Indiabulls Financial Services Limited

Audited Financial Results FY 2010 April 26, 2010

SafeHarborStatement
ThisdocumentcontainscertainforwardlookingstatementsbasedoncurrentexpectationsofIndiabullsmanagement. Actualresultsmayvarysignificantlyfromtheforwardlookingstatementsinthisdocumentduetovariousrisksand uncertainties.TheserisksanduncertaintiesincludetheeffectofeconomicandpoliticalconditionsinIndia,andoutside India,volatilityininterestratesandinSecuritiesmarkets,newregulationsandgovernmentpoliciesthatmightimpact thebusinessofIndiabulls,thegeneralstateoftheIndianeconomyandtheandthemanagementsabilitytoimplement thecompanysstrategy.Indiabullsdoesntundertakeanyobligationtoupdatetheseforwardlookingstatements. ThisdocumentdoesnotconstituteanofferorrecommendationtobuyorsellanysecuritiesofIndiabullsoranyofits subsidiariesorassociatecompanies.Thisdocumentalsodoesntconstituteanofferorrecommendationtobuyorsell anyfinancialproductsofferedbyIndiabulls.

InvestorContact NitinJain GroupDirector,Strategy Indiabulls Tel: +912230491617 Fax: +912230491408 Email Investor.relations@indiabulls.com

BusinessUpdate
FY2010 KeyFinancialHighlights
TotalRevenuesofRs1,635.04croreinFY2010vsRs2,005.79croreinFY2009 ProfitbeforeTaxofRs.457.32croreinFY2010vsRs.177.46croreinFY2009 ProfitafterTaxofRs.307.48croreinFY2010vsRs.105.96croreinFY2009 EPS(basic)ofRs.9.94/shareinFY2010vsRs.3.13/shareinFY 2009 250%dividendamountingtoRs.5foreveryshareofFaceValueofRs.2vsRs.2foreverysharein FY2009 Wellcapitalizedwith32.42%CRAR

Q42010 KeyFinancialHighlights
TotalRevenuesofRs428.56croreinQ4FY2010vsRs415.73croreinQ3FY2010 ProfitbeforeTaxofRs.143.60croreinQ4FY2010vsRs.95.34 croreinQ3FY2010 ProfitafterTaxofRs.94.36croreinQ4FY2010vsRs.65.80croreinQ3FY2010 EPS(basic)ofRs.2.99/shareinQ4FY2010vsRs.2.07/sharein Q3FY2010
3

StrongLoanAssetGrowth
Loan Book (AUM) Growth - ( in Rs Crore )

SustainedmomentuminLoanDisbursalswithfresh disbursementsofRs2,337crinQ4

13,000.00 12,500.00 12,000.00 11,500.00 11,000.00 10,500.00 10,000.00 9,500.00 9,000.00 8,500.00 8,000.00 Q4 08/09 Q1 09/10 Q2 09-0 Q3 09/10 Q4 09/10

Loan Assets have grown 23.41% from Rs. 8,931.9 cronMar31,2009toRs.11,023.2crasofMar31, 2010

Loan Book Mix - ( AUM ) As on 31 March 2010

CumulativeLoanDisbursementsofRs32,888cr (frominceptiontoMarch2010)

SME 8%

CV 6%

PL 1%

Mortgage 64%

Corporate 21%

Mortgage

Corporate

SME

CV

PL

StableSpreadsandRisingNII

Net Interest Income (NII) strong sequential growth(bothQoQandYoY)inNIIforQ4FY2010 wasRs.239.02crore

Costoffunds havedeclinedsteadilythrough theyear.

ImprovingAssetQuality

Net NPAs reduced sequentially to Rs. 99.20 crore in Q4 FY 2010 (0.90%) vs Rs.161.95croreinQ3FY2010

NetNPAshavereducedasassetquality has seen improvement due to the overall improvement in the Indian economy and specifically the sectors thatIBFSLlendsto

MajorFocusonHomeLoans
HomeLoanswillbeamajorgrowthareaforIBFSL
IBFSLs reduced cost of funding (vs historical cost) enablesittobeamajorplayerinhomeloans Current home loans being offered in line with other leadinghomeloanplayers Direct selling team of close to 1,000 persons offering homeloanstocustomers Leveraging IBFSL's extensive branch network (more than140branchesacross90cities).

CRISILexpandsborrowingcapacity
CRISILrevisedratingoutlookonIBFSLto'Positive
CRISILhasreviseditsratingoutlookonthelongtermdebtinstrumentsandbankfacilitiesofIBFSLto 'Positive'from'Stable CRISILhasexpandedthetotalborrowingcapacityofIBFSLfromRs9,040croretoRs19,540crore

"CRISILbelievesthatIBSFL'sbusinessriskprofilewillimprove overthemediumterm,onthebackofexpected improvementinthecompany'sassetqualityandresourceprofile. TheratingmaybeupgradedifIBFSLscalesupitsmortgagebusinesswithoutcompromisingonitsasset qualityandmaintainingitsearningsprofile."(Source:CRISIL)

ConsolidatedIncomeStatement
Particulars
1

3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

a) Income from Operations b) Other Operating Income Total Expenditure a) Employees Cost b) Depreciation c) Operating Expenses d) Administrative & Other Expenses Total Profit from Operations before Other Income, Interest & Exceptional Items (1-2) Other Income Profit before Interest & Exceptional Items (3+4) Interest and Finance Charges Profit after Interest but before Exceptional Items (5-6) Exceptional Items Profit from Ordinary Activities before Tax (7-8) Tax expense (including Deferred Tax and Fringe Benefits Tax) (Fringe Benefits Tax for current year is Nil) Net Profit from Ordinary Activities after Tax (9-10) Extraordinary Items (net of tax expenses Rs. NIL) Net Profit for the period before Minority Interest (11-12) Minority Interest Net Profit from Ordinary Activities after Tax and Minority Interest (13-14) Preference Dividend for the period (including corporate dividend tax thereon) Paid-up Equity Share Capital (Face Value of Rs.2 per Equity Share) Paid-up Preference Share Capital (Face Value of Rs.157.39 per Preference Share) Reserves excluding Revaluation Reserves Minority Interest Earnings per Share before extraordinary items (Face Value of Rs.2 per Equity Share) Earnings per Share before extraordinary items (Face Value of Rs.2 per -Basic Earnings per Share before extraordinary items (Face Value of Rs.2 per -Diluted Earnings per Share after extraordinary items (Face Value of Rs.2 per Equity Share) 'Earnings per Share after extraordinary items (Face Value of Rs.2 per -Basic 'Earnings per Share after extraordinary items (Face Value of Rs.2 per -Diluted

(Rupees in Lakhs) Year ended 31.03.10 31.03.09 (Audited) (Audited) 144,301.27 168,481.84 18,263.81 31,826.94 162,565.08 200,308.78 13,635.61 844.03 1,719.81 41,764.18 57,963.63 104,601.45 938.96 105,540.41 59,808.16 45,732.25 45,732.25 14,984.62 30,747.63 30,747.63 617.89 30,129.74 915.11 6,197.89 424,809.02 11,087.38 9.94 9.84 9.94 9.84 16,689.23 780.96 2,270.55 60,226.50 79,967.24 120,341.54 269.87 120,611.41 102,865.73 17,745.68 17,745.68 7,149.80 10,595.88 10,595.88 651.24 9,944.64 1,835.25 5,072.60 15,686.54 321,914.38 10,315.02 3.13 3.11 3.13 3.11

Consolidated Balance Sheet

Statement of Assets and Liabilities Particulars (Rupees in Lakhs) As at 31.03.10 31.03.09 (Audited) (Audited) 6,197.89 424,809.02 11,087.38 784,953.01 1,227,047.30 4,449.07 116,833.53 2,507.96 2,216.92 123,127.48 12,483.58 1,090,564.23 1,228,392.21 84,063.44 41,072.03 125,135.47 1,103,256.74 1,227,047.30 20,759.14 321,914.38 10,315.02 3,400.00 682,909.41 1,039,297.95 4,497.18 119,551.82 1,409.08 840.91 243,397.50 11,804.28 704,991.99 961,034.68 23,185.94 24,008.87 47,194.81 913,839.87 1,039,297.95

Shareholders Funds (a) Share Capital (b) Reserves and Surplus Minority Interest Share Application Money Pending Allotment Loan Funds Total Fixed Assets (including Capital work in progress / Capital Advances) Investments (includes Rs. 90,415.48 lacs (previous year Rs 85,820.25 lacs) invested under debt schemes of various Mutual Funds ) Deferred Tax Asset (Net) Current Assets, Loans And Advances (a) Sundry Debtors (b) Cash and Bank Balances (c) Other Current Assets (d) Loans and Advances Less: Current Liabilities And Provisions (a) Current Liabilities (b) Provisions Net Current Assets Total