Delhi Land and Finance

CONTENTSy Introduction y History y Balance Sheet y Profit and Loss Statements y Economic Ratios y Financial Statistics and Analysis y Porter s 5 Forces Model Analysis y SWOT Analysis y Future Projects y Other Developments y Gallery

INTR DU TIONy DLF- Delhi Land And Finance y India s biggest real estate developer y BUILDING INDIA- Mission and vision of company y Founded as Raisina Cold Storage and Ice Company y Current chairman- Mr. Kushal Pal Singh world s richest property developer- world s 98th richest man according to forbes

HISTORYy Founder- Mr.Raghuvendra Singh on 16 March 1946 y Starting developments in Delhi like Krishna Nagar, Greater

Kailash

y Company acquire land on outskirts like Gurgoan

Awards y Most trusted brand By reader s digest- 2008y Real estate excellence in 2008- Best IPO of the year y Most diversified real estate developer award by CNBC

2007

Major milestones

Balance SheetBalance Sheet Source of Funds Shareholders Loan funds Deferred tax Application of Funds Fixed Asset Investments Current assets, loans and advances Less : Current liabilities and provisions Net Current Assets 347,325.76 295,631.50 1,871,177.69 309,322.78 2,204,812.17 325,615.92 183,983.00 1,834,158.12 375,306.67 1,968,450.37 1,237,482.37 961,496.90 5,832.90 1,126,914.63 838,640.75 2,894.99 2009 2008

Profit & Loss AccountProfit & Loss INCOME 383,904.46 EXPENDITURE 202,817.64 Profit before Tax Tax Expense Net Profit Balance available for appropriation APPROPRIATION Earnings Per Share 181,086.82 26,100.42 154,777.03 328,273.11 328,273.11 9.09 294,053.72 311,792.23 54,352.18 257,459.04 284,386.04 284,386.04 15.48 605,845.95 2009 2008

Economic RatiosRATIOS Current Ratio Quick Ratio e t uity Ratio Inventory Turnover Ratio e tors Turnover Ratio arnings Per Shareixe ssets Turnover Ratio

Mar '05 Mar '06Mar '07Mar '08 Mar '09 1.21 0.74 1.65 0.67 7.53 192.981.56

1.51 1.91 4.67 2.43 62.46 60.221.88

1.75 1.36 10.37 0.33 11.00 2.651.44

2.34 3.28 0.74 -9.96 15.10--

2.96 3.83 0.78 -4.95 9.08--

ivi en Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs)

4.00 191.34 1,175.12

4.00 81.18 252.45

2.00 4.31 7.20

4.00 18.02 32.24

2.00 10.34 16.59

Liquidity Ratio4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Current Ratio Quick Ratio

Market value ratiosEarnings Per Share250 200 150 100 50 0 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Earnings Per Share

Raw Material CostingDate 30.6.07 30.9.07 31.12.07 31.03.08 30.06.08 30.09.08 31.12.08 31.03.09 30.6.09 30.09.09 31.12.09 Revenue 1207.11 3249.24 3651.25 4372.36 3846.34 3744.39 1366.67 1122.32 1649.86 1750.94 2025.77 Raw material cost 192.08 768.56 896.93 1134.84 1118.41 1180.56 185.61 491.36 558.26 384.34 673.3

Raw material cost1400

1200

1000

600

400

30.6.07 30.9.07 31.12.07 31.03.0

30.06.0 30.09.0

31.12.0

00 Raw material cost

200

0 31.03.09 30.6.09 30.09.09 31.12.09

Sal s Vs CostDat 30.6.07 30.9.07 31.12.07 31.03.08 30.06.08 30.09.08 31.12.08 31.03.09 30.6.09 30.09.09 31.12.09 Revenue Expenditure 1207.11 3249.24 3651.25 4372.36 3846.34 3744.39 1366.67 1122.32 1649.86 1750.94 2025.77 250.92 968.26 1097.03 1523.64 1466.17 1577.85 673.46 1019.38 971.15 913.69 1262.46

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 30.6.07 30.9.07 31.12.07 31.03.08 30.06.08 30.09.08 31.12.08 31.03.09 30.6.09 30.09.09 31.12.09

Revenue Expenditure

Expenditure ariationsDate 30.6.07 30.9.07 31.12.07 31.03.08 30.06.08 30.09.08 31.12.08 31.03.09 30.6.09 30.09.09 31.12.09 Employee cost Revenue 23.08 60.62 60.86 141.15 102.47 58.24 120.97 137.46 73.42 117.93 128.93 Expenditure 1207.11 3249.24 3651.25 4372.36 3846.34 3744.39 1366.67 1122.32 1649.86 1750.94 2025.77 250.92 968.26 1097.03 1523.64 1466.17 1577.85 673.46 1019.38 971.15 913.69 1262.46

1800 1600 1400 1200 1000 Expenditure 800 600 400 200 Worker cost

0 30.6.07 30.9.07 31.12.07 31.03.08 30.06.08 30.09.08 31.12.08 31.03.09 30.6.09 30.09.09 31.12.09

Profit AnalysisDate 30.6.07 30.9.07 31.12.07 31.03.08 30.06.08 30.09.08 31.12.08 31.03.09 30.6.09 30.09.09 31.12.09 Net Profit 579.27 2018.55 2144.08 2176.82 1863.97 1935.35 670.79 159.05 396 439.74 467.89

Net Profit2500

2000

1500

Net Profit 1000

500

0 30.6.07 30.9.07 31.12.07 31.03.08 30.06.08 30.09.08 31.12.08 31.03.09 30.6.09 30.09.09 31.12.09

Market CapitalMarket Cap. DLF DB Realty HDIL Indiabulls Real Sunteck Realty Anant Raj Ind Ackruti City Godrej Property Sobha Developer Parsvnath 56,402.81 10,953.94 9,673.22 6,998.83 3,994.58 3,927.73 3,802.63 3,511.71 3,165.01 2,548.42 Sales Turnover 2,827.90 1,719.29 45.03 2.17 413.78 440.99 974.7 744.04 Net Profit 1,547.77 830.43 16.56 9.57 365.84 263.78 109.7 113.04 Total Assets 21989.88 8,610.98 5,296.28 218.08 3,349.15 2,036.17 3,001.65 3,756.32

Market Cap. (Rs. cr.)3% 3% 2% DLF DB Realty HDIL 7% 9% 10% 54% Indiabulls Real Sunteck Realty nant Raj Ind ckruti City Godrej Property Sobha Developer Parsvnath

4%

4%

4%

Porter s 5 Forces Model AnalysisPotential New Entrants

Bargaining Power of Suppliers

Intra-Industry RivalryStrategic Business Unit

Bargaining Power of Buyers

Substitute Products and Services

Threat of new entrantsy Decrease in profitability due to increase in number of

entrants. y Real Estate Sector needs high working capital. y This results in high entry barriers. y Existing firm has an edge over the others due to more industrial experience.

Threat Of Established Rivalsy DLF has 54% of the Market share in the Real Estate

Sector. y High competition in the sector. y Established rivals are a threat to upcoming players. y DLF ,Unitech and Ansals are the major players in this sector.

Bargaining Power Of Suppliersy Bargaining power of suppliers is low. y Supplier s margins have been stagnant despite strong

growth in volumes. y Large number of suppliers are available y This leads to shift of contracts when a supplier tries to increases the price.

Bargaining Power of Buyersy Bargaining power of the buyers is low. y Difficult to predict the direction and magnitude of

price movement on real estate. y Forces of demand and supply would always apply y Price movement would follow accordingly

Threat Of Substitute Producty No substitutes to the basic product

So, y No threat of substitute products.

SWOT AnalysisStrength Weakness

Opportunities

Threats

Strengthy DLF has a very good market share of about 54% y Brand Value y Huge supplier base ensures a fixed raw material cost y A well established and firm base in north India

Weaknessy Little or no projects in the other parts of India y No parallel products to support during times of bad

economy

Opportunitiesy Expansion of business in other parts of India y It can invest more in Power generation projects like

Hydroelectric or Wind powery Investment in raw material

Backward Vertical

Integration

Threatsy Competitors may try to et more mar et s are t rough

improve techni ues

FUTURE PROJECTS1. India's largest Exhibition and Convention Centre to be built by DLF in Sector 24, DWARKA, NEW DELHI by 2010. 2. Mall of India is an under-construction shopping mall in Gurgoan, India- area of 4,500,000-square-foot (418,100 m2)- the largest mall ever built in India-one of the largest in the world- estimated cost $ 298 million( 1500 crore INR). 3. DLF Corporate Greens -located next to NH 8, in the upcoming Sector 74A, Gurgaon -Spread over sprawling 25 acres-the project is to be developed on the lines of district centre comprising premium Commercial , Retail and IT spaces. 4. DLF Plaza Lucknow - catering to office, retail, leisure, entertainment requirements- also internationally acclaimed Hilton Garden Inn hotelarea of 69677 sq mts (approx)- will have 2 levels of basement parking to accommodate approx 800 cars-24 hour security surveillance- equipped with modern fire fighting systems.

OTHER DEVELOPMENTSWind Power projects DLF group is the largest owner of wind power plants in India with an installed capacity of 228.7 MW.

Project Locations 1. 150 MW wind power project in Kutch, Gujarat. 2. 11.2 MW wind power project in Gadag, Karnataka. 3. 33 MW wind power project in Osisan and Ratan Ka Baas, Rajasthan. 4. 34.5 MW wind power project in Elavanthi and Panapatti, Tamilnadu.

DLF Constructions

Gurgaon , Haryana

DLF Gateway TowerGurgaon

Plaza Tower

SkyLineGurgaon

SkyLineNew Delhi

Thank You