Cash flow

D L F Ltd. Mar 2004 Mar 2005

Mar 2006
Rs. Crore (Non-Annualised) 12 mths12 mths12 mths
-
Net cash flow from operating activities (indirect method) -183.32 550.63 -64.37
Net profit before tax & extra ordinary income 48.07 96.88 347.9
Adjustments for depreciation 2.76 3.4 3.9
Adjustments for interest payable 9.41 33.07 146.15
Adjustments for provn. for contingencies 0 0 0
Adjustments for foreign exchange (gain)/loss 0.01 0 0.03
Adjustments for add back of amortisations & others written off0.01 0 0
Adjustments for add back of other provisional adjustments 1.65 1.94 3.05
Adjustments for (profit)/loss on sale of investments -0.01 0 0
Adjustments for (profit)/loss on sale of assets 0.22 -0.19 0.22
Adjustments for interest income -10.72 -23.95 -154.89
Adjustments for dividend income 0 0 0
Adjustments for other expenses / income -8.84 -9.81 -4.89
Adjustments for provision / liabilities written back 0 0 -0.03

Operating cash flow before working capital changes 42.56 101.34 341.44
Cash inflow/(outflow) due to decrease/(increase) in trade & other
-88.03
receivables
-174.3 -550.75
Cash inflow/(outflow) due to decrease/(increase) in inventories
-195.38 463.51 246.46
Cash inflow/(outflow) due to increase/(decrease) in trade & other
70.3
payables
187.56 -56.19
Cash inflow/(outflow) due to deposits (banks/FIs) 0 0 0
Cash inflow/(outflow) due to advances (banks/FIs) 0 0 0
Cash inflow/(outflow) due to others 0 0 0

Cash flow generated from operations -170.55 578.11 -19.04

Cash (outflow) due to direct taxes paid -12.77 -27.47 -45.33
Cash (outflow) due to dividend tax paid 0 0 0

Cash flow before extraordinary items -183.32 550.64 -64.37

Cash inflow/(outflow) from extraordinary items 0 -0.01 0
Cash (outflow) due to miscellaneous expenditure 0 0 0

Net cash inflow/(outflow) from investment activities -338.01 -579.89 ###

Cash (outflow) due to purchase of fixed assets -42.93 -407.65 -51.18
Cash inflow due to sale of fixed assets 0.1 0.89 5.82
Cash inflow/(outflow) due to decrease / (increase) in capital wip 0 0 0
Cash inflow /(outflow) due to acquisition/ merger/ hiving off of cos./0units 0 0
Cash (outflow) due to purchase of investments -49.48 -7.14 ###
Cash inflow due to sale of investments 39.63 9.79 1.15
Cash inflow due to profit on redemption of shares 0 0 0
Cash inflow/(outflow) due to loans to subs./group cos. -308.47 -202.89 ###
 Cash inflow/(outflow) due to loans to other cos. 0 0 0
Cash inflow due to interest received 14.3 27.11 152.88
Cash inflow due to dividend received 0 0 0
Cash inflow/ (outflow) due to other income 8.84 0 0
Cash inflow /(outflow) due to disbursements 0 0 0

Net cash inflow/ (outflow) from financing activities 528.43 23.94 2251.51
Cash inflow due to proceeds from share issues 0 0 0
Cash (outflow) due to redemption/buyback of capital 0 0 0
Cash inflow due to cash subsidy 0 0 0
Cash inflow due to proceeds from total borrowings 538.68 499 2619.04
Cash inflow due to proceeds from long term borrowings 460 499 2297.09
Cash inflow due to proceeds from short term borrowings 78.68 0 291.95
Cash (outflow) due to repayment of total borrowings 0 -426.99 -203.97
Cash (outflow) due to repayment of long term liabilities 0 -366 -203.97
Cash (outflow) due to repayment of short term liabilities 0 -60.99 0
Cash (outflow) due to issue expenses 0 0 0
Cash (outflow) due to interest paid -8.85 -46.67 -162.17
Cash (outflow) due to dividend paid -1.4 -1.4 -1.39
Cash inflow/(outflow) due to other cash receipts/payables from financing
0 activities
0 0

Net cash inflow/(outflow) due to net increase/(decrease) in7.1

cash &
-5.32
cash equivalents
40.93
Cash flow -- opening balance 3.33 10.43 5.11
Cash flow -- closing balance 10.43 5.11 46.04
 Mar 2007
Mar 2008
Mar 2009
12 mths12 mths12 mths

### ### 1337.73

620.33 3117.92 1808.77
9.44 25.68 114.08
302.99 425.6 809.86
0 0 0
-0.05 0.02 0.93
0 41.87 39.09
0.01 2.67 11.32
0.02 -0.56 0.01
0.22 0.3 0.59
-288.66 -420.84 -968.51
-0.28 -85.33 -7.93
-8.52 -4.71 4.02
-0.77 -0.17 -5.34

634.73 3102.45 1806.89

-728.86 ### 1142.72
-286.86 -267.01 -644.5
### ### -637.66
0 0 0
0 0 0
0 0 0

### -889.51 1667.45

-309.58 -610.44 -301.58
-0.22 -115.89 -28.14

### ### 1337.73

0 0 0
0 0 0

-629.16 ### ###

-424.33 ### -186.89
1.74 0.7 7.46
0 0 0
0 0 0
-224.24 ### ###
783.76 147.01 7760.5
0 0 0
### ### -978.32
 0 0 0
287.79 419.2 949.25
0 85.33 7.93
0 0 0
0 0 0

3286.55 9061.8 -409.4

0 9184.92 0.95
0 0 -142.36
0 0 0
4907.37 5441.2 5956.62
4534.1 1953 5956.62
372.8 3488.2 0
### ### ###
### ### -4139.7
0 0 -589.26
0 -274.37 0
-467.51 -783.97 ###
-1.64 -681.93 -340.97
0 0 0

-21.89 958.09 -222.85

46.05 24.16 982.25
24.16 982.25 759.4
Income & expenditure
D L F Ltd. Mar 2004 Mar 2005 Mar 2006 Mar 2007
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths
-
Total income 495.83 479.78 1146.14 1430.72
Sales 472.92 442.04 983.94 1130.62
Industrial sales 445.77 412.24 948.83 1092.33
Income from non-financial services 27.15 29.8 35.11 38.29
Income from financial services 19.81 33.76 159.43 294.74
Interest 10.18 23.95 154.54 288.67
Dividends 0 0 0 0.28
Treasury operations 0.01 0 0 0.05
Other income 2.45 3.25 1.3 4.1
Prior period income & extraordinary income 0.65 0.73 1.47 1.26
Change in stock -6.93 0 -2.58 -8.72

Total expenses 453.42 412.09 915.04 1015.09

Raw material expenses 0 0 0 0
Packaging expenses 0 0 0 0
Purchase of finished goods 0 0 0 0
Power, fuel & water charges 0.89 1.03 0.23 0.69
Compensation to employees 21.41 33.34 16.76 44.83
Indirect taxes 5.13 4.75 1.39 4.57
Royalties, technical know-how fees, etc. 0 0 0 0
Lease rent & other rent 0.76 0.63 0.22 0.77
Repairs & maintenance 3.8 3.05 2.87 5
Insurance premium paid 0.11 0.23 0.16 1.12
Outsourced mfg. jobs (incl. job works, etc.) 0 0 0 0
Outsourced professional jobs 3.64 7.26 7.59 52.65
Directors' fees 0 0 0 0.19
Selling & distribution expenses 20.5 24.95 28.04 64.87
Travel expenses 3.95 4.76 2.97 14.53
Communication expenses 1 1.41 0.57 1.35
Printing & stationery expenses 0.9 1.57 1.29 2.7
Miscellaneous expenses 1.33 2.37 4.4 3.48

Other operational exp. of indl. enterprises 365.12 259.29 577.63 85.13

Other oper. exp. of non-fin. service enterprises 0 0 0 0
Share of loss in subsidiaries/JVs,etc. 0.03 0 0 0.06
Lease equalisation adjustment 0 0 0 0
Loss on securitisation of assets/loans 0 0 0 0
Fee based financial service expenses 0.5 3.12 10.16 53.26
Treasury operations expenses 0.01 0 0.03 0.02
Total provisions 0 1.69 0.14 0.01
Write-offs 0.45 0.48 0.88 0.88
Less: Expenses capitalised 0.61 0 0 43.4
Less: DRE & expenses charged to others 0 0 0 0
 Prior period & extraordinary expenses 0.24 0.51 0.23 0.25
Interest paid 8.91 29.95 135.99 499.01
Financial charges on instruments 0 0 0 0
Expenses incurred on raising deposits/debts 0 0 0 0
Depreciation 2.76 2.52 3.02 8.56
Amortisation 0 0 0 0
Provision for direct taxes 12.59 29.18 120.47 214.56
PAT 35.48 67.69 228.52 406.91

PBDITA 59.74 129.34 488 1129.04

PBDTA 50.83 99.39 352.01 630.03
PBT 48.07 96.87 348.99 621.47
 Mar 2008 Mar 2009
12 mths 12 mths

6062.06 3880.36
5530 2826.61
5490.08 2759.95
39.92 66.66
517.86 999.55
426.72 986.8
85.33 7.93
0.56 0
13.78 18.59
0.42 35.61
-6.06 -2.78

3481.41 2300
0 0
0 0
0 0
1.35 0.98
144.47 107.58
5.03 5.66
0 0
2.43 2.18
10.55 13.07
1.69 2.38
0 0
63.44 60.31
1.61 1.7
47.43 68.28
22.05 38.96
3.3 3.3
2.67 2.58
13.15 13.02

1830.46 374.75
0 0
3.37 10.13
0 0
0 0
22.04 67.13
0.02 0.94
0.27 3.28
0.84 3.91
44.06 106.39
0 0
 0.36 3.14
780.5 1250.71
0 0
0 0
24.92 111.39
0 0
543.52 261.01
2574.59 1577.58

3923.53 3200.69
3143.03 1949.98
3118.11 1838.59
Profits
D L F Ltd. Mar 2004 Mar 2005 Mar 2006 Mar 2007
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths
-
PBDITA 59.74 129.34 488 1129.04
Depreciation 2.76 2.52 3.02 8.56
Amortisation 0 0 0 0

PBIT 56.98 126.82 484.98 1120.48

Interest paid 8.91 29.95 135.99 499.01
Financial charges on instruments 0 0 0 0
Fee based financial services expenses 0 0 0 0

PBT 48.07 96.87 348.99 621.47

Provision for direct tax 12.59 29.18 120.47 214.56
Corporate tax 12 29.41 120 195
Deferred tax 0.59 0 0.04 14.85
Less: Deferred tax assets / credit 0 0.23 0 0
Other direct tax 0 0 0.43 4.71
Fringe benefits tax 0 0 0.43 4.71

PAT 35.48 67.69 228.52 406.91

Prior period & extra-ordinary income 0.65 0.73 1.47 1.26

Prior period & extra-ordinary expenses 0.24 0.51 0.23 0.25
Net prior period & extraordinary transactions -0.41 -0.22 -1.24 -1.01

PBDITA net of P&E 59.33 129.12 486.76 1128.03

PBIT net of P&E 56.57 126.6 483.74 1119.47
PBT net of P&E 47.66 96.65 347.75 620.46
PAT net of P&E 35.07 67.47 227.28 405.9

Distribution of profits (%)

PBDITA 100 100 100 100
Depreciation & Amortisation 4.62 1.95 0.62 0.76
Financial charges 14.91 23.16 27.87 44.2
Tax 21.07 22.56 24.69 19
PAT 59.39 52.33 46.83 36.04

Non--provisions 0 0 0 0
Diminution in investement 0 0 0 0
Sundry debtors 0 0 0 0
Loans & advances including NPAs 0 0 0 0
Loans & advances to group cos. 0 0 0 0
Interest expenses 0 0 0 0
Power expenses 0 0 0 0
Gratuity 0 0 0 0
Others 0 0 0 0
 Mar 2008 Mar 2009
12 mths 12 mths

3923.53 3200.69
24.92 111.39
0 0

3898.61 3089.3
780.5 1250.71
0 0
0 0

3118.11 1838.59
543.52 261.01
530 226
8.7 29.38
0 0
4.82 5.63
4.82 5.63

2574.59 1577.58

0.42 35.61
0.36 3.14
-0.06 -32.47

3923.47 3168.22
3898.55 3056.83
3118.05 1806.12
2574.53 1545.11

100 100
0.64 3.48
19.89 39.08
13.85 8.15
65.62 49.29

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
determination of cash inflow
2004 2005 2006 2007 2008 2009
sales 472.92 442.04 983.94 ### 5530 ###

incremental sales -30.88 541.9 146.68 ### ###

total expenses 453.42 412.09 915.04 ### ### 2300
incremental expenses(operations) -41.33 502.95 100.05 ### ###

taxable income 10.45 38.95 46.63 ### ###

less tax@32% 3.34 12.46 14.92 618.58 -487.03

earning after tax 7.11 26.49 31.71 ### ###

add dep 2.76 2.52 3.02 8.56 24.92 111.39
incremental dep -0.24 0.5 5.54 16.36 86.47

cfat 6.87 26.99 37.25 ### -948.48

average cfat 90.69 111.65 139.87 191.18 -948.48

calculation of arr % 11.12 109.08 16.48 4.23 -253.75

NOTE IN WORD
determination of cash outflow
2004 2005 2006
cash from investment of fixed assets
42.93 407.65 51.18

average investment 21.47 203.83 25.59

 2007 2008 2009
424.33 2258.06 186.89

212.17 ### 93.45

PAYBACK PERIOD

2004 2005 2006 2007 2008

cash from investment of fixed assets
42.93 407.65 51.18 424.33 2258.06

average investment 21.47 203.83 25.59 212.17 ###

average cfat 90.69 111.65 139.87 191.18

PBP= AVG CO/CI

2005 2006
407.65 cfat cumulative 51.18 caft

111.65 111.65 139.87

139.87 251.52 191.18
191.18 442.7 -948.48
-948.48 -505.77
156.13
payback period 9.8
2.9 years
 2009
186.89

93.45

-948.48

2007 2008
cumulative 424.33 cfat cumulative 2258.06 cfat

139.87 191.18 191.18 -948.48

331.05 -948.48 -757.29
-617.42

4.39
0.38
3 months NOTE IN WORD
cumulative

-948.48

NOTE IN WORD
 DLF LIMITED
Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008
Sales 472.92 442.04 983.94 1130.62 5530
EBIT 56.98 126.82 484.98 1120.48 3898.61
EPS 15.1
% change sales -6.53 122.59 14.91 389.11
% change in EBIT 122.57 282.42 131.04 247.94
% change in EPS NIL NIL NIL NIL

OPERATIONAL LEVERAGE
NIL -18.77 2.3 8.79 0.64
FINANCIAL LEVERAGENIL NIL NIL NIL NIL
TOTAL LEVERAGE NIL NIL NIL NIL NIL

OPERATIONAL LEVERAGE

15
10
5 OPERATIONA
L LEVERAGE
-5
-10
-15
-20
-25
Mar Mar Mar Mar Mar
2005 2006 2007 2008 2009

FINANCIAL LEVERAGE

1
FINANCIAL
LEVERAGE

Mar Mar Mar Mar Mar Mar

2004 2005 2006 2007 2008 2009

TOTAL LEVERAGE
Axis Title

Mar Mar Mar Mar Mar Mar

2004 2005 2006 2007 2008 2009
Axis Titl
Mar Mar Mar Mar Mar Mar
2004 2005 2006 2007 2008 2009
 Mar 2009
2826.61
3089.3
9.13
-48.89
-20.76
-39.54 500 % change
400 sales
0.42 300 % change in
0.53 200 EBIT
100
0.22
-100
Mar Mar Mar Mar Mar
2005 2006 2007 2008 2009
INTERPRETATION
L LEVERAGE

OPERATIONAL LEVERAGE: IN YEAR 2005 THE OPERATIONAL LEVERAGE IS IN NEGATIV

OPERATIONA DECREASE IN SALES. FOR ONE % INCREASE IN SALES THERE IS 18 % DECREASE IN
L LEVERAGE IN 2006 FOR 1 % INCREASE IN SALES THERE IS 2.3 % INCREASE IN EBIT
IN YEAR 2007 1% INCREASE IN SALES THERE WILL BE 8.79 % INCREASE IN EBI
IN YEAR 2008 EVERY 1% INCREASE RESULTS IN 0.63 % INCREASE IN EBIT
IN YEAR 2009 INCREASE ON 1% SALES RESULTS IN O.42 % INCREASE IN EBIT
FROM THE TREND OF FIVE YEARS IT CAN BE PREDICTED THAT INDUSTRY IS HIGHLY
CHANGE IN SALES EFFECT HIGHLY THE EBIT TO A GREAT EXTENT IN DLF

EVERAGE
FINANCIAL LEVERAGE WAS ONLY FOR THE YEAR 2009 AS THE GROUP CAME OUT WITH I
IN THE EARLY YEARS THE SHAREHOLDERS WERE THE ACTUAL OWNERS OF THE COM
IN YEAR 2009 1% INCREASE IN EBIT CAN LEAD TO 0.22% INCREASE IN EPS
FINANCIAL
LEVERAGE

TOTAL LEVERAGE IS ALSO FOR ONE YEAR THAT IS YEAR 2009

Mar
009

ERAGE

Mar Mar
2008 2009
 Mar Mar
2008 2009
 % change
sales
% change in
EBIT

Mar
009

AL LEVERAGE IS IN NEGATIVE DUE TO

THERE IS 18 % DECREASE IN EBIT
S 2.3 % INCREASE IN EBIT
BE 8.79 % INCREASE IN EBIT
0.63 % INCREASE IN EBIT
N O.42 % INCREASE IN EBIT
D THAT INDUSTRY IS HIGHLY RISKY
O A GREAT EXTENT IN DLF

HE GROUP CAME OUT WITH ITS IPO LATER

CTUAL OWNERS OF THE COMPANY
TO 0.22% INCREASE IN EPS

THAT IS YEAR 2009