ1 Market Linked Performance 10.06 5, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to November August 2, PP- INE248U07BJ1 Market Linked Performance 21.05 12, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to November August 2, PP- INE248U07BJ1 Market Linked Performance 27.3 24, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to December August 2, PP- INE248U07BJ1 Market Linked Performance 4.3 9, 2020 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected December Linked to August 2, PP- INE248U07BJ1 3.35 Market Linked 11, 2020 Performance 2022 MLD[ICRA]AA(Stable) 23

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Debenture Programme of Nifty Principal Protected Linked to June 20, October PP- INE248U07BK9 Market Linked Performance 3 2019 20, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to June 27, October PP- INE248U07BK9 Market Linked Performance 6.5 2019 20, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 10, October PP- INE248U07BK9 Market Linked Performance 19.7 2019 20, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 19, October PP- INE248U07BK9 Market Linked Performance 6.48 2019 20, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 31, October PP- INE248U07BK9 Market Linked Performance 2.75 2019 20, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 2, October PP- INE248U07BK9 Market Linked Performance 3.33 2019 20, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected September Linked to G- June 26, PP- INE248U07BM5 Market Linked 4.71 6, 2019 sec 2022 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected September Linked to G- February PP- INE248U07BN3 Market Linked 31 26, 2019 sec 14, 2024 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected September Linked to G- February PP- INE248U07BN3 Market Linked 11.6 30, 2019 sec 14, 2024 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected November Linked to June 15, PP- INE248U07BO1 Market Linked 52 29, 2019 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected December Linked to June 15, PP- INE248U07BO1 Market Linked 32.7 2, 2019 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected December Linked to June 15, PP- INE248U07BO1 Market Linked 2 3, 2019 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected December Linked to June 15, PP- INE248U07BO1 Market Linked 12.49 5, 2019 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected December Linked to June 15, PP- INE248U07BO1 Market Linked 9.25 19, 2019 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected December Linked to June 15, PP- INE248U07BO1 5.45 Market Linked 26, 2019 MIBOR 2021 MLD[ICRA]AA(Stable) 24

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Debenture Programme Principal Protected December Linked to June 15, PP- INE248U07BO1 Market Linked 2.69 27, 2019 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected January 2, Linked to June 15, PP- INE248U07BO1 Market Linked 1 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected January 9, Linked to June 15, PP- INE248U07BO1 Market Linked 17.4 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected January Linked to June 15, PP- INE248U07BO1 Market Linked 3 13, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected January Linked to June 15, PP- INE248U07BO1 Market Linked 12.13 16, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected January Linked to June 15, PP- INE248U07BO1 Market Linked 53.21 28, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to June 15, PP- INE248U07BO1 Market Linked 16.02 6, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to June 15, PP- INE248U07BO1 Market Linked 48.96 7, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to June 15, PP- INE248U07BO1 Market Linked 7 10, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to June 15, PP- INE248U07BO1 Market Linked 23.85 13, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to June 15, PP- INE248U07BO1 Market Linked 53.93 18, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to June 15, PP- INE248U07BO1 Market Linked 37.07 27, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to June 15, PP- INE248U07BO1 Market Linked 0.75 28, 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected March 2, Linked to June 15, PP- INE248U07BO1 Market Linked 2 2020 MIBOR 2021 MLD[ICRA]AA(Stable) Debenture Programme Principal Protected February Linked to October PP- INE248U07BZ7 17.6 Market Linked 18, 2020 Performance 25, 2021 MLD[ICRA]AA(Stable) 25

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Debenture Programme of Nifty Principal Protected Linked to March 24, March 15, PP- INE248U07CO9 Market Linked Performance 56.25 2020 1930 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 31, March 15, PP- INE248U07CO9 Market Linked Performance 6.2 2020 1930 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 24, March 15, PP- INE248U07CP6 Market Linked Performance 41.5 2020 1930 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 31, March 15, PP- INE248U07CP6 Market Linked Performance 2.8 2020 1930 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 27, March 22, PP- INE248U07CQ4 Market Linked Performance 105.27 2020 2029 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 31, March 27, PP- INE248U07CR2 Market Linked Performance 35 2020 2029 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 31, March 29, PP- INE248U07CT8 Market Linked Performance 4.1 2020 1930 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to March 31, March 29, PP- INE248U07CU6 Market Linked Performance 10.6 2020 1930 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 8, January PP- INE248U07CV4 Market Linked Performance 21.11 2020 10, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 10, January PP- INE248U07CV4 Market Linked Performance 7.89 2020 10, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 15, January PP- INE248U07CV4 Market Linked Performance 9.05 2020 10, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 16, January PP- INE248U07CV4 Market Linked Performance 2.3 2020 10, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 21, January PP- INE248U07CV4 Market Linked Performance 1.5 2020 10, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to July 30, September PP- INE248U07CW2 Market Linked Performance 16.5 2020 6, 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected August 4, Linked to September PP- INE248U07CW2 6.27 Market Linked 2020 Performance 6, 2021 MLD[ICRA]AA(Stable) 26

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Debenture Programme of Nifty Principal Protected Linked to August 6, September PP- INE248U07CW2 Market Linked Performance 5 2020 6, 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 11, September PP- INE248U07CW2 Market Linked Performance 1 2020 6, 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 19, September PP- INE248U07CW2 Market Linked Performance 2 2020 6, 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 25, September PP- INE248U07CW2 Market Linked Performance 3 2020 6, 2021 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 13, February PP- INE248U07CX0 Market Linked Performance 51 2020 14, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to August 20, February PP- INE248U07CX0 Market Linked Performance 22.49 2020 14, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to September February PP- INE248U07CX0 Market Linked Performance 101.49 3, 2020 14, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to October 6, February PP- INE248U07CX0 Market Linked Performance 3.1 2020 14, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to November November PP- INE248U07CY8 Market Linked Performance 25 10, 2020 10, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Linked to November November PP- INE248U07CZ5 Market Linked Performance 30 10, 2020 10, 2022 MLD[ICRA]AA(Stable) Debenture Programme of Nifty Principal Protected Market Linked NA 1,465.48 Debenture Programme Unallocated Secured NCD March 20, March 18, INE248U07AO3 8.50% 10 [ICRA]AA(Stable) Programme 2018 2021 Secured NCD NA Programme 690 Unallocated Unsecured NCD March 24, June 24, INE248U08051 9.10% 10 [ICRA]AA(Stable) Programme 2017 2022 Unsecured NCD March 24, June 24, INE248U08069 NA 5.5 [ICRA]AA(Stable) Programme 2017 2022 INE248U08077 Unsecured NCD March 30, NA June 30, 3 [ICRA]AA(Stable) 27

Amount Date of Maturity Rated Current Rating and ISIN Instrument Name Issuance / Coupon Rate Date (Rs. Outlook Sanction crore) Programme 2017 2022 Unsecured NCD April 12, July 12, INE248U08085 9.10% 1 [ICRA]AA(Stable) Programme 2017 2022 Unsecured NCD May 22, July 22, INE248U08093 9.10% 13 [ICRA]AA(Stable) Programme 2017 2022 Unsecured NCD March 7, June 6, INE248U08101 NA 69.3 [ICRA]AA(Stable) Programme 2017 2022 Unsecured NCD March 14, June 13, INE248U08119 NA 35.3 [ICRA]AA(Stable) Programme 2017 2022 Unsecured NCD September May 2, INE248U08127 NA 5 [ICRA]AA(Stable) Programme 1, 2017 2023 Unsecured NCD September May 2, INE248U08127 NA 5.9 [ICRA]AA(Stable) Programme 14, 2017 2023 Unsecured NCD September May 2, INE248U08127 NA 1 [ICRA]AA(Stable) Programme 26, 2017 2023 Unsecured NCD September May 2, INE248U08127 NA 18.9 [ICRA]AA(Stable) Programme 27, 2017 2023 Unsecured NCD October 6, May 2, INE248U08127 NA 7 [ICRA]AA(Stable) Programme 2017 2023 Unsecured NCD October May 2, INE248U08127 NA 6.5 [ICRA]AA(Stable) Programme 11, 2017 2023 Unsecured NCD October May 2, INE248U08127 NA 1 [ICRA]AA(Stable) Programme 17, 2017 2023 Unsecured NCD November May 2, INE248U08127 NA 8 [ICRA]AA(Stable) Programme 30, 2017 2023 Unsecured NCD March 1, May 2, INE248U08127 NA 4.7 [ICRA]AA(Stable) Programme 2018 2023 Unsecured NCD April 24, July 19, INE248U08135 9.00% 2.5 [ICRA]AA(Stable) Programme 2018 2023 Unsecured NCD May 11, January INE248U08143 NA 1 [ICRA]AA(Stable) Programme 2018 10, 2024 Unsecured NCD NA Programme 451.4 Unallocated Commercial Paper NA - - 7-365 days 1,500 [ICRA]A1+ Programme Commercial Paper NA Programme (IPO - - 7-30 days 6,000 [ICRA]A1+ financing) Grand Total 14,150

Source: IIFL Wealth *Not yet placed

Annexure-2: List of entities considered for consolidated analysis Company Name Ownership Consolidation Approach IIFL Distribution Services Limited 100% Full Consolidation IIFL Investment Adviser and Trustee Services Limited 100% Full Consolidation IIFL Alternate Asset Advisors Limited 100% Full Consolidation IIFL Asset Management Limited 100% Full Consolidation IIFL Trustee Limited 100% Full Consolidation IIFL Wealth Finance Limited 100% Full Consolidation IIFL Wealth Securities IFSC Limited (w.e.f. June 22, 2018) 100% Full Consolidation IIFL Wealth Advisors (India) Limited (w.e.f. November 22, 2018) 100% Full Consolidation IIFL Altiore Advisors Limited (w.e.f. November 5, 2018) 100% Full Consolidation IIFL Wealth Employee Welfare Benefit Trust 100% Full Consolidation IIFL Asset Management (Mauritius) Limited (formerly known as IIFL 100% Full Consolidation Private Wealth (Mauritius) Limited IIFL Inc. 100% Full Consolidation IIFL (Asia) Pte. Limited 100% Full Consolidation IIFL Securities Pte. Limited 100% Full Consolidation IIFL Capital Pte. Limited 100% Full Consolidation IIFL Private Wealth Management (Dubai) Limited 100% Full Consolidation IIFL Private Wealth Hong Kong Limited 100% Full Consolidation IIFL Capital (Canada) Limited (w.e.f. November 3, 2018) 100% Full Consolidation

Analyst Contacts

Karthik Srinivasan Sahil Udani +91 22 61143444 +91 22 61143429 [email protected] [email protected]

Neha Parikh Jui Kulkarni +91 22 61143426 +91 22 61143427 [email protected] [email protected]

Relationship Contact

L. Shivakumar +91 22 6114 3406 [email protected]

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani Tel: +91 124 4545 860 [email protected]

Helpline for business queries:

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm) [email protected]

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder.

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ICRA Limited

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