Project Report FINAL DLF

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c , or c, is India's largest
real estate developer based in New Delhi,
India. The DLF Group was founded by
Chaudhury Raghuvendra Singh in 1946. DLF
developed some of the first residential colonies
in Delhi such as Krishna Nagar, South
Extension, Greater Kailash, Kailash Colony and
Hauz Khas. In 1957, with the passage of Delhi
Development Act, the government assumed
the control of real estate development
activities in Delhi and the role of private real
estate developers was restricted. As a result
DLF began acquiring land at relatively low cost
outside the area controlled by the Delhi
Development Authority, particularly in the
district of Gurgaon in the adjacent state of
Haryana. In the mid-1970s, the company
started developing its ambitious DLF City
project which helped transform Gurgaon from
a farming village to a commercial and real
estate hub. DLF has been instrumental in
putting Gurgaon on the urban landscape of
India. Its upcoming plans include hotels,
infrastructure and special economic zones-
related development projects.
The company is currently headed by Indian billionaire Kushal Pal

Singh, who inherited the company from Chaudhury. Kushal Pal Singh,
according to the Forbes listing of richest billionaires in 2008, now
stands as the 8th richest man in the world. The company's US$ 2
billion IPO in July, 2007 created India's biggest IPO in history. In July
2007, DLF announced its first quarter results ending 30th June 2007.
The company reported a turnover of Rs. 3,120.98 Crore and PAT at Rs.
1,515.48 Crore.
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Y DLF is India's largest real estate company
in terms of revenues, earnings, market
capitalisation and developable area. In
line with its current expansion plans, DLF
has over 751 million sq. ft. of
development across its businesses,
including developed, on-going and
planned projects. This land bank is spread
over 32 cities, mostly in metros and key
urban areas across India. Already a major
player in locations across the country,
DLF, with over six decades of experience,
is capitalising on emerging market
opportunities to deliver high-end facilities
and projects to its wide base of customers
by constantly upgrading its internal skills
and resource capabilities.
Y A roster of world-reputed businesses chooses DLF to jointly

venture with, to seek growth in
India. Among them, Laing
O'Rourke- famous UK based
construction company credited with
construction of Dubai International
Airport, London's Millenium Tower,
etc, will construct all DLF's
landmark projects. Together DLF-
Laing O' Rourke shall build the
expressways, ports and other
megastructures of India's new
economy. Nakheel of Dubai are
partnering with DLF for townships
of pathbreaking concepts in India.
WSP Group Plc is also partnering
DLF, providing Management and consultancy to the built and
natural environment. DLF has also tied up with Hilton Hotels to
jointly develop world class hotels in India. It is more than market
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dynamics however. DLF management constantly upgrades
professional resources to construct responsive strategies, to
adapt to local preferences; to deliver high quality, in all its
projects and services to a wide customer base.
Y All the intensified growth underlines DLF's commitment to

quality, trust and customer sensitivity and, delivering on its
promise with agility and financial prudence. This, in turn, has
earned DLF the coveted 'Superbrand' ranking for three years
consecutively, including the current year.

Y The Homes business unit involves a wide range of products
including condominiums, duplexes, row hoses and apartments of
varying sizes, with a focus on the higher end of the market. DLF
has 214 msf of developed area under homes and residential
plots. Currently, DLF has more than 477 msf of land resource
targeted towards residential business.

Y DLF's office segment is one of the group's most admired
verticals. Nearly 40 msf of ongoing projects forms a strong
portfolio for DLF offices, having reached a mature delivery
platform of 11-12 msf on an annual basis. Current land resource
owned by DLF for development of offices across the country is
164 msf approximately.

Y With a booming retail environment on the horizon, this is a
major thrust area for the Group and DLF is actively creating new
shopping and entertainment spaces all over the country. The
company has 12 mn sq. ft of retail projects under construction
and owns land resource of another 92 msf for development in
metros and other key urban destinations across the country.
These include categories of prime downtown shopping districts,
shopping centres and super luxury malls, amongst others.

Y With the growth of the Indian economy and the resulting
increase in corporate and consumer incomes, as well as foreign
investment, DLF sees significant opportunities for growth in its
three primary businesses. DLF's mission is to build a world-class
real estate development company with the highest standards of
professionalism, ethics and customer service and to thereby
contribute to and benefit from the growth of the Indian
economy.

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OBJECTIVE:
To contribute significantly to building the new India and become

the world·s most valuable real estate company. To build world
class real ²estate concepts across six business lines with the highest
standards of professionalism ,ethics ,quality and customer service

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Kushal Pal Singh or K.P. Singh was
born on August 15, 1931, at
Bulandshahar in Uttar Pradesh. Today
he presides over DLF Universal
Limited, India¶s largest real estate
developer.It
has an estimated land bank of 10,255
acres (42 km2) with about 3,000 acres
(12 km²) being in prime city locations
such as Delhi NCR, Chandigarh and
Kolkata
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Born on August 15, 1931, $ '# charted a distinguished
and inimitable career, reflected in the establishment of India¶s
largest real estate company. Today, under his leadership, c
has established an unrivalled position in real estate
industry with an enviable portfolio in terms of scale of delivery,
bandwidth of range of products and development potential. Mr. K.
P. Singh has conceived and pioneered initiatives, which are today,
recognised as benchmarks in the real estate sector. He has been
the visionary in steering DLF¶s growth as a multi-dimensional,
diversified, multi-billion dollar conglomerate. c has now become
the ¦

A
graduate in science, Mr. K.P. Singh pursued Aeronautical
Engineering in UK, being subsequently selected to the Indian Army
by BritishY Officers Services Selection Board, UK. He was
commissioned into the renowned cavalry regiment of µThe Deccan
Horse¶ of the Indian Army. In 1960, he joined American Universal
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Electric Company and soon after its merger with DLF Universal
Limited in 1979, he took over as the Managing Director of this new
company.
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VISION MISSION VALUES
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To contribute To build world-class Sustained efforts to

significantly real estate concepts enhance customer value
to building the new India across and quality
and become the world·s six business lines with Ethical and professional
most valuable real estate the highest standards of service
Company. professionalism, ethics, Compliance and respect
Quality and customer forall community,
service. environmental
and legal requirements.
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DLF has charted its next growth steps to All the intensified growth underlines DLF¶s
retain its commitment to quality, trust and customer
Leadership position in India. Already a sensitivity and, delivering on its promise
major player with agility
in locations across the country, including and financial prudence.
metro DLF¶s aspirations for India soars higher than
and key urban centers, DLF, with over six developing world class buildings and
decades infrastructure.
of experience, is focusing on strengthening The group recognises its inherent role as a
its catalyst
Lateral and vertical business drivers. These of change in the socio-economic
include transformation of
development of innovative business the country.
strategies, With the growth of the Indian economy and
strengthening its professional resources and the
driving resulting increase in corporate and
market penetration with an ear-to-the- consumer
ground incomes, as well as foreign investment, DLF
Approach that is adaptive to local market sees
needs. signifi cant opportunities for growth across
The group is capitalizing on emerging all its
market opportunities to deliver high-end business verticals. DLF¶s mission is to build
facilities and projects to its wide base of a worldclass
customers byconstantly upgrading its real estate development company with the
internal skills and resource highest standards of professionalism, ethics
Capabilities. and
In line with its current expansion plans, DLF customer service and to thereby contribute
has over 751 million sq. ft. of planned to and
projects under way, across all its business benefi t from the growth of the Indian
verticals. This land bank is spread over 32 economy.
cities, mostly in metros and key
This is DLF, Building India.
urban areas across India.
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DLF has entered into a 50:50 JV with X. The JV will provide
engineering and design services, environmental and infrastructure
facilities as well as project management services.
WSP operates as a specialist in the property, environmental,

transportation and infrastructure sectors providing a full range of
services from planning through to design, implementation and
maintenance. WSP's expertise is seen at work in the Freedom Tower
at Ground Zero, New York; the Mall of Emirates, Dubai; apart from
major developments at Heathrow and Stansted Airports in London.
WSP will engage specialist staff and expertise from global
operations to work with DLF professionals.
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In February 2006, DLF entered into a joint venture with UK's
leading construction company, ' A%( . The joint
venture company will improve the quality of construction in all the
developments and help in setting new benchmarks in the real estate
sector. The JV Company is currently executing prestigious projects
like- The Magnolias, The Mall of India, IT Parks and many of DLF's
retail destinations. DLF-LOR will construct the Group's infrastructure
projects, including roads, bridges, tunnels, pipelines, harbors,
runways and power plants, through this JV.
Laing O'Rourke operates worldwide, in Asia, Europe, the Far East

and Australia and employs more than 23,000 people. Their best
know projects include Terminal 5 at London Heathrow airport , a
terminal at the Dubai international airport, the Millennium Dome in
the UK and a Convention Centre in Hong Kong
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DLF has chosen Germany's c 4 (Frankfurt Airport Services
Worldwide), the owner and manager of Frankfurt Airport, as its
partner for fresh forays into airport modernisation. A special
purpose vehicle, DLF Fraport SPV, has been set up specializing in
development and management of airports in India. DLF and Fraport
will hold at least 26 per cent each in the special purpose vehicle.The
companies signed a memorandum of cooperation in April 2007 to
explore airport projects.
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DLF has signed an MoU with property developer (# of
the United Arab Emirates to build large townships in India, through
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a 50:50 joint venture company. Two projects in Gurgaon and South
Maharashtra/Goa, have already been identified for the
development. Properties developed by Nakheel include The Palm
Islands, The World Islands, Jumeirah Lake Towers, Discovery
Gardens, Lost City and the Ibn Battuta Mall.
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DLF's hospitality arm, DLF Hotels, has signed an LoI with c%
&& Hotels and Resorts to operate a proposed luxury hotel at
DLF Golf Links in DLF City, Gurgaon in Delhi's southern borders. In
November 2006, DLF Hotels announced its first joint venture with
The & to acquire and develop 50 to 75 hotels and
serviced apartments throughout India.
The joint venture hotels will represent several brands from Hilton
Hotels Corporation's brand portfolio, including Hilton Hotels, Hilton
Garden Inn, Homewood Suites by Hilton and Hilton Residences. The
JV Company will develop and build these properties, while Hilton will
manage them.
DLF will hold 74 per cent in the joint venture company, and Hilton
will hold the remaining stake as its commitment to the venture.
Over the next 5 to 7 years, Hilton has committed to invest up to $
143 million.
The initial stage of the joint venture will involve 20 hotels in a

number of key locations including, Chennai, Kochi, Bhubaneshwar,
Hyderabad, Kolkata and Delhi. Some of these hotels are planned to
be Hilton Garden Inns and Hilton Hotels. Beyond the initial 20, the
JV continues to identify and acquire sites and undertake new hotel
developments.

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DLF has partnered with m to outsource all its IT requirements to
the global IT infrastructure giant. Under this partnership IBM will be
responsible for the helpdesk services for all the DLF employees
across India towards the IT infrastructure requirements. The
partnership will support the current IT requirements as well as
identify and deploy new solutions for DLF and Indian real estate
industry.
At DLF joint ventures and strategic alliances are another facet of the
Group's determined growth with some of the best names globally.
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DLF and % c 0c 1 of US, have signed a
joint venture to provide a broad array of mutual fund and
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investment products, including domestic and eventually
international mutual funds to Indian retail and institutional clients.
The JV has been formulated on a 61:39 shareholding pattern
between PFI and DLF. This agreement allows PFI to expand its
international investments business and marks its official entry into
the Indian mutual fund market.
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We dream, We dare
We grow, We share
We build, We care
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While DLF continues to create world-class infrastructure throughout India, it has
not lost sight of its responsibilities as a change agent for accelerating the pace of
social and economic transformation across various segments to complement the
efforts of the government.
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In fact DLF's first social responsibility interventions date back to the time that DLF
was setting up the DLF township in Gurgaon when instead of turning a blind eye
to the local problems, DLF decided to undertake internal development work in the
villages of Nathupur, Chakarpur and Wazirabad by contributing through
construction of internal village roads, additional rooms in the schools and internal
village electrification. At around the same time, DLF initiated its first education
initiative by setting up the Swapana Sarthak informal school for children of the
construction workers. This school manned by trained volunteers conducts classes
for children who are ill equipped to join regular school or those who cannot afford
to do so. All children enrolled are provided with free uniforms, mid day meals and
learning material. Starting from merely 10 students, the school today has on roll
220 students. Initially getting the children out of their homes and instilling a
sense of personal hygiene and cleanliness was a challenge and the volunteers had
to really work on them to ensure the present state.
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Taking the education initiative ahead, DLF partnered withPratham in May 2007
and set up DLF Learning Excellence Centres in 25 villages by involving the
government schools, community teachers and introducing innovative teaching
learning material. The main hurdles faced during the project were lack of
adequate means of public transport and resistance from the local community to
involve the women. However, these were overcome through a sustained
education and awareness campaign conducted across the entire village
community and by taking the village Panchayats intoconfidence. This is an
ongoing project likely to benefit 1100 students over a period of one year.
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While all the big developers focus only on providing world-class facilities to their
buyers DLF carried its social responsibility initiatives to the construction work
sites in Gurgaon once it started construction of the DLF Township. At DLF it was
felt that even though there had been tremendous improvement in construction
technology and quality it was distressing to note that the people whoactually
make all the glitzy buildings were a neglected lot and often required to do so in
inhuman conditions. The sight of construction workers and their children living in
jhuggies without even the basic facilities at most of the construction sites is not
uncommon. At DLF it was their constant endeavor to improve the living conditions
of their construction workers by providing them all the basic necessities at the
site itself by efficient and effective space management. DLF seized the initiative in
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this respect and became a pioneer in providing all necessary facilities to its
construction workers on site when it tied up with Laing O Rourke for construction
projects. It was decided that before commencement of the construction a suitable
location be identified on site for construction of hutments to house the workforce
for the entire duration of the project. Instead of constructing makeshift or
temporary accommodation DLF sanctioned hefty budgets to build a mix of
cemented hutments and dormitories for the workers. The entire labour hutment
area was paved to ensure easy access even during the monsoons and the work of
sanitation and housekeeping was outsourced to a third party namely M/s Lion
Services. All the residential accommodation at the DLF labour hutmentsite is
provided with electricity, water, fans, beds and linen and separate areas have
been provided for toilets and washing. In order to take care of the children of the
workers mobile crèches have been made available on site through a strategic tie
up with an NGO named Mobile Creches. A subsidized canteen manned by a third
party has also been made available on site to ensure hygienic and good quality
food on site. Medical help is available on site along with a 24-hour ambulance to
take care of emergencies. In order to improve the skills of the workers as well as
train potential workers on site a non-profit residential "Apprentice Training
Centre" for imparting skills in carpentry and masonry was started.
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In March 2007, DLF decided to focus on another hitherto neglected but vital area
± rural healthcare. It was decided to set up Rural Primary Health Centres in
villages to provide free medical consultancy, health checkups and subsidized
medicines to the villagers. The first Primary Health Centre was set up at Village
Shikohpur in August 2007 in association with an NGO Deepalaya. It is proposed
to set up six such centres in the present financial year.
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While at one level DLF focused at initiatives for infrastructure augmentation,
education and health at the same time it was felt that as a infrastructure creator
DLF must also provide a forum for rural craftsmen to display their wares by
bringing them closer to the urban consumers thereby increase their avenues of
income. As part of this initiative in the retail malls set up in Gurgaon, wherein DLF
was the pioneer in providing international standard shopping experience, DLF
awarded free space to a few NGO's like Khushboo Welfare Society, India Vision
Foundation and the Rashtriya Blind School and others to enable them to exhibit
their products for awareness and to create awareness for the cause they espouse.
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As part of its strategy to train and empower people with permanent skillsthereby
enabling them to earn their livelihood for times to come DLF has set up job linked
vocational training centres in Hospitality, Customer Relations and Salels and IT
enabled services. These training centres have been equipped with all necessary
training infrastructures from computer labs to headphones and LCD projectors.
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DLF Commercial Developers Ltd. has contributed Rs.20 lacs towards the
development of Arya Samaj Mandir in DLF City, Phase-II. This will not only help in
over all development of the Mandir primises but also help the community at large
wherein devotees can come and seek spiritual solace.
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Haryana Urban Development Authority (HUDA) has consistently over the last
seven years awarded DLF with "Excellence in Horticulture Preservation". A total of
47 awards have been received under various categories.
DLF has installed one of its kind gas-based power generation system at the
Infinity Tower. Co-generation is also a part of this installation as we are utilising
the waste heat for air-conditioning and are in effect saving about 25 per cent of
power.
This year (July-August, 2007) DLF initiated an plantation drive in 21 villages of

Haryana by involving the Government school children and the o l cal Panchayats
with support from the Forest Department .
DLF is in the process of switching its street lighting system to 36 watts CFL with
electronic choke thereby saving 15-20 watts per street light.
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a.Y Designing, developing and executing standard uniform facilities and

guidelines at all construction sites
b.Y Identification of credible NGOs to run the various CSR programs.
c.Y Securing active partnerships with the Panchayats in the Rural CSR
initiatives account of strong internal politics and affiliations.
d.Y Securing participation of the entire community on account of Inter caste
politics operating in the villages
e.Y Securing participation of girl child in the education programs on account of
lack of awareness and indifference to education of the girl child
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Before undertaking any CSR initiative in a region, the concerned employees in
that region are contacted to understand the need of the area and CSR
programmes are developed keepingin mind the identified need. Employees are
further involved in monitoring of programmes to ensure effective delivery.
In the present financial year DLF is initiating a donation programme wherein the
employees will contribute and donate old clothes and other household articles for
the construction workers and their families employed at DLF construction sites.
Blood Donation camps are also being organised for blood donation by the
employees in association with Lions Blood Bank.
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year 2010 it is 340.96crore & it is 3.5 crores in 2006
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01% & c%)The common size statement shows that the
shareholder¶s fund of the company in year 2005-06 was
44.56% & in year 2006-07 it was also increased up to 37.4%
but in year 2007-08 was decreased up to 16.60% & in the
year 2008-09it increase to 4.67% & in the year 2009-10 it
was highest increase i.e. by 55.6% the borrowed fund of the
company goes on increasing in this year. It indicates that the
company is less dependent on borrowed funds than
shareholder¶s fund.
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of the company in years 2005-06, 2006-07, 2007-08, 2008-09 it
were 7.5%,4.427%,2.1775%, 7.08% & 4.74% respectively.
It is happening due to sales has decreasing trend in this year.
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2.Y .&&) The investments of the company in year 2005-06

was 17.41% but it was decreased by 17.09% in year 2006-07
but it has increased by 38.19% in year 2004-05. In the year
2009-10 it was highest increase of investment i.e. by 9.97%. But
in the year 2008-09 it was decrease to 4.93%. It indicates that
investments are stated at cost. If investment is more then
company get more return.
3.Y % 2& / % &&&)the current liabilities of
the company go on increasing every year. It means that there
was decrease in working capital that affect the liquidity position
of the company. The current assets has also increased every
year that is 54.99%, 57.09%, 63.73% for the year 2005-06,
2006-07, 2007-08 accordingly.
Y Y
c c c
Y
The analysis of various figures shows that the company has
satisfactory long term & short-term financial position. It shows
financial position of company is sound.

E c
/

% A69 A6: A6; A68 A6
&

66F 66F 6666F 66F 66F
Total Expenses 87.83F 71.95F 56.41 F 30.59F 39.97F
' -;=F 89"F "9;=F =9-9F <6:9F
PBT (Post Extra-ord

Items) 7.8F 20.37F 30.55F 43.75F 51.53F
Tax 2.89F 6.13F 34.52 15.11F 8.98F

:9F ="="F 88F ";<:F ="<=F

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that the main source of income for the company is sales. In
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2.Y
7%) The total expenditure of the company
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has been increased due to increase in the total amount of
sales. Financial expense is also decreased it is favorable sign
for the company. so company is maintaining lo expense
policy.
% A69 A6: A6; A68 A6
Total Expenses 87.83783784 71.95237394 56.40693399 30.58954394 39.9691001

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2007, 2008 2009 &2010it is 7.80,20.37,30.55, 43.75 &
51.52 respectively.company have very high amount of profit
ith increasing rate.
% A69 A6: A6; A68 A6
PBT (Post Extra-ord
Items) 7.801532876 20.37991459 30.55331816 43.75255206 51.52500083
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the company for the year 2006 is 7.16% & than it has been
Y Y
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increased to 14.24% in 2007 and than it has been reduced to
28.56%in the year 2009 & 42.53 in year 2010.

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Financial statements present comparative uniformities for the
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amount changes & percentage changes from the previous year to
the current year.
Relative = Current year amount ± previous year amount

Absolute (%) = ((Current year ± Previous Year) \ Previous Year) x
100

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The relationship of one item to another expressed in a simple

mathematical form is known as the ³RATIO´. A ratio is a quotient to
two numbers. It must be interpreted against some standard. In
assessing the financial stability of a firm, a management should,
part form profitability, be interested in relative figures. A ratio is of
major importance for financial analysis; it engages qualitative
measurement & shows precisely how adequate is one key item in
relation to another. To evaluate the financial condition & the
purpose of the firm the financial analyst needs certain yardsticks.
The yardsticks frequently used in ratio or an index relating two
pieces of financial data to each other¶s.
>

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1.Y Probability.
2.Y Liquidity.
3.Y Efficiency.
4.Y Inter ± Firm Comparison.
5.Y Indicates Trend.
6.Y Useful of Budgetary Controls.
7.Y Useful for Decision Making.
This ratio analysis contains five types of ratio as below:
1.Y Profitability Ratios.

2.Y Liquidity Ratios.
3.Y Assets Turnover Ratios.
4.Y Finance Structure Ratios.
5.Y Valuation Ratios.

Y Y
c c c
Y
92&)
Profitability ratio measures the degree of operating success of a
company in an accounting period. Two types of profitability ratios
are there.
1.Y Profit Margin Ratios.

2.Y Rate of Return Ratios.
A profit margin ratio shows the relationship between profit & sales.
Three popular profits margin ratios are:
MY Gross Profit Margin Ratios.

MY Net Profit Margin Ratios.
MY Operating Profit Ratios.

MY 4&&')

It shows the margin left after meeting manufacturing costs. It
measures the efficiency of production as well as pricing.
Gross Profit Margin Ratio = Gross Profit/ Sales X 100
% "66<* "669* "66:* "66;* "668*

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Y The table shows that gross profit has been increased

continuously increased over the years.
Y The reason for increase in the gross profit is due to increase in
sale.
Y Sale has been continuously increased over the years
Although the gross profit has been increased over the years it has
been found that gross profit ratio has been increased continuously.
In the year2005-06 the gross profit ratio is 12.16 %& with in a five
year gap increase to 55.88% so company have to maintain the
same situation in future
MY '&)

It is most significant of all revenue ratios as it indicates the ultimate
profitability of the firm. This ratio is useful to the shareholders for
knowing the EPS and to investors in judging the prospects of return
on their investments higher ratio indicated higher profitability.
Net Profit Margin Ratio = Net Profit / Sales x 100.
Y Y
c c c
Y

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Y In above showing continues increase in gross profit.

So we can say that company is smoothly & gradually growing &
strong back up..
Y in 2005-06 company¶s net profit is almost 7.16% but then
company double profit in only one year is 16.42% and than it
will be at 46.83% almost half of the sale. so company is
gaining very high margin.

Y
Y
c c c
Y
')

This ratio indicate the portion that the cost of sales bears to sales
cost of sales includes direct cost of good sold as well as operating
expenses, administrative, selling & distribution expenses which,
have matching relationship with sales. It is calculated as:
Operating Profit ratio = Operating Profit / Sales X 100.
'
Particular 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
Operating Profit. 60.30 67.12 306.60 658.44 3072.05
Sales. 495.8 412.23 953.46 1,101.66 5,496.96
Operating Profit Ratio. 12.16 16.28 32.16 59.77 55.89
Y

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In operating profit ratio is very higher. In 2005-06 the operating

profit is 12.16 is continuously increase in 2006-07 is16.28,2007-08
is 32.16 & in 2008-09 it is 59.77.
But in 2009-10 the operating profit is decreasing to 55.89 so
company ill maintain or increase it continuously.
Rate of return ratios reflects the relationship between Profit &

Investments. Important rate of return ratios measures are:
MY Return on assets or Return on investments.
Y Y
c c c
Y
MY Return on equity.
MY Earning power.
MY %&&&%.&&)

This is measure of profitability from a given level of investments. It
is an excellent indicator of overall performance of a company. It is
also called return on capital employed or return on investment. It
measures how efficiently the capital is employed.
Return on Assets = Net Profit / Average Total Assets X 100
% "66<* "669* "66:* "66;* "668*

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Y The ROA goes increasingevery year i.e. 6.07% to 17.60%.
Y This is showing the efficiency in the use of capital. The
company can earn more profit by optimizing the use of assets.
Y The ROA has increased every year because of increase in
profit every year.
Y The ratio in year 2006 ± 2007 is more than the year 2007 ±
2008 because there is reduction in average total assets
Y
Y
c c c
Y
Y
Y
% C%)Y

It measures the profitability of equity funds invested in firm.
Return on Equity = Profit after Tax / Average Shareholder¶s Equity x

100
% C%)
Particular 2005-2006 2006-2007 2007-2008 2008- 2009-
2009 2010
PAT or Equity Earning. 1202.12 1935.80 2714.10 3273.20 4412.86
P Y Shareholder¶s Equity. 2.89 3.50 3.51 37.77 305.88
CY Shareholder¶s Equity. 3.50 3.51 37.77 305.88 340.96
Average Shareholder¶s Equity. 3.20 3.51 20.64 171.83 323.42
Return on Equity Ratio. 37625.04% 55229.67% 13149.71% 1904.96% 1364.44%
¬YY¬ Y Y
;((((((CY <<'':;=CY
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"$YY?$%Y$Y

Y Return on Equity is continuously decreasing i.e. from
37625.04% in the year 2005-06 to 1364.44% in 2009-10 that
mean the equity funds invested in the company/ firm is good
which shows that the profitability of the business is increasing
year by year.
Y
Y
c c c
Y
MY '5)

The earning power is a measure of business performance, which is

not affected by Interest & Tax. It is measure of operating
profitability.
Earning Power = Earning before Profit & Tax / Average Total Assets
x 100.
'5)
Particular 2005- 2006-2007 2007-2008 2008-2009 2009-2010
2006
Profit Before Tax. 48.1 96.86 347.87 620.23 3,117.83
P Y Total Assets 21140.87 18455.07 17309.91 22191.19 22840.70
CY Total Assets 18455.07 17309.91 22191.19 22840.70 27318.95
Average Total Assets. 19797.97 17882.49 19750.55 22515.95 25079.83
Earning Power Ratio. 0.24% 0.54% 1.76% 2.75% 12.43%
4X

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Y
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Y The Earning Power of the company has been increased to
12.43% in year 2009±2010 from 0.24% in year 2005 ± 2006.
Y This is because the increase in earning before interest & tax
(EBIT) is more than increase in average total assets.
Y In 2005 ± 2006 the EBIT is increased by 2.75% while PAT is
increased by 12.43% because interest & tax is less.
Y In year 2006 ± 2007 EBIT increased by 20.97% while PAT is
increased by 10.20% because interest & tax is only by 13%.
Y In year 2007 ± 2008 EBIT increased by 20.09% while PAT is
increased by 20.60% because interest & tax is less compares
to last year.
Y
9"C%&)
Y
Y
c c c
Y

Liquidity is the ability of a company to meet its short-term

obligations when fall due. A company should have enough cash %
other current assets, which can be converted in to cash so that it
can pay its suppliers & lenders on time.
In evaluating Ashok Leyland Ltd¶s liquidity five ratios are presented.
MY Current Ratio.
MY uick Ratio or Acid-test Ratio.
MY Net Working Capital.
MY Cash Generated Per Rupee of Sales.
MY Bank Finance Gap Ratio.

MY %)
Current ratio indicates the firm¶s ability to pay its current liabilities,
i.e. day-to-day financial obligations. It shows the strength of credit,
strength of working capital & capacity to carry on effective
operations. Higher ratio i.e. more than 2:1 indicates sound solvency
position.
Current Ratio = Current Assets/ Current Liabilities.
X#+
Current Assets = Inventories + Debtors + Cash & Bank Balance +
Loan & Advances.
Current Liabilities = Liabilities + Provision
%
Particular 2004 ± 2005 - 2006 - 2007 - 2008 -
2005 2006 2007 2008 2009
Current Assets. &8(';Y &(&8Y &;;:&Y ;''8:8Y &&':99:Y
Current Liabilities. &&<<9Y &=<8Y &<98:Y =<:(8Y =<'Y
Current Ratio. 1.21 0.76 1.01 1.66 3.01
Y
Y
c c c
Y
>

Y

Y
-<6Y
-66Y
"<6Y
"66Y -6Y
<6Y
66Y
6<6Y "Y 6:9Y 99Y
6Y
666Y
"66=*"66<Y "66<*"669Y "669*"66:Y "66:*"66;Y "66;*"668Y
Y
%Y
Y Composition of current ratio is very important at the time of

interpretation. Current ratio indicates the sound short term
finance from the creditor¶s point of view. But on the other
hand the higher ratio indicates blocking of funds in current
assets. As a conventional rule, current ratio of 2:1 or more is
considered satisfactory. To through more light on the quality
of current assets the percentage of the current assets is to be
calculated.
Y However, an arbitrary standard of 2:1 should not be blindly
followed. Firm¶s wit less then 2:1 current ratios may be doing
well, while firms with 2:1 or even higher may be finding great
difficulties in paying their bills. This is because the current
ratio is a test of quantity not quality.
Y Current Ratio is 2.26 in 2006 ± 2007 & decreased up to 1.54
in 2008 ± 2009 because current liabilities increased rapid than
the increase in current assets.
Y In the Current ratio it has been found decreasing than the
base year, so it is not a favorable sign for the company, it
should take certain measure to increased.

MY D% (
&)
Y
Y
c c c
Y

The uick Ratio is a more absolute test of a firm¶s ability to meet its
immediate liabilities. It base on those current assets, which are
highly liquid inventories, is excluded from the numerators of this
ratio because inventories are deemed to be the least liquid
component of current assets.
uick Ratio = uick Assets / Liquid Liability.
D% (&&& Y Y Y Y Y
% "66<* "669* "66:* "66;* "668*
"669 "66: "66; "668 "66
%&&& #Y #Y Y ##Y Y
.& Y #Y # Y # Y Y
D% (&&& "69;- "8<<" ;8=:8 8=-;: <-:6:9
%2& Y #Y #Y #Y Y
D% (&&& 6; 6"" 699 6<" =-
D> $

Y

Y
96Y =-Y
=6Y
"6Y
66Y
6;6Y 699Y
696Y 6<"Y
6=6Y 6""Y
6;Y
6"6Y
666Y
"66<*"669Y "669*"66:Y "66:*"66;Y "66;*"668 "668*"66Y
Y
D% (&&&Y
Y
Y
Y Generally a quick ratio of 1:1 is considered to represent a
satisfactory current financial condition. A quick ratio of 1:1 or
more does not necessarily imply sound liquidity position.
Y A company with a high value of quick ratio can flounder if it
has slow-paying, doubtful and stretched out-in-age
receivables. On the other hand, a company with a low value
of quick ratio may be prospering and paying its current
obligation in time, if it has been managing its inventories very
efficiently wit a continuous stability.
Y It has same effect as Current Ratio.
Y
Y
c c c
Y
In year 2005±2006 the ratio was 0.18, which was highest & also
satisfactory level. But then in year 2009±2010, it was increased to
1.43 Because of rapid increase in liquid assets.Y
Y
Y
Y
Y
MY X(')

This ratio represents that part of the long-term fund represented by
the net worth & long-term dept, which are permanently blocked in
current assets. Certain minimum level of safety stock, permanent
customers unpaid bills, compensatory minimum bank balance &
minimum cash balance are the example of permanent working
capital.
Net Working Capital = Total Current Assets ± Total Current

Liabilities
X('
Particular 2005- 2006- 2007- 2008- 2009-
2006 2007 2008 2009 2010
Current Assets. &8(';Y &(&8Y &;;:&Y ;''8:8Y &&':99:Y
Current Liabilities. &&<<9Y &=<8Y &<98:Y =<:(8Y =<'Y
Net Working Capital 247.22 -323.54 8.42 2465.9 7545.69
Y
Y
Y
Y

X$ 4
Y
:<=<98Y
;666Y
9666Y
=666Y
"=9<8Y
"666Y
"=:""Y ;="Y
"669*"66:Y
6Y
"66<*"669Y *-"-<=Y "66:*"66;Y "66;*"668Y "668*"66Y
*"666Y
Y
X(' Y
Y
Y
Y
Y
Y
c c c
Y
Y Net working capital has been found very fluctuating every

year.
Y Net Working Capital in this year (2009 ± 2010) is very useful
for other purpose because it is highest i.e.7545.69.
Y
Y
MY &#4%&)

This ratio shows that percentage (or Paisa per rupees) of sales
which is available in cash form
Cash Generated Per Rupee of Sales =

PAT + Depreciation + Non Cash Exp. / Sales X 100
&# 4

%&
Particular 2005- 2006-2007 2007-2008 2008- 2009-
2006 2009 2010
PAT 1202.12 1935.80 2714.10 3273.20 4412.86
Depreciation 1029.69 964.54 1092.14 1260.06 1505.74
Non Cash Items
FINANCIAL EXPENSES 585.10 207.91 27.98 164.53 53.32
EXTRA ORDINARY EXPENSE 86.69 95.19 95.83 (217.15) 130.76
Non Cash Items 671.79 303.10 123.81 (52.62) 184.08
2903.60 3203.44 3930.05 4480.64 6102.68
Sales. 26803.75 33938.84 41818.97 52476.57 71681.76
Cash Generated Per Rupee Of Sales 10.83% 9.44% 9.40% 8.54% 8.51%
Ratio
4
> c
Y

4 0F1 Y Y
6;-F
"66FY
8==FY 8=6FY
666FY
;<=FY ;<FY
;66FY
966FY
=66FY
"66FY
666FY
"66<*"669Y "669*"66:Y "66:*"66;Y "66;*"668Y "668*"66
Y
&#4%& Y
Y
Y
c c c
Y
Y The Cash Generated per Rupee of Sales Ratio includes PAT,

depreciation & non-cash expenses (interest).
Y In the year 2005-2006 cash generated per rupee of sale was
highest i.e. 10.83% but it has been than continuously reduced
to 8.51% in the year 2008-2009.
MY m(c 4

Bank Finance Gap Ratio = Total Current Assets ± MPBF under
Tandon Committee
MPBF indicates maximum permissible bank finance under tandon
committee recommendations of 1975. The maximum permissible
bank finance was restricted to 75% of the working capital gap under
three successive methods of bank leading.

#)
75% (Current Assets ± Current Liabilities)
#
% "66<* "669* "66:* "66;* "668*
"669 "66: "66; "668 "66
%&&& =6"96 6=66 -998 9""=8= "8;;8
%2& <<-; --:<= -<;=8 -:<86= -:<-"6
* "=:"" *-"-<= ;=" "=9<86 :<=<98
:<F0*1 ;<=" *"="99 9-" ;=8=- <9<8":
#")
75% (Current Assets) ± Current Liabilities
Y
c c c
Y
#"
% "66<* "669* "66:* "66;* "668*
"669 "66: "66; "668 "66
%&&& =6"96 6=66 -998 9""=8= "8;;8
:<F%&&& 6<8< :96<6 6"<; =99;: ;=:=:
%2& <<-; --:<= -<;=8 -:<86= -:<-"6
:<F01* *6-=- *<::6= *---- 8689: =:"68:
#-)

75% (Current Assets ± Core Current Assets*) ± Current Liabilities.

#-)
% "66<* "669* "66:*"66; "66;* "668*
"669 "66: "668 "66
%&&& =6"96 6=66 -998 9""=8= "8;;8
% &&&0 D% ( 8-66= 8<9:"9 <;8;" -"8;<" 9":-8-
&&&1
H 0:;8:<=1 0;<<-"91 0=<"=81 0:6:-<;1 0=8:<6=1
:<F0*1 0<8"-91 09==8<1 06;8-9;1 0<-6<81 0-:-";1
%2& <<-; --:<= -<;=8 -:<86= -:<-"6
:<F01* 0:6:;<=1 0::<"=81 0""<":1 0869="-1 0:=;==;1
Y &&&
%.&
Assets Turnover Ratios are basically Production ratios which
measures the output produced from the given input deployed. The
relationship of productivity is equal to output divided by input &
assets turnover is equal to sales divided by Assets.
MY Assets Turnover Ratios are as follows:

MY Total Assets Turnover.
MY Net Fixed Assets Turnover.
MY Net Working Capital Turnover.
MY Inventory Turnover.
MY Debtor¶s Ratio.

&&&
%.)

It shows the relationship between total assets to sales. The sales
are affected through investment in fixed assets to earn profit. The
higher ratio show that with less amount of investment in total
assets, the business has capacity to sell more as such its probability
is also more.
Total Assets Turnover = Sales / Total Assets
Y
Y
c c c
Y
Where Total Assets = Fixed Assets + Investments + Net Current Assets +

Misc. Expenses.
&&&
%.
Particular 2005- 2006-2007 2007-2008 2008- 2009-
2006 2009 2010
Sales. 495.8 412.23 953.46 1,101.66 5,496.96
Total Assets. 18455.07 17309.91 22191.19 22840.70 27318.95
Total Assets Turnover Ratio. 0.03 0.02 0.04 0.05 0.20

>3
Y

Y
6"<Y
6"6Y
6"6Y
6<Y
66Y
66=Y 66<Y
66<Y 66-Y 66"Y
666Y
"66<*"669Y "669*"66:Y "66:*"66;Y "66;*"668Y "668*"66Y
Y

&&&
%.Y
Y
Y
Y
Y
Y Total assets turnover ratio has increased in 2009±2010 that
shows the efficient utilization of total assets of the company.
Y But in ratios is not more changes which shows companies has
not utilized efficiently it¶s total fixed assets in sales as
compared to 2009-10.
Y But after that it has been increased to 0.20 in 2009-2010.
Y It is very good sign for the company that it is increasing its
use of fixed assets over sales.
Y
MY c7&&&
%.)
The Fixed Assets Turnover shows the efficiency & profitability of
business by comparing the fixed assets with sales. The higher ratio
shows that the fixed assets are using efficient manner to increase
the sales.
Fixed Assets Turnover Ratio = Sales / Net Fixed Assets.

c7&&&
%.
Y Y
c c c
Y
Particular 2005- 2006-2007 2007-2008 2008-2009 2009-2010
2006
Sales. 495.8 412.23 953.46 1,101.66 5,496.96
Net fixed assets 59.34 478.64 536.4 993.61 3256.17
Fixed assets turnover Ratio 8.36 0.86 1.78 1.11 1.69

MY A fixed assets turnover ratio has been increased. It indicates
that fixed assets utilized more efficient in business.
MY In year 2005-06 the net fixed assets have been decreased by
0.86%. So the fixed assets turnover ratio has highest increased
in the year 2009-10 is 8.36.

MY c7X(' %.)
It shows the relationship between sales and working capital. It

indicates the liquidity strength of the company higher ratio high
liquidity; it means company has enough working capital due
effective management.
Fixed working capital Turnover Ratio = Sales / Net working

Capital.
c7 X(' %.

% "66<* "669* "66:* "66;* "668*
"669 "66: "66; "668 "66
& =8<; =""- 8<-=9 +699 <+=8989
%&&& =6"96 6=66 -998 9""=8= "8;;8
%2& <<-; --:<= -<;=8 -:<86= -:<-"
X(' -:;" -;-8- 9==8- 9<"; "98<
c7 X('
%. <9 6: =; 98 6=8

Y Y
c c c
Y
5"Y13Y$Y-"Y$Y
&9Y &;:Y
&<;Y
&;Y &89Y
&8Y
&'Y &(=Y
&Y
(9Y
(;Y (8:Y
(8Y
('Y
(Y
'((<#'((;Y '((;#'((=Y '((=#'((9Y '((9#'((:Y '((:#'(&(Y
5"Y13Y$Y-"Y$Y

Y In the fixed working capital turnover ratio too much of
fluctuation has been found but then it has increased.
Y In 2005-06 the ratio was 1.56 times but in year 2006-07 it
was decreased to 1.07 times but in the year 2007-08 it has
been increases to 1.48 times but than it has decreased to
0.49 in year 2009-10. It indicates there is proper utilization
of working capital to increase sales

MY .'' .&)

This ratio indicates the waiting period of the investment in
inventories & is measured in days, weeks or months. Inventory
turnover & average age of inventories are inversely related. High
Inventory Turnover Ratio is goods but longer age of inventory is
bad as it indicates idle blocking of money in inventories.
Average Age of Inventories = 360 days / Inventory Turnover
.'' 2&
% "66<* "669* "66:* "66;* "668*
"669 "66: "66; "668 "66
& -96 -96 -96 -96 -96
2&%. <" ": "-< " "-"
.'' 2& :6- -";= <-8 -"=- <<:
Y Y
c c c
Y
3 4 4 c m

AY
-<6Y -"=-Y
-66Y
"<6Y Y

"66Y <<:Y
<-8Y
<6Y -";=Y
66Y :6-Y
<6Y
6Y
"66<*"669Y "669*"66:Y "66:*"66;Y "66;*"668Y "668*"66Y
Y
.'' 2& Y
Y
Y
Y
Y
Y This graph shows the very good situation for company.
Y In Average Age of Inventories lower the ratio better the
situation.
Y In year 2005±2006 the average age for inventory was 70.31
days & it has been increase to 155.17 days in year 2009±2010.
Y In year 2008±2009 Average Age of Inventories ratio was
maximum to 321.43.
Y It shows favorable situation of company as it has decreased.

2&)
It indicates the effective of credit and the speed at which the
debtors are converted in to cash. It shows the equality of debtor¶s
also. I.e. good, doubtful or bad etc

Debtor¶s Ratio = (Debtors + Bills Receivable/Credit Sales*) x 365
Y
2&
Particular 2005-2006 2006-2007 2007-2008 2008-2009 2009-
2010
Debtors 0 0 0 0 0
Bills Receivable 137.85 187.83 648.02 1376.41 3382.16
Total 137.85 187.83 648.02 1376.41 3382.16
Credit Sales/ Net Sales 8=':'Y 88'(8Y :9:8Y &&(;'Y <<(Y
Debtor¶s Ratio 106.39 155.09 240.39 444.35 223.23
Y Y
c c c
Y
Y
Y
Y
Y
"7$F!Y$Y
<((Y 888<Y
8<(Y
8((Y
<(Y
((Y '8(:Y
'<(Y '''Y
'((Y &<<(:Y
&<(Y &(;:Y
&((Y
<(Y
(Y
'((<#'((;Y '((;#'((=Y '((=#'((9Y '((9#'((:Y '((:#'(&(Y
"7$F!Y$Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
MY 2&
%.)

The debtor¶s turnovers suggests the number of times the amount of
credit sales is collected during the year, while debtors ratio indicates
the no. of days during which the dues for credit sales are collected.

Debtor¶s Turnover = Credit Sales / Average Debtors.

2&
%.
Particular 2005-2006 2006-2007 2007-2008 2008-2009 2009-
2010
Credit Sales/ Net Sales 472.92 442.04 983.94 1130.62 5530.00
Previous Years Debtors 8;=Y &=9<Y &9=9Y ;89('Y &=;8&Y
Current Years Debtors 137.85 187.83 648.02 1376.41 3382.16
Average Debtors 92.29 162.84 417.93 1012.22 2379.29
Debtor¶s Turnover 5.12 2.71 2.35 1.12 2.32
Y Y
c c c
Y
Y m
A
>3 Y
9Y
<Y
=Y <"Y
-Y
"Y
":Y
"-<Y
Y
6Y
"66<*"669Y "669*"66:Y "66:*"66;Y "Y Y
"66;*"668 "-"Y Y
"668*"66
Y
2&
%. Y
MY .'' 2&)

The average age of debtors is compared with ³the credit period
allowed to the customers´

Avg. Age of Debtor¶s Ratio = 360 Days / Debtors Turnover
.'' 2&
Particular 2005-2006 2006-2007 2007-2008 2008
-2009
Days 360 360 360 360
Debtors turnover 5.12 2.71 2.35 1.12
Avg. Age of Debtor¶s Ratio 70.31 132.84 153.19 321.43
Y 3 4 4 c m

AY
-<6Y -"=-Y
-66Y
"<6Y
"66Y <<:Y
<-8Y
<6Y -";=Y
66Y :6-Y
<6Y
6Y
"66<*"669Y "669*"66:Y "66:*"66;Y "66;*"668Y "668*"66Y
Y
.'' 2& Y
Y Y
c c c
Y
Y c
>
>
)

It indicates the relative mix or blending of owner¶s funds and
outsider¶s debt funds in the total capital employed in the business.
Financial leverage refers to the use of debt finance. While debt
capital is a cheater source of finance, it is also a riskier source of
finance.
Two types of ratio are commonly used to analyze financial

leverage
1.Y Structural Ratios.
2.Y Converge
Structure ratio is base on the proportion of debt and equity in the

financial structure of the firm. Important structural ratios are: -
MY Equity Ratio or proprietary Ratio

MY Debt equity Ratio
MY Debt Ratio
MY C%)

This ratio can be finding out by dividing net worth to total capital
employed. This ratio focuses the attention on the general financial
strength of the business enterprise.

C%IX#J

Where,
Net Worth = Equity Capital + Reserves ± Misc. Expenses
Total Capital Employed = Net Worth + Long Term Debt.
C%
Particular 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
Equity Capital (a) 3.51 3.51 37.77 305.88 340.96
Reserves (b) 314.31 380.42 607.16 346.92 10928.19
Misc. Expenses (c) 0 0 0 0 0
Net Worth (a+b-c) 317.82 383.93 644.93 652.8 11269.15
Secured loans(d) 557.9 630.15 3,010.93 6,242.81 4,945.91
Unsecured loans(e) 3.2 2.95 2.99 526.48 3,440.49
Long Term Debt(d+e) m 561.1 633.1 3013.92 6769.29 8386.4
Total Capital Employed 0Km1I 878.92 1017.03 3658.85 7422.09 19655.55
Equity Ratio 0.36 0.38 0.18 0.09 0.57
MY 2C%)

This ratio indicates the relationship between borrowed funds and
owner¶s capital. It shows the proportion of long-term external
Y Y
c c c
Y
equities and internal equities. i.e. proportion of funds provided by
long-term creditors and that provided by shareholders or
proprietors.
Debt Equity Ratio = (Total long term debt/Net worth) x 100.

2C%
Particular 2005-2006 2006-2007 2007-2008 2008-2009 2009-
2010
Debt 7175.22 4989.08 8804.06 6919.28 6403.98
Net worth 314.31 380.42 607.16 346.92 10928.19
Debt Equity Ratio 2282.85% 1311.47% 1450.04% 1994.49% 58.60%
MY 2)

It shows the relationship between long-term debt and total capital
employed. Equity ratio and debt ratio summation is always 1.
Debt ratio = long-term debt / total capital employed

2
Particular 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
Long term debt 7175.22 4989.08 8804.06 6919.28 6403.98
Total capital employed 16770.08 15507.05 20482.71 21043.81 25349.66
Debt ratio 0.43 0.32 0.43 0.33 0.25
Y & .')

This ratio indicates the use of interest bearing debt funds in
generating higher operating profit. Higher is the ratio better is the
utilization of dept fund. Higher interest cover ratio, enhance the
equity earning is passed over to the equity finance portion of the
capitalization.
Interest Coverage Ratio = EBIT / Interest.
Y 3%&)
Valuation ratios are the results of the management valuation ratio
are generally presented on a per share basis and that are more
useful to the equity invertors. The per share valuation are popular
presented as
MY Earning per share (EPS).

MY Dividend pay out Ratio (DPS)
MY Divided yield
Y Y
c c c
Y
MY P/E Ratio.
MY '&#0 1
Earning per Share is an important major of corporate performance
for shareholders & potential investor. EPS figures are commonly
presented in prospectus & other material send to investor, press
reports & reports of equity analyst. AS 20 sets out the requirements
for computation of EPS*
EPS is reported only foe equity share capital.
Earning Per Share = Profit after Tax / No. Of Equity Shares
MY .%0 1)

This ratio indicates the spilt of EPS between cash dividend &
reinvestment of profits. Ashok Leyland Ltd has profitable projects;
show it is prefer to D/P ratio lower, i.e. it will reinvest higher
proportional profits in the business.
Dividend pay out Ratio = Dividend per Share / Earning per Share.
MY .)
The Dividend Yield represents the current cash return to share
holders. It is computed by dividing the dividend per share by the
average market price of share.
Dividend Yield = Dividend per Share / Average Market Price of
Share X 100.
MY
MY ? )

This is popular measure extensively used in investment analysis. In
a recent served, 40% of well-known institutional portfolio managers
and analysts in the U.S ranked P/E ratio as the key factor in picking
stocks.
P/E ratio = current market price of share/Earning per share
Y
Y
c c c
Y
?
Y
;6Y
9=-9Y
96Y
Y Y
=6

"6Y
6-89Y
66Y
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96 Y
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6Y 96=Y "<<Y
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6Y
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Y
? Y
Y

c
m

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Y Y
Y Y
Y Y
Y Y
Y Y
Y
#Y Y Y Y Y Y Y
m 2$Y/)"Y &;&<:'=8:Y &'(898988Y ';:<9&9:'Y 8'<==;:<;Y =9:&8&&'Y ;8='(9Y
m 2$Y/)"Y &88;88:'Y &('<&8:=<Y '(=&<=88=Y (=&';<':Y 88(<9=(&Y <&98=9&8Y
m2$Y/)"Y &<'98('8&Y &&8:&98'Y ';8':898Y 8'&8'('<Y =9&<9&Y ;8&&:<8:Y
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2$Y/)"Y :''99Y =&<<;=9;Y &8&(9<8:9Y &::9''=8Y '988(:'89Y 8'8=(=<;<Y
Y Y
c c c
Y
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Y Y Y Y Y Y Y
m Y"$Y>Y42$Y/)"Y"$Y>Y4Y &<(98''Y &&:9&<(&=Y ';:<8<'Y 8'<'8(8;'Y =9:&(&;&Y ;8=';;9&Y
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m Y"$Y>Y42"!Y &<9<(;===Y &'<8<8;''Y ':'&((';'Y 8:8=(8:;'Y ::==(:''&Y =(:89;89Y
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Y Y Y Y Y Y Y
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>

Profit margin & assets turnover are the two drivers of return on
assets. The Du Pont System of financial analysis clearly brings out
the effects of these two drivers on return on assets. A system is
useful for analysis, which considers important inter relationship
based on information found in financial statements.
%#)
Any decision affecting the product price per unit costs, volume or
efficiency has an impact on the profit margin or turnover ratios.
Similarly any decision affecting the amount & ratio of debt or equity
used will affect the financial structure & the overall cost of capital of
a company. Therefore, these financial concepts are very important
to evaluate as every business is competing for Limited Capital
Resources. Understanding the inter relationship among the various
ratios such as turnover ratio, average & probability ratios helps
companies to put their money areas where the risk adjusted return
is the maximum.
The chart used by ³m YY

Yof U.S.A is known as Du Pont
Chart.
Y Y
c c c
Y
This is the Du Pont Chart applied to DLF Ltd. At the left of the Du
Pont Chart is the return on the assets defined as the product of the
Net Profit Margin & the Total Assets Turnover Ratio.
Net Profit Total Assets = Net Profit / Sales X Net Sales / Avg. Total
Assets.
Such decomposition helps in understanding how the Net Profit

Margin & Total Assets Turnover Ratio influences the Return on Total
Assets.

%''&&/ &

1.Y The balance sheet figures are showing the declining trend since
last few years. It should be the reason for higher inventory level
which unnecessary blocked the money. For higher the
profitability ratio of the firm, it is required to increase the sales
along with:
Y New advertising techniques through latest media which are
more effective and prestigious.
Y To increase the work efficiency of the workers as well as of
the staff members, arrangement of different training
programmes like meetings, seminars, conferences,
coaching classes etc. is required.
Y For the innovation of new market, select capable market
representatives who are more efficient to recover the more
market share.
Y Try to maintain the quality level as per the market demand
which satisfies the customers more.
2.Y In order to increase the profit the firm should keep proper
control over the expenses retaliating to the purchase of goods,
manufacturing and lab ours for that, proper supervision and
timely comparison of actual with budgeted overheads should be
Y Y
c c c
Y
taken. This will help the management to know the causes and
taking competitive actions to reduce the expenses.
In order to reduce the expenses relating to payment of
interest, the firm should rely more on its share capital rather
than borrowing loans and funds. Firm should also try to
maintain proper balance between debt and equity.
3.Y To improve the liquidity position of the firm, proper working
capital is necessary to recover the daily cash requirement. For
that, the firm should:
Y Try to reduce the debt collection period which should be
main sources for working capital.
Y Use more credit facility which is given by the creditors.
Y Firm should also use more short term loans to recover the
working capital requirement because the interest rate for
short term loans is less and it should be flexible to use.
4.Y In order to maximize wealth under uncertainty, the firm must
pay enough dividends to satisfy investors. It should help to
increase the moral of the investors and side by side also helps in
long term financial strength of the firm. So, by increasing profits,
the firm should pay dividends regularly.

Y Y
c c c
Y

>
We are making the financial analysis from its techniques that we are
concluding as follows:

L&&)
DLF Ltd has made good growth in last five years in sales as well as
profit. Here growth in sales is increasing every year against that
expenditure has also increased but lower than sales. In 2008-09,
the Company¶s exports grew by 23% with the sale of 6,025
vehicles. This improvement was derived from demand in the export
markets and the launch of new products. This is the reason the sale
& profit has increased compare to last years i.e. 2007-08
3 &&)
It shows that the expenditure of the company is accounting for
higher percentage of sales around 99% every year & because of the
every year profit has increased but a decreasing rate. So for the
increment of profit in future, the company is requiring to optimize
its expenditure on the side of operating as well as administrative.

&&)
It shows good trend in sales & profit but as above said, expenditure
also rising that depends the profit of the company. Reserve &
Surplus also shows good trend.
&#c5
In Cash Flow Analysis all the activities i.e. operating, investing,
financing maintain this year (2008 ± 2009).
&&)
We are discussing about mainly 5 kinds of ratio. All the ratios
performs very well in last five years that gives better profitability &
liquidity position to the company.
c is confident that it can meet the challenges passed by
the deregulation scenario with its strength in refining. Its strategic
scenario with its strength in refining its strategic alliance with c
marketing and in house productivity improvement,
profitability maximization and cost reduction exercises, which have
already been launched in right earnest. These measures would
place the company in a position of comfort to meet the real
challenges of the future and we also wish them ³Best of Luck´ for
their bright future. So that DLF will be a world clean
Automotive Company. Now a day, key customer rates company
among the top 5 companies. At last, company is financial healthy.
Y Y
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Project Report FINAL DLF

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Project Report FINAL DLF

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The company is currently headed by Indian billionaire Kushal Pal

Y A roster of world-reputed businesses chooses DLF to jointly

Y All the intensified growth underlines DLF's commitment to

To contribute significantly to building the new India and become

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VISION MISSION VALUES

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