HDFC Bank Limited (NYSE:HDB) Q2 2024 Earnings Conference Call October 16, 2023 8:30 AM ET Company Participants Srinivasan Vaidyanathan - Chief Financial Officer Sashi Jagdishan - Managing Director and Chief Executive Officer Conference Call Participants Mahrukh Adajania - Nuvama Kunal Shah - Citigroup Parag Thakkar - Anvil Wealth Atul Mehra - Motilal Oswal Suresh Ganapathy - Macquarie Rajiv Pathak - GeeCee Holdings Saurabh Kumar - JPMorgan Piran Engineer - CLSA Manish Shukla - Axis Capital Operator Srinivas ...

Currency Performance - The Indian rupee depreciated by 8.1% against the United States dollar in fiscal year 2023, influenced by a strong dollar and foreign institutional investor outflows[21] - The rupee ranged between a high of Rs. 77.07 per US$ 1.00 and a low of Rs. 72.37 per US$ 1.00 in fiscal year 2022[21] - The rupee appreciated by 2.8% in fiscal year 2021, attributed to a weak dollar and robust foreign flows, trading in the range of Rs. 75.08 to Rs. 73.14 per US$ 1.00[21] - In fiscal year 2020, the rupee ranged between a high of Rs. 76.37 per US$ 1.00 and a low of Rs. 68.40 per US$ 1.00, reflecting weak global demand and low domestic economic growth[21] Company Overview - The company aims to be the preferred provider of financial services across various markets in India, including metro, urban, semi-urban, and rural areas[28] - The company offers a comprehensive range of financial products and services through multiple distribution channels, emphasizing high-quality services and advanced technology platforms[28] - The principal business activities include retail banking, wholesale banking, and treasury operations, with a focus on structured solutions for corporate customers[29] - The non-banking finance company subsidiary, HDB Financial Services Limited, provides a variety of loans and asset finance products, including mortgage and consumer loans[29] - The company operates a brokerage subsidiary, HDFC Securities Limited, which offers a suite of products across various asset classes, including equity and debt[29] Financial Performance - As of March 31, 2023, the company had 7,821 branches and 19,727 ATMs/CDMs, serving 82.8 million customers, with total assets growing from Rs. 21,113.7 billion in FY 2022 to Rs. 25,755.6 billion in FY 2023[38] - Net income increased from Rs. 386.0 billion in FY 2022 to Rs. 495.4 billion in FY 2023, reflecting a strong financial performance[38] - The company's gross non-performing customer assets as a percentage of gross customer assets was 1.1% as of March 31, 2023, indicating a healthy asset quality[38] - The average cost of funds for FY 2023 was 3.5%, supported by low-cost deposits which represented 43.5% of average total deposits[38] - The return on equity improved from 16.8% in FY 2022 to 18.7% in FY 2023, showcasing enhanced profitability[38] Capital Expenditure and Growth Plans - The company plans to increase capital expenditure to Rs. 10 trillion in FY 2024, a 37.3% increase compared to FY 2023, focusing on infrastructure development[37] - The proposed amalgamation with HDFC Limited is expected to enhance the housing loan portfolio and customer base, leveraging HDFC Limited's technological capabilities[45] Economic Indicators - The fiscal deficit is targeted to be reduced to 5.9% in FY 2024, down from 6.4% in FY 2023, indicating a commitment to fiscal consolidation[37] - GDP growth for India is projected at 6.0% in FY 2024, influenced by external demand and private consumption factors[36] - CPI inflation averaged 6.7% in FY 2023, with expectations of moderation to 4.9% in FY 2024, influenced by global commodity prices[34] Retail Banking and Digital Initiatives - Retail banking revenue increased to Rs. 808,952.1 million in fiscal year 2023, accounting for 71.5% of total net revenue[75] - Total retail loans reached Rs. 11,506,580.3 million as of March 31, 2023, with personal loans and credit cards making up 24.2% of the total[78] - The bank launched several digital products in fiscal year 2023, including PayZapp 2.0 and Smart Hub Vyapar, aimed at enhancing customer experience and expanding market share[57] - Approximately 97% of the company's transactions are conducted on electronic platforms, indicating a strong shift towards digital banking services[139] Risk Management - The bank has established a comprehensive risk management framework to address credit, market, operational, liquidity, interest rate, and IT risks[170] - The Retail Credit Risk team manages credit quality through robust systems and adherence to risk appetite limits approved by the Board[173] - The wholesale credit risk strategy includes independent assessments and monitoring of portfolio quality, ensuring compliance with the bank's risk appetite[175] - A three-tier approval system is in place for credit decisions, ensuring that no single officer has unilateral authority over credit approvals[193] Customer Engagement and Service Enhancement - The company utilizes advanced analytics and AI platforms to enhance customer experience and deliver personalized financial solutions[114] - The "Infinite Smiles" program measures customer loyalty and implements changes to improve customer experiences[115] - The company has established referral arrangements for customers seeking investment advice on alternative products, enhancing its service offerings[116] Tax Collection and Government Initiatives - In fiscal year 2023, the company collected Rs. 4,991 billion in direct taxes, up from Rs. 4,089 billion in fiscal year 2022, representing a growth of 22.2%[147] - The company collected Rs. 3,450 billion in Goods and Services Tax (GST) and other indirect taxes in fiscal year 2023, an increase of 53.4% from Rs. 2,247 billion in fiscal year 2022[147] Infrastructure and Technology - The company has implemented a Hybrid-Cloud strategy, creating a common landing zone across leading cloud service providers to enhance operational efficiency[86] - The company has strengthened its IT infrastructure to mitigate risks of outages, including migrating core data centers to state-of-the-art facilities[84] - The capacity for Unified Payments Interface (UPI) transactions has been tripled, and net banking and mobile banking capacity has been doubled to manage 90,000 users concurrently[87] Wholesale Banking and Corporate Services - As of March 31, 2023, wholesale deposits totaled Rs. 3,243.8 billion, accounting for 17.2% of total deposits[136] - The Investment Banking Group arranged over Rs. 991.6 billion in rupee-denominated corporate bonds in fiscal year 2023, becoming the second-largest corporate bond arranger in the market[135]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 HDFC BANK LIMITED (Translation of registrant's name into English) HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai. 400 013, India (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101( ...

Currency Exchange and Economic Growth - The Indian rupee depreciated by 6.3% against the US dollar in fiscal year 2019, with a range between Rs. 74.4 and Rs. 64.85 per US$ 1.00[20] - In fiscal year 2020, the rupee further depreciated, ranging from Rs. 76.37 to Rs. 68.40 per US$ 1.00, amid weak global demand and low domestic economic growth[20] - The rupee appreciated by 2.8% in fiscal year 2021, trading between Rs. 75.08 and Rs. 73.14 per US$ 1.00, supported by robust foreign flows[20] - In fiscal year 2022, the rupee depreciated by 3.8% against the US dollar, with a range of Rs. 77.07 to Rs. 72.37 per US$ 1.00[20] - Global growth slowed to 2.9% in 2019 and further declined by 3.1% in 2020 due to the COVID-19 pandemic, according to IMF estimates[29] - The global economy regained strength in 2021, with growth at 6.1%, but is expected to slow down to 3.6% in 2022 due to geopolitical tensions and rising commodity prices[29] - India's GDP contracted by 23.8% in Q1 FY2021, but rebounded with 0.7% growth in Q3 FY2021 and 2.5% growth in Q4 FY2021[30] - For FY2022, India's GDP growth was 8.7%, recovering from a decline of 6.6% in FY2021[31] Financial Performance and Services - The company aims to be the preferred provider of financial services across various markets in India, focusing on high-quality services and advanced technology platforms[26] - The company offers a comprehensive range of financial products, including retail banking, wholesale banking, and treasury operations[28] - The non-banking finance company subsidiary, HDB Financial Services Limited, provides a variety of loans and asset finance products[28] - The company is a leading stock brokerage provider in India through its subsidiary HDFC Securities Limited, offering services across multiple asset classes[28] - The bank's net income increased from Rs. 326.0 billion in FY2021 to Rs. 386.0 billion in FY2022[36] - The proposed amalgamation with HDFC Limited is expected to enhance the bank's housing loan portfolio and customer base[41] - The share exchange ratio for the proposed transaction is set at 42 equity shares of HDFC Bank for every 25 equity shares of HDFC Limited[41] - The bank's total capital adequacy ratio was 18.90% as of March 31, 2022, with a Common Equity Tier I ratio of 16.67%[36] - The bank's net interest margin was 4.4% in fiscal year 2021 and 4.3% in fiscal year 2022, reflecting stable profitability[50] Banking Infrastructure and Customer Base - As of March 31, 2022, the bank had 6,342 branches and 18,130 ATMs, serving 71.0 million customers[36] - HDFC Bank had 6,342 branches and 18,130 ATMs/CDMs across 3,188 cities and towns as of March 31, 2022, with 50.2% of branches located in semi-urban and rural areas[50] - The bank is the largest credit card issuer in India with 16.5 million cards outstanding as of March 31, 2022[48] - The current and savings account deposits as a percentage of total deposits were 48.1% as of March 31, 2022, supporting a low-cost funding base[50] - Retail deposits represented approximately 81.1% of total deposits as of March 31, 2022, with a total value of Rs. 12,635,907.3 million[111] Digital Transformation and Technology - The bank's digital transformation initiatives include the launch of a unified omni-channel experience through the Backbase platform and enhancements to mobile banking capabilities[54][65] - The "Project Future Ready" initiative aims to drive growth through technology and digital platforms, focusing on new customer journeys and innovative products[57][58] - HDFC Bank's technology investments include a hybrid-cloud approach and significant upgrades to IT infrastructure, enhancing capacity and resilience[62][66] - The capacity for unified payment interface (UPI) has been tripled, and net banking and mobile banking capacity has been doubled to manage 90,000 users concurrently[96] - The bank aims to reduce recovery time objectives (RTO) for key applications to 40-60 minutes, which has been completed for critical applications as planned[96] Risk Management and Credit Strategy - The company has implemented comprehensive risk management policies to address credit risk, market risk, liquidity risk, interest rate risk, and operational risk[179] - The credit rating framework includes a model scale of 1 to 10, with HDB 1 to HDB 7 classified as "investment grade" ratings[188] - The retail credit portfolio includes products such as auto loans, personal loans, and mortgage loans, designed for high volumes of small-value transactions[191] - The credit approval process is based on a three-tier system, requiring approvals from credit approvers with specific credit skills and experience[201] - The wholesale credit strategy targets leading private businesses and public-sector enterprises, with a comprehensive credit risk assessment for counterparties[197] Economic Initiatives and Government Support - The government allocated Rs. 1.9 trillion to the Production Linked Incentive Scheme over five years to boost production in various sectors, including textiles and pharmaceuticals[77] - The Emergency Credit Line Guarantee Scheme was extended until March 2023, increasing the cover to Rs. 5 trillion, which supports lending to micro, small, and medium enterprises (MSMEs)[80] - The anticipated shift in global value chains away from China presents unique opportunities for India across various sectors, including textiles and pharmaceuticals[81] Environmental and Social Responsibility - The company aims to achieve carbon neutrality in its operations by fiscal year 2032, with ongoing investments in renewable energy and energy efficiency projects[73] - The company has introduced a new ESG assessment framework in corporate lending to enhance the evaluation of ESG and climate change issues[75] - The company has been focusing on financial inclusion programs aimed at underserved populations, particularly in India, to empower economically weaker sections of society[125] Revenue and Tax Collection - In fiscal year 2021, the company collected Rs. 3,028 billion in direct taxes for the Government of India, which increased to Rs. 4,089 billion in fiscal year 2022, representing a growth of 35.1%[156] - The company collected Rs. 1,657 billion in Goods and Services Tax (GST) and other indirect taxes in fiscal year 2021, which rose to Rs. 2,247 billion in fiscal year 2022, marking a 35.6% increase[156] Transactional Services and Market Presence - The company aims to expand its transactional services by providing more services to government entities, leveraging its tax collection capabilities[156] - The company has a presence in international markets with banking outlets in Bahrain, Hong Kong, and the Dubai International Finance Centre, catering to overseas clients[171] - The company provides custodial services to domestic and foreign investors, including safekeeping of securities and trade settlement, enhancing its service offerings in the financial market[153] - The company managed notional principal amounts of Rs. 2,029,651.4 million in interest rate swaps and forward rate agreements as of March 31, 2022, with a fair value of Rs. 225.1 million[163]

Washington, D.C. 20549 Form 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of July 2022 Commission File Number 001-15216 HDFC BANK LIMITED (Translation of registrant's name into English) HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai. 400 013, India (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports un ...

HDFC Bank Limited (NYSE:HDB) Q3 2022 Results Conference Call January 15, 2022 6:30 AM ET Company Participants Srinivasan Vaidyanathan - Chief Financial Officer Conference Call Participants Mahrukh Adajania - Elara Capital Alpesh Mehta - IIFL Securities Suresh Ganapathy - Macquarie Operator Ladies and gentlemen, good evening, and welcome to HDFC Bank Limited's Q3 FY'22 Earnings Conference Call on the financial results presented by the management of HDFC Bank. As a reminder, all participants' lines will be in ...

Company Strategy and Services - The company aims to be the preferred provider of financial services across metro, urban, semi-urban, and rural markets in India[27] - The retail banking segment includes deposit products, loans, credit cards, and insurance products, while wholesale banking offers financing products and investment banking services[28] - The company's treasury operations manage the balance sheet and include advisory services related to foreign exchange and derivative transactions[28] - The non-banking finance company subsidiary, HDB Financial Services Limited, offers a wide range of loans and asset finance products[28] - The company provides brokerage accounts through HDFC Securities Limited, which is one of the leading stock brokerage companies in India[28] - The company utilizes advanced technology platforms and superior execution to deliver high-quality services[27] - The company’s strategy includes providing a comprehensive range of financial products and services through multiple distribution channels[27] Economic Overview - Global growth slowed to 2.8% in 2019, with a further decline of 3.3% in 2020 due to the COVID-19 pandemic[29] - The IMF projects global GDP growth at 6% in 2021, with China and the United States expected to grow at 8.4% and 6.4%, respectively[29] - India's GDP contracted by 7.3% in fiscal 2021 compared to a growth of 4.0% in the prior year[30] - The fiscal deficit for fiscal 2021 was 9.3% of GDP, revised from a previous target of 3.5%[35] Financial Performance - HDFC Bank's net income increased from Rs. 260.3 billion in fiscal 2020 to Rs. 326.0 billion in fiscal 2021, representing a growth of 25.3%[36] - HDFC Bank's total assets grew from Rs. 15,961.9 billion as of March 31, 2020 to Rs. 17,979.8 billion as of March 31, 2021, an increase of 12.7%[36] - The bank's return on equity improved from 15.1% in fiscal 2020 to 16.1% in fiscal 2021[36] - The average cost of funds for HDFC Bank was 3.6% for fiscal 2021[36] - HDFC Bank's net interest margin was 4.4% in fiscal 2021, down from 4.6% in fiscal 2020[45] Branch and Customer Base - HDFC Bank had 5,608 branches and 16,087 ATMs/CDMs as of March 31, 2021, serving over 61.9 million customers[36] - As of March 31, 2021, the bank had 5,608 branches and 16,087 ATMs/CDMs across 2,902 cities and towns, with a focus on expanding in rural and semi-urban areas[51] - The bank operates 5,608 branches and 16,087 ATMs/CDMs across 2,902 cities and towns as of March 31, 2021, with plans for further expansion[69] Retail Banking Insights - Retail banking contributed Rs. 567,389.2 million (72.5%) to net revenues for the year ended March 31, 2021, while wholesale banking and treasury operations contributed 25.4% and 2.1%, respectively[67] - The bank's retail loans included 31.2% unsecured loans, which made up 65.0% of gross loans as of March 31, 2021[70] - The bank's auto loans accounted for 12.3% of total retail assets, valued at Rs. 964,053.2 million (US$ 13,180.9 million) as of March 31, 2021[72] - The bank's housing loans were valued at Rs. 702,235.5 million (US$ 9,601.3 million), representing 9.0% of total retail assets as of March 31, 2021[72] - The bank had approximately 15.0 million credit cards outstanding as of March 31, 2021, showing growth from 14.5 million the previous year[75] Technology and Digital Banking - The bank has implemented significant upgrades to its technology infrastructure to mitigate risks of outages, including tripling the capacity for unified payment interface (UPI) and doubling the capacity for net banking and mobile banking[77] - The mobile banking application is designed for efficient banking management, enabling functions such as money transfers and account management[154] - The internet banking platform allows customers to perform most banking transactions online, ensuring high security standards[155] - PayZapp offers a comprehensive digital payment solution for various transactions, including bill payments and loan applications[156] - Approximately 85% of the company's transactions are conducted on electronic platforms, reflecting a strong demand for digital banking services[128] Risk Management - The bank's gross non-performing customer assets at 1.70% of total customer assets as of March 31, 2021, indicating strong asset quality[55] - Credit decisions are primarily based on cash-flow assessments, with a significant portion of credit facilities secured by collateral[187] - Regular monitoring of accounts includes customer calls, plant visits, and credit reviews to detect early warning signals of credit quality deterioration[189] - Market risk management involves monitoring variables such as interest rates, credit spreads, and foreign exchange rates, with a focus on maintaining risk within appetite limits[192] - Liquidity risk is managed through both flow and stock approaches, tracking cash flow mismatches and measuring critical liquidity ratios[208] Corporate Social Responsibility - The bank aims to plant 2.5 million trees by the end of fiscal 2025, having already planted 1.6 million, as part of its ESG initiatives[57] Wholesale Banking - The wholesale banking products target leading private businesses and public sector enterprises, applying comprehensive credit risk policies[184] - The Wholesale Credit Group is responsible for managing credit exposure limits, which are reviewed annually or more frequently[186] - Total gross commercial loans reached Rs. 4,214,885.3 million as of March 31, 2021, with credit substitutes totaling Rs. 547,276.9 million[115] Customer Engagement and Services - The relationship managers in private and premium banking programs distribute mutual funds and insurance products, contributing to customer engagement[104] - The company has over 5.6 million customers engaged through virtual relationship management, utilizing AI technologies for customer service[159] - The company has begun implementing APIs across all products and services, enhancing customer experience and encouraging developer innovation[163]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d ...

INVESTOR PRESENTATION 1 Contents Well positioned across India's GDP spectrum Meeting Diverse Customers' Needs Unique Franchise in the Indian Banking Sector Key Business Initiatives Financial Highlights Value Proposition 2 Well positioned across GDP spectrum - 50 100 150 200 2017 2018 2019 ` Tn Investment Government Consumption Private Consumption | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------|-------|--------------------------------------------------------- ...

Economic Overview - The Indian economy's GDP at current market prices was estimated at Rs. 170.95 trillion for fiscal 2018 and Rs. 190.1 trillion for fiscal 2019[29]. - Real GDP growth in India was 6.8 percent for fiscal 2019, despite challenges such as volatile oil prices and elevated trade tensions[30]. - Real GDP growth in India leveled off to 6.8% in fiscal 2019, down from 7.2% in fiscal 2018, with expectations of approximately 7.0% growth in fiscal 2020[31][36]. - The fiscal deficit is budgeted at 3.3% for fiscal 2020, compared to 3.4% in fiscal 2019, as part of the government's strategy to develop India into a US $5 trillion economy[33]. - Investment growth averaged 10.75% over the last six quarters, while construction activity grew at an average of 8.4% in the second half of fiscal 2019[34]. - India attracted approximately US$ 64.4 billion in foreign direct investment (FDI) in fiscal 2019, compared to US$ 60.9 billion in fiscal 2018 and US$ 60.2 billion in fiscal 2017[29]. Currency and Exchange Rates - The Indian rupee depreciated by 6.3 percent against the United States dollar in fiscal 2019, with a range between Rs. 74.4 and Rs. 64.85 per US$ 1.00[19]. - The Indian rupee appreciated by 2.1 percent against the United States dollar in fiscal 2017, attributed to domestic economic stability and international investor interest[19]. Bank Strategy and Operations - The bank's strategy focuses on providing a comprehensive range of financial products and services through multiple distribution channels[27]. - The bank aims to improve its market position by leveraging advanced technology platforms and superior execution in service delivery[27]. - The bank's financial results are influenced by general economic conditions in India, which is becoming an attractive destination for foreign investment[29]. Financial Performance - The bank's assets increased from Rs. 11,367.3 billion as of March 31, 2018, to Rs. 13,280.1 billion as of March 31, 2019[37][48]. - Net income rose from Rs. 178.5 billion in fiscal 2018 to Rs. 220.1 billion in fiscal 2019, with a return on equity of 15.5%[37][48]. - The company's net revenue for the fiscal year ended March 31, 2019, was Rs. 595,348.5 million (approximately US$8,608.2 million), reflecting a growth from Rs. 508,359.8 million in the previous year[64]. - The retail banking segment contributed Rs. 473,748.2 million (79.6%) to the total net revenue for fiscal 2019, showcasing its dominance in the company's revenue structure[64]. Asset Quality and Risk Management - Gross non-performing customer assets as a percentage of total customer assets was 1.50% as of March 31, 2019, indicating strong asset quality[37][48]. - The gross non-performing customer assets as a percentage of gross customer assets was 1.50% as of March 31, 2019, indicating strong asset quality management[61]. - The company has a centralized risk management function to identify, assess, monitor, and manage credit risk, market risk, liquidity risk, interest rate risk, and operational risk[155]. - The retail credit risk team manages credit risk for retail products, ensuring compliance with defined credit parameters for loan eligibility[160]. - The wholesale credit risk team implements credit risk strategies and conducts independent assessments of credit risk for various banking products[167]. Technological Innovations - The bank has invested in a digital banking platform, Backbase, to enhance customer experience across multiple channels[38][50]. - Recent technological innovations include the launch of the LITE App, a bilingual mobile banking application, and the "IRA" interactive humanoid assistant[50]. - The introduction of the "BBC Initiative" aims to enhance customer interactions through biometrics and blockchain technology, improving security and customer experience[53]. - The mobile banking platform enables customers to perform various transactions, including fund transfers and bill payments, accessible via Android and iOS devices[152]. - The internet banking platform allows customers to perform over 200 transactions, including fund transfers and managing investments[153]. Customer Base and Services - As of March 31, 2019, the company had 5,103 banking outlets and 13,160 ATMs across 2,748 cities and towns, indicating a strong physical presence in the market[66]. - The bank's current and savings account deposits represented 42.4% of total deposits as of March 31, 2019, supporting a low-cost funding base[48]. - Retail deposits represented approximately 77.4% of total deposits as of March 31, 2019, with a total value of Rs. 7,140,550.8 million[88]. - The bank had approximately 26.9 million debit cards outstanding as of March 31, 2019, an increase from 24.3 million a year earlier, indicating a growth of 10.7%[89]. - The bank's Kisan Gold Card program extends credit to farmers for various agricultural expenses, supporting rural financial needs[82]. Regulatory and Compliance - The liquidity coverage ratio (LCR) requirement currently stands at 100%, with the bank maintaining high-quality liquid assets above mandated statutory requirements[141]. - The regulatory minimum requirement for the Liquidity Coverage Ratio is 100% starting from January 1, 2019, up from 90% between January 2018 to December 2018[202]. Investment Banking - The Investment Banking Group arranged project financing for clients across various sectors, advising on issuances of over Rs. 550 billion worth of rupee-denominated corporate bonds in fiscal 2019, making it the third largest corporate bond arranger in the market[123].