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DLF LIMITED

Darshan R. Nikam

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Company Background

The Company was incorporated on July 4, 1963 as American Universal Electric (India) Limited and

renamed on June 18, 1980 as DLF Universal Electric Limited. Subsequently, on May 28, 1981, 'DLF

Universal Electric Limited' was renamed as DLF Universal Limited. Thereafter, on May 27, 2006, the

company has changed is name from DLF Universal Limited to DLF Limited. The company primary

business is the development of residential, commercial and retail properties.DLF Ltd. Is the largest real

estate company in India, in terms of the area or its completed residential and commercial developments.

The DLF group has over 224 million sq. ft. of executed development and 751 million sq. ft. of planned

projects. The company has also entered into several strategic alliances with global industry leaders. DLF

has recently forayed into the infrastructure, SEZ, financial services and hotel businesses. DLF Limited

has grown on a large scale across all segments of Real Estate sector and has successfully emerged as a

largest developer in the country with a truly pan-Indian presence. Its business consisting of homes,

Office, Retail (Malls and Commercial complexes), Hotels etc. Companys development of IT/ITES SEZs

has acquired further momentum. The company is now all set to embark on a journey to be named among

the leading players in its new businesses of hospitality, SEZs and infrastructure development with the

best quality standards and delivery commitments. The company entered into various new business

dimensions through 166 subsidiaries such as SEZs, Life insurance, Hospitality, Asset Management,

Township development etc.

Shareholding Pattern

FIIs & NRIs

8%

Public

3%

Bank, MFs & Bodies

Corporate

1%

Promoters & Directors

88%

Promoters &

Directors

FIIs & NRIs

Bank, MFs & Bodies

Corporate

Public

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Investment Highlights

Being the leader in the industry in terms of revenues, earnings and market capitalization, the company has be

able to capitalize the opportunities in an efficient manner. With its high quality land bank and 62 years tra

record of delivering quality real estate developments, the company continues to lead the real estate industry

India and commands an impeccable reputation in its core businesses homes, offices, retail.

DLF has high quality land resource, concentrated in top Indian cities as it believes that economic activities

these cities would result in a better absorption potential for its real estate development. Top seven cities Del

Mumbai, Bangalore, Kolkata, Chennai, Pune, Hyderabad account for 85% of its land resources.

There has been substantial increase in the Companys land resource from 574 msf in April 2007 to 751 msf

March 2008. The area of projects increased significantly from 44 msf to 66 msf, with work spanning across

cities. 7 SEZs have been notified and are under various stages of development.

The momentum in Hospitality business was further enhanced by Companys first acquisition in internation

arena Aman Resorts the most innovative and marquee name in luxury hotel groups across the globe. T

company operates 18 boutique resorts across the world and has several new projects in key exotic locatio

under development.

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Recent News

DLF to make investments worth Rs 15000 crore in budget housing projects

DLF has announced plans to invest Rs.15000 crore over the next three years to develop various resident

projects across the country in Rs 15-40 lakh range on 13th

Feb, 2009. The company had announced its plan la

year to enter in to mid-income housing segment, realizing the huge demand in this category.

Good news for Realtors, Borrowing Costs to Ease

This New Year has brought some good news for real estate companies, many of which were believed to be o

threshold of bankruptcy due to a liquidity crunch. The interest rates at which realtors were borrowing last ye

have cooled by 250 basis points (bps), or 2.5%. Two major realtors, DLF Ltd. And Unitech Ltd., are borrowing

interest rates lower than October 2008 peaks, as various measures taken by government have started showi

results. From 16% in October, the interest rates for developers have fallen to 13-14%. Mr. Ramesh Sanka, t

Chief Financial of DLF, said the company is now borrowing at costs lower than in October. Interest rates ha

started cooling off. Borrowing rates are down by 250 bps. So the liquidity situation will start improving. M

Sanka added (13

th

Jan, 2009).

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Quarterly Performance

Quarterly Performance Highlights

Rs. in Crores

Q1June-2008 Q2Sept.-2008 Q3Dec.-2008 Q4March-2009

Revenue 3121 3349 3651 4372

Gross profit 2374 2517 2700 3172

Operating profit 2127 2348 2446 2705

EBITDA 2251 2363 2554 2849

Net profit 1524 2018 2139 2177

Revenue

0

1000

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3000

4000

5000

Rs.

in

Crores

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Net Profit

0

500

1000

1500

2000

2500

Rs.inCrores

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Annual Results

The company has recorded consolidated revenue of Rs 14,684 crore for the year ended 31st

march 2008,

increase of 262% from Rs 4053 crore in FY07. EBIDTA stood at Rs. 9961 crore, an increase of 243%

compared to Rs 2906 crore in the corresponding period last year. Net profit was at Rs. 7813 crore, up by 304

from Rs 1933 crore. The EPS for FY08 stood at Rs 46.98 as compared to Rs 12.75 for FY07, a significa

growth of 268%.

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Financials

Income Statement

31-Mar-08(12)

31-Mar-07(12)

31-Mar-06(12)

Profit / Loss A/C Rs mn %OI Rs mn %OI Rs mn %OI

Net Sales (OI) 55347.14 100.00 11391.37 100.00 9844.01 100.00

Material Cost 62.77 0.11 120.36 1.06 59.46 0.60

Increase Decrease Inventories 0.00 0.00 0.00 0.00 0.00 0.00

Personnel Expenses 1441.76 2.60 448.20 3.93 167.57 1.70

Manufacturing Expenses 21410.67 38.68 2344.34 20.58 5742.73 58.34

Gross Profit 32431.95 58.60 8478.47 74.43 3874.25 39.36

Administration Selling and DistributionExpenses

1756.86 3.17 1521.73 13.36 501.05 5.09

EBITDA 30675.09 55.42 6956.74 61.07 3373.20 34.27

Depreciation Depletion and Amortisation 256.85 0.46 94.39 0.83 39.02 0.40

EBIT 30418.24 54.96 6862.35 60.24 3334.18 33.87

Interest Expense 4476.47 8.09 3562.51 31.27 1461.46 14.85

Other Income 5237.46 9.46 2903.48 25.49 1606.32 16.32

Pretax Income 31179.23 56.33 6203.32 54.46 3479.04 35.34

Provision for Tax 5433.32 9.82 2134.17 18.73 1193.89 12.13

Extra Ordinary and Prior Period ItemsNet

0.00 0.00 0.00 0.00 0.00 0.00

Net Profit 25745.90 46.52 4069.14 35.72 2285.16 23.21

Adjusted Net Profit 25745.90 46.52 4069.14 35.72 2285.16 23.21

Dividend - Preference 0.00 0.00 0.00 0.00 0.00 0.00

Dividend - Equity 6819.33 12.32 3409.66 29.93 15.53 0.16

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Balance Sheet

31-Mar-08 %BT 31-Mar-07 %BT 31-Mar-06 %BT

Equity Capital 3409.59 1.45 3058.84 2.73 377.68 0.75

Preference Capital 0.00 0.00 0.00 0.00 0.00 0.00

Share Capital 3409.59 1.45 3058.84 2.73 377.68 0.75

Reserves and Surplus 109281.87 46.63 3469.20 3.10 6071.63 12.09

Loan Funds 83864.07 35.78 67692.93 60.43 30139.16 60.00

Current Liabilities 24979.03 10.66 30356.26 27.10 11888.33 23.67

Provisions 12551.64 5.36 7232.53 6.46 1696.14 3.38

Current Liabilities and Provisions 37530.67 16.01 37588.78 33.56 13584.48 27.04

Total Liabilities and Stockholders Equity (BT)234375.71 100.00 112012.25 100.00 50229.99 100.00

Tangible Assets Net 14655.89 6.25 3285.71 2.93 788.82 1.57

Intangible Assets Net 87.83 0.04 0.00 0.00 7.87 0.02

Net Block 14743.72 6.29 3285.71 2.93 796.70 1.59

Capital Work In Progress Net 17817.87 7.60 6650.31 5.94 4567.27 9.09

Fixed Assets 32561.59 13.89 9936.02 8.87 5363.97 10.68

Investments 18398.30 7.85 7691.73 6.87 13972.83 27.82

Inventories 59281.33 25.29 42810.67 38.22 4721.19 9.40

Accounts Receivable 14632.76 6.24 1737.91 1.55 265.52 0.53

Cash and Cash Equivalents 9948.24 4.24 1794.93 1.60 1269.73 2.53

Other Current Assets 65.63 0.03 49.26 0.04 37.68 0.08

Current Assets 83927.96 35.81 46392.77 41.42 6294.13 12.53

Loans & Advances 99487.85 42.45 47991.72 42.85 24599.07 48.97

Miscellaneous Expenditure Other Assets 0.00 0.00 0.00 0.00 0.00 0.00

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Charts

Total Assets (BT) 234375.71 100.00 112012.25 100.00 50229.99 100.00

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1 Year Comparative Graph

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This is a sample report not to be used for trading.