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Compnay Analysis Report




                                                                                                   DLF Ltd
                                                                                          Prepared and Edited By-
                                                                                         MY MONEY GURUKUL




                                                           Disclaimer
The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources
 believed to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as
                                            to their accuracy, completeness or correctness.
Company Analysis Report                        Write Us: info@moneygurukul.com
                                                                                               website : www.mymoneygurukul.com
                                                        DLF Ltd


                                                                         Table of Contains
     About My Money Gurukul:
mymoneygurukul.com provides                                         Description                              Page
information on personal finance matter,
stock market, insurance,retirement,
Forex and others finance related                      Summay
subject . The blog also provide directory                         Latest Result                                3
information on banks,mutual
funds,Finance regulator and financial                             Valuation Matrix                             3
markets in India. My Money Gurukul is                             ROE Analysis                                 3
not supported by any financial company
and don’t have any commercial objective.

More exclusive reports for members :                  Income Statement                                         4
I. Daily Market Snapshot
II. Industry Analysis Report
III. Daily technical analysis report                  Balance Sheet                                            5
IV. Weekly report on equity market

                                                      Cash Flow Statement                                      6


                                                      Quarterly Result                                         7
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                                                      Growth Analysis                                          8


                                                      Comparative Analysis
                                                                  Income Statement                             9
  Write to us:                                                    Balance Sheet                                9
   info@mymoneygurukul.com
   abhijit@mymoneygurukul.com
                                                      Index Analysis
  Visit our website :                                             Income Statement                            10
    www.mymoneygurukul.com
                                                                  Balance Sheet                               10


                                                      Ratio Analysis
   Find us at social media:                                       Annual                                      11
                                                                  Quarterly                                   12


                                                      TTM Analysis                                            13


                                                      Technical Analysis                                      14




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explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                               2
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                                                                  DLF Ltd

                                                                     Latest Results
                                                  Annual                                    Quarterly                                             TTM
              Results
                                            March ' 12            Growth             September ' 12   Growth                            September ' 12                                   Growth
EBDITA                                       3201.31              10.02                  412.2          412.2                             3277.53                                         -11.95
Reported Net Profit                          1041.76              -17.94                 -19.54        -19.54                              994.18                                         -24.47
Adjusted PAT                                 1048.92              -2                     -19.35        -19.35                             1004.09                                         -24.28


                                                               Compney at a Glance

Industry                                Construction & Contracting                                                    Share Holding
                                                                                                                                                         General
                                                                                                                                   Others                 Public
                                                                                                                   FII's
Business Group                                                 DLF Group
                                                                                                                                    2%                     7%
                                                                                                                   16%
                                                                                                          MF BFI
                                                                                                          0% 0%
Face Vale                                                                  2.00

Current Price                                                        220.20
                                                                                                                                                                                     Promoter
Market Cap(Rs. In Cr)                                            37398.46                                                                                                              79%




                                                                     ROE Analysis

            Particulars                    March ' 08                      March ' 09                   March ' 09                      March ' 11                         March ' 12

Reported PAT / PBT                              0.83                          0.87                         0.87                                     0.88                                    0.69
Adjusted PAT / PBT                              0.83                          0.86                         0.86                                     0.79                                    0.70
PBT / PBIT                                      0.87                          0.69                         0.69                                     0.53                                    0.49
PBIT / Sales                                    0.65                          0.93                         0.93                                     0.94                                    0.88
Sales / Total Assets                            0.23                          0.11                         0.11                                     0.08                                    0.10
Total Assets / Net Worth                        2.08                          2.03                         2.03                                     2.55                                    2.49
Reported ROE                                    22%                           12%                          12%                                       9%                                      7%
Adjusted ROE                                    22%                           12%                          12%                                       8%                                      8%
   3.00                                                                                         25%
                                                                                                             30%
                                    ROE Factors                                                                                                          ROE
                                                                                                20%
                                                                                                                                                                           Reported ROE
   2.00                                                                                                      20%
                                                                                                15%
                                                                                                                                                                           Adjusted ROE
                                                                                                10%
   1.00                                                                                                      10%
                                                                                                5%

   0.00                                                                                         0%            0%
                                                                                                                           March ' 08




                                                                                                                                            March ' 09




                                                                                                                                                              March ' 10




                                                                                                                                                                            March ' 11




                                                                                                                                                                                            March ' 12




              March ' 08   March ' 09        March ' 10       March ' 11        March ' 12
          Reported ROE                   Reported PAT / PBT                  PBT / PBIT
          PBIT / Sales                   Sales / Total Assets                Total Assets / Net Worth




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explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                                                                                   3
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                                                              DLF Ltd

                                                             Income Statement

   Particulars (Rs. In Cr)                   March ' 08               March ' 09            March ' 10              March ' 11   March ' 12

Operating Income                                  5496.96                  2827.9                  2827.9              2916.08         3491.32
Operating Expenses
Material Consumed                                    6.06                    0.00                   0.00                  0.00            0.00
Manufacturing Expenses                            2141.29                  778.34                 778.34                848.68          932.88
Personnel Expenses                                 103.78                   71.12                  71.12                 89.90          127.12
Selling Expenses                                    45.70                   59.28                  59.28                 53.71            0.00
Adminstrative Expenses                             128.16                  156.39                 156.39                143.99          321.35
Expenses Capitalised                                 0.00                    0.00                   0.00                  0.00            0.00
Total Operating Expenses                          2424.99                 1065.13                1065.13               1136.28         1381.35
Operating Profit                                  3071.97                 1762.77                1762.77               1779.80         2109.97
Other Income                                       560.74                 1006.72                1006.72               1130.06         1091.34
EBDITA                                            3632.71                 2769.49                2769.49               2909.86         3201.31
Depreciation                                        25.68                  114.08                 114.08                129.77          139.84
Other Write offs                                    41.79                   37.86                  37.86                 50.40            0.00
EBIT                                              3565.24                 2617.55                2617.55               2729.69         3061.47
EBT                                               3117.59                 1807.69                1807.69               1442.99         1507.69
Income Tax                                         543.52                  261.00                 261.00                309.05          458.77
Adjusted PAT                                      2574.07                 1546.69                1546.69               1133.94         1048.92
Non Recurring Items                                  0.16                   -2.15                  -2.15                105.45            0.00
Other Non Cash adjustments                           0.36                   33.05                  33.05                 30.16           -7.16
Reported Net Profit                               2574.59                 1577.59                1577.59               1269.55         1041.76
Equity Dividend                                    681.93                  339.44                 339.44                339.51          339.68
Preference Dividend                                  0.00                    0.00                   0.00                  0.00            0.00
Dividend Tax                                       115.89                   28.91                  28.91                  0.00           55.10
Retained Earnings                                 1776.77                 1209.24                1209.24                930.04          646.98


  6000                                                             40%
                 Operating Income & Growth                                                          Expenses break up-% of sales
                                                                             Total Operating Expenses
                                                                   30%
  5000                                                             20%
  4000                                                             10%       Depreciation
                                                                                                              23%
                                                                   0%                                                            30%
  3000                                                             -10%      Other Write offs
                                                                   -20%
  2000                                                             -30%
                                                                             Interest                   10%
  1000                                                             -40%
                                                                   -50%
                                                                             Income Tax                                           3%
      0                                                            -60%
          March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
                                                                                                                        34%
                                                                             Adjusted PAT
                  Operating Income                  Growth




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explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                       4
Company Analysis Report                           Write Us: info@moneygurukul.com
                                                                                                              website : www.mymoneygurukul.com
                                                                    DLF Ltd




     4000                                                                                                  Net Profit & Growth(%)
                                 Profit Levels                                         3000                                                  80%
     3500
                                                                                       2500                                                  60%
     3000
                                                                                                                                             40%
     2500                                                                              2000
                                                                                                                                             20%
     2000                                                                              1500
                                                                                                                                             0%
     1500
                                                                                       1000
                                                                                                                                             -20%
     1000
                                                                                        500                                                  -40%
      500

        0
                                                                                             0                                               -60%
             March ' 08   March ' 09   March ' 10    March ' 11   March ' 12                     March ' March ' March ' March ' March '
      Operating Profit       EBDITA        EBIT         EBT        Adjusted PAT                   08       09       10    11       12
                                                                                                      Reported Net Profit       Growth



                                                                        Balance Sheet

   Particulars (Rs. In Cr)                          March ' 08                 March ' 09          March ' 09        March ' 11     March ' 12

SOURCES OF FUNDS
Owner's Fund
Equity Share Capital                                    340.96                      339.44              339.44           339.51         339.68
Share Application Money                                   0.00                        0.00                0.00             0.00           0.00
Preference Share Capital                                  0.00                        0.00                0.00             0.00           0.00
Reserves & Surplus                                    10928.19                    12035.39            12035.39         13470.98       14156.88
Total Owners fund                                     11269.15                    12374.83            12374.83         13810.49       14496.56
Loan Funds
Secured Loans                                          4945.91                     7979.97             7979.97         14700.70       11844.67
Unsecured Loans                                        3440.49                     1635.00             1635.00           358.85         130.45
Total Loan fund                                        8386.40                     9614.97             9614.97         15059.55       11975.12
Total                                                 19655.55                    21989.80            21989.80         28870.04       26471.68
USES OF FUNDS
Fixed Assets
Gross Block                                             1533.72                    1968.40             1968.40          2143.37            2624.35
Less : Revaluation Reserve                                 0.00                       0.00                0.00             0.00               0.00
Less : Accumulated Depreciation                           59.34                     152.87              152.87           400.27             535.86
Net Block                                               1474.38                    1815.53             1815.53          1743.10            2088.49
Capital Work-in-progress                                1781.79                    1657.73             1657.73          2199.25            2077.77
Investments                                             1839.83                    2956.32             2956.32          7037.24            7046.65
Net Current Assets
Current Assets, Loans & Advances                      18345.94                    18718.62            18718.62         24251.81       24855.10
Less : Current Liabilities & Provisions                3786.38                     3158.40             3158.40          6361.36        9596.33
Total Net Current Assets                              14559.56                    15560.22            15560.22         17890.45       15258.77
Miscellaneous expenses not written                        0.00                        0.00                0.00             0.00           0.00
Total                                                 19655.56                    21989.80            21989.80         28870.04       26471.68
© 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without
explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                             5
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                                                                        DLF Ltd

Note : Balance Sheet
Book Value of Unquoted Investments                                        1808.92            2956.32              2956.32                7037.24              7046.65
Market Value of Quoted Investments                                          30.92             0.00                   0.00                   0.00                    0
Contingent liabilities                                                    3047.92            4875.99              4875.99               10141.63             12719.78
Number of Equity shares outstanding (in Lacs)                            17048.33           16972.09             16972.09               16975.72             16983.86


                         Capital Structure                                                                                     Application of Capital

                                                                                                                                     Net Block
                                                                         2012                                                           8%
                                                                                                                                                     Capital Work-
                                                                                                                                                      in-progress
                                                                                                   Total Net
                                                                                                                                                          26%
                 45%                                                     2011                       Current
                                                    48%                                             Assets
                       52%                                                                           58%
                                                          55%                                                                                     Investments
                                                                                                                                                      8%




                Total Owners fund                  Total Loan fund

                                                                     Cash Flow Statement

   Particulars (Rs. In Cr)                           March ' 08                       March ' 09               March ' 10            March ' 11         March ' 12


Profit Before Tax                                          3117.92                       1808.77                   943.09                1555.21              1507.71
Net CashFlow-Operating Activity                           -1505.81                       1365.86                   395.24                1515.13               419.15
Net Cash Used In Investing Activity                       -6482.00                      -1151.17                 -2420.00               -1949.99              1158.71
NetCash Used in Fin. Activity                              8945.90                       -437.54                  1434.95                 419.00             -1354.43
Net Inc/Dec In Cash And Equivlnt                            958.09                       -222.85                  -589.80                 -15.86               223.44
Cash And Equivalnt Begin of Year                             24.16                        982.25                   759.40                 169.60               131.84
Cash And Equivalnt End Of Year                              982.25                        759.40                   169.60                 153.74               355.28



                             Net Cash Flow                                                            Increase & Decrease in Cash (Rs in Cr)
                                                                                                         -1000       -500        0          500       1000       1500
                                                        419
                                                                       1,159                 March ' 12
        8,946          1,366           1,435
                                                       1,515
                                                                                             March ' 11
                                        395                            419
       -1,506
                                                                                             March ' 10
                       -1,151
                                                       -1,950         -1,354
       -6,482                          -2,420                                                March ' 09

                        -438
                                                                                             March ' 08
     Net CashFlow-Operating Activity            Net Cash Used In Investing Activity
     NetCash Used in Fin. Activity                                                                               Net Inc/Dec In Cash And Equivlnt

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explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                                                  6
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                                                               DLF Ltd


                                               Quarterly Result : Income Statement

   Particulars (Rs. In Cr)            September ' 11                 December ' 11          December ' 11         June ' 12           September ' 12

Net sales                                         1066.05                    753.54                   753.54                 792.35            356.07
Other Operating Income                               0.00                      0.00                     0.00                   0.00              0.00
Total Operating Income                            1066.05                    753.54                   753.54                 792.35            356.07
Increase/Decrease of stock                           0.00                      0.00                     0.00                   0.00              0.00
Raw Materials Consumption                            0.00                      0.00                     0.00                   0.00              0.00
Other Purchases                                      0.00                      0.00                     0.00                   0.00              0.00
Power and Fuel                                       0.00                      0.00                     0.00                   0.00              0.00
Employees Cost                                      32.39                     28.12                    28.12                  21.47             25.97
Total Operating Expenses                            32.39                     28.12                    28.12                  21.47             25.97
Operating Profit                                  1033.66                    725.42                   725.42                 770.88            330.10
Other Income                                       175.64                    482.46                   482.46                 236.56            251.31
R&D Expenses                                         0.00                      0.00                     0.00                   0.00              0.00
Other Expenses                                     352.43                    261.51                   261.51                  -2.40            169.21
Total Other Expenses                               352.43                    261.51                   261.51                  -2.40            169.21
EBITDA                                             856.87                    946.37                   946.37                1009.84            412.20
Depreciation                                        35.07                     35.36                    35.36                  35.42             35.78
Provision and contingencies                          0.00                      0.00                     0.00                   0.00              0.00
EBIT                                               821.80                    911.01                   911.01                 974.42            376.42
Interest                                           378.98                    427.76                   427.76                 435.29            418.61
EBT                                                442.82                    483.25                   483.25                 539.13            -42.19
Tax                                                140.25                    127.55                   127.55                 169.41            -22.84
PAT                                                302.57                    355.70                   355.70                 369.72            -19.35




                            Quarterly Profit Levels                              1,200
                                                                                              1,066   Quarterly Net sales
                                                                                 1,000

                                                                                                         754                      792
                                                                                      800                             754


                                                                                      600

                                                                                      400                                                      356


                                                                                      200
        September ' December ' 11 March ' 12     June ' 12     September '
            11                                                     12
                                                                                        0
                                                                                        September ' 11 ecember ' 11
                                                                                                     D            December ' 11 June ' 12 September ' 12
             EBITDA           EBIT         EBT               Reported PAT




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explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                                 7
Company Analysis Report                         Write Us: info@moneygurukul.com
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                                                          DLF Ltd


                                           Growth Analysis : Income Statement

Particulars (%)                            March ' 09 March ' 10 March ' 11      March ' 12              Average Growth           CAGR

Operating Income                                 -48.56      -18.42   -18.42        19.73                    7.27                -8.68
Total Operating Expenses                         -56.08       18.49    18.49        21.57                    3.73               -10.65
Operating Profit                                 -42.62      -40.72   -40.72        18.55                   16.11                -7.24
Other Income                                      79.53      -10.92   -10.92         -3.43                  12.20                14.25
EBDITA                                           -23.76      -29.89   -29.89        10.02                   10.61                -2.50
Depreciation                                     344.24       10.49    10.49         7.76                   40.51                40.35
EBIT                                             -26.58      -32.22   -32.22        12.15                   11.91                -3.00
Interest                                          80.91        4.62     4.62        20.76                   32.88                28.26
EBT                                              -42.02      -48.72   -48.72         4.48                    4.55               -13.52
Adjusted PAT                                     -39.91      -51.43   -51.43         -7.50                   -2.00              -16.44
Reported Net Profit                              -38.72      -51.50   -51.50        -17.94                   -1.57              -16.55
Equity Dividend                                  -50.22        0.01     0.01         0.05                    -5.00              -13.01
Preference Dividend                                0.00        0.00     0.00         0.00                    0.00                 0.00
Dividend Tax                                     -75.05      -60.64   -60.64         0.00                   -49.63              -13.82
Retained Earnings                                -31.94      -65.75   -65.75        -30.44                   8.84               -18.29




  80.00                  Growth Factors(%)                                  0                             5 Years CAGR(%)
  60.00
                                                                           -5
  40.00

  20.00
                                                                          -10
   0.00

  -20.00                                                                  -15
  -40.00

  -60.00
                                                                          -20
                                                                                Operating      Total      Operating   EBT   Retained
  -80.00                                                                         Income      Operating     Profit           Earnings
       Total Operating Expenses   EBDITA   EBT       Adjusted PAT                            Expenses




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explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                 8
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                                                        DLF Ltd


                                      Comparative Analysis : Income Statement

       Particulars (%)                    March ' 08           March ' 09           March ' 10      March ' 11          March ' 12

Operating Income                              100.00                 100.00              100.00             100.00           100.00
Total Operating Expenses                       44.12                  37.67               37.67              38.97            39.57
Operating Profit                               55.88                  62.33               62.33              61.03            60.43
Other Income                                   10.20                  35.60               35.60              38.75            31.26
EBDITA                                         66.09                  97.93               97.93              99.79            91.69
Depreciation                                    0.47                   4.03                4.03               4.45             4.01
Other Write offs                                0.76                   1.34                1.34               1.73             0.00
EBIT                                           64.86                  92.56               92.56              93.61            87.69
Interest                                        8.14                  28.64               28.64              44.12            44.50
EBT                                            56.71                  63.92               63.92              49.48            43.18
Income Tax                                      9.89                   9.23                9.23              10.60            13.14
Adjusted PAT                                   46.83                  54.69               54.69              38.89            30.04
Reported Net Profit                            46.84                  55.79               55.79              43.54            29.84
                                          Comparative Analysis : Balance Sheet

       Particulars (%)                    March ' 08           March ' 09           March ' 09      March ' 11          March ' 12

SOURCES OF FUNDS
Equity Share Capital                            1.73                   1.54                1.33               1.18             1.28
Share Application Money                         0.00                   0.00                0.00               0.00             0.00
Preference Share Capital                        0.00                   0.00                0.00               0.00             0.00
Reserves & Surplus                             55.60                  54.73               49.04              46.66            53.48
Total Owners fund                              57.33                  56.28               50.38              47.84            54.76
Secured Loans                                  25.16                  36.29               45.51              50.92            44.74
Unsecured Loans                                17.50                   7.44                4.11               1.24             0.49
Total Loan fund                                42.67                  43.72               49.62              52.16            45.24
Total                                         100.00                 100.00              100.00             100.00           100.00
USES OF FUNDS
Fixed Assets
Gross Block                                      7.80                  8.95                7.86               7.42             9.91
Less : Revaluation Reserve                       0.00                  0.00                0.00               0.00             0.00
Less : Accumulated Depreciation                  0.30                  0.70                1.08               1.39             2.02
Net Block                                        7.50                  8.26                6.79               6.04             7.89
Capital Work-in-progress                         9.07                  7.54                6.75               7.62             7.85
Investments                                      9.36                 13.44               25.75              24.38            26.62
Net Current Assets
Current Assets, Loans & Advances               93.34                  85.12               74.39              84.00            93.89
Less : Current Liabilities & Provisions        19.26                  14.36               13.68              22.03            36.25
Total Net Current Assets                       74.07                  70.76               60.71              61.97            57.64
Miscellaneous expenses not written              0.00                   0.00                0.00               0.00             0.00
Total                                         100.00                 100.00              100.00             100.00           100.00

© 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without
explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                               9
Company Analysis Report                        Write Us: info@moneygurukul.com
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                                                        DLF Ltd


                                           Index Analysis : Income Statement

       Particulars (%)                    March ' 08           March ' 09           March ' 10        March ' 11        March ' 12

Operating Income                              100.00                  51.44               41.97              53.05            63.51
Total Operating Expenses                      100.00                  43.92               52.05              46.86            56.96
Operating Profit                              100.00                  57.38               34.02              57.94            68.68
Other Income                                  100.00                 179.53              159.92             201.53           194.62
EBDITA                                        100.00                  76.24               53.45              80.10            88.12
Depreciation                                  100.00                 444.24              490.85             505.33           544.55
Other Write offs                              100.00                  90.60               99.23             120.60             0.00
EBIT                                          100.00                  73.42               49.76              76.56            85.87
Interest                                      100.00                 180.91              189.26             287.43           347.10
EBT                                           100.00                  57.98               29.73              46.29            48.36
Income Tax                                    100.00                  48.02               32.33              56.86            84.41
Adjusted PAT                                  100.00                  60.09               29.19              44.05            40.75
Reported Net Profit                           100.00                  61.28               29.72              49.31            40.46
                                              Index Analysis : Balance Sheet

       Particulars (%)                    March ' 08           March ' 09           March ' 09      March ' 11          March ' 12

SOURCES OF FUNDS
Equity Share Capital                          100.00                  99.55               99.57              99.57            99.62
Share Application Money                         0.00                   0.00                0.00               0.00             0.00
Preference Share Capital                        0.00                   0.00                0.00               0.00             0.00
Reserves & Surplus                            100.00                 110.13              114.30             123.27           129.54
Total Owners fund                             100.00                 109.81              113.85             122.55           128.64
Secured Loans                                 100.00                 161.34              234.34             297.23           239.48
Unsecured Loans                               100.00                  47.52               30.45              10.43             3.79
Total Loan fund                               100.00                 114.65              150.69             179.57           142.79
Total                                         100.00                 111.88              129.57             146.88           134.68
USES OF FUNDS
Fixed Assets
Gross Block                                   100.00                 128.34              130.59             139.75           171.11
Less : Revaluation Reserve                      0.00                   0.00                0.00               0.00             0.00
Less : Accumulated Depreciation               100.00                 257.62              461.48             674.54           903.03
Net Block                                     100.00                 123.14              117.27             118.23           141.65
Capital Work-in-progress                      100.00                  93.04               96.45             123.43           116.61
Investments                                   100.00                 160.68              356.49             382.49           383.01
Net Current Assets
Current Assets, Loans & Advances              100.00                 102.03              103.26             132.19           135.48
Less : Current Liabilities & Provisions       100.00                  83.41               91.99             168.01           253.44
Total Net Current Assets                      100.00                 106.87              106.19             122.88           104.80
Miscellaneous expenses not written              0.00                   0.00                0.00               0.00             0.00
Total                                         100.00                 111.88              129.57             146.88           134.68

© 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without
explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                               10
Company Analysis Report                        Write Us: info@moneygurukul.com
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                                                        DLF Ltd


                                                   Ratio Analysis : Yearly

       Particulars (%)                   March ' 08            March ' 09           March ' 10      March ' 11          March ' 12

PER SHARE RATIOS
Adjusted E P S (Rs.)                            15.1                   9.11                4.43               6.68             6.18
Adjusted Cash EPS (Rs.)                        15.49                  10.01                5.41               7.74                7
Reported EPS (Rs.)                              15.1                   9.12                4.51               7.48             6.13
Reported Cash EPS (Rs.)                         15.5                  10.01                5.49               8.54             6.96
Operating Profit Per Share (Rs.)               18.02                  10.39                6.16              10.48            12.42
Book Value(Excl Rev Res)Per Share(Rs)           66.1                  72.91               75.59              81.35            85.35
Book Value (Incl Rev Res)Per Share(Rs)          66.1                  72.91               75.59              81.35            85.35
Net Operating Income Per Share(Rs)             32.24                  16.66               13.59              17.18            20.56
Free Reserves Per Share (Rs.)                  63.84                  69.75               70.78               71.9                0
PROFITABILITY RATIOS
Operating Margin (%)                           55.88                  62.33               45.29              61.03            60.43
Gross Profit Margin (%)                        55.41                   58.3               39.82              56.58            56.42
Net Profit Margin (%)                          42.49                  40.36               23.87              31.37            22.73
Adjusted Cash Margin (%)                        43.6                  44.29               28.67              32.47            25.94
Adjusted Return On Net Worth (%)               22.84                  12.49                5.85               8.21             7.23
Reported Return On Net Worth (%)               22.84                   12.5                5.96               9.19             7.18
Return On long Term Funds (%)                   22.4                  13.36                7.01               9.54            12.71
LEVERAGE RATIOS
Long Term Debt / Equity                         0.41                   0.58                0.97               1.07             0.66
Total Debt/Equity                               0.74                   0.77                0.98               1.09             0.82
Owners fund as % of total Source               57.33                  56.27               50.37              47.83            54.76
Fixed Assets Turnover Ratio                      3.6                   1.46                1.17               1.38             0.12
LIQUIDITY RATIOS
Current Ratio                                    4.85                  5.93                5.44                3.81            2.59
Current Ratio (Inc. ST Loans)                    2.34                  2.96                5.03                3.51            1.74
Quick Ratio                                      3.28                  3.83                3.56                2.49            1.74
Inventory Turnover Ratio                            0                     0                0.41                0.42            0.43
PAYOUT RATIOS
Dividend payout Ratio (Net Profit)             30.99                  23.79               45.86              26.74            37.89
Dividend payout Ratio (Cash Profit)            30.19                  21.67               37.62              23.41             33.4
Earning Retention Ratio                        69.01                  76.19                53.3              70.06            62.37
Cash Earnings Retention Ratio                   69.8                  78.32               61.82              74.17             66.8
COVERAGE RATIOS
Adjusted Cash Flow Time Total Debt               3.17                  5.66               13.76              11.46            10.07
Financial Charges Coverage Ratio                 8.12                  3.42                2.29               2.26             2.06
Fin. Charges Cov.Ratio (Post Tax)                 6.9                   3.1                 2.1               2.13             1.76
COMPONENT RATIOS
Material Cost Component(% earnings)                0                      0                   0                  0                0
Selling Cost Component                          0.83                   2.09                2.46               1.84                0
Long term assets / Total Assets                 0.21                   0.25                0.34               0.31              0.3
Bonus Component In Equity Capital(%)           78.51                  78.87               78.86              78.85            78.81
© 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without
explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                               11
Company Analysis Report                                 Write Us: info@moneygurukul.com
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                                                                          DLF Ltd




                                    Per Share Ratio                                                                          Profit Margin




       March ' 08    March ' 09    March ' 10       March ' 11       March ' 12
                           Net Operating Income Per Share(Rs)                             March ' 08       March ' 09        March ' 10     March ' 11      March ' 12
                           Adjusted E P S (Rs.)                                               Net Profit Margin (%)                        Operating Margin (%)
                           Adjusted Cash EPS (Rs.)
                           Dividend Per Share                                                 Adjusted Return On Net Worth (%)             Return On long Term Funds (%)
                           Book Value (Incl Rev Res)Per Share(Rs)




                            Liquidity Ratio                                                               Quarterly Profit Margin




     March ' 08     March ' 09     March ' 10         March ' 11       March ' 12       September ' 11    December ' 11       March ' 12       June ' 12      September ' 12


                           Current Ratio             Quick Ratio                                   Operating Profit Margin                    EBIT Margin
                                                                                                   PAT Margin                                 EBITDA Margin


                                                               Ratio Analysis : Quarterly

       Particulars (%)                     September ' 11                   December ' 11                March ' 12              June ' 12            September ' 12

PER SHARE RATIOS
Operating Income Per Share(Rs.)                                6.28                   4.44                            5.81                    4.67                     2.10
Operating Profit Per Share(Rs.)                                6.09                   4.27                            5.61                    4.54                     1.94
Adjusted EPS(Rs.)                                              1.78                   2.09                            1.75                    2.18                    -0.11
PROFITABILITY RATIOS
Operating Profit Margin                                      96.96                   96.27                       96.70                      97.29                   92.71
EBITDA Margin                                                80.38                  125.59                       92.20                     127.45                  115.76
EBIT Margin                                                  77.09                  120.90                       88.62                     122.98                  105.72
PAT Margin                                                   28.38                   47.20                       29.50                      46.34                   -5.49




© 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without
explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                                                     12
Company Analysis Report                              Write Us: info@moneygurukul.com
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                                                          DLF Ltd



                                                         TTM Analysis

    Particulars (Rs in Cr)                 June ' 12            % of Sales     September ' 12                % of Sales               Growth(%)

Net sales                                      3597.93               100.00                 2887.95                      100.00               -19.73
Other Operating Income                            0.00                 0.00                    0.00                        0.00                  NA
Total Operating Income                         3597.93               100.00                 2887.95                      100.00               -19.73
Increase/Decrease of stock                        0.00                 0.00                    0.00                        0.00                  NA
Raw Materials Consumption                         0.00                 0.00                    0.00                        0.00                  NA
Other Purchases                                   0.00                 0.00                    0.00                        0.00                  NA
Power and Fuel                                    0.00                 0.00                    0.00                        0.00                  NA
Employees Cost                                  114.47                 3.18                  108.05                        3.74                -5.61
Total Operating Expenses                        114.47                 3.18                  108.05                        3.74                -5.61
Operating Profit                               3483.46                96.82                 2779.90                       96.26               -20.20
Other Income                                   1168.65                32.48                 1244.32                       43.09                 6.47
R&D Expenses                                      0.00                 0.00                    0.00                        0.00                  NA
Other Expenses                                  929.91                25.85                  746.69                       25.86               -19.70
Total Other Expenses                            929.91                25.85                  746.69                       25.86               -19.70
EBITDA                                         3722.20               103.45                 3277.53                      113.49               -11.95
Depreciation                                    141.14                 3.92                  141.85                        4.91                 0.50
Provision and contingencies                       0.00                 0.00                    0.00                        0.00                  NA
EBIT                                           3581.06                99.53                 3135.68                      108.58               -12.44
Interest                                       1659.19                46.12                 1698.82                       58.82                 2.39
EBT                                            1921.87                53.42                 1436.86                       49.75               -25.24
Tax                                             595.86                16.56                  432.77                       14.99               -27.37
PAT                                            1326.01                36.85                 1004.09                       34.77               -24.28
Exceptional Item                                  0.00                 0.00                    0.00                        0.00                  NA
Extra Ordinary Item                              -9.72                -0.27                   -9.72                       -0.34                 0.00
Prior Year Adjustment                             0.00                 0.00                   -0.19                       -0.01                  NA
Reported PAT                                   1316.29                36.58                  994.18                       34.43               -24.47
TTM SPS                                          21.19                                        17.01                                           -19.73
TTM EPS                                           7.75                                         5.85                                           -24.52

                      TTM EPS & SPS
                                                                                 Total     Operating    EBITDA    EBIT        EBT       PAT
                                                                               Operating    Profit
                                                                                Income




                                                                                                       (11.95)   (12.44)
             21.19
                                       17.01

                                                                               (19.73)     (20.20)
                         7.75
                                                  5.85
                                                                                                                                      (24.28)
                                                                                                                            (25.24)
                 June ' 12              September ' 12                                      TTM Growth (%)

© 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without
explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                           13
Company Analysis Report                           Write Us: info@moneygurukul.com
                                                                                                   website : www.mymoneygurukul.com
                                                         DLF Ltd


                                                     Technical Indicators
                  Price                         220.20                              AS On:               07/12/2012
                  EMA(13)                       210.67                              ADX                       12.00
                  EMA(26)                       210.21                              DX                        42.00
                  EMA(50)                       209.10                              +DI                       30.00
                  EMA(200)                      212.25                              -DI                       12.00
                  RSI(14)                        82.24                              %K(Fast)                  76.07
                  MACD                            0.46                              %K(Slow)                  92.02
                  William(%R)                   -23.93                              %d(Slow)                  97.34

                                                                  Price Chart
      300                                                                                                                     25000000

      250
                                                                                                                              20000000

      200
                                                                                                                              15000000
      150
                                                                                                                              10000000
      100

                                                                                                                              5000000
       50

        0                                                                                                                     0
            10-Jul                                               20-Sep                                               5-Dec

                                        #REF!            #REF!               EMA(200)          EMA(50)



        10.00
         5.00
         0.00
        -5.00


                                                                 MACD           Signal line




            100
             80
             60
             40
             20
              0


                                                                          RSI(14)




© 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without
explicitwritten permission. For more information write to us: info@mymoneygurukul.com.                                                   14

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Dlf Ltd

  • 1. Compnay Analysis Report DLF Ltd Prepared and Edited By- MY MONEY GURUKUL Disclaimer The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy, completeness or correctness.
  • 2. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Table of Contains About My Money Gurukul: mymoneygurukul.com provides Description Page information on personal finance matter, stock market, insurance,retirement, Forex and others finance related Summay subject . The blog also provide directory Latest Result 3 information on banks,mutual funds,Finance regulator and financial Valuation Matrix 3 markets in India. My Money Gurukul is ROE Analysis 3 not supported by any financial company and don’t have any commercial objective. More exclusive reports for members : Income Statement 4 I. Daily Market Snapshot II. Industry Analysis Report III. Daily technical analysis report Balance Sheet 5 IV. Weekly report on equity market Cash Flow Statement 6 Quarterly Result 7 Register with us : Click Here Growth Analysis 8 Comparative Analysis Income Statement 9 Write to us: Balance Sheet 9 info@mymoneygurukul.com abhijit@mymoneygurukul.com Index Analysis Visit our website : Income Statement 10 www.mymoneygurukul.com Balance Sheet 10 Ratio Analysis Find us at social media: Annual 11 Quarterly 12 TTM Analysis 13 Technical Analysis 14 © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 2
  • 3. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Latest Results Annual Quarterly TTM Results March ' 12 Growth September ' 12 Growth September ' 12 Growth EBDITA 3201.31 10.02 412.2 412.2 3277.53 -11.95 Reported Net Profit 1041.76 -17.94 -19.54 -19.54 994.18 -24.47 Adjusted PAT 1048.92 -2 -19.35 -19.35 1004.09 -24.28 Compney at a Glance Industry Construction & Contracting Share Holding General Others Public FII's Business Group DLF Group 2% 7% 16% MF BFI 0% 0% Face Vale 2.00 Current Price 220.20 Promoter Market Cap(Rs. In Cr) 37398.46 79% ROE Analysis Particulars March ' 08 March ' 09 March ' 09 March ' 11 March ' 12 Reported PAT / PBT 0.83 0.87 0.87 0.88 0.69 Adjusted PAT / PBT 0.83 0.86 0.86 0.79 0.70 PBT / PBIT 0.87 0.69 0.69 0.53 0.49 PBIT / Sales 0.65 0.93 0.93 0.94 0.88 Sales / Total Assets 0.23 0.11 0.11 0.08 0.10 Total Assets / Net Worth 2.08 2.03 2.03 2.55 2.49 Reported ROE 22% 12% 12% 9% 7% Adjusted ROE 22% 12% 12% 8% 8% 3.00 25% 30% ROE Factors ROE 20% Reported ROE 2.00 20% 15% Adjusted ROE 10% 1.00 10% 5% 0.00 0% 0% March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 Reported ROE Reported PAT / PBT PBT / PBIT PBIT / Sales Sales / Total Assets Total Assets / Net Worth © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 3
  • 4. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Income Statement Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 Operating Income 5496.96 2827.9 2827.9 2916.08 3491.32 Operating Expenses Material Consumed 6.06 0.00 0.00 0.00 0.00 Manufacturing Expenses 2141.29 778.34 778.34 848.68 932.88 Personnel Expenses 103.78 71.12 71.12 89.90 127.12 Selling Expenses 45.70 59.28 59.28 53.71 0.00 Adminstrative Expenses 128.16 156.39 156.39 143.99 321.35 Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 Total Operating Expenses 2424.99 1065.13 1065.13 1136.28 1381.35 Operating Profit 3071.97 1762.77 1762.77 1779.80 2109.97 Other Income 560.74 1006.72 1006.72 1130.06 1091.34 EBDITA 3632.71 2769.49 2769.49 2909.86 3201.31 Depreciation 25.68 114.08 114.08 129.77 139.84 Other Write offs 41.79 37.86 37.86 50.40 0.00 EBIT 3565.24 2617.55 2617.55 2729.69 3061.47 EBT 3117.59 1807.69 1807.69 1442.99 1507.69 Income Tax 543.52 261.00 261.00 309.05 458.77 Adjusted PAT 2574.07 1546.69 1546.69 1133.94 1048.92 Non Recurring Items 0.16 -2.15 -2.15 105.45 0.00 Other Non Cash adjustments 0.36 33.05 33.05 30.16 -7.16 Reported Net Profit 2574.59 1577.59 1577.59 1269.55 1041.76 Equity Dividend 681.93 339.44 339.44 339.51 339.68 Preference Dividend 0.00 0.00 0.00 0.00 0.00 Dividend Tax 115.89 28.91 28.91 0.00 55.10 Retained Earnings 1776.77 1209.24 1209.24 930.04 646.98 6000 40% Operating Income & Growth Expenses break up-% of sales Total Operating Expenses 30% 5000 20% 4000 10% Depreciation 23% 0% 30% 3000 -10% Other Write offs -20% 2000 -30% Interest 10% 1000 -40% -50% Income Tax 3% 0 -60% March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 34% Adjusted PAT Operating Income Growth © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 4
  • 5. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd 4000 Net Profit & Growth(%) Profit Levels 3000 80% 3500 2500 60% 3000 40% 2500 2000 20% 2000 1500 0% 1500 1000 -20% 1000 500 -40% 500 0 0 -60% March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 March ' March ' March ' March ' March ' Operating Profit EBDITA EBIT EBT Adjusted PAT 08 09 10 11 12 Reported Net Profit Growth Balance Sheet Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 09 March ' 11 March ' 12 SOURCES OF FUNDS Owner's Fund Equity Share Capital 340.96 339.44 339.44 339.51 339.68 Share Application Money 0.00 0.00 0.00 0.00 0.00 Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Reserves & Surplus 10928.19 12035.39 12035.39 13470.98 14156.88 Total Owners fund 11269.15 12374.83 12374.83 13810.49 14496.56 Loan Funds Secured Loans 4945.91 7979.97 7979.97 14700.70 11844.67 Unsecured Loans 3440.49 1635.00 1635.00 358.85 130.45 Total Loan fund 8386.40 9614.97 9614.97 15059.55 11975.12 Total 19655.55 21989.80 21989.80 28870.04 26471.68 USES OF FUNDS Fixed Assets Gross Block 1533.72 1968.40 1968.40 2143.37 2624.35 Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Less : Accumulated Depreciation 59.34 152.87 152.87 400.27 535.86 Net Block 1474.38 1815.53 1815.53 1743.10 2088.49 Capital Work-in-progress 1781.79 1657.73 1657.73 2199.25 2077.77 Investments 1839.83 2956.32 2956.32 7037.24 7046.65 Net Current Assets Current Assets, Loans & Advances 18345.94 18718.62 18718.62 24251.81 24855.10 Less : Current Liabilities & Provisions 3786.38 3158.40 3158.40 6361.36 9596.33 Total Net Current Assets 14559.56 15560.22 15560.22 17890.45 15258.77 Miscellaneous expenses not written 0.00 0.00 0.00 0.00 0.00 Total 19655.56 21989.80 21989.80 28870.04 26471.68 © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 5
  • 6. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Note : Balance Sheet Book Value of Unquoted Investments 1808.92 2956.32 2956.32 7037.24 7046.65 Market Value of Quoted Investments 30.92 0.00 0.00 0.00 0 Contingent liabilities 3047.92 4875.99 4875.99 10141.63 12719.78 Number of Equity shares outstanding (in Lacs) 17048.33 16972.09 16972.09 16975.72 16983.86 Capital Structure Application of Capital Net Block 2012 8% Capital Work- in-progress Total Net 26% 45% 2011 Current 48% Assets 52% 58% 55% Investments 8% Total Owners fund Total Loan fund Cash Flow Statement Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 Profit Before Tax 3117.92 1808.77 943.09 1555.21 1507.71 Net CashFlow-Operating Activity -1505.81 1365.86 395.24 1515.13 419.15 Net Cash Used In Investing Activity -6482.00 -1151.17 -2420.00 -1949.99 1158.71 NetCash Used in Fin. Activity 8945.90 -437.54 1434.95 419.00 -1354.43 Net Inc/Dec In Cash And Equivlnt 958.09 -222.85 -589.80 -15.86 223.44 Cash And Equivalnt Begin of Year 24.16 982.25 759.40 169.60 131.84 Cash And Equivalnt End Of Year 982.25 759.40 169.60 153.74 355.28 Net Cash Flow Increase & Decrease in Cash (Rs in Cr) -1000 -500 0 500 1000 1500 419 1,159 March ' 12 8,946 1,366 1,435 1,515 March ' 11 395 419 -1,506 March ' 10 -1,151 -1,950 -1,354 -6,482 -2,420 March ' 09 -438 March ' 08 Net CashFlow-Operating Activity Net Cash Used In Investing Activity NetCash Used in Fin. Activity Net Inc/Dec In Cash And Equivlnt © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 6
  • 7. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Quarterly Result : Income Statement Particulars (Rs. In Cr) September ' 11 December ' 11 December ' 11 June ' 12 September ' 12 Net sales 1066.05 753.54 753.54 792.35 356.07 Other Operating Income 0.00 0.00 0.00 0.00 0.00 Total Operating Income 1066.05 753.54 753.54 792.35 356.07 Increase/Decrease of stock 0.00 0.00 0.00 0.00 0.00 Raw Materials Consumption 0.00 0.00 0.00 0.00 0.00 Other Purchases 0.00 0.00 0.00 0.00 0.00 Power and Fuel 0.00 0.00 0.00 0.00 0.00 Employees Cost 32.39 28.12 28.12 21.47 25.97 Total Operating Expenses 32.39 28.12 28.12 21.47 25.97 Operating Profit 1033.66 725.42 725.42 770.88 330.10 Other Income 175.64 482.46 482.46 236.56 251.31 R&D Expenses 0.00 0.00 0.00 0.00 0.00 Other Expenses 352.43 261.51 261.51 -2.40 169.21 Total Other Expenses 352.43 261.51 261.51 -2.40 169.21 EBITDA 856.87 946.37 946.37 1009.84 412.20 Depreciation 35.07 35.36 35.36 35.42 35.78 Provision and contingencies 0.00 0.00 0.00 0.00 0.00 EBIT 821.80 911.01 911.01 974.42 376.42 Interest 378.98 427.76 427.76 435.29 418.61 EBT 442.82 483.25 483.25 539.13 -42.19 Tax 140.25 127.55 127.55 169.41 -22.84 PAT 302.57 355.70 355.70 369.72 -19.35 Quarterly Profit Levels 1,200 1,066 Quarterly Net sales 1,000 754 792 800 754 600 400 356 200 September ' December ' 11 March ' 12 June ' 12 September ' 11 12 0 September ' 11 ecember ' 11 D December ' 11 June ' 12 September ' 12 EBITDA EBIT EBT Reported PAT © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 7
  • 8. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Growth Analysis : Income Statement Particulars (%) March ' 09 March ' 10 March ' 11 March ' 12 Average Growth CAGR Operating Income -48.56 -18.42 -18.42 19.73 7.27 -8.68 Total Operating Expenses -56.08 18.49 18.49 21.57 3.73 -10.65 Operating Profit -42.62 -40.72 -40.72 18.55 16.11 -7.24 Other Income 79.53 -10.92 -10.92 -3.43 12.20 14.25 EBDITA -23.76 -29.89 -29.89 10.02 10.61 -2.50 Depreciation 344.24 10.49 10.49 7.76 40.51 40.35 EBIT -26.58 -32.22 -32.22 12.15 11.91 -3.00 Interest 80.91 4.62 4.62 20.76 32.88 28.26 EBT -42.02 -48.72 -48.72 4.48 4.55 -13.52 Adjusted PAT -39.91 -51.43 -51.43 -7.50 -2.00 -16.44 Reported Net Profit -38.72 -51.50 -51.50 -17.94 -1.57 -16.55 Equity Dividend -50.22 0.01 0.01 0.05 -5.00 -13.01 Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00 Dividend Tax -75.05 -60.64 -60.64 0.00 -49.63 -13.82 Retained Earnings -31.94 -65.75 -65.75 -30.44 8.84 -18.29 80.00 Growth Factors(%) 0 5 Years CAGR(%) 60.00 -5 40.00 20.00 -10 0.00 -20.00 -15 -40.00 -60.00 -20 Operating Total Operating EBT Retained -80.00 Income Operating Profit Earnings Total Operating Expenses EBDITA EBT Adjusted PAT Expenses © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 8
  • 9. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Comparative Analysis : Income Statement Particulars (%) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 Operating Income 100.00 100.00 100.00 100.00 100.00 Total Operating Expenses 44.12 37.67 37.67 38.97 39.57 Operating Profit 55.88 62.33 62.33 61.03 60.43 Other Income 10.20 35.60 35.60 38.75 31.26 EBDITA 66.09 97.93 97.93 99.79 91.69 Depreciation 0.47 4.03 4.03 4.45 4.01 Other Write offs 0.76 1.34 1.34 1.73 0.00 EBIT 64.86 92.56 92.56 93.61 87.69 Interest 8.14 28.64 28.64 44.12 44.50 EBT 56.71 63.92 63.92 49.48 43.18 Income Tax 9.89 9.23 9.23 10.60 13.14 Adjusted PAT 46.83 54.69 54.69 38.89 30.04 Reported Net Profit 46.84 55.79 55.79 43.54 29.84 Comparative Analysis : Balance Sheet Particulars (%) March ' 08 March ' 09 March ' 09 March ' 11 March ' 12 SOURCES OF FUNDS Equity Share Capital 1.73 1.54 1.33 1.18 1.28 Share Application Money 0.00 0.00 0.00 0.00 0.00 Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Reserves & Surplus 55.60 54.73 49.04 46.66 53.48 Total Owners fund 57.33 56.28 50.38 47.84 54.76 Secured Loans 25.16 36.29 45.51 50.92 44.74 Unsecured Loans 17.50 7.44 4.11 1.24 0.49 Total Loan fund 42.67 43.72 49.62 52.16 45.24 Total 100.00 100.00 100.00 100.00 100.00 USES OF FUNDS Fixed Assets Gross Block 7.80 8.95 7.86 7.42 9.91 Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Less : Accumulated Depreciation 0.30 0.70 1.08 1.39 2.02 Net Block 7.50 8.26 6.79 6.04 7.89 Capital Work-in-progress 9.07 7.54 6.75 7.62 7.85 Investments 9.36 13.44 25.75 24.38 26.62 Net Current Assets Current Assets, Loans & Advances 93.34 85.12 74.39 84.00 93.89 Less : Current Liabilities & Provisions 19.26 14.36 13.68 22.03 36.25 Total Net Current Assets 74.07 70.76 60.71 61.97 57.64 Miscellaneous expenses not written 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 100.00 100.00 100.00 © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 9
  • 10. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Index Analysis : Income Statement Particulars (%) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 Operating Income 100.00 51.44 41.97 53.05 63.51 Total Operating Expenses 100.00 43.92 52.05 46.86 56.96 Operating Profit 100.00 57.38 34.02 57.94 68.68 Other Income 100.00 179.53 159.92 201.53 194.62 EBDITA 100.00 76.24 53.45 80.10 88.12 Depreciation 100.00 444.24 490.85 505.33 544.55 Other Write offs 100.00 90.60 99.23 120.60 0.00 EBIT 100.00 73.42 49.76 76.56 85.87 Interest 100.00 180.91 189.26 287.43 347.10 EBT 100.00 57.98 29.73 46.29 48.36 Income Tax 100.00 48.02 32.33 56.86 84.41 Adjusted PAT 100.00 60.09 29.19 44.05 40.75 Reported Net Profit 100.00 61.28 29.72 49.31 40.46 Index Analysis : Balance Sheet Particulars (%) March ' 08 March ' 09 March ' 09 March ' 11 March ' 12 SOURCES OF FUNDS Equity Share Capital 100.00 99.55 99.57 99.57 99.62 Share Application Money 0.00 0.00 0.00 0.00 0.00 Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Reserves & Surplus 100.00 110.13 114.30 123.27 129.54 Total Owners fund 100.00 109.81 113.85 122.55 128.64 Secured Loans 100.00 161.34 234.34 297.23 239.48 Unsecured Loans 100.00 47.52 30.45 10.43 3.79 Total Loan fund 100.00 114.65 150.69 179.57 142.79 Total 100.00 111.88 129.57 146.88 134.68 USES OF FUNDS Fixed Assets Gross Block 100.00 128.34 130.59 139.75 171.11 Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Less : Accumulated Depreciation 100.00 257.62 461.48 674.54 903.03 Net Block 100.00 123.14 117.27 118.23 141.65 Capital Work-in-progress 100.00 93.04 96.45 123.43 116.61 Investments 100.00 160.68 356.49 382.49 383.01 Net Current Assets Current Assets, Loans & Advances 100.00 102.03 103.26 132.19 135.48 Less : Current Liabilities & Provisions 100.00 83.41 91.99 168.01 253.44 Total Net Current Assets 100.00 106.87 106.19 122.88 104.80 Miscellaneous expenses not written 0.00 0.00 0.00 0.00 0.00 Total 100.00 111.88 129.57 146.88 134.68 © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 10
  • 11. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Ratio Analysis : Yearly Particulars (%) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 PER SHARE RATIOS Adjusted E P S (Rs.) 15.1 9.11 4.43 6.68 6.18 Adjusted Cash EPS (Rs.) 15.49 10.01 5.41 7.74 7 Reported EPS (Rs.) 15.1 9.12 4.51 7.48 6.13 Reported Cash EPS (Rs.) 15.5 10.01 5.49 8.54 6.96 Operating Profit Per Share (Rs.) 18.02 10.39 6.16 10.48 12.42 Book Value(Excl Rev Res)Per Share(Rs) 66.1 72.91 75.59 81.35 85.35 Book Value (Incl Rev Res)Per Share(Rs) 66.1 72.91 75.59 81.35 85.35 Net Operating Income Per Share(Rs) 32.24 16.66 13.59 17.18 20.56 Free Reserves Per Share (Rs.) 63.84 69.75 70.78 71.9 0 PROFITABILITY RATIOS Operating Margin (%) 55.88 62.33 45.29 61.03 60.43 Gross Profit Margin (%) 55.41 58.3 39.82 56.58 56.42 Net Profit Margin (%) 42.49 40.36 23.87 31.37 22.73 Adjusted Cash Margin (%) 43.6 44.29 28.67 32.47 25.94 Adjusted Return On Net Worth (%) 22.84 12.49 5.85 8.21 7.23 Reported Return On Net Worth (%) 22.84 12.5 5.96 9.19 7.18 Return On long Term Funds (%) 22.4 13.36 7.01 9.54 12.71 LEVERAGE RATIOS Long Term Debt / Equity 0.41 0.58 0.97 1.07 0.66 Total Debt/Equity 0.74 0.77 0.98 1.09 0.82 Owners fund as % of total Source 57.33 56.27 50.37 47.83 54.76 Fixed Assets Turnover Ratio 3.6 1.46 1.17 1.38 0.12 LIQUIDITY RATIOS Current Ratio 4.85 5.93 5.44 3.81 2.59 Current Ratio (Inc. ST Loans) 2.34 2.96 5.03 3.51 1.74 Quick Ratio 3.28 3.83 3.56 2.49 1.74 Inventory Turnover Ratio 0 0 0.41 0.42 0.43 PAYOUT RATIOS Dividend payout Ratio (Net Profit) 30.99 23.79 45.86 26.74 37.89 Dividend payout Ratio (Cash Profit) 30.19 21.67 37.62 23.41 33.4 Earning Retention Ratio 69.01 76.19 53.3 70.06 62.37 Cash Earnings Retention Ratio 69.8 78.32 61.82 74.17 66.8 COVERAGE RATIOS Adjusted Cash Flow Time Total Debt 3.17 5.66 13.76 11.46 10.07 Financial Charges Coverage Ratio 8.12 3.42 2.29 2.26 2.06 Fin. Charges Cov.Ratio (Post Tax) 6.9 3.1 2.1 2.13 1.76 COMPONENT RATIOS Material Cost Component(% earnings) 0 0 0 0 0 Selling Cost Component 0.83 2.09 2.46 1.84 0 Long term assets / Total Assets 0.21 0.25 0.34 0.31 0.3 Bonus Component In Equity Capital(%) 78.51 78.87 78.86 78.85 78.81 © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 11
  • 12. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Per Share Ratio Profit Margin March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 Net Operating Income Per Share(Rs) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 Adjusted E P S (Rs.) Net Profit Margin (%) Operating Margin (%) Adjusted Cash EPS (Rs.) Dividend Per Share Adjusted Return On Net Worth (%) Return On long Term Funds (%) Book Value (Incl Rev Res)Per Share(Rs) Liquidity Ratio Quarterly Profit Margin March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 September ' 11 December ' 11 March ' 12 June ' 12 September ' 12 Current Ratio Quick Ratio Operating Profit Margin EBIT Margin PAT Margin EBITDA Margin Ratio Analysis : Quarterly Particulars (%) September ' 11 December ' 11 March ' 12 June ' 12 September ' 12 PER SHARE RATIOS Operating Income Per Share(Rs.) 6.28 4.44 5.81 4.67 2.10 Operating Profit Per Share(Rs.) 6.09 4.27 5.61 4.54 1.94 Adjusted EPS(Rs.) 1.78 2.09 1.75 2.18 -0.11 PROFITABILITY RATIOS Operating Profit Margin 96.96 96.27 96.70 97.29 92.71 EBITDA Margin 80.38 125.59 92.20 127.45 115.76 EBIT Margin 77.09 120.90 88.62 122.98 105.72 PAT Margin 28.38 47.20 29.50 46.34 -5.49 © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 12
  • 13. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd TTM Analysis Particulars (Rs in Cr) June ' 12 % of Sales September ' 12 % of Sales Growth(%) Net sales 3597.93 100.00 2887.95 100.00 -19.73 Other Operating Income 0.00 0.00 0.00 0.00 NA Total Operating Income 3597.93 100.00 2887.95 100.00 -19.73 Increase/Decrease of stock 0.00 0.00 0.00 0.00 NA Raw Materials Consumption 0.00 0.00 0.00 0.00 NA Other Purchases 0.00 0.00 0.00 0.00 NA Power and Fuel 0.00 0.00 0.00 0.00 NA Employees Cost 114.47 3.18 108.05 3.74 -5.61 Total Operating Expenses 114.47 3.18 108.05 3.74 -5.61 Operating Profit 3483.46 96.82 2779.90 96.26 -20.20 Other Income 1168.65 32.48 1244.32 43.09 6.47 R&D Expenses 0.00 0.00 0.00 0.00 NA Other Expenses 929.91 25.85 746.69 25.86 -19.70 Total Other Expenses 929.91 25.85 746.69 25.86 -19.70 EBITDA 3722.20 103.45 3277.53 113.49 -11.95 Depreciation 141.14 3.92 141.85 4.91 0.50 Provision and contingencies 0.00 0.00 0.00 0.00 NA EBIT 3581.06 99.53 3135.68 108.58 -12.44 Interest 1659.19 46.12 1698.82 58.82 2.39 EBT 1921.87 53.42 1436.86 49.75 -25.24 Tax 595.86 16.56 432.77 14.99 -27.37 PAT 1326.01 36.85 1004.09 34.77 -24.28 Exceptional Item 0.00 0.00 0.00 0.00 NA Extra Ordinary Item -9.72 -0.27 -9.72 -0.34 0.00 Prior Year Adjustment 0.00 0.00 -0.19 -0.01 NA Reported PAT 1316.29 36.58 994.18 34.43 -24.47 TTM SPS 21.19 17.01 -19.73 TTM EPS 7.75 5.85 -24.52 TTM EPS & SPS Total Operating EBITDA EBIT EBT PAT Operating Profit Income (11.95) (12.44) 21.19 17.01 (19.73) (20.20) 7.75 5.85 (24.28) (25.24) June ' 12 September ' 12 TTM Growth (%) © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 13
  • 14. Company Analysis Report Write Us: info@moneygurukul.com website : www.mymoneygurukul.com DLF Ltd Technical Indicators Price 220.20 AS On: 07/12/2012 EMA(13) 210.67 ADX 12.00 EMA(26) 210.21 DX 42.00 EMA(50) 209.10 +DI 30.00 EMA(200) 212.25 -DI 12.00 RSI(14) 82.24 %K(Fast) 76.07 MACD 0.46 %K(Slow) 92.02 William(%R) -23.93 %d(Slow) 97.34 Price Chart 300 25000000 250 20000000 200 15000000 150 10000000 100 5000000 50 0 0 10-Jul 20-Sep 5-Dec #REF! #REF! EMA(200) EMA(50) 10.00 5.00 0.00 -5.00 MACD Signal line 100 80 60 40 20 0 RSI(14) © 2012, mymoneygurukul.com All Rights Reserved. No part of this document can be copied, altered, reproduced or transmitted without explicitwritten permission. For more information write to us: info@mymoneygurukul.com. 14