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F70
I. Differences between Indian GAAP and US GAAP
The consolidated financial statements of the Company are prepared in accordance with Indian GAAP which differs in
certain significant aspects from US GAAP.
The following tables summaries the significant adjustments to consolidated net income and stockholders’ equity
which would result from the application of US GAAP:
1. Net income reconciliation
Rupees in million
Note Year ended March 31,
2004 2005 2006
Consolidated profit after tax as per Indian GAAP 15,803.8 18,523.3 24,200.9
Adjustments on account of :
Allowance for loan losses (a) (11,585.3) (14,666.9) (5,214.7)
Business combinations (b) (1,331.8) (500.5) (1,051.2)
Consolidation (c) (312.0) 613.0 277.5
Valuation of debt and equity securities (d) (1,609.7) 150.5 537.8
Amortisation of fees and costs (e) 1,247.1 1,935.7 3,158.9
Accounting for derivatives (f) 834.9 (1,478.8) (154.4)
Deferred taxes (g) 2,172.1 3,953.7 (1,714.5)
Total impact of all adjustments (10,584.7) (9,993.3) (4,160.6)
Net income as per US GAAP 5,219.1 8,530.0 20,040.3
Basic earnings per share
Indian GAAP (consolidated) 25.73 25.45 30.96
US GAAP 8.50 11.72 25.64
Diluted earnings per share
Indian GAAP (consolidated) 25.52 25.25 30.64
US GAAP 8.43 11.60 25.34
2. Stockholders’ equity reconciliation
Rupees in million
Note As on March 31,
2005 2006
Consolidated networth as per Indian GAAP 121,833.3 219,982.2
Adjustments on account of:
Allowance for loan losses (a) (14,819.8) (20,034.0)
Business combinations (b) 396.8 (661.0)
Consolidation (c) (492.8) (2,067.4)
Valuation of debt and equity securities (d) 2,018.8 (1,971.0)
Amortisation of fees and costs (e) 4,005.6 7,389.1
Accounting for derivatives (f) 179.3 26.1
Deferred taxes (g) 7,734.4 7,358.5
Proposed dividend (h) 7,140.3 8,624.3
Total impact of all adjustments 6,162.6 (1,335.4)
Stockholders’ equity as per US GAAP 127,995.9 218,646.8
reconciliation to US GAAP and related notes
for the year ended March 31, 2006