9. Balance Sheet ------------------- in Rs. Cr. -------------------
DLF DB Realty HDIL Indiabulls Real
Mar '10 Mar '10 Mar '10 Mar '09
Sources Of Funds
Total Share Capital 339.48 243.26 358.84 189.04
Equity Share Capital 339.48 243.26 358.84 51.50
Share Application Money 0.00 0.00 78.00 232.20
Preference Share Capital 0.00 0.00 0.00 137.54
Reserves 12,490.53 2,853.75 6,680.90 3,505.84
Revaluation Reserves 0.00 0.00 0.00 0.00
Networth 12,830.01 3,097.01 7,117.74 3,927.08
Secured Loans 11,590.19 2.39 4,051.72 1.84
Unsecured Loans 1,047.67 316.69 0.00 1,367.35
Total Debt 12,637.86 319.08 4,051.72 1,369.19
Total Liabilities 25,467.87 3,416.09 11,169.46 5,296.27
DLF DB Realty HDIL Indiabulls Real
Mar '10 Mar '10 Mar '10 Mar '09
Application Of Funds
Gross Block 2,002.85 24.24 190.53 24.64
Less: Accum. Depreciation 273.84 8.42 9.83 5.35
Net Block 1,729.01 15.82 180.70 19.29
Capital Work in Progress 1,718.51 0.73 1,389.09 0.00
Investments 6,558.88 1,773.48 596.48 2,507.18
Inventories 6,533.69 97.37 8,033.66 0.00
Sundry Debtors 607.96 0.00 200.72 10.73
Cash and Bank Balance 171.43 43.18 297.33 9.28
Total Current Assets 7,313.08 140.55 8,531.71 20.01
Loans and Advances 11,609.93 1,571.84 1,211.52 2,775.15
Fixed Deposits 0.00 0.00 490.05 0.00
Total CA, Loans & Advances 18,923.01 1,712.39 10,233.28 2,795.16
Deffered Credit 0.00 0.00 0.00 0.00
Current Liabilities 2,025.90 84.76 808.41 18.79
Provisions 1,435.66 1.55 421.69 6.56
Total CL & Provisions 3,461.56 86.31 1,230.10 25.35
Net Current Assets 15,461.45 1,626.08 9,003.18 2,769.81
Miscellaneous Expenses 0.00 0.00 0.00 0.00
Total Assets 25,467.85 3,416.11 11,169.45 5,296.28
Contingent Liabilities 7,423.38 2,023.60 436.45 919.94
Book Value (Rs) 75.59 127.31 196.18 138.14
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10. Profit & Loss account ------------------- in Rs. Cr. -------------------
DLF DB Realty HDIL Indiabulls Real
Mar '10 Mar '10 Mar '10 Mar '09
Income
Sales Turnover 2,729.42 0.00 1,491.99 45.03
Excise Duty 0.00 0.00 0.00 0.00
Net Sales 2,729.42 0.00 1,491.99 45.03
Other Income 491.01 284.80 106.36 94.73
Stock Adjustments 0.00 32.82 1,591.97 0.00
Total Income 3,220.43 317.62 3,190.32 139.76
Expenditure
Raw Materials 0.00 0.00 0.00 0.00
Power & Fuel Cost 0.00 0.00 0.00 0.00
Employee Cost 130.57 2.47 45.15 18.96
Other Manufacturing Expenses 889.25 31.98 1,914.77 0.30
Selling and Admin Expenses 0.00 0.00 31.86 12.03
Miscellaneous Expenses 284.23 14.06 11.68 2.68
Preoperative Exp Capitalised 0.00 0.00 -69.07 0.00
Total Expenses 1,304.05 48.51 1,934.39 33.97
DLF DB Realty HDIL Indiabulls Real
Mar '10 Mar '10 Mar '10 Mar '09
Operating Profit 1,425.37 -15.69 1,149.57 11.06
PBDIT 1,916.38 269.11 1,255.93 105.79
Interest 847.24 35.65 515.55 79.83
PBDT 1,069.14 233.46 740.38 25.96
Depreciation 126.05 5.42 5.10 2.55
Other Written Off 0.00 0.00 0.00 0.00
Profit Before Tax 943.09 228.04 735.28 23.41
Extra-ordinary items -2.32 0.00 -5.64 0.00
PBT (Post Extra-ord Items) 940.77 228.04 729.64 23.41
Tax 175.71 0.65 132.99 6.85
Reported Net Profit 765.06 227.39 602.30 16.56
Total Value Addition 1,304.06 48.51 1,934.38 33.97
Preference Dividend 0.00 0.00 0.00 13.75
Equity Dividend 339.48 0.00 0.00 0.00
Corporate Dividend Tax 11.38 0.00 0.00 2.34
Per share data (annualised)
Shares in issue (lakhs) 16,973.91 2,432.59 3,588.43 2,575.21
Earning Per Share (Rs) 4.51 9.35 16.78 0.11
Equity Dividend (%) 100.00 0.00 0.00 0.00
Book Value (Rs) 75.59 127.31 196.18 138.14
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11. Disinvestment Plans of Non-core assets / businesses
Progress on divestment plan on track
Targeting potential divestment proceeds in excess of Rs 2500 Crores in 15-18 months
Rs. 294 Crs recovered during the quarter
DLF Retail Brands - Wholly owned subsidiary, having paid up equity capital of Rs. 8 Crs, engaged in the
business of retailing various life style / luxury brands. For FY10, the business had revenue’s of
approx.Rs 33 Crs, with losses of approx. Rs 25 Crs (cumulative
losses of approx. Rs.45 Crs)
Preferential allotment to a promoter company at par resulting in
• Infusion of Rs 92 crores by the promoter company to take 92% stake at par via new share allotment
• Dilution of DLF stake from 100% to 8% post promoter infusion
• Rationale - identified as non-core business, recovers shareholder loans
Aman Resorts
• Operating performance continues to improve as global economic environment stabilizes
• Explore possibilities for strategic partnerships to further strengthen the business model
64
14. Going Forward Further
strengthening of cash flows / profitability via -
Right pricing strategy
Budgetary controls
Value engineering
Timely execution / deliveries
Material Inflation could impact EBIDTA margins going forward
Continue to focus on the Balance Sheet through debt reduction and improving the quality of the debt
portfolio
Focus on execution and sale of stock in existing projects, with selective launches in ensuing quarters
Sale of commercial office towers to provide impetus to profitability
Focus on non-core asset divestment to continue, leading to rationalization of our core real estate portfolio
Given stable cash flows, Company is comfortable with a debt equity of 0.75x. On a longer term sustainable
basisthis ratio is expected to be lower for FY11 targeting between 0.4x -0.5x
Well positioned to capture increased momentum in leasing demand provided clarity on the Govt. policy front;
improve leasing seen in Q1
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16. Conclusion
• The net profit has decreased from 1547 crores to 766 crores in FY10 as compared to
FY09.
• The company uses generally accepted principles in India.
• The company has initiated strategic and comprehensive portfolio adjustments
concentrating both on real estate assets and non-real estate business,with a view to
exit non-core businesses.
• EBIDTA margins 51% versus 54%.
• The sales has decreased from 2827 crores to 2729 crores in FY10.
• Continue to focus on the Balance Sheet through debt reduction and improving the
quality of the debt portfolio
• Well positioned to capture increased momentum in leasing demand provided clarity
on govt. policy front , improved leasing seen.
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18. SUGGESTIONS
• DLF should exit from non core business and concentrate on real and non real
estate business.
• DLF should have parallel products in order to support economy during recession.
• DLF should expand their projects to other areas in India so as to compete with
upcoming players such as Ansals and Unitech.
• DLF should enforce expert policies so as to curb serious competition and maintain
its market standing.
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20. Limitations Of The Study
• Time constraint was one of the reason that hindered the study.
• As project is based only on secondary data many factors were excluded from the
study.
• Inadequate information on the topic also limits the study and analysis.
• Only a generalized view is given in the research so as to make simpler for common
man to understand.
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22. DEPARTMENT OF MANAGEMENT
MAHARAJA AGRASEN INSTITUTE OF MANAGEMENT STUDIES
Attendance Sheet
Name of the Student :
University Enrollment No. :
Name of the Supervisor from the Industry :
S.No. Date Time Progress
Report
Signature of
the student
Signature of
Supervisor
(Institute)
1
2
3
4
5
6
7
8
9
10
*Minimum (8out of 10) 80% attendance compulsory.
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