ROLL NO.: A11 REG.NO. 10901327



I am thankful to MISS SWATI GOYAL for providing me the task of preparing the term paper on DLF COMPANY. We at lovely in taking challenges and term paper provided me the opportunity to tackle a practical challenge in the subject of FINANCIAL MANAGEMENT. This term paper tested my patience at every step of preparation but the courage provided by my teacher helped me to swim against the tide and move against the wind. I am also thankful to my friends and parents for providing me help at every step of the preparation of the term paper.





it has expanded its development operations across the country and has significant presence in almost all important cities in India. Its foray in the retail segment is also commendable bringing about a paradigm shift in the industry by redefining shopping. DLF is dedicated towards creating best quality products and aims to be trustworthy as far as customers are concerned. segments and geographies. It has a 63-year track record of sustained growth. commercial and retail properties. market capitalization and developable area. recreation and leisure experiences.INTRODUCTION DLF Limited is India's largest real estate company in terms of revenues. It has become a preferred name with many IT & ITES majors and leading Indian and International corporate giants. It pioneered the ‘walk to work’ concept and is Founder and pioneer of "Grade A office leasing market" in India. While the company initially started as an NCR-focused real estate player. mitigates any down-cycles in the market. over the years. customer satisfaction. One of the finest 4|Page LOVELY PROFESSIONAL UNIVERSITY . The company has approximately 240 msf of completed development and 432 msf of planned projects. It has a unique business model with earnings arising from development and rentals. earnings. DLF is the only company in India in the Consumer validated category from the real estate sector to have been awarded “Super brand ranking”. DLF has been a trendsetter in contemporary urban development and housing. It promises to create its products in accordance with highest global standards. The company’s primary business is development of residential. Its exposure across businesses. It was also conferred the Best Global Developer Award for 2009 by Euro money magazine at Euro money’s Fifth Annual Real Estate Awards – the most prestigious awards in global real estate. and innovation.

highly qualified and dedicated management team. construction and consulting firms for its projects.  A tradition of innovation: DLF has a tradition of innovation in the Indian real estate market.creations has been the DLF Emporio which is the first luxury mall in India. Content provided by DLF. It is one of the first developers to anticipate the need for townships on the outskirts of fast growing cities and is generally credited with the growth of Gurgaon. DLF is able to purchase large plots of land from multiple sellers.  Extensive land reserves: The Company recognizes that extensive land reserves are the most important resource for a real estate developer.  Scale of Operations: The Company’s size allows it to benefit from economies of scale. DLF retains internationally and nationally renowned architectural.  Experienced and dedicated management: The Company has an experienced. Info Edge India Limited disclaims all warranties against infringement 5|Page LOVELY PROFESSIONAL UNIVERSITY . DLF believes that the following are its primary competitive strengths:  Brand name and reputation: DLF has a 63-year history of service excellence. thus enabling it to aggregate land at lower prices.

the company has developed many well known urban colonies in Delhi. following the passage of the Delhi Development Act in 1957.000-acre township in Gurgaon by the name of DLF City. As a result. Consolidate the development of DLF City for township development. Since then. which resulted in restrictions on private real estate colony development. including 22 urban colonies as well as an integrated 3. self first plot in Gurgaon. Greater Kailash. Haryana. at New Delhi 6|Page LOVELY PROFESSIONAL UNIVERSITY . 'DLF Centre'. particularly in Gurgaon. the company has developed of ~224m sq ft. including South Extension. 1991 Construction of our first office complex. Haryana 1985 We initiated plotted developments.BACKGROUND Founded in 1946. Since inceptions. DLF commenced acquiring land outside the areas controlled by The Delhi Development Authority (DDA). Kailash Colony and Hauz Khas. DLF has developed some of the first residential colonies in Delhi such as Krishna Nagar in East Delhi that was completed as early as in 1949. COMPANY HISTORY 1963 Incorporation of American Universal Electric (India) Ltd 1979 DLF United Limited amalgamates with American Universal Electric (India) Limited to form DLF Universal Electric Limited 1981 DLF Universal Electric Limited changes name to DLF Universal Limited 1981 DLF Universal Limited obtains its first licence from the State Government of Haryana and commences development of the 'DLF City' in Gurgaon. the state assumed control of real estate development activities in Delhi. However.

62 acres (approx) of mill land in Mumbai Received 'Corporate Buildings Award' instituted by 'Indian Architect and Builder'.K. Mumbai Received 'Super brand' award from Hon'ble Minister for Civil Aviation.1993 Completion of our first condominium project. Haryana 1999 Development of the DLF golf course 2000 .10. environmental and infrastructural facilities and also project management services. at DLF City. to incorporate a joint venture company in India to develop. Haryana 2003-04 Development of 'DLF Cyber city'. 2006 Construction joint venture signed between DLF Universal Limited and U. Gurgaon. Haryana 1996 Construction of 'DLF Corporate Park'. 'Silver Oaks'. 7|Page LOVELY PROFESSIONAL UNIVERSITY . an integrated IT park measuring approximately 90 acres at Gurgaon. Mr.. based Laing O'Rourke Plc to form DLF Laing O'Rourke (India) Limited 2006 DLF Universal Limited changes name to DLF Limited 2006 Alliance agreement signed between DLF and Hilton International Co. own and acquire 50 to 75 hotels and services apartments. Gurgaon. which was approved by the Hon'ble High Court of Delhi at New Delhi and by the Hon'ble High Court of Punjab and Haryana at Chandigarh.2000. our first office complex at DLF City. DLF Universal Ltd. came into effect on 09. Haryana 2005 Acquisition of 16. 2002 We venture into retail development in Gurgaon. for the purposes of providing engineering and design services. 2006 DLF enters into a joint venture with WSP Group Plc. a publication of Jasubhai Media Group. Haryana 2002 We offer integrated family entertainment centers with the commencement of operation of 'DT Cinemas' at Gurgaon. Praful Patel.The Scheme of Merger/Amalgamation of DLF Industries Limited with M/s.

-Commences operations of India's first Luxury Mall . . enters into a long term strategic alliance with PVR MANAGEMENT DLF has a strong management team with proven track record.Emporio Clinches the Title Sponsorship of IPL 2009 -Foundation stone laid for DLF-IL&FS Metro In Gurgaon . DLF Limited said.DLF Ltd and the Tamil Nadu Industrial Development Corporation (TIDCO) have forayed into an alliance agreement for a Rs 1. -The US-based Hilton Hotels Corporation has declared that it will develop 10 hotel projects in the country in alliance with DLF Ltd.2007 DLF enters into a joint venture with Prudential Insurance to establish a joint venture company to undertake life insurance business in India. 2009" by Euro money .DLF sells DT Cinemas. the management has formed strong business acumen and profound understanding of the local property market. highways and bridges across the country. "It appears that the 8|Page LOVELY PROFESSIONAL UNIVERSITY . 2008 -DLF inked a memorandum of understanding with the infrastructure company Gayatri Projects Ltd (GPL) to develop roads.DLF conferred "Best Global Developer Award.both having decades of experience in the real estate industry with an extensive exposure to the Indian property market in the past 40 years. The company is led by K P Singh (Chairman) and his son Rajiv Singh (Vice-Chairman) . Vice Chairman. Commenting on the changing global environment and its impact on the Indian economy.DLF launches $2 bn issue.500-crore Information technology Special Economic Zone. Mr.India's first public rail transport system to be built & run by a private Company . Rajiv Singh. .

This has. hopefully. Real estate sector bore the brunt of instability and loss of confidence in the local economic environment for last 6 months. continue to explore launches of attractively priced residential apartments selectively across the country and respond with appropriate product categories as per customer’s demands. with a new central government in place soon. CAPITAL STRUCTURE Capital structure is the relationship between cost of capital and value of the firm.5. 9|Page LOVELY PROFESSIONAL UNIVERSITY . Hopefully. CAPITAL STRUCTURE THEORIES:  Net operating income (NOI) approach. we would keep a close watch on the market conditions. In the interim.  MM hypothesis with and without corporate tax.  Traditional approach and Net income (NI) approach.  Trade-off theory: costs and benefits of leverage. The focus on liquidity.downward impact of global recession and financial sector meltdown has been contained. bettering the growth projections of 5 . It consist balance sheet. stabilised and in line with our earlier projections. cost containment and debt reduction remain paramount in all management actions. Indian economy would start moving northwards.5% given by most economists. real estate sector should start witnessing recovery from third quarter onwards. Indian economy has been resilient enough to withstand tough situations and impact has been stabilised.  Miller’s hypothesis with corporate and personal taxes. profit and loss account of the company.

The initial increase in the cost of equity is more than offset by the lower cost of debt. they will sell shares of the over-priced firm and buy shares of the under-priced firm until the two values equate. But as debt increases. This approach has no basis in reality. the overall cost of capital declines and the firm value increases with debt. MM Approach without Tax: Proposition I MM’s Proposition I states that the firm’s value is independent of its capital structure. shareholders can receive exactly the same return. Thus. they remain constant regardless of how much debt the firm uses. from a levered firm and an unlevered firm. shareholders perceive higher risk and the cost of equity rise until a point is reached at which the advantage of lower cost of debt is more than offset by more expensive equity. As a result. With personal leverage.Net Income (NI) Approach:According to NI approach both the cost of debt and the cost of equity are independent of the capital structure. the optimum capital structure would be 100 per cent debt financing under NI approach. increase the firm value. with the same risk. Traditional Approach The traditional approach argues that moderate degree of debt can lower the firm’s overall cost of capital and thereby. 10 | P a g e LOVELY PROFESSIONAL UNIVERSITY . This is called arbitrage.

Also. For financial leverage to be irrelevant. 11 | P a g e LOVELY PROFESSIONAL UNIVERSITY . Capitalizing the first component of cash flow at the all-equity rate and the second at the cost of debt shows that the value of the levered firm is equal to the value of the unlevered firm plus the interest tax shield which is tax rate times the debt (if the shield is fully usable). it ignores bankruptcy and agency costs. MM Hypothesis with Corporate Tax Under current laws in most countries.It is assumed that the firm will borrow the same amount of debt in perpetuity and will always be able to use the tax shield. the overall cost of capital must remain constant. debt has an important advantage over equity: interest payments on debt are tax deductible. whereas dividend payments and retained earnings are not. Investors in a levered firm receive in the aggregate the unlevered cash flow plus an amount equal to the tax deduction on interest.MM’s Proposition II The cost of equity for a levered firm equals the constant overall cost of capital plus a risk premium that equals the spread between the overall cost of capital and the cost of debt multiplied by the firm’s debt-equity ratio. This implies that the cost of equity must rise as financial risk increases. regardless of the amount of debt employed.

51 2002 2003 4.97 2007 2008 499.50 305.51 12 | P a g e LOVELY PROFESSIONAL UNIVERSITY .88 2005 2006 39.50 3.50 3.88 1529421080 2 305.97 2006 2007 499.50 3.50 340.51 1999 2001 4.62 3508007 10 3.50 3.77 2004 2005 4.97 1704832680 2 340.51 1997 1999 4.62 3508007 10 3.51 2003 2004 4.CAPITAL STRUCTURE OF DLF COMPANY Capital structure From Year 2008 To Year 2009 Class Of Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Authorized Capital 499.62 3508007 10 3.62 3508007 10 3.62 3508007 10 3.50 37.50 3.51 2001 2002 4.88 37767997 10 37.62 3508007 10 3.97 Paid Up Shares (Nos) 1704832680 Paid Up Face Value 2 Paid Up Capital 340.50 Issued Capital 340.50 3.

69/339.48/3.32(CRORE) INTERPRETATION Over all Cost of capital in 2005 is 27.14 (CRORE) OVER ALL COST OF CAPITAL (2009) = EBIT/VALUE OF FIRM = 1. in 2007 is 2.77.12/37.42/305.77 = 9.44 = 5.028 in these years over all cost of capital decreases then after in 2008 over all cost of capital is 9. 13 | P a g e LOVELY PROFESSIONAL UNIVERSITY .22.51 = 27.807.22 (CRORE) OVER ALL COST OF CAPITAL (2007) = EBIT/ VALUE OF FIRM = 620.14 in this year cost of capital increased by previous year but in 2009 again decrease (5.OVER ALL COST OF CAPITAL (2005) = EBIT/VALUE OF FIRM = 97.96 = 9.88 = 2.028 (CRORE) OVER ALL COST OF CAPITAL (2008) = EBIT/VALUE OF FIRM = 3.59/340.117.32).77 (CRORE) OVER ALL COST OF CAPITAL (2006) = EBIT/VALUE OF FIRM = 348. in 2006 is 9.

The short-term obligations are met by realizing amounts from current.345. Current ratio should be in 2:1 ratio but the current ratio of DLF Company is 1. Current ratio 2.27:1 it is less than required Ratio so company should focus to increase it.LIQUIDITY POSITION Liquidity refers to the ability of a concern to meet its current obligations as and when become due.82 = 1. current assets should be almost double than the current liabilities.710. To measure the liquidity of a firm. According to rule of thumb As a convention 2: 1 regard as satisfactory level i. the following ratio can be calculated 1. The current assets should either be liquid or near liquidity.39/1. Absolute liquid or absolute quick ratio CURRENT RATIO CURRENT RATIO (2005) = CURRENT ASSET/CURRENT LIABILITY =1.27 INTERPRETATION Current ratio indicates the liquidity of current assets or the ability of the business to meet its maturing current liabilities. floating or circulating assets. 14 | P a g e LOVELY PROFESSIONAL UNIVERSITY .e. it means focus the current liability. Quick ratio or acid test ratio 3. In this year current liability is greater than current assets so company should be decrease the current liability.

CURRENT RATIO (2008) = CURRENT ASSET/CURRENT LIABILITY = 18.49 INTERPRETATION According to rule of thumb Current ratio should be in 2:1 so the current ratio of DLF Company is 2.84:1 it is greater than required current ratio.12/1.26:1it is approximate equal to required ratio.092.38 = 4.442. It means current asset is more than current liability. 15 | P a g e LOVELY PROFESSIONAL UNIVERSITY .786. according to rule of thumb Current ratio should be in 2:1 but the current ratio is 4.782.84 INTERPRETATION As we know.25/3.49:1 it is approximate equal to required ratio.95 = 2. Current ratio is increase by previous year.345.366.93 = 2.CURRENT RATIO (2006) = CURRENT ASSET/CURRENT LIABILITY = 3. So in year 2007 and 2008 current ratio of DLF Company is good.94/3. So company is focusing the current ratio. CURRENT RATIO (2007) = CURRENT ASSET/CURRENT LIABILITY = 9.26 INTERPRETATION Current ratio should be in 2:1so the current ratio of DLF Company is 2.

not the buyer.718. When an investor makes a decision. Lenders collect personal financial information before making a decision about your loan. Yet if you use personal credit too often. or some combination of both.62/3. the more of a strain is being put on your personal credit.CURRENT RATIO (2009) = CURRENT ASSET/CURRENT LIABILITY = 18. a personal guaranty is involved.40 = 5. it's usually not that way.92 INTERPRETATION As we know. but they actually buy their properties with either institutional lender financing or seller financing.92:1 it is greater than required current ratio.WE can not find Quick ratio and Absolute quick ratio of DLF Company because there is not given information. NOTE: . income statement and a personal credit profile in order to make a decision about the loan.158. It means current asset is more than current liability. The higher your debt to personal income ratio. it's the property that has to qualify. it can actually hurt your personal credit score. 16 | P a g e LOVELY PROFESSIONAL UNIVERSITY . according to rule of thumb Current ratio should be in 2:1 but the current ratio is 5. FINANCIAL CREDIBILITY Real estate investors make 'the deal' with the seller. Many investors step up and sign personal guarantees because they feel they have no other choice. In most cases. But when it comes to financing the deal. They want information such as your personal balance sheet.

RATING OF DLF COMPNY CARE has assigned a PRI+ (PR one plans) rating to the proposed CP/short termTerm NCD issue of 1000 crore (out side the working capital limits) of DLF limited (DLF) instruments with this rating would have strong capacity for timely payment of short tern dept obligations and carry lowest risk. Financial credibility is total internal funds divided by sum of total internal funds and external funds.03 = 0.96/19. and 0.422. Financial credibility of DLF Company is 0. 0.16 IN 2007 FC = 652.989.37.8/7.655.85 = 0.57 IN 2009 FC = 12374.08.FINANCIAL CREDIBILITY OF DLF COMPANY FINANCIAL CREDIBILITY= INTERNAL FUND/EXTERNAL FUND+INTERNAL FUND IN 2005 FC = 383.10 = 0.56 INTERPRETATION I have found financial credibility of DLF Company for 5 years.56 respectably.658. 0.93/1.017.83/21. 17 | P a g e LOVELY PROFESSIONAL UNIVERSITY .55 = 0.37 IN 2006 FC = 644.57.91/3.16. 0.79 = 0.08 IN 2008 FC = 11268.

We are excited about DLF’s dominant presence in emerging segments of premium apartments. in our opinion. improved cash flow resulting from existing project as will as success of recently launched projects and comfortable gearing levels. 18 | P a g e LOVELY PROFESSIONAL UNIVERSITY . which are highly profitable businesses with strong entry barriers. The rating takes comfort from DLF’s stated intention and efforts toward deleveraging itself by raising cash from sale of its non core assets and disposal of some of the non-liquid assets. which. In present time share of DLF Company is 43% in real estate. commercial offices and retail. will encourage lower risk premiums going forward. significant realization of debentures from DLF asset limited (DAL) during H1FY10. India’s largest real estate company. is the best proxy for playing the promising domestic real estate opportunity. The rating takes into account DLF’S improved financial flexibility consequent to the recent debt management steps undertaken. pan-India presence and diversified revenue stream derived from presence residential. commercial and retail projects. POSITION OF DLF COMPANY The rating reflects DLF‘s rich experience and leading position in the domestic real estate sector.CARE assigns ‘+’ or ‘-‘signs to be shown after the assigned rating (where necessary) to indicate the relative position within the band covered by the rating symbol. We believe DLF. DLF is relatively better placed to face the challenging macro environment. large land bank (which is largely paid for). Thus.

Investors won’t be able to sell the partly 19 | P a g e LOVELY PROFESSIONAL UNIVERSITY .285 crore ($24 billion). Hence retail investors in the DLF IPO will receive full allotment. which received subscriptions for about three times the shares on offer. Investors who used the part payment option to apply in the DLF IPO might face a problem. DLF. last month. based on July 5's closing price of Rs.47 times (oversubscribed 2. 525. 582. 7000 crore ($1. DLF is the first real estate company to become one of the top 10 Indian companies by market capitalization. sold 10. plans to spend nearly Rs. 9188 crore ($2. These investors will be allotted partly paid shares of DLF on the allotment date. almost 11 percent above the issue price of Rs.2 million shares reserved for small retail investors.75 billion) to buy and develop property. Retail category has been subscribed by 0. 96.3 billion) in India's biggest-ever IPO.'s shares debuted at Rs. IPO ISSUES MADE BY COMPANY DURING LAST 5 YEARS The subscription for the much hyped mega DLF IPO has ended.975 times (undersubscribed by 0. July 5. but which just managed full subscription for the 52. which built much of the outsourcing hub of Gurgaon on the outskirts of Delhi. DLF IPO has been subscribed by 3. Last year. the company raised Rs. DLF. Last month. making promoter and chairman Kushal Pal Singh the fourth richest Indian. on the Bombay Stock Exchange (BSE). and is ninth with a valuation of Rs.CHANGE IN ITS SHARE PRICE OVER A YEAR Real estate major DLF Ltd. in an offering heavily bid by large funds.27 percent of the company. DLF dropped its plans for what would have been India's biggest IPO due to a sharp market fall in May and June. DLF IPO has performed decently but below market expectations.47 times).025 times). or 175 million shares. 570.

Allotment is likely to be made a few days before the listing date. This process might take more than 1 week considering the size of the DLF IPO. After getting allotment. So.paid shares on the listing date. Institutional investor category in the DLF IPO has been subscribed by 5. If DLF share prices tank after listing then losses might be huge since full allotment will be made and investors won’t be able to limit losses by booking losses on the listing date. Investors who have invested in the DLF IPO can expect to receive the IPO refund in the first week of July through ECS. they will have to pay the remaining money and then convert the partly paid shares to fully paid shares. I feel DLF Universal Limited will have a decent listing and might provide investors with some listing gains if the IPO issue price is fixed at the lower price band of Rs 500. Considering the fact that the time between knowing the allotment status and listing date of an IPO is very small. these investors would not be able to sell the DLF shares that they have been allotted on the listing day of DLF.13 times (oversubscribed 4. it might be a double whammy for small investors who used the part payment option. the largest real estate company of the country. is entering the capital 20 | P a g e LOVELY PROFESSIONAL UNIVERSITY . DLF will list both on the NSE and the BSE and will be admitted into futures and options trading on listing. High Net worth Individuals might get close to full allotment since the unsubscribed portion in the retail and employee categories will be added to HNI category.14 times). The listing date of DLF is likely to be somewhere in the second week of July.14 times (oversubscription ratio : 0. I recommend selling on listing since peer group companies especially Unitech is available at a much lower valuation. The allotment status of DLF IPO and the details for checking the allotment status online will be posted here as soon as they are available.13 times) and the High Net worth Individual category has been subscribed by 1. The stage is set for the largest ever initial public offering (IPO) in India as DLF Limited.

land acquisition and repayment of debt.6 (Rs. DLF IPO PRICE: DLF has fixed the issue price for the IPO.market to raise up to $2.05 or 5 cents (Rs.2) each under the IPO that will open on June 11 and close on June 14. 21 | P a g e LOVELY PROFESSIONAL UNIVERSITY . The institutional investor category has been subscribed by over 4 times A‚Â at the higher end of the price band and by over 5 times A‚Â at the lower end of the price band. This means investors might get some listing gains since Institutional investors were willing to buy at the higher price band.625 crore). The DLF IPO Issue price is Rs. 525. The issue proceeds would be deployed in meeting construction cost. It will be a 100% book built issue. The company will issue 175 million fresh equity shares having face value of $0.500-Rs. at a price band of $12. comprising 10. DLF seems to have chosen to play it safe by fixing the IPO issue price exactly in between the higher end and lower end of its IPO price band.39 billion (Rs.9.550).4-$13.27% of the post issue paid up capital.

htm http://www.co.com/companies/dlf-ltd/13520062/capital-structures http://www.edelweiss.in/company/DLF-Ltd.com www.REFERENCE SITES http://www.dlf.com/dlf-ipo-subscription-oversubscription-status-anddetails/342/ www.bullishindian.rediff.in/articles/20070705/real-estate-major-dlf-share-pricesurges-on-opening-day-in-bse.in/dlf/wcm/connect/68585e0040ad6c53bcafbf23bba7f6d8/CARE.p df?MOD=AJPERES http://www.in http://money.ibtimes.html NEWS PAPER Business line Times of India MAGAZINE Business world 22 | P a g e LOVELY PROFESSIONAL UNIVERSITY .dlf.dlf.

40 3.77 607.19 3.781.36 15294.16 3.989.12 1.39 1.ANNEXURE BALANCE SHEET Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus 339.559.44 340.956.047.28 3.93 630.956.57 1.635.017.79 19.08 Net current assets Current assets.560.33 Notes: Book value of unquoted investments 2.658.52 1.397.98 1.88 12.655.010.91 6.25 3.345.01 328.32 Market value of quoted investments Contingent liabilities 4.19 346.22 14.10 1.81 1.63 173.15 1.808.655.55 7.82 364.718.51 380.00 3.21 377.474.979.533.422.92 17048.710.345.39 10.67 456.00 406.092.242.87 1.38 3.79 72.92 3.397. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total 18.99 Number of equity shares outstanding (Laces) 16972.40 152.56 5.659.82 502.989.57 665.366.79 1.58 37.79 19.17 108.37 1.017.32 21.80 26.49 526.34 1.17 3.03 Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments 1.158.92 30.55 7.815.81 3.72 59.442.91 29.928.94 9.658.945.839.83 365.440.91 35.96 305.48 2.657.643.24 79.95 21.85 1.03 769.82 1.09 758.422.32 1.875.42 Loan funds Secured loans Unsecured loans Total 7.85 98.725.03 173.968.73 2.28 10.73 1.035.62 18.782.786.68 23 | P a g e LOVELY PROFESSIONAL UNIVERSITY .818.95 1.10 3.93 15.92 37.97 4.99 2.

47 227.53 1.03 8.70 128.117.85 306.11 228.07 256.79 3.006.86 Depreciation 114.93 115.24 1.89 2.69 28.08 Other write offs 37.18 68.12 66.52 545.91 930.14 Operating profit 1.59 2.827.67 986.141.496.82 63.046.98 3.96 1.42 88.11 67.86 Adjusted PBT 1.90 5.769.577.62 0.72 237.59 543.55 1.11 356.83 133.22 658.574.12 Selling expenses 59.22 33.546.46 6.64 16.944.30 -0.76 Other recurring income 1.16 0.13 646.86 -0.78 45.312.51 443.48 Financial expenses 809.44 327.762.54 Equity dividend 339.574.61 191.74 3.07 3.42 214.424.40 0.98 560.101.65 -0.12 120.76 412.28 Administrative expenses 156.75 44.56 498.74 23.05 Reported net profit 1.44 Preference dividend Dividend tax 28.32 23.44 620.52 2.19 24 | P a g e LOVELY PROFESSIONAL UNIVERSITY .56 405.68 41.24 406.58 Earnings before appropriation 3.39 Expenses capitalized Cost of sales 1.96 Expenses Material consumed Manufacturing expenses 778.23 3.86 681.807.16 2.58 577.25 9.97 57.PROFIT LOSS ACCOUNT Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Income Operating income 2.68 Non recurring items -2.65 25.17 146.34 Personnel expenses 71.72 Adjusted PBDIT 2.90 348.632.76 26.69 Tax charges 261.55 0.76 2.66 953.29 103.00 Adjusted PAT 1.15 Other non cash adjustments 33.15 3.07 0.071.22 543.72 447.40 97.48 29.843.06 2.19 1.36 2.95 531.18 324.95 33.70 326.91 Retained earnings 2.02 67.67 340.81 345.065.

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