Equity Research On Real Estate Sector

A PROJECT REPORT
ON
EQUITY RESEARCH ON REAL

ESTATE SECTOR
CERTIFICATE-I
This is to certify that the project entitled “Equity Research for Real
Estate Sector” is a bonafied work done by me, Rajesh Arya, under the
guidance of Mr.Ravikant Gupta in fulfillment of requirement of award
of MBA by ASODL. Noida.
Place: New Delhi Rajesh Arya

Reg. No. 14080210375
Date: ASODL, Noida
Countersigned
Place: New Delhi Mr.Ravikant Gupta

Date: (Project Guide)
CERTIFICATE - II
This is to certify that Mr. Rajesh Arya has planned and conducted the
project entitled “Equity Research for Real Estate Sector” under my
guidance and supervision and the report submitted therewith was the
result of bonafide work done by him.
Place: New Delhi Mr.Ravikant Gupta

Date: (Project Guide)
ACKNOWLEDGEMENT
It is my profound privilege and pleasure to express the over whelming
sense of gratitude, devotion and regards to my project guide
Mr. Ravikant Gupta (Sr. G.M. Finance OMAXE Ltd.) New Delhi, for
his valuable suggestions, timely guidance and words of encouragement
during the project work. Without his co-operation this project would not
have been in the form, as it is today.
Also I am very grateful to my entire faculty guide for his kind support &
guidance for the accomplishment of this project work.
Mr.Ravikant Gupta
ROLL NO. - 14080210375
COURSE: MBA
SR. NO. CHAPTER PARTICULARS PAGE NO.
1. ---------- CERTIFICATE (ii)
2. ---------- CERTIFICATE (iii)
3. ---------- ACKNOWLEDGEMENT (iv)
4. CHAPTER-1 INTRODUCTION 1-2
5. CHAPTER-2 THEORETICAL PERSPECTIVE 3-8
7. CHAPTER-3 OBJECTIVE AND SCOPE 9
8. CHAPTER-4 METHODOLOGY 10-11
9. CHAPTER-5 DATA COLLECTION 12-13
10. CHAPTER-6 DATA ANALYSIS 14-57
11. CHAPTER-7 FINDING 58
12. CHAPTER-8 RECOMMENDATION 59-60
13. CHAPTER-9 CONCLUSION 61
14. ------------ BIBLIOGRAPHY 62
15. ------------ APPENDIX 63-70
 Questionnaire 63
 Synopsis 66
CHAPTER – 1
INTRODUCTION
Share khan ltd. is one of the leading retail brokerage of SSKI GROUP which was
running successfully since 1922 in the country. It is the retail broking arm of the
Mumbai based SSKI GROUP, which has over eight decades of experience in the
stock broking business. Share khan offers its customers a wide range of equity related
services including trade execution on BSE, NSE, Derivatives, depository services,
online trading, investment advice etc.The firm’s online trading and investment site –
www.sharekhan.com – was launched on Feb 8, 2000. The site gives access to superior
content and transaction facility to retail customers across the country. Known for the
jargon-free, investor friendly language and high quality research, the site has a
registered base if over one lakh customers. The number of trading members currently
stands at over 3 lacs. While online trading currently accounts for just over 2 percent of
the daily trading in stocks in India. Sharekhan alone accounts for 32 percent of the
volumes traded online.
The content-rich and research oriented portal has stood out among its contemporaries
because of its steadfast dedication to offering customers best-of-breed technology and
superior market information. The objective has been to let customers make informed
decisions and to simplify the process of investing in stocks.Sharekhan ltd. has always
believed in technology to build its business. The company has used some of the best-
known names in the IT industry, like Sun Microsystems, Oracle, Microsoft,
Cambridge Technologies, Nexgenix, Vegnette, Verusign, Financial Technologies
India ltd, Spider Software Pvt ltd, to build its trading engine and content. The
Morokhiya family holds a majority stake in the company. HSBC, Intel and Carlyle are
the other investors.With a legacy of more than 80 years in the stock markets, the SSKI
group ventured into institutional broking and corporate finance 18 years ago.
Presently SSKI is one of the leading players in institutional broking and corporate
finance activities. SSKI holds a sizeable portion of the market in each of these
segments.
SSKI’s institutional broking arm accounts for 7% of the market for Foreign
Institutional portfolio investment and 5% of all Domestic Institutional portfolio
investment in the country. It has 60 institutional clients spread over India, Far East,
UK and US. Foreign Institutional Investors generate about 65% of the organization’s
revenue, with a daily turnover of over US$ 2 million. The Corporate Finance section
has a list of very prestigious clients and has many ‘firsts’ to its credit, in terms of the
size of deal, sector tapped etc. The group has placed over US$ 1 billion in private
equity deals. Some of the clients include BPL Cellular Holding, Gujarat Pipavav,
Essar, Hutchison, Planetasia and shopper’s Stop.

CHAPTER - 2
THEORETICAL PERSPECTIVE
CHAPTER - 3
OBJECTIVE AND SCOPE
 The primary motive for buying a stock is to sell it subsequently at a higher
price. In many cases, dividends will be expected also. Dividends and price
changes are the principal ingredients which investors regard as return or yield.
 If an investor had impeccable information and insight about dividends and
stock prices over subsequent periods, he would be well on his way to great
riches. But the real world of investing is full of political, economic, social, and
other forces that we do not understand sufficiently to permit us to predict
anything with absolute certainty.
 For the security analyst, what primary influences will determine the dividends
to be paid on a stock in the future and what the stock price will be in the future
are the ultimate questions to be answered.
 A logical systematic approach to estimating future dividends and stock price is
indispensable. So one most important aspect of this study is to follow a
investment philosophy.
 Real estate valuations are already being to a high but still this is good number
of real estate companies which have promising future.
 The framework we will be using is the economic-industry-company approach.
This approach is sometimes referred to as a “top-down” method of analysis.

 As per the approach, five major players of real estate industry ranked for the
criteria for investment.

CHAPTER- 4
METHODOLOGY
Details of primary data collection
Sample details
Sample size: 5 real estate firm selected in NCR Delhi as mentioned below
 DLF
 IVRCL INFRASTRUCTURE & PROJECTS LIMITED
 OMAXE LTD
 PARSVNATH
 UNITECH
Sample area: National Capital Region Delhi
Sample unit: One Official of the Managerial level (Finance) in each real
estate firm mentioned above
Sampling method: Convenience sampling method will be employed to collect the
samples for this study
Data collection method: Interview method will be employed to collect
information from the selected samples
Details of Secondary data collection
Secondary data will be collectd through the following sources
 Financial Magazines
 Financial Journals
 Financial Articles
 Internet search engines

 E-libraries
Method Of Analysis
In analyzing a firm’s prospects it often makes sense to start with the broad economic
environment, examining the state of the aggregate economy and even the international
economy. From there, one considers the implications of the outside environment on
the industry in which the firms operates. Finally the firm’s position within the
industry and ranking among its competitors within the industry is to be examined.
So accordingly, we will be using is the economic-industry-company approach. This
approach is sometimes referred to as a “top-down” method of analysis. As per the
approach, five major players of real estate industry ranked for the criteria for
investment.
The firm’s position within the industry and ranking among its competitors within the
industry would be examined on the basis of the following table
FACTORS FAVOURABLE UNFAVOURABLE

Earning level High book value per share Low book value per share
Growth level High return on equity Low return on equity
High earning per share Low earning per share

Risk exposure Low Beta Low Beta
CHAPTER -5
DATA ANALYSIS
Economic Analysis
The Indian economy continued to expand at a robust pace during 2007-08 for the fifth
consecutive year. According to the advance estimates released by Central Statistical
Organisation (CSO), the real GDP growth rate was placed at 8.7 per cent in 2007-08
as compared with 9.6 per cent in 2006-07, reflecting moderation in growth in all the
three sectors, viz., agriculture and allied activities, industry and services.
Notwithstanding the moderation, the growth performance was in tune with the high
average real GDP growth of 8.7 per cent per annum during the five-year period, 2003-
04 to 2007-08.
The macro economy is the environment in which all firms operate. It is important to
predict the course of the national economy because economic activity affects
corporate profits, investor attitudes and expectations, and ultimately security prices.
An outlook of sagging economic growth can lead to lower corporate profits, a
prospect that can engender investor pessimism and lower security prices. Some
industries might be expected to hold up better, and stock prices of companies in these
industries may not decline as much as securities in general. The key for the analyst is
that overall economic activity manifests itself in the behavior of stocks in general or
the stock market.
The key variables commonly used to describe the state of the macro economy are:
1. Growth rate of gross domestic product

2. Industrial growth rate
3. Inflation
4. Employment
5. Fiscal policy of the government
6. Monetary policy of the government
Growth Rate of Gross Domestic Product
Gross domestic product is the measure of the economy’s total production of goods
and services. The GDP growth rate represents the average of the growth rates of
the three principal sectors of the economy, viz. the services sector, the industrial
sector, and the agricultural sector. Rapidly growing GDP indicates an expanding
economy with ample opportunity for a firm to increase sales.
India is one of the fastest growing economies in the world, with an 8% GDP
growth for last three years. IT, retail, infrastructure and industry; all these sectors
have now attained a high altitude.

Year GDP - real growth rate Rank Percent Change Date of Information
2003 4.30 % 54 2002 est.
2004 8.30 % 16 93.02 % 2003 est.
2005 6.20 % 43 -25.30 % 2004 est.
2006 8.40 % 24 35.48 % 2005 est.
2007 9.20 % 23 9.52 % 2006 est.
2008 8.50 % 22 -7.61 % 2007 est.
Industrial Growth Rate
Publicly listed companies play a major role in the industrial sector but only a major
role in the services sector and the agricultural sector. Hence stock market analysts
focus more on the industrial sector. They look at the overall industrial growth rate as
well as the growth rates of different industries. The higher the growth rate of the
industrial sector, other thing equal, the more favourable it is for the stock market.
Dismal performance by manufacturing, mining and electricity sectors has pushed
down the industrial growth rate to 7.6 per cent in December 2007 from 13.4 per cent
in the corresponding month in 2006. The decline in the index of industrial production
(IIP) in December was mainly on account of the manufacturing sector growth rate,
which decelerated to 8.4 per cent from 14.5 per cent in the corresponding period last
financial year.
Inflation
Inflation is the rate at which the general level of prices is rising. High rates of
inflation often are associated with “overheated” economies, that is, economies where
the demand for goods and services is outstripping productive capacity, which leads to
upward pressure on prices.
It can be seen from the below shown graph that the inflation in India has been
continuously rising that is form 3.9% to about 8% resulting in the hike in the prices of
various commodities. Thus the rising inflation can be blamed as the hurting rate
which creates a great cause of worries.
Employment
The unemployment rate is the percentage of the total labor force (i.e., those who are
either working or actively seeking employment) yet to find work. The unemployment
rate measures the extent to which the economy is operating at full capacity. Viewing
the bellow graph it can be said that the unemployment rate have much high between
Fiscal Situation
 The process of fiscal correction and consolidation under the Fiscal
Responsibility and Budget Management (FRBM) Act continued for the
Central Government during 2007-08; the revised estimates (RE) for the year
placed the revenue deficit and gross fiscal deficit at 1.4 per cent and 3.1 per
cent of GDP, respectively, which were lower than the budget estimates, both
in absolute terms and relative to GDP. The reduction in GFD and revenue
deficit by 0.4 per cent and 0.5 per cent of GDP, respectively, during 2007-08
(RE) over 2006-07 met the stipulated minimum threshold levels of 0.3 per
cent and 0.5 per cent of GDP for GFD and revenue deficit, respectively, under
the FRBM Rules, 2004. Gross primary surplus of the Centre was placed higher
at 0.6 per cent of GDP during 2007-08 (RE) than 0.2 per cent in the budget
estimates for the same year.
 According to the Reserve Bank records, gross and net market borrowings
(including 364-day Treasury Bills) during 2007-08 amounted to Rs.1,88,205
crore and Rs.1,09,504 crore, respectively, accounting for 99.7 per cent and
99.9 per cent of the estimated borrowings for the year. The weighted average
maturity of dated securities issued during 2007-08 at 14.90 years was higher
than that of 14.72 years during the previous year. The weighted average yield
of dated securities issued during 2007-08 was 8.12 per cent as compared with
7.89 per cent during 2006-07.
 The State Governments budgeted a revenue surplus of 0.3 per cent of GDP in
2007-08 as against revenue deficit (RD) of 0.1 per cent in 2006-07 (RE). The
gross fiscal deficit (GFD) was budgeted at 2.3 per cent of GDP in 2007-08,
lower by 0.4 percentage points over the previous year.

 During 2007-08, the States (including the Union Territory of Puducherry)
raised market loans amounting to Rs. 67,779 crore (84.1 per cent of gross
allocation) through auctions, as compared with Rs.20,825 crore (78.3 per cent
of gross allocation) during the previous year. The cut-off yield was placed at
7.84-8.90 per cent. The weighted average yield on market loans firmed up to
8.25 per cent during 2007-08 from 8.10 per cent in the previous year.
 The average daily utilisation of WMA and overdraft by the States during
2007-08 was Rs.648crore, as against Rs.248 crore during 2006-07. The cash
surplus position of the States, as reflected in their investments in Treasury
Bills (14-day and auction Treasury Bills), remained sizeable. The average
investment by the States in Treasury Bills during 2007-08 amounted to
Rs.73,680 crore as against Rs.63,718crore during the previous year.
 The Union Budget for 2008-09 proposed to continue the fiscal consolidation
process, with the key deficit indicators, viz., revenue deficit and GFD,
budgeted to be lower by 0.4-0.6 percentage points and primary surplus higher
by 0.5 percentage points of GDP in 2008-09 than in the previous year. While
the FRBM targets relating to GFD are set to be achieved in accordance with
the mandate, the Budget proposed to reschedule the stipulated target of zero
revenue deficit by 2008-09 under FRBM Rules, 2004, primarily on account of
a shift in plan priorities in favour of revenue expenditure-intensive
programmes and schemes.
Monetary and Liquidity Conditions

 Broad money growth (M3), on a year-on-year (y-o-y) basis, was at 20.7 per
cent (Rs. 6,86,096 crore) as at end-March 2008 as compared with 21.5 per
cent (Rs. 5,86,548 crore) a year ago.
 Aggregate deposits of banks, y-o-y, increased by 21.2 per cent (Rs.5,99,687
crore) as at end-March 2008 as compared with 22.3 per cent (Rs. 5,16,134
crore) a year ago.
 Growth in bank credit moderated during 2007-08 after the strong pace in the
preceding three years. Non-food credit by scheduled commercial banks
(SCBs) expanded by 22.3 per cent (Rs.4,19,425 crore), y-o-y, as on March 28,
2008 as compared with 28.5 per cent (Rs.4,18,282 crore) a year ago.
 Reserve money growth was higher at 30.9 per cent, y-o-y, as on March 31,
2008 than 23.7 per cent a year ago, reflecting the year-end liquidity
requirements of the banks. Adjusted for the first round impact of the hike in
the cash reserve ratio, reserve money growth was 25.3 per cent as compared
with 18.9 per cent a year ago.
 Liquidity conditions during 2007-08 continued to be influenced by variation in
cash balances of the Governments and capital flows. The Reserve Bank
continued with the policy of active management of liquidity through
appropriate use of the cash reserve ratio (CRR) and open market operations
(OMO), including issuances of securities under the market stabilisation
scheme (MSS) and operations under the liquidity adjustment facility (LAF).
REIT Regulations
The Securities and Exchange Board of India (SEBI), which issued the Securities and
Exchange Board of India (Real Investment Trusts) Regulations 2008 (Draft for Public
Comments) (Draft REIT Regulations) in December 2007, is now expected to finalise
the Draft REIT Regulations and table it to the Indian Parliament by the end of this
year. The Draft REIT Regulations are essentially aimed at creating a collective real
estate investment trust scheme which will be managed by a real estate management
company, and which invests in income-yielding real estate assets with the aim of
delivering recurring returns to investors with a potential for capital appreciation. The
Draft REIT Regulations, roughly modelled on the 1996 (Indian) SEBI Mutual Fund
Regulations, suffer from the following main discrepancies:
 Taxation – currently, there are no specific provisions governing the basis of
taxation of a REIT. Tax laws would require to be amended and REITs should
be pass-through for tax purposes
 Stamp duty – real estate transactions are adversely impacted by extremely
high stamp duties and registration costs generally in the range of five per cent
to 15 per cent of the value of the property. Laws require to be amended to
reduce or provide exemption to REITs from these costs
 Regulatory framework – there is no guidance of which category of investors
can invest in REITs. To bring in parity with mutual funds, the relevant Foreign
Exchange Management Act (FEMA) regulations need to be amended.
The Draft REIT Regulations, having overcome the above issues and once in effect,
will be a giant leap for the Indian real estate market. Many Indian developers have
been exploring overseas listings through REIT structures in developed REIT markets,
such as Singapore. This is especially because of the absence of a liquid market for
income-yielding assets and the credit squeeze which had constrained development
plans, resulting in supply shortages (and prices) in many parts of India. It is expected
that with Indian REITs coming into play this should change.
Economic Overview
India’s GDP grew at 7.5%, 8.1% and 8.4% in fiscal 2004, 2005 and 2006,
respectively experiencing rapid economic growth. In fiscal 2005, the industrial,
agricultural and service sectors in India grew by 9.0%, 2.3% and 9.8%, respectively.
An important factor in the growth of the services sector has been the strong growth of
the IT and ITES sectors. Indian competitiveness in this area has been aided by
substantial investment in telecommunications and infrastructure, and the phased
liberalization of the communications sector. The Reserve Bank of India has reported
GDP growth of 9.5% in the second half of fiscal 2007.The trend towards greater
organization and transparency has contributed to the development of reliable
indicators of value and organized investment in the real estate sector by domestic and
international financial institutions and has also resulted in the greater availability of
financing for real estate developers. Regulatory changes permitting foreign
investment are expected to further increase investment in the Indian real estate sector.
The nature of demand is also changing, with heightened consumer expectations that
are influenced by higher disposable incomes, increased globalization and the
introduction of new real estate products and services. These trends have been
reinforced by the substantial recent growth in the Indian economy, which has
stimulated demand for land and developed real estate across business lines. Demand
for residential, commercial and retail real estate is rising throughout India,
accompanied by increased demand for hotel accommodation and improved

infrastructure. Additionally, the tax and other benefits applicable to SEZs are
expected to result in a new source of demand.
Industry Analysis
Industry Overview
The Indian economy has witnessed crucial changes in the last 15 years.
Simultaneously, all industrial sectors have felt the influences and after-effects of this
positive atmosphere. Now, India is one of the fastest growing economies in the world,
with an 8% GDP growth for last three years. IT, retail, infrastructure and industry; all
these sectors have now attained a high altitude. Indian Real Estate industry has
flourished keeping pace with feel good economy. In the last fifteen years, and more
specifically in the last 3 years, this segment has observed a boom phase. The graph is
on the compounding increasing path.
The growth in the Indian real estate sector may be attributed to several factors such as
economic reforms and liberalization, increased globalization, increase in business
potentials, heightened equity market activity, increasing demand, enhanced
transparency, legitimized funding and favorable skilled demographics. Reformative
actions taken by the Govt. of India like opening of FDI in the Real Estate sector and
Real Estate Venture capital funds have offered a drive to the boom. Now, this
segment has become one of the highest investment generating avenues. According to
the recent survey conducted by AT Kearney, India is the second best investment
destination after China. The magnificent FDI flow into the Indian real estate industry
has transformed into an organized segment with global standards, contrary to the
erstwhile industry that had been marked by fragmentation, disorganization and poor
governance and unprofessional approach.

The credit for this metamorphosis must go to the significant pouring in investment,
not only from within India but from abroad. The last couple of years have witnessed
the increasing interest of international majors in investing in Indian real estate market.
This keen attention has brought into focus the emergence of private fund pool in this
sector. Now, the industry is growing at 20% per annum. This unabated growth has
falsified the brows of skeptics who were worried that this spurt might be the end of
the bubble. The second factor that plays a critical role in the current boom is the
development of physical and social infrastructure. Residential, commercial offices,
retail and hotels have their own place in the prime locations. The easy availability of
loans has worked as a catalyst.
Residential Real Estate Development

The growth in the residential real estate market in India has been largely driven by
rising disposable incomes, a rapidly growing middle class, low interest rates, fiscal
incentives on both interest and principal payments for housing loans and heightened
customer expectations, as well as increased urbanization and nuclearisation. India’s
housing shortage has increased from 19.4mn units in 2004 to 22.4mn units in 2005-
2006 and is expected to rise further; and the retail market for mortgages grew by 30%
in the second quarter of 2004 and is expected to further grow at a CAGR of 17% from
US$16bn in fiscal 2006 to US$30bn in fiscal 2009.
There is scope for 400 township projects over the next five years spread across 30 to
35 cities, each having a population of more than 0.5mn and that the total project value
dedicated to low and middle income housing in the next seven years is estimated at
US $40bn. The number of households with annual incomes of between Rs2mn and
Rs5mn per year, Rs5mn and Rs10mn per year and in excess of Rs10mn per year is
expected to increase in size by 23%, 26% and 28%, respectively, between fiscal 2002
and fiscal 2010.These higher income households will be target customers for luxury
and super luxury residential developments. The residential sector is expected to
continue to demonstrate robust growth over the next five years, assisted by the rising
penetration of housing finance and favourable tax incentives. Spending on new
middle and higher income housing at Rs0.17mn in fiscal 2005 and expects further
growth at a CAGR of 18.6% over the next five years to Rs4030bn in fiscal 2010.
Commercial Real Estate Development

The recent growth of the commercial real estate sector in India has been fuelled, in
large part, by the increased revenues of companies in the services business,
particularly in the IT and ITES sectors. The IT and ITES sectors will continue to grow
and generate additional employment, which further, will result in increased demand
for commercial space. Within the IT and ITES sectors, the Indian off shoring
operations of multinational companies are expected to increase demand for
commercial space. The trend for these companies has been to set up world-class
business centers to house their growing work force. The total demand for commercial
office real estate in 2005 in the top seven centres of Bangalore, Chennai, Delhi-NCR,
Mumbai, Pune, Hyderabad and Kolkata was over 22mn square feet and is expected to
over 25mn square feet in 2006. The space required for the IT and ITES sectors is
expected to increase at a CAGR of 25% over the three-year period ending 2007- 2008
and at a CAGR of 24% over the five year period ending 2007-2008.
The IT and ITES sectors would require additional space of around 87mn square feet
between fiscal 2006 and 2008.Capital flows into commercial property in 2004
increased by more than 40% over the previous year, leading to record high levels of
new office development. In spite of this, higher demand has helped to stabilise
vacancy rates. The IT, ITES and related sectors are estimated to account for more than
70% of net demand. Capital flows into commercial real estate over the next three
years are estimated at more than US$5bn.
Retail Real Estate Development

Retail spending in India in fiscal 2005 was Rs9.9tn, of which organized retail
accounted for Rs350bn, or around 3.5%. The organized retail segment in India is
expected to grow at a rate of 25% to 30% over the next five fiscal years. The growth
of organized retail segment is expected to be driven by demographic factors,
increasing disposable incomes, changes in perception of branded products, the entry
of international retailers into the market, the availability of cheap finance and the
growing number of retail malls. The major organized retailers in India currently
include Tata-Trent, Pantaloon, Shoppers Stop and the RPG Group. While the
organized retail segment has so far been limited to larger cities in the country,
retailers have announced major expansion plans in smaller cities and towns. The
growth of organized retail in India will also be affected by the reported entry into the
sector of major business groups such as Reliance, Bennett & Coleman, Hindustan
Lever, Hero Group and Bharti. International retailers such as Metro, Shoprite,
Lifestyle and Dairy Farm International have already commenced operations in the
country. It is estimates that, over the next five years, 73.78mn square feet of floor
space and Rs369bn of real estate investment will be required to sustain the growing
organized retail market.
Hotels
Recent growth in the hotel sector in India has primarily been caused by the growing
economy, increased business travel and tourism. Hotel rooms demand will grow at a
CAGR of 10% over the next five years. This is expected to accompany by increases in
average room rates of 20% and 10% in fiscal 2007 and 2008, respectively. It is
expected that the growth in occupancy rates will be assisted by factors such as the
10% CAGR in the number of incoming travellers to India over the next five years. It
is estimates that investments in the hotel industry will be approximately Rs90bn over
the next five years.The majority of segments in the Indian hotel industry have shown
robust growth in room rates as well as occupancy rates. With increased demand and
limited availability of quality accommodation, the average room rates in metropolitan
markets have shown significant growth in 2006 including 36.7% for Hyderabad,
32.5% for Delhi, 30.5% for Jaipur, 24.7% for Mumbai and 24.0% for Bangalore.
Agra, Kolkata, Chennai and Goa experienced a growth range of between 17.0% and
21.0% in 2006. The general increase in both room rates and occupancy rates is
expected to contribute significantly to the demand for new hotel developments.
SEZS
SEZs are specifically delineated duty free enclaves deemed to be foreign territories
for the purposes of Indian custom controls, duties and tariffs. There are three main
types of SEZs: integrated SEZs, which may consist of a number of industries; services
SEZs, which may operate across a range of defined services; and sector specific
SEZs, which focus on one particular industry line. Regulatory approvals have been
received for SEZs proposed to develop by a number of developers, includes DLF,
Reliance Industries Limited and Mahindra Gesco Developers Limited. SEZs, by
virtue of their size, are expected to be a significant new source of real estate
demand.According to the Ministry of Commerce and Industry, 61 SEZs are currently
approved and under establishment. As of March 31, 2005, there were eight functional
SEZs operating in India comprising 811 units, employing over a 100,000 people.
Investment per unit in these SEZs is around Rs18bn.

Infrastructure
Central and state governments in India are increasingly focused on infrastructure
development. Investment in infrastructure will increase to Rs2, 892bn in 2008 from
Rs2655bn in fiscal 2005 as illustrated by the following table:
Total Investments
(Rs Billion)
Infrastructure 2005-2006 2007-2008
Irrigation 423 482
Power 163 126
Roads 383 528
Urban Infrastructure 402 512
Total 2,655 2892
A significant portion of infrastructure development has to be undertaken through
public-private partnerships, thereby increasing the flow of private capital into
infrastructure projects. Key areas of infrastructure development include transport,
power, telecommunications, ports, pipelines, sanitation, water supply and irrigation.
The current rate of infrastructure investment in India, at 3.5% of GDP, is well below
the target rate of 8.0% proposed by the Expert Group on Commercialization of
Infrastructure Projects. The GoI has taken various initiatives to encourage this
investment, such as capital grants, tax holidays and other fiscal incentives for certain
types of projects.
Cinemas
Indian entertainment industry is currently estimated at Rs234bn. Films contribute a
significant proportion (28%) to India.s entertainment industry. While the
entertainment industry is expected to grow annually at almost 21% to reach around

Rs617bn by 2010, the Indian cinema industry is expected to reach Rs153bn in 2010,
contributing 25% to India’s entertainment industry. Indian cinema sector had
revenues of Rs53mn in 2005.The key economic advantages of multiplex cinemas over
single-screen cinemas include better occupancy ratios and the ability for cinema
operators to choose to show movies in a larger or a smaller theatre based on expected
audience size. Multiplex cinema operators are therefore able to maintain higher
capacity utilization compared to single-screen cinemas and can also provide a greater
number of film showings. As each movie has a different screening duration, a
multiplex cinema operator has the flexibility to decide on the screening schedule so as
to maximize the number of shows in the multiplexes, thus generating a higher number
of patrons. Multiplexes allow for better exploitation of the revenue potential of the
movie.
The key growth drivers responsible for the expected increase in the number of
multiplex cinemas include an increase in disposable income across an expanding
Indian middle class, favourable demographic changes, strong growth in organized
retail and the availability of entertainment tax benefits for multiplex cinema
developers. Slowdown in property transaction since the beginning of 2008 with the
steep correction in the stock market failed to have any impact on the revenue growth
of real estate companies as reflected by the early results for the March 2008 quarter.
Aggregate revenue of 14 companies that declared their March 2008 quarter results
was up by an impressive 52.8 percent. However, as aggregate raw material cost shot-
up by 189.9 percent, six of the 14 companies reported a contraction in their PBDIT
margin. The developers are currently facing spiraling input cost with steep hike in
cement and steel prices. While cement companies have hiked prices in the range of
Rs.4 to Rs.8 per 50 kg bag across India, steel companies have hiked prices of long
steel products by about 32-35 percent since January 2008. The firm interest rate
scenario and weak market sentiment may not allow the developers to increase
property prices immediately. Hence, this is likely to hit the earnings of companies in
the coming quarter.
Financial performance graph
High Steel, Cement Cost Hits Realty Developers
Real estate developers are currently facing spiraling input cost with the steep hike in
cement and steel prices. While cement companies have raised prices in the range of
Rs.4 to Rs.8 per 50 kg bags across India, steel companies have hiked prices of long
steel products by about 32-35 percent from the Gobindgarh wholesale market in
Punjab, prices of 10 MM TMT bars increased from Rs.34,000 per tone in January
2008 to Rs.45,650 tones at the end of April 2008.This rise in input cost has became a
major cause of concern for builders executing government works as they are generally
not covered by an escalation clause. On the other hand private projects generally have
an escalation clause, which enables builders to renegotiate the price if the project
costs escalate substantially.
Soaring steel and cement prices are threatening to stall a number of government and
semi-government projects in a numbers of states across the country as contractors are
finding it difficult to cope with the high prices. The component of steel and cement
together account for 50 percent of the overall construction cost of a building and the
steep rise in their prices is forcing member contractors working on government
contracts to slow down and seek a price revision. The real estate industry has lashed
out steel and cement companies for the hike, even accusing them of cartelization. The
firm interest rate scenario and a weak market sentiment may not allow the real estate
developers to increase property prices immediately. Hence, the price hike is likely to
hit the earnings of the companies in the coming quarters. Early results for the March
2008 quarter shows that aggregate raw material cost of 14 companies has shot-up by
189.9 percent. Of the 11 companies, whose year ago data was available; six reported a
contraction in their PBDIT margin. As an alternative measure to cut down the cost of
construction, big developers like Unitech, DLF, etc are looking at using cellular light
weight concrete instead of cement for certain projects. The developers have also
started negotiating for import of steel and cement in the wake of soaring prices in the
domestic market. The government is considering to abolish the import duty on steel
besides imposing some sort of an excise duty on the export of steel in order to soften
the soaring steel prices.

Retailers in Expansion Mode
The sweeping changes taking place in India in organized retail today is going to lead
to a huge spurt in demand for quality real estate, especially for shopping malls. The
Indian real estate is likely see rise in demand with international developers and MNCs
working to create an exclusive shopping environment. In a survey by CB Richard
Ellis, a leading London based real estate service firm, India was identified as the most
sought-after market. It is believed that India will attract large international retailers as
further trade restrictions are lifted. Currently, single brand retailers can own up to 49
percent of their India operations. Retail growth in India is being fueled by rapid
growth in consumer spending and the high percentage of middle class population.
Companies like Reliance Industries, Aditya Birla Group, Bharti-Wal-Mart and the
Future Group are investing heavily in the retail sector.Reliance industries recently
entered into a Rs.230 crore joint venture with UK retailor ‘Marks & Spencer Reliance
India Pvt. Ltd. It is aiming to open atleast 50 new stores in India over the next five
years. Pantaloon Retail, a part of the Future Group is also rapidly expanding its value
formats – Food Bazaar, Furniture Bazaar and Loot Mart in various cities across
India.The AV Birla’s retail venture, Aditya Birla Retail Ltd., plans to roll out about 10
hypermarkets in the country in the year 2008-09 with an investment of Rs.250 crore.
At present the company has 500 supermarkets across India. K Raheja Group –
promoted Shoppers Stop will be investing around Rs.1500 crore in the next three
years to double its outlets to 48 having 3.5 million square feet of retail space.
Early Results Show Margin Erosion

The last couple of years have seen a surging demand for real estate from the growing
hotel industry, burgeoning BPO and IT industry, housing sector, spread of mall
culture and popularity of SEZs. With this the real estate companies have witnessed a
scorching growth in their revenues and earnings. They have also witnessed huge
expansion in their margins as property prices have skyrocketed due to tight supply of
land available for development. Aggregate PBDIT margin of the sector, which
hovered around 15-27 percent in 2005-06, was reported in the range of 36-46 percent
between the June 2006 and December 2007 quarters The turbulence in the
stock market since the beginning of 2008 resulted in a significant slowdown in
property transactions from the speculative buyers. However, this has failed to have
any impact on the revenue growth of real estate companies as reflected by the early
results for the March 2008 quarter. Aggregate revenue of 14 companies that declared
their March 2008 quarter results was up by an impressive 52.8 percent. On the cost
front, raw material expenses recorded a steep rise of 189.9 percent on account of high
steel and cement prices. Wages and salaries grew by 148.5 percent while other
expenses were up by 160 percent. With higher costs, six of the 14 companies recorded
a contraction in their PBDIT margin. Aggregate PAT margin of the 14 companies was
registered at 35.5 percent.
The aggregate trend of the 14 companies was largely dictated by India’s biggest real
estate developer, DLF, which accounted for 66 percent of the aggregate total income
of the 14 companies. DLF reported a robust 43.8 percent y-o-y rise in net sales to
Rs.1,613.3 crore for the March 2008 quarter. Its expenditure shot-up by 275 percent
to Rs.872.5 crore, mainly due to higher cost of land plots and constructed properties.
This resulted in a fall in PBDIT margin by 284 basis points to 50.8 percent. The
company’s interest expenses and depreciation charge soared by 130.9 percent and
361.2 percent, respectively, leading to a 20.3 percent fall in PBT. However, with a
decline in tax provisions by 80.4 percent, PAT registered a 10.2 percent growth. PAT
margin eroded by 116 basis points to 36.4 percent.
Sez Project Attract Major Chunk Of Investment Outlay
Investment scenario for real estate remains buoyant. As per CMIE capex survey for
the March 2008 quarter, total outstanding investments in the sector touched a new
peak of Rs.8,33,571 crore. These investments spread over 2,001 projects comprising
residential housing, township, shopping malls, hotels, IT and ITES and SEZ projects
were higher by 76 percent as compared to those envisaged in the year ago period.
Projects under implementation represented 51 percent of the outstanding investment
outlay. These investments would sustain the growth of the real estate industry in the
long run.
The current investments are being fueled by high demand for office space from IT,
ITES and BPO industry, growing hospitality sector, shortage of houses in residential
sector, spread of mall culture, and the popularity of SEZs.Investment activity in the
industry has also gathered momentum as funds are easily available to the developers
on the back of entry of private equity players, 100 percent FDI in the sector being
allowed, increase in credit disbursement by banks and floatation of real estate funds
by financial institutions like investment banks and housing finance companies. A
special economic zone, which has caught the fancy of real estate developers as well as
the private manufacturing and services companies, attracted the major chunk of
investment outlay. Based on the information captured, total outstanding investment in
setting up these duty-free and tax free enclaves stood at Rs.3,71,033 crore as at the
end of March 2008, representing 45 percent of the total outstanding investments.
However, these do not include projects whose cost details were not available. Total
SEZ investments are spread over 166 projects of which 113 projects are under
implementation and 53 projects are in the announcement stage.
India’s biggest private sector company, the Mukesh Ambani led Reliance Group is
investing a whopping Rs.76,000 crore in three SEZ projects spread over Haryana,
Navi Mumbai and Raigad. Of these two projects worth Rs.46,000 crore in Haryana
and Navi Mumbai are under implementation while Rs.30,000 crore worth project in
Raigad is in the announcement stage. The other group, which is investing heavily in
SEZ projects is India’s largest realty developer, DLF. The company has announced
Rs.31,250 crore investment in seven SEZ projects in cities like Nagpur,
Bhubneshwar, Amritser, Gurgaon, Rajarhat, Ahmedabad and Poppalguda. Of the
seven projects, five are under implementation and two in the announcement stage.IT
Behmoth TCS is also investing Rs.3,900 crore in seven SEZ projects in Devanhalli,
Mysore, Hubli, Siruseri, Hinjewadi, Mangalore and Adibatla. Of these, four projects
amounting to 2,900 crore were under implementation. Investment in integrated
townships is also on the rise. This is reflected in the survey, which captured 78
projects dedicated to development of townships the same entailed an investment of
Rs.2,05,468 crore, 25 percent of the total outstanding investments during the quarter.
Of these 31 projects worth Rs.35,996 crore were under implementation.
The largest project in the sector has been announced by Bangalore Metropolitan
Regional Development Authority (BMRDA) for setting up an integrated township in
Bidadi near Bangalore. BMRDA has awarded the project to DLF, which will be
developing the township in a 50:50 joint venture with Limitless Group, Dubai based
real estate developer. The project is worth Rs.60,000 crore and would be spread over
an area of approximately 10,000 acres.Bahrain based Islamic investment bank Gulf

Finance House has signed as agreement with the Maharashtra government to set up a
Rs.40,000 crore economic development zone on 1,400 acres of land at Panvel, nearly
50kms.outside Mumbai. This is the largest foreign direct investment in the state.
DLF has also entered into a public-private partnership with West Bengal government
to build a township and an industrial hub at Dankuni in the Hoogly district to be
known as Dankuni World Township. The project would be built on 4,870 acres of
land at an estimated cost of Rs.33, 000 crore. The above three projects, however, are
still in the announcement stage.
REAL ESTATE INDEX GAIN 11.9%
After being battered on the bourses for three consecutive months, real estate scrips
witnessed some buying interest in April. The CMIE real estate index ended in the
black for the first time since the beginning of 2008, gaining 11.9 percent on the
bourses. It outperformed the COSPI by a marginal 0.6 percent during the month. As
RBI kept the interest rates unchanged in its monetary policy review during April, real
estate scripts attracted investor interest as most stocks were available at much lower
valuations.
The major players and competitors of the real estate sector and performance is shown
in the following table.

Company Analysis
Company analysis is the last leg in the economy-industry-company analysis sequence.
Now accordingly five major players of real estate sector have been chosen and
analysis is made their on. The five major players of real estate sectors chosen are
1. DLF
2. IVRCL Infrastructure & Projects Limited
3. OMAXE LTD
4. PARSVNATH
5. UNITECH
The firm’s position within the industry and ranking among its competitors within the
industry would be examined on the basis of the following table
FACTORS FAVOURABLE UNFAVOURABLE

Earning level High book value per share Low book value per share
Growth level High return on equity Low return on equity
High earning per share Low earning per share
Risk exposure Low Beta Low Beta
DLF
DLF Limited, or DLF, 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.
[2] 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.
1. RETURN ON EQUITY = EQUITY EARNING/ EQUITY

= 406.91 / 305.88
= 1.330292925
2. BOOK VALUE PER SHARE = NETWORTH / NUMBER OF

OUTSTANDING EQUITY SHARES
= 6528000000 / 1704832680
= 3.829114773
3. EARNING PER SHARE = EQUITY EARNING / NUMBER OF

= 15.1937491
4. BETA = 1.222
IVRCL Infrastructure & Projects Limited
IVRCL Infrastructure & Projects Limited began its journey in the year 1987.
Strongly entrenched with proven domain knowledge, experience and credentials,
IVRCL operates infrastructure sectors includes Water & Environment, Buildings
and Power. Since inception, IVRCL has put in place stringent policies to create a
safe and healthy environment at the project sites. The company's landmarks in
quality consist of ISO: 9001 - 2000 for Quality Management System, ISO: 14001
- 2004 for Environmental Management System and ISO: 18001 - 1999 for
Occupational Health & Safety Assessment Series.

The commercial operations of the company were started in the year 1990. In the
same year, IVRCL established itself as a premier EPC & LSTK Service Provider
with front-end engineering capabilities. During the year 1995, with the Initial
Public Offering, IVRCL became a Listed Company and has been maintaining a
consistent dividend payment record. The Company foray into Build-Operate-
Transfer BOT/BOOT/DBOOT projects since 2001. In the year 2003, the contract
for execution of the work of Water Supply Scheme to Achampet was come to the
company. The Company made joint venture with SPCL during the period of 2003-
04 for executing the road widening of AP2 package in NH5 of the Prime
Minister's Golden Quadrilateral Project of the National Highways Authority of
India (NHAI) in Andhra Pradesh and also the company has entered into joint
venture with M/s. UAN Raju Construction Company for execution of the Tunnels
work for laying BG line for Konkan Railway in the state of Jammu & Kashmir.
IVRCL awarded contract for the value of 78.79 crores during the year 2004 and
bagged a project in Jammu & Kashmir. IVRCL has entered into joint venture with
SEW Constructions Ltd and Prasad & Company (Project Works) Limited during
the period of 2004-05 to bid for and execute large-scale projects of the Irrigation
& CAD
Dept., of Government of Andhra Pradesh. The contract has been allotted to the
consortium and the company's share is 50% of the total works and also in the
same year the joint venture has been formed between IVRCL and Sri Harsha
Constructions to bid for and execute the work of construction of MGR Link Line
and earth works in the formation of railway, road and bridgework and permanent
way work for National Thermal Power Corporation Ltd, SIPAT - Package - 3. In
the year 2005, the company has entered into a joint venture with Spain-based
Befesa, a holding company of Ina Bensa, to bid for the Rs 800 crore water
desalination plant projects in Chennai on Build-Operate- Transfer (BOT) basis.
IVRCL secures a contract worth Rs 17.37 billions from Government of Andhra
Pradesh and signed pact for desalination plant in Chennai. During the year 2006,
IVRCL Infrastructures secured the order worth Rs 5578 million from the
Irrigation and CAD Department, Government of Andhra Pradesh for execution of
"Handri Niva Sujala Shravanthi (HNSS) Phase-I project and also bagged orders
worth Rs 388.16 Crores relating to Telugu Ganga Project, Nandyal Circle.
IVRCL is the owner of the National Safety Council of India Safety Awards -
2006. In December 2007, IVRCL Infrastructure and Projects has forayed into a
share purchase agreement to buy 100% shares of Alkor Petroo, unlisted oil and
gas exploration and Production Company, by the consideration of Rs 15 crores.
The Company received BAI Award 2007 - Builders' Association of India Pune
Centre.During the year 2008, IVRCL bagged irrigation works of the value of Rs
478.48 Crores from Narmada Valley Development Authority, Bhopal for
execution of "Canal system of Indira Sagar Project Phase-III, Sanawad District,
Madhya Pradesh and in May of the same year 2008, bagged Rs.468 Crores AP
Order and in June 2008, the company has entered into the Oil & Gas sector
services. The company has bagged a contract worth of Rs 837.6 crore from
ONGC Petro additions. IVRCL Infrastructure & Projects Ltd has been selected as
the winner of the 'Golden Peacock Award for Occupational Health & Safety -
2008' by the award Jury. IVRCL is dedicated to improving the overall quality of
life in the country. It believes in making a holistic contribution to all sectors

including water, roads, industrial structures, residential complexes, power projects
etc. For IVRCL, quality is the overpowering virtue around which the whole
system functions. Engineering and design capabilities are IVRCL's proven
strengths. Its turnkey projects in various sectors are characterized by pioneering
ideas and impressive execution capabilities.

= 141.46 / 25.93
= 5.455457

= 13217100000 / 132443773
= 99.79404619

= 15.89202688
4. BETA = 1.353
Omaxe Ltd
The company was originally set up as Omaxe Builders Private limited in 1989,
promoted by Shri. Rohtas Goel , the founder, to undertake construction & contracting
business. The company further changed its constitution to a limited company known
as Omaxe Construction Ltd., in 1999. The name of the company has now changed to
OMAXE LTD from 2006. The company began life as a civil construction and
contracting company, has successfully executed more than 120 prestigious Industrial,
Institutional, Commercial, Residential and Hospital construction projects. The

company entered the Real Estate Development business in 2001 and in now amongst
the large Real Estate Development companies in India
The company has executed construction contracts for a number of prestigious Indian
private, public sector and Multinational's clients.
Omaxe was founded by Shri. Rohtas Goel , a first generation entrepreneur, a civil
engineer by qualification and a visionary having more than two decades of experience
in Construction and Real Estate Development. Mr. Goel, as the Chairman &
Managing Director of Omaxe has been at the forefront, a man with a mission of
building globally comparable quality Residential & Commercial projects, his motto
“Turning Dreams Into Realty “Omaxe has received a number of awards from the
industry, recognition of its continued efforts towards achieving excellence and
quality. The company became the first Construction Company of northern India to
receive an ISO 9001:2000 Certification. The company which was founded as a civil
construction and contracting organization in 1989 and subsequently diversified its
business to focus on Real Estate Development from the year 2001, to capture the
opportunity offered by the growing Real Estate markets in India , is today among the
large Real Estate Development companies in India.
The company in a short span of 5 years has completed and delivered 11 projects
consisting of 8 residential, 1 Integrated Township and 2 commercial covering approx
5.59 million sq. ft of area. The company currently has 54 projects under development.
These include 23 group housing projects, 16 integrated townships,14 shopping malls
and commercial complexes and 1 hotel. The company is at present developing over
156 million sq ft of area across 31 towns in 10 states in Northern, Central India and
Southern India.

= 124.83/154.95
= 0.805614714

= 3212700000 / 173567000
= 18.50985498

= 21.84459027
4. BETA = 1.279
Parsvnath
Parsvnath Developers Ltd is emerging as a dominant power in the Real Estate
segment of the country. Their increasingly expanding footprint across the country is
being experienced by the entire nation. They are trusted over 20 years with sound
repute for bringing utmost worth for money in the properties developed by them.The
Parsvnath Group is an active conglomeration of companies blessed with immaculate
foresight, enviable proficiency and instinctive acumen offering lucrative and holistic
solutions to the Real Estate & Construction World. With more than two decades of
experience in its repertoire, the group has already marked its existence already in
sixteen states and going Pan – India.
They value their clientele and endeavor for customer-focused approach in their key
business decisions. Driven by constant progress, they offer quality solutions to meet
the customer requirements for their housing, commercial and other related needs.
With their concern for Environment, they guarantee optimal utilization of natural
resources to curtail unfavorable impacts from all their business maneuvers. They
strongly believe in principles of sustainable growth and are exploring opportunities
for such plans in their business. In more than two decades of its existence, Parsvnath
has fervently succeeded to transform numerous dreams into reality. Its vision has
inspired the group to erect residential structures for all cross-sections of society and
bring smile on each face.
By way of this, the group wishes to stimulate changes in lives of the natives at basic
level and generate lifestyle avenues for the people at higher level.
The companies’ mission is...

 To cater to the real needs of a growing population
 To improve and set standards of man’s environment
 To deliver value for money & good investment returns
 To respond to the evolution of man’s requirements
 To focus on strategic growth
 Evolve contemporary benchmarks in construction & marketing practices
 Give a different focus to customer relationship & satisfaction
 Broad-base product offerings by catering to different markets and segments
Project efficiency
Parsvnath have successfully raised the standards for the industry as is evident from
their pioneering achievement of being the first Real Estate Company to have been
awarded with.

= 271.78/184.7
= 1.471467244

= 14626800000 / 184696200
= 79.1938329

= 23.39300971
4. BETA = 1.13
Unitech Limited
Unitech Limited, India's leading Real Estate and Infrastructure Company was came to
line in 9th February of the year 1971 as United Technical Consultants Pvt. Ltd and
was converted into a public limited company on 3rd October. The product mix of the
company comprises Residential, Commercial, Information Technology (IT) parks,
Retail, Amusement Parks and Hotels. It is known for the quality of its product and is
the first real estate developer to have been certified ISO 90001:2000 certificate in
North India. Unitech has long partnered with internationally acclaimed architects and
design consultants including Callison Inc (USA), RMJM (UK), FORREC (Canada),
SWA, EDAW and HOK (USA) for various projects. It's clientele for commercial
projects includes global leaders such as Fidelity, Bharti Televentures, Ford Motors,
Nike, Intercontinental Hotel Group, EDS, Hewitt, Convergys, Reebok, Keane,
Fritolays, Sun Life Insurance, BCG, AT Kearney, Seagrams, Perfetti & General
Motors. The additional contracts for water supply and sewage works at Hun and a
mosque at Sokna were awarded to the Company in the year 1986. Unitech received
maintenance work for six school buildings near Tripoli and also in the same year the
Company signed an agreement with Libyan Authorities for the construction of 270
houses at Wadan. Unitech launched a real estate mini-city, the South City and a
similar one at Rae-Bareilley in South of Lucknow covered an area of 255 acres of
land.
During the year 1987, the Company received major orders for construction of Okhla
Sewage treatment plant at Delhi valued at Rs.8 crores and a steel melting shop at
Vizag Steel Plant valued at Rs.16 crores. In the period of 1988, the construction of
chimney for Dadri Thermal Power Station of NTPC, a 300 metre tall TV Tower at
Jaisalmer, Rajasthan were came to company's hand and pile foundation work for
Durgapur Steel Plant also under Other jobs. In the same year a technical collaboration
agreement was entered into with Ramda Inn Chain for implementation of a five-star
deluxe hotel project at Agra. The company bagged some contracts in the year 1989
includes construction of super structure for main powerhouse and auxiliary building
for BHEL at Tenugha, Bihar. The industrial buildings for J.K. Tyres at Gwalior, M.P,
the modernisation of slab casting shop for TISCO, Jamshedpur and residential
Complex Township for Chambal Fertilizers Ltd at Kota, Rajasthan. An agreement
was signed with Kazakh Republican Council and their associates for a joint venture
for renovation of the existing hotel at Medeo at Alma Ata (USSR) to 5-star deluxe
standard.
A Joint venture Company in the name of Benetone Unitech Co. Ltd was incorporated
in Thailand to undertake development and construction projects. The Company
secured the construction work of container depot in the year 1990 for Container
Corporation of India at Tughlakabad. In 1994 the Company signed a MOU with

Singapore Consortium and Haryana Urban Development Authority for setting up a
Technology Park in Gurgaon. Unitech entered into partnership agreement in the year
1995 with Resources Development Corporation Ltd, Singapore and Comcraft Asia
Pacific Pte Ltd Singapore to set up Automatic Block plants at New Mumbai and
Ready Mixed concrete plants at Powai, Goregaon and South City. The Company has
handed over possession of several apartments in the year 1996 of Heritage Estate in
Bangalore, Legacy Complex in Lucknow and, Sunbreeze Tower-III. In 2001-02, the
company has got orders from Utter Pradesh Public Works Department and DDA for
Highway/Road Projects costing Rs.35 crores and Rs.28.5 crores respectively. In 2002-
03, Uniworld City, a prestigious residential (Group Housing) was launched and also
the Vista Villas (Phase II) launched during the year under residential projects. The
joint ventures were made with B.Hotels Ltd (Radisson Hotel), Hyundai Unitech
Electrical Transmission Ltd, Gurgaon Technology Park Ltd and RHW Hotel
Management Services for various projects in kind.
Around August 2003, Unitech launched The Great India Place, a 142 acres
amusement/ entertainment project, in Noida; this project covered an amusement park,
a restaurant complex, a water park, a multiplex and two shopping malls. Unitech
entered to venture into malls, entertainment businesses in the year 2004 with
investment of around Rs 1,500 crore. Unitech Brings 'Harmony' At 'Nirvana Country'
Residential Township a Project to bring harmony of Luxury & Style at 320 acres
township in the year 2006. During the year 2006-07, the company opened its first
retail malls in Delhi and Noida and also opened its first Amusement Park in Delhi.
Unitech successfully launched several high-quality residential and commercial
projects like Habitat, Verve, Harmony, Fresco, Escape, Air, Downtown, Infospace,
Business Zones, Arcadia, South City Gardens and Capella etc. the company forays
into development of hotels, by entering into the Management Agreement with
Marriott for managing four Courtyard hotels in Gurgaon, Noida and Kolkata, and with
Carlson Group for managing a Country Inn in Gurgaon. During the year, 67
companies were added as the subsidiaries of the company, thereby taking the total
number of subsidiary companies to 135 as on March 31, 2007. The company's greater
geographical footprint was in the year 2007, from being a player operating
predominantly in the national capital region (NCR), Unitech is fast widening its
presence across the length and breadth of the country. The company launched a
premium residential project, Unitech Grande, in July 2007 at Noida. Unitech Grande
is a premium lifestyle destination offering super luxury apartments in sylvan
surroundings across 347 acres of prime land.
Unitech as a leading real estate developer is well poised to benefit from the
unprecedented growth being witnessed in the real estate sector in the country. It has
built a large land bank of over 14,500 acres spread across some of the fastest growing
cities in the country. Unitech has also scaled up both its internal and external
resources to be able to execute large projects. Unitech is all set to embark on a high
growth path.

= 984/162.34
= 6.061352717

= 11610000000/1623375000
= 7.151767152
= 7.465496265
4. BETA = 1.178
CHAPTER-6
FINDING
CHAPTER-7
RECOMMENDATION
CHAPTER- 8
CONCLUSION
Viewing the overall economic scenario and the industry scenario, it can be viewed
that the home loan rates have moved in tandem with the prime lending rates of major
banks. The benchmark lending rates at these banks and home finance companies have
increased by 50-75 basis points, following hikes in the repo rate and the cash reserve
ratio, announced by the Reserve bank of India recently to stem inflationary pressures.
In fact, floating interest rates for home loans are now at 11-12.5% as against 7.5% in
2005.The cracks are beginning to show, and the three year boom story in the real
estate graph may just be on its way down. A spiky inflation scenario, creeping interest
rates and rising construction costs brought on by sky-rocketing prices of inputs are
preying on cash-strapped developers who have to contend with sluggish demand.
Projects and payments to suppliers are both getting delayed – a sure shot sign of
troubled times.
Based on the above scenario, it can be said the investment in the real estate stock in
short term will not earn any profit. Moreover a long term investment would earn a
great profit as the real estate industry shall have a great growth as soon as the
economy stabilizes. So, according to the company analysis done and based on the
factors like earning, growth and risk of the five companies, it can be said that long
term investment in the following company would be beneficial. The companies are
ranked according to the ratio on the basis of the earning factor, growth factor and risk
factors.
Ranked Return on BOOK VALUE PER EARNING PER
companies equity SHARE SHARE BETA
IVRCL 5.455457 99.79404619 15.89202688 1.353
PARSVNATH 1.471467244 79.1938329 23.39300971 1.13
OMAXE 0.805614714 18.50985498 21.84459027 1.279
DLF 1.330292925 3.829114773 15.1937491 1.222
UNITECH 6.061352717 7.151767152 7.465496265 1.178
ANNEXURE
DLF
1. DLF REPORT
D L F Ltd. (BSE)
Adj closing
------- ------- Traded shares ------- SMA Address / Contact
price
Shopping Mall, 3rd Floor,
Arjun Marg, Phase-I, D L F City,
Gurgaon Haryana 122002
Website: www.dlf.in
Tel: 91-124-6350341
Fax: 91-124-6350431
E-mail: vidyap@vsnl.net
Key Indicators as on 17/06/2008

Closing Price (Rs.) 505.9
EPS (Rs.) 15.1937491
33.2965877
P/E
4
68.9138596
BV per Share (Rs.)
3
7.34104870
PB
5
86247.4852
Mkt Cap (Rs. Crore)
8
(Rs. Crore) 3-Jun 7-Mar 7-Jun 7-Sep 7-Dec 8-Mar Beta 1.222
-
3 mths 3 mths 3 mths 3 mths 3 mths 3 mths Returns 1 mth % 22.0733210
1
Total Income 44.33 1207.11 1207.11 1299.74 1812.59 1756.52 Returns 12 mth % -10.9827474
-
Net Sales 44.33 1121.87 1121.87 1121.19 1676.51 1613.32 Exc ret over Nifty (12 mths) 23.1816333
7
Other 0.79067009
0 85.24 85.24 178.55 136.08 143.2 Yield %
Income 3
Extra-
1,70,48,32,6
ordinary 0 0 0 17.48 0 0 Shares outstanding
80
Income
Change in
0 0 0 0 0 0 Avg. daily vol. (30 days) 79.1527816
stock
(Rs. Crore) 2
Expenditure 36.01 627.84 627.84 533.12 1206.75 1117.97
Consp. raw
0 0 0 0 0 0 Share holding (%) Mar-08
mat.
Personnel
3.81 23.06 23.08 23.25 31.76 67.25 Promoters 88.16
cost
Other
25.81 227.84 227.84 444.54 837.73 796.37 Public 2.95
expenses
Extra-
0 0 0 0 0 0 FIIs 7.56
ordinary exp.
PBDIT 14.71 956.21 956.19 831.95 943.1 892.9 Others 1.33
Interest 1.73 78.32 78.32 58.36 130.12 180.85 Economic Activity:
PBDT 12.98 877.89 877.87 773.59 812.98 712.05
0.59 3.38 3.36 3.25 3.48 15.59
Depreciation
D L F Universal Ltd. was incorporated in 1981, and is part
PBT 12.39 874.51 874.51 770.34 809.5 696.46
of the DLF Group The company mainly provides Real
Tax 4.07 295.24 295.24 3.72 203.66 57.91
estate infrastructure services.
PAT 8.32 579.27 579.27 766.62 605.84 638.55
Adjusted EPS 47.4628 2.66054 13.5912 14.9197 15.1937
14.7435
(Rs.) 47 92 46 63 49
Start
Growth (%) Board meetings
date
Net sales - 43.8063 3-Jun-08 Final Dividend & Audited Results
59.2030 23
19
Total 78.0660
-64.0008 30-Apr-08 Quarterly Results
expenses 68
- -
PBDIT 8.11992 6.62093 30-Jan-08 Quarterly Results
5 05
-
130.911
Interest 12.6262 30-Oct-07 Quarterly Results & Interim Dividend
64
63
Inter alia, to consider the following: 1.
Raising of the Funds from Abroad. 2.
- - International Acquisitions. 3.
PBDT 7.48396 18.8907 11-Oct-07 Participation into the proposed IPO of
29 49 DLF Offices Trust in Singapore. 4.
Investment in various Development
projects in India and abroad.
-
10.2335
PAT 3.59212 Ownership / Auditor / Registrar
7
05
Profitability
Ownership DLF Group
(%)
33.1829 79.2148 79.2131 64.0089 52.0305 50.8334
PBDIT/Total Walker, Chandiok & Co.
46 19 62 56 2 66
income Auditors
PBDT/Total 29.2803 72.7265 72.7249 59.5188 44.8518 40.5375

income 97 95 38 27 42 4
PAT/Total 18.7683 47.9881 47.9881 58.9825 33.4239 36.3531
income 28 7 7 66 95 3
PBDIT Registrar Karvy Computershare Pvt. Ltd.
33.1829 85.2335 72.6433 56.2537 55.3454
netof 85.2318
46 83 52 65 99
PE&OI/OpInc
PBDT netof 29.2803 78.2523 78.2505 67.4381 48.4924 44.1356
Board of Directors
PE&OI/OpInc 97 82 99 68 04 95
PAT netof 18.7683 44.0362 44.0362 52.4505 28.0201 30.7037 CH & Exec.
K P Singh
PE&OI/OpInc 28 97 97 21 13 66 Director
Vice CH & Exec.
Price (Rs.) 0 0 0 762.95 1073.8 646.5 Rajiv Singh
Director
51.1368 72.8320 42.5503
P/E 0 0 0 MD T C Goyal
7 97 93
Exec. Director Pia Singh (Ms.)
Exec. Director Kameshwar Swarup

Sep- Mar- Mar-
1-Mar 2-Mar 3-Mar 4-Mar 5-Mar ## 7-Mar
97 99 00
12 18 12 12 12 12 12 12
12 mths 12 mths
mths mths mths mths mths mths mths mths
Total 172.8 225.4 256.7 246.1 350.6 289.0 479.7
495.83 ## 1430.64
income 7 8 2 6 3 6 8
PAT net of
19.06 25.52 48.23 12.92 32.88 23.04 35.07 67.47 ## 405.9
P&E
GFA 20.75 23.84 83.65 64.8 46.88 43.77 83.62 98.8 ## 365.59
208.8 233.0 260.3 283.9 383.9
Net Worth 64.51 88.76 317.82 ## 652.8
9 1 2 1 3
Borrowing 268.7 425.0 633.0
303.2 99.79 45.86 22.38 561.06 ## 6769.15
s 9 7 8
PBDITA/T
otal 38.35 57.53 56.33 24.09 17.28 14.80 26.91 65.14636
11.965795 42
income 83 06 375 002 032 661 233 806
(%)
PAT netof
11.12 11.27 22.05 11.24 9.903 9.498 14.13 28.46758
P&E/Tot 7.1650713 20
27 823 545 102 097 132 005 735
inc(%)
38.04 33.17 36.82 11.61 13.96 9.903 19.29 62.71104
RONW 11.792664 44
617 022 849 801 226 901 177 159
8.917 7.800 13.86 7.609 12.50 9.501 7.438 8.409264
ROCE 6.2724854 11
996 657 665 533 726 313 502 223
2. DLF EXECUTIVE SUMMARY
D L F Ltd. Mar 2002 Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007
Rs. Crore (Non-
Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
-
Total income 350.63 289.06 495.83 479.78 1146.14 1430.64
Sales 296.39 270.02 472.92 442.04 983.94 1130.62
Income from financial
services 48.15 11.67 19.81 33.76 159.43 294.66

Total expenses 312.55 278.12 453.42 412.09 915.04 1015.01
Raw material expenses 0 0 0 0 0 0
Power, fuel & water
charges 0.96 0.95 0.89 1.03 0.23 0.69
Compensation to
employees 14.19 15.71 21.41 33.34 16.76 44.82
Indirect taxes 3.99 3.86 5.13 4.75 1.39 4.57
Selling & distribution
expenses 8.59 12.13 20.5 24.95 28.04 64.86
Other operational exp. of
indl. enterprises 241.4 205.92 365.12 259.29 577.63 237.75
Other oper. exp. of non-
fin. service enterprises 0 0 0 0 0 0

PBDITA 62.15 46.71 59.74 129.34 488 933.02
PBDTA 42.5 41.73 50.83 99.39 352.01 630.03
PBT 38.23 39.2 48.07 96.87 348.99 621.47
PAT 34.44 26.95 35.48 67.69 228.52 406.91

Net worth 260.32 283.91 317.82 383.93 644.93 652.8
Paid up equity capital (net
of forfeited capital) 3.51 3.51 3.51 3.51 37.77 305.88
Reserves & surplus 256.81 280.4 314.31 380.42 607.16 346.92

Total borrowings 45.86 22.38 561.06 633.08 3013.89 6769.15
Current liabilities & 1007.5 1078.45 1155.38 1337.54 1358.49 3759.04

Total assets 1318.95 1391.22 2041.97 2362.85 5026.7 11205.04
Gross fixed assets 46.88 44 86.04 505.43 565.64 1030.62
Net fixed assets 20.68 18.64 59.34 478.64 536.4 993.61
Investments 159.3 167.41 177.27 173.82 1397.28 769.18
Current assets 1116.07 1102.68 1402.31 997.12 1285.96 6069.75
Loans & advances 21.73 100.8 400.93 693.76 1722.42 3213.51

Growth (%)
- -
Total income 42.4398765 17.5598209 71.5318619 3.23699655 138.888657 24.8224475
- -
Total expenses 48.1700958 11.0158375 63.0303466 9.11516916 122.048582 10.9252055
-
PBDITA -13.740458 24.8431215 27.8955256 116.504854 277.300139 91.192623
-
PAT 34.1643942 21.7479675 31.6512059 90.78354 237.597873 78.0631892
Net worth 11.720527 9.06192379 11.9439259 20.8010824 67.9811424 1.22028747
-
Total assets 3.20627605 5.47935858 46.775492 15.7142367 112.738854 122.910458

Profitability ratios (%)
PBDITA Net of P&E/Total
income net of P&E 17.4224344 15.084232 11.9815017 26.9533452 42.5240462 65.2037947
PAT Net of P&E/Total
income net of P&E 9.45452454 8.12010996 7.08227311 14.0841248 19.8555042 28.3969273
PAT Net of P&E/Avg. net
worth 13.3298198 8.46700843 11.6563907 19.2290702 44.1809381 62.5553852
PAT/Avg. net worth 13.9622565 9.90390092 11.7926645 19.2917706 44.4219816 62.7110416
PAT Net of P&E/Avg. total
assets 2.45227645 1.70026235 2.04299791 3.0634623 6.15138946 5.00131224
PAT/Avg. total assets 2.56862533 1.98880513 2.0668824 3.07345136 6.18495037 5.013757

Liquidity ratios (times)
Current ratio 1.0740117 1.00994669 1.17260785 0.72627155 0.7568032 1.42027639
Debt to equity ratio 0.17616779 0.0788278 1.76533887 1.64894642 4.67320484 10.3694087
Interest cover 2.86615776 8.08634538 6.34904602 4.22704508 3.55717332 3.04779036
Debtors (days) 33.8289079 37.6260092 48.2645585 45.21627 5.66266744 32.3396676
Creditors (days) 1295.7597 1530.08289 959.566552 1352.44023 672.245544 2521.73265

Efficiency ratios (times)
Total income / Avg. total
assets 0.26150903 0.21331503 0.28884507 0.21784318 0.31020563 0.17627685
Total income /
Compensation to
employees 24.7096547 18.3997454 23.1588043 14.3905219 68.3854415 31.9196787

3. DLF LIABILITIES
D L F Ltd. Mar 2002 Mar 2006 Mar 2007

Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths
-
Net worth 217.42 1003.84 3554.91
Authorised capital 4.5 39.5 499.5
Issued equity capital 3.62 37.88 305.88
Paid up equity capital (net of forfeited capital) 3.51 37.77 305.88
Forfeited equity capital 0 0 0
Paid up preference capital (net of forfeited capital) 0 0 949.83
Capital contibution, suspense and application money 0 0 0

Minority interest reserves 8.48 5.4 9.19

Reserves & surplus 213.91 966.07 2299.2
Free Reserves 171.12 935.15 2201.88
Security premium reserves (Net of deductions) 9.72 21.41 11.69
Other free reserves 161.4 913.74 2190.19
Specific Reserves 42.79 30.92 97.32
Revaluation Reserves 0 0 0
Accumulated losses 0 0 0

Total borrowings 524.04 4071.13 9866.84
Bank borrowings 235.21 2833.57 7388.3
Short term bank borrowings 32.8 392.51 740.64
Long term bank borrowings 202.41 2441.06 6647.66
Financial institutional borrowings 0 150 150
Central & state govt. (usually sales tax deferrals) 0 0 0
Debentures / bonds 1.45 0.01 0.01
Convertible 0 0 0
Non-convertible 1.45 0.01 0.01
Fixed deposits 6.03 0.69 0.15
Foreign borrowings 72.37 66.3 0
Of which : euro convertible bonds 0 0 0
Borrowings from corporate bodies 145 997.94 2328.38
Group / associate cos. 0 0 0
Borrowings from promoters / directors 1.38 0 0
Commercial paper 0 0 0
Hire purchase borrowings 0 0 0
Deferred credit 0.01 0 0
Other borrowings 62.59 22.62 0

Secured borrowings 443.83 3955.55 9205.25
Unsecured borrowings 80.21 115.58 661.59
Current portion of long term debt 0 0 0

Current liabilities & provisions 1184.98 1859.46 4673
Sundry creditors 79.63 125.11 267.77
Acceptances 0 0 0
Deposits & advances from customers & employees 928.12 1170.92 2632.64
Interest accrued 10.91 22.89 40.3
Share application money 0 0 0
Other current liabilities 160.76 204.11 437.47
Provisions 5.56 336.43 1294.82

Deferred tax liability 13.33 22.78 38.54

Total liabilities 1948.25 6962.61 18142.48

Net worth (net of reval & DRE) 217.42 1003.56 3554.91
Contingent liabilities 0 0 0

IVRCL Infrastructure & Projects Limited
1. IVRCL Infrastructure & Projects Limited REPORT
I V R C L Infrastructures & Projects Ltd.

(BSE)
Adj closing Traded shares Address / Contact
------- price ------- ------- SMA
M-22/3RT,
Vijaya Nagar Colony,
Hyderabad Andhra Pradesh 500057
Website: www.ivrcl.com
Tel: 91-40-23348467
Fax: 91-40-23345004
E-mail: ivrcl2@hd1.vsnl.net.in
8
EPS (Rs.) 15.89202
688
P/E 24.10642
79
BV per Share (Rs.) 118.9855
864
PB 3.219717
711
Mkt Cap (Rs. Crore) 5073.920
944
(Rs. Beta
Crore) 6-Dec 7-Mar 7-Jun 7-Sep 7-Dec 8-Mar 1.353
Returns 1 mth % -
3 3 3 3 3 3 12.48429
mths mths mths mths mths mths 469
Total 524.0 678.3 690.0 975.6 1322. Returns 12 mth % 13.22455
Income 6 992.5 6 2 5 87 33
Net 522.3 992.2 677.3 688.4 974.8 1321. Exc ret over Nifty (12 mths) 1.025667
Sales 1 6 2 5 6 73 329
Other Yield % 0.261028
Income 1.75 0.24 1.04 1.57 0.79 1.14 452
Extra- Shares outstanding
ordinary 13,24,43,
Income 0 0 0 0 0 0 773
Change in Avg. daily vol. (30 days) 7.871532
stock 0 0 0 0 0 0 (Rs. Crore) 048
Expendit 492.4 919.2 654.7 911.5 1249.
ure 2 6 640.4 7 9 57
Consp. 231.2 387.0 295.8 276.5 284.3 392.6 Share holding (%)
raw mat. 5 7 5 4 1 6 Mar-08
21.82 29.6 31.76 35.27 28.24 47.97 Promoters 9.57
Personnel
cost
Other 217.8 468.0 289.6 321.3 550.8 742.3 Public
expenses 8 5 8 4 9 7 7.08
Extra- FIIs
ordinary
exp. 0 0 0 0 0 0 56.99
PBDIT 107.7 112.2 139.8 Others
53.11 8 61.07 56.87 1 7 26.36
PBDT 105.0 I V R C L Infrastructures & Projects Ltd. was
47.58 5 55.38 49.27 94.53 119.1 incorporated in 1987. M Sandeep Reddy,
Sujatha Reddy Eragam and Sunil Reddy
Depreciati Eragam are among its promoters. It made its
on 6.01 6.89 6.62 7.63 8.66 9.91 public issue in the year 1995. It is a part of
PBT 109.1 the IVRCL Group. It is engaged in
41.57 98.16 48.76 41.64 85.87 9 construction and allied activities.
Tax 9.93 24.92 10.8 6.39 21.81 35.89
PAT 31.64 73.24 37.96 35.25 64.06 73.3
Adjusted 8.766 10.90 12.21 13.73 15.89 15.89
EPS (Rs.) 713 987 711 49 429 203
Growth Start Board meetings
(%) date
Net 42.07 68.02 58.66 88.92 86.64 33.20 Audited Results
sales 491 018 011 182 395 4 28-May-08
Total 42.10 66.81 57.50 84.80 85.12 35.93 Quarterly Results
expenses 435 063 51 666 449 216 31-Jan-08
PBDIT 55.20 79.24 68.05 56.62 111.2 29.77 Quarterly Results
164 497 173 352 785 361 31-Oct-07
Interest - - - - Quarterly Results
36.43 44.17 31.36 25.99 219.7 660.8
68 18 31 81 107 059 31-Jul-07
PBDT 86.44 90.17 97.43 89.20 98.67 13.37 Audited Results
201 017 316 891 591 458 28-May-07
PAT 47.09 67.17 80.58 126.3 102.4 0.081 Ownership / Auditor / Registrar
437 644 991 969 652 922
Profitabili IVRCL Group
ty (%) Ownership
Auditors Chaturvedi & Partners
PBDIT/Tot 10.13 10.85 9.002 8.241 11.50 10.57
al income 434 945 594 79 105 322
Deloitte, Haskins & Sells
PBDT/Tot 9.079 10.58 8.163 7.140 9.688 9.003
al income 113 438 807 373 925 152
Registrar Karvy Computershare Pvt.
PAT/Total 6.037 7.379 5.595 5.108 6.565 5.540 Ltd.
income 477 345 849 548 879 983
PBDIT
netof
PE&OI/Op 10.16 10.86 9.016 8.260 11.51 10.58
Inc 829 207 418 585 037 234
PBDT Board of Directors
netof
PE&OI/Op 9.109 10.58 8.176 7.156 9.696 9.010
Inc 533 694 342 656 777 918
PAT E Ella Reddy
netof
PE&OI/Op 5.722 7.356 5.450 4.892 6.490 5.459
Inc 655 943 895 149 163 511 Director
Price (Rs.) 358.6 554.4 E Sudhir Reddy
385.2 292.1 5 422.4 5 401.1 CH & MD
P/E 43.93 26.77 29.35 30.75 34.88 25.23 E Sunil Reddy
893 392 636 377 359 907 Director
Director T N Chaturvedi
Director R Balarami Reddy
(Finance)

Mar- Mar- Mar-
98 99 00 1-Mar 2-Mar 3-Mar 4-Mar 5-Mar 6-Mar 7-Mar
12 12 12 12 12 12 12 12
mths mths mths mths mths mths 12 mths mths mths 12 mths
Total 80.09 106.8 213.6 269.7 395.5 445.4 788.96 1063. 1538. 2379.09
income 2 4 6 9 64 21
PAT net of
P&E 4.34 5.4 9.06 12.87 12.51 15.48 29.7 56.3 92.92 144.83
GFA 107.8 155.1
21.55 27.19 32.61 48.89 72.65 86.99 93.56 5 6 256.49
Net Worth 403.0 477.0
20.87 25.02 32.69 85.51 90.05 101.9 213.91 4 3 1321.71
Borrowing 113.7 128.8 247.1 678.6
s 23.75 39.58 52.25 77.48 9 1 172.14 8 3 555.24
PBDITA/T
otal
income 13.04 13.06 10.90 9.909 8.570 9.903 8.382 9.411 10.71712
(%) 782 18 254 543 128 702 7.7557798 535 589 293
PAT netof
P&E/Tot 5.343 4.831 4.133 4.750 3.315 3.482 5.334 6.044 5.947495
inc(%) 988 461 508 77 351 576 5.0273953 249 135 88
RONW 22.24 22.48 30.60 21.65 14.91 16.16 18.38 21.12 15.72878
532 856 128 821 228 046 24.812387 399 559 793
ROCE 15.08 12.32 15.62 12.86 8.817 8.898 19.50 15.18 11.70784
636 828 97 497 487 706 19.061056 037 247 192
2. IVRCL Infrastructure & Projects Limited’s Executive Summary
Executive Summary

I V R C L Infrastructures & Mar Mar Mar Mar Mar Mar
Projects Ltd. 2002 2003 2004 2005 2006 2007
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
-
Total income 395.56 445.49 788.96 1063.64 1538.21 2379.09
Sales 391.99 440.45 773.44 1053.49 1517.89 2334.88
Income from financial services 2.64 4.29 4.62 7.76 14.94 37.43

Total expenses 399.6 408.15 749.78 1006.93 1445.25 2237.63
Raw material expenses 141.22 67.59 295.77 398.72 668.15 930.81
Power, fuel & water charges 0.75 1.43 1.28 1.39 1.82 3.45
Compensation to employees 12.06 15.51 19.6 26.98 44.06 85.35
Indirect taxes 1.67 2.69 9.55 11.4 26.77 41.81
Selling & distribution expenses 0.56 0.38 0.63 1.16 1.17 1.57
Other operational exp. of indl.
enterprises 105 131.05 247.68 252.7 270.81 422.44
Other oper. exp. of non-fin. service
enterprises 0 0 0 0 0 0

PBDITA 34.48 44.15 70.67 89.57 144.81 251.6
PBDTA 24.47 31.91 52.47 67.5 114.74 203.34
PBT 19.92 24.01 42.69 59.47 103.74 181.75
PAT 13.09 15.51 39.18 56.71 92.96 141.46

Net worth 90.05 101.9 213.91 403.04 477.03 1321.71
Paid up equity capital (net of forfeited
capital) 10.44 10.5 10.62 16.98 21.39 25.93

Current liabilities & provisions 89.25 141.15 242.04 658.5 640.12 1386.74

Total assets 304.72 389.31 638.49 1318.86 1806 3275.86
Gross fixed assets 78.62 89.98 97.19 132.29 184.63 309.93
Net fixed assets 64.47 70.5 68.05 95.67 137.35 243.49
Investments 28.09 38.34 9.61 31.64 276.5 282.92
Current assets 202.57 275.13 504.18 1145.22 1351.89 1911.72
Loans & advances 9.46 4.01 53.68 39.27 34.19 831.15

Growth (%)
46.64491 12.62261 77.09937 34.81545 44.61753 54.66613
Total income 73 1 37 33 98 79
56.40533 2.139639 83.70207 34.29672 43.53033 54.82650
Total expenses 88 64 03 7 48 06
29.33233 28.04524 60.06795 26.74402 61.67243 73.74490
PBDITA 31 36 02 15 5 71
18.48739 152.6112 44.74221 63.92170 52.17297
PAT 2.265625 5 19 54 69 76
2.891537 13.59256 113.1071 89.62282 18.48917 178.1407
Net worth 83 71 39 03 99 51
25.33728 27.75991 64.00554 106.5592 36.93644 81.38759
Total assets 2 07 83 26 51 69

PBDITA Net of P&E/Total income net 8.585973 9.906592 7.851616 8.386556 9.412751 10.71987
of P&E 71 42 13 68 46 15
PAT Net of P&E/Total income net of 3.168452 3.475839 3.810965 5.295683 6.041533 6.089183
P&E 25 77 83 5 92 01
14.25153 16.12920 18.80877 18.25107 21.11650 16.10349
PAT Net of P&E/Avg. net worth 79 03 74 38 21 47
14.91228 16.16045 24.81238 18.38398 21.12559 15.72878
PAT/Avg. net worth 07 85 72 57 23 79
4.567026 4.460902 5.779334 5.752675 5.947146 5.699881
PAT Net of P&E/Avg. total assets 87 27 5 81 43 54
4.778767 4.469547 7.624051 5.794569 5.949706 5.567252
PAT/Avg. total assets 52 43 37 19 55 93

1.622766 1.561818 1.618139 1.447904 1.488931 1.124997
Current ratio 96 8 8 42 23 79
1.305230 1.300716 0.815674 0.617672 1.431195 0.420999
Debt to equity ratio 56 95 75 05 56 95
2.932067 2.959150 2.824725 3.676030 4.448619 4.835888
Interest cover 93 33 27 81 89 93
87.24839 84.39459 65.41014 80.31981 94.41632 86.74315
Debtors (days) 92 64 82 79 79 17
84.34491 133.7992 119.9393 155.1915 153.9809 220.7622
Creditors(days) 54 13 9 02 21 81

1.453756 1.294483 1.543862 1.090007 0.986303 0.937360
Total income / Avg. total assets 96 43 4 28 92 01
Total income / Compensation to 32.79933 28.72275 40.25306 39.42327 34.91171 27.87451
employees 67 95 12 65 13 67

3. IVRCL Infrastructure & Projects Limited’s Liabilities

Liabilities

I V R C L Infrastructures & Projects Mar Mar Mar Mar Mar Mar
Ltd. 2002 2003 2004 2005 2006 2007
-
Net worth 90.05 101.9 213.91 403.04 477.03 1321.71
Authorised capital 17 17 35 35 35 35
Issued equity capital 10.44 10.5 10.62 16.98 21.39 25.93
capital) 10.44 10.5 10.62 16.98 21.39 25.93
Forfeited equity capital 0 0 0 0 0 0
Paid up preference capital (net of forfeited
capital) 0 0 0 0 0 0
Capital contibution, suspense and
application money 0 0.01 78.5 145.4 0 0

Free Reserves 75.37 86.08 116.03 235.5 452.64 1212.29
Security premium reserves (Net of
deductions) 46.62 46.87 47.22 112.1 248.83 963.05
Other free reserves 28.75 39.21 68.81 123.4 203.81 249.24
Specific Reserves 1.37 2.44 5.89 2.3 0.14 80.64
Revaluation Reserves 2.87 2.87 2.87 2.86 2.86 2.85
Less Accumulated losses 0 0 0 0 0 0

Bank borrowings 41.87 46.77 148.17 225.48 368.52 417.46
Short term bank borrowings 37.87 42.34 79.07 145.94 284.25 326.15
Long term bank borrowings 4 4.43 69.1 79.54 84.27 91.31
Financial institutional borrowings 39.15 30.25 5.17 10 18.7 11.32
Central & state govt. (usually sales tax
deferrals) 0 0 0 0 0 0
Debentures / bonds 0 0 0 0 0 0
Convertible 0 0 0 0 0 0
Non-convertible 0 0 0 0 0 0
Fixed deposits 0 2.47 6.23 3.7 1.31 0
Foreign borrowings 0 0 0 0 290.1 111.71
Of which : euro convertible bonds 0 0 0 0 0 0
Borrowings from corporate bodies 0 0.3 0 0 0 14.75
Group / associate cos. 0 0 0 0 0 14.75
Borrowings from promoters / directors 0 0 0 0 0 0
Commercial paper 0 0 0 0 0 0
Hire purchase borrowings 0 0 0 0 0 0
Deferred credit 0 0 0 0 0 0
Other borrowings 32.77 49.02 12.57 8 0 0

Secured borrowings 113.79 126.04 153.34 185.48 264.05 388.76
Unsecured borrowings 0 2.77 18.8 61.7 414.58 166.48
Current portion of long term debt 22.97 32.48 46.43 86.5 145.8 142.75

Sundry creditors 72.83 116.76 195.19 349.17 431.22 1003.16
Acceptances 0 0 0 0 0 0
Deposits & advances from customers &
employees 12.43 14.21 33.33 55.76 150.86 258.75
Interest accrued 0.2 0.75 0.37 1.14 7.9 12.34
Share application money 0 0 0 218.09 0 0
Other current liabilities 0.04 4.98 2.72 4.1 3.07 15.22
Provisions 3.75 4.45 10.43 30.24 47.07 97.27

Deferred tax liability 11.63 17.45 10.4 10.14 10.22 12.17

Total liabilities 304.72 389.31 638.49 1318.86 1806 3275.86

Net worth (net of reval & DRE) 87.18 99.03 211.04 400.18 474.17 1318.86
Contingent liabilities 0 0 0 0 0 0

Omaxe Ltd
1. OMAXE LTD REPORT

Omaxe Ltd.
(BSE)
Adj Traded shares Address / Contact
------ closing
- price ------- ------- SMA
Omaxe House, 7, Local Shopping Centr
Kalkaji,
New Delhi Delhi 110019
Website: www.omaxe.com
Tel: 91-11-46066333
Fax: 91-11-41896653
E-mail: omaxecare@omaxe.com
8
EPS (Rs.) 21.84459
027
P/E 8.258337
545
257
PB 2.497526
266
68
(Rs. Beta
Crore) 7-Sep 7-Dec 1.279
Returns 1 mth % -
20.80772
3 mths 3 mths 608
Total Returns 12 mth % -
Income 454.6 576.8 48.44977
8 4 854
Net Exc ret over Nifty (12 mths) -
Sales 446.9 567.5 60.64866
1 6 451
Other Yield %
Income 7.77 9.28 0
ordinary 17,35,67,
Income 0 0 000
stock 0 0 (Rs. Crore) 333
Expenditu 337.9 453.7
re 5 4
Consp. Share holding (%)
raw mat. 0 0 Mar-08
Promoters
Personnel
cost 7.51 6.51 89.28
Other 279.9 391.7 Public
expenses 6 9 4.15
Extra- FIIs
ordinary
exp. 0 0 0.84
PBDIT 167.2 178.5 Others
1 4 5.73
Interest 12.76 14.72 Economic Activity:
PBDT 154.4 163.8
5 2
Depreciati
on 1.25 1.21
PBT 162.6
153.2 1
Tax 36.47 39.51
PAT 116.7
3 123.1
Adjusted 7.981 27.63
EPS (Rs.) 932 544
(%) date
Net Dividend
sales 26-May-08
Total Audited Results
expenses 26-May-08
PBDIT 31-Jan-08 Quarterly Results
Interest 18-Oct-07 Quarterly Results
PBDT To transact the following
business: 1. To Confirm
Interim Dividend as Final
Dividend for the Financial
Year 2006-2007. 2. To
Consider and decide date of
book Closure. 3. Adoption of
Directors Report and
Corporate Governance
23-Aug-07 Report for the Financial Y
PAT Ownership / Auditor / Registrar
Profitabili Private (Indian)
ty (%) Ownership
Auditors R S M & Co.
PBDIT/Tot 36.77 30.95
al income 531 139
Doogar & Associates
PBDT/Tot 33.96 28.39
al income 895 956
Registrar Intime Spectrum Registry Ltd.
PAT/Total 25.67 21.34
income 3 041
PBDIT
netof
PE&OI/Op 37.41 31.45
Inc 469 747
netof
PE&OI/Op 34.55 28.86
Inc 953 391
PAT Rohtas Goel
netof
PE&OI/Op 24.38 20.05
Inc 075 427 CH & MD
Price (Rs.) 333.6 572.6 Jt. MD Sunil Goel
P/E 41.79 20.71 Jai Bhagwan Goel
439 977 Exec. Director
Investor P K Gupta
Director
Exec. Director Arvind Parakh
& CEO

Mar- Mar-
99 00 1-Mar 2-Mar 3-Mar 4-Mar 5-Mar 6-Mar 7-Mar
12 12 12 12 12 12 12
mths mths mths mths mths 12 mths mths mths 12 mths
Total 448.7 830.2
income 24.01 48.78 54.34 55.55 124.7 243.93 5 6 947.57
PAT net of 127.2
P&E 0.81 1.48 0.54 1.5 3.22 6.37 12.99 2 138.49
GFA 1.08 2.11 2.98 4.05 7 12.27 20.99 25.83 38.27
Net Worth 209.6
2.42 4.38 5.33 6.92 13.52 41.99 84.94 1 321.27
Borrowing 180.4
s 0.86 3.94 4.68 5.56 26.45 30.98 3 387.7 926.24
PBDITA/T
otal
income 5.581 5.453 3.846 5.976 5.252 6.500 21.63 29.04693
(%) 008 055 154 598 606 6.0427172 279 9 057
PAT netof
P&E/Tot 2.832 2.972 1.292 2.683 2.486 2.881 15.48 13.17439
inc(%) 153 53 228 718 166 2.607733 722 742 21
RONW 42.64 14.41 24.32 30.33 20.37 87.18 47.02757
706 813 653 268 22.91479 343 384 685
ROCE 34.52 11.53 20.35 16.41 8.945 32.37 14.18232
381 213 519 08 13.396524 93 274 634
2. OMAXE LTD EXECUTIVE SUMMARY
Executive Summary

Mar Mar Mar Mar Mar Mar
Omaxe Ltd. 2002 2003 2004 2005 2006 2007
-
Total income 55.55 124.7 243.93 448.75 830.26 947.57
Sales 55.42 124.45 243.7 447.66 825.15 940.87

Total expenses 62.49 149.89 268.89 471.24 1521.71 1327.42
Raw material expenses 0 0 0 0 136.81 234.35
Power, fuel & water charges 0.74 0.5 3.08 3.72 3.51 2.86
Indirect taxes 0.81 1.86 2.96 3.68 2.68 1.03
enterprises 51.72 127.29 228.84 399.41 1231.65 735.31

PBDITA 3.31 6.43 14.73 29.11 180.84 261.58
PBDTA 2.79 6.03 11.41 24.34 164.11 173.72
PBT 2.2 5.01 10.13 21.76 160.83 169.21
PAT 1.49 3.1 6.36 12.93 128.4 124.83

Net worth 6.92 13.52 41.99 84.94 209.61 321.27
capital) 1.95 1.95 11.01 11.01 77.48 154.95


Total assets 38.42 77.62 159.91 559.1 1186.35 1896.85
Gross fixed assets 4.86 7 13.82 21.63 26.12 39.19
Net fixed assets 3.64 4.88 10.71 16.3 17.8 26.61
Investments 0 0.08 0.21 4.97 13.15 54.49
Current assets 33.69 44.08 145.39 532.01 1076.97 1639.33
Loans & advances 0.23 26.84 0.07 0.42 51.58 136.14

Growth (%)
2.226720 124.4824 95.61347 83.96671 85.01615 14.12930
Total income 65 48 23 18 6 89
-
14.47151 139.8623 79.39155 75.25382 222.9161 12.76787
Total expenses 49 78 38 13 36 3
47.11111 94.25981 129.0824 97.62389 521.2298 44.64720
PBDITA 11 87 26 68 18 19
-
112.8571 108.0536 105.1612 103.3018 893.0394 2.780373
PAT 43 91 9 87 43 83
30.07518 95.37572 210.2071 102.4320 146.8904 49.91174
Net worth 8 25 01 46 59 09
98.04123 102.0301 106.0164 249.6341 112.1892 59.88957
Total assets 71 93 91 69 33 73

PBDITA Net of P&E/Total income net 5.979827 5.253027 6.043708 6.501147 21.67032 29.04846
of P&E 09 51 23 79 54 34
P&E 11 36 2 61 96 03
24.48979 31.50684 22.95081 20.46797 86.38261 52.17374
24.32653 30.33268 22.91479 20.37343 87.18383 47.02757
PAT/Avg. net worth 06 1 01 42 98 69
5.188516 5.549810 5.363533 3.613301 14.57732 8.983523
5.153925 5.342985 5.355113 3.596612 14.71253 8.097431

1.108588 1.005474 1.541781 1.758710 1.746456 2.346526
Current ratio 35 45 55 74 72 01
0.803468 1.956360 0.738674 2.125206 1.849625 2.947649
4.054216 5.574423 10.54273 3.081379
Interest cover 5.25 13.825 87 48 76 47
62.96282 42.48312 28.94388 15.49166 8.187784 6.290428
Debtors (days) 93 58 59 78 04 01
143.4468 89.20886 115.6809 223.8541 139.0303 189.7591
Creditors (days) 76 51 87 05 96 36

1.921812 2.149258 2.054320 1.248400 0.951363 0.616073
employees 25 92 02 67 21 02

3. OMAXE LTD LIABILITIES

Liabilities

Omaxe Ltd. 2002 2003 2004 2005 2006 2007
-
Net worth 6.92 13.52 41.99 84.94 209.61 321.27
Authorised capital 2.5 10 30 30 100 210
Paid up equity capital (net of forfeited capital) 1.95 1.95 11.01 11.01 77.48 154.95
capital) 0 0 0 0 0 0
Capital contibution, suspense and application
money 0.1 3.6 0 31.9 0 0

Free Reserves 4.87 7.97 30.98 42.03 132.13 77.97
deductions) 0 0 17.14 17.14 0 0
Specific Reserves 0 0 0 0 0 88.35
Revaluation Reserves 0 0 0 0 0 0

Bank borrowings 5.48 17.84 26.25 13.12 138.89 397.05
Short term bank borrowings 4.45 6.52 7.82 9.46 28.02 49.4
Long term bank borrowings 1.03 11.32 18.43 3.66 110.87 347.65
Financial institutional borrowings 0 0 0 38.84 166.11 18.91
Fixed deposits 0 0 0 0 0.48 0.77
Foreign borrowings 0 0 0 0 0 0
Borrowings from corporate bodies 0 0 0 0 0 0
Group / associate cos. 0 0 0 0 0 0
Deferred credit 0 0 0 77.91 82.22 79.51
Other borrowings 0.08 8.61 4.73 50.56 -5.68E-14 30

Unsecured borrowings 0.02 0.82 2.4 7.74 0.48 30.77
Current portion of long term debt 0.57 2.44 4.76 47.28 145.72 504.07

Sundry creditors 7.64 11.43 19.19 33.81 396.64 354.39
employees 15.42 23.13 61.29 240.49 143.24 251.24
Interest accrued 0 0 0.01 0.31 2.1 17.52
Share application money 0 0 0 0 0 0
Provisions 2.23 1.7 4.14 14.74 29.15 16.87

Deferred tax liability 0 0.33 0.46 0.69 0.4 0.12

Total liabilities 38.42 77.62 159.91 559.1 1186.35 1896.85

Net worth (net of reval & DRE) 6.92 13.52 41.94 84.9 209.61 314.23

Parsvnath Developers Ltd
1. PARSVNATH DEVELOPERS LTD REPORT

Parsvnath Developers Ltd.
(BSE)
------- price ------- ------- SMA
6th Floor, Arunachal Building,
19, Barakhamba Road,
Website: www.parsvnath.com
Tel: 91-11-23350120
Fax: 91-11-23315400
E-mail: mail@parsvnath.com
8
EPS (Rs.) 23.39300
971
P/E 7.361173
365
937
PB 1.807659
576
564
(Rs. Beta
Crore) 6-Sep 6-Dec 7-Mar 7-Jun 7-Sep 7-Dec 1.62
Returns 1 mth % -
22.55453
3 mths 3 mths 3 mths 3 mths 3 mths 3 mths 114
Income 293.3 306.3 412.2 356.8 407.7 487.6 46.04533
4 9 4 6 2 9 616
Sales 291.3 298.1 399.7 346.1 397.2 456.3 58.24422
6 9 2 6 4 7 213
Income 1.98 8.2 12.52 10.7 10.48 31.32 232
ordinary 18,46,96,
Income 0 0 0 0 0 0.24 200
stock 0 0 0 0 0 0 (Rs. Crore) 048
Expenditu 244.4 252.5 306.9 373.0
re 1 2 279.8 272.4 8 3
Consp. Share holding (%)
raw mat. 0 0 0 0 0 0 Mar-08
Promoters
Personnel
cost 3.27 6.66 8.44 7.15 10.23 9.68 80.33
Other 211.8 205.9 225.2 234.0 294.0 Public
expenses 6 6 252.4 4 9 2 9.41
Extra- FIIs
ordinary
exp. 0 2.63 0 0 0 0 5.23
PBDIT 124.4 183.9 Others
78.21 91.14 151.4 7 163.4 9 5.03
PBDT 145.9 121.1 153.7 175.6
74.43 82.38 5 9 3 8
Depreciati
on 2.9 3.82 4.95 4.85 4.55 6.14
PBT 71.53 78.56 141 116.3 149.1 169.5
Tax 22.6 24.69 8.56 31.88 48.44 54.88
PAT 132.4 100.7 114.6
48.93 53.87 4 84.46 4 6
Adjusted 11.04 9.715 14.71 17.45 20.25 23.39
EPS (Rs.) 87 955 498 19 705 301
(%) date
Net 68.42 40.21 36.33 53.04 Dividend & Audited Results
sales 371 955 992 672 20-Jun-08
Total 36.19 28.20 25.60 47.72 Quarterly Results
expenses 548 634 043 295 31-Jan-08
PBDIT 158.6 114.6 108.9 101.8 Quarterly Results
266 034 247 762 30-Oct-07
Interest - Quarterly Results
365.8 148.4 155.8 5.136
12 848 201 99 30-Jul-07
PBDT 154.4 113.8 106.5 113.2 21-May- Audited Results & Dividend
013 144 431 556 07
PAT 253.4 131.0 105.8 112.8 Ownership / Auditor / Registrar
561 807 86 457
Profitabili Ownershi Private (Indian)
ty (%) p
Auditors Deloitte, Haskins & Sells
PBDIT/Tot 26.66 29.74 36.72 34.87 40.07 37.72
al income 189 64 618 922 652 683

PBDT/Tot 25.37 26.88 35.40 33.96 37.70 36.02
al income 329 73 413 01 48 288
Registrar Intime Spectrum Registry Ltd.
PAT/Total 16.68 17.58 32.12 23.66 24.70 23.51
income 03 217 692 754 813 084
PBDIT
netof
PE&OI/Op 26.84 31.44 37.87 35.95 41.13 40.26
Inc 308 639 651 736 382 338
netof
PE&OI/Op 25.54 28.50 36.51 35.00 38.69 38.44
Inc 572 867 306 982 953 249
PAT Pradeep Jain
netof
PE&OI/Op 16.11 16.19 30.00 21.30 22.72 18.26
Inc 409 773 1 807 178 15 CH
Price (Rs.) 459.1 Nutan Jain (Smt.)
0 5 259 337.3 339 451.1 Vice CH
P/E 47.25 17.60 19.32 16.73 19.28 Sanjeev Jain
0 732 112 741 492 354 MD
Exec. Rajeev Jain (Dr.)
Director
Exec. G R Gogia
Director

3-Mar 4-Mar 5-Mar 6-Mar 7-Mar
12 12 12
mths 12 mths mths mths 12 mths
Total 306.8 653.7
income 69.38 112.94 5 6 1260.99
PAT net of 106.3
P&E 11.32 18.33 65.89 6 277.62
GFA 3.8 7.18 20.51 44.64 94.39
Net Worth 102.3 201.1
20.72 38.33 4 5 1462.68
Borrowing 288.8
s 5.34 60.94 136.4 2 1155.72
PBDITA/T
otal
income 18.93 18.76217 24.60 24.92 32.79883
(%) 918 5 16 352 266
PAT netof
P&E/Tot 16.31 16.31224 21.47 16.25 21.55307
inc(%) 594 5 303 239 776
RONW 62.35393 93.68 70.01 32.66920
7 024 878 298
ROCE 34.10206 43.05 32.92 20.20774
5 832 736 315
2. PARSVNATH DEVELOPERS LTD EXECUTIVE SUMMARY
Executive Summary
Parsvnath Developers Ltd. Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths
-
Total income 69.38 112.94 306.85 653.76 1260.99
Sales 68.85 112.27 303.34 644.05 1236.4
Income from financial services 0.45 0.13 1.45 6.38 19.63

Total expenses 76.23 182.37 352.45 714.23 1941.86
Raw material expenses 0 0 0 153.22 357.7
Power, fuel & water charges 0.03 0.07 0.12 3.27 8.9
Compensation to employees 1.26 2.78 4.31 11.24 28.73
Indirect taxes 0.01 0.01 0.01 2.49 2.52
Selling & distribution expenses 0.34 1.31 2.31 46.68 63.21
Other operational exp. of indl. enterprises 71.61 173.23 333.13 395.62 1219.76
enterprises 0 0 0 0 0

PBDITA 13.14 21.27 75.49 162.83 407.75
PBDTA 13.05 20.98 74.77 151.71 356.2
PBT 12.68 20.25 73.33 145.8 342.06
PAT 11.32 18.41 65.89 106.25 271.78

Net worth 20.72 38.33 102.34 201.15 1462.68
capital) 1.37 8.24 8.24 98.91 184.7
Reserves & surplus 19.35 30.09 94.1 102.24 1277.98

Total borrowings 5.34 60.94 136.4 288.82 1155.72
Current liabilities & provisions 18.26 54.94 253.84 459.67 775.12

Total assets 44.58 154.55 493.56 949.64 3393.52
Gross fixed assets 3.8 7.18 147.11 61.91 133.12
Net fixed assets 2.4 5.09 143.78 52.9 110.01
Investments 0.28 1.57 4.22 8.01 82.87
Current assets 41.9 147.72 345.23 783.35 2778.68
Loans & advances 0 0 0 105.32 89.42

Growth (%)
62.784664 171.69293 113.05523 92.882709
Total income 2 4 9 3
139.23652 102.64718 171.88160
Total expenses 1 93.260953 4 7
61.872146 254.91302 115.69744 150.41454
PBDITA 1 3 3 3
62.632508 257.90331 61.253604 155.79294
PAT 8 3 5 1
84.845559 167.12793 96.608347 627.15883
Net worth 8 7 2 7
246.68012 92.406191 257.34804
Total assets 6 219.35296 7 8

PBDITA Net of P&E/Total income net of 18.939175 24.601596 24.923900 32.799092
P&E 6 18.775474 9 6 8
16.315941 21.473032 16.269216 22.016209
PAT Net of P&E/Total income net of P&E 2 16.241361 4 1 6
62.082980 93.680244 70.091271 33.371197
PAT Net of P&E/Avg. net worth 0 5 5 5 8
62.353937 93.680244 70.018781
PAT/Avg. net worth 0 3 5 5 32.669203
18.410083 20.332968 14.739467
PAT Net of P&E/Avg. total assets 9 2 8 12.78424
18.490433 20.332968 14.724223 12.515311
PAT/Avg. total assets 4 2 9 4

1.8122837 2.1913662 1.2633293 1.5126675 2.4903698
Current ratio 4 7 1 2 8
0.2577220 1.5911227 1.3332030 0.7901386
Debt to equity ratio 1 2 1 1.4358439 5
141.88888 70.551724 102.84722 14.121402 7.7487875
Interest cover 9 1 2 9 8
10.426336 19.302693 71.789631
Debtors (days) 23.261557 8 9 2
80.173410 93.955361 249.71834 222.97977 116.28605
Creditors (days) 4 1 9 3 5

1.1345052 0.9469948 0.9060055 0.5806785
Total income / Avg. total assets 7 3 3 8
55.063492 40.625899 71.194895 58.163701 43.891054
Total income / Compensation to employees 1 3 6 1 6

3. PARSVNATH DEVELOPERS LTD LIABILITIES
Liabilities
Mar Mar Mar Mar

Parsvnath Developers Ltd. 2003 2004 2005 2006 Mar 2007
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths

-
Net worth 20.72 38.33 102.34 201.15 1462.68
Authorised capital 1.5 10 10 150 200
Issued equity capital 1.37 8.24 8.24 98.91 184.7
Paid up equity capital (net of forfeited capital) 1.37 8.24 8.24 98.91 184.7
Forfeited equity capital 0 0 0 0 0
Paid up preference capital (net of forfeited capital) 0 0 0 0 0
Capital contibution, suspense and application
money 0 0 0 0 0

Reserves & surplus 19.35 30.09 94.1 102.24 1277.98
Free Reserves 19.35 30.09 94.1 102.24 1107.98
Security premium reserves (Net of deductions) 2.59 2.59 2.59 2.59 1010.22
Other free reserves 16.76 27.5 91.51 99.65 97.76
Specific Reserves 0 0 0 0 170
Revaluation Reserves 0 0 0 0 0
Less Accumulated losses 0 0 0 0 0

Total borrowings 5.34 60.94 136.4 288.82 1155.72
Bank borrowings 4.86 19.7 116.4 227.06 729.48
Short term bank borrowings 4.86 12.47 19.43 63.89 354.62
Long term bank borrowings 0 7.23 96.97 163.17 374.86
Financial institutional borrowings 0 0 0 46.51 74.88
Central & state govt. (usually sales tax deferrals) 0 0 0 0 0
Debentures / bonds 0 0 0 0 300
Convertible 0 0 0 0 0
Non-convertible 0 0 0 0 300
Fixed deposits 0 0 0 0 0
Foreign borrowings 0 0 0 0 0
Of which : euro convertible bonds 0 0 0 0 0
Borrowings from corporate bodies 0 40.5 20 0 0
Group / associate cos. 0 0 0 0 0
Borrowings from promoters / directors 0 0 0 0 0
Commercial paper 0 0 0 0 0
Hire purchase borrowings 0 0 0 0 0
Deferred credit 0 0 0 15.25 51.36
Other borrowings 0.48 0.74 0 0 0

Secured borrowings 4.86 60.2 135.43 273.57 1104.36
Unsecured borrowings 0.48 0.74 0.97 15.25 51.36
Current portion of long term debt 0 0 0 0 0

Current liabilities & provisions 18.26 54.94 253.84 459.67 775.12
Sundry creditors 2.76 12.33 14.69 39.46 222.31
Acceptances 0 0 0 0 0
Deposits & advances from customers & employees 12.44 33.05 217.45 359.95 349.79
Interest accrued 0 0.4 0.25 0.78 17.08
Share application money 0 0 0 0 0
Other current liabilities 1.14 0.81 2.39 1.08 1.7
Provisions 1.92 8.35 19.06 58.4 184.24

Deferred tax liability 0.26 0.34 0.98 0 0

Total liabilities 44.58 154.55 493.56 949.64 3393.52

Net worth (net of reval & DRE) 20.72 38.3 102.31 201.15 1462.68
Contingent liabilities 0 0 0 0 0

Unitech
1. UNITECH REPORT
Unitech Ltd.
(BSE)
------- price ------- ------- SMA
6, Community Centre,
Saket,
Website: www.unitechgroup.com
Tel: 91-11-41664040
Fax: 91-11-26857338
E-mail: feedback@unitechgroup.com
8
EPS (Rs.) 7.465496
265
P/E 27.74095
554
522
PB 16.67804
143
625
(Rs. Beta
Crore) 6-Sep 6-Dec 7-Mar 7-Jun 7-Sep 7-Dec 1.178
Returns 1 mth % -
3 3 3 3 3 3 27.76421
mths mths mths mths mths mths 346
Income 392.6 1016. 884.1 788.7 848.7 18.11021
9 59 5 3 572.6 4 513
Sales 384.7 1002. 848.7 763.6 529.5 818.5 30.30910
6 74 1 6 4 1 11
Income 7.93 13.85 35.44 25.07 43.06 30.23 631
ordinary 1,62,33,7
Income 0 0 0 0 0 0 5,000
Change Avg. daily vol. (30 days) 54.62043
in stock 5.38 -2.47 -7.51 1.34 -7.88 -2.56 (Rs. Crore) 862
Expendit 297.9 561.7 519.5 442.2 426.6 477.2
ure 8 4 5 4 3 6
Consp. 315.8 Share holding (%)
raw mat. 0 0 7 0 0 0 Mar-08
Promoters
Personnel
cost 14 15.18 15.28 19.04 19.15 23.29 74.56
Other 244.7 290.0 254.7 264.1 260.1 Public
expenses 4 8 0 8 2 9 8.08
Extra- FIIs
ordinary
exp. 0 0 0 0 0 0 6.58
PBDIT 139.3 708.8 545.4 516.2 281.4 Others
3 6 9 5 5 562.7 10.78
PBDT 120.3 659.3 471.0 447.3 194.6 464.5 The company is in the construction business. It
4 7 6 9 8 5 constructs and provides consultancy services
for industrial and residential construction.
Depreciati
on 1.05 1.34 1.2 1.34 1.27 1.41
PBT 119.2 658.0 469.8 446.0 193.4 463.1
9 3 6 5 1 4
Tax 205.6 112.7
19.2 5 7 98.22 55.32 94.22
PAT 100.0 452.3 357.0 347.8 138.0 368.9
9 8 9 3 9 2
Adjusted 1.375 4.077 6.058 7.745 7.979 7.465
EPS (Rs.) 529 493 736 53 61 496
(%) date
Net - Quarterly Results
sales 192.7 483.2 307.9 185.2 37.62 18.37
935 936 356 032 865 27 31-Jan-08
Total - Quarterly Results
expenses 149.6 234.9 179.6 85.51 43.17 15.03
69 672 888 892 404 9 30-Oct-07
PBDIT - Quarterly Results
456.6 2397. 664.6 351.0 102.0 20.61
52 745 341 703 024 9 31-Jul-07
Interest 244.0 498.4 462.5 334.4 356.9 98.32 Quarterly Results
217 281 85 479 247 289 30-Jul-07
PBDT - Dividend & Audited Results
516.8 3178. 710.6 353.7 61.77 29.54
119 817 35 424 497 64 28-May-07
PAT - Ownership / Auditor / Registrar
720.4 3190. 907.0 370.0 37.96 18.44
098 036 22 405 583 91
Profitabil Unitech Group
ity (%) Ownership
Auditors Goel Garg & Co.
PBDIT/To
tal 35.48 69.72 61.69 65.45 49.15 66.29
income 091 919 654 332 299 828

PBDT/Tot 30.64 64.86 53.27 56.72 33.99 54.73
al income 504 096 829 283 93 408
Registrar Alankit Assignments Ltd.
PAT/Total 25.48 44.49 40.38 44.10 24.11 43.46
income 83 975 794 001 631 679
PBDIT
netof
PE&OI/O 36.21 70.69 64.27 67.60 53.14 68.74
pInc 218 23 284 207 99 687
netof
PE&OI/O 31.27 65.75 55.50 58.58 36.76 56.75
pInc 664 683 306 497 398 557
PAT Ramesh Chandra
netof
PE&OI/O 23.95 43.73 37.89 42.26 17.94 41.37
pInc 259 317 869 488 576 885 CH
Price 332.9 459.7 387.3 504.5 488.2 Sanjay Chandra
(Rs.) 5 5 5 5 307.4 5 MD
P/E 121.0 56.37 31.96 32.57 38.52 65.40 Ajay Chandra
261 655 624 04 318 088 MD
Exec. Director A S Johar
(Finance)
Director Minoti Bahri Wadhwa (Mrs.)

Mar- Mar- Mar-
98 99 00 1-Mar 2-Mar 3-Mar 4-Mar 5-Mar 6-Mar 7-Mar
12 12 12 12 12 12 12 12
mths mths mths mths mths mths 12 mths mths mths 12 mths
Total 233.2 193.1 223.7 188.7 234.1 247.5 527.1 674.7
income 3 8 4 6 5 8 382.11 9 5 2600.07
PAT net
of P&E 13.37 13.23 10.51 8.77 5.54 11.23 14.35 29.91 69.74 924.21
GFA 33.68 38.76 38.45 39.72 41.19 37.98 41.33 50.86 83.18 99.88
Net Worth 105.7 112.8 120.1 127.9 130.5 138.3 173.9 224.5
5 6 5 2 3 5 150.69 1 4 1161
Borrowing 132.2 144.9 152.6 153.2 141.0 132.7 295.2 649.8
s 6 5 3 8 4 1 132.69 4 5 3578.59
PBDITA/T 14.34 18.01 14.88 14.69 9.557 11.86 8.2777211 11.99 21.31 55.72042
otal
income
(%) 207 429 782 061 976 687 947 753 291
PAT netof
P&E/Tot 5.732 6.546 5.328 5.635 2.997 4.297 5.476 10.24 38.74580
inc(%) 539 908 237 838 592 948 3.6825713 308 528 155
RONW 13.13 11.53 10.17 8.489 5.393 7.914 17.78 34.69 142.0384
231 653 124 539 693 311 9.7356767 805 946 832
ROCE 6.790 5.610 4.688 3.810 2.536 3.944 7.683 10.29 35.07646
939 054 984 73 159 027 5.0893438 3 072 241
2. UNITECH LTD. EXECUTIVE SUMMARY
Executive Summary

Unitech Ltd. 2002 2003 2004 2005 2006 2007
-
Total income 234.15 247.58 382.11 527.19 674.75 2600.07
Sales 212.9 235.66 374 494.83 655.1 2446.7

Total expenses 223.75 238.24 375.32 494.64 602.48 1614.65
Raw material expenses 0 0 0 57.24 66.16 85.84
Power, fuel & water charges 0 0 0 0 0 0
Indirect taxes 0.45 0.07 0.27 0.36 0.21 0.51
enterprises 174.45 201.64 329.52 298.12 311.45 739.15

PBDITA 23.81 28.79 31.35 62.22 143.23 1508.56
PBDTA 11.58 17.09 22.26 44.47 110.71 1349.81
PBT 8.97 15.25 20.57 42.33 107.61 1345.27
PAT 6.97 10.64 14.07 28.87 69.13 984

Net worth 130.53 138.35 150.69 173.91 224.54 1161
capital) 12.49 12.49 12.49 12.49 12.49 162.34


Total assets 857.6 851.92 1064.28 1890.16 3298.18 9014.16
Gross fixed assets 97.97 94.74 97.21 159.05 83.18 102.76
Net fixed assets 75.66 72.4 73.65 133.53 54.74 72.52
Investments 52.79 58.68 84.77 166.56 282.38 518.92
Current assets 703.83 696.48 839.56 1437.13 2292.01 6516.38
Loans & advances 7.69 6.49 54.29 128.52 644.24 1884.65

Growth (%)
24.04640 5.735639 54.33799 37.96812 27.98990 285.3382
Total income 81 55 18 44 88 73
Total expenses 23.10189 6.475977 57.53861 31.79153 21.80171 168.0005
26 65 65 79 44 98
-
19.26076 20.91558 8.891976 98.46889 130.1992 953.2430
PBDITA 64 17 38 95 93 36
-
33.80816 52.65423 32.23684 105.1883 139.4527 1323.405
PAT 71 24 21 44 19 18
2.040337 5.990959 8.919407 15.40911 29.11275 417.0570
Net worth 71 93 3 81 95 95
-
9.098310 0.662313 24.92722 77.59987 74.49210 173.3070
Total assets 6 43 32 97 65 97

PBDITA Net of P&E/Total income net 9.624978 8.278587 11.99969 21.31752 57.04649
of P&E 5 11.86783 69 65 5 89
P&E 74 03 26 98 99 16
4.287096 8.353168 9.929421 18.42883 35.00564 133.4079
5.393693 7.914311 9.735676 17.78804 34.69946 142.0384
PAT/Avg. net worth 17 22 72 68 04 83
0.674097 1.313819 1.497755 2.024749 2.688335 15.01274
0.848096 1.244793 1.468531 1.954346 2.664821 15.98396

1.201608 1.203462 1.077367 1.012990 0.946892 1.524663
Current ratio 22 75 28 77 45 19
1.080517 0.959233 0.880549 1.697659 2.894139 3.082334
1.616516 2.353846 3.293729 3.443380 4.327798 9.097511
Interest cover 76 15 37 28 28 81
107.0398 88.19878 55.73569 43.91093 37.28281 13.01525
Debtors (days) 07 21 52 91 94 52
1081.395 943.6674 783.9049 1113.553 1638.891 1320.392
Creditors (days) 52 73 45 89 57 77

0.284909 0.289648 0.398820 0.356879 0.260102 0.422351
employees 53 91 87 73 75 24

3. UNITECH LTD. LIABILITIES
Liabilities

Unitech Ltd. 2002 2003 2004 2005 2006 2007
-
Net worth 130.53 138.35 150.69 173.91 224.54 1161
Authorised capital 25 25 25 25 25 200
capital) 12.49 12.49 12.49 12.49 12.49 162.34
capital) 0 0 0 0 0 0
Capital contibution, suspense and
application money 0 0 0 0 0 0

Free Reserves 98.79 106.86 119.95 150.92 204.55 834.16
deductions) 20.25 20.25 20.25 20.25 20.25 0
Specific Reserves 19.25 19 18.25 10.5 7.5 164.5
Revaluation Reserves 0 0 0 0 0 0

Bank borrowings 54.58 44.62 3.65 40.18 340.67 1024.9
Short term bank borrowings 2.59 0.49 1.03 0 0 3.38
Long term bank borrowings 51.99 44.13 2.62 40.18 340.67 1021.52
Financial institutional borrowings 21.58 1.16 0 1.37 1.58 2.05
Fixed deposits 37.42 42 43.06 37.31 45.91 53.76
Foreign borrowings 0 0 0 0 0 0
Borrowings from corporate bodies 0 2.65 22.52 161.21 202.8 1439.61
Group / associate cos. 0 2.65 22.52 0.05 0 702.62
Deferred credit 0 0 0 48.89 50.6 449.26
Other borrowings 17.46 32.28 53.46 6.28 8.29 9.01

Unsecured borrowings 45.01 53.26 72.38 92.53 104.8 1214.65
Current portion of long term debt 0 0 0 0 0 600

Sundry creditors 94.32 113.9 179.38 197.51 446.68 649
employees 478.79 452.74 584.53 1188.42 1899.18 3162.16
Interest accrued 2.19 2.44 2.28 1.98 1.89 9.28
Share application money 0 0 0 0 0 0
Provisions 7.59 8.88 11.78 27.68 72.55 449.8

Deferred tax liability 2.88 2.62 2.66 2.31 3.23 3.97

Total liabilities 857.6 851.92 1064.28 1890.16 3298.18 9014.16

Net worth (net of reval & DRE) 130.53 138.35 150.69 173.91 224.54 1161

CHAPTER- 7
BIBLIOGRAPHY
Books
1. Investment Analysis and Portfolio Management – Prasanna Chandra

2. Investment – Zvi Bodie, Alex Kane, Alan J Marcus, Pitabas Mohanty
3. Security Analysis And Portfolio Management – Fisher and Jordan
4. Indian industry – CMIE
5. Oultlook Business
Websites
1. www.sharekhan.com
2. www.rediff.com
3. www.moneycontrol.com
4. www.rbi.org.in
5. www.wikipedia.org
APPENDIX
QUESTIONNAIRE

Equity Research On Real Estate Sector

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A PROJECT REPORT

EQUITY RESEARCH ON REAL

guidance of Mr.Ravikant Gupta in fulfillment of requirement of award

of MBA by ASODL. Noida.

Place: New Delhi Rajesh Arya

Place: New Delhi Mr.Ravikant Gupta

project entitled “Equity Research for Real Estate Sector” under my

result of bonafide work done by him.

Place: New Delhi Mr.Ravikant Gupta

It is my profound privilege and pleasure to express the over whelming

sense of gratitude, devotion and regards to my project guide

his valuable suggestions, timely guidance and words of encouragement

have been in the form, as it is today.

guidance for the accomplishment of this project work.

1. ---------- CERTIFICATE (ii)

2. ---------- CERTIFICATE (iii)

3. ---------- ACKNOWLEDGEMENT (iv)

4. CHAPTER-1 INTRODUCTION 1-2

5. CHAPTER-2 THEORETICAL PERSPECTIVE 3-8

7. CHAPTER-3 OBJECTIVE AND SCOPE 9

8. CHAPTER-4 METHODOLOGY 10-11

9. CHAPTER-5 DATA COLLECTION 12-13

10. CHAPTER-6 DATA ANALYSIS 14-57

11. CHAPTER-7 FINDING 58

12. CHAPTER-8 RECOMMENDATION 59-60

13. CHAPTER-9 CONCLUSION 61

14. ------------ BIBLIOGRAPHY 62

15. ------------ APPENDIX 63-70

services including trade execution on BSE, NSE, Derivatives, depository services,

volumes traded online.

because of its steadfast dedication to offering customers best-of-breed technology and

known names in the IT industry, like Sun Microsystems, Oracle, Microsoft,

Cambridge Technologies, Nexgenix, Vegnette, Verusign, Financial Technologies

Institutional portfolio investment and 5% of all Domestic Institutional portfolio

Essar, Hutchison, Planetasia and shopper’s Stop.

OBJECTIVE AND SCOPE

 The primary motive for buying a stock is to sell it subsequently at a higher

 If an investor had impeccable information and insight about dividends and

other forces that we do not understand sufficiently to permit us to predict

anything with absolute certainty.

are the ultimate questions to be answered.

 A logical systematic approach to estimating future dividends and stock price is

indispensable. So one most important aspect of this study is to follow a

of real estate companies which have promising future.

 The framework we will be using is the economic-industry-company approach.

This approach is sometimes referred to as a “top-down” method of analysis.

criteria for investment.

Details of primary data collection

 IVRCL INFRASTRUCTURE & PROJECTS LIMITED

Sample area: National Capital Region Delhi

estate firm mentioned above

Sampling method: Convenience sampling method will be employed to collect the

samples for this study

Data collection method: Interview method will be employed to collect

information from the selected samples

Details of Secondary data collection

Secondary data will be collectd through the following sources

 Internet search engines

So accordingly, we will be using is the economic-industry-company approach. This

approach is sometimes referred to as a “top-down” method of analysis. As per the

industry would be examined on the basis of the following table

FACTORS FAVOURABLE UNFAVOURABLE

High earning per share Low earning per share