Debt Mutual Fund Strategy

Index ...led by strong Urban demand Uptrend in Domestic Air Passenger traffic continues as covid-19 related restrictions eased and economic activities increased (in Lakh) 56- 54- Job creation continues in positive manner Classification - Restricted Passenger Vehicle Sales continues to improve (YoY) on back of strong demand and easing supply woes 400 356 107 108 140 120 100 77 78 77 78 80 64 57 60 40 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Source: DGCA 2021 2022 120 350 294 105 102 104 300 271 276 281 97 67 67 50 31 21 in thousands 254 252 251 238 250 200 150 100 50 0 Jan Feb Mar Apr May Jun Jul Aug Sep 2021 2022 Source: SIAM 52- 50 48- 46- 44- 42- 29 40 PMI Manufacturing-employment Note: PMI value of above 50 indicates expansion. Source: S&P Global. 14 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Confidential/Restricted PMI Services-employment -No change level Source: RBI (State of the Economy) No. of Registrations 160000 140000 120000 100000 Total Property Registrations in 10 major cities shows rising Urban demand 180000 80000 60000 40000 20000 04:2018-19 01:2019-20 Q2:2019-20 Q3:2019-20 04:2019-20 Q1:2020-21 Q2:2020-21 HDFC BANK RESEARCH Classification - Restricted 03:2020-21 04:2020-21 Q1:2021-22 Q2:2021-22 03:2021-22 04:2021-22 01:2022-23 Source: Registration authorities of State govt and RBI Staff Estimate HDFC BANK We understand your world

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