Cash flow

D L F Ltd. Mar 2004 Mar 2005 Mar 2006

Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths
-
Net cash flow from operating activities (indirect method) -183.32 550.63 -64.37
Net profit before tax & extra ordinary income 48.07 96.88 347.9
Adjustments for depreciation 2.76 3.4 3.9
Adjustments for interest payable 9.41 33.07 146.15
Adjustments for provn. for contingencies 0 0 0
Adjustments for foreign exchange (gain)/loss 0.01 0 0.03
Adjustments for add back of amortisations & others written off 0.01 0 0
Adjustments for add back of other provisional adjustments 1.65 1.94 3.05
Adjustments for (profit)/loss on sale of investments -0.01 0 0
Adjustments for (profit)/loss on sale of assets 0.22 -0.19 0.22
Adjustments for interest income -10.72 -23.95 -154.89
Adjustments for dividend income 0 0 0
Adjustments for other expenses / income -8.84 -9.81 -4.89
Adjustments for provision / liabilities written back 0 0 -0.03

Operating cash flow before working capital changes 42.56 101.34 341.44
Cash inflow/(outflow) due to decrease/(increase) in trade & other recei -88.03 -174.3 -550.75
Cash inflow/(outflow) due to decrease/(increase) in inventories -195.38 463.51 246.46
Cash inflow/(outflow) due to increase/(decrease) in trade & other payab 70.3 187.56 -56.19
Cash inflow/(outflow) due to deposits (banks/FIs) 0 0 0
Cash inflow/(outflow) due to advances (banks/FIs) 0 0 0
Cash inflow/(outflow) due to others 0 0 0

Cash flow generated from operations -170.55 578.11 -19.04

Cash (outflow) due to direct taxes paid -12.77 -27.47 -45.33
Cash (outflow) due to dividend tax paid 0 0 0

Cash flow before extraordinary items -183.32 550.64 -64.37

Cash inflow/(outflow) from extraordinary items 0 -0.01 0
Cash (outflow) due to miscellaneous expenditure 0 0 0

Net cash inflow/(outflow) from investment activities -338.01 -579.89 -2146.21

Cash (outflow) due to purchase of fixed assets -42.93 -407.65 -51.18
Cash inflow due to sale of fixed assets 0.1 0.89 5.82
Cash inflow/(outflow) due to decrease / (increase) in capital wip 0 0 0
Cash inflow /(outflow) due to acquisition/ merger/ hiving off of cos./ unit 0 0 0
Cash (outflow) due to purchase of investments -49.48 -7.14 -1224.61
Cash inflow due to sale of investments 39.63 9.79 1.15
Cash inflow due to profit on redemption of shares 0 0 0
 Cash inflow/(outflow) due to loans to subs./group cos. -308.47 -202.89 -1030.27
Cash inflow/(outflow) due to loans to other cos. 0 0 0
Cash inflow due to interest received 14.3 27.11 152.88
Cash inflow due to dividend received 0 0 0
Cash inflow/ (outflow) due to other income 8.84 0 0
Cash inflow /(outflow) due to disbursements 0 0 0

Net cash inflow/ (outflow) from financing activities 528.43 23.94 2251.51
Cash inflow due to proceeds from share issues 0 0 0
Cash (outflow) due to redemption/buyback of capital 0 0 0
Cash inflow due to cash subsidy 0 0 0
Cash inflow due to proceeds from total borrowings 538.68 499 2619.04
Cash inflow due to proceeds from long term borrowings 460 499 2297.09
Cash inflow due to proceeds from short term borrowings 78.68 0 291.95
Cash (outflow) due to repayment of total borrowings 0 -426.99 -203.97
Cash (outflow) due to repayment of long term liabilities 0 -366 -203.97
Cash (outflow) due to repayment of short term liabilities 0 -60.99 0
Cash (outflow) due to issue expenses 0 0 0
Cash (outflow) due to interest paid -8.85 -46.67 -162.17
Cash (outflow) due to dividend paid -1.4 -1.4 -1.39
Cash inflow/(outflow) due to other cash receipts/payables from financing 0 0 0

Net cash inflow/(outflow) due to net increase/(decrease) in cash & cash 7.1 -5.32 40.93
Cash flow -- opening balance 3.33 10.43 5.11
Cash flow -- closing balance 10.43 5.11 46.04
 Mar 2007 Mar 2008 Mar 2009
12 mths 12 mths 12 mths

-2679.28 -1615.84 1337.73

620.33 3117.92 1808.77
9.44 25.68 114.08
302.99 425.6 809.86
0 0 0
-0.05 0.02 0.93
0 41.87 39.09
0.01 2.67 11.32
0.02 -0.56 0.01
0.22 0.3 0.59
-288.66 -420.84 -968.51
-0.28 -85.33 -7.93
-8.52 -4.71 4.02
-0.77 -0.17 -5.34

634.73 3102.45 1806.89

-728.86 -2080.79 1142.72
-286.86 -267.01 -644.5
-1988.49 -1644.16 -637.66
0 0 0
0 0 0
0 0 0

-2369.48 -889.51 1667.45

-309.58 -610.44 -301.58
-0.22 -115.89 -28.14

-2679.28 -1615.84 1337.73

0 0 0
0 0 0

-629.16 -6487.87 -1151.18

-424.33 -2258.06 -186.89
1.74 0.7 7.46
0 0 0
0 0 0
-224.24 -1111.58 -8711.11
783.76 147.01 7760.5
0 0 0
-1053.88 -3770.47 -978.32
0 0 0
287.79 419.2 949.25
0 85.33 7.93
0 0 0
0 0 0

3286.55 9061.8 -409.4

0 9184.92 0.95
0 0 -142.36
0 0 0
4907.37 5441.2 5956.62
4534.1 1953 5956.62
372.8 3488.2 0
-1151.67 -3824.05 -4728.96
-1151.67 -3824.05 -4139.7
0 0 -589.26
0 -274.37 0
-467.51 -783.97 -1154.68
-1.64 -681.93 -340.97
0 0 0

-21.89 958.09 -222.85

46.05 24.16 982.25
24.16 982.25 759.4
Income & expenditure
D L F Ltd. Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths
-
Total income 495.83 479.78 1146.14 1430.72 6062.06
Sales 472.92 442.04 983.94 1130.62 5530
Industrial sales 445.77 412.24 948.83 1092.33 5490.08
Income from non-financial services 27.15 29.8 35.11 38.29 39.92
Income from financial services 19.81 33.76 159.43 294.74 517.86
Interest 10.18 23.95 154.54 288.67 426.72
Dividends 0 0 0 0.28 85.33
Treasury operations 0.01 0 0 0.05 0.56
Other income 2.45 3.25 1.3 4.1 13.78
Prior period income & extraordinary income 0.65 0.73 1.47 1.26 0.42
Change in stock -6.93 0 -2.58 -8.72 -6.06

Total expenses 453.42 412.09 915.04 1015.09 3481.41

Raw material expenses 0 0 0 0 0
Packaging expenses 0 0 0 0 0
Purchase of finished goods 0 0 0 0 0
Power, fuel & water charges 0.89 1.03 0.23 0.69 1.35
Compensation to employees 21.41 33.34 16.76 44.83 144.47
Indirect taxes 5.13 4.75 1.39 4.57 5.03
Royalties, technical know-how fees, etc. 0 0 0 0 0
Lease rent & other rent 0.76 0.63 0.22 0.77 2.43
Repairs & maintenance 3.8 3.05 2.87 5 10.55
Insurance premium paid 0.11 0.23 0.16 1.12 1.69
Outsourced mfg. jobs (incl. job works, etc.) 0 0 0 0 0
Outsourced professional jobs 3.64 7.26 7.59 52.65 63.44
Directors' fees 0 0 0 0.19 1.61
Selling & distribution expenses 20.5 24.95 28.04 64.87 47.43
Travel expenses 3.95 4.76 2.97 14.53 22.05
Communication expenses 1 1.41 0.57 1.35 3.3
Printing & stationery expenses 0.9 1.57 1.29 2.7 2.67
Miscellaneous expenses 1.33 2.37 4.4 3.48 13.15

Other operational exp. of indl. enterprises 365.12 259.29 577.63 85.13 1830.46
Other oper. exp. of non-fin. service enterprises 0 0 0 0 0
Share of loss in subsidiaries/JVs,etc. 0.03 0 0 0.06 3.37
Lease equalisation adjustment 0 0 0 0 0
Loss on securitisation of assets/loans 0 0 0 0 0
Fee based financial service expenses 0.5 3.12 10.16 53.26 22.04
Treasury operations expenses 0.01 0 0.03 0.02 0.02
Total provisions 0 1.69 0.14 0.01 0.27
Write-offs 0.45 0.48 0.88 0.88 0.84
 Less: Expenses capitalised 0.61 0 0 43.4 44.06
Less: DRE & expenses charged to others 0 0 0 0 0

Prior period & extraordinary expenses 0.24 0.51 0.23 0.25 0.36
Interest paid 8.91 29.95 135.99 499.01 780.5
Financial charges on instruments 0 0 0 0 0
Expenses incurred on raising deposits/debts 0 0 0 0 0
Depreciation 2.76 2.52 3.02 8.56 24.92
Amortisation 0 0 0 0 0
Provision for direct taxes 12.59 29.18 120.47 214.56 543.52
PAT 35.48 67.69 228.52 406.91 2574.59

PBDITA 59.74 129.34 488 1129.04 3923.53

PBDTA 50.83 99.39 352.01 630.03 3143.03
PBT 48.07 96.87 348.99 621.47 3118.11
 Mar 2009
12 mths

3880.36
2826.61
2759.95
66.66
999.55
986.8
7.93
0
18.59
35.61
-2.78

2300
0
0
0
0.98
107.58
5.66
0
2.18
13.07
2.38
0
60.31
1.7
68.28
38.96
3.3
2.58
13.02

374.75
0
10.13
0
0
67.13
0.94
3.28
3.91
 106.39
0

3.14
1250.71
0
0
111.39
0
261.01
1577.58

3200.69
1949.98
1838.59
Profits
D L F Ltd. Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths
-
PBDITA 59.74 129.34 488 1129.04 3923.53
Depreciation 2.76 2.52 3.02 8.56 24.92
Amortisation 0 0 0 0 0

PBIT 56.98 126.82 484.98 1120.48 3898.61

Interest paid 8.91 29.95 135.99 499.01 780.5
Financial charges on instruments 0 0 0 0 0
Fee based financial services expenses 0 0 0 0 0

PBT 48.07 96.87 348.99 621.47 3118.11

Provision for direct tax 12.59 29.18 120.47 214.56 543.52
Corporate tax 12 29.41 120 195 530
Deferred tax 0.59 0 0.04 14.85 8.7
Less: Deferred tax assets / credit 0 0.23 0 0 0
Other direct tax 0 0 0.43 4.71 4.82
Fringe benefits tax 0 0 0.43 4.71 4.82

PAT 35.48 67.69 228.52 406.91 2574.59

Prior period & extra-ordinary income 0.65 0.73 1.47 1.26 0.42
Prior period & extra-ordinary expenses 0.24 0.51 0.23 0.25 0.36
Net prior period & extraordinary transactions -0.41 -0.22 -1.24 -1.01 -0.06

PBDITA net of P&E 59.33 129.12 486.76 1128.03 3923.47

PBIT net of P&E 56.57 126.6 483.74 1119.47 3898.55
PBT net of P&E 47.66 96.65 347.75 620.46 3118.05
PAT net of P&E 35.07 67.47 227.28 405.9 2574.53

Distribution of profits (%)

PBDITA 100 100 100 100 100
Depreciation & Amortisation 4.62002 1.948353 0.618852 0.758166 0.635142
Financial charges 14.91463 23.15602 27.8668 44.19773 19.8928
Tax 21.07466 22.56069 24.68648 19.00376 13.85283
PAT 59.39069 52.33493 46.82787 36.04035 65.61923

Non--provisions 0 0 0 0 0
Diminution in investement 0 0 0 0 0
Sundry debtors 0 0 0 0 0
Loans & advances including NPAs 0 0 0 0 0
Loans & advances to group cos. 0 0 0 0 0
Interest expenses 0 0 0 0 0
Power expenses 0 0 0 0 0
Gratuity 0 0 0 0 0
Others 0 0 0 0 0
 Mar 2009
12 mths

3200.69
111.39
0

3089.3
1250.71
0
0

1838.59
261.01
226
29.38
0
5.63
5.63

1577.58

35.61
3.14
-32.47

3168.22
3056.83
1806.12
1545.11

100
3.480187
39.07626
8.154804
49.28875

0
0
0
0
0
0
0
0
0
determination of cash inflow
2004 2005 2006 2007 2008 2009
sales 472.92 442.04 983.94 1130.62 5530 2826.61

incremental sales -30.88 541.9 146.68 4399.38 -2703.39

total expenses 453.42 412.09 915.04 1015.09 3481.41 2300
less cost of operation -41.33 502.95 100.05 2466.32 -1181.41

taxable income 10.45 38.95 46.63 1933.06 -1521.98

less tax@32% 3.344 12.464 14.9216 618.5792 -487.0336

earning after tax 7.106 26.486 31.7084 1314.481 -1034.946

add dep 2.76 2.52 3.02 8.56 24.92 111.39
incremental dep -0.24 0.5 5.54 16.36 86.47

cfat 6.866 26.986 37.2484 1330.841 -948.4764

average cfat 90.69296 111.6497 139.8709 191.1822 -948.4764

calculation of arr % 11.12388 109.0755 16.48139 4.233329 -253.7526

NOTE IN WORD
determination of cash outflow
2004 2005 2006 2007
cash from investment of fixed assets 42.93 407.65 51.18 424.33

average investment 21.465 203.825 25.59 212.165

 2008 2009
2258.06 186.89

1129.03 93.445
PAYBACK PERIOD

2004 2005 2006 2007 2008 2009

cash from investment of fixed assets 42.93 407.65 51.18 424.33 2258.06 186.89

average investment 21.465 203.825 25.59 212.165 1129.03 93.445

average cfat 90.69296 111.6497 139.8709 191.1822 -948.4764

2005 2006
407.65 cfat cumulative 51.18 caft cumulative

111.6497 111.6497 139.8709 139.87093333

139.8709 251.520633 191.1822 331.05313333
191.1822 442.702833 -948.4764 -617.4232667
-948.4764 -505.773567
35.05283
payback period 2.200173
 2007 2008
424.33 cfat cumulative 2258.06 cfat cumulative

191.1822 191.1822 -948.4764 -948.4764

-948.4764 -757.2942

88.69093
7.609095 NOTE IN WORD NOTE IN WORD
 Annual Annual Annual
Rs. Crore Rs. Crore Rs. Crore
Net income Authorised equity capital Issued equity capital
Year D L F Ltd. D L F Ltd. D L F Ltd.
Mar-04 487.6 4.5 3.62
Mar-05 471.05 4.5 3.62
Mar-06 1141.98 39.5 37.88
Mar-07 1420.79 499.5 305.88
Mar-08 6042.83 499.5 340.97
Mar-09 3820.5 499.5 339.44
Annual Annual
Rs. Crore Rs. Crore
Issued preference capital Paid up preference capital (net of forfeited preference capital)
D L F Ltd. D L F Ltd.
0 0
0 0
0 0
0 0
0 0
0 0
Annual
Rs. Crore
Secured borrowings
D L F Ltd.
557.92
630.15
3010.93
6242.67
4945.79
7979.97
 BSE BSE BSE BSE
Annual
No. Rs. Rs. Rs. Rs. Crore
Beta EPS Cash EPS Face Value Net income
Year D L F Ltd. D L F Ltd. D L F Ltd. D L F Ltd. D L F Ltd.
Mar-04 487.6
Mar-05 471.05
Mar-06 1141.98
Mar-07 1420.79
Mar-08 1.58 15.1 15.25 2 6042.83
Mar-09 1.58 9.13 9.8 2 3820.5
Annual
Rs. Crore
Secured borrowings
D L F Ltd.
557.92
630.15
3010.93
6242.67
4945.79
7979.97
Dividends announced
BSE BSE BSE BSE BSE
Company Name Rs. per share Yield Dividend REx-date Div-date
Rs. % % yyyymmdd yyyymmdd

D L F Ltd. 4 40 2-Sep-04
4 40 31-Mar-05
2 0 100 18-Sep-07 19-Jul-07
2 0.21 100 5-Nov-07 30-Oct-07
2 0.72 100 19-Sep-08 4-Jun-08