Company: DLF Limited Headquarters: New delhi Stock exchange listing: Yes the company we have chosen is cross

listed in the National stock Exchange(NSE) and Bombay stock Exchange too(BSE) . The stock is normally traded through NSE for selling and buying of stocks bonds and other securities. Internet address: www.dlf.in. Ticker symbol: DLFU:IN Fiscal year ended: 2009 Products: offices, apartments, shopping malls, Hotels, Golf courses and infrastructure. Auditors: Walker and Chandoik & Co. He is located in New Delhi Audit Committee of the Board is headed under the stewardship of Mr. K.N. Memani, an Independent Non-executive Director. Mr. Memani is a Fellow Member of the Institute of Chartered Accountants of India and has vast, diverse and enriched experience in financial management, corporate affairs, accounting and audit matters. The other members of the Committee are Dr. D.V. Kapur, Mr. M.M. Sabharwal, Mr. B. Bhushan, Independent Non-executive Directors and Mr. T.C. Goyal, Managing Director, having requisite financial, accounting and management experience and have held or hold senior positions in other reputed Organizations. He gives four types of opinion reports 1. 2. 3. 4. Unqualified opinion report Qualified opinion report Adverse opinion report Disclaimer of opinion report

Non-qualified stock options are stock options which do not qualify for the special treatment accorded to incentive stock options. Incentive stock options are only available for employees and other restrictions apply for them. For regular tax purposes, incentive stock options have the advantage that no income is reported when the option is exercised and, if certain requirements are met, the entire gain when the stock is sold is taxed as long-term capital gains. In contrast, nonqualified stock options result in additional taxable income to the recipient at the time that they are exercised, the amount being the difference between the exercise price and the market value on that date. Non-qualified stock options are frequently preferred by employers because the issuer is allowed to take a tax deduction equal to the amount the recipient is required to include in his or her income.

Presidents Report In the current year, Company has endeavored to withstand the severity of the Economic slowdown by focusing on consolidating the position of the Company s core business in order to emerge stronger in the years ahead. The letter was written in an optimistic fashion as the company is growing despite the financial slowdown with their unique strategies to market it to the customers.

He assured that the Company will face the challenges resolutely and turn these into strategic opportunities to maintain its leadership position in the real estate business.

Financial Highlights Q2 FY09 compared to Q1 FY09     Consolidated Revenue at Rs 3,840 crore, as compared to Rs 3,846 crore EBIDTA at Rs 2,313 crore, as compared to Rs 2,380 crore Consolidated PAT at Rs 1,934 crore, as compared to Rs 1,864 crore EPS (non-annualised) at Rs 11.34, EPS (annualised) at Rs 45.37

Q2 FY09 compared to Q2 FY08  Consolidated Revenue at Rs 3,840 crore, up by 15% from Rs 3,349 crore  EBIDTA at Rs 2,313 crore, as compared to Rs 2,363 crore  Consolidated PAT at Rs 1,934 crore, as compared to Rs 2,018 crore H1 FY09 compared to H1 FY08  Consolidated revenue at Rs 7,686 crore, up by 19% from Rs 6,470 crore  EBIDTA at Rs 4,693 crore, as compared to Rs 4,614 crore  Consolidated PAT at Rs 3,829 crore, up by 8% from Rs 3,542 crore Highlights - Q2 FY09  64 msf of area under construction at the end of the quarter, this is after delivering 2 msf of built-up space in  Commercial Offices and Homes segment  Launched premium homes in New Gurgaon and Kochi in the range of Rs 4.5 7.0 mn  Sold 3.12 msf of space including 2.79 msf of homes and 0.33 msf of commercial complexes  Sold 1,546 units (2.74 msf) of premium homes (mid-income) in Q2  Plans to launch more residential projects in New Delhi, Gurgaon, Hyderabad, Bangalore, Indore and Panchkula. Commercial complexes to be launched in Hyderabad, Amritsar and Panipat.

Income statement Percentage growth in sales Net sales in the year 2008 = 605845.95 lacs Net sales in the year 2009 = 383904.46 lacs Decrease in sales in the year = 221941.49 lacs % decrease in sales of the year = (221941.49/605845.95)*100 = 36.6 % Reasons for decrease in sales during the fiscal year The sales decreased due to the  Heavy competition  Less demand among customers.  There already a lot of real estate s existing. There is no need of more of it.

Change in the net profit during two consecutive years Net profit in the year 2008 = 257459.04 lacs Net profit in the year 2009 = 154777.03 lacs Decrease in the net profit in that financial year = 102682.01 lacs % decrease in net profit = (102682.01/257459.04)*100 = 39 %

Accounting changes in income statement The sales has decreased drastically which is a income to our company. On the other hand the cost of land , properties and development rights along with establishment charges keeps on decreasing in the consecutive financial years but the financial obligations for debts , depreciation and amortization charges is shooting up. Thus making the company to have a net loss on their functioning of the business. But they have a goodwill to recover soon to establish a leadership standard in their field. Discontinued operation There are no discontinued operation in the company EPS calculation of the company For our company two EPS is calculated 1. Diluted EPS. 2. Basic EPS. A performance metric used to gauge the quality of a company's earnings per share (EPS) if all convertible securities were exercised. Convertible securities refers to all outstanding convertible preferred shares, convertible debentures, stock options (primarily employee based) and warrants. Unless the company has no additional potential shares outstanding (a relatively rare circumstance) the diluted EPS will always be lower than the simple EPS.