Event Date: N/A
HDB Financial Services Limited - PDF Summary:
October 16, 2024, Notification:
HDB Financial Services Limited submitted its Unaudited Financial Results, a Limited Review Report, Security Cover Certificate, Statement of Utilisation, Disclosure of Related Party Transactions, and Declaration of Interim Dividend to the BSE Limited and the National Stock Exchange of India Limited. This submission is pursuant to Regulation 51(2), Part B of Schedule III, and Regulations 52 and 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
Key Approvals and Reviews:
The Board of Directors approved the Standalone and Consolidated Unaudited Financial Results for the quarter and half-year ended September 30, 2024, on October 16, 2024. The Audit Committee reviewed these results. The Statutory Auditors, Kalyaniwalla & Mistry LLP and G. D. Apte & Co., provided an unmodified Limited Review Report for the same period.
Financial Results & Interim Dividend:
The Board of Directors declared an interim dividend of Rs. 2/- per equity share (20% on face value) for the financial year 2024-25. This dividend will be paid to shareholders listed in the Register of Members/Beneficiary Holders of Depositories as of the record date, October 18, 2024.
Disclosure and Compliance:
Disclosures are in compliance with Regulation 52(4). A statement of the utilization of issue proceeds of non-convertible securities and any deviations/variations for the quarter ended September 30, 2024, are included. The nature and extent of security created and maintained for secured non-convertible securities and the Security Cover Certificate are also disclosed. Related party transactions under Regulation 23(9) for the half-year ended September 30, 2024, are also disclosed.
Limited Review Report Highlights:
Kalyaniwalla & Mistry LLP and G. D. Apte & Co. conducted a limited review of the standalone unaudited financial results for the quarter and half-year ended September 30, 2024, prepared according to Ind AS 34 and other accounting principles. Their review, conducted under SRE 2410, found nothing indicating that the statement did not comply with Regulation 52 or contained material misstatements or wasn't aligned with RBI prudential norms. The annual financial statements for the year ended March 31, 2024, were audited by erstwhile joint auditors with an unmodified opinion dated April 16, 2024 and interim financial results for the quarter and half year ended September 30, 2023, was reviewed by erstwhile joint auditors with an unmodified conclusion dated October 14, 2023.
Standalone Financial Results (Rupees in million):
Consolidated Financial Results:
The consolidated financial results for the quarter and half year ended September 30, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 16, 2024, in terms of Regulations 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time. The consolidated financial results have been prepared in accordance with recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ('Ind AS 34') as prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and other accounting principles generally accepted in India. The unaudited Consolidated Financial Results includes the interim financial information of one controlled structured entity which has been audited by other auditors, whose report dated October 10, 2024 has been furnished to us by the management.
Segment Reporting (Standalone):
HDB Financial Services Limited is primarily organized into two operating segments: Lending Business and BPO Services. The Lending business encompasses providing financing solutions, such as commercial equipment, vehicle, and enterprise loans. BPO services consist of sales support, operations, and collection support. All of the company's operations occur within India's domestic market.
Additional Points:
For the quarter ended September 30, 2024, the funds raised from Non-Convertible Debentures have been fully utilized for the purposes outlined in the offer documents, with no deviations. These include:
Related Party Transactions:
Related party transactions for the six months ended September 30, 2024 are disclosed, which include various transactions with HDFC Bank Ltd. (Promoter), HDFC Ergo General Insurance Company Ltd. (Subsidiary of Promoter), HDFC Life Insurance Co. Ltd. (Subsidiary of Promoter) and HDFC Securities Ltd. (Subsidary of Promoter). Also, include Transactions with Directors.
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