These slides shows the details about Vipul Limited, one of the leading real esate developer from Gurgaon.

1. November 2009
Vipul Limited
Corporate Presentation

2. Disclaimer
• This presentation has been prepared by Vipul Ltd. solely for providing information about the Company.
• No representation or warranty, express or implied is made as to, and no reliance should be placed on, the
fairness, accuracy, completeness or correctness of such information or opinions contained herein. Neither the
company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in
negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection with this presentation.
• The information contained in this presentation is only current as of its date. Certain statements made in this
presentation may not be based on historical information or facts and may be “forward-looking statements”,
including those relating to the Company’s general business plans and strategy, its future financial condition and
growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual
results may differ from these forward-looking statements due to a number of factors, including future changes or
developments in the Company’s business, its competitive environment, information technology and political,
economic, legal and social conditions in India and worldwide. The Company undertakes no obligation to update
forward looking statements to reflect events or circumstances after the date thereof.
• This presentation and any information presented herein are not intended to be, offers to sell or solicitation of
offers to buy the Company’s equity shares or any of its other securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
• The Company may alter, modify or otherwise change in any manner the content of this presentation, without
obligation to notify any person of such revision or changes.
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3. Introduction
• Vipul Limited is one of India’s leading real estate firms with a strong presence in
North India
– The company focuses on real estate development – Residential, Commercial, Integrated
Townships, Retail, Hotels & SEZ
– The company has till date developed and delivered 3.6 mn sq. ft. of residential space and
2.75 mn sq. ft. of commercial and retail space
• The company’s current geographical focus for ongoing and upcoming projects is:
– NCR, Bhubaneshwar & Ludhiana
• Vipul Facility Management, also promoted by the Vipul group, offers Integrated
Facility Management, Project Management and facility related consultancy
• Vipul has also incorporated NGENOX - an IT enabled services’ company which
focuses on design and engineering solutions for smart/intelligent buildings and
remote maintenance and facility management services
• Vipul Ltd. is listed on the Mumbai Stock Exchange
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4. Mission & Vision
Mission
– To honour our commitments every time, effectively and efficiently,
and to exceed the expectations of our customers
Vision
– To be a global standard Real Estate Company providing value-
added, innovative and customer focused solutions that build
happiness
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5. Management Team
• Mr. Punit Beriwala, aged 46 years is the • Ms. Guninder Singh, aged 48 years is the
Managing Director of Vipul Limited Chief Executive – Real Estate at Vipul Limited
• He holds a B.Com degree from Kolkata • She holds a B.Arch degree from Punjab
University University
• He has over 21 years of experience, of which 8 • She has over 26 years of experience, of which
years have been with Vipul Limited 7 years have been with Vipul Limited
• He started the business through joint ventures • Previously she has worked with Unitech Ltd.
with reputed builders and subsequently ventured
out independently
• Mr. Rakesh Sharma, aged 49 years is the Senior • Mr. Pankaj Agarwal, aged 48 years is the
Vice President – Legal & Business Senior Vice President - Construction at Vipul
Development at Vipul Limited Limited
• He is a Chartered Accountant by profession • He holds a B.E. degree in Civil Engineering
• He has over 25 years of experience, of which 3 from Shivaji University
years have been with Vipul Limited • He has over 20 years of experience, of which 6
• Previously he has worked with Onida, Stanford years have been with Vipul Limited
Engineering, Silverline Holdings and Tapasya • Previously he has worked with Shapoorji Palonji
Projects Ltd. and Unitech Limited
• Mr. Parikshit Roy, aged 46 years is the Chief
• Mr. Atul Banshal, aged 37 years is the Vice
Executive – International Division at Vipul
President – Finance and Accounts at Vipul
Limited
Limited
• He holds a post graduate diploma in
• He is a Chartered Accountant by profession
management from IIM Kolkata and a B.E.
• He has over 13 years of experience, of which 2 degree in Mechanical Engineering from North
years have been with Vipul Limited Bengal University
• Previously he was associated with audit and • He has over 24 years of experience, of which 4
consulting firms years have been with Vipul Limited
• Previously he has worked with Honeywell and
Johnson Controls Inc.
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6. Board of Directors
Mr. Rajesh Kr. Batra
• Mr. Batra, aged 62 years, holds an engineering degree from Waseda University, Tokyo, in Higher Optical
Instrumentation
• He has over 26 years of experience as a real estate developer, financial advisor and investor
• He is also a member of Opticians Association and of Optical Instruments sub-committee – Indian Standard
Institution
Mr. Kapil Dutta
• Mr. Dutta, aged 53 years, holds an Economic (Hons.) degree
• In the past, Mr. Dutta has worked as CEO - International Olympic Committee - India Office (1983-1997)
and as CEO of Ashwini Kumar Consultants Pvt. Ltd..
Mr. Gurjagmeet Singh Baweja
• Mr. Baweja, aged 47 years, did his graduation from Kolkata
• He has been engaged in logistics management for over 2 decades
Mr. Anil Kr. Agarwal
• Mr. Agarwal, aged 55 years, graduated from Patna University
• He was the Chairman cum Managing Director of M/s Elite Leasings Ltd, a Finance & Leasing Company
• He has experience of more than 3 decades in the domain of finance
Pg 6

7. History & Key Milestones
The group completed
execution of its first Vipul Infrastructure
The company commercial properties completed execution of
was – The Millennium Plaza its first residential Vipul Ltd.
incorporated as and Global Business projects – Vipul Floors allotted bonus
Analysis Park in Gurgaon and Vipul Gardens in shares in a 1:1
Finance Limited Gurgaon ratio
1991 2001 2004 2007
1995 2003 2006 2007
The Analysis Finance was Name of the Wachovia invested
company amalgamated with Vipul company was funds in the
was listed Infrastructure Developers changed to company for a
on BSE Pvt Ltd. and the latter Vipul Limited corresponding
name was retained stake of 14.95%
Vipul has established itself as one of the leading real estate developers of
North India
Pg 7

8. Summary of Completed Projects
Commercial & Retail
AREA TOTAL AREA
PROPERTY LOCATION (Acres) (Mn sq. ft.)
THE MILLENNIUM PLAZA GURGAON 3.07 0.35
GLOBAL BUSINESS PARK GURGAON 8 0.52
GLOBAL ARCADE GURGAON 1.71 0.19
VIPUL SQUARE GURGAON 2.76 0.35
VIPUL PLAZA GURGAON 3 0.46
VIPUL AGORA GURGAON 2.79 0.37
VIPUL TECH SQUARE I GURGAON 3.19 0.51
TOTAL AREA DELIVERED 24.52 2.75
Residential
AREA TOTAL AREA
PROPERTY LOCATION (Acres) (Mn sq. ft.)
VIPUL FLOORS GURGAON 1.43 0.11
VIPUL GARDENS GURGAON 9.04 0.82
VIPUL GREENS* GURGAON 17.18 1.56#
VIPUL BELMONTE* GURGAON 11.40 1.11#
* Extension under development
# Including parking
TOTAL AREA DELIVERED 39.05 3.60
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9. Profile of Key Developments - Commercial
Vipul Square, Gurgaon
• Located in Sushant Lok-I in Gurgaon
• Commercial use development spread over an area of 2.79 acres
• Total BUA of 350,000 sq ft over Ground + 10 floors + 2-tier basement parking
• Operational and occupied - 100% sold
• Key clients include Convergys, Shaw Wallace, IDBI Bank, Oriental Bank of Commerce, GTA,
Genesis PR, ORG Telecom and Blue Dart
Vipul Plaza, Gurgaon
• Located in Sector-54, Suncity, Gurgaon
• Mixed use development spread over an area of 3 acres
• Total BUA of 460,000 sq ft over Ground + 5 floors
• Deck + 3-tier basement parking
• Operational and occupied - 100% sold
• Key clients include Nortel, NCR Corporation, Navisite, ICICI, Cairn Energy and Salient
Business Solutions Pvt Ltd.
Vipul Square, Gurgaon Vipul Plaza, Gurgaon
Pg 9

10. Profile of Key Developments - Commercial
Vipul Agora, Gurgaon
• Located on MG Road in Gurgaon
• Mixed use – Retail + Commercial use development spread over an area of 2.76 acres
• Total BUA of 370,000 sq ft over Ground + 4 floors
• Deck + 3-tier basement parking
• 3 levels of shopping area and 2 atriums with all shops facing the atrium
• Operational and occupied - 100% sold
• Key clients include Convergys, Deutsche Bank Home Finance and Space Business Centre
Vipul Tech Square I, Gurgaon
• Located on Golf Course Road, Gurgaon
• Vipul Tech Square I is spread across 3.19 acres
• Total BUA of 510,000 sq ft
• Deck + 3-tier basement parking
• “Built to Suit” for DELL
Vipul Agora, Gurgaon Vipul Tech Square-I, Gurgaon
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11. Profile of Key Developments - Residential
Vipul Gardens, Gurgaon
• Located on Golf Course Road in Gurgaon
• 3BR, 4BR, 5BR / Penthouse apartments constituting 820,000 sq ft of BUA
• Facilities include power back up, club house, gymnasium, swimming pool, playing courts, billiards, kids play
area etc.
Vipul Greens, Gurgaon
• Located on Main Sohna Road in Gurgaon
• 3BR, 3BR + study, 4BR / Penthouse apartments constituting 1.56 mn sq ft of BUA
• Facilities include convention hall, banquet hall, power back up, gymnasium, 3 swimming pools, playing courts,
billiards and kids play area
• Possession completed for 1st and 2nd phase, 3rd phase in progress. Project likely to be completed by December
2009
Vipul Belmonte, Gurgaon
• Located on Golf Course Road in Gurgaon
• 3BR, 4BR, 5BR & Penthouse apartments constituting 1.11 mn sq ft of BUA
• Facilities include club house, power back up, gymnasium, swimming pool, playing courts, billiards and kids play
area
• Possession of 3 towers completed and 3 in process. Project is likely to be completed by Quarter IV, FY 2009
Vipul Gardens, Gurgaon Vipul Greens, Gurgaon Vipul Belmonte, Gurgaon
Pg 11

12. Shareholding
Shareholding Pattern as on 30 Sept ‘09
Others
13%
Note: Promoters have
Foreign pledged 29.40% of their
Corporate shares, i.e. 17.38% of the
Bodies total number of shares
15%
Promoter &
Promoter
Group
Corporate 59%
Bodies
13%
Public Shareholders with more than 1% as on 30 Sept ‘09
Sl. No. of Shares as % of Total
No. Name of the Shareholder Shares No. of Shares
1 WDC Ventures Ltd 8,968,840 14.95
2 Vaishali Arya 15,50,000 2.58
3 Analysis Securities Pvt Ltd 1,482,800 2.47
4 Sunray Ceramics Pvt Ltd 920,200 1.53
5 KSJ Consultants Pvt Ltd 908,996 1.52
6 Essjay Viniyog Pvt Ltd 604,000 1.01
Total 14434836 24.06
Wachovia investment company; Acquired stake in 2007 Pg 12

13. Financial Performance
P&L (Consolidated)
INR Cr FY09 FY08 FY07 FY06
Net Sales 420 288 214 157
growth 46% 35% 36%
EBITDA 46 68 67 13
growth -63% 2% 398%
margin 9% 24% 31% 9%
Other Income 2 5 1 1
PAT 18 42 42 8
growth -57% 0% 403%
margin 8% 14% 19% 5%
Growth Margin
450 100
40
400 90 35
350 80 30
(%) Margins
Net S ales (INR Cr)
300
70 % S ales Growth
25
60 20
250 15
50
200 10
40
150 5
30 0
100 20
FY06 FY07 FY08 FY09
50 10
FINANCIAL YEAR
FY 06 FY 07 FY 08 FY 09
Company has been growing at ~40% y-o-y; FY09 however has been an Company has been witnessing a decline in margins due to
aberration due to the economic slowdown and resulting impact on Real Estate sales being booked before the real estate boom while
industry construction costs being incurred at peak levels
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14. Financial Performance
Balance Sheet (Standalone)
Rs. in Crs. H1FY10 FY09
SOURCES OF FUNDS
Share Capital 12 12
Reserves Total 353 334
Total Shareholders Fund 365 346
Secured Loans 215 159
Total Debt 215 159
Total Liabilities 580 505
APPLICATION OF FUNDS
Net Fixed Assets 12 13
Investments 15 15
Net Current Assets 553 477
Total Assets 580 505
• As opposed to most other real estate companies in India, Vipul Limited is moderately
leveraged
– Book value of D/E is less than 0.5, which suggests that there is room for raising more debt
Pg 14

15. Ongoing Projects – Snapshot
Part of entire township land
parcel of ~108 acres
Project Name City Classification Type JDA Developer's Land Area Saleable
Sharing Share (Acres) Area
Model (sq ft)
Ongoing
Vipul Green Gurgaon Residential Apts. Own 100% 17.18 1,296,919
Vipul Belmonte Gurgaon Residential Apts. Own 100% 11.406 963,680
Vipul World Township (L) - I (P) Ludhiana Plots JDA Profit 75% 44.7 1,946,958
Vipul World Township (L) - II (GH) Ludhiana Group Housing JDA Profit 75% 9.95 834,338
Vipul World Township (L) - III (C ) Ludhiana Commercial JDA Profit 75% 5.16 432,682
Vipul Gardens - B Bhubaneshwar Residential Apts. JDA Revenue 82% 9.775 954,102
Vipul VillaNova Gurgaon Residential Apts. JDA Profit 50% 19.525 1,637,230
Vipul Gardens - D Dharuhera Residential Apts. JDA - SPV Profit 33% 13.4 1,059,477
Vipul World Township (G) - I (P) Gurgaon Plots Own 100% 40.35 1,758,564
Vipul World Township (G) - II (PV) Gurgaon Premium Villas Own 100% 25.45 1,105,887
Vipul World Township (G) - III (C ) Gurgaon Commercial Own 100% 3.75 315,486
ACE, Manesar Manesar Commercial JDA - SPV Profit 25% 11.3 275,616
Commercial only; 0.27 mn
Part of entire township land
of hotel space and 0.16mn
parcel of ~150 acres
of retail space extra
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16. Vipul Green, Gurgaon
• High rise residential apartments located
on the well-connected Sohna Road in
Gurgaon
• The Group Housing has convention
hall, banquet hall, power back up,
gymnasium, 3 swimming pools, playing
courts, billiards and kids play area
• Project has been sold out
• Construction is in final stages
Location
Pg 16

17. Vipul Belmonte, Gurgaon
• High rise residential apartments located
on the much sought after Golf Course
Road in Gurgaon
• The Group Housing has all the facilities
like club house, power back up,
gymnasium, swimming pool, playing
courts, billiards and kids play area
• Project has been sold out
• Construction is in final stages
• Project is likely to be completed by
Quarter 4, F Y 2009
Location
Pg 17

18. Vipul World, Gurgaon
• 150 acre township consisting of
‘Tatvam’ Premium Villas, Plots,
Independent floors and Commercial
• Located on Sohna Road in Gurgaon
• Tatvam Villas are one of a kind
premium villas with each having an
independent swimming pool
• All projects have received tremendous
response and have been sold to a large
extent
• Construction of Tatvam Villas is in full
swing
• Plot possession will start by year end
• Commercial Construction started
Location
Pg 18

19. Vipul World, Ludhiana
• 108 acre of state-of-art township is a
perfect blend of modern
infrastructure & elegant lifestyle
experience. Aesthetically nestled
into manicured gardens, the
township would comprise of plots,
Premium Apartments and high end
commercial complex.
• Located strategically on Ferozepur
Road – the only township with direct
frontage
• Plots have been launched
• Project development is in Progress
Location
Pg 19

20. Vipul Gardens, Bhubaneshwar
Location
• High rise residential apartments located
strategically off NH-5, close to
A.I.I.M.S.
• One of, if not the only, branded real
estate developer in Bhubaneshwar
• City has huge potential due to the large
number of students graduating from
colleges in the city every year
• Project has been launched and
Construction has commenced
Pg 20

21. Vipul Gardens, Dharuhera
• High rise residential apartments located
on NH-8 in Dharuhera
• Positioned as mid-income housing for
those working in the industrial towns of
Manesar and Bhiwadi
• Project has been launched and has
received fairly good response
• Construction is under way
Location
Pg 21

22. Vipul VillaNova, Gurgaon
Location
• High end residential apartments on
Golf Course Road
• Project is yet to be launched
Pg 22

23. ACE, Manesar
• Mixed use property on NH-8 in
Manesar consisting of office block,
retail and a hotel
• Leading hotel operator has been tied-
up for the hotel
• Construction work is in full swing
Location
Pg 23

24. Projects in Pipeline (Existing Land Bank)
Nature of the Saleable Area
S.No. Location of Property Area (Acres) project (Acres) % Of Ownership
1 Sector 71/72, Gurgaon 147 Township 111 50.04%
Sector 71/72, Gurgaon
2 52 Residential Plots 26 50%
Sector 71/72, Gurgaon
3 28 Commercial 13 50.04%
4 Vipul World, Faridabad 3 Commercial 3 100%
5 Vipul World, Faridabad 112 Township 62 100%
6 Vipul SEZ, Nagpur 54 IT SEZ 54 50%
Hyderabad, Andhra
7 Pradesh 412 Township 218 100%
8 Group Housing, Kolkata 30 Residential 30 100%
Orissa Township,
9 Bhubneshwar 30 Township 16 100%
Orissa GH & Commercial Group Housing &
10 Bhubneshwar 4.5 Commercial 4.5 100%
Group Housing &
11 Bawal Project 13 Commercial 13 75%
NA (On 33 year
12 Mohali Project 1 Hotel & Commercial 1 lease)
13 Siliguri 3 Hotel & Commercial 3 100%
Total 888.5 619.5
Note:
1. Projects highlighted in blue are planned to be launched within the next one year
Pg 24

25. Location – Sector 71 / 72 Township Project
Project Proposed Sohna Golf Course
Location Metro Track Road Road
Golf Course
Extension Road
• Project is strategically located on the under construction 90m wide outer peripheral road
• Proposed metro track shall run all along the outer peripheral road
Pg 25

26. Thank you
Vipul Limited Vipul Limited
Corporate office Registered Office
Vipul Tech Square, 9A, 3rd Floor
Golf Course Road, Vasant Square Mall
Sec - 43, Gurgaon Sector B, Pocket %
(Haryana)-122 002 Vasant Kunj
New Delhi-110070
Tel: +91-124-4065500
Fax: +91-124-4061000