- The document provides a financial analysis of DLF Ltd for the years 2007-2011, including income statements, balance sheets, cash flow statements, ratio analysis, and valuation metrics.
- Key highlights are that EBDITA grew 49.86% in 2011 to Rs. 2909.86 crore, while reported net profit grew 65.94% to Rs. 1269.55 crore. Return on equity declined from 65% in 2007 to 9% in 2011.
- The balance sheet shows total assets grew to Rs. 28870.04 crore in 2011, funded primarily by secured loans of Rs. 14700.70 crore and owners' equity of Rs. 13810.49 crore
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COMPANY FINALYTICS
DLF Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
Tanay Roy, CFA
Peu Karak, MBA
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.
For more information about this sample and our other services, please write to tanay.roy2008@gmail.com
Monday, September 19, 2011
2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cashflow Statement 6
Quarterly Result 6
Growth Analysis 7
Comparative Analysis 8
Income Statement 8
Balance Sheet 8
Index Analysis 9
Income Statement 9
Balance Sheet 9
Ratio Analysis 10
Annual 10
Quarterly 11
TTM Analysis 11
Technical Analysis 12
CONTENT
About Tanay & Peu
Our passion lies in the field of financial research & Investment management and we intend to apply
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Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers &
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research all asset classes in a broad range of industries and geographies.
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Contact Us: tanay.roy2008@gmail.com
Page 2
3. Summary
At a Glance
Latest Results Industry Construction & Contracting
Yearly Quarterly TTM Business Group DLF Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 2
Latest Results
Number of Equity shares 16975.72
EBDITA 2909.86 49.86 454.84 (19.04) 2834.66 (4.63)
Reported Net
Profit 1269.55 65.94 92.64 (87.03) 1133.89 (9.02) Price 209.45
Adjusted PAT 1133.94 50.39 92.64 (86.60) NA NA
Market Cap(Rs. In Cr) 32033.72
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Other Public
FII 2% 4%
15%
Reported P/E 28.00 28.54
BFI
Price/Sales Per Share 12.19 12.19 0%
Price/ Book Value 2.57 NA MF
Dividend Yield 0.01 NA 0%
Earning Yield 0.04 0.04
Market Cap(Rs. In Cr) 32033.72 Promote
r
79%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 80%
Reported PAT / PBT 0.66 0.83 0.87 0.83 0.88 60%
Adjusted PAT / PBT 0.65 0.83 0.86 0.81 0.79 40%
PBT / PBIT 0.64 0.87 0.69 0.52 0.53 20%
PBIT / Sales 0.89 0.65 0.93 0.77 0.94 0%
Sales / Total Assets 0.10 0.23 0.11 0.08 0.08 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 17.16 2.08 2.03 2.26 2.55
Reported ROE 65% 22% 12% 6% 9% Reported ROE Adjusted ROE
Adjusted ROE 64% 22% 12% 6% 8%
ROE Factors
20.00 70%
18.00
60%
16.00
14.00 50%
12.00 40%
10.00
8.00 30%
6.00 20%
4.00
10%
2.00
0.00 0%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Reported ROE Reported PAT / PBT PBT / PBIT
PBIT / Sales Sales / Total Assets Total Assets / Net Worth
Page 3
4. Income Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 1101.66 5496.96 2827.90 2307.08 2916.08
Operating Expenses
Material Consumed 8.72 6.06 0.00 0.00 0.00
Manufacturing Expenses 237.75 2141.29 778.34 889.25 848.68
Personnel Expenses 44.82 103.78 71.12 90.50 89.90 Operating Income
Selling Expenses 63.42 45.70 59.28 56.92 53.71
6000.00
Adminstrative Expenses 88.51 128.16 156.39 225.45 143.99
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 5000.00
Total Operating Expenses 443.22 2424.99 1065.13 1262.12 1136.28
4000.00
Operating Profit 658.44 3071.97 1762.77 1044.96 1779.80
Other Income 327.67 560.74 1006.72 896.76 1130.06 3000.00
EBDITA 986.11 3632.71 2769.49 1941.72 2909.86
2000.00
Depreciation 9.44 25.68 114.08 126.05 129.77
Other Write offs 0.00 41.79 37.86 41.47 50.40
1000.00
EBIT 976.67 3565.24 2617.55 1774.20 2729.69
Interest 356.25 447.65 809.86 847.24 1286.70 0.00
EBT 620.42 3117.59 1807.69 926.96 1442.99 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 214.56 543.52 261.00 175.71 309.05
Adjusted PAT 405.86 2574.07 1546.69 751.25 1133.94 Net Sales Operating Profit EBDITA
Non Recurring Items (0.19) 0.16 (2.15) 11.80 105.45
Other Non Cash adjustments 1.24 0.36 33.05 2.01 30.16
Reported Net Profit 406.91 2574.59 1577.59 765.06 1269.55
Equity Dividend 340.97 681.93 339.44 339.48 339.51
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 57.95 115.89 28.91 11.38 0.00
Retained Earnings 7.99 1776.77 1209.24 414.20 930.04
Profit Levels Total Income Break‐up
4000.00
Total Operating Expenses Depreciation
3500.00 Other Write offs Interest
3000.00 Income Tax Adjusted PAT
2500.00
2000.00
1500.00 28% 28%
1000.00
500.00
3%
0.00 8% 1%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
32%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4
5. Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 305.88 340.96 339.44 339.48 339.51
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 346.92 10928.19 12035.39 12490.53 13470.98
Total Owners fund 652.80 11269.15 12374.83 12830.01 13810.49
Loan Funds
Secured Loans 6242.81 4945.91 7979.97 11590.19 14700.70
Unsecured Loans 526.48 3440.49 1635.00 1047.67 358.85
Total Loan fund 6769.29 8386.40 9614.97 12637.86 15059.55
Capital Structure
Total 7422.09 19655.55 21989.80 25467.87 28870.04
16000.00
USES OF FUNDS
Fixed Assets 14000.00
Gross Block 365.58 1533.72 1968.40 2002.85 2143.37
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 12000.00
Less : Accumulated
Depreciation 37.01 59.34 152.87 273.84 400.27 10000.00
Net Block 328.57 1474.38 1815.53 1729.01 1743.10
Capital Work‐in‐progress 665.03 1781.79 1657.73 1718.51 2199.25 8000.00
Investments 769.17 1839.83 2956.32 6558.88 7037.24
6000.00
Net Current Assets
Current Assets, Loans &
4000.00
Advances 9442.25 18345.94 18718.62 18944.48 24251.81
Less : Current Liabilities &
2000.00
Provisions 3782.93 3786.38 3158.40 3483.03 6361.36
Total Net Current Assets 5659.32 14559.56 15560.22 15461.45 17890.45
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 7422.09 19655.56 21989.80 25467.85 28870.04 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 758.98 1808.92 2956.32 6558.88 7037.24
Market Value of Quoted
Investments 10.19 30.92 0.00 0.00 0.00
Contingent liabilities 3818.81 3047.92 4875.99 7423.38 10141.63
Number of Equity shares
outstanding (in Lacs) 15294.21 17048.33 16972.09 16973.91 16975.72
Sources of Capital Application of capital
Net Block Capital Work‐
6% in‐progress
8%
Total Loan Total Owners
Total Net Investments
fund fund
Current Assets 24%
52% 48%
62%
Page 5
6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 620.33 3117.92 1808.77 943.09 1555.21
Net CashFlow‐Operating
Net Cash Flow
Activity (2626.83) (1505.81) 1365.86 395.24 1515.13
Net Cash Used In Investing
Activity (628.34) (6482.00) (1151.17) (2420.00) (1949.99) 419.00
NetCash Used in Fin. Activity
3233.37 8945.90 (437.54) 1434.95 419.00 3233.37 8945.90 1365.86 1434.95
1515.13
Net Inc/Dec In Cash And
395.24
Equivlnt (21.80) 958.09 (222.85) (589.80) (15.86) (1505.81)
Cash And Equivalnt Begin of
(2626.83) (1151.17)
Year 46.05 24.16 982.25 759.40 169.60 (6482.00) (2420.00) (1949.99)
Cash And Equivalnt End Of
Year (628.34) (437.54)
24.25 982.25 759.40 169.60 153.74
Net CashFlow‐Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
September '
Particulars (Rs. In Cr) June ' 10 10 December ' 10 March ' 11 June ' 11
Sales 651.89 542.06 875.17 846.96 685.74
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 651.89 542.06 875.17 846.96 685.74
Profit Levels
Other Income 162.63 234.50 163.92 681.63 159.26
Total Income 814.52 776.56 1,039.09 1,528.59 845.00
Stock Adjustment 0.00 0.00 0.00 0.00 0.00
Raw Material 0.00 0.00 0.00 0.00 0.00
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 36.22 46.91 30.64 24.97 0.00
Admin And Selling Expenses 0.00 0.00 0.00 0.00 0.00
Research And Devlopment Expe 0.00 0.00 0.00 0.00 0.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Other Expeses 185.75 191.64 348.33 321.93 390.16
Total Expenses 221.97 238.55 378.97 346.90 390.16
EBDITA 592.55 538.01 660.12 1,181.69 454.84
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 32.08 32.42 33.10 32.17 0.00
EBIT 560.47 505.59 627.02 1,149.52 454.84
Interest 308.71 337.66 323.23 317.10 329.88
EBT 251.76 167.93 303.79 832.42 124.96
Taxation 46.66 45.76 98.97 118.16 32.32
Net Profit / Loss 205.10 122.17 204.82 714.26 92.64
Extra Ordinary Item 0.00 0.52 0.00 22.68 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 0.00 0.02 0.00 0.00
EBT Net Profit / Loss
Page 6