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1/15

Profit loss account

(Rs crore)

Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10

Income

Operatingincome 2,385.94 2,150.04 3,491.32 2,916.08 2,307.08

Expenses

Materialconsumed - - - - -

Manufacturingexpenses 677.41 341.75 956.55 848.68 889.25

Personnelexpenses 108.48 118.55 127.12 89.9 90.5

Sellingexpenses - - - 53.71 56.92

Adminstrative

expenses 366.55 300.24 297.68 143.99 225.45

Expensescapitalised - - - - -

Cost of sales 1,152.44 760.53 1,381.34 1,136.27 1,262.13

Operatingprofit 1,233.50 1,389.50 2,109.98 1,779.81 1,044.95

Otherrecurringincome 1,439.94 1,154.80 1,091.34 1,130.06 896.76

AdjustedPBDIT 2,673.44 2,544.31 3,201.33 2,909.87 1,941.72

Financialexpenses 1,666.81 1,709.89 1,553.78 1,286.70 847.24

Depreciation 77.98 141.89 139.84 129.77 126.05

Other writeoffs - - - 50.4 41.47

Adjusted PBT 928.65 692.53 1,507.71 1,443.00 926.96

Tax charges 0.06 188.2 465.47 309.05 175.71

Adjusted PAT 928.59 504.33 1,042.24 1,133.95 751.24

Non recurringitems -390.16 - - 105.45 11.8


2/15

Other noncashadjustments -11.59 -2.76 -0.45 30.16 2.01

Reported netprofit 526.84 501.56 1,041.79 1,269.56 765.06

Earnigsbeforeappropriation 3,395.61 3,335.40 3,862.81 4,033.49 3,441.30

Equitydividend 356.29 295.45 284.57 339.51 339.48

Preferencedividend - - - - -

Dividend tax - 60.49 55.1 - 11.38

Retainedearnings 3,039.32 2,979.46 3,523.13 3,693.97 3,090.44


3/15

Balance sheet

(Rs crore)


Sources of funds

Owner's fund

Equity sharecapital 356.29 339.74 339.68 339.51 339.48

Share applicationmoney 0.02 - - - -

Preference sharecapital - - - - -

Reserves &surplus 16,287.23 14,274.46 14,156.88 13,470.98 12,490.53

Loan funds

Secured loans 9,622.51 10,785.98 11,844.67 14,700.70 11,590.19

Unsecured loans 40.61 315.05 130.45 358.85 1,047.67

Total 26,306.66 25,715.23 26,471.68 28,870.03 25,467.86

Uses of funds

Fixed assets

Gross block 1,778.65 2,667.55 2,481.27 2,143.37 2,002.85

Less : revaluationreserve - - - - -

Less :accumulateddepreciation 174.57 640.48 511.97 400.27 273.84

Net block 1,604.07 2,027.07 1,969.31 1,743.10 1,729.02

Capital work-in-progress 1,805.42 2,542.55 2,196.95 2,199.25 1,718.51

Investments 7,460.71 6,876.55 7,046.65 7,037.24 6,558.88

Net current assets

Current assets,loans & advances 26,705.13 25,510.33 24,855.10 24,251.81 18,944.48


4/15

Less : currentliabilities &provisions 11,268.68 11,241.27 9,596.33 6,361.36 3,483.03

Total net currentassets 15,436.45 14,269.06 15,258.77 17,890.45 15,461.45

Miscellaneousexpenses notwritten - - - - -

Total 26,306.66 25,715.23 26,471.68 28,870.03 25,467.86

Notes:

Book value of

unquotedinvestments 7,460.71 6,691.13 7,046.65 7,037.24 6,558.88

Market value ofquotedinvestments - - - - -

Contingentliabilities 11,337.81 10,887.85 12,730.36 10,141.63 7,423.38

Number of equity

sharesoutstanding(Lacs) 17814.51 16987.19 16983.86 16975.72 16973.91


5/15

Cash flow Statement(Rscrore)


Profitbefore

tax 538.49 692.53 1,507.71 1,555.21 943.09

Netcashflow-operatingactivity 1,616.89 -74 419.15 1,515.13 395.24

Net cashused ininvestingactivity 883.1 2,756.93 1,158.71

-1,949.99

-2,420.00

Netcashused infin.activity

-2,355.03

-2,723.40

-1,354.43 419 1,434.95

Netinc/dec incash andequivlnt 144.96 -40.48 223.44 -15.86 -589.8

Cashandequivalntbegin ofyear 314.84 355.32 131.84 169.6 759.4

Cashandequivalntend of

year 459.8 314.84 355.28 153.74 169.6


6/15

DCF methodDLF (Rs. In Cr.)

Mar '14 Mar '13 Mar '12

cash fromoperations 1616.89 -74.00 419.15 cash frominvestments 883.10 2756.93 1158.71

Free cash flow 733.79 -2830.93 -739.56 discount rate(1.174)t 1.90 1.62 1.38

PV of FCF 386.28 -1749.54 -536.58

total PV to 2013-14

CV 4731.82

PV of CV

Enterprise Value

Book Value of netdebt

value of equity

Shares outstanding

value per share

ke=Rf + Beta (Rm-Rf)

Rf= 8.52%

beta of sector 1.37

Rm= 15%

ke= 17.40%

ke 0.174

growth using CAGR (FCF)

-0.321635086

growth using CAGR (Cash fromoperations)

0.01638359

CV 4731.82



7/15

EBIT 2,385.94 2,150.04 3,491.32 2,916.08 2,307.08

Tax Rate 0.30 0.30 0.30 0.30 0.30

(1-tax) 0.70 0.70 0.70 0.70 0.70

EBIT*(1-tax) 1,670.16 1,505.03 2,443.92 2,041.26 1,614.96

Add: Depreciation 77.98 141.89 139.84 129.77 126.05

1,748.14 1,646.92 2,583.76 2,171.03 1,741.01

Less: Capex 9,493.00 13,193.00 5,758.00 134,109.90

-7,744.86 -11,546.08 -3,174.24 -131,938.87 1,741.01

Working Capital 15,436.45 14,269.06 15,258.77 17,890.45 15,461.45

Less: Change in WC 1,167.39 -989.71 -2,631.68 2,429.00

FCF -8,912.25 -10,556.37 -542.56 -134,367.87 1,741.01discount rate(1.174)t 1.90 1.62 1.38 1.17

PV of FCF -4,691.54 -6,523.95 -393.65 -114,453.04

CV -153,856.93

PV Of CV -80,992.48

Enterprise value -207,054.65Book Value of netdebt 144.30

value of equity -207,198.95

Shares outstanding 1,697,390,890.00

value per share -1,220.69

Growth 0.10972


8/15

DDM Method

DLF

(Rs. In

Cr.)

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

Dividend per share 2 2 2 2 2

discount rate

(1.174)t 1.90 1.62 1.38 1.17

Dividend growth

rate 0.00 0.00 0.00 0.00

PV 1.05 1.24 1.45 1.70

Total PV 5.44

CV 11.49

PV of CV 6.05

Vo 11.49


Rf= 8.52%

beta of

sector 1.37

Rm= 15%

ke= 17.40%

ke 0.174

growth using CAGR (FCF)

0


9/15

AEG Method


EPS 2.96 2.95 6.13 7.48 4.51

DPS 2.00 2.00 2.00 2.00 2.00

Actual Earning 4.96 4.95 8.13 9.48 6.51

Normal Earnings (NE) 5.81 9.54 11.13 7.64

Cum dividend earnings

(CDE) 5.31 5.30 8.48 9.83

AEG -0.50 -4.25 -2.65 2.19

discount rate (1.174)t 1.90 1.62 1.38 1.17

PV of AEG -0.26 -2.62 -1.92 1.86

Total PV of AEG -2.95

CV -2.93

PV of CV -1.54

Total Earnings to

Capitalise -4.49

ke 0.174

growth (CDE) final

year

0.001888


10/15

Residual Earning method

DLF

Mar' 10 Mar' 11 Mar' 12 Mar' 13 Mar' 14 Mar'15 Mar'16 Ma

EPS 4.51 7.48 6.13 2.95 2.96 2.92 2.88

DPS 2.00 2.00 2.00 2.00 2.00 2.00 2.00

BPS 75.59 81.07 85.20 86.15 87.11 88.03 88.91 8

G in EPS (note 1) 0.66 -0.18 -0.52 -0.51 -0.50 -0.50

Growth in BV 0.07 0.05 0.01 0.01 0.01 0.01 0.01

RE -5.67 -7.98 -11.87 -12.03 -12.24 -12.44 -1

G in RE 0.41 0.49 0.01 0.02 0.02 0.02

CV of RE -8

PV of CV -28.29

ROCE 0.10 0.08 0.03 0.03 0.03 0.03

PV factor

@17.40% 0.85 0.73 0.62 0.53 0.45 0.38

PV of RE -4.83 -5.79 -7.34 -6.33 -5.49 -4.75

Total of PV of RE -24.29

Value of Equity 23.01

Note 1 :We took Growth of EPS to forcast EPS for future year

Note 2 : Growth of book value is used for calculating continuing value of RE

Average G in EPS -0.01357

Average G in BV 0.025108

INTERPRETATION:

Few assumptions were taken into consideration for calculating the value of enterprise for DLF

The cost of equity was derived using CAPM model which states Rf + Beta( Rm - Rf). Risk free rate of return

considered using return on government bonds in India i.e. 8.52% Beta factor of real estate industry is given

1.37 and current market return by an investor was analyzed or expected to be 15% as a study declared by

group. Thus , Ke value is 17.4%


Rf= 8.52%

beta of sector 1.37

Rm= 15%

ke= 17.40%

ke 0.174


11/15

DLF INFRASTRUCTURE

Price multiple method

Value

ofequity

(in lakhs)

year EPS Net sales Mar cap shareholderfund

Book

value net income

2010 4.50 32204300000.00 7650588000.00 3394781780.00 2.00 7650588000.

2011 7.46 41587500000.00 12695793000.00 3395143588.00 2.00 12695793000

2012 6.12 45826658000.00 10417930000.00 3396771438.00 2.00 10417930000

2013 2.95 33048089000.00 5166714000.00 3397438014.00 2.00 5166714000.

2014 2.96 38258788000.00 38258788000.00 3397438014.00 2.00 5268417000.

no. of shares

outsatanding mps

P/E

ratio

P/BV

ratio

P/S

ratio

1697390890.00 4.51 1.00 2.25 0.24

1697571794.00 7.48 1.00 3.74 0.31

1698385719.00 6.13 1.00 3.07 0.23

1698719007.00 3.04 1.03 1.52 0.16

1698719007.00 3.10 1.05 1.55 1.00

Average= 4.85 1.02 2.43 0.39

DLF multiples DLF valuation

sales 38258788000.00 0.39 14920927320.00

earnings 5268417000.00 1.02 5373785340.00

BV 3397438014.00 2.43 8255774374.02

Average

Valuation 9516829011.34

No. of

shareholder 1698719007.00

value of equity 5.60235623

The date is used from the balancesheet of the company


12/15

DLF

Previous

Years

Cash Flow

-------------------in Rs. Cr. -------------------


12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 538.49 692.53 1507.71 1555.21 943.09

Net Cash From OperatingActivities 1616.89 -74 419.15 1515.13 395.24

Net Cash (used in)/from

883.1 2756.93 1158.71 -1949.99 -2420Investing Activities

Net Cash (used in)/fromFinancing Activities -2355.03 -2723.4 -1354.43 419 1434.95

Net (decrease)/increase InCash and Cash Equivalents 144.96 -40.48 223.44 -15.86 -589.8

Opening Cash & CashEquivalents 314.84 355.32 131.84 169.6 759.4

Closing Cash & CashEquivalents 459.8 314.84 355.28 153.74 169.6

Consolidated Balance Sheet

-------------------in Rs. Cr. -------------------



Sources Of Funds

Total Share Capital 2,155.49 2,138.94 2,138.88 2,149.78 6,259.34


13/15

Equity Share Capital 356.29 339.74 339.68 339.51 339.48

Share Application Money 0.02 0 0 0 0

Preference Share Capital 1,799.20 1,799.20 1,799.20 1,810.26 5,919.86

Init. Contribution Settler 0 0 0 0 0

Preference Share Application

Money 0 0 0 0 0Employee Stock Opiton 0 0 0 0 0

Reserves 27,038.58 25,388.75 25,097.04 24,182.32 24,154.39

Revaluation Reserves 0 0 0 0 18.99

Networth 29,194.09 27,527.69 27,235.92 26,332.10 30,432.72

Secured Loans 15,639.46 17,836.29 19,036.42 19,938.08 19,301.59

Unsecured Loans 943.85 1,240.96 1,186.49 1,714.08 2,375.06

Total Debt 16,583.31 19,077.25 20,222.91 21,652.16 21,676.65

Minority Interest 202.29 402.02 420.66 575.2 627.78

Policy Holders Funds 0 0 0 0 0

Group Share in Joint Venture 0 0 0 0 0Total Liabilities 45,979.69 47,006.96 47,879.49 48,559.46 52,737.15



Application Of Funds

Gross Block 21,738.95 22,977.02 22,889.61 21,191.18 19,152.45

Less: Accum. Depreciation 2,904.32 3,128.43 2,550.78 1,935.02 1,326.46

Net Block 18,834.63 19,848.59 20,338.83 19,256.16 17,825.99

Capital Work in Progress 5,978.69 7,834.32 8,992.81 10,234.44 11,128.82

Investments 891.23 1,333.71 1,126.76 995.77 5,505.20

Inventories 18,488.62 17,645.53 16,175.57 15,038.76 12,480.59

Sundry Debtors 1,561.23 1,653.25 1,765.91 1,565.97 1,618.96

Cash and Bank Balance 2,442.03 1,844.14 1,506.23 1,321.78 670.72

Total Current Assets 22,491.88 21,142.92 19,447.71 17,926.51 14,770.27

Loans and Advances 16,305.92 14,467.24 13,483.32 12,404.85 12,531.61

Fixed Deposits 0 0 0 0 257.51

Total CA, Loans & Advances 38,797.80 35,610.16 32,931.03 30,331.36 27,559.39

Deffered Credit 0 0 0 0 0

Current Liabilities 17,940.86 16,887.09 14,706.79 11,563.29 5,142.10

Provisions 581.79 732.71 803.17 694.95 4,140.16

Total CL & Provisions 18,522.65 17,619.80 15,509.96 12,258.24 9,282.26

Net Current Assets 20,275.15 17,990.36 17,421.07 18,073.12 18,277.13

Minority Interest 0 0 0 0 0

Group Share in Joint Venture 0 0 0 0 0

Miscellaneous Expenses 0 0 0 0 0


14/15

Total Assets 45,979.70 47,006.98 47,879.47 48,559.49 52,737.14

Contingent Liabilities 12,379.20 10,326.26 11,432.17 3,070.08 7,027.16

Book Value (Rs) 153.78 151.46 149.77 144.45 144.3

Capital Structure (DLF)Period Instrument Authorized

CapitalIssuedCapital

- P A I D U P -

From To (Rs. cr) (Rs. cr) Shares(nos)

FaceValue

Capit

2012 2013 EquityShare 499.5 341.28 1.7E+09 2 339.7

2011 2012EquityShare 499.5 341.25 1.7E+09 2 339.6

2010 2011EquityShare 499.5 341.01 1.7E+09 2 339.5

2009 2010EquityShare 499.5 341.01 1.7E+09 2 339.4

2008 2009EquityShare 499.5 340.97 1.7E+09 2 340.9

2007 2008EquityShare 499.5 340.97 1.7E+09 2 340.9

2006 2007EquityShare 499.5 305.88 1.53E+09 2 305.8

2005 2006EquityShare 39.5 37.88 37767997 10 37.7

2004 2005EquityShare 4.5 3.62 3508007 10 3.5

2003 2004EquityShare 4.5 3.62 3508007 10 3.5

2002 2003EquityShare 4.5 3.62 3508007 10 3.5

2001 2002EquityShare 4.5 3.62 3508007 10 3.5

1999 2001EquityShare 4.5 3.62 3508007 10 3.5

1997 1999EquityShare 4.5 3.62 3508007 10 3.5

Reported EPS (Rs) 2.96 2.95 6.13 7.48 4.51

Dividend per share 2 2 2 2 2


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