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v3.22.2

Investments (Tables) | 12 Months Ended
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Mar. 31, 2022
Summary of Allowances for Available for sale debt Securities | Allowances for available for sale debt securities as of March 31, 2021 are as follows:
|  | As of March 31, 2021 |
|  | Allowance for credit losses, beginning of the period |  |  | Write-offs |  |  | Addition to allowance for credit losses |  |  | Allowance for credit losses, end of the period |
|  | (In millions) |
Credit substitutes |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | 2,915.1 |  |  | Rs. | 2,915.1 |
Other corporate/financial institution bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | 2,915.1 |  |  | Rs. | 2,915.1 |
Allowances for Available for sale debt Securities as of March 31, 2022 are as follows:
|  | As of March 31, 2022 |
|  | Allowance for credit losses, beginning of the period |  |  | Write-offs |  |  | Addition/(Deletion) to allowance for credit losses |  |  | Allowance for credit losses, end of the period |
|  | (In millions) |
Government of India securities |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | — |
State government securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Government securities outside India |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Credit substitutes |  |  | 2,915.1 |  |  |  | — |  |  |  | (2,915.1 | ) |  |  | — |
Other corporate/financial institution bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Debt securities, other than asset- and mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other securities (including mutual fund units) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | 2,915.1 |  |  | Rs. | — |  |  | Rs. | (2,915.1 | ) |  | Rs. | — |
Total |  | US$ | 38.4 |  |  | US$ | — |  |  | US$ | (38.4 | ) |  | US$ | — |
Credit Substitutes |
Available for Sale Securities Amortized Cost and Fair Value | The fair value of credit substitutes by type of instrument as of March 31, 2021 and March 31, 2022 were as follows:
|  | As of March 31, |
|  | 2021 |  |  | 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In millions) |
Available for sale credit substitute debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  | Rs. | 524,448.4 |  |  | Rs. | 537,472.8 |  |  | Rs. | 577,377.0 |  |  | Rs. | 581,551.5 |
Preference shares |  |  | — |  |  |  | — |  |  |  | 77.1 |  |  |  | 0.5 |
Commercial paper |  |  | 9,778.7 |  |  |  | 9,804.1 |  |  |  | 1,468.2 |  |  |  | 1,468.2 |
Total |  | Rs. | 534,227.1 |  |  | Rs. | 547,276.9 |  |  | Rs. | 578,922.3 |  |  | Rs. | 583,020.2 |
|  |  |  |  |  |  |  |  |  | US$ | 7,630.5 |  |  | US$ | 7,684.5 |
Held for Trading |
Portfolio of Trading Securities or Held for Trading Securities Amortized Cost Fair Value | The portfolio of trading securities as of March 31, 2021 and March 31, 2022 was as follows:
|  | As of March 31, 2021 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 15,076.0 |  |  | Rs. | 85.8 |  |  | Rs. | 2.6 |  |  | Rs. | 15,159.2 |
Other corporate/financial institution securities |  |  | 34,803.9 |  |  |  | 43.3 |  |  |  | 0.4 |  |  |  | 34,846.8 |
Total debt securities |  | Rs. | 49,879.9 |  |  | Rs. | 129.1 |  |  | Rs. | 3.0 |  |  | Rs. | 50,006.0 |
Other securities (including mutual fund units) |  |  | 52,912.2 |  |  |  | 110.9 |  |  |  | 3,408.9 |  |  |  | 49,614.2 |
Total |  | Rs. | 102,792.1 |  |  | Rs. | 240.0 |  |  | Rs. | 3,411.9 |  |  | Rs. | 99,620.2 |
|  | As of March 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 28,159.7 |  |  | Rs. | 57.7 |  |  | Rs. | 21.9 |  |  | Rs. | 28,195.5 |
Other corporate/financial institution securities |  |  | 3,635.4 |  |  |  | 1.9 |  |  |  | 6.0 |  |  |  | 3,631.3 |
Total debt securities |  | Rs. | 31,795.1 |  |  | Rs. | 59.6 |  |  | Rs. | 27.9 |  |  | Rs. | 31,826.8 |
Other securities (including mutual fund units) |  |  | 21,933.5 |  |  |  | 128.2 |  |  |  | 689.0 |  |  |  | 21,372.7 |
Total |  | Rs. | 53,728.6 |  |  | Rs. | 187.8 |  |  | Rs. | 716.9 |  |  | Rs. | 53,199.5 |
Total |  | US$ | 708.2 |  |  | US$ | 2.5 |  |  | US$ | 9.5 |  |  | US$ | 701.2 |
Available-for-Sale Debt Securities |
Available for Sale Securities Amortized Cost and Fair Value | The portfolio of available for sale debt securities as of March 31, 2021 and March 31, 2022 was as follows:
|  | As of March 31, 2021 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 3,159,905.2 |  |  | Rs. | 31,824.6 |  |  | Rs. | 20,225.8 |  |  | Rs. | 3,171,504.0 |
State government securities |  |  | 348,067.7 |  |  |  | 7,373.7 |  |  |  | 2,669.6 |  |  |  | 352,771.8 |
Government securities outside India |  |  | 5,932.2 |  |  |  | 3.8 |  |  |  | — |  |  |  | 5,936.0 |
Credit substitutes (see note 7) |  |  | 534,227.1 |  |  |  | 13,423.1 |  |  |  | 373.3 |  |  |  | 547,276.9 |
Other corporate/financial institution bonds |  |  | 36,419.0 |  |  |  | 352.5 |  |  |  | 12.3 |  |  |  | 36,759.2 |
Debt securities, other than asset and mortgage-backed securities |  |  | 4,084,551.2 |  |  |  | 52,977.7 |  |  |  | 23,281.0 |  |  |  | 4,114,247.9 |
Mortgage-backed securities |  |  | 30.5 |  |  |  | 1.8 |  |  |  | — |  |  |  | 32.3 |
Asset-backed securities |  |  | 157,399.9 |  |  |  | 4,081.5 |  |  |  | 311.7 |  |  |  | 161,169.7 |
Total |  | Rs. | 4,241,981.6 |  |  | Rs. | 57,061.0 |  |  | Rs. | 23,592.7 |  |  | Rs. | 4,275,449.9 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 1,162,099.9 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,113,350.0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 4,275,449.9 |
|  | As of March 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 3,226,917.6 |  |  | Rs. | 10,995.6 |  |  | Rs. | 42,946.3 |  |  | Rs. | 3,194,966.9 |
State government securities |  |  | 429,146.8 |  |  |  | 4,395.9 |  |  |  | 5,865.9 |  |  |  | 427,676.8 |
Government securities outside India |  |  | 2,279.2 |  |  |  | — |  |  |  | 3.4 |  |  |  | 2,275.8 |
Credit substitutes (see note 7) |  |  | 578,922.3 |  |  |  | 5,381.4 |  |  |  | 1,283.5 |  |  |  | 583,020.2 |
Other corporate/financial institution bonds |  |  | 36,689.5 |  |  |  | 179.8 |  |  |  | 163.5 |  |  |  | 36,705.8 |
Debt securities, other than asset and mortgage-backed securities |  |  | 4,273,955.4 |  |  |  | 20,952.7 |  |  |  | 50,262.6 |  |  |  | 4,244,645.5 |
Mortgage-backed securities |  |  | 24.2 |  |  |  | — |  |  |  | 1.3 |  |  |  | 22.9 |
Asset-backed securities |  |  | 142,954.6 |  |  |  | 1,519.6 |  |  |  | 579.5 |  |  |  | 143,894.7 |
Total |  | Rs. | 4,416,934.2 |  |  | Rs. | 22,472.3 |  |  | Rs. | 50,843.4 |  |  | Rs. | 4,388,563.1 |
Total |  | US$ | 58,217.1 |  |  | US$ | 296.2 |  |  | US$ | 670.1 |  |  | US$ | 57,843.2 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 1,791,389.0 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,597,174.1 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 4,388,563.1 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | US$ | 57,843.2 |
Unrealized loss position investments | The gross unrealized losses and fair value of available for sale debt securities at March 31, 2021 was as follows:
|  | As of March 31, 2021 |  |  |  |  |  |  |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  |  |  |  |  |  |  | (In millions) |  |  |  |  |  |  |
Government of India securities |  | Rs. | 930,710.0 |  |  | Rs. | 20,224.7 |  |  | Rs. | 98.2 |  |  | Rs. | 1.1 |  |  | Rs. | 930,808.2 |  |  | Rs. | 20,225.8 |
State government securities |  |  | 133,639.8 |  |  |  | 2,669.6 |  |  |  | — |  |  |  | — |  |  |  | 133,639.8 |  |  |  | 2,669.6 |
Government securities outside India |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Credit substitutes (see note 7) |  |  | 43,455.7 |  |  |  | 373.3 |  |  |  | — |  |  |  | — |  |  |  | 43,455.7 |  |  |  | 373.3 |
Other corporate/financial institution bonds |  |  | 4,957.2 |  |  |  | 12.3 |  |  |  | — |  |  |  | — |  |  |  | 4,957.2 |  |  |  | 12.3 |
Debt securities, other than asset and mortgage-backed securities |  |  | 1,112,762.7 |  |  |  | 23,279.9 |  |  |  | 98.2 |  |  |  | 1.1 |  |  |  | 1,112,860.9 |  |  |  | 23,281.0 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Asset-backed securities |  |  | 49,239.0 |  |  |  | 311.7 |  |  |  | — |  |  |  | — |  |  |  | 49,239.0 |  |  |  | 311.7 |
Other securities (including mutual fund units) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | 1,162,001.7 |  |  | Rs. | 23,591.6 |  |  | Rs. | 98.2 |  |  | Rs. | 1.1 |  |  | Rs. | 1,162,099.9 |  |  | Rs. | 23,592.7 |
The gross unrealized losses and fair value of available for sale debt securities at March 31, 2022 was as follows:
|  | As of March 31, 2022 |  |  |  |  |  |  |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  |  |  |  |  |  |  | (In millions) |  |  |  |  |  |  |
Government of India securities |  | Rs. | 447,360.3 |  |  | Rs. | 7,893.5 |  |  | Rs. | 838,788.4 |  |  |  | Rs.35,052.8 |  |  | Rs. | 1,286,148.7 |  |  | Rs. | 42,946.3 |
State government securities |  |  | 146,365.0 |  |  |  | 1,213.6 |  |  |  | 131,616.3 |  |  |  | 4,652.3 |  |  |  | 277,981.3 |  |  |  | 5,865.9 |
Government securities outside India |  |  | 2,275.7 |  |  |  | 3.4 |  |  |  | — |  |  |  | — |  |  |  | 2,275.7 |  |  |  | 3.4 |
Credit substitutes (see note 7) |  |  | 118,798.2 |  |  |  | 972.4 |  |  |  | 37,138.9 |  |  |  | 311.1 |  |  |  | 155,937.1 |  |  |  | 1,283.5 |
Other corporate/financial institution bonds |  |  | 15,823.3 |  |  |  | 163.5 |  |  |  | — |  |  |  | — |  |  |  | 15,823.3 |  |  |  | 163.5 |
Debt securities, other than asset- and mortgage-backed securities |  |  | 730,622.5 |  |  |  | 10,246.4 |  |  |  | 1,007,543.6 |  |  |  | 40,016.2 |  |  |  | 1,738,166.1 |  |  |  | 50,262.6 |
Mortgage-backed securities |  |  | 23.0 |  |  |  | 1.3 |  |  |  | — |  |  |  | — |  |  |  | 23.0 |  |  |  | 1.3 |
Asset-backed securities |  |  | 25,557.2 |  |  |  | 310.6 |  |  |  | 27,642.7 |  |  |  | 268.9 |  |  |  | 53,199.9 |  |  |  | 579.5 |
Other securities (including mutual fund units) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | 756,202.7 |  |  | Rs. | 10,558.3 |  |  | Rs. | 1,035,186.3 |  |  | Rs. | 40,285.1 |  |  | Rs. | 1,791,389.0 |  |  | Rs. | 50,843.4 |
Total |  | US$ | 9,967.1 |  |  | US$ | 139.1 |  |  | US$ | 13,644.2 |  |  | US$ | 531.0 |  |  | US$ | 23,611.3 |  |  | US$ | 670.1 |
Debt securities, other than asset and mortgage-backed securities | Available-for-Sale Debt Securities |
Investments Classified by Contractual Maturity Date | The contractual residual maturity of available for sale debt securities other than asset and mortgage-backed securities as of March 31, 2022 is set out below:
|  | As of March 31, 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 881,418.9 |  |  | Rs. | 882,468.1 |  |  | US$ | 11,631.3 |
Over one year through five years |  |  | 1,492,816.4 |  |  |  | 1,503,308.7 |  |  |  | 19,814.3 |
Over five years through ten years |  |  | 1,334,162.1 |  |  |  | 1,314,014.4 |  |  |  | 17,319.3 |
Over ten years |  |  | 565,558.0 |  |  |  | 544,854.3 |  |  |  | 7,181.4 |
Total |  | Rs. | 4,273,955.4 |  |  | Rs. | 4,244,645.5 |  |  | US$ | 55,946.3 |
Asset and Mortgage Backed Securities | Available-for-Sale Debt Securities |
Investments Classified by Contractual Maturity Date | The contractual residual maturity of available for sale mortgage-backed and asset-backed debt securities as of March 31, 2022 is set out below:
|  | As of March 31, 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 63,824.9 |  |  | Rs. | 64,300.8 |  |  | US$ | 847.5 |
Over one year through five years |  |  | 78,315.3 |  |  |  | 78,781.6 |  |  |  | 1,038.4 |
Over five years through ten years |  |  | 774.2 |  |  |  | 771.9 |  |  |  | 10.2 |
Over ten years |  |  | 64.4 |  |  |  | 63.3 |  |  |  | 0.8 |
Total |  | Rs. | 142,978.8 |  |  | Rs. | 143,917.6 |  |  | US$ | 1,896.9 |
Realized Investment Gains Losses Net | Gross realized gains and gross realized losses from sale of available for sale debt securities and dividends and interest on such securities are set out below:
|  | Fiscal year ended March 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2022 |
|  | (In millions) |
Gross realized gains on sale |  | Rs. | 26,128.1 |  |  | Rs. | 56,439.4 |  |  | Rs. | 18,604.5 |  |  | US$ | 245.2 |
Gross realized losses on sale |  |  | (301.9 | ) |  |  | (514.2 | ) |  |  | (1,858.7 | ) |  |  | (24.5 | )
Realized gains (losses), net |  |  | 25,826.2 |  |  |  | 55,925.2 |  |  |  | 16,745.8 |  |  |  | 220.7 |
Dividends and interest |  |  | 198,383.2 |  |  |  | 226,690.9 |  |  |  | 240,943.0 |  |  |  | 3,175.7 |
Total |  | Rs. | 224,209.4 |  |  | Rs. | 282,616.1 |  |  | Rs. | 257,688.8 |  |  | US$ | 3,396.4 |

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