Project Report FINAL DLF 1 PDF

FINANCIAL ANLYSIS OF DLF LTD
CHAPTER 1
INTRODUCTION
1.1 Company Profile
DLF Limited, or DLF, is India's largest real estate developer based in New Delhi, India. The DLF Group was founded by Chaudhury Raghuvendra Singh in 1946. DLF developed some of the first residential colonies in Delhi such as Krishna Nagar, South Extension, Greater Kailash, Kailash Colony and Hauz Khas. In 1957, with the passage of Delhi Development Act, the government assumed the control of real estate development activities in Delhi and the role of private real estate developers was restricted. As a result DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana. In the mid-1970s, the company started developing its ambitious DLF City project which helped transform Gurgaon from a farming village to a commercial and real estate hub. DLF has been instrumental in putting Gurgaon on the urban landscape of India. Its upcoming plans include hotels, infrastructure and special economic zonesrelated development projects. The company is currently headed by Indian billionaire Kushal Pal Singh, who inherited the company from Chaudhury. Kushal Pal Singh, according to the Forbes listing of richest billionaires in 2008, now stands as the 8th richest man in the world. The company's US$ 2 billion IPO in July, 2007 created India's biggest IPO in history. In July 2007, DLF announced its first quarter results ending 30th June 2007. The company reported a turnover of Rs. 3,120.98 Crore and PAT at Rs. 1,515.48 Crore.
COMPANYS PROFILE cont
DLF is India's largest real estate company in terms of revenues, earnings, market capitalisation and developable area. In line with its current expansion plans, DLF has over 751 million sq. ft. of development across its businesses, including developed, on-going and planned projects. This land bank is spread over 32 cities, mostly in metros and key urban areas across India. Already a major player in locations across the country, DLF, with over six decades of experience, is capitalising on emerging market opportunities to deliver high-end facilities and projects to its wide base of customers by constantly upgrading its internal skills and resource capabilities. A roster of world-reputed businesses chooses DLF to jointly venture with, to seek growth in India. Among them, Laing O'Rourkefamous UK based construction company credited with construction of Dubai International Airport, London's Millenium Tower, etc, will construct all DLF's landmark projects. Together DLFLaing O' Rourke shall build the expressways, ports and other megastructures of India's new economy. Nakheel of Dubai are partnering with DLF for townships of pathbreaking concepts in India. WSP Group Plc is also partnering DLF, providing Management and consultancy to the built and natural environment. DLF has also tied up with Hilton Hotels to jointly develop world class hotels in India. It is more than market
FINANCIAL ANLYSIS OF DLF LTD dynamics however. DLF management constantly upgrades professional resources to construct responsive strategies, to adapt to local preferences; to deliver high quality, in all its projects and services to a wide customer base.
All the intensified growth underlines DLF's commitment to quality, trust and customer sensitivity and, delivering on its promise with agility and financial prudence. This, in turn, has earned DLF the coveted 'Superbrand' ranking for three years consecutively, including the current year. The Homes business unit involves a wide range of products including condominiums, duplexes, row hoses and apartments of varying sizes, with a focus on the higher end of the market. DLF has 214 msf of developed area under homes and residential plots. Currently, DLF has more than 477 msf of land resource targeted towards residential business. DLF's office segment is one of the group's most admired verticals. Nearly 40 msf of ongoing projects forms a strong portfolio for DLF offices, having reached a mature delivery platform of 11-12 msf on an annual basis. Current land resource owned by DLF for development of offices across the country is 164 msf approximately. With a booming retail environment on the horizon, this is a major thrust area for the Group and DLF is actively creating new shopping and entertainment spaces all over the country. The company has 12 mn sq. ft of retail projects under construction and owns land resource of another 92 msf for development in metros and other key urban destinations across the country. These include categories of prime downtown shopping districts, shopping centres and super luxury malls, amongst others. With the growth of the Indian economy and the resulting increase in corporate and consumer incomes, as well as foreign investment, DLF sees significant opportunities for growth in its three primary businesses. DLF's mission is to build a world-class real estate development company with the highest standards of professionalism, ethics and customer service and to thereby contribute to and benefit from the growth of the Indian economy.
FINANCIAL ANLYSIS OF DLF LTD OBJECTIVE: To contribute significantly to building the new India and become the worlds most valuable real estate company. To build world class real estate concepts across six business lines with the highest standards of professionalism ,ethics ,quality and customer service
1.2 Chairman profile Kushal Pal Singh :(companyschairman) Kushal Pal Singh or K.P. Singh was born on August 15, 1931, at Bulandshahar in Uttar Pradesh. Today he presides over DLF Universal Limited, Indias largest real estate developer.It has an estimated land bank of 10,255 acres (42 km2) with about 3,000 acres (12 km) being in prime city locations such as Delhi NCR, Chandigarh and Kolkata
Background:Born on August 15, 1931, Mr. K.P. Singh charted a distinguished and inimitable career, reflected in the establishment of Indias largest real estate company. Today, under his leadership, DLF Limited has established an unrivalled position in real estate industry with an enviable portfolio in terms of scale of delivery, bandwidth of range of products and development potential. Mr. K. P. Singh has conceived and pioneered initiatives, which are today, recognised as benchmarks in the real estate sector. He has been the visionary in steering DLFs growth as a multi-dimensional, diversified, multi-billion dollar conglomerate. DLF has now become the worlds largest real estate company in terms of revenues, earnings, market capitalisation and developable area. A graduate in science, Mr. K.P. Singh pursued Aeronautical Engineering in UK, being subsequently selected to the Indian Army by British Officers Services Selection Board, UK. He was commissioned into the renowned cavalry regiment of The Deccan Horse of the Indian Army. In 1960, he joined American Universal
FINANCIAL ANLYSIS OF DLF LTD Electric Company and soon after its merger with DLF Universal Limited in 1979, he took over as the Managing Director of this new company.
Positions:
Present positions :
Chairman of the Board, DLF Limited. Chairman and Director of 31 different private companies engaged in various sectors of the economy. MeCommerce & Industry (FICCI). Member of Delhi Vision Group to overview the Master Plan of Delhi 2021. Honorary Consul General, Principality of Monaco.
Positions held :
President of the apex industry chamber of the country, Associated Chamber of Commerce & Industry of India (ASSOCHAM). President of the PHD Chamber of Commerce and Industry. Director of Central Board, Reserve Bank of India (RBI).
1.3 COMPANY HISTORY

1963 : Incorporation of American Universal Electric (India) Ltd
1979 : DLF United Limited amalgamates with American Universal Electric (India) Limited to form DLF Universal Electric Limited 1981 : DLF Universal Electric Limited DLF Universal Limited changes name to
1981
: DLF Universal Limited obtains its first licence from the State Government of Haryana and commences development of the 'DLF City' in Gurgaon, Haryana : We initiated plotted developments, self first plot in Gurgaon, Haryana. Consolidate the development of DLF City for township development . : Construction of our first office complex, 'DLF Centre', at New Delhi : Completion of our first condominium project, 'Silver Oaks',at DLF City, Gurgaon, Haryana : Construction of 'DLF Corporate Park ', our first office complex at DLF City, Gurgaon, Haryana. : Development of the DLF golf course :The Scheme of Merger/Amalgamation of DLF Industries Limited with M/s. DLF Universal Ltd. which was approved by the Hon'ble HighCourt of Delhi at New Delhi and by the Hon'ble High Court of Punjab and Haryana At Chandigarh came into effect on 09.10.2000.
1985
1991
1993
1996
1999 2000
2002
: We venture into retail development in Gurgaon, Haryana : We offer integrated family entertainment centers with the commencement of operation of 'DTCinemas' at Gurgaon, Haryana :Development of 'DLF Cybercity', an integrated IT park measuring approximately 90 acres at Gurgaon, Haryana.
2002
2004
2005 : * Acquisition of 16.62 acres (approx) of mill 1 land in Mumbai * Received 'Corporate Buildings Award' instituted by'Indian Architect and Builde r', a publication of Jasubhai Media Group, Mumbai * Received 'Superbrand' award from Hon'ble Minister for Civil Aviation, Mr. Praful Patel . 2006 : Construction joint venture signed between DLF Universal Limited and U.K. based Laing O'Rourke Plc to form DLF Laing O'Rourke (India) Limited
2006 : DLF Universal Limited changes name to DLF Limited 2006 : Alliance agreement signed between DLF and Hilton International Co. to incorpo rate a joint venture company in India to develop, own and acquire 50 to 75 hotels and services apartments. :DLF enters into a joint venture with WSP Group Plc. for the purposes of providing engineering and design services, environmental and infrastructural facilities and also project management services.
2006
2007-
:The US-based Hilton Hotels Corporation has declared that it will develop 10 hotel projects in the country in all iance with DLF
FINANCIAL ANLYSIS OF DLF LTD Ltd. Our business was founded by the late Mr. Raghvendra Singh and our Promoter, Mr. K P Singh. Our business has a history of over 6 decades, commencing with the incorporation of Raisina Cold Storage and Ice Company Private Limited on 16.03.1946 and Delhi Land and Finance Private Limited on 18.09.1946. Since the inception of our Company, Mr. K P Singh has been the promoter of the Company. Pursuant to the order of the Delhi High Court dated 26.10.1970, Delhi Land and Finance Private Limited and Raisina Cold Storage and Ice Company Private Limited along with another group company, DLF Housing and Construction Private Limited, merged with DLF United Private Limited with effect from 30.09.1970. Thereafter, DLF United Limited merged with our Company, then known as American Universal Electric (India) Limited, with effect from 1.10.1978, under a scheme of amalgamation sanctioned by the Delhi High Court and the Punjab and Haryana High Court.The merged entity was renamed as 'DLF Universal Electric Limited' with effect from 18.06.1980. Key events and milestones
2007 : DLF enters into a joint venture with Prudential Insurance to establish a joint venture company to undertake life insurance busines s in India. - DLF launches bn issue.
3.3 COMPANY PROFILE

BUSSINESS GROUP : LISTINNNG : ISIN NO : I NCORPORATION : PUBLIC ISSUE DATE :
DLF GROUP BSE,NSE INE271C01023 18/06/1980 11/6/2007
Board of Directors
Executive Directors Marg,
Reference Information
Registered Office Shopping Mall, 3rd Floor, Arjun Phase-I, DLF City, Gurgaon-122 (Haryana)
Dr. K.P. Singh

002
Chairman
Mr. Rajiv Singh

Vice-Chairman
Mr. T.C. Goyal

Managing Director
Corporate Office DLF Centre, Sansad Marg, New Delhi-110 001 Statutory Auditors M/s. Walker, Chandiok & Co
Ms. Pia Singh

Whole - Time Director
Mr. Kameshwar Swarup

Senior Executive Director Legal
Registrar
&
Share
Transfer
Agents M/s.Karvy Computershare Private Ltd.
Non-Executive Directors Mr. G.S. Talwar Dr. D.V. Kapur Mr. K.N. Memani Mr. M.M. Sabharwal Mr. Ravinder Narain
Listed at Bombay Stock Exchange National Stock Exchange Company Secretary Mr. Subhash Setia
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FINANCIAL ANLYSIS OF DLF LTD Mr. B. Bhushan Brig. (Retd.) N.P. Singh
3.4Management
(Sitting): 1. Ms. Pia Singh 2. Mr. Rajiv Singh 3. Dr. K.P. Singh 4. Mr. T.C. Goyal 5. Mr. M. M. Sabharwal (Standing): 6. Mr. Ravinder Narain 7. Mr. G. S. Talwar 8. Mr. K. Swarup 9. Dr. D. V. Kapur 10. Mr. K. N. Memani11. Mr. B. Bhushan 12. Brig. (Retd.) N. P. Singh
1.5 DLF Today, and tomorrow:VISION MISSION VALUES
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To contribute significantly to building the new India and become the worlds most valuable real estate Company.
To build world-class real estate concepts across six business lines with the highest standards of professionalism, ethics, Quality and customer service.
Sustained efforts to enhance customer value and quality Ethical and professional service Compliance and respect forall community, environmental and legal requirements.
1.6MILESTONE ACHIVED
DLF has charted its next growth steps to retain its Leadership position in India. Already a major player in locations across the country, including metro and key urban centers, DLF, with over six decades of experience, is focusing on strengthening its Lateral and vertical business drivers. These include development of innovative business strategies, strengthening its professional resources and driving market penetration with an ear-to-theground Approach that is adaptive to local market needs. The group is capitalizing on emerging market opportunities to deliver high -end facilities and projects to its wide base of customers byconstantly upgrading its internal skills and resource Capabilities. In line with its current expansion plans, DLF has over 751 million sq. ft. of planned projects under way, across all its business verticals. This land bank is spread over 32 cities, mostly in metros and key urban areas across India. All the intensified growth underlines DLFs commitment to quality, trust and customer sensitivity and, delivering on its promise with agility and financial prudence. DLFs aspirations for India soars higher than developing world class buildings and infrastructure. The group recognises its inherent role as a catalyst of change in the socio-economic transformation of the country. With the growth of the Indian economy and the resulting increase in corporate and consumer incomes, as well as foreign investment, DLF sees signifi cant opportunities for growth across all its business verticals. DLFs mission is to build a worldclass real estate development company with the highest standards of professionalism, ethics and customer service and to thereby contribute to and benefi t from the growth of the Indian economy. This is DLF, Building India.
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1.7 DLFS PARTNER IN BUILDING INDIA
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FINANCIAL ANLYSIS OF DLF LTD Project Execution DLF has entered into a 50:50 JV with WSP. The JV will provide engineering and design services, environmental and infrastructure facilities as well as project management services. WSP operates as a specialist in the property, environmental, transportation and infrastructure sectors providing a full range of services from planning through to design, implementation and maintenance. WSP's expertise is seen at work in the Freedom Tower at Ground Zero, New York; the Mall of Emirates, Dubai; apart from major developments at Heathrow and Stansted Airports in London. WSP will engage specialist staff and expertise from global operations to work with DLF professionals. Construction In February 2006, DLF entered into a joint venture with UK's leading construction company, Laing O'Rourke Plc. The joint venture company will improve the quality of construction in all the developments and help in setting new benchmarks in the real estate sector. The JV Company is currently executing prestigious projects like- The Magnolias, The Mall of India, IT Parks and many of DLF's retail destinations. DLF-LOR will construct the Group's infrastructure projects, including roads, bridges, tunnels, pipelines, harbors, runways and power plants, through this JV. Laing O'Rourke operates worldwide, in Asia, Europe, the Far East and Australia and employs more than 23,000 people. Their best know projects include Terminal 5 at London Heathrow airport , a terminal at the Dubai international airport, the Millennium Dome in the UK and a Convention Centre in Hong Kong Airport Modernisation DLF has chosen Germany's Fraport AG (Frankfurt Airport Services Worldwide), the owner and manager of Frankfurt Airport, as its partner for fresh forays into airport modernisation. A special purpose vehicle, DLF Fraport SPV, has been set up specializing in development and management of airports in India. DLF and Fraport will hold at least 26 per cent each in the special purpose vehicle.The companies signed a memorandum of cooperation in April 2007 to explore airport projects.
Township Development DLF has signed an MoU with property developer Nakheel LLC of the United Arab Emirates to build large townships in India, through
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FINANCIAL ANLYSIS OF DLF LTD a 50:50 joint venture company. Two projects in Gurgaon and South Maharashtra/Goa, have already been identified for the development. Properties developed by Nakheel include The Palm Islands, The World Islands, Jumeirah Lake Towers, Discovery Gardens, Lost City and the Ibn Battuta Mall. Hospitality DLF's hospitality arm, DLF Hotels, has signed an LoI with Four Seasons Hotels and Resorts to operate a proposed luxury hotel at DLF Golf Links in DLF City, Gurgaon in Delhi's southern borders. In November 2006, DLF Hotels announced its first joint venture with The Hilton Hotels to acquire and develop 50 to 75 hotels and serviced apartments throughout India. The joint venture hotels will represent several brands from Hilton Hotels Corporation's brand portfolio, including Hilton Hotels, Hilton Garden Inn, Homewood Suites by Hilton and Hilton Residences. The JV Company will develop and build these properties, while Hilton will manage them. DLF will hold 74 per cent in the joint venture company, and Hilton will hold the remaining stake as its commitment to the venture. Over the next 5 to 7 years, Hilton has committed to invest up to $ 143 million. The initial stage of the joint venture will involve 20 hotels in a number of key locations including, Chennai, Kochi, Bhubaneshwar, Hyderabad, Kolkata and Delhi. Some of these hotels are planned to be Hilton Garden Inns and Hilton Hotels. Beyond the initial 20, the JV continues to identify and acquire sites and undertake new hotel developments. IT Infrastructure DLF has partnered with IBM to outsource all its IT requirements to the global IT infrastructure giant. Under this partnership IBM will be responsible for the helpdesk services for all the DLF employees across India towards the IT infrastructure requirements. The partnership will support the current IT requirements as well as identify and deploy new solutions for DLF and Indian real estate industry. At DLF joint ventures and strategic alliances are another facet of the Group's determined growth with some of the best names globally. Asset Management DLF and Prudential Financial Inc. (PFI) of US, have signed a joint venture to provide a broad array of mutual fund and
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FINANCIAL ANLYSIS OF DLF LTD investment products, including domestic and eventually international mutual funds to Indian retail and institutional clients. The JV has been formulated on a 61:39 shareholding pattern between PFI and DLF. This agreement allows PFI to expand its international investments business and marks its official entry into the Indian mutual fund market.
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1.8CORPORATE SOCIAL RESPONCIBILITY

We dream, We dare We grow, We share We build, We care
CSR Initiatives While DLF continues to create world-class infrastructure throughout India, it has not lost sight of its responsibilities as a change agent for accelerating the pace of social and economic transformation across various segment s to complement the efforts of the government. Swapana Sarthak informal school In fact DLF's first social responsibility interventions date back to the time that DLF was setting up the DLF township in Gurgaon when instead of turning a blind eye to the local problems, DLF decided to undertake internal development work in the villages of Nathupur, Chakarpur and Wazirabad by contributing through construction of internal village roads, additional rooms in the schools and internal village electrification. At around the same time, DLF initiated its first education initiative by setting up the Swapana Sarthak informal school for children of the construction workers. This school manned by trained volunteers conducts classes for children who are ill equipped to join regular school or those who cannot afford to do so. All children enrolled are provided with free uniforms, mid day meals and learning material. Starting from merely 10 students, the school today has on roll 220 students. Initially getting the children out of their homes and instilling a sense of personal hygiene and cleanliness was a challenge and the volunteers had to really work on them to ensure the present state. DLF Learning Excellence Centres Taking the education initiative ahead, DLF partnered withPratham in May 2007 and set up DLF Learning Excellence Centres in 25 villages by involving the government schools, community teachers and introducing innovative teaching learning material. The main hurdles faced during the project were lack of adequate means of public transport and resistance from the local community to involve the women. However, these were overcome through a sustained education and awareness campaign conducted across the entire village community and by taking the village Panchayats intoconfidence. This is an ongoing project likely to benefit 1100 students over a period of one year. DLF labour hutment While all the big developers focus only on providing world -class facilities to their buyers DLF carried its social responsibility initiatives to the construction work sites in Gurgaon once it started construction of the DLF Township. At DLF it was felt that even though there had been tremendous improvement in construction technology and quality it was distressing to note that the people whoactually make all the glitzy buildings were a neglected lot and often required to do so in inhuman conditions. The sight of construction workers and their children living in jhuggies without even the basic facilities at most of the construction sites is no t uncommon. At DLF it was their constant endeavor to improve the living conditions of their construction workers by providing them all the basic necessities at the site itself by efficient and effective space management. DLF seized the initiative in
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this respect and became a pioneer in providing all necessary facilities to its construction workers on site when it tied up with Laing O Rourke for construction projects. It was decided that before commencement of the construction a suitable location be identified on site for construction of hutments to house the workforce for the entire duration of the project. Instead of constructing makeshift or temporary accommodation DLF sanctioned hefty budgets to build a mix of cemented hutments and dormitories for the wor kers. The entire labour hutment area was paved to ensure easy access even during the monsoons and the work of sanitation and housekeeping was outsourced to a third party namely M/s Lion Services. All the residential accommodation at the DLF labour hutmentsite is provided with electricity, water, fans, beds and linen and separate areas have been provided for toilets and washing. In order to take care of the children of the workers mobile crches have been made available on site through a strategic tie up with an NGO named Mobile Creches. A subsidized canteen manned by a third party has also been made available on site to ensure hygienic and good quality food on site. Medical help is available on site along with a 24 -hour ambulance to take care of emergencies. In order to improve the skills of the workers as well as train potential workers on site a non-profit residential "Apprentice Training Centre" for imparting skills in carpentry and masonry was started. Rural Primary Health Centres In March 2007, DLF decided to focus on another hitherto neglected but vital area rural healthcare. It was decided to set up Rural Primary Health Centres in villages to provide free medical consultancy, health checkups and subsidized medicines to the villagers. The first Prima ry Health Centre was set up at Village Shikohpur in August 2007 in association with an NGO Deepalaya. It is proposed to set up six such centres in the present financial year. Helping the Rural craftsmen While at one level DLF focused at initiatives for infrastructure augmentation, education and health at the same time it was felt that as a infrastructure creator DLF must also provide a forum for rural craftsmen to display their wares by bringing them closer to the urban consumers thereby increase their ave nues of income. As part of this initiative in the retail malls set up in Gurgaon, wherein DLF was the pioneer in providing international standard shopping experience, DLF awarded free space to a few NGO's like Khushboo Welfare Society, India Vision Foundation and the Rashtriya Blind School and others to enable them to exhibit their products for awareness and to create awareness for the cause they espouse. Vocational training centres As part of its strategy to train and empower people with permanent skillsthereby enabling them to earn their livelihood for times to come DLF has set up job linked vocational training centres in Hospitality, Customer Relations and Salels and IT enabled services. These training centres have been equipped with all necessary training infrastructures from computer labs to headphones and LCD projectors.
Development of Arya Samaj Mandir DLF Commercial Developers Ltd. has contributed Rs.20 lacs towards the development of Arya Samaj Mandir in DLF City, Phase -II. This will not only help in over all development of the Mandir primises but also help the community at large wherein devotees can come and seek spiritual solace.
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Environment Programs Haryana Urban Development Authority (HUDA) has consistently over the last seven years awarded DLF with "Excellence in Horticulture Preservation". A total of 47 awards have been received under various categories. DLF has installed one of its kind gas-based power generation system at the Infinity Tower. Co-generation is also a part of this installation as we are utilising the waste heat for air-conditioning and are in effect saving about 25 per cent of power. This year (July-August, 2007) DLF initiated an plantation drive in 21 villages of Haryana by involving the Government school children and the o l cal Panchayats with support from the Forest Department . DLF is in the process of switching its street lighting system to 36 watts CFL with electronic choke thereby saving 15 -20 watts per street light. Challenges faced while initiating CSR initiatives a. Designing, developing and executing standard uniform facilities and guidelines at all construction sites b. Identification of credible NGOs to run the various CSR programs. c. Securing active partnerships with the Panchayats in the Rural CSR initiatives account of strong internal politics and affiliations. d. Securing participation of the entire community on account of Inter caste politics operating in the villages e. Securing participation of girl child in the education programs on account of lack of awareness and indifference to education of the girl child Employees volunteering programme Before undertaking any CSR initiative in a region, the concerned employees in that region are contacted to understand the need of the area and CSR programmes are developed keepingin mind the identified need. Employees are further involved in monitoring of programmes to ensure effective delivery. In the present financial year DLF is initiating a donation programme wherein the employees will contribute and donate old clothes and ot her household articles for the construction workers and their families employed at DLF construction sites. Blood Donation camps are also being organised for blood donation by the employees in association with Lions Blood Bank.
EXECUTIVE SUMMARY
D L F Ltd . Mar 2005 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010
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Rs. Crore (Non-Annualised) Total income Sales Income from financial services Total expenses Raw material expenses Power, fuel & water charges Compensation to employees Indirect taxes Selling & distribution expenses Other operational exp. of indl. Enterprises Other oper. exp. of non-fin. service enterprises PBDITA PBDTA PBT PAT 12 mth s 289.06 270.02 11.67 278.12 0 0.95 15.71 3.86 12.13 205.92 0 46.71 41.73 39.2 26.95 12 mth s 495.83 472.92 19.81 453.42 0 0.89 21.41 5.13 20.5 365.12 0 59.74 50.83 48.07 35.48 317.82 3.51 314.31 561.06 1155.38 2041.97 86.04 59.34 177.27 1402.31 400.93 12 mth s 479.78 442.04 33.76 412.09 0 1.03 33.34 4.75 24.95 259.29 0 129.34 99.39 96.87 67.69 383.93 3.51 380.42 633.08 1337.54 2362.85 505.43 478.64 173.82 997.12 693.76 12 mth s 1146.14 983.94 159.43 915.04 0 0.23 16.76 1.39 28.04 577.63 0 488 352.01 348.99 228.52 644.93 37.77 607.16 3013.89 1358.49 5026.7 565.64 536.4 1397.28 1285.96 1722.42 12 mth s 1430.72 1130.62 294.74 1015.09 0 0.69 44.83 4.57 64.87 85.13 0 1129.04 630.03 621.47 406.91 652.8 305.88 346.92 6769.15 3759.04 11205.04 1030.62 993.61 769.18 6069.75 3213.51 12 mth s 6062.03 5530 517.83 3481.38 0 1.34 144.17 5.03 47.43 1830.46 0 3923.53 3143.03 3118.11 2574.59 11269.15 340.96 10928.19 8386.28 3753.2 23441.94 3315.52 3256.17 1839.83 11287.1 7042.69
Net worth 283.91 Paid up equity capital (net of forfeited capital) 3.51 Reserves & surplus 280.4 Total borrowings Current liabilities & provisions Total assets Gross fixed assets Net fixed assets Investments Current assets Loans & advances Growth (%) Total income Total expenses PBDITA PAT Net worth Total assets 17.5598209 11.0158375 24.8431215 21.7479675 9.06192379 5.47935858 22.38 1078.45 1391.22 44 18.64 167.41 1102.68 100.8
71.5318619 63.0303466 27.8955256 31.6512059 11.9439259 46.775492
3.23699655 9.11516916 116.504854 90.78354 20.8010824 15.7142367
138.888657 122.048582 277.300139 237.597873 67.9811424 112.738854
24.8294275 10.9339482 131.360656 78.0631892 1.22028747 122.910458
323.704848 242.962693 247.510274 532.717308 1626.27911 109.208892
Profitab ility ratios (%)
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PBDITA Net of P&E/Total income net of P&E PAT Net of P&E/Total income net of P&E PAT Net of P&E/Avg. net worth PAT/Avg. net worth PAT Net of P&E/Avg. total assets PAT/Avg. total assets Liq uid ity ratios (times) Current ratio Debt to equity ratio Interest cover Debtors (days) Creditors (days) Efficiency ratios (times) Total income / Avg. total assets Total income / Compensation employees 15.084232 8.12010996 8.46700843 9.90390092 1.70026235 1.98880513 11.9815017 7.08227311 11.6563907 11.7926645 2.04299791 2.0668824 26.9533452 14.0841248 19.2290702 19.2917706 3.0634623 3.07345136 42.5240462 19.8555042 44.1809381 44.4219816 6.15138946 6.18495037 78.9130161 28.3953381 62.5553852 62.7110416 5.00131224 5.013757 64.7263681 42.4725444 43.1895789 43.1907532 14.8614396 14.8618437
1.00994669 0.0788278 8.08634538 37.6260092 1530.08289
1.17260785 1.76533887 6.34904602 48.2645585 959.566552
0.72627155 1.64894642 4.22704508 45.21627 1352.44023
0.7568032 4.67320484 3.55717332 5.66266744 672.245544
1.42027639 10.3694087 2.2433819 32.3396676 3886.91074
1.50618777 0.74418035 4.99492633 54.0308906 427.154003
0.21331503 to 18.3997454
0.28884507 23.1588043
0.21784318 14.3905219
0.31020563 68.3854415
0.17628671 31.9143431
0.34993122 42.0477908
CHAPTER 2
COMPARATIVE BALANCESHEET
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& ANALYSIS OF BALANCESHEET
Chapter:2 COMPARISON BALANESHEET

SOURCES OF FUNDS :-
&
ANALYSIS
OF
EXHIBIT 2.1
LIABILITY
Mar ' 06
Mar ' 07
Mar ' 08
Mar ' 09
Mar ' 10
SOURCES OF FUNDS
Owner's Fund Equity Share Capital Share Application Money Preference Share Capital 3.5 0 0 3.51 0 0 37.77 0 0 305.88 0 0 340.96 0 0
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Reserves & Surplus Loan Funds Secured Loans Unsecured Loans Total 557.9 3.2 1,018.40 630.15 2.95 1,017.03 3,010.93 2.99 3,658.85 6,242.81 526.48 7,422.09 4,945.91 3,440.49 19,655.55 453.8 380.42 607.16 346.92 10,928.19
INTERPRETATION SOURCES OF FUNDS :(A)EQUITY SHARE CAPITAL:EXHIBIT 2.1.1

Mar ' 06
Equity Share Capital 3.5
Mar ' 07
3.51
Mar ' 08
37.77
Mar ' 09
305.88
Mar ' 10
340.96
Chart 2.1.1
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Equity Share Capital 400 350 300 250 200 150 100 50 0 Mar ' 06 Mar '07 Mar ' 08 Mar ' 09 Mar ' 10 Equity Share Capital
INTERPRETATION: -The company have very high
increasing in equity share capital.the company more than 100% growth rate in Equity Share Capital.in the year 2010 it is 340.96crore & it is 3.5 crores in 2006 ..in equity share capital (B)Reserves & Surplus:EXHIBIT 2.1.2
Mar ' 06
Reserves & Surplus 453.8
Mar ' 07
380.42
Mar ' 08
607.16
Mar ' 09
346.92
Mar ' 10
10,928.19
INTERPRETATION: -
The company is maintaining good reserves and surplus Is 453.80 crore in the year of 2006. than company is increasing reserves in march 2010 with very high rate is 10928.19. so company is maintaining very high reserves.
24
Chart 2.1.1
Reserves & Surplus 12000 10000 8000 6000 4000 2000 0 Mar ' 06 Reserves & Surplus
Mar ' 07
Mar ' 08
Mar ' 09
Mar ' 10
(C) Secured Loans:EXHIBIT 2.2

Mar ' 06
Secured Loans 557.9
Mar ' 07
630.15
Mar ' 08
3,010.93
Mar ' 09
6,242.81
Mar ' 10
4,945.91
Chart 2.1.1
Secured Loans 7000 6000 5000 4000 3000 2000 1000 0 Secured Loans
25
INTERPRETATION: -Company is more using secured loan. In previously company is using more loan money for company. In 2009 it is highest as 6242.81.
(D)Unsecured Loans:EXHIBIT 2.2

Mar ' 06
Unsecured Loans 3.2
Mar ' 07
2.95
Mar ' 08
2.99
Mar ' 09
526.48
Mar ' 10
3,440.49
Chart 2.1.1
Unsecured Loans 4000 3500 3000 2500 2000 USES OF 1500 1000 500 0 Mar ' 06
Unsecured Loans
FUNDS
Mar ' 07
Mar ' 08
Mar ' 09
Mar ' 10
26
INTERPRETATION: -company have some unsecured loan in the year 2006 is 3.2 is very growing in 2010 is 3440.49.so company must maintain the situation and reduce unsecured loan.
USES OF FUNDS:-
27
EXHIBIT
USES OF FUNDS
Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Depreciation Net Block Capital W ork-in-progress Investments Net Current Assets Current Assets, Loans & Advances Less : Current Liabilities Provisions Total Net Current Assets Miscellaneous written Total expenses &
Mar ' 06
83.6 8.6 26.7 48.3 2.4 177.3
Mar ' 07
98.8 0 26.79 72 406.63 173.82
Mar ' 08
108.91 0 29.24 79.67 456.73 1,397.28
Mar ' 09
365.58 0 37.01 328.57 665.03 769.17
Mar ' 10
1,533.72 0 59.34 1,474.37 1,781.79 1,839.83
1,392.70 602.3 790.4
1,710.39 1,345.82 364.57 0 1,017.02
3,092.12 1,366.95 1,725.17 0 3,658.85
9,442.25 3,782.93 5,659.32 0 7,422.09
18,345.94 3,786.38 14,559.56 0 19,655.55
not
0 1,018.40
USES OF FUND
16000 14000 12000 10000 8000 6000 4000 2000 0 Mar ' 066 Mar ' 07 Mar ' 08 Mar ' 09 Mar ' 10 Capital Work-inprogress Investments Total Net Current Assets FIXED ASSETS
(A)FIXED ASSETS :EXHIBIT 2.2
28
USES OF FUNDS
FIXED ASSETS
Mar ' 06
48.3
Mar ' 07
72
Mar ' 08
79.67
Mar ' 09
328.57
Mar ' 10
1,474.37
Chart 2.1.1
FIXED ASSETS 1600 1400 1200 1000 800 600 400 200 0 Mar ' 06 Mar ' 07 Mar ' 08 Mar ' 09 Mar ' 10 FIXED ASSETS
INTERPRETATION: - companys assets are 48.3 in 2006 but it is increase at 1474.37in 2010 so it is high increasing in assets.
I
(B)Capital Work-in-progress :EXHIBIT 2.2

USES OF FUNDS
Capital W ork-in-progress
Mar ' 06
2.4
Mar ' 07
406.63
Mar ' 08
456.73
Mar ' 09
665.03
Mar ' 10
1,781.79
Chart 2.1.1
29

Capital Work-in-progress 2000 1800 1600 1400 1200 1000 800 600 400 200 0 Mar ' 06
Capital Work-inprogress
Mar ' 07
Mar ' 08
Mar ' 09
Mar ' 10
INTERPRETATION: - companys work in progress is also in increasing stage. (C) Investments:EXHIBIT 2.2
USES OF FUNDS
Investments
Mar ' 06
177.3
Mar ' 07
173.82
Mar ' 08
1,397.28
Mar ' 09
769.17
Mar ' 10
1,839.83
Chart 2.1.1
Investments 2000 1800 1600 1400 1200 1000 800 600 400 200 0 Mar ' 06 Mar '07 Mar ' 08 Mar ' 09 Mar ' 10
Investments
INTERPRETATION: -companys investment is also at increasing stage it is 1839.83 in 2010. so company have good security.
30
(D) Total Net Current Assets:EXHIBIT 2.2

USES OF FUNDS
Total Net Current Assets
Mar ' 06
790.4
Mar ' 07
364.57
Mar ' 08
1,725.17
Mar ' 09
5,659.32
Mar ' 10
14,559.56
Chart 2.1.1
Total Net Current Assets 16000 14000 12000 10000 8000 6000 4000 2000 0 Mar ' 06 Mar ' 07 Mar ' 08 Mar ' 09 Mar ' 10 Total Net Current Assets
INTERPRETATION: -Total net current assets is 790.4 in 2004 while it is increasing sta ge. So companys liquidity is very high like 14559.56 in 2010.
31
CHAPTER 3
COMPARISON & ANALYSIS OF PROFIT & LOSS ACCOUNT
32
Chapter:3 INCOME STATEMENT

EXHIBIT 3.1
D L F Ltd. Rs. Crore Total income Sales Industrial sales Income fr om non-financial services Income fr om financial services Interest Dividends Treasury op erations Other income Prior p eriod income & extraordinary income Change in stock Mar 2006 12 mths 495.83 472.92 445.77 27.15 19.81 10.18 0 0.01 2.45 0.65 -6.93 Mar 2007 12 mths 479.78 442.04 412.24 29.8 33.76 23.95 0 0 3.25 0.73 0 Mar 2008 12 mths 1146.14 983.94 948.83 35.11 159.43 154.54 0 0 1.3 1.47 -2.58 Mar 2009 12 mths 1430.72 1130.62 1092.33 38.29 294.74 288.67 0.28 0.05 4.1 1.26 -8.72 Mar 2010 12 mths 6062.03 5530 5490.08 39.92 517.83 426.69 85.33 0.56 13.78 0.42 -6.06
INCOME ANALYSIS :- Chart 3.1
INCOME
Rs IN6000 CRORE 5000 4000 3000 2000 1000 0 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010
Sales Industrial sales Income from non-financial services Income from financial services Interest Other income
33
Total income:EXHIBIT 3.1.1

D L F Ltd .
Total income Sales Industrial sales Mar 2006 495.83 472.92 445.77 Mar 2007 479.78 442.04 412.24 Mar 2008 1146.14 983.94 948.83 Mar 2009 1430.72 1130.62 1092.33 Mar 2010 6062.03 5530 5490.08
Chart 3.1.1
SALES
12000 10000 8000 6000 4000 2000 0 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Industrial sales Sales
INTEREST:EXHIBIT 3.1.2
D L F Ltd.
Interest Mar 2006 10.18 Mar 2007 23.95 Mar 2008 154.54 Mar 2009 288.67 Mar 2010 426.69
Chart 3.1.2
34

Interest 450 400 350 300 250 200 150 100 50 0 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010
Interest
TOTAL EXPENDITURE:EXHIBIT 3.2.1

D L F Ltd.
Rs. Crore (Non-Annualised) T otal expenses Raw material expenses Packaging expenses Purchase of finished goods Power, fuel & water charges Compensation to employees Indirect taxes Royalties, technical know-how fees, etc. Lease rent & other rent Repairs & maintenance Insurance premium paid Outsourced mfg. jobs (incl. job works, etc.) Outsourced professional jobs Directors' fees Selling & distribution expenses Travel expenses Communication expenses Printing & stationery expenses Miscellaneous expenses Other operational exp. of indl. enterprises Other oper. exp. of non-fin. service enterprises Share of loss in subsidiaries/JVs,etc. Lease equalisation adjustment Loss on securitisation of assets/loans Mar 2006 12 mths 453.42 0 0 0 0.89 21.41 5.13 0 0.76 3.8 0.11 0 3.64 0 20.5 3.95 1 0.9 1.33 365.12 0 0.03 0 0 Mar 2007 12 mths 412.09 0 0 0 1.03 33.34 4.75 0 0.63 3.05 0.23 0 7.26 0 24.95 4.76 1.41 1.57 2.37 259.29 0 0 0 0 Mar 2008 12 mths 915.04 0 0 0 0.23 16.76 1.39 0 0.22 2.87 0.16 0 7.59 0 28.04 2.97 0.57 1.29 4.4 577.63 0 0 0 0 Mar 2009 12 mths 1015.09 0 0 0 0.69 44.83 4.57 0 0.77 5 1.12 0 52.65 0.19 64.87 14.53 1.35 2.7 3.48 85.13 0 0.06 0 0 Mar 2010 12 mths 3481.38 0 0 0 1.34 144.17 5.03 0 2.43 10.55 1.69 0 63.44 1.61 47.43 22.35 3.3 2.67 13.14 1830.46 0 3.37 0 0
35

Fee based financial service expenses Treasury operations expenses Total provisions Write-offs Less: Expenses capitalised Less: DRE & expenses charged to others Prior period & extraordinary expenses Interest paid Financial charges on instruments Expenses incurred on raising deposits/debts Depreciation Amortisation Provision for direct taxes 0.5 0.01 0 0.45 0.61 0 0.24 8.91 0 0 2.76 0 12.59 3.12 0 1.69 0.48 0 0 0.51 29.95 0 0 2.52 0 29.18 10.16 0.03 0.14 0.88 0 0 0.23 135.99 0 0 3.02 0 120.47 53.26 0.02 0.01 0.88 43.4 0 0.25 499.01 0 0 8.56 0 214.56 22.04 0.02 0.27 0.84 44.06 0 0.35 780.5 0 0 24.92 0 543.52
PROFIT :EXHIBIT3.2.2
D L F Ltd.
Rs. Crore (Non-Annualised) PAT
Mar 2006 12 mths 35.48
Mar 2007 12 mths 67.69
Mar 2008 12 mths 228.52
Mar 2009 12 mths 406.91
Mar 2010 12 mths 2574.59
PBDITA PBDTA PBT
59.74 50.83 48.07
129.34 99.39 96.87
488 352.01 348.99
1129.04 630.03 621.47
3923.53 3143.03 3118.11
CHAPTER 4
36
COMMON SIZE STATEMENT
COMMON SIZE ANALYSIS EXHIBIT 4.1

Mar ' 10 SOURCES OF FUNDS
12 months
Mar ' 09
12 months
Mar ' 08
12 months
Mar ' 07
12 months
Mar ' 06
12 months
37

Owner's Fund Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Loan Funds Secured Loans Unsecured Loans Total 25.16 17.5 100 84.11 7.09 100 82.29 0.0817 100 61.96 0.29 100 54.782 0.3142 100 1.73 0 0 55.6 4.12 0 0 4.67 1.0323 0 0 16.594 0.34 0 0 37.4 0.3437 0 0 44.56
USES OF FUNDS
Fixed Assets Gross Block Less : Revaluation Reserve Less : Depreciation Net Block Accumulated 0 7.5 9.07 9.36 0 0 74.07 0 100 0 4.427 8.96 10.36 0 0 76.25 0 100 0 2.1775 12.483 38.19 0 0 47.15 0 100 0 7.08 39.98 17.09 0 0 35.85 0 100 0 4.7427 0.2357 17.41 0 0 77.612 0 100
Capital W ork-in-progress Investments Net Current Assets Current Assets, Loans & Advances Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total
INTERPRETATION:(A)Sources of Fund: The common size statement shows that the shareholders fund of the company in year 2005-06 was 44.56% & in year 2006-07 it was also increased up to 37.4% but in year 2007-08 was decreased up to 16.60% & in the year 2008-09it increase to 4.67% & in the year 2009-10 it was highest increase i.e. by 55.6% the borrowed fund of the company goes on increasing in this year. It indicates that the company is less dependent on borrowed funds than shareholders fund.
38
Chart 3.2.1 sources of fund 2006

0.3142, 0% 0.3437, 0% 44.56, 45%
54.782, 55%
Equity Share Capital Reserves & Surplus Secured Loans Unsecured Loans
Chart 3.2.2
sources of fund 2007 0.29 0.34 37.4 61.96
Equity Share Capital Secured Loans
Reserves & Surplus Unsecured Loans
Chart 3.2.1
39
FINANCIAL ANLYSIS OF DLF LTD sources of fund 2008

0.0817 1.0323 16.594
82.29
Equity Share Capital Secured Loans
Chart 3.2.1
sources of fund2009
7.09 4.12 4.67
84.11 Equity Share Capital Secured Loans Reserves & Surplus Unsecured Loans
Chart 3.2.1
40
sources of fund2010
17.5 25.16
1.73
55.6
Equity Share Capital Secured Loans (B) APPLICAYION OF FUND:-
1. Fixed Assets: According to common size statement, fixed assets of the company in years 2005-06, 2006-07, 2007-08, 2008-09 it were 7.5%,4.427%,2.1775%, 7.08% & 4.74% respectively. It is happening due to sales has decreasing trend in this year.
Chart 3.2.1
application of fund 2006
4.7427, 5% 0.2357, 0% 17.41, 17%
77.612, 78%
Fixed Assets Investments
Capital Work-in-progress Total Net Current Assets
Chart 3.2.1
41

35.85, 36% 7.08, 7%
39.98, 40% 17.09, 17%
Chart 3.2.1
2.1775, 2% 12.483, 47.15, 48% 12%
38.19, 38%
Chart 3.2.1
42
FINANCIAL ANLYSIS OF DLF LTD application of fund 2009

4.427, 4% 8.96, 9% 10.36, 10% 76.25, 77%
Chart 3.2.1
Application of fund 2010
, 0% 7.5, 8% 9.07, 9% 9.36, 9% 74.07, 74%
Fixed Assets Capital Work-in-progress Total Net Current Assets
2. Investments: The investments of the company in year 2005-06 was 17.41% but it was decreased by 17.09% in year 2006-07 but it has increased by 38.19% in year 2004-05. In the year 2009-10 it was highest increase of investment i.e. by 9.97%. But in the year 2008-09 it was decrease to 4.93%. It indicates that investments are stated at cost. If investment is more then company get more return. 3. Current Liabilities & Current Assets: the current liabilities of the company go on increasing every year. It means that there was decrease in working capital that affect the liquidity position of the company. The current assets has also increased every year that is 54.99%, 57.09%, 63.73% for the year 2005-06, 2006-07, 2007-08 accordingly.
43
FINANCIAL ANLYSIS OF DLF LTD The analysis of various figures shows that the company has satisfactory long term & short-term financial position. It shows financial position of company is sound.
COMMON SIZE ANALYSIS PROFIT & LOSS
Partiular Sales and Income Total
Mar '06 100% 87.83% 13.84%
Mar '07 100% 71.95% 19.62%
Mar '08 100.00 % 56.41 % 26.84 %
Mar '09 100% 30.59% 46.36%
Mar '10 100% 39.97% 50.76%
Total Expenses Operating Profit PBT (Post Extra-ord Items) Tax Reported Profit Net
7.8% 2.89% 7.16%
20.37% 6.13% 14.242%
30.55% 34.52 19.91 %
43.75% 15.11% 28.57%
51.53% 8.98% 42.54%
Chart 3.2.1
44
PROFIT STATE MENT2006

2.89, 2% 7.8, 7% 7.16, 6% 13.84, 12%
87.83, 73%
Total Expenses PBT (Post Extra-ord Items) Reported Net Profit
Operating Profit Tax
Chart 3.2.1
PROFIT STATE MENT2007

6.13, 5% 20.37, 15% 19.62, 15% 14.241538, 11%
71.95, 54%
Chart 3.2.1
PROFIT STATEMENT 2008

34.52 , 21% 19.91 , 12% 56.41 , 33%
30.55 , 18%
26.84 , 16%
45
Chart 3.2.1
PROFIT STATEMENT2009
28.57 15.11 30.59
43.75
46.36
Comment on Profit & Loss Account:

1. Sales & total income: the common size statement shows that the main source of income for the company is sales. In all the year it is assumed as 100% 2. Total Expenditure: The total expenditure of the company has been found continuously decrease up to year 2008-09. It has been increased due to increase in the total amount of sales. Financial expense is also decreased it is favorable sign for the company. so company is maintaining lo expense policy.
Partiular Total Expenses Mar '06 87.83783784 Mar '07 71.95237394 Mar '08 56.40693399 Mar '09 30.58954394 Mar '10 39.9691001
Chart 3.2.1
46

Total Expenses 100 90 80 70 60 50 40 30 20 10 0 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
Total Expenses
3. Profit before Tax: PBT in year 2006 is 6.31%. It was in year 2007, 2008 2009 &2010it is 7.80,20.37,30.55, 43.75 & 51.52 respectively.company have very high amount of profit ith increasing rate.
Partiular PBT (Post Items) Mar '06 Extra-ord 7.801532876 20.37991459 30.55331816 43.75255206 51.52500083 Mar '07 Mar '08 Mar '09 Mar '10
Chart 3.2.1
PBT (Post Extra-ord Items) 60 50 40 30 20 10 0 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10 PBT (Post Extra-ord Items)
4. Profit after Tax: According to common size statement PAT of the company for the year 2006 is 7.16% & than it has been 47
FINANCIAL ANLYSIS OF DLF LTD increased to 14.24% in 2007 and than it has been reduced to 28.56%in the year 2009 & 42.53 in year 2010.
Reported Net Profit : Partiular Reported Net Profit Mar '06 7.1601452 Mar '07 14.241538 Mar '08 19.91245 Mar '09 28.566903 Mar '10 42.53941
Chart 3.2.1
Reported Net Profit 45 40 35 30 25 20 15 10 5 0 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10 Reported Net Profit
CHAPTER 5
48
TREND ANALYSIS
TREND ANALYSIS OF PROFIT & LOSS A/C

PARTICULAR Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses 0 0 100 100 100 100 0 100 100 0 100 0 0 100
MAR'06
MAR'07 83.14 0 83.14 0 0 95.87 0 0 155.70 68.96 0 15.07 0 78.53
MAR'08 192.30 0 192.30 0 0 230.37 0 0 78.31 155.48 0 14.62 0 147.94
MAR'09 222.19 0 222.19 0 0 286.49 0 0 209.43 63.99 0 37.01 0 99.77
MAR'10 1108.70 0 1108.70 0 0 1220.61 0 0 484.95 576.39 0 65.07 0 555.41
49

Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 100 100 100 100 100 0 100 100 100 100 100 100 0 0 0 0 100 100 0 100
111.31 221.11 351.80 196.97 121.42 0 201.37 -0.21 250.46 231.58 190.70 78.53 0 0 0 0 100 190.69 0 83.95
508.45 825.73 1554.78 691.10 139.28 0 723.22 -11.78 902.22 956.11 640.67 147.93 0 0 0 0 1076.62 59.50 0 13.09
1091.94 1635.02 3789.89 1237.07 337.14 0 1289.45 -13.16 1606.69 1702.85 1143.01 99.77 0 0 0 0 43598.09 2.61 0 0.32
5094.61 6024.79 4762.23 6257.95 917.14 0 6481.97 -3.82 8061.50 4313.65 7251.83 555.41 0 0 0 0 48598.43 14.92 0 5.07
INTERPRETATION OF TREND ANALYSIS:(A)Sales Turnover :PARTICULAR Sales Turnover
MAR'06
100
MAR'07 83.14
MAR'08 192.3
MAR'09 222.19
MAR'10 1108.7
Chart 3.2.1
Sales Turnover 1200 1000 800 600 400 200 100 0 MAR'06 MAR'06 83.14 MAR'07 MAR'07 MAR'08 MAR'08 MAR'09 MAR'09 MAR'10 MAR'10 192.3 222.19
1108.7
50
(B)Total Income
PARTICULAR Total Income
MAR'06
100
MAR'07 95.87
MAR'08 230.37
MAR'09 286.49
MAR'10 1220.61
Chart 3.2.1
Total Income 1400 1200 1000 800 600 400 200 100 0 MAR'06 MAR'06 MAR'07 MAR'07 MAR'08 MAR'08 MAR'09 MAR'09 MAR'10 MAR'10 95.87 230.37 286.49 1220.61
(C) Operating Profit

PARTICULAR Operating Profit
MAR'06
100
MAR'07 111.31
MAR'08 508.45
MAR'09 1091.94
MAR'10 5094.61
Chart 3.2.1
51

Operating Profit 6000 5000 4000 3000 2000 1000 508.45 0 100 MAR'06 MAR'06 111.31 MAR'07 MAR'07 MAR'08 MAR'08 MAR'09 MAR'09 MAR'10 MAR'10 1091.94 5094.61
(D)Reported Net Profit

PARTICULAR Reported Net Profit
MAR'06
MAR'07 190.7
MAR'08 640.67
MAR'09 1143.01
MAR'10 7251.83
100
Chart 3.2.1
Reported Net Profit 8000 7000 6000 5000 4000 3000 2000 1000 0 100 MAR'06 MAR'06 190.7 MAR'07 MAR'07 640.67 MAR'08 MAR'08 1143.01 MAR'09 MAR'09 MAR'10 MAR'10 7251.83
52
(E) Earning Per Share (Rs)

PARTICULAR
MAR'06
Per 100
MAR'07
MAR'08
MAR'09
MAR'10
Earning Share (Rs)
190.69
59.5
2.61
14.92
Chart 3.2.1
Earning Per Share (Rs) 250 200 150 100 50 0 MAR'06 MAR'06 MAR'07 MAR'07 MAR'08 MAR'08 100 59.5 14.92 MAR'10 MAR'10
190.69
2.61 MAR'09 MAR'09
53
TREND ANALYSIS OF BALANCESHEET

Mar '06 S ources Of Funds Mar '07 Mar '08 Mar '09 Mar '10
Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities
Appli cati on Of Funds
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
100.28% 100.28% 0 0 83.82% 0 82.40% 112.95% 92.18% 112.83% 99.02% 118.18% 100.33% 126.55% 16942.91% 98.03% 93.04% 3.77% 47.75%
1079.14% 1079.14% 0 0 133.79% 0 138.42% 539.68% 93.43% 537.14% 356.26% 130.27% 109.51% 140.01% 19030.41% 788.08% 61.13% 25.16% 111.12%
8739.42% 8739.42% 0 0 76.44% 0 140.11% 1118.98% 16452.5% 1206.43% 722.69% 437.29% 138.61% 577.45% 27709.58% 433.82% 554.39% 164.72% 180.37%
9741.71% 9741.71% 0 0 2408.15% 0 2418.79% 886.52% 107515.31% 1494.63% 1913.88% 1834.59% 222.24%% 2591.17% 74241.25% 1037.69% 767.69% 1386.99% 9047.00%
Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance
54

Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 81.89% 191.54% 0 122.81% 0 213.71% 0 223.44% 46.12% 0 99.029% 0 83.95% 57.46% 489.08% 0 222.02% 0 198.79% 0 226.95% 218.26% 0 356.26% 0 13.09% 503.61% 953.38% 0 677.98% 0 507.99% 0 628.07% 716.00% 0 722.69% 0 0.32% 940.95% 1974.95% 0 1317.29% 0 420.25% 0 628.65% 1842.05% 0 1913.88% 0 5.07%
(A)Equity Share Capital

PARTICUL E R Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
Equity Capital
Share 100% 100.28% 1079.14% 8739.42% 9741.71%
Chart 3.2.1
Equity Share Capital 12000% 10000% 8000% 6000% 4000% 2000% 0% 100% Mar '06 1079.14% 100.28% Mar '07 Mar '08 Mar '09 Equity Share Capital 8739.42% 9741.71%
Mar '10
(B)Net worth
Net worth
100%
82.40%
138.42%
140.11%
2418.79%
55
Chart 3.2.1
Networth
3000% 2500% 2000% 1500% 1000% 500% 0% 100% Mar '06 82.40% Mar '07 138.42% Mar '08 Networth 140.11% Mar '09 Mar '10 2418.79%
(C)Unsecured Loans
PARTICUL E R
Mar '06
Mar '07
Mar '08
Mar '09
Mar '10
Unsecured Loans
100%
92.18%
93.43%
16452.50%
107515.31%
Chart 3.2.1
56

Unsecured Loans 120000% 107515.31% 100000% 80000% 60000% 40000% 20000% 0% 100% Mar '06 92.18% Mar '07 93.43% Mar '08 Unsecured Loans Mar '09 Mar '10 16452.50%
(D)Total Debt
Total Debt
100%
112.83%
537.14%
1206.43%
1494.63%
Chart 3.2.1
Total Debt 1600% 1400% 1200% 1000% 800% 600% 400% 200% 0% Mar '06 Mar '07 Mar '08 Total Debt Mar '09 Mar '10 100% 112.83% 537.14% 1206.43% 1494.63%
57
APPLICATION OF FUND :(A) NET FIXED ASSETS :-
PARTICUL E R
Mar '06
Mar '07
Mar '08
Mar '09
Mar '10
NET FIXED ASSETS
100%
126.55%
140.01%
577.45%
2591.17%
Chart 3.2.1
NET FIXED ASSETS 3000% 2500% 2000% 1500% 1000% 500% 0% 100% Mar '06 126.55% Mar '07 140.01% Mar '09 Mar '10 577.45% 2591.17%
Mar '08
NET FIXED ASSETS
(B)Investments :-
PARTICUL E R
Mar '06
Mar '07
Mar '08
Mar '09
Mar '10
Investments
100%
98.03%
788.08%
433.82%
1037.69%
Chart 3.2.1
58

Investments 1200% 1000% 800% 600% 400% 200% 100% 0% Mar '06 Mar '07 Mar '08 Investments Mar '09 Mar '10 98.03% 433.82% 788.08% 1037.69%
(c)Sundry Debtors:-
PARTICUL E R
Mar '06
Mar '07
Mar '08
Mar '09
Mar '10
Sundry Debtors
100%
3.77%
25.16%
164.72%
1386.99%
Chart 3.2.1
Sundry Debtors
1600% 1400% 1200% 1000% 800% 600% 400% 200% 0% Mar '06 100% 3.77% Mar '07 164.72% 25.16% Mar '08 Sundry Debtors Mar '09 Mar '10 1386.99%
(D)Net Current Assets :-
PARTICUL E R
Mar '06
Mar '07
Mar '08
Mar '09
Mar '10
Net Current Assets
100%
46.12%
218.26%
716.00%
1842.05%
59
Chart 3.2.1
Net Current Assets 2000% 1800% 1600% 1400% 1200% 1000% 800% 600% 400% 200% 0% 100% Mar '06 218.26% 46.12% Mar '07 Mar '08 Net Current Assets Mar '09 Mar '10 716.00% 1842.05%
CHAPTER 2
60
HORIZONTAL ANALYSIS
Financial statements present comparative uniformities for the current year and the previous year. A simple approach to financial statement analysis, known as horizontal analysis is to calculate amount changes & percentage changes from the previous year to the current year. Relative = Current year amount previous year amount Absolute (%) = ((Current year Previous Year) \ Previous Year) x 100
COMPARATIVE PROFIT & LOSS ACCOUNT OF DLF LTD FOR THE YEAR ENDED 31st March 2006-07
D L F Ltd . Rs. Crore
-
Mar 2006 12 mth s 495.83 453.42 59.74 50.83 48.07 35.48
Mar 2007 12 mth s 479.78 412.09 129.34 99.39 96.87 67.69
Increase/(Decrease) Amount -16.05 -41.33 69.6 48.56 48.8 32.21

Percentage
Total income Total expenses PBDITA PBDTA PBT PAT
-3.236997 -9.115169 116.50485 95.534133 101.51862 90.78354
Chart 3.2.1
1200 1000 800 600 400 200 0 Total income PBDTA PBDITA Total expenses PBT PAT Mar 2006 12mths Increase/(Decrease) Percentage Increase/(Decrease) Amount Mar 2007 12 mths
61
FINANCIAL ANLYSIS OF DLF LTD In 2007, the income decreased by -3.23% over 2006 & expense is also decreased by -9.112%. Increase in dependiture by -3.23% that is less then the increase in income by -9.11%. Other income decreased by 21.76% but depreciation & financial expenditure decreased by respectively. This year sales, expenditure & profit decrease compare to the last year because of company introducing some engines. So that decreases in expenditure and profit.
D L F Ltd.
Rs. Crore T otal income T otal expenses PBDITA PBDTA PBT PAT 479.78 412.09 129.34 99.39 96.87 67.69 1146.14 915.04 488 352.01 348.99 228.52 666.36 502.95 358.66 252.62 252.12 160.83 138.88% 122.04% 277.30% 254.17% 260.26% 237.59%
Mar 2007 12 mths
Mar 2008 12 mths
Increase/ (Decrease) Amount Percentage
Chart 3.2.1
3000 2500 2000 1500 1000 500 0 PBDTA PBDITA Total income Total expenses PBT PAT Mar 2007 12 mths Increase/(Decrease) Percentage Increase/(Decrease) Amount Mar 2008 12 mths
62
FINANCIAL ANLYSIS OF DLF LTD In 2008, the income increased by 138.88% over 2007 & expense is also increased by 122.04%. Increase in ependiture by 122.04% that is less then the increase in income by 138.88%. Other income increased by 237.59% but depreciation & financial expenditure decreased by respectively. This year sales, expenditure & profit decrease compare to the last year because of company introducing some engines. So that decreases in expenditure and profit.
COMPARATIVE PROFIT & LOSS ACCOUNT OF DLF LTD FOR THE YEAR ENDED
31st March 2006-07
D L F Ltd.
Rs. Crore T otal income T otal expenses PBDITA PBDTA PBT PAT 1146.14 915.04 488 352.01 348.99 228.52 1430.72 1015.09 1129.04 630.03 621.47 406.91 284.58 100.05 641.04 278.02 272.48 178.39 24.829427 10.933948 131.36066 78.980711 78.076736 78.063189
Mar 2008 12 mths
Mar 2009 12 mths
Chart 3.2.1
63

3500 3000 2500 2000 1500 1000 500 0 PBDTA PBDITA Total income Total expenses PBT PAT Increase/(Decrease) Percentage Increase/(Decrease) Amount Mar 2009 12mths Mar 2008 12mths
D L F Ltd.
Rs. Crore T otal income T otal expenses PBDITA PBDTA PBT PAT 1430.72 1015.09 1129.04 630.03 621.47 406.91 6062.03 3481.38 3923.53 3143.03 3118.11 2574.59 4631.31 2466.29 2794.49 2513 2496.64 2167.68 323.70485 242.96269 247.51027 398.8699 401.73138 532.71731
Mar 2009 12 mths
Mar 2010 12 mths
Chart 3.2.1
64

14000 12000 10000 8000 6000 4000 2000 0 PBDTA PBDITA Total income Total expenses PBT PAT Increase/(Decrease) Percentage Increase/(Decrease) Amount Mar 2010 12mths Mar 2009 12mths
COMPARATIVE PROFIT & LOSS ACCOUNT OF DLF LTD FOR LAST FIVE YEARS
D L F Ltd. Rs. Crore Total income Total expenses PBDITA PBDTA PBT PAT Mar2006 12 mths 495.83 453.42 59.74 50.83 48.07 35.48 Mar2007 12 mths 479.78 412.09 129.34 99.39 96.87 67.69 Mar 2008 12 mths 1146.14 915.04 488 352.01 348.99 228.52 Mar 2009 12 mths 1430.72 1015.09 1129.04 630.03 621.47 406.91 Mar 2010 12 mths 6062.03 3481.38 3923.53 3143.03 3118.11 2574.59
STATUS OF INCOME, EXPENDETURE AND PROFIT IN FIVE YEARS Chart 3.2.1
65
FINANCIAL ANLYSIS OF DLF LTD Profit analysis
Rs (in crore) 7000 6000 5000 4000 3000 2000 1000 0
Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010
PBDITA PBDTA Total income Total expenses
PBT
PAT
COMPARATIVE PERCENTAGE )
Particular
Total income Total expenses PBDITA PBDTA PBT PAT
CHANGE
IN
PROFIT
IN
2006-07
-3.23 -9.11 116.50 95.53 101.51 90.78
2007-08
138.88 122.04 277.30 254.17 260.26 237.59
2008-09
24.82 10.93 131.36 78.98 78.07 78.06
2009-10
323.70 242.96 247.51 398.86 401.73 532.71
Chart 3.2.1
66
600 500 400 300 200 100 0 -100 PBDITA PBDTA Total income Total expenses PBT PAT 2006-07 2007-08 2008-09 2009-10
IN THE GIVEN FOUR YEARS INFORMATION E CAN CONCLUDE : IN 2006-07 THE COMPARATIVELY ALL THE CHANGE IS NOT GOOD AS COMPARE TO OTHERS. IN EXPENSES OF ALL THE INCREASE & DECREASE -9.11,122.04,10.93
& 242.96
YEAR TO YEARSO COMPANY MAINTAIN THEIR EXPENSES. IN THE PROFIT SITUATION COMPANY IS MAINTAINING GOOD PROFIT SRUCTURE WITH VERY HIGH RATE
COMPARATIVE BALANCESHEET OF DLF LTD AS ON MARCH 31 2007-08

BALANCESHEET
Mar ' 08
Mar ' 07
INCRE ASE/DECRE ACE

Amount Percentage
976.0683761 0 0 59.60254456 0 377.8116322 1.355932203 259.7583159 0 0
SOURCES OF FUNDS
Owner's Fund Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Loan Funds Secured Loans Unsecured Loans Total
37.77 0 0 607.16 3,010.93 2.99 3,658.85
3.51 0 0 380.42 630.15 2.95 1,017.03
34.26 0 0 0 2380.78 0.04 2641.82 0 0
USES OF FUNDS
67

Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Depreciation Net Block Capital W ork-in-progress Investments Net Current Assets Current Assets, Loans & Advances Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total Note : Book Value of Unquoted Investments Market Value of Quoted Investments Contingent liabilities Number of Equity shares outstanding (in Lacs) 108.91 0 29.24 79.67 456.73 1,397.28 98.8 0 26.79 72 406.63 173.82
0 10.11 0 2.45 7.67 50.1 0 1223.46 0 0 1381.73
0 10.23279352 0 9.145203434 10.65277778 12.32078302 0 703.8660683 0 0 80.78449944 1.570046514 373.2067916 0 259.7618533 0 703.8660683 #DIV/0! 226.7701975 976.6248575
3,092.12 1,366.95 1,725.17 0 3,658.85 1,397.28 0 1,643.36 377.68
1,710.39 1,345.82 364.57 0 1,017.02 173.82
21.13 1360.6 0 2641.83 0 1223.46
0 502.91 35.08
0 1140.45 342.6
COMPARATIVE BALANCESHEET OF DLF LTD AS ON MARCH 31 2006-07

BALANCESHEET
Mar ' 07
Mar ' 06
INCRE ASE/DECRE ACE

Amount Percentage
0.285714286 0 0 -16.170119 0 12.95034953 -7.8125 -0.134524745 0 0 0 18.18181818 0
SOURCES OF FUNDS
Owner's Fund Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Loan Funds Secured Loans Unsecured Loans Total 3.51 0 0 380.42 630.15 2.95 1,017.03 3.5 0 0 453.8 557.9 3.2 1,018.40
0.01 0 0 0 72.25 -0.25 -1.37 0 0 0 15.2 -8.6
USES OF FUNDS
Fixed Assets Gross Block Less : Reserve 98.8 0 83.6 8.6
Revaluation
68

Less : Accumulated Depreciation Net Block Capital W ork-in-progress Investments Net Current Assets Current Assets, Loans & Advances Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total Note : Book Value of Unquoted Investments Market Value of Quoted Investments Contingent liabilities Number of Equity shares outstanding (in Lacs) 1,710.39 1,345.82 364.57 0 1,017.02 173.82 0 502.91 35.08 1,392.70 26.79 72 406.63 173.82 26.7 48.3 2.4 177.3
0.09 23.7 404.23 0 -3.48 0 0 317.69
0.337078652 49.06832298 16842.91667 0 -1.962774958 0 0 22.81108638 123.4467873 -53.87525304 0 -0.135506677 0 -1.962774958 0 0 0
602.3 790.4 0 1,018.40 177.3
743.52 -425.83 0 -1.38 0 -3.48
0 0 35.08
0 502.91 0
SOURCES OF FUNDS
Mar ' 10
Mar ' 09
Amount
340.96 0 0 10,928.19 305.88
Percentage
35.08
0
11.46855 0 0 3050.061 0 -20.7743 553.4892 164.825 0 0 0 319.5306
0
0
0
346.92
4,945.91 3,440.49 19,655.55
6,242.81 526.48 7,422.09
USES OF FUNDS
Fixed Assets Gross Block Less : Reserve Revaluation 1,533.72 0 365.58 0
0 -1296.9 2914.01 12233.46 0 0 0 1168.14
0
Less : Accumulated Depreciation Net Block 59.34 37.01
1,474.37
328.57
22.33 1145.8
60.33504 348.7233
69

Capital progress Investments Net Current Assets W ork-in1,781.79 665.03
1,839.83
769.17
1116.76 0 1070.66 0 0
167.9263 0 139.1968 0 0
Current Assets, Loans & Advances Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total
18,345.94
9,442.25
8903.69
3,786.38 3,782.93
94.29627
3.45
14,559.56 0 5,659.32
0.091199 157.267
8900.24
0
19,655.55
7,422.09
0 12233.46
0 164.825
COMPARISON OF LAST FIVE YEARS

BALANCESHEET
2009&2010 2008&2009 2007&2008 2006&2007

11.46854976 0 0 3050.060533 0 -20.77429875 553.4892114 164.8250021 0 0 0 319.5306089 0 60.33504458 348.7232553 167.926259 0 139.1967965 0 0 94.29627472 709.8490866 0 0 -42.86184861 0 107.3382643 17508.02676 102.8530823 0 0 0 235.6716555 0 26.57318741 312.4137065 45.60681365 0 -44.95233597 0 0 205.3649276 976.0683761 0 0 59.60254456 0 377.8116322 1.355932203 259.7583159 0 0 0 10.23279352 0 9.145203434 10.65277778 12.32078302 0 703.8660683 0 0 80.78449944 0.285714286 0 0 -16.170119 0 12.95034953 -7.8125 -0.134524745 0 0 0 18.18181818 0 0.337078652 49.06832298 16842.91667 0 -1.962774958 0 0 22.81108638
SOURCES OF FUNDS
USES OF FUNDS
Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Depreciation Net Block Capital W ork-inprogress Investments Net Current Assets Current Assets, Loans & Advances
70

Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total Note : Book Value of Unquoted Investments Market Value of Quoted Investments Contingent liabilities Number of Equity shares outstanding (in Lacs)
0.09119915 157.2669508 0 164.8250021 0 138.335661 203.4347399 -20.18665501 11.4691769
176.7423827 228.0441927 0 102.8530823 0 -45.68160999
1.570046514 373.2067916 0 259.7618533 0 703.8660683
123.4467873 -53.87525304 0 -0.135506677 0 -1.962774958
132.3781764 3949.515463
226.7701975 976.6248575 0
CHAPTER 6
ANALYSIS OF CASH FLOW
71
ANALYSIS YEARS:D L F Ltd.

Rs. Crore (Non-Annualised) -
OF
CASH
FLOW
Mar-06 12 mths
OF
Mar- 07
LAST
Mar-08 12 mths
FIVE
Mar-09 12 mths Mar- 10 12 mths
12 mths
Net cash flow from operating activiti es (ind irect meth od ) Net profit before tax & extra ordinary income Adjustments for depreciation Adjustments for interest payable Adjustments for provn. for contingencies Adjustments for foreign exchange (gain)/loss Adjustments for add back of amortizations & others written off Adjustments for add back of other provisional adjustments Adjustments for (profit)/loss on sale of investments Adjustments for (profit)/loss on sale of assets Adjustments for interest income Adjustments for dividend income Adjustments for other expenses / income Adjustments for provision / liabilities written back
-183.32 48.07 2.76 9.41 0 0.01 0.01 1.65 -0.01 0.22 -10.72 0 -8.84 0
550.63 96.88 3.4 33.07 0 0 0 1.94 0 -0.19 -23.95 0 -9.81 0
-64.37 347.9 3.9 146.15 0 0.03 0 3.05 0 0.22 -154.89 0 -4.89 -0.03
-2679.28 620.33 9.44 302.99 0 -0.05 0 0.01 0.02 0.22 -288.66 -0.28 -8.52 -0.77
-1621.71 3117.92 25.68 425.61 0 0.02 41.86 2.67 -0.56 0.3 -426.71 -85.33 -4.71 -0.17
Operating cash flow before working cap ital changes Cash inflow/(outflow) due to decrease/(increase) in trade & other receivables Cash inflow/(outflow) due to decrease/(increase) in inventories Cash inflow/(outflow) due to increase/(decrease) in trade & other payables Cash inflow/(outflow) due to deposits (banks/FIs) Cash inflow/(outflow) due to advances (banks/FIs) Cash inflow/(outflow) due to others
42.56 -88.03 -195.38 70.3 0 0 0
101.34 -174.3 463.51 187.56 0 0 0
341.44 -550.75 246.46 -56.19 0 0 0
634.73 -728.86 -286.86 -1988.49 0 0 0
3096.58 -2080.79 -267.01 -1644.16 0 0 0
Cash flow generated from operati ons Cash (outflow) due to direct taxes paid Cash (outflow) due to dividend tax paid
-170.55 -12.77 0
578.11 -27.47 0
-19.04 -45.33 0
-2369.48 -309.58 -0.22
-895.38 -610.44 -115.89
Cash flow before extraordi nary items Cash inflow/(outflow) from extraordinary items Cash (outflow) due to miscellaneous expenditure
-183.32 0 0
550.64 -0.01 0
-64.37 0 0
-2679.28 0 0
-1621.71 0 0
Net cash inflow/ (outflow ) from investment activities Cash (outflow) due to purchase of fixed assets Cash inflow due to sale of fixed assets Cash inflow/(outflow) due to decrease / (increase) in capital wip Cash inflow /(outflow) due to acquisition/ merger/ hiving off of cos./ units Cash (outflow) due to purchase of investments Cash inflow due to sale of investments
-338.01 -42.93 0.1 0 0 -49.48 39.63
-579.89 -407.65 0.89 0 0 -7.14 9.79
-2146.21 -51.18 5.82 0 0 -1224.61 1.15
-629.16 -424.33 1.74 0 0 -224.24 783.76
-6482 -2258.06 0.7 0 0 -1111.58 147.01
72

Cash inflow due to profit on redemption of shares Cash inflow/(outflow) due toloans to subs./group cos. Cash inflow/(outflow) due to loans to other cos. Cash inflow due to interest received Cash inflow due to dividend received Cash inflow/ (outflow) due to other income Cash inflow /(outflow) due to disbursements 0 -308.47 0 14.3 0 8.84 0 0 -202.89 0 27.11 0 0 0 0 -1030.27 0 152.88 0 0 0 0 -1053.88 0 287.79 0 0 0 0 -3770.48 0 425.08 85.33 0 0
Net cash inflow/ (outflow ) from financing activiti es Cash inflow due to proceeds from share issues Cash (outflow) due to redemption/buyback of capital Cash inflow due to cash subsidy Cash inflow due to proceeds from total borrowings Cash inflow due to proceeds from long term borrowings Cash inflow due to proceeds from short term borrowings Cash (outflow) due to repayment of total borrowings Cash (outflow) due to repayment of long term liabilities Cash (outflow) due to repayment of short term liabilities Cash (outflow) due to issue expenses Cash (outflow) due to interest paid Cash (outflow) due to dividend paid Cash inflow/(outflow) due to other cash receipts/payables from financing activities Net cash inflow/ (outflow ) due to net increase/ (decrease) in cash & cash equ ivalents Cash flow -- opening balance Cash flow -- closing balance
528.43 0 0 0 538.68 460 78.68 0 0 0 0 -8.85 -1.4 0
23.94 0 0 0 499 499 0 -426.99 -366 -60.99 0 -46.67 -1.4 0
2251.51 0 0 0 2619.04 2297.09 291.95 -203.97 -203.97 0 0 -162.17 -1.39 0
3286.55 0 0 0 4907.37 4534.1 372.8 -1151.67 -1151.67 0 0 -467.51 -1.64 0
9061.8 9184.92 0 0 5441.2 1952.99 3488.2 -3824.05 -3824.05 0 -274.37 -783.97 -681.93 0
7.1 3.33 10.43
-5.32 10.43 5.11
40.93 5.11 46.04
-21.89 46.05 24.16
958.09 24.16 982.25
INTERPRETATION:(A)Net cash flow from operating activities (indirect method) D L F Ltd.

Net cash flow from operati ng activities (ind irect meth od) 06-Mar -183.32 07-Mar 550.63 08-Mar -64.37 09- Mar -2679.28 10-Mar -1621.71
(B)Net cash inflow/(outflow) from investment activities

D L F Ltd.
Net cash activities inflow/ (outflow ) from in vestment -338.01 -579.89 -2146.21 -629.16 -6482 06-Mar 07-Mar 08- Mar 09- Mar 10- Mar
(c)Net cash inflow/ (outflow) from financing activities :D L F Ltd. 06-Mar 07-Mar 08-Mar 09-Mar 10-Mar
73

Net cash activities inflow/ (outflow ) from financing 528.43 23.94 2251.51 3286.55 9061.8
TOTAL (A+B+C):-Net cash inflow/(outflow) increase/(decrease) in cash & cash equivalents :-
due
to
net
D L F Ltd.
Net cash i nflow/ (outflow ) due to net increase/ (decrease) i n cash & cash equivalents
06- Mar 7.1
07-Mar -5.32
08-Mar 40.93
09- Mar -21.89
10-Mar 958.09
CASH FLOW ANALYSIS

10000 8000 6000 4000 2000 0 -2000 -2679.28 -4000 -6000 -8000
Net cash flow from operating activities (indirect method) Net cash inflow/(outflow) from investment activities Net cash inflow/ (outflow) from financingactivities Net cash inflow/(outflow) due to net increase/(decrease) in cash & cash equivalents
550.63 -183.32 06-Mar 07-Mar
-64.37 08-Mar 09-Mar 10-Mar -1621.71
CHAPTER 7
74
RATIO ANALYSIS
RATIO ANALYSIS
The relationship of one item to another expressed in a simple mathematical form is known as the RATIO. A ratio is a quotient to two numbers. It must be interpreted against some standard. In assessing the financial stability of a firm, a management should, part form profitability, be interested in relative figures. A ratio is of major importance for financial analysis; it engages qualitative measurement & shows precisely how adequate is one key item in relation to another. To evaluate the financial condition & the purpose of the firm the financial analyst needs certain yardsticks. The yardsticks frequently used in ratio or an index relating two pieces of financial data to each others. UTILITY OF RATIO ANALYSIS: 1. 2. 3. 4. 5. 6. 7. Probability. Liquidity. Efficiency. Inter Firm Comparison. Indicates Trend. Useful of Budgetary Controls. Useful for Decision Making.
This ratio analysis contains five types of ratio as below: 1. 2. 3. 4. 5. Profitability Ratios. Liquidity Ratios. Assets Turnover Ratios. Finance Structure Ratios. Valuation Ratios.
75
6.1 Profitability Ratios:

Profitability ratio measures the degree of operating success of a company in an accounting period. Two types of profitability ratios are there. 1. Profit Margin Ratios. 2. Rate of Return Ratios. A profit margin ratio shows the relationship between profit & sales. Three popular profits margin ratios are: y y y Gross Profit Margin Ratios. Net Profit Margin Ratios. Operating Profit Ratios.
y Gross Profit Margin Ratio:

It shows the margin left after meeting manufacturing costs. It measures the efficiency of production as well as pricing. Gross Profit Margin Ratio = Gross Profit/ Sales X 100
Particular Net Sales**. Gross Profit. Gross Profit Ratios.
20052006
495.8 60.3
20062007
412.23 67.12
20072008
953.46 306.6
20082009
1,101.66 658.44
20092010
5,496.96 3,072.05
12.16
16.28
32.15
59.76
55.88
76

GROSS PROFIT
70 59.76 60 50 40 30 20 10 0 2005-2006 2006-2007 2007-2008 Gross Profit Ratios. 2008-2009 2009-2010 12.16 16.28 32.15 55.88
The table shows that gross profit has been increased continuously increased over the years. The reason for increase in the gross profit is due to increase in sale. Sale has been continuously increased over the years Although the gross profit has been increased over the years it has been found that gross profit ratio has been increased continuously.
In the year2005-06 the gross profit ratio is 12.16 %& with in a five year gap increase to 55.88% so company have to maintain the same situation in future y
Net Profit Margin Ratios:
It is most significant of all revenue ratios as it indicates the ultimate profitability of the firm. This ratio is useful to the shareholders for knowing the EPS and to investors in judging the prospects of return on their investments higher ratio indicated higher profitability. Net Profit Margin Ratio = Net Profit / Sales x 100.
77

Net Profit Ratio. Particular Net Profit. Sales. Net Profit Ratio.
20052006 35.50
495.8
20062007 67.70
412.23
20072008 227.44
953.46
20082009 405.77
1,101.66
20092010 2574.40
5,496.96
7.16%
16.42%
23.85%
36.83%
46.83%
GROSS PROFIT
50.00% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2003-2004 2004-2005 2005-2006 Net Profit Ratio. 2006-2007 2007-2008 7.16% 16.42% 23.85% 36.83% 46.83%
In above showing continues increase in gross profit. So we can say that company is smoothly & gradually growing & strong back up.. in 2005-06 companys net profit is almost 7.16% but then company double profit in only one year is 16.42% and than it will be at 46.83% almost half of the sale. so company is gaining very high margin.
78
Operating Profit Ratio:

This ratio indicate the portion that the cost of sales bears to sales cost of sales includes direct cost of good sold as well as operating expenses, administrative, selling & distribution expenses which, have matching relationship with sales. It is calculated as: Operating Profit ratio = Operating Profit / Sales X 100.
Operating Profit Ratio Particular Operating Profit. Sales. Operating Profit Ratio.
2005-2006 60.30
495.8
2006-2007 67.12
412.23
2007-2008 306.60
953.46
2008-2009 2009-2010 658.44

1,101.66
3072.05
5,496.96
12.16
16.28
32.16
59.77
55.89
70.00 60.00
OPERATING PROFIT RATIO
59.77 50.00 40.00 30.00 20.00 16.28 10.00 0.00 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 12.16 32.16 55.89
PERCENTAGE(%)
YEARS Operating Profit Ratio.
In operating profit ratio is very higher. In 2005-06 the operating profit is 12.16 is continuously increase in 2006-07 is16.28,2007-08 is 32.16 & in 2008-09 it is 59.77. But in 2009-10 the operating profit is decreasing to 55.89 so company ill maintain or increase it continuously. Rate of return ratios reflects the relationship between Profit & Investments. Important rate of return ratios measures are: y Return on assets or Return on investments.
79
FINANCIAL ANLYSIS OF DLF LTD y y Return on equity. Earning power.
y Return on assets or Return on investments:

This is measure of profitability from a given level of investments. It is an excellent indicator of overall performance of a company. It is also called return on capital employed or return on investment. It measures how efficiently the capital is employed. Return on Assets = Net Profit / Average Total Assets X 100
Particular Profit After Tax. P.Y. Total Assets C.Y. Total Assets Average Total Assets. Return on Assets Ratio.
20052006 1202.12 21140.87 18455.07 19797.97 6.07
20062007 1935.80 18455.07 17309.91 17882.49 10.83
20072008 2714.10 17309.91 22191.19 19750.55 13.74
20082009 3273.20 22191.19 22840.70 22515.95 14.54
20092010 4412.86 22840.70 27318.95 25079.83 17.60
GROSS PROFIT
20 18 16 14 12 10 8 6 4 2 0 2005-2006 2006-2007 2007-2008 Return on Assets Ratio. 2008-2009 2009-2010 6.07 10.83 13.74 14.54
17.6
The ROA goes increasing every year i.e. 6.07% to 17.60%. This is showing the efficiency in the use of capital. The company can earn more profit by optimizing the use of assets. The ROA has increased every year because of increase in profit every year. The ratio in year 2006 2007 is more than the year 2007 2008 because there is reduction in average total assets
80
Return On Equity:
It measures the profitability of equity funds invested in firm. Return on Equity = Profit after Tax / Average Shareholders Equity x 100
Return On Equity: Particular PAT or Equity Earning. P Y Shareholders Equity. CY Shareholders Equity. Average Shareholders Equity. Return on Equity Ratio. 2005-2006 1202.12 2.89 3.50 3.20 37625.04% 2006-2007 1935.80 3.50
3.51
2007-2008 2714.10
3.51 37.77
20082009 3273.20
37.77 305.88
20092010 4412.86
305.88 340.96
3.51 20.64 171.83 55229.67% 13149.71% 1904.96%
323.42 1364.44%
RETURN ON EQUITY RETIO

60000.00% 50000.00% 40000.00% 30000.00% 20000.00% 10000.00% 1904.96% 0.00% 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 1364.44% 13149.71% 37625.04% 55229.67%
Return on Equity Ratio.
Return on Equity is continuously decreasing i.e. from 37625.04% in the year 2005-06 to 1364.44% in 2009-10 that mean the equity funds invested in the company/ firm is good which shows that the profitability of the business is increasing year by year.
81
y Earning Power:
The earning power is a measure of business performance, which is not affected by Interest & Tax. It is measure of operating profitability. Earning Power = Earning before Profit & Tax / Average Total Assets x 100.
Earning Power: Particular Profit Before Tax. P Y Total Assets CY Total Assets Average Total Assets. Earning Power Ratio. 20052006 48.1 21140.87 18455.07 19797.97 0.24% 2006-2007 96.86 18455.07 17309.91 17882.49 0.54% 2007-2008 347.87 17309.91 22191.19 19750.55 1.76% 2008-2009 620.23 22191.19 22840.70 22515.95 2.75% 2009-2010 3,117.83 22840.70 27318.95 25079.83 12.43%
EARNING POWER RATIO

PERCENTAGE (%) 14.00%
12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 0.24% 0.54% 1.76% 2.75% 12.43%
YEARS Earning Power Ratio.
The Earning Power of the company has been increased to 12.43% in year 20092010 from 0.24% in year 2005 2006. This is because the increase in earning before interest & tax (EBIT) is more than increase in average total assets. In 2005 2006 the EBIT is increased by 2.75% while PAT is increased by 12.43% because interest & tax is less. In year 2006 2007 EBIT increased by 20.97% while PAT is increased by 10.20% because interest & tax is only by 13%. In year 2007 2008 EBIT increased by 20.09% while PAT is increased by 20.60% because interest & tax is less compares to last year.
6.2 Liquidity Ratios:

82
FINANCIAL ANLYSIS OF DLF LTD Liquidity is the ability of a company to meet its short-term obligations when fall due. A company should have enough cash % other current assets, which can be converted in to cash so that it can pay its suppliers & lenders on time. In evaluating Ashok Leyland Ltds liquidity five ratios are presented. y Current Ratio. y Quick Ratio or Acid-test Ratio. y Net Working Capital. y Cash Generated Per Rupee of Sales. y Bank Finance Gap Ratio.
y Current Ratio:
Current ratio indicates the firms ability to pay its current liabilities, i.e. day-to-day financial obligations. It shows the strength of credit, strength of working capital & capacity to carry on effective operations. Higher ratio i.e. more than 2:1 indicates sound solvency position. Current Ratio = Current Assets/ Current Liabilities. Where, Current Assets = Inventories + Debtors + Cash & Bank Balance + Loan & Advances. Current Liabilities = Liabilities + Provision
Current ratio Particular Current Assets. Current Liabilities. Current Ratio. 2004 2005
1402.6 1155.38
2005 2006
1014 1337.54
2006 2007
1366.91 1358.49
2007 2008
6224.94 3759.04
2008 2009
11298.89 3753.2
1.21
0.76
1.01
1.66
3.01
83
IN TIMES
3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 2004 - 2005 1.21
CURRENT RATIO
3.01
0.76 1.01 2005 - 2006 2006 - 2007
1.66 2007- 2008 2008 - 2009
YEARS Current Ratio.
Composition of current ratio is very important at the time of interpretation. Current ratio indicates the sound short term finance from the creditors point of view. But on the other hand the higher ratio indicates blocking of funds in current assets. As a conventional rule, current ratio of 2:1 or more is considered satisfactory. To through more light on the quality of current assets the percentage of the current assets is to be calculated. However, an arbitrary standard of 2:1 should not be blindly followed. Firms wit less then 2:1 current ratios may be doing well, while firms with 2:1 or even higher may be finding great difficulties in paying their bills. This is because the current ratio is a test of quantity not quality. Current Ratio is 2.26 in 2006 2007 & decreased up to 1.54 in 2008 2009 because current liabilities increased rapid than the increase in current assets. In the Current ratio it has been found decreasing than the base year, so it is not a favorable sign for the company, it should take certain measure to increased.
y Quick Ratio or Acid Test Ratio:

84
The Quick Ratio is a more absolute test of a firms ability to meet its immediate liabilities. It base on those current assets, which are highly liquid inventories, is excluded from the numerators of this ratio because inventories are deemed to be the least liquid component of current assets. Quick Ratio = Quick Assets / Liquid Liability.
Quick Assets Particular Current Assets. Inventories Quick Assets. Current Liabilities. Quick Assets Ratio.
20052006
1402.6 1195.77
20062007
1014 718.48
20072008
1366.91 472.12
20082009
6224.94 4281.07
20092010
11298.89 5928.13
206.83
1155.38
295.52
1337.54
894.79
1358.49
1943.87
3759.04
5370.76
3753.2
0.18
0.22
0.66
0.52
1.43
QUICK ASSET RATIO

IN TIMES 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 2005-2006 2006-2007 2007-2008 YEARS 2008-2009 2009-2010 0.18 0.22 0.66 0.52 1.43
Quick Assets Ratio.
Generally a quick ratio of 1:1 is considered to represent a satisfactory current financial condition. A quick ratio of 1:1 or more does not necessarily imply sound liquidity position. A company with a high value of quick ratio can flounder if it has slow-paying, doubtful and stretched out-in-age receivables. On the other hand, a company with a low value of quick ratio may be prospering and paying its current obligation in time, if it has been managing its inventories very efficiently wit a continuous stability. It has same effect as Current Ratio.
85
FINANCIAL ANLYSIS OF DLF LTD In year 20052006 the ratio was 0.18, which was highest & also satisfactory level. But then in year 20092010, it was increased to 1.43 Because of rapid increase in liquid assets.
y Net Working Capital:

This ratio represents that part of the long-term fund represented by the net worth & long-term dept, which are permanently blocked in current assets. Certain minimum level of safety stock, permanent customers unpaid bills, compensatory minimum bank balance & minimum cash balance are the example of permanent working capital. Net Working Capital = Total Current Assets Total Current Liabilities
Net Working Capital Particular Current Assets. Current Liabilities. Net Working Capital
20052006
1402.6 1155.38
20062007
1014 1337.54
20072008
1366.91 1358.49
20082009
6224.94 3759.04
20092010
11298.89 3753.2
247.22
-323.54
8.42
2465.9
7545.69
NET WORKING CAPITAL

RS. IN MILLION 8000 6000 4000 2000 247.22 0 2005-2006 -2000 2006-2007 -323.54 8.42 2007-2008 2008-2009 2009-2010 2465.9 7545.69
YEARS Net Working Capital
86
Net working capital has been found very fluctuating every year. Net Working Capital in this year (2009 2010) is very useful for other purpose because it is highest i.e.7545.69.
y Cash Generated Per Rupee of Sales:

This ratio shows that percentage (or Paisa per rupees) of sales which is available in cash form Cash Generated Per Rupee of Sales = PAT + Depreciation + Non Cash Exp. / Sales X 100
Cash Generated Rupee of Sales Particular PAT Depreciation Non Cash Items FINANCIAL EXPENSES EXTRA ORDINARY EXPENSE Non Cash Items
Per 20052006 1202.12 1029.69 2006-2007 1935.80 964.54 207.91 95.19 303.10 3203.44 33938.84 9.44% 2007-2008 2714.10 1092.14 27.98 95.83 123.81 3930.05 41818.97 9.40% 20082009 3273.20 1260.06 164.53 (217.15) (52.62) 4480.64 52476.57 8.54% 20092010 4412.86 1505.74 53.32 130.76 184.08 6102.68 71681.76 8.51%
585.10 86.69 671.79 2903.60 Sales. 26803.75 Cash Generated Per Rupee Of Sales 10.83% Ratio
CASH GENERATED PER RUPEES OF SALES RATIO

PERCENTAGE (%) 10.83%
12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 9.44% 9.40% 8.54% 8.51%
YEARS Cash Generated Per Rupee Of Sales Ratio
87
The Cash Generated per Rupee of Sales Ratio includes PAT, depreciation & non-cash expenses (interest). In the year 2005-2006 cash generated per rupee of sale was highest i.e. 10.83% but it has been than continuously reduced to 8.51% in the year 2008-2009.
y Bank Finance Gap Ratio.

Bank Finance Gap Ratio = Total Current Assets MPBF under Tandon Committee MPBF indicates maximum permissible bank finance under tandon committee recommendations of 1975. The maximum permissible bank finance was restricted to 75% of the working capital gap under three successive methods of bank leading.
Method 1:
75% (Current Assets Current Liabilities)
Method 1 Particular Current Assets. Current Liabilities. CA- CL 75%(CA-CL)
20052006 1402.60 1155.38 247.22 185.42
20062007 1014.00 1337.54 -323.54 -242.66
20072008 1366.91 1358.49 8.42 6.32
20082009 6224.94 3759.04 2465.90 1849.43
20092010 11298.89 3753.20 7545.69 5659.27
Method 2:
75% (Current Assets) Current Liabilities 88

Method 2 Particular Current Assets. 75% Current Assets Current Liabilities. 75%(CA)-CL
20052006 1402.60 1051.95 1155.38 -103.43
20062007 1014.00 760.50 1337.54 -577.04
20072008 1366.91 1025.18 1358.49 -333.31
20082009 6224.94 4668.71 3759.04 909.67
20092010 11298.89 8474.17 3753.20 4720.97
Method 3:
75% (Current Assets Core Current Assets*) Current Liabilities.
Method 3: Particular Current Assets. Core Current Assets( Assets) CA CCA 75% (CA- CCA) Current Liabilities. 75%(CA)-CL 20052006 1402.60 9300.14 (7897.54) (5923.16) 1155.38 (7078.54) 20062007 1014.00 9567.26 (8553.26) (6414.95) 1337.54 (7752.49) 2007-2008 1366.91 15891.82 (14524.91) (10893.68) 1358.49 (12252.17) 20082009 6224.94 13298.52 (7073.58) (5305.19) 3759.04 (9064.23) 20092010 11298.89 16273.93 (4975.04) (3731.28) 3753.20 (7484.48)
Quick
Assets Turnover Ratios

Assets Turnover Ratios are basically Production ratios which measures the output produced from the given input deployed. The relationship of productivity is equal to output divided by input & assets turnover is equal to sales divided by Assets. y y y y y y Assets Turnover Ratios are as follows: Total Assets Turnover. Net Fixed Assets Turnover. Net Working Capital Turnover. Inventory Turnover. Debtors Ratio.
Total Assets Turnover:

It shows the relationship between total assets to sales. The sales are affected through investment in fixed assets to earn profit. The higher ratio show that with less amount of investment in total assets, the business has capacity to sell more as such its probability is also more. Total Assets Turnover = Sales / Total Assets 89
Where Total Assets = Fixed Assets + Investments + Net Current Assets + Misc. Expenses. Total Assets Turnover Particular 20052006-2007 2007-2008 200820092006 2009 2010 Sales. 495.8 412.23 953.46 1,101.66 5,496.96 Total Assets. 18455.07 17309.91 22191.19 22840.70 27318.95 Total Assets Turnover Ratio. 0.03 0.02 0.04 0.05 0.20
TOTAL ASSETS TURNOVER RATIO

IN TIMES
0.25 0.20 0.20 0.15 0.10 0.05 0.00 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 0.03 0.02 0.04 0.05
YEARS Total Assets Turnover Ratio.
Total assets turnover ratio has increased in 20092010 that shows the efficient utilization of total assets of the company. But in ratios is not more changes which shows companies has not utilized efficiently its total fixed assets in sales as compared to 2009-10. But after that it has been increased to 0.20 in 2009-2010. It is very good sign for the company that it is increasing its use of fixed assets over sales.
y Net Fixed Assets Turnover Ratio:

The Fixed Assets Turnover shows the efficiency & profitability of business by comparing the fixed assets with sales. The higher ratio shows that the fixed assets are using efficient manner to increase the sales. Fixed Assets Turnover Ratio = Sales / Net Fixed Assets.
Net Fixed Assets Turnover Ratio
90

Particular Sales. Net fixed assets Fixed assets turnover Ratio 20052006
495.8
2006-2007
412.23
2007-2008
953.46
2008-2009
1,101.66
2009-2010
5,496.96
59.34 8.36
478.64 0.86
536.4 1.78
993.61 1.11
3256.17 1.69
y y
A fixed assets turnover ratio has been increased. It indicates that fixed assets utilized more efficient in business. In year 2005-06 the net fixed assets have been decreased by 0.86%. So the fixed assets turnover ratio has highest increased in the year 2009-10 is 8.36.
y Fixed Working capital turnover Ratio:

It shows the relationship between sales and working capital. It indicates the liquidity strength of the company higher ratio high liquidity; it means company has enough working capital due effective management. Fixed working capital Turnover Ratio = Sales / Net working Capital.
Fixed Working Ratio Particular Sales.
capital
turnover 20052006
495.8
20062007
412.23
20072008
953.46
20082009
1,101.66
20092010
5,496.96
Current Assets. Current Liabilities. Net Working Capital Fixed Working Capital Ratio
Turnover
1402.60 1155.38 317.82 1.56
1014.00 1337.54 383.93 1.07
1366.91 1358.49 644.93 1.48
6224.94 3759.04 652.8 1.69
11298.89 3753.2 11269.15 0.49
91

Fixed Working Capital Turnover Ratio 1.8 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 1.56 1.07 1.69 1.48
0.49
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
Fixed Working Capital Turnover Ratio
In the fixed working capital turnover ratio too much of fluctuation has been found but then it has increased. In 2005-06 the ratio was 1.56 times but in year 2006-07 it was decreased to 1.07 times but in the year 2007-08 it has been increases to 1.48 times but than it has decreased to 0.49 in year 2009-10. It indicates there is proper utilization of working capital to increase sales
y Average Age of Inventories:

This ratio indicates the waiting period of the investment in inventories & is measured in days, weeks or months. Inventory turnover & average age of inventories are inversely related. High Inventory Turnover Ratio is goods but longer age of inventory is bad as it indicates idle blocking of money in inventories. Average Age of Inventories = 360 days / Inventory Turnover
Avg. Age of Debtors Ratio Particular Days Debtors turnover Avg. Age of Debtors Ratio
20052006 360 5.12 70.31
20062007 360 2.71 132.84
20072008 360 2.35 153.19
20082009 360 1.12 321.43
20092010 360 2.32 155.17
92
FINANCIAL ANLYSIS OF DLF LTD AVERAGE AGE OF DEBTOR'S

350 300 321.43
IN 250 DAYS
200 150 100 50 0 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 70.31 132.84 155.17 153.19
YEARS Avg. Age of Debtors Ratio
This graph shows the very good situation for company. In Average Age of Inventories lower the ratio better the situation. In year 20052006 the average age for inventory was 70.31 days & it has been increase to 155.17 days in year 20092010. In year 20082009 Average Age of Inventories ratio was maximum to 321.43. It shows favorable situation of company as it has decreased.
Debtors Ratio:
It indicates the effective of credit and the speed at which the debtors are converted in to cash. It shows the equality of debtors also. I.e. good, doubtful or bad etc Debtors Ratio = (Debtors + Bills Receivable/Credit Sales*) x 365
Debtors Ratio Particular
2005-2006
2006-2007 0 187.83 187.83

442.04
2007-2008 0 648.02 648.02

983.94
2008-2009 0 1376.41 1376.41

1130.62
Debtors 0 Bills Receivable 137.85 Total 137.85 Credit Sales/ Net Sales 472.92 Debtors Ratio 106.39
20092010 0 3382.16 3382.16

5530
155.09
240.39
444.35
223.23
93
Debtors Ratio 500 450 400 350 300 250 200 150 100 50 0 444.35
240.39 155.09 106.39
223.23
2005-2006
2006-2007
2007-2008 Debtors Ratio
2008-2009
2009-2010
y Debtors Turnover:
The debtors turnovers suggests the number of times the amount of credit sales is collected during the year, while debtors ratio indicates the no. of days during which the dues for credit sales are collected. Debtors Turnover = Credit Sales / Average Debtors.
Debtors Turnover Particular Credit Sales/ Net Sales Previous Years Debtors Current Years Debtors Average Debtors Debtors Turnover 2005-2006 472.92 46.73 137.85 92.29 5.12 2006-2007 442.04 137.85 187.83 162.84 2.71 2007-2008 983.94 187.83 648.02 417.93 2.35 2008-2009 1130.62
648.02 1376.41 1012.22 1.12
20092010 5530.00
1376.41 3382.16 2379.29 2.32
94
FINANCIAL ANLYSIS OF DLF LTD DEBTOR'S TURNOVER
IN DAYS
6 5 4 3 2 1 0 2005-2006 5.12
2.71 2.35
2006-2007
2007-2008
2008-2009 1.12
2009-2010 2.32
YEARS Debtors Turnover
y Average Age of Debtors:

The average age of debtors is compared with the credit period allowed to the customers Avg. Age of Debtors Ratio = 360 Days / Debtors Turnover
Avg. Age of Debtors Ratio Particular Days Debtors turnover Avg. Age of Debtors Ratio IN DAYS
350 300 250 200 150 100 50 0 2005-2006 70.31
2005-2006 360 5.12 70.31
2006-2007 360 2.71 132.84
2007-2008 360 2.35 153.19
2008 -2009 360 1.12 321.43
AVERAGE AGE OF DEBTOR'S

321.43
155.17 132.84 153.19
2006-2007
2007-2008
2008-2009
2009-2010
YEARS Avg. Age of Debtors Ratio
95
FINANCE STRUCTURE RATIOS:

It indicates the relative mix or blending of owners funds and outsiders debt funds in the total capital employed in the business. Financial leverage refers to the use of debt finance. While debt capital is a cheater source of finance, it is also a riskier source of finance. Two types of ratio are commonly used to analyze financial leverage 1. Structural Ratios. 2. Converge Structure ratio is base on the proportion of debt and equity in the financial structure of the firm. Important structural ratios are: y y y Equity Ratio or proprietary Ratio Debt equity Ratio Debt Ratio
y Equity Ratio or Proprietary Ratio:

This ratio can be finding out by dividing net worth to total capital employed. This ratio focuses the attention on the general financial strength of the business enterprise. Equity Ratio = Net Worth \ Total Capital Employed Where, Net Worth = Equity Capital + Reserves Misc. Expenses Total Capital Employed = Net Worth + Long Term Debt.
Equity Ratio Particular Equity Capital (a) Reserves (b) Misc. Expenses (c) Net Worth (a+b-c) A Secured loans(d) Unsecured loans(e) Long Term Debt(d+e) B Total Capital Employed (A+B) = C Equity Ratio 2005-2006 3.51 314.31 0 317.82 557.9 3.2 561.1 878.92 0.36 2006-2007 3.51 380.42 0 383.93 630.15 2.95 633.1 1017.03 0.38 2007-2008 37.77 607.16 0 644.93 3,010.93 2.99 3013.92 3658.85 0.18 2008-2009 305.88 346.92 0 652.8 6,242.81 526.48 6769.29 7422.09 0.09 2009-2010 340.96 10928.19 0 11269.15 4,945.91 3,440.49 8386.4 19655.55 0.57
y Debt equity ratio:

This ratio indicates the relationship between borrowed funds and owners capital. It shows the proportion of long-term external
96
FINANCIAL ANLYSIS OF DLF LTD equities and internal equities. i.e. proportion of funds provided by long-term creditors and that provided by shareholders or proprietors. Debt Equity Ratio = (Total long term debt/Net worth) x 100.
Debt equity ratio Particular Debt Net worth Debt Equity Ratio 2005-2006 7175.22 314.31 2282.85% 2006-2007 4989.08 380.42 1311.47% 2007-2008 8804.06 607.16 1450.04% 2008-2009 6919.28 346.92 1994.49% 20092010 6403.98 10928.19 58.60%
y Debt ratio:
It shows the relationship between long-term debt and total capital employed. Equity ratio and debt ratio summation is always 1. Debt ratio = long-term debt / total capital employed
Debt ratio Particular Long term debt Total capital employed Debt ratio 2005-2006 7175.22 16770.08 0.43 2006-2007 4989.08 15507.05 0.32 2007-2008 8804.06 20482.71 0.43 2008-2009 6919.28 21043.81 0.33 2009-2010 6403.98 25349.66 0.25
Interest coverage Ratio:

This ratio indicates the use of interest bearing debt funds in generating higher operating profit. Higher is the ratio better is the utilization of dept fund. Higher interest cover ratio, enhance the equity earning is passed over to the equity finance portion of the capitalization. Interest Coverage Ratio = EBIT / Interest.
Valuation Ratios:
Valuation ratios are the results of the management valuation ratio are generally presented on a per share basis and that are more useful to the equity invertors. The per share valuation are popular presented as y y y Earning per share (EPS). Dividend pay out Ratio (DPS) Divided yield 97
FINANCIAL ANLYSIS OF DLF LTD y P/E Ratio.
y Earning per share (EPS).

Earning per Share is an important major of corporate performance for shareholders & potential investor. EPS figures are commonly presented in prospectus & other material send to investor, press reports & reports of equity analyst. AS 20 sets out the requirements for computation of EPS* EPS is reported only foe equity share capital. Earning Per Share = Profit after Tax / No. Of Equity Shares
y Dividend pay out Ratio (DPS):

This ratio indicates the spilt of EPS between cash dividend & reinvestment of profits. Ashok Leyland Ltd has profitable projects; show it is prefer to D/P ratio lower, i.e. it will reinvest higher proportional profits in the business. Dividend pay out Ratio = Dividend per Share / Earning per Share. y
Dividend Yield:
The Dividend Yield represents the current cash return to share holders. It is computed by dividing the dividend per share by the average market price of share. Dividend Yield = Dividend per Share / Average Market Price of Share X 100.
y y P/E Ratio:
This is popular measure extensively used in investment analysis. In a recent served, 40% of well-known institutional portfolio managers and analysts in the U.S ranked P/E ratio as the key factor in picking stocks. P/E ratio = current market price of share/Earning per share
98
FINANCIAL ANLYSIS OF DLF LTD P/E RATIO

164.36
180 160
IN 140 TIMES
120 100 80 60 40 20 0 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 11.01 16.04 12.55 103.96
YEARS P/E Ratio
PROFITABILITY RATIO
D L F Ltd.
(Non-Annualised) PBDITA/Total income PBDTA/Total income PBIT/Total income PBT/Total income PAT/Total income 16.1592749 14.4364492 15.2840241 13.5611984 9.32332388 12.0484844 10.2514975 11.491842 9.69485509 7.15567836 26.9581892 20.7157447 26.4329484 20.190504 14.1085498 42.5776956 30.7126529 42.3142025 30.4491598 19.9382274 78.9141132 44.0358701 78.315813 43.4375699 28.4409248 64.7230383 51.8478134 64.3119549 51.4367299 42.4707565 Mar 2005 12 mths Mar 2006 12 mths Mar 2007 12 mths Mar 2008 12 mths Mar 2009 12 mths Mar 2010 12 mths
99

Cash profit/Total income PBDITA Net of P&E/Total income Net of P&E PBDTA Net of P&E/Total income Net of P&E PBIT Net of P&E/Total income Net of P&E PBT Net of P&E/Total income Net of P&E PAT Net of P&E/Total income Net of P&E Cash profit Net of P&E/Total income Net of P&E PBDITA Net of PE&OI/Sales PBDTA Net of PE&OI/Sales PBIT Net of PE&OI/Sales PBT Net of PE&OI/Sales PAT Net of PE&OI/Sales Cash profit Net of PE&OI/Sales PAT Net of PE&OI/Net sales 10.1259254 15.084232 13.3291041 14.1925707 12.4374427 8.12010996 10.1430887 15.8506777 14.0063699 14.9137101 13.0694023 8.53270128 10.6584697 8.65644725 7.78492629 11.9815017 10.182156 11.4241286 9.62478291 7.08227311 7.73052223 12.5454622 10.6614227 11.961854 10.0778144 7.41563055 8.09439229 7.49695376 14.6817291 26.9533452 20.7013882 26.427304 20.175347 14.0841248 14.6623526 29.2100262 22.4346213 28.6399421 21.8645371 15.2633246 15.8899647 15.4291203 20.1816532 42.5240462 30.6437663 42.2602147 30.3799348 19.8555042 20.1962138 49.4704962 35.6495315 49.1635669 35.3426022 23.0989694 23.4953351 23.1316472 29.0140628 78.9130161 44.0040295 78.3141886 43.405202 28.3953381 29.0557273 99.7709221 55.6349613 99.0138154 54.8778546 35.9006563 36.7355964 36.0463567 42.8897581 64.7263681 51.850251 64.3152562 51.4391391 42.4725444 42.897514 70.9486438 56.8347197 70.4980108 56.3840868 46.5555154 47.0213382 46.5979001
LIQUIDITY RATIO
D L F Ltd.
(Non-Annualised) Cash to current liabilities Cash to avg. cost of sales Quick ratio Current ratio Current ratio (incl. mktbl. securites) Debt to equity ratio Interest cover Interest incidence (%) 0.00366361 5.73944492 0.02896082 1.00994669 1.00994669 0.0788278 8.08634538 14.5955451 0.00872154 8.33285908 0.12103956 1.17260785 1.17260785 1.76533887 6.34904602 3.05429864 0.00372925 4.59288751 0.13646726 0.72627155 0.72627155 1.64894642 4.22704508 5.01616226 0.02708333 18.3914729 0.40456685 0.7568032 0.7568032 4.67320484 3.55717332 7.45769776 0.00568602 8.74678264 0.32643367 1.42027639 1.42266312 10.3694087 2.2433819 11.0887822 0.13117876 103.771022 0.47952046 1.50618777 1.5103125 0.74418035 4.99492633 10.8813805 Mar 2005 12 mths Mar 2006 12 mths Mar 2007 12 mths Mar 2008 12 mths Mar 2009 12 mths Mar 2010 12 mths
100

Structure of current assets
Inventories Sundry debtors (outstanding less than six months) Sundry debtors (outstanding over six months) Bills receivable Acccured income, lease rent & other receivables Expenses paid in advance Deposits Sale of investments receivables Cash & bank balance & other 0 4.51 0 10.72 0 22 0 126.97 0 179.49 0 994.82 1001.26 2.91 16.61 0 24.71 50.69 2.5 1195.77 104.93 0.62 0 29.39 58.26 2.91 718.48 0.44 3.53 0 181.8 85.69 2.06 472.12 23.37 3.19 0 618.05 119.8 3.41 4281.07 171.97 1.82 0 1198.79 387.97 3.83 5928.13 706.31 756.97 0 1904.1 993.78 14.78
Structure of current assets (%)

Inventories Sundry debtors (outstanding less than six months) Sundry debtors (outstanding over six months) Bills receivable Acccured income, lease rent & other receivables Expenses paid in advance Deposits Sale of investments receivables Cash & bank balance Net working capital Net working capital (as per cost of sales method) & other 0 0.40900352 10.86 -1040.14022 0 0.76445294 206.42 1140.65049 0 2.2063543 -375.81 -1457.25029 0 9.8735575 -413.24 -1667.95472 0 2.95712344 1796.11 10708.6321 0 8.81377856 3793.28 -3534.6208 90.8024087 0.26390249 1.50633003 0 2.24090398 4.5969819 0.22672035 85.271445 7.48265362 0.04421276 0 2.0958276 4.15457353 0.20751474 72.0555199 0.04412709 0.35401958 0 18.2325096 8.59375 0.20659499 36.7134281 1.81731936 0.2480637 0 48.0613705 9.31599739 0.26517154 70.531241 2.83323036 0.02998476 0 19.7502368 6.39186128 0.0630998 52.5212854 6.25767469 6.70650566 0 16.8697008 8.8045645 0.13094595
RETURN RATIO
D L F Ltd.
(Non-Annualised) Mar 2005 12 mths Mar 2006 12 mths Mar 2007 12 mths Mar 2008 12 mths Mar 2009 12 mths Mar 2010 12 mths
Return ratios On Net worth

PBIT Net of P&E/Avg. net worth PAT Net of P&E/Avg. net worth PAT/Avg. net worth Cash profit/Avg. net worth 14.7988902 8.46700843 9.90390092 10.7564816 18.8024529 11.6563907 11.7926645 12.8296744 36.0812255 19.2290702 19.2917706 20.0755255 94.0341737 44.1809381 44.4219816 44.9643295 172.527413 62.5553852 62.7110416 63.9747867 65.401046 43.1895789 43.1907532 43.616858
On Capital Employed
PBIT Net of P&E/Avg. capital employed PBIT/Avg. capital employed 14.1973241 15.5758078 10.0009723 10.073456 13.9121644 13.9363403 22.5009477 22.5586258 23.135138 23.1560109 35.0047319 35.0053604
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PAT Net of P&E/Avg. capital employed PAT/Avg. capital employed 8.12282959 9.50131326 6.20000177 6.27248539 7.41432645 7.43850241 10.5718266 10.6295046 8.38839141 8.40926422 23.1164442 23.1170727
On Total Assets
PBIT Net of P&E/Avg. total assets PBIT/Avg. total assets PAT Net of P&E/Avg. total assets PAT/Avg. total assets 2.9717693 3.26031208 1.70026235 1.98880513 3.29547738 3.31936188 2.04299791 2.0668824 5.74824851 5.75823757 3.0634623 3.07345136 13.0925428 13.1261038 6.15138946 6.18495037 13.7935921 13.8060368 5.00131224 5.013757 22.5043568 22.5047609 14.8614396 14.8618437
On GFA
PBIT Net of P&E/Avg. GFA (excl. reval. & WIP) PBIT/Avg. GFA (excl. reval. & WIP) PAT Net of P&E/Avg. GFA (excl. reval. & WIP) PAT/Avg. GFA (excl. reval. & WIP) 88.8472146 97.4738003 50.8328737 59.4594595 88.8138786 89.4575712 55.0592668 55.7029594 138.80057 139.041772 73.9721522 74.2133538 465.784026 466.977998 218.84358 220.037552 471.852476 472.278188 171.085353 171.511064 410.519554 410.526925 271.09913 271.106501
RATIO ANALYSIS
Mar ' 10 PER SHARE RATIOS Adjusted E P S (Rs.) Adjusted Cash EPS (Rs.) Reported EPS (Rs.) Reported Cash EPS (Rs.) Dividend Per Share Operating Profit Per Share (Rs.) Book Value (Excl Rev Res) Per Share (Rs.) Book Value (Incl Rev Res) Per Share (Rs.) Net Operating Income Per Share (Rs.) Free Reserves Per Share (Rs.) PROFITABILITY RATIOS Operating Margin (%) Gross Profit Margin (%) Net Profit Margin (%) 55.88 55.41 42.49 59.76 58.91 28.38 32.15 31.74 19.86 16.28 15.45 14.13 12.16 11.59 7.16 15.10 15.49 15.10 15.50 4.00 18.02 66.10 66.10 32.24 63.84 2.65 2.72 2.65 2.71 2.00 4.31 4.27 4.27 7.20 2.25 60.28 61.31 60.22 61.25 4.00 81.18 170.76 170.76 252.45 159.66 194.68 204.37 192.98 202.66 4.00 191.34 1,094.43 1,094.43 1,175.12 1,052.69 101.20 109.18 101.20 109.18 0.00 171.89 1,303.59 1,328.10 1,413.34 0.00 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
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Adjusted Cash Margin (%) Adjusted Return On Net Worth (%) Reported Return On Net Worth (%) Return On long Term Funds (%) L EVERAGE RATIOS Long Term Debt / Equity Total Debt/Equity Owners fund as % of total Source Fixed Assets Turnover Ratio LIQUIDITY RATIOS Current Ratio Current Ratio (Inc. ST Loans) Quick Ratio Inventory Turnover Ratio PAYOUT RATIOS Dividend payout Ratio (Net Profit) Dividend payout Ratio (Cash Profit) Earning Retention Ratio Cash Earnings Retention Ratio COVERAGE RATIOS Adjusted Cash Flow Time Total Debt 3.17 Financial Charges Coverage Ratio 8.12 Fin. Charges Cov.Ratio (Post Tax) 6.90 COMPONENT RATIOS Material Cost Component(% earnings) Selling Cost Component 4.85 2.34 3.28 0.00 2.50 1.75 1.36 0.33 2.26 1.51 1.91 2.43 1.27 1.21 0.73 1.29 2.31 2.31 1.03 0.64 0.41 0.74 57.33 3.60 8.74 10.37 8.79 3.01 4.14 4.67 17.62 8.75 1.55 1.65 37.74 4.18 1.23 1.23 44.90 5.93 43.60 22.84 22.84 22.40 29.05 62.17 62.15 15.35 20.22 35.29 35.26 14.90 14.96 17.78 17.63 13.32 7.72 7.76 7.76 5.64
30.99 30.19 69.01 69.80
98.30 96.07 1.72 3.95
0.77 0.76 99.23 99.24
2.34 2.23 97.68 97.79
0.00 0.00 100.00 100.00
16.30 2.77 2.17
13.02 3.41 2.58
8.83 4.05 3.15
14.65 6.41 5.07
0.00 0.83
0.00 5.75
0.00 2.80
0.00 5.74
0.00 0.00
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Exports as percent of Total Sales Import Comp. in Raw Mat. Consumed Long term assets / Total Assets Bonus Component In Equity Capital (%) 2.18 0.00 0.21 78.51 18.06 0.00 0.15 87.50 11.72 0.00 0.38 0.00 18.49 0.00 0.27 0.00 0.00 0.00 0.14 0.00
DU PONT CHART
Profit margin & assets turnover are the two drivers of return on assets. The Du Pont System of financial analysis clearly brings out the effects of these two drivers on return on assets. A system is useful for analysis, which considers important inter relationship based on information found in financial statements.
Importance Of Du Pont Chart:

Any decision affecting the product price per unit costs, volume or efficiency has an impact on the profit margin or turnover ratios. Similarly any decision affecting the amount & ratio of debt or equity used will affect the financial structure & the overall cost of capital of a company. Therefore, these financial concepts are very important to evaluate as every business is competing for Limited Capital Resources. Understanding the inter relationship among the various ratios such as turnover ratio, average & probability ratios helps companies to put their money areas where the risk adjusted return is the maximum. The chart used by Du Pont Company of U.S.A is known as Du Pont Chart.
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FINANCIAL ANLYSIS OF DLF LTD This is the Du Pont Chart applied to DLF Ltd. At the left of the Du Pont Chart is the return on the assets defined as the product of the Net Profit Margin & the Total Assets Turnover Ratio. Net Profit Total Assets = Net Profit / Sales X Net Sales / Avg. Total Assets. Such decomposition helps in understanding how the Net Profit Margin & Total Assets Turnover Ratio influences the Return on Total Assets.
Suggestions & Recommendations

1. The balance sheet figures are showing the declining trend since last few years. It should be the reason for higher inventory level which unnecessary blocked the money. For higher the profitability ratio of the firm, it is required to increase the sales along with: New advertising techniques through latest media which are more effective and prestigious. To increase the work efficiency of the workers as well as of the staff members, arrangement of different training programmes like meetings, seminars, conferences, coaching classes etc. is required. For the innovation of new market, select capable market representatives who are more efficient to recover the more market share. Try to maintain the quality level as per the market demand which satisfies the customers more. 2. In order to increase the profit the firm should keep proper control over the expenses retaliating to the purchase of goods, manufacturing and lab ours for that, proper supervision and timely comparison of actual with budgeted overheads should be
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FINANCIAL ANLYSIS OF DLF LTD taken. This will help the management to know the causes and taking competitive actions to reduce the expenses. In order to reduce the expenses relating to payment of interest, the firm should rely more on its share capital rather than borrowing loans and funds. Firm should also try to maintain proper balance between debt and equity. 3. To improve the liquidity position of the firm, proper working capital is necessary to recover the daily cash requirement. For that, the firm should: Try to reduce the debt collection period which should be main sources for working capital. Use more credit facility which is given by the creditors. Firm should also use more short term loans to recover the working capital requirement because the interest rate for short term loans is less and it should be flexible to use. 4. In order to maximize wealth under uncertainty, the firm must pay enough dividends to satisfy investors. It should help to increase the moral of the investors and side by side also helps in long term financial strength of the firm. So, by increasing profits, the firm should pay dividends regularly.
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CONCLUSION
We are making the financial analysis from its techniques that we are concluding as follows: Horizontal Analysis: DLF Ltd has made good growth in last five years in sales as well as profit. Here growth in sales is increasing every year against that expenditure has also increased but lower than sales. In 2008-09, the Companys exports grew by 23% with the sale of 6,025 vehicles. This improvement was derived from demand in the export markets and the launch of new products. This is the reason the sale & profit has increased compare to last years i.e. 2007-08 Vertical Analysis: It shows that the expenditure of the company is accounting for higher percentage of sales around 99% every year & because of the every year profit has increased but a decreasing rate. So for the increment of profit in future, the company is requiring to optimize its expenditure on the side of operating as well as administrative. Trend Analysis: It shows good trend in sales & profit but as above said, expenditure also rising that depends the profit of the company. Reserve & Surplus also shows good trend. Cash Flow In Cash Flow Analysis all the activities i.e. operating, investing, financing maintain this year (2008 2009). Ratio Analysis: We are discussing about mainly 5 kinds of ratio. All the ratios performs very well in last five years that gives better profitability & liquidity position to the company. DLF Limited is confident that it can meet the challenges passed by the deregulation scenario with its strength in refining. Its strategic scenario with its strength in refining its strategic alliance with DLF Limited marketing and in house productivity improvement, profitability maximization and cost reduction exercises, which have already been launched in right earnest. These measures would place the company in a position of comfort to meet the real challenges of the future and we also wish them Best of Luck for their bright future. So that DLF Limited will be a world clean Automotive Company. Now a day, key customer rates company among the top 5 companies. At last, company is financial healthy. 107
FINANCIAL RESULTS CONSOLIDATED

(Rs. in Cr ores) Consolidated 2009-10 9961.49 310.00 90.06 9561.43 1739.09 7822.34 26.41 (35.48) 7813.27 Consolidated 2008-09 2,905.59 307.59 57.81 2,540.19 605.18 1,935.01 (1.27) (1.11) 1,932.63
Gross operating Profit Less : Finance Charges Less: Depreciation Profit bef ore Tax Less: Provision for Tax Profit bef ore minority int erest Share of Profit t/(loss) in associates Minority interest Profit after tax and minority interest
The Gross Operating Profit on consolidated basis was Rs.9,961.49 Crores against Rs.2,905.59 Crores in the previous year (2008-09), an increase of 243% and the net profit after tax for the year was Rs.7822.34 Crores as against Rs.1,935.01 Crores for the previous year (2008-09), representing an increase of about 304%.
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FINANCIAL ANLYSIS OF DLF LTD

FINANCIAL ANLYSIS OF DLF LTD

COMPANYS PROFILE cont

FINANCIAL ANLYSIS OF DLF LTD

FINANCIAL ANLYSIS OF DLF LTD

1.3 COMPANY HISTORY

FINANCIAL ANLYSIS OF DLF LTD

FINANCIAL ANLYSIS OF DLF LTD

3.3 COMPANY PROFILE

DLF GROUP BSE,NSE INE271C01023 18/06/1980 11/6/2007

Dr. K.P. Singh

Mr. Rajiv Singh

Mr. T.C. Goyal

Ms. Pia Singh

Mr. Kameshwar Swarup

Agents M/s.Karvy Computershare Private Ltd.

1.5 DLF Today, and tomorrow:VISION MISSION VALUES

FINANCIAL ANLYSIS OF DLF LTD

FINANCIAL ANLYSIS OF DLF LTD

1.7 DLFS PARTNER IN BUILDING INDIA

FINANCIAL ANLYSIS OF DLF LTD

1.8CORPORATE SOCIAL RESPONCIBILITY

FINANCIAL ANLYSIS OF DLF LTD

FINANCIAL ANLYSIS OF DLF LTD

FINANCIAL ANLYSIS OF DLF LTD

71.5318619 63.0303466 27.8955256 31.6512059 11.9439259 46.775492

3.23699655 9.11516916 116.504854 90.78354 20.8010824 15.7142367

138.888657 122.048582 277.300139 237.597873 67.9811424 112.738854

24.8294275 10.9339482 131.360656 78.0631892 1.22028747 122.910458

323.704848 242.962693 247.510274 532.717308 1626.27911 109.208892

Profitab ility ratios (%)

FINANCIAL ANLYSIS OF DLF LTD

1.00994669 0.0788278 8.08634538 37.6260092 1530.08289

1.17260785 1.76533887 6.34904602 48.2645585 959.566552

0.72627155 1.64894642 4.22704508 45.21627 1352.44023

0.7568032 4.67320484 3.55717332 5.66266744 672.245544

1.42027639 10.3694087 2.2433819 32.3396676 3886.91074

1.50618777 0.74418035 4.99492633 54.0308906 427.154003

FINANCIAL ANLYSIS OF DLF LTD

& ANALYSIS OF BALANCESHEET

Chapter:2 COMPARISON BALANESHEET

FINANCIAL ANLYSIS OF DLF LTD

 INTERPRETATION SOURCES OF FUNDS :(A)EQUITY SHARE CAPITAL:EXHIBIT 2.1.1

FINANCIAL ANLYSIS OF DLF LTD

 INTERPRETATION: -The company have very high

FINANCIAL ANLYSIS OF DLF LTD

(C) Secured Loans:EXHIBIT 2.2

FINANCIAL ANLYSIS OF DLF LTD

(D)Unsecured Loans:EXHIBIT 2.2

FINANCIAL ANLYSIS OF DLF LTD

FINANCIAL ANLYSIS OF DLF LTD

1,392.70 602.3 790.4

1,710.39 1,345.82 364.57 0 1,017.02

3,092.12 1,366.95 1,725.17 0 3,658.85

9,442.25 3,782.93 5,659.32 0 7,422.09

18,345.94 3,786.38 14,559.56 0 19,655.55

(A)FIXED ASSETS :EXHIBIT 2.2

FINANCIAL ANLYSIS OF DLF LTD

INTERPRETATION SOURCES OF FUNDS :(A)EQUITY SHARE CAPITAL:EXHIBIT 2.1.1

INTERPRETATION: -The company have very high

Total income:EXHIBIT 3.1.1

TOTAL EXPENDITURE:EXHIBIT 3.2.1