Housing Development Finance : Un-audited financial results - advertisement - February 2, 2021

	-i HDFC
Ref. No. SE/ 2020-21/299	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED
www.hdfc.com
February 4, 2021
BSE Limited	National Stock Exchange of India Limited
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Kind Attn: - Sr. General Manager	Kind Attn: Head - Listing
DCS - Listing Department
Dear Sirs,

Sub: Publication of Notice in newspapers containing un-audited financial results of the Corporation for thequarter/nine-months ended December 31, 2020

Pursuant to the captioned subject, please find enclosed herewith copies of newspaper clippings published by the Corporation.

The said newspaper clippings are also available on website of the Corporation, www.hdfc.com

This is for your information and record.

Thank you,

Yours faithfully,

For ousing Development Finance Corporation Limited

Encl: a/a

Business StandardMUMBAI | WEDNESDAY, 3 FEBRUARY 2021

TAKE TWO 9

.

The call of 5G

The Big Two telecom companies have accelerated their moves towards this next-gen technology, though they have chosen very different routes to getting there

few gear makers such as Nokia or Ericson. The new approach reduces capital (sav- ing of 40 per cent) and operating costs (by over 35 per cent), enables faster rollout (as technology is more software loaded which can be remotely upgraded rather than hardware dependent), and offers flexibility in telecom network management. But beyond that, the two have very differ-

ent approaches.

Jio's approach has been to build an indigenous network based on 5G radio and the core by its in house R&D - which is writing the software, designing the products and even plans to manufacture hardware on its own or through third-party players. Jio will have its own team for system integration. It hopes to offer this end-to-end architecture to other competing global operators and make it a new business opportunity.

Bharti's approach is one of collabora- tion. "We want to get the best quality and the lowest cost for our networks. We are not looking at becoming an R&D provider for the world," said a senior executive of the company.

<

ON THE JOB

Not a Budget for employment

		toremployerinIndia.Evenifthisscheme	reach 400.7 million. This is the first time
		is successful, it is unlikely to move the	since the lockdown that employment
		needle on employment much. Similarly,	crossed the 400-million mark. The
		thehigherallocationforroadsorhousing	increase in employment in January is
		is unlikely to make a material difference	concentrated in the construction and in
		to employment. The challenges on the	agriculture sectors. Employment in con-
		employment front are much bigger.	structionincreasedby8.6million-from
		Budget documents presented in	62.1 million in December 2020 to 70.7
		ParliamentonMondaytellusthatcentral	million in January 2021. The growth in
		government employment would be 3.41	employment in agriculture was relative-
		million in 2020-21. This implies a 3.4 per	lymodestat4.2million.Itincreasedfrom
MAHESH VYAS
	cent growth in central government	144.9 million to 149.1 million over the
		employment over the 3.31 million it	same period.
he government of India does not	employed in 2019-20. But, last year's	Themanufacturingsectorsawamar-
recognise any employment prob-	Budget documents of the government	ginalimprovementinemploymentfrom
Tlem in the country. Two impor-	had told us that employment in 2019-20	29.3millionto29.7million.Servicesindus-
tant statements it made related to the	wouldbe3.62million.So,thegovernment	triessawafallinemploymentduringthis
economic situation in the country over	has revised its employment estimate of	period. Some of these monthly changes
thelastfourdays-theEconomicSurvey	2019-20downbyabout310,000.Interest-	reflect seasonality and also the monthly
and the finance minister's speech - did	ingly,lastyear,theysaidthattheemploy-	changes in the sample. Because of the

SURAJEET DAS GUPTA

New Delhi, 2 February

The battle for 5G is suddenly hotting up. In an unexpected move last week,BhartiAirtelannouncedthatit had become the first telco to demonstrate

livenon-standalone5Gserviceoveritscommercial network in Hyderabad, using existing spectrum in the 1,800 band. And on the same day communications minister Ravi Shankar Prasad extolled the fact that the 5G core (the heart of the network) should be made in India and said his ministry would soon give the much delayed permission for trial runs of the technology.

The Airtel move comes just a few months after Reliance Jio quietly tested its own indigenously designed standalone 5G radio and core far way in the US on a Verizon 5G live network (its application for 3,500 and millimetre band spectrum for testing in India is pending). Reliance, how- ever, declined to talk about it. During its investorpresentationonitsquarterlyresults a few days ago, the company announced that its indigenous core and radio has achievedthroughputsof1GBPSornearly10 times the highest speeds for 4G.

Analysts say Airtel's decision to showcase its 5G prowess was mainly to allay concerns that it might trail Reliance Jio in the 5G preparedness game. After all, in the 4G space, Airtel was the first to launch the service in the country in 2012 but could not leverage its first-mover advantage, mainly because it was unable to anticipate Jio's disruptive entry four years later.

The concerns about Airtel's 5G readiness came out in the open a few weeks ago when Sunil Mittal stated at the Indian Mobile Congress that 5G is two to three years away in India. Yet at the same forum Mukesh Ambani created a stir when he said Jio was ready to launch 5G services in the second half of this year, once spectrum was auctioned.

To be sure, despite all the noise of India takingtheleadin5G,itisalreadybehindthe curve. As much as 15 per cent of the global population already has 5G coverage and by the end of 2020 there were 200 million cus-

DECODING 5G

TECHNOLOGIES

>NON-STANDALONE

It's an interim architecture that enables operators to leverage their existing investments in their 4G LTE networks and core, and reduce capital costs. Although it offers higher speeds and is good for offering last-mile wireless mobile broadband to homes, several new and lucrative services cannot be enabled on this platform. Airtel used this technology.

• STANDALONE

In this, a network has to be built with a new 5G core and new radios that work on 5G bands. It offers low latency, which only can power machine-to-machine operation, enable automation, remote robotic surgery, autonomous vehicles and be the backbone for building smart cities. Jio used this technology.

>WHO HAS ADOPTED WHAT

Globally, most networks are non-standalone, but Singapore, China and South Korea are using standalone. By the end of this year, many more will join in.

tomers and 113 operators across the globe offering 5G services.

The four key things required to power

5G services are: Auction of adequate spectrum in the 3500 and millimetre bands like 26-28 GHZ bands; a 5G devices ecosystem and their availability at affordable prices; cash flows with telcos to invest in the high speed network; and appropriate technology such as leveraging open radio networks (known as O-RAN) which will help reduce costs and allow for faster rollouts.

Both Jio and Airtel are betting on O-RAN-based technology, which allows operators the choice to buy software and hardwarefromanarrayofvendorsandintegrate them rather than depend only on a

So Bharti has tied the knot for technology with a bevy of players - Japanese hardware giant NEC, Taiwanese major Sercomm, cloud player Red Hat in the US, and Texas-basedstart-up Mavenir - to build the network. It is also working closely with US-based Altiostar (which has been bought over by Japanese telco Rakuten) to help build the virtual software architecture as well as co-design software with them. And it is open to tying up traditional gear makers, which are also looking at reorienting their business models to meet new realities.

But the consensus is with the high levels of software in the network, rollout time has got squeezed dramatically. In China, telcos launched 5G in over 50 cities in only five months. In India, they expect to roll out in centralbusinessdistrictsoflargecitieswithin six months of getting spectrum and 18-24 months across the country.

Gear makers said telcos have to spend anything between $7 billion and $10 billion torolloutastandalone5Gnetwork(without spectrum) across the country. And both Airtel and Jio have the financial muscle to do so. However, given that it has fewer towers and fibre than Jio, Bharti's investments would be on the higher side. Also, Jio's parent RIL, which has a debt-free balance sheet, will find it easier to finance the roll- out than its rival.

The more important issue would be when,howmuchandatwhatbasepricethe government will offer 5G spectrum in the 3,500 band. Telcos have said that calculated on the basis of the base price they have to fork out ~3.63 trillion together, which is too high and they will not participate until it is reduced. The government has not budged but it might be looking at a longer staggeredpaymentscheme.Thegoodnews is that discussions are in the final stages in government on resolving the competing demands of defence and space, which togetherhold125Mhzinthisbandandhave refused to shift out. Without this, there won't be enough spectrum (175 MHz) for three or even two 5G players (a minimum 100 MHz is required for 5G).

At the user end, the prices of 5G mobile devices are set to fall this year. They are already 18 5G models in the market and Qualcomm predicts that by the end of 2021, 60-70 per cent of the smartphones sold in India will be 5G- enabled. And with new more cost effective chipset, prices of 5G phones would be between ~10,000 and ~15,000 pretty soon. The ground is rapidly being created for the next big technology battle.

not recognise, in any manner, the fact	ment in 2018-19 was 3.49 mil-			highly disruptive nature of eco-
that scores of millions of Indians lost	lion. But now they tell us that	Compared to	nomic growth in recent years
livelihoodsin2020-21.Mostpeoplefound	employmentthenwas220,000	a year ago,	for a variety of reasons, deci-
ways to reduce their misery with or with-	lesser at 3.27 million. So, the	employment in	phering the seasonal compo-
out help from the government. The gov-	employment in 2020-21 at 3.41	January 2020	nents of growth is not possible.
ernment does not recognise this phe-	million would be lower than	was lower by	A year-on-year comparison
nomenon and therefore it does not	whattheysaidtheemployment	9.8 million	helpsovercomebothproblems.
directly address it in the two documents	wasthreeyearsearlierin2018-19			Because of the panel nature of
released by it recently.	at 3.49 million. This is if the estimate for	CMIE's Consumer Pyramids Household
The finance minister's speech con-	2020-21 is not revised downwards.	Survey,thesampleofJanuary2020isthe
tained no specific scheme to help the	Historicaldatatellusthatcentralgov-	same as it was in January 2019.
unemployed or to generate employment	ernment employment has been stable at	Compared to a year ago, employment
directly. Hopes of an urban version of	about 3.3 million since at least 2000-01	in January 2020 was lower by 9.8 mil-
the MGNREGA were belied. The finance	when it was at this level. The average	lion. The sector-wise breakup shows that
minister did not mention MGNREGA in	employment in the 19 years, from 2000-	the employment grew in agriculture and
her speech. The scheme was a major sav-	01 through 2018-19, has been 3.26 mil-	it fell in industry and services. It grew in
iour of employment in rural India during	lion in a year. Central government	agriculture by 10.6 million but it fell by
the lockdown. Budgetary allocation for	employment maxed at 3.42 million in	14.3millioninmanufacturingandby10.1
the scheme was raised from ~615 billion	2001-02 and was at its lowest of 3.15 mil-	million in services.
to ~1,015 billion because of the lockdown	lion in 2011-12. The last five "final" esti-	It is important to increase employ-
and the need to provide employment.	mates of 2012-13 through 2018-19 show a	ment in general. It is even better to
The revised estimate is raised further to	steadily declining trend of central gov-	increase good quality jobs. Strategically,
~1.115 billion. The budgetary allocation	ernment employment. Given this his-	itisimportanttomovepeoplefromfarms
for the scheme in 2021-22 is ~730 billion.	torical record, the projection of employ-	tofactoriestoimproveoveralllabourpro-
A scheme to promote textiles pro-	ment of 3.4 million in 2020-21 and 3.3	ductivity. It is important to improve job
posed by the finance minister could gen-	million in 2019-10 seem like tall claims.	opportunities for women, for urbanites
erateemployment.Thegovernmentpro-	Meanwhile,labourmarketsrecovered	and for the educated. The Budget does
poses to set up seven Mega Investments	in January 2021 from the setback they	not contain ideas to do any of this.
Textiles Parks (MITRA) over three years.	sufferedinDecember2020.Employment
Textilesisthelargestmanufacturingsec-	increased by 11.9 million in January to	ThewriterisMDandCEO,CMIEPLtd

HDFC

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE

QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020

			tin Crore
PARTICULARS	Quarter ended	Nine months ended	Quarter ended
December 31, 2020	December 31, 2020	December 31, 2019
		Reviewed
Total Income from operations (net)	39,259.06	1,03,295.60	29,071.96
Net Profit for the period	6,810.77	17,533.00	4,600.79
(before tax and Extraordinary items)
Net Profit for the period before tax	6,810.77	17,533.00	4,600.79
(after Extraordinary items)
Net Profit for the period after tax	5,724.23	14,818.17	4,196.48
(after Extraordinary items)

Christie's arm enters India as luxury real estate grows

Total Comprehensive income for the period	8,474.48	18,328.12	3,259.18
Equity Share Capital	360.04	360.04	345.81
Reserves (excluding Revaluation Reserve as shown	1,26,132.75 (as on March 31, 2020)
in the Audited Balance Sheet of previous year)
Earnings Per Share (Face value t 2 each)*
Basic:~)	28.79	75.82	22.16

RITWIK SHARMA

New Delhi, 2 February

Christie's International Real
Estate (CIRE) has entered India,
following its famous parent
body and fine art auction house
nearly threedecades on and at a
time luxury housing has grown
despite the upheaval caused by
Covid-19.
On Tuesday, CIRE annou-
nced its foray through an affili-
ation with Delhi-based broker-
age firm Himmat & Rohini
Singh LLP.
CIRE, the luxury real estate	strong marketing platform, be it	pared to the couple of quarters
arm of Christie's with an affili-	in terms of collateral or its net-	before the pandemic struck.
ate network spanning 48 coun-	work of products. "If we want	"September 2020 to	this
tries, follows a brokerage mod-	to list a 375 sqm property worth	January has seen an incredible
el and does not auction	~45 crore, we will be able to put	amount of business, with 25-30
properties, unlike in the world	together a two to four-page	per cent increase in volume of
of art. In India, it will deal in	brochure and distribute to all	transactions in high-end prop-
ultra high-end luxury residen-	our clients. The Christie's web-	erties,"hesays,addingthatafter
tial properties (priced at	site will identify it and increase	lockdown restrictions were
~10 crore and above).		the demand base because we	easedhesitantbuyerssoughtout
Initially, it will			can	market	it	thesecurityoflargerspaces,par-
focus on residen-				globally."		ticularlysincework-from-home
	Initially, it
tial properties in		The Covid-19	became an acceptable change.
north India, par-		will focus on	pandemic has	He adds that nuclear fami-
ticularlysouthand		residential	resulted	in	lies are moving back to joint
central	Delhi,		properties in north	much hesitation	family set-ups, while holiday
apart from holiday		India, apart from	among buyers to	homeshavegrownasasegment
homes in places		holiday homes	visit sites. CIRE	likely due to a reaction to being
like	Himachal		in places like	has	reacted	to	cooped up for long.
Pradesh.	Grad-		Himachal Pradesh	the	change	by	Helena De Forton, director
ually,	it aims to				introducing		of regional operations	for
expand to markets			marketing tools	Europe, Middle East, Russia,
like Mumbai and Goa.	such as 3D tours or virtual vis-	India and Africa of CIRE,
"With this affiliation we can	its to help potential buyers	observes that every market has
offer our clients in India the	shortlist options.			been affected differently by
option to purchase properties	According to Singh, the res-	Covid-19,butthebigtrendisthat
anywhere in the world," says	idential real estate market had	"people want bigger space and
managing	partner	Himmat	been on a downward trend in	they want to be close to nature".
Singh.					India post-demonetisation.	In a place like London, peo-
The affiliation promises an	When the pandemic hit, there	ple are looking to buy bigger
end-to-end service for sale and	was a fear of values dropping	houses if they want to stay in
purchase of luxury properties	further.But,headds,themarket	the central parts, but many are
in India and abroad. CIRE,	picked up in terms of value and	opting for primary residences
Singh adds, brings with it a	volume of transactions com-	outside of the city. In Portugal,

where 70 per cent buyers come from outside, lockdown restrictions hit transactions, forcing sellers to lure locals with incentives to buy bigger properties, she explains.

IntheIndiancontext,there's asmanypeoplebuyingoverseas as ones from abroad buying in India, says Singh.

He agrees that trust is a big problem, particularly in north India. "But this affiliation for us is a great sign of what's happening in the Indian economy, particularly real estate which has an iffy reputation in the best of times,"hesays,addingthatthey want to set an example of transparency and professionalism through the tie-up.

Anuj Puri, chairman, Anarock Property Consultants, points out that in 2020, while affordable and mid segments continued to drive housing demand, luxury sales also kept up pace despite the onslaught of the pandemic. "This is also because the impact of the pandemic on this buyer class was not as significant as other cate- gories. The discounts doled out by developers made such properties more lucrative for end- use buyers."

According to Anarock, 2020 saw housing sales of roughly 138,000unitsacrossthetopseven cities. Of this, nearly six per cent was in the luxury segment priced ~2 crore and above.

"For affluent buyers who are least affected by the pandemic, second homes are now a tantalising vision of alternative, safe shelters in times of crisis," says Puri. It's a sentiment Christie's is counting on as it starts its India journey.

Diluted:~

28.74

75.60

21.95

• Not annualised

The key data relating to standalone results of Housing Development Finance Corporation Limited is as under:

			tin Crore
PARTICULARS	Quarter ended	Nine months ended	Quarter ended
December 31, 2020	December 31, 2020	December 31, 2019
		Reviewed
Total Income	11,716.34	36,468.33	20,291.45
Profit Before Tax	3,752.54	10,891.15	9,142.99
Tax Expense	826.71	2,043.68	770.50
Net Profit After Tax	2,925.83	8,847.47	8,372.49
Total Comprehensive Income	5,251.67	11,787.15	7,565.81

Note:

1. The above results have been reviewed by the Audit and Governance Committee of the Board and approved by the Board of Directors of the Corporation at its meeting held on February 2, 2021 and have been reviewed by the Auditors of the Corporation.
2. The above is an extract of the detailed format of the Financial Results filed with the BSE Limited and National Stock Exchange of India Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Financial Results are available on www.bseindia.com, www.nseindia.com and www.hdfc.com

	For and on behalf of the Board of Directors
Place: Mumbai						Keki M Mistry
Date: February 2, 2021						Vice Chairman & CEO

Visit us at www.hdfc.com

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