Profit loss account

(Rs crore)
Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

2,385.94

2,150.04

3,491.32

2,916.08

2,307.08

Manufacturing
expenses

677.41

341.75

956.55

848.68

889.25

Personnel
expenses

108.48

118.55

127.12

89.9

90.5

Selling
expenses

53.71

56.92

366.55

300.24

297.68

143.99

225.45

Cost of sales

1,152.44

760.53

1,381.34

1,136.27

1,262.13

Operating
profit

1,233.50

1,389.50

2,109.98

1,779.81

1,044.95

Other
recurring
income

1,439.94

1,154.80

1,091.34

1,130.06

896.76

Adjusted
PBDIT

2,673.44

2,544.31

3,201.33

2,909.87

1,941.72

Financial
expenses

1,666.81

1,709.89

1,553.78

1,286.70

847.24

77.98

141.89

139.84

129.77

126.05

50.4

41.47

928.65

692.53

1,507.71

1,443.00

926.96

0.06

188.2

465.47

309.05

175.71

Adjusted PAT

928.59

504.33

1,042.24

1,133.95

751.24

Non recurring
items

-390.16

105.45

11.8

Income
Operating
income
Expenses
Material
consumed

Adminstrative
expenses
Expenses
capitalised

Depreciation
Other write
offs
Adjusted PBT
Tax charges

Other non
cash
adjustments

-11.59

-2.76

-0.45

30.16

2.01

Reported net
profit

526.84

501.56

1,041.79

1,269.56

765.06

Earnigs
before
appropriation

3,395.61

3,335.40

3,862.81

4,033.49

3,441.30

356.29

295.45

284.57

339.51

339.48

Preference
dividend

Dividend tax

60.49

55.1

11.38

3,039.32

2,979.46

3,523.13

3,693.97

3,090.44

Equity
dividend

Retained
earnings

Balance sheet
(Rs crore)
Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

Sources of funds
Owner's fund
Equity share
capital

356.29

339.74

339.68

339.51

339.48

Share application
money

0.02

Preference share
capital

16,287.23

14,274.46

14,156.88

13,470.98

12,490.53

9,622.51

10,785.98

11,844.67

14,700.70

11,590.19

40.61

315.05

130.45

358.85

1,047.67

26,306.66

25,715.23

26,471.68

28,870.03

25,467.86

1,778.65

2,667.55

2,481.27

2,143.37

2,002.85

174.57

640.48

511.97

400.27

273.84

Net block

1,604.07

2,027.07

1,969.31

1,743.10

1,729.02

Capital work-inprogress

1,805.42

2,542.55

2,196.95

2,199.25

1,718.51

Investments

7,460.71

6,876.55

7,046.65

7,037.24

6,558.88

26,705.13

25,510.33

24,855.10

24,251.81

18,944.48

Reserves &
surplus
Loan funds
Secured loans
Unsecured loans
Total
Uses of funds
Fixed assets
Gross block
Less : revaluation
reserve

Less :
accumulated
depreciation

Net current assets

Current assets,
loans & advances

Less : current
liabilities &
provisions

11,268.68

11,241.27

9,596.33

6,361.36

3,483.03

Total net current

assets

15,436.45

14,269.06

15,258.77

17,890.45

15,461.45

26,306.66

25,715.23

26,471.68

28,870.03

25,467.86

7,460.71

6,691.13

7,046.65

7,037.24

6,558.88

Contingent
liabilities

11,337.81

10,887.85

12,730.36

10,141.63

7,423.38

Number of equity
sharesoutstanding
(Lacs)

17814.51

16987.19

16983.86

16975.72

16973.91

Miscellaneous
expenses not
written
Total
Notes:

Book value of
unquoted
investments

Market value of
quoted
investments

Cash flow Statement

(Rs
crore)
Mar ' 14
Profit
before
tax
Net
cashflowoperating
activity
Net cash
used in
investing
activity
Netcash
used in
fin.
activity
Net
inc/dec in
cash and
equivlnt
Cash
and
equivalnt
begin of
year
Cash
and
equivalnt
end of
year

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

538.49

692.53

1,507.71

1,555.21

943.09

1,616.89

-74

419.15

1,515.13

395.24

883.1

2,756.93

1,158.71

1,949.99

2,420.00

2,355.03

2,723.40

1,354.43

419

1,434.95

144.96

-40.48

223.44

-15.86

-589.8

314.84

355.32

131.84

169.6

759.4

459.8

314.84

355.28

153.74

169.6

DCF method
DLF

(Rs. In Cr.)

cash from
operations
cash from
investments
Free cash flow
discount rate
(1.174)t
PV of FCF
total PV to 2013-14
CV
PV of CV

Mar '14

Mar '13

Mar '12

Mar '1

1616.89

-74.00

419.15

1515.1

883.10

2756.93

1158.71

-1949.9

733.79

-2830.93

-739.56

3465.1

1.90

1.62

1.38

1.1

386.28

-1749.54

-536.58

2951.5

4731.82

Enterprise Value
Book Value of net
debt
value of equity
Shares outstanding
value per share

ke=Rf + Beta (Rm-Rf)

Rf=
8.52%
beta of sector
1.37
Rm=
15%
ke=
17.40%
ke
0.174
growth using CAGR (FCF)
-0.321635086
growth using CAGR (Cash from
operations)
0.01638359
CV

4731.82

Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

EBIT
Tax Rate
(1-tax)
EBIT*(1-tax)
Add: Depreciation
Less: Capex
Working Capital
Less: Change in WC
FCF
discount rate
(1.174)t
PV of FCF
CV
PV Of CV
Enterprise value
Book Value of net
debt
value of equity
Shares outstanding
value per share

Growth

0.10972

2,385.94
0.30
0.70
1,670.16
77.98
1,748.14
9,493.00
-7,744.86
15,436.45
1,167.39
-8,912.25

2,150.04
0.30
0.70
1,505.03
141.89
1,646.92
13,193.00
-11,546.08
14,269.06
-989.71
-10,556.37

3,491.32
0.30
0.70
2,443.92
139.84
2,583.76
5,758.00
-3,174.24
15,258.77
-2,631.68
-542.56

2,916.08
0.30
0.70
2,041.26
129.77
2,171.03
134,109.90
-131,938.87
17,890.45
2,429.00
-134,367.87

1.90
-4,691.54
-153,856.93

1.62
-6,523.95

1.38
-393.65

1.17
-114,453.04

2,307.08
0.30
0.70
1,614.96
126.05
1,741.01
1,741.01
15,461.45
1,741.01

-80,992.48
-207,054.65
144.30
-207,198.95
1,697,390,890.00
-1,220.69

DDM Method
(Rs. In
Cr.)

DLF
Dividend per share
discount rate
(1.174)t
Dividend growth
rate
PV
Total PV
CV
PV of CV
Vo

ke=Rf + Beta (Rm-Rf)

Rf=
8.52%
beta of
sector
1.37
Rm=
15%
ke=
17.40%
ke
0.174
growth using CAGR (FCF)
0

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

1.90

1.62

1.38

1.17

0.00
1.05

0.00
1.24

0.00
1.45

0.00
1.70
5.44

11.49
6.05
11.49

AEG Method
EPS
DPS
Actual Earning
Normal Earnings (NE)
Cum dividend earnings
(CDE)
AEG
discount rate (1.174)t
PV of AEG
Total PV of AEG
CV
PV of CV
Total Earnings to
Capitalise

ke

0.174

growth (CDE) final

year
0.001888

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

2.96

2.95

6.13

7.48

4.51

2.00

2.00

2.00

2.00

2.00

4.96

4.95

8.13

9.48

6.51

5.81

9.54

11.13

7.64

5.31
-0.50
1.90
-0.26

5.30
-4.25
1.62
-2.62

8.48
-2.65
1.38
-1.92

9.83
2.19
1.17
1.86
-2.95

-2.93
-1.54
-4.49

Residual Earning method

DLF
Mar' 10

Mar' 11

Mar' 12 Mar' 13 Mar' 14 Mar'15 Mar'16 Mar'17

6.13
2.95
2.96
2.92
2.88
2.84
2.00
2.00
2.00
2.00
2.00
2.00
85.20
86.15
87.11
88.03
88.91
89.75
-0.18
-0.52
-0.51
-0.50
-0.50
-0.49
0.01
0.01
0.01
0.01
0.01
-7.98
-11.87
-12.03
-12.24
-12.44
-12.63
0.49
0.01
0.02
0.02
0.02
-86.95

EPS
4.51
7.48
DPS
2.00
2.00
BPS
75.59
81.07
G in EPS (note 1)
0.66
Growth in BV
0.07
0.05
RE
-5.67
G in RE
0.41
CV of RE
PV of CV
-28.29
ROCE
0.10
0.08
0.03
PV factor
@17.40%
0.85
0.73
0.62
PV of RE
-4.83
-5.79
-7.34
Total of PV of RE
-24.29
Value of Equity
23.01
Note 1 :We took Growth of EPS to forcast EPS for future year
Note 2 : Growth of book value is used for calculating continuing value of RE
Average G in EPS -0.01357
Average G in BV

0.03

0.03

0.03

0.03

0.53
-6.33

0.45
-5.49

0.38
-4.75

0.33
-4.11

0.025108

INTERPRETATION:
Few assumptions were taken into consideration for calculating the value of enterprise for DLF Ltd.
The cost of equity was derived using CAPM model which states Rf + Beta( Rm - Rf). Risk free rate of return was
considered using return on government bonds in India i.e. 8.52% Beta factor of real estate industry is given to be
1.37 and current market return by an investor was analyzed or expected to be 15% as a study declared by PWC
group. Thus , Ke value is 17.4%
ke=Rf + Beta (Rm-Rf)
Rf=
8.52%
beta of sector
1.37
Rm=
15%
ke=
17.40%
ke
0.174

DLF INFRASTRUCTURE
Price multiple method
Value
of
equity
(in lakhs)
year
2010
2011
2012
2013
2014

EPS
4.50
7.46
6.12
2.95
2.96

Net sales
32204300000.00
41587500000.00
45826658000.00
33048089000.00
38258788000.00

no. of shares
outsatanding
1697390890.00
1697571794.00
1698385719.00
1698719007.00
1698719007.00
Average=

mps
4.51
7.48
6.13
3.04
3.10
4.85

P/E
ratio
1.00
1.00
1.00
1.03
1.05
1.02

P/BV
ratio
2.25
3.74
3.07
1.52
1.55
2.43

sales
earnings
BV

DLF
38258788000.00
5268417000.00
3397438014.00

Book
Mar cap
shareholderfund value
7650588000.00 3394781780.00 2.00
12695793000.00 3395143588.00 2.00
10417930000.00 3396771438.00 2.00
5166714000.00 3397438014.00 2.00
38258788000.00 3397438014.00 2.00

P/S
ratio
0.24
0.31
0.23
0.16
1.00
0.39

multiples
0.39
1.02
2.43

Average
Valuation
No.
of
shareholder
value of equity

The date is used from the balancesheet of the company

DLF valuation
14920927320.00
5373785340.00
8255774374.02
9516829011.34
1698719007.00
5.60235623

net income
7650588000.00
12695793000.00
10417930000.00
5166714000.00
5268417000.00

DLF

Cash Flow

Net Profit Before Tax

Net Cash From Operating
Activities

Previous
Years
------------------in Rs. Cr. -----------------Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

538.49

692.53

1507.71

1555.21

943.09

1616.89

-74

419.15

1515.13

395.24

883.1

2756.93

1158.71

-1949.99

-2420

Net Cash (used in)/from

Investing Activities
Net Cash (used in)/from
Financing Activities

-2355.03

-2723.4

-1354.43

419

1434.95

Net (decrease)/increase In
Cash and Cash Equivalents

144.96

-40.48

223.44

-15.86

-589.8

Opening Cash & Cash

Equivalents

314.84

355.32

131.84

169.6

759.4

Closing Cash & Cash

Equivalents

459.8

314.84

355.28

153.74

169.6

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

2,155.49

2,138.94

2,138.88

2,149.78

6,259.34

Consolidated Balance Sheet

------------------in Rs. Cr. ------------------

Sources Of Funds
Total Share Capital

Equity Share Capital

356.29

339.74

339.68

339.51

339.48

Share Application Money

0.02

Preference Share Capital

1,799.20

1,799.20

1,799.20

1,810.26

5,919.86

Init. Contribution Settler

Preference Share Application

Money

Employee Stock Opiton

27,038.58

25,388.75

25,097.04

24,182.32

24,154.39

18.99

Networth

29,194.09

27,527.69

27,235.92

26,332.10

30,432.72

Secured Loans

15,639.46

17,836.29

19,036.42

19,938.08

19,301.59

Reserves
Revaluation Reserves

Unsecured Loans
Total Debt
Minority Interest
Policy Holders Funds
Group Share in Joint Venture
Total Liabilities

943.85

1,240.96

1,186.49

1,714.08

2,375.06

16,583.31

19,077.25

20,222.91

21,652.16

21,676.65

202.29

402.02

420.66

575.2

627.78

45,979.69

47,006.96

47,879.49

48,559.46

52,737.15

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

21,738.95

22,977.02

22,889.61

21,191.18

19,152.45

2,904.32

3,128.43

2,550.78

1,935.02

1,326.46

18,834.63

19,848.59

20,338.83

19,256.16

17,825.99

5,978.69

7,834.32

8,992.81

10,234.44

11,128.82

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments

891.23

1,333.71

1,126.76

995.77

5,505.20

18,488.62

17,645.53

16,175.57

15,038.76

12,480.59

Sundry Debtors

1,561.23

1,653.25

1,765.91

1,565.97

1,618.96

Cash and Bank Balance

2,442.03

1,844.14

1,506.23

1,321.78

670.72

Total Current Assets

22,491.88

21,142.92

19,447.71

17,926.51

14,770.27

Loans and Advances

16,305.92

14,467.24

13,483.32

12,404.85

12,531.61

257.51

38,797.80

35,610.16

32,931.03

30,331.36

27,559.39

Inventories

Fixed Deposits
Total CA, Loans & Advances
Deffered Credit

17,940.86

16,887.09

14,706.79

11,563.29

5,142.10

581.79

732.71

803.17

694.95

4,140.16

Total CL & Provisions

18,522.65

17,619.80

15,509.96

12,258.24

9,282.26

Net Current Assets

Current Liabilities
Provisions

20,275.15

17,990.36

17,421.07

18,073.12

18,277.13

Minority Interest

Group Share in Joint Venture

Miscellaneous Expenses

Total Assets

45,979.70

47,006.98

47,879.47

48,559.49

52,737.14

Contingent Liabilities

12,379.20

10,326.26

11,432.17

3,070.08

7,027.16

153.78

151.46

149.77

144.45

144.3

Instrument

Authorized
Capital

Issued
Capital

(Rs. cr)

(Rs. cr)

Shares
(nos)

Face
Value

Capital

Book Value (Rs)

Capital Structure (DLF)

Period
From

To

-PAIDUP-

2012

2013

Equity
Share

499.5

341.28

1.7E+09

339.74

2011

2012

Equity
Share

499.5

341.25

1.7E+09

339.68

2010

2011

Equity
Share

499.5

341.01

1.7E+09

339.51

2009

2010

Equity
Share

499.5

341.01

1.7E+09

339.48

2008

2009

Equity
Share

499.5

340.97

1.7E+09

340.97

2007

2008

Equity
Share

499.5

340.97

1.7E+09

340.97

2006

2007

Equity
Share

499.5

305.88

1.53E+09

305.88

2005

2006

Equity
Share

39.5

37.88

37767997

10

37.77

2004

2005

Equity
Share

4.5

3.62

3508007

10

3.51

2003

2004

Equity
Share

4.5

3.62

3508007

10

3.51

2002

2003

Equity
Share

4.5

3.62

3508007

10

3.51

2001

2002

Equity
Share

4.5

3.62

3508007

10

3.51

1999

2001

Equity
Share

4.5

3.62

3508007

10

3.51

1997

1999

Equity
Share

4.5

3.62

3508007

10

3.51

Reported EPS (Rs)

2.96

2.95

6.13

7.48

4.51

Dividend per share