- The document provides a financial analysis of DLF Ltd for the years 2007-2011, including income statements, balance sheets, cash flow statements, ratio analysis, and valuation metrics. - Key highlights are that EBDITA grew 49.86% in 2011 to Rs. 2909.86 crore, while reported net profit grew 65.94% to Rs. 1269.55 crore. Return on equity declined from 65% in 2007 to 9% in 2011. - The balance sheet shows total assets grew to Rs. 28870.04 crore in 2011, funded primarily by secured loans of Rs. 14700.70 crore and owners' equity of Rs. 13810.49 crore

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COMPANY FINALYTICS
DLF Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
Tanay Roy, CFA
Peu Karak, MBA
Disclaimer
The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed
to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy,
completeness or correctness.
For more information about this sample and our other services, please write to tanay.roy2008@gmail.com
Monday, September 19, 2011

2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cashflow Statement 6
Quarterly Result 6
Growth Analysis 7
Comparative Analysis 8
Income Statement 8
Balance Sheet 8
Index Analysis 9
Income Statement 9
Balance Sheet 9
Ratio Analysis 10
Annual 10
Quarterly 11
TTM Analysis 11
Technical Analysis 12
CONTENT
About Tanay & Peu
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Page 2

3. Summary
At a Glance
Latest Results Industry Construction & Contracting
Yearly Quarterly TTM Business Group DLF Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 2
Latest Results
Number of Equity shares 16975.72
EBDITA 2909.86 49.86 454.84 (19.04) 2834.66 (4.63)
Reported Net
Profit 1269.55 65.94 92.64 (87.03) 1133.89 (9.02) Price 209.45
Adjusted PAT 1133.94 50.39 92.64 (86.60) NA NA
Market Cap(Rs. In Cr) 32033.72
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Other Public
FII 2% 4%
15%
Reported P/E 28.00 28.54
BFI
Price/Sales Per Share 12.19 12.19 0%
Price/ Book Value 2.57 NA MF
Dividend Yield 0.01 NA 0%
Earning Yield 0.04 0.04
Market Cap(Rs. In Cr) 32033.72 Promote
r
79%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 80%
Reported PAT / PBT 0.66 0.83 0.87 0.83 0.88 60%
Adjusted PAT / PBT 0.65 0.83 0.86 0.81 0.79 40%
PBT / PBIT 0.64 0.87 0.69 0.52 0.53 20%
PBIT / Sales 0.89 0.65 0.93 0.77 0.94 0%
Sales / Total Assets 0.10 0.23 0.11 0.08 0.08 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 17.16 2.08 2.03 2.26 2.55
Reported ROE 65% 22% 12% 6% 9% Reported ROE Adjusted ROE
Adjusted ROE 64% 22% 12% 6% 8%
ROE Factors
20.00 70%
18.00
60%
16.00
14.00 50%
12.00 40%
10.00
8.00 30%
6.00 20%
4.00
10%
2.00
0.00 0%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Reported ROE Reported PAT / PBT PBT / PBIT
PBIT / Sales Sales / Total Assets Total Assets / Net Worth
Page 3

4. Income Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 1101.66 5496.96 2827.90 2307.08 2916.08
Operating Expenses
Material Consumed 8.72 6.06 0.00 0.00 0.00
Manufacturing Expenses 237.75 2141.29 778.34 889.25 848.68
Personnel Expenses 44.82 103.78 71.12 90.50 89.90 Operating Income
Selling Expenses 63.42 45.70 59.28 56.92 53.71
6000.00
Adminstrative Expenses 88.51 128.16 156.39 225.45 143.99
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 5000.00
Total Operating Expenses 443.22 2424.99 1065.13 1262.12 1136.28
4000.00
Operating Profit 658.44 3071.97 1762.77 1044.96 1779.80
Other Income 327.67 560.74 1006.72 896.76 1130.06 3000.00
EBDITA 986.11 3632.71 2769.49 1941.72 2909.86
2000.00
Depreciation 9.44 25.68 114.08 126.05 129.77
Other Write offs 0.00 41.79 37.86 41.47 50.40
1000.00
EBIT 976.67 3565.24 2617.55 1774.20 2729.69
Interest 356.25 447.65 809.86 847.24 1286.70 0.00
EBT 620.42 3117.59 1807.69 926.96 1442.99 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 214.56 543.52 261.00 175.71 309.05
Adjusted PAT 405.86 2574.07 1546.69 751.25 1133.94 Net Sales Operating Profit EBDITA
Non Recurring Items (0.19) 0.16 (2.15) 11.80 105.45
Other Non Cash adjustments 1.24 0.36 33.05 2.01 30.16
Reported Net Profit 406.91 2574.59 1577.59 765.06 1269.55
Equity Dividend 340.97 681.93 339.44 339.48 339.51
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 57.95 115.89 28.91 11.38 0.00
Retained Earnings 7.99 1776.77 1209.24 414.20 930.04
Profit Levels Total Income Break‐up
4000.00
Total Operating Expenses Depreciation
3500.00 Other Write offs Interest
3000.00 Income Tax Adjusted PAT
2500.00
2000.00
1500.00 28% 28%
1000.00
500.00
3%
0.00 8% 1%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
32%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 305.88 340.96 339.44 339.48 339.51
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 346.92 10928.19 12035.39 12490.53 13470.98
Total Owners fund 652.80 11269.15 12374.83 12830.01 13810.49
Loan Funds
Secured Loans 6242.81 4945.91 7979.97 11590.19 14700.70
Unsecured Loans 526.48 3440.49 1635.00 1047.67 358.85
Total Loan fund 6769.29 8386.40 9614.97 12637.86 15059.55
Capital Structure
Total 7422.09 19655.55 21989.80 25467.87 28870.04
16000.00
USES OF FUNDS
Fixed Assets 14000.00
Gross Block 365.58 1533.72 1968.40 2002.85 2143.37
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 12000.00
Less : Accumulated
Depreciation 37.01 59.34 152.87 273.84 400.27 10000.00
Net Block 328.57 1474.38 1815.53 1729.01 1743.10
Capital Work‐in‐progress 665.03 1781.79 1657.73 1718.51 2199.25 8000.00
Investments 769.17 1839.83 2956.32 6558.88 7037.24
6000.00
Net Current Assets
Current Assets, Loans &
4000.00
Advances 9442.25 18345.94 18718.62 18944.48 24251.81
Less : Current Liabilities &
2000.00
Provisions 3782.93 3786.38 3158.40 3483.03 6361.36
Total Net Current Assets 5659.32 14559.56 15560.22 15461.45 17890.45
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 7422.09 19655.56 21989.80 25467.85 28870.04 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 758.98 1808.92 2956.32 6558.88 7037.24
Market Value of Quoted
Investments 10.19 30.92 0.00 0.00 0.00
Contingent liabilities 3818.81 3047.92 4875.99 7423.38 10141.63
Number of Equity shares
outstanding (in Lacs) 15294.21 17048.33 16972.09 16973.91 16975.72
Sources of Capital Application of capital
Net Block Capital Work‐
6% in‐progress
8%
Total Loan Total Owners
Total Net Investments
fund fund
Current Assets 24%
52% 48%
62%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 620.33 3117.92 1808.77 943.09 1555.21
Net CashFlow‐Operating
Net Cash Flow
Activity (2626.83) (1505.81) 1365.86 395.24 1515.13
Net Cash Used In Investing
Activity (628.34) (6482.00) (1151.17) (2420.00) (1949.99) 419.00
NetCash Used in Fin. Activity
3233.37 8945.90 (437.54) 1434.95 419.00 3233.37 8945.90 1365.86 1434.95
1515.13
Net Inc/Dec In Cash And
395.24
Equivlnt (21.80) 958.09 (222.85) (589.80) (15.86) (1505.81)
Cash And Equivalnt Begin of
(2626.83) (1151.17)
Year 46.05 24.16 982.25 759.40 169.60 (6482.00) (2420.00) (1949.99)
Cash And Equivalnt End Of
Year (628.34) (437.54)
24.25 982.25 759.40 169.60 153.74
Net CashFlow‐Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
September '
Particulars (Rs. In Cr) June ' 10 10 December ' 10 March ' 11 June ' 11
Sales 651.89 542.06 875.17 846.96 685.74
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 651.89 542.06 875.17 846.96 685.74
Profit Levels
Other Income 162.63 234.50 163.92 681.63 159.26
Total Income 814.52 776.56 1,039.09 1,528.59 845.00
Stock Adjustment 0.00 0.00 0.00 0.00 0.00
Raw Material 0.00 0.00 0.00 0.00 0.00
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 36.22 46.91 30.64 24.97 0.00
Admin And Selling Expenses 0.00 0.00 0.00 0.00 0.00
Research And Devlopment Expe 0.00 0.00 0.00 0.00 0.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Other Expeses 185.75 191.64 348.33 321.93 390.16
Total Expenses 221.97 238.55 378.97 346.90 390.16
EBDITA 592.55 538.01 660.12 1,181.69 454.84
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 32.08 32.42 33.10 32.17 0.00
EBIT 560.47 505.59 627.02 1,149.52 454.84
Interest 308.71 337.66 323.23 317.10 329.88
EBT 251.76 167.93 303.79 832.42 124.96
Taxation 46.66 45.76 98.97 118.16 32.32
Net Profit / Loss 205.10 122.17 204.82 714.26 92.64
Extra Ordinary Item 0.00 0.52 0.00 22.68 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 0.00 0.02 0.00 0.00
EBT Net Profit / Loss
Page 6

7. Growth Analysis
Average
Particulars (%) March ' 08 March ' 09 March ' 10 March ' 11 Growth 5 year CAGR
Net Sales 398.97 (48.56) (18.42) 26.40 35.22 21.49
Operating Expenses 0.00 0.00
Material Consumed (30.50) (100.00) 0.00 0.00 (23.05) (100.00)
Manufacturing Expenses 800.65 (63.65) 14.25 (4.56) 69.79 28.98
Personnel Expenses 131.55 (31.47) 27.25 (0.66) 14.77 14.94
Selling Expenses (27.94) 29.72 (3.98) (5.64) (0.30) (3.27)
Adminstrative Expenses 44.80 22.03 44.16 (36.13) 7.68 10.22
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 447.13 (56.08) 18.49 (9.97) 35.06 20.72
Operating Profit 366.55 (42.62) (40.72) 70.32 44.04 22.00
Other Income 71.13 79.53 (10.92) 26.02 30.15 28.10
EBDITA 268.39 (23.76) (29.89) 49.86 33.06 24.16
Depreciation 172.03 344.24 10.49 2.95 90.38 68.90
Other Write offs 0.00 (9.40) 9.54 21.53 9.59 0.00
EBIT 265.04 (26.58) (32.22) 53.85 33.06 22.82
Interest 25.66 80.91 4.62 51.87 40.88 29.28
EBT 402.50 (42.02) (48.72) 55.67 39.50 18.39
Income Tax 153.32 (51.98) (32.68) 75.89 25.49 7.57
Adjusted PAT 534.23 (39.91) (51.43) 50.94 50.39 22.81
Non Recurring Items 184.21 (1443.75) 648.84 793.64 241.78 (453.88)
Other Non Cash adjustments (70.97) 9080.56 (93.92) 1400.50 2341.04 89.32
Reported Net Profit 532.72 (38.72) (51.50) 65.94 56.45 25.55
Equity Dividend 100.00 (50.22) 0.01 0.01 (0.04) (0.09)
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 99.98 (75.05) (60.64) (100.00) (63.20) (100.00)
Retained Earnings 22137.42 (31.94) (65.75) 124.54 2237.45 158.94
Growth Factors 5 Year CAGR
600.00 30.00
500.00 25.00
400.00 20.00
300.00 15.00
200.00 10.00
100.00 5.00
0.00 0.00
March ' 08 March ' 09 March ' 10 March ' 11
(100.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT
Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 0.79 0.11 0.00 0.00 0.00
Manufacturing Expenses 21.58 38.95 27.52 38.54 29.10 Comparative Net Sales
Personnel Expenses 4.07 1.89 2.51 3.92 3.08
Selling Expenses 5.76 0.83 2.10 2.47 1.84
Adminstrative Expenses 8.03 2.33 5.53 9.77 4.94
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 40.23 44.12 37.67 54.71 38.97
Operating Profit 59.77 55.88 62.33 45.29 61.03
Other Income 29.74 10.20 35.60 38.87 38.75
EBDITA 89.51 66.09 97.93 84.16 99.79
Depreciation 0.86 0.47 4.03 5.46 4.45
Other Write offs 0.00 0.76 1.34 1.80 1.73
EBIT 88.65 64.86 92.56 76.90 93.61
Interest 32.34 8.14 28.64 36.72 44.12
March ' March ' March ' March ' March '
EBT 56.32 56.71 63.92 40.18 49.48 07 08 09 10 11
Income Tax 19.48 9.89 9.23 7.62 10.60
Total Operating Expenses
Adjusted PAT 36.84 46.83 54.69 32.56 38.89 Other Income
Depreciation
Non Recurring Items (0.02) 0.00 (0.08) 0.51 3.62 Other Write offs
Interest
Other Non Cash adjustments 0.11 0.01 1.17 0.09 1.03
Reported Net Profit 36.94 46.84 55.79 33.16 43.54
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 4.12 1.73 1.54 1.33 1.18
Share Application Money 0.00 0.00 0.00 0.00 0.00 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 4.67 55.60 54.73 49.04 46.66
Total Owners fund 8.80 57.33 56.28 50.38 47.84 50.92
46.66
Secured Loans 84.11 25.16 36.29 45.51 50.92
Unsecured Loans 7.09 17.50 7.44 4.11 1.24
Total Loan fund 91.20 42.67 43.72 49.62 52.16
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 1.18 0.00 0.00 1.24
Fixed Assets
Gross Block 4.93 7.80 8.95 7.86 7.42
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 0.50 0.30 0.70 1.08 1.39
Net Block 4.43 7.50 8.26 6.79 6.04
Capital Work‐in‐progress 8.96 9.07 7.54 6.75 7.62
Investments 10.36 9.36 13.44 25.75 24.38
Net Current Assets
Current Assets, Loans & 127.22 93.34 85.12 74.39 84.00
Less : Current Liabilities &
Provisions 50.97 19.26 14.36 13.68 22.03
Total Net Current Assets 76.25 74.07 70.76 60.71 61.97
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 100.00 100.00 100.00 100.00
Page 8

9. Index Analysis
Income Statement
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 100.00 498.97 256.69 209.42 264.70
Operating Expenses
Material Consumed 100.00 69.50 0.00 0.00 0.00
Profit Index
Manufacturing Expenses 100.00 900.65 327.38 374.03 356.96
Personnel Expenses 100.00 231.55 158.68 201.92 200.58
Selling Expenses 100.00 72.06 93.47 89.75 84.69
Adminstrative Expenses 100.00 144.80 176.69 254.72 162.68
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 547.13 240.32 284.76 256.37
Operating Profit 100.00 466.55 267.72 158.70 270.31
Other Income 100.00 171.13 307.24 273.68 344.88 March ' March ' March ' March ' March '
EBDITA 100.00 368.39 280.85 196.91 295.08 07 08 09 10 11
Depreciation 100.00 272.03 1208.47 1335.28 1374.68
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 365.04 268.01 181.66 279.49 EBIT
EBT
Interest 100.00 125.66 227.33 237.82 361.18 Adjusted PAT
EBT 100.00 502.50 291.37 149.41 232.58 Reported Net Profit
Net Sales
Income Tax 100.00 253.32 121.64 81.89 144.04
Adjusted PAT 100.00 634.23 381.09 185.10 279.39
Non Recurring Items 100.00 (84.21) 1131.58 (6210.53) (55500.00)
Other Non Cash adjustments 100.00 29.03 2665.32 162.10 2432.26
Reported Net Profit 100.00 632.72 387.70 188.02 312.00
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 111.47 110.97 110.98 110.99
Share Application Money 0.00 0.00 0.00 0.00 0.00 Liability Index
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 100.00 3150.06 3469.21 3600.41 3883.02
Total Owners fund 100.00 1726.28 1895.65 1965.38 2115.58
Loan Funds
Secured Loans 100.00 79.23 127.83 185.66 235.48
Unsecured Loans 100.00 653.49 310.55 199.00 68.16
Total Loan fund 100.00 123.89 142.04 186.69 222.47
Total 100.00 264.83 296.28 343.14 388.97
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 419.53 538.43 547.86 586.29
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 160.34 413.05 739.91 1081.52
Net Block 100.00 448.73 552.56 526.22 530.51
Capital Work‐in‐progress 100.00 267.93 249.27 258.41 330.70
Investments 100.00 239.20 384.35 852.72 914.91
Net Current Assets
Current Assets, Loans &
Advances 100.00 194.30 198.24 200.64 256.84
Less : Current Liabilities &
Provisions 100.00 100.09 83.49 92.07 168.16
Total Net Current Assets 100.00 257.27 274.95 273.20 316.12
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 264.83 296.28 343.14 388.97
Page 9

10. Ratio Analysis
Particulars(Yearly) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
PER SHARE RATIOS
Adjusted E P S (Rs.) 2.65 15.10 9.11 4.43 6.68
Adjusted Cash EPS (Rs.) 2.72 15.49 10.01 5.41 7.74
Reported EPS (Rs.) 2.65 15.10 9.12 4.51 7.48
Reported Cash EPS (Rs.) 2.71 15.50 10.01 5.49 8.54
Dividend Per Share 2.00 4.00 2.00 2.00 2.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 4.31 18.02 10.39 6.16 10.48
Book Value (Excl Rev Res) Per
Share (Rs.) 4.27 66.10 72.91 75.59 81.35
Book Value (Incl Rev Res) Per
Share (Rs.) 4.27 66.10 72.91 75.59 81.35
Net Operating Income Per
Share (Rs.) 7.20 32.24 16.66 13.59 17.18
Free Reserves Per Share (Rs.) 2.25 63.84 69.75 70.78 71.90 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 59.76 55.88 62.33 45.29 61.03
Gross Profit Margin (%) 58.91 55.41 58.30 39.82 56.58 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 28.38 42.49 40.36 23.87 31.37 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 29.05 43.60 44.29 28.67 32.47 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 62.17 22.84 12.49 5.85 8.21
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 62.15 22.84 12.50 5.96 9.19
Return On long Term Funds
(%) 15.35 22.40 13.36 7.01 9.54
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 8.74 0.41 0.58 0.97 1.07
Total Debt/Equity 10.37 0.74 0.77 0.98 1.09
Owners fund as % of total
Source 8.79 57.33 56.27 50.37 47.83
Fixed Assets Turnover Ratio 3.01 3.60 1.46 1.17 1.38
LIQUIDITY RATIOS
Current Ratio 2.50 4.85 5.93 5.44 3.81
Current Ratio (Inc. ST Loans) 1.75 2.34 2.96 5.03 3.51
Quick Ratio 1.36 3.28 3.83 3.56 2.49
Inventory Turnover Ratio 0.33 0.00 0.00 0.41 0.42
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 98.30 30.99 23.79 45.86 26.74 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 96.07 30.19 21.67 37.62 23.41
Adjusted Return On Net Worth (%)
Earning Retention Ratio 1.72 69.01 76.19 53.30 70.06
Cash Earnings Retention Ratio 3.95 69.80 78.32 61.82 74.17 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 16.30 3.17 5.66 13.76 11.46
Financial Charges Coverage Liquidity Ratio
Ratio 2.77 8.12 3.42 2.29 2.26
Fin. Charges Cov.Ratio (Post
Tax) 2.17 6.90 3.10 2.10 2.13
COMPONENT RATIOS
Material Cost Component(%
earnings) 0.00 0.00 0.00 0.00 0.00
Selling Cost Component 5.75 0.83 2.09 2.46 1.84
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 18.06 2.18 3.51 5.30 3.16 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 0.00 0.00 0.00 0.00 0.00
Long term assets / Total
Assets 0.15 0.21 0.25 0.34 0.31 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 87.50 78.51 78.87 78.86 78.85
Page 10

11. Ratio Analysis
September '
Particulars(Quarterly) June ' 10 10 December ' 10 March ' 11 June ' 11
PER SHARE RATIOS Quarterly Profit Margin
Operating Income Per
Share(Rs.) 3.84 3.19 5.16 4.99 4.04
Operating Profit Per
Share(Rs.) 3.49 3.17 3.89 6.96 2.68
Adjusted EPS(Rs.) 1.21 0.72 1.21 4.21 0.55
PROFITABILITY RATIOS
OPM(%) 65.94 55.99 56.69 59.04 43.10
GPM(%) 34.84 25.79 32.42 56.56 14.78
NPM(%) 25.18 15.79 19.71 48.21 10.96
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 2916.08 100.00 2949.93 100.00 1.16
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 2916.08 100.00 2949.93 100.00 1.16
Other Income 1242.68 42.61 1239.31 42.01 (0.27) TTM Growth (%)
Total Income 4158.76 142.61 4189.24 142.01 0.73 14.18
Stock Adjustment 0.00 0.00 0.00 0.00 NA
Raw Material 0.00 0.00 0.00 0.00 NA
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 138.74 4.76 102.52 3.48 (26.11) 1.16
Admin And Selling Expenses 0.00 0.00 0.00 0.00 NA
Research And Devlopment Expe 0.00 0.00 0.00 0.00 NA
Expenses Capitalised 0.00 0.00 0.00 0.00 NA
Other Expeses (4.63) (3.72)
1047.65 35.93 1252.06 42.44 19.51
(8.15) (9.02)
Total Expenses 1186.39 40.68 1354.58 45.92 14.18
EBDITA 2972.37 101.93 2834.66 96.09 (4.63)
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 129.77 4.45 97.69 3.31 (24.72)
TTM EPS & SPS(%)
EBIT 2842.60 97.48 2736.97 92.78 (3.72)
Interest 1286.70 44.12 1307.87 44.34 1.65
EBT 1555.90 53.36 1429.10 48.45 (8.15)
Taxation 309.55 10.62 295.21 10.01 (4.63)
Net Profit / Loss 1246.35 42.74 1133.89 38.44 (9.02)
Extra Ordinary Item 23.20 0.80 23.20 0.79 0.00
Prior Year Adjustments 0.02 0.00 0.02 0.00 0.00
TTM EPS 7.34 6.68 ‐0.05
TTM SPS 17.18 17.38 0.01
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
350.00 3500000.00
300.00 3000000.00
250.00 2500000.00
200.00 2000000.00
150.00 1500000.00
100.00 1000000.00
50.00 500000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
5.00
0.00
‐5.00
‐10.00
‐15.00
MACD Signal line
80
60
40
20
0
RSI(14)
Technical Indicators
Price 209.45 AS On: 16/09/2011
EMA(13) 201.24 ADX 16
EMA(26) 207.88 DX 8
EMA(50) 218.37 +DI 25
EMA(200) 271.04 ‐DI 21
RSI(14) 63.34 %K(Fast) 100
MACD ‐6.65 %K(Slow) 91.76
William(%R) 0.00 %d(Slow) 81.15
Page 12