Published Results March 2017 PS with logo

Notes:

1The accounting policies adopted during the year ended March 31, 2017 are materially consistent with those followed for the year ended March 31, 2016, except as disclosed. Refer note 12 below.
2The working results for the quarter / year ended March 31, 2017 have been arrived at after considering provision for standard assets, including requirements for exposures to entities with Unhedged Foreign Currency Exposure, non-performing assets (NPAs), depreciation on investments, income-tax and other usual and necessary provisions.
3The figures of last quarter for the current year and for the previous year are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to third quarter. The figures up to the end of the third quarter were only reviewed and not subjected to audit.
4The above financial results for the quarter and year ended March 31, 2017 were reviewed by the Audit Committee and subsequently have been taken on record and approved by the Board of Directors at its meeting held on April 19, 2017. These financial results were subjected to an Audit by the Statutory Auditors of the Bank. A clean report has been issued by them thereon.
5RBI Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 01, 2015, as amended, on Basel III Capital Regulations contain guidelines on certain Pillar 3 and leverage ratio disclosure requirements that are to be made along with the publication of financial results. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link:
https://www.indusind.com/content/home/important-links/regulatory-disclosures-section.html These disclosures have not been subjected to the audit.
6The Capital Adequacy Ratio is computed on the basis of RBI guidelines applicable on the relevant reporting dates and the ratio for the corresponding previous period is not adjusted to consider the impact of subsequent changes if any, in the guidelines.
7The business operations of the Bank are largely concentrated in India and for the purpose of Segment Reporting, the Bank is considered to operate only in domestic segment. On obtaining RBI approval, the Bank has commenced during the quarter ended June 30, 2016, its operation in International Financial Service Centre (IFSC) Banking Unit in Gujarat International Finance Tec-City (GIFT). The business conducted from the same is considered as a part of Indian operations.
8Pursuant to RBI circular FMRD.DIRD. 10/14.03.002/2015-16 dated May 19, 2016, the Bank has, with effect from October 3, 2016, considered its repo / reverse repo transactions under Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) of RBI as Borrowings / Lending, as the case may be. Consequently, interest expended on repo borrowings with RBI is included under ‘Interest Expended’ and interest earned on reverse repo with RBI is included under ‘Interest Earned-Interest on Balances with Reserve Bank of India and other inter-bank funds’. Hitherto, the repo / reverse repo transactions were included under ‘Investments’ and interest thereon was included under ‘Interest Earned – Income on Investments’. Figures for the previous periods have been regrouped / reclassified to confirm to current period’s classification. The above regrouping / reclassification has no impact on the profit of the Bank for the quarter / year ended March 31, 2017 or the previous periods.
9Provisions (other than tax) and Contingencies for the quarter / year ended March 31,2017 include a one-off provision of Rs 122.00 crores against a large corporate account classified as ‘Standard Advance’ pursuant to specific RBI advice in this regard. The Bank’s exposure which is due for repayment in June 2017 relates to a bridge loan for a Merger & Acquisition transaction in cement industry.
10On March 14, 2017, the Bank made an announcement of entering into an agreement with Infrastructure Leasing and Financial Services Ltd., (IL&FS) the Promoter Shareholders of IL&FS Securities Services Ltd., (ISSL) to acquire 100% of ISSL. The proposed transaction is conditional on definitive agreements and approvals including regulatory approvals, and as such, does not have any bearing on the current financial results or the financial position of the Bank as at March 31, 2017.
11During the quarter / year ended March 31, 2017, the Bank allotted 724847 shares and 3162370 shares respectively, pursuant to the exercise of stock options by certain employees.
12For the year ended March 31, 2017, the Board of Directors has recommended a dividend of Rs. 6.00 per share (60%) [previous year Rs. 4.50 per share (45%)], subject to the approval of the members at the ensuing Annual General Meeting. In accordance with AS 4 Contingencies and Events occurring after the Balance Sheet Date notified by the MCA on March 30, 2016, the proposed dividend including corporate dividend tax amounting to Rs.431.95 crores has not been shown as an appropriation from the Profit and Loss Appropriation Account as of March 31, 2017 and correspondingly not reported under Other Liabilities and Provisions as at March 31, 2017.
13The position of investor complaints is as under: No. of complaints pending resolution at the beginning of the quarter 1; received during the quarter 37; resolved during the quarter 38; closing position Nil.
14Previous period / year figures have been regrouped / reclassified, where necessary to conform to current period / year classification.

Mumbai
April 19, 2017

Romesh Sobti
Managing Director

Regd. Office : 2401, Gen. Thimmayya Road, Cantonment, Pune 411 001
CIN : L65191PN1994PLC076333


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