In last ten years, we have touched the lives of over 14 million customers.Read More, For Save Solutions pvt (BC Business) The recipients of the Report should rely on their own judgment and take their own professional advice before acting on the Report in any way. Collection efficiencies after dropping to 41%2in April 2020, following the lockdown imposed in March 2020, have improved to 95%2 for March 2021. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. The balance portfolio comprises loans against property or LAP (13% share) and portfolio buyouts. These strengths are constrained by the moderate asset quality metrics and earnings profile. Watch this video of our CEO, John Pettigrew, where he reflects on the events of the past 12 months and gives an update on our performance and priorities in the UK and the US to introduce the 2021/22 Annual Report. 1Collection Efficiency = Total Collections divided by current billing assuming no moratorium during moratorium period.

Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL Ratings providing or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary licenses and/or registration to carry out its business activities referred to above. It was promoted as a captive financier by the Hinduja groups flagship automobile manufacturing company, Ashok Leyland. The ratings also factor in HLFs growing presence in the Indian vehicle finance market. Better asset quality metrics, with gross non-performing assets declining below 2.5%, translating to improved earnings profile as the portfolio scales up, Upward revision in CRISIL's view on Ashok Leylands credit risk profile, Decline in support from Ashok Leyland or material change in Ashok Leylands shareholding in HLF, or any downward revision in CRISILs view on the credit profile of Ashok Leyland, Weakening of asset quality metrics, with GNPAs exceeding 6% and exerting pressure on profitability. Also, under the one-time restructuring scheme announced by the Reserve Bank of India (RBI), HLF has restructured around 1-2% of portfolio till Mar-21. On the other hand, due to increased provisioning, credit cost also increased to 2.6% (annualised) in the first nine months of fiscal 2021, vis-a-vis 2.4% for fiscal 2020. The ratings factor in expectation of strong support to HLF from Ashok Leyland and the Hinduja group, given the majority ownership and strategic importance of HLF to Ashok Leyland and the group. The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. On the other hand, due to increased provisioning, credit cost also increased to 2.6% (annualised) in the first nine months of fiscal 2021, vis-a-vis 2.4% for fiscal 2020.

The loan book is also well-diversified in terms of geographic reach, as HLF is present at more than 1,500 locations across 24 states and union territories. HLF forayed into these segments so as to diversify its business mix and increase the share of the non-vehicle portfolio.

CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide If you have any questions or feedback, please do get in touch. Consequently, return on managed assets (RoMA) remained stable at 1.1% (annualised) in nine months ended December 31, 2020 aided by reduction in operating expenses and increase in other income. The company has also been buying portfolios over the past two years to diversify its product profile, thereby augmenting net interest margin. Within vehicle finance, commercial vehicles/construction equipment/tipper accounted for 50% of the AUM, followed by new two- and three-wheelers (18%), and other vehicles (~11%). CRISIL Ratings has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest.

Vehicle loans accounted for bulk of the portfolio (79%), making HLF a large player in the vehicle finance space. The Hinduja group entities held 99.36% in HLF as on December 31, 2020, with Ashok Leyland being the primary shareholder with around 68.81% stake. Collection efficiencies after dropping to 41%, in April 2020, following the lockdown imposed in March 2020, have improved to. Asset quality metrics, albeit stable, remained elevated, with delinquencies at 4.5% (pro-forma) as on December 31, 2020, [as measured by 90 days past due (dpd)], as compared to 4.4% as on March 31, 2020 and 4.7% as on March 31, 2019. Neither CRISIL Ratings nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, "CRISIL Ratings Parties") guarantee the accuracy, completeness or adequacy of the Report, and no CRISIL Ratings Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Report.

* Significant presence in the Indian vehicle finance market.

We also include details of our shareholder engagement activities. 6, Sec 14 Dwarka, New Delhi- 10075, Nearest Metro Station- Dwarka Sec 14, Covid-19 relief Policy For Save Micro Finance Private Limited, Covid-19 relief Policy For Save Financial Service Private Limited, Policy On Prevention Of Sexual Harassment, Director's Fit Proper criteria Policy SMPL. We have rated over 33,000 large and mid-scale corporates and financial institutions. The Report is intended for the jurisdiction of India only. Further, while the company has forayed into non-vehicle loans, this segment is relatively new, having been built up only over the last few years. In no event shall any CRISIL Ratings Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Report even if advised of the possibility of such damages. Access or use of this Report does not create a client relationship between CRISIL Ratings and the user. NIM (annualised) dropped to 3.9% in the first nine months of fiscal 2021, owing to low revenue and limited growth. Furthermore, net repossessed assets stood at 0.9% of AUM as on December 31, 2020. CRISIL Ratings uses the prefix PP-MLD for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". For details on CRISIL Ratiings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: CRISILs Criteria for rating short term debt, Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support, www.crisil.com/ratings/credit-rating-scale.html. CRISIL Ratings Limited is a wholly owned subsidiary of CRISIL Limited. CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI"). Furthermore, net repossessed assets stood at 0.9% of AUM as on December 31, 2020. Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public web site, www.crisil.com. The ratings also factor in HLFs growing presence in the Indian vehicle finance market.

In addition to the financial review included within this section, we provide additional analysis and commentary including the performance of our operating segments within the unaudited commentary sections of the financial statements. Asset quality metrics, albeit stable, were elevated with delinquencies, as measured by 90 days past due (dpd), at 4.5% (pro-forma) as on December 31, 2020, vis--vis 4.4% as on March 31, 2020, and 4.7% as on March 31, 2019. Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation. This Report does not constitute an offer of services. About CRISIL Limited On the other hand, due to increased provisioning, credit cost also increased to 2.6% (annualised) in the first nine months of fiscal 2021, from 2.4% for fiscal 2020. We have also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs). For details please refer to: http://www.crisil.com/ratings/highlightedpolicy.html Collection Efficiency = Total Collections divided by current billing assuming no moratorium during moratorium period. Gradually, HLF ventured into financing of non- Ashok Leyland vehicles, and forayed into the LAP segment in fiscal 2015.

CRISIL Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL Ratings may disseminate its opinions and analysis. NIM (annualised) dropped to 3.9% in the first nine months of fiscal 2021, owing to low revenue and limited growth. The promoters have also infused capital at regular intervals, with Rs 650 crore infused since June 2017, through a rights issue. For more information, visitwww.crisil.com CRISIL Ratings has raffirmed its CRISIL AA-/Stable/CRISIL A1+ ratings on the existing debt instruments and bank facilities of Hinduja Leyland Finance Limited (HLF). CRISIL Ratings or its associates may have other commercial transactions with the company/entity. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. Consequently, return on managed assets (RoMA) remained stable at 1.1% (annualised) in nine months ended December 31, 2020 aided by reduction in operating expenses and increase in other income. It was promoted as a captive financier by the Hinduja groups flagship automobile manufacturing company, Ashok Leyland. CRISIL Ratings uses the prefix PP-MLD for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures".

CRISIL Ratings has alsowithdrawnits rating on the non-convertible debentures of Rs.150 crore (See Annexure 'Details of Rating Withdrawn' for details) on confirmation from the debenture trustee as it is fully redeemed. Ratings from CRISIL Ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities / instruments or to make any investment decisions. The Hinduja group will remain the largest shareholder and maintain a controlling stake in the company.

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This section includes: additional disclosures and information; definitions and a glossary of terms; summary consolidated financial information; and other useful information for shareholders, including contact details for more information or help. We are India's leading ratings agency. For latest rating information on any instrument of any company rated by CRISIL Ratings you may contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (0091) 1800 267 1301. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. its rating on the non-convertible debentures of Rs.150 crore (See Annexure 'Details of Rating Withdrawn' for details) on confirmation from the debenture trustee as it is fully redeemed. The Strategic Report includes an overview of our strategy and business model, the principal risks we face and information about our performance. CRISIL Ratings Limited ("CRISIL Ratings") is a wholly-owned subsidiary of CRISIL Limited ("CRISIL"). This disclaimer forms part of and applies to each credit rating report and/or credit rating rationale (each a "Report") that is provided by CRISIL Ratings Limited (hereinafter referred to as "CRISIL Ratings") . CRISIL PRIVACY NOTICE We are also the foremost provider of high-end research to the world's largest banks and leading corporations. customercare.nbfc@saveind.in, For Save Financials services Pvt Ltd (NBFC) customercare.nbfc@saveind.in, For Save Micro finance Pvt Ltd (NBFC-MFI)customercare@savemfi.in, Copyright document.write(new Date().getFullYear()); All rights reserved | This website is developed and powered by, 3rd floor, Save Tower, AP Colony, Gaya - 823001, Bihar, Unit No. For details on CRISIL Ratiings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: www.crisil.com/ratings/credit-rating-scale.html, Rs.300 Crore Non Convertible Debentures(Reduced from Rs.550 Crore), Subordinated Debt Aggregating Rs.805 Crore(Reduced from Rs.830 Crore), Refer to Annexure for Details of Instruments & Bank Facilities, affirmed its CRISIL AA-/Stable/CRISIL A1+ rating. We provide last mile banking services to the unbanked through our extensive and effective Customer Service Points. The Corporate Governance report, introduced by our Chair, Paula Rosput Reynolds, contains details about the activities of the Board and its Committees during the year.