Assignment

Financial statement analysis- DLF Ltd.

SUBMITTED BY
SHUBHAM SINGH
Sec ‘B’ MBA-18

SUBMITTED TO
Dr. Dharini Raje Sisodia
 Introduction
Founded in 1946 by Chaudhary Raghavendra Singh, DLF started with the creation
of 22 urban colonies in Delhi. In 1985, the company expanded into the then-
unknown region of Gurugram, creating exceptional living and working spaces for the
new Indian global professionals.

DLF builds residential, office, and retail properties. With the passage of
Delhi Development Act in 1957, the local government assumed control of
real estate development in Delhi and banned private real estate
developers.
BALANCE SHEET OF DLF
Ratio analysis
 Past performance of DLF
1963 Incorporation of American Universal Electric (India) Ltd

1979 DLF United Limited amalgamates with American Universal

Electric (India) Limited to form DLF Universal Electric Limited

1981 DLF Universal Electric Limited changes name to DLF Universal

Limited

1981 DLF Universal Limited obtains its first licence from the
State Government of Haryana and
commences development of the 'DLF City' in Gurgaon,
Haryana

1985 We initiated plotted developments, self first plot in

Gurgaon, Haryana. Consolidate the development of DLF City for
township development.

1991 Construction of our first office complex, 'DLF Centre', at

New Delhi

1993 Completion of our first condominium project, 'Silver Oaks',

at DLF City, Gurgaon, Haryana

1996 Construction of 'DLF Corporate Park', our first office

complex at DLF City, Gurgaon, Haryana.

1999 Development of the DLF golf course

2000 - The Scheme of Merger/Amalgamation of DLF Industries Limited

with M/s. DLF
Universal Ltd., which was approved by the Hon'ble High
Court of Delhi at New Delhi
and by the Hon'ble High Court of Punjab and Haryana at
Chandigarh came into effect
on 09.10.2000.

2002 We venture into retail development in Gurgaon, Haryana

2002 We offer integrated family entertainment centers with the

commencement of operation of 'DT Cinemas' at Gurgaon, Haryana

2003-04 Development of 'DLF Cybercity', an integrated IT park

measuring approximately 90 acres at Gurgaon, Haryana.

2005 * Acquisition of 16.62 acres (approx) of mill land in

Mumbai
* Received 'Corporate Buildings Award' instituted by
'Indian Architect and Builder', a publication of
Jasubhai Media Group, Mumbai
* Received 'Superbrand' award from Hon'ble Minister for
Civil Aviation, Mr. Praful Patel.

2006 Construction joint venture signed between DLF Universal

Limited and U.K. based Laing O'Rourke Plc to form DLF Laing O'Rourke
(India) Limited

2006 DLF Universal Limited changes name to DLF Limited

2006 Alliance agreement signed between DLF and Hilton

International Co. to incorporate a joint venture company in India to
develop, own and acquire 50 to 75 hotels and services apartments.

2006 DLF enters into a joint venture with WSP Group Plc. for the
purposes of providing engineering and design services, environmental
and infrastructural facilities and also project management
services.

2007 DLF enters into a joint venture with Prudential Insurance

to establish a joint venture company to undertake life insurance
business in India.

- DLF launches $2 bn issue.

-The US-based Hilton Hotels Corporation has declared that it will

develop 10 hotel projects in the country in alliance with DLF Ltd.

-Company has changed its name from DLF Universal Ltd. to DLF Ltd.

2008

-DLF inked a memorandum of understanding with the infrastructure

company Gayatri Projects Ltd (GPL) to develop roads, highways and
bridges across the country.

- DLF Ltd and the Tamil Nadu Industrial Development Corporation

(TIDCO) have forayed into an alliance agreement for a Rs 1,500-crore
Information technology Special Economic Zone (SEZ).

-Commences operations of India's first Luxury Mall - Emporio Clinches

the Title Sponsorship of IPL

2009

-DLF Ltd launched Capital Greens, the Largest private sector

residential project in Delhi.

-Foundation stone laid for DLF-IL&FS Metro In Gurgaon - India's first

public rail transport system to be built & run by a private Company

- DLF conferred Best Global Developer Award, 2009 by Euromoney

- DLF sells DT Cinemas, enters into a long-term strategic alliance

with PVR

2010

-DLF Ltd Launched plots in Gurgaon after a decade, creating a new

suburb-'New Gurgaon'

-DLF Ltd announced the launch of the first phase of its 200-acre
project in Panchkula with an investment of nearly Rs 2,200 crore.

-DLF launching ultra-rich homes in Shimla and Goa

-DLF, Country's largest realty firm, has sold 150 plots, garnering
over Rs 500 crore, in a township project at Gurgaon. DLF launched a
100-acre township 'Alameda' in Gurgaon.

2011

-DLF Ltd Delivered Delhi's first Automated Car Parking in Sarojini

-DLF Pramerica Life Insurance, the insurance arm of India's largest

realty developer, DLF announced that it hired over 3,000 additional
financial advisors in 2010-11 for boosting its sales and growth. The
insurance firm's workforce grew from 2,115 in 2009-10 to 5,119 in
2010-11.

-DLF Ltd has decided to sell off the property in Gurgaon as an effort
to minimise the debt of the company, which stood at Rs 21,524 crore as
on 30 June 2011.

-DLF's arm DLF Hotel Holdings Ltd acquires 26% stake from Aro
Participation Ltd and Splendid Property Company Ltd, affiliates of
Hilton International Company.

-India's largest real estate developer, DLF Ltd along with its JV
partner Hub town have sold 100 per cent of their respective share
holding in DLF Ackruti Info Parks to private equity fund, Blackstone
for Rs 810 crore.

2012
-DLF Ltd Marks footprint in Infrastructure. It has Launched an 8.3km
expressway project in Gurgaon and delivered Delhi's second Automated
Car Parking in Connaught Place, New Delhi.
-DLF sells hotel subsidiary as divested its entire shareholding in
A done Hotels and Hospitality Limited for Rs 567 crore.
-DLF LTD seeks association in the latest upcoming trends in sports
and games, the country's largest realty firm DLF has exited the five
year long alliance as IPL sponsor.
-DLF LTD along with its three wholly-owned subsidiaries - i) DLF
Cyber City Developers Ltd., ii) DLF Universal Ltd. and iii) Jawala
Real Estate Pvt. Ltd. (Jawala), have entered into an agreement with
Lodha Developers Limited (Lodha) for divesting the entire stake of
the Company, DLF Cyber City Developers Ltd. and DLF Universal Ltd. in
Jawala for an enterprise value estimated to be Rs. 2700 crores.
-DLF LTD promoter Pia Singh offloads 1.04-cr shares in DLF to other
promoters.
-DLF inks definitive agreement to sell Aman resorts for $300 MN.

2013
-DLF enters into a contract with BLP Vayu to transfer 150 MW wind
turbine
-DLF Ltd has inked a definitive Business Transfer Agreement with
Goyal MG Gases Private Limited
-DLF Ltd, has completed the sale of its 74 per cent stake in the
insurance joint venture with Prudential Financial, Inc. of USA to
Dewan Housing Finance Corporation Limited (DHFL) & its group
entities

2014
-DLF Ltd has informed that a judgement was passed by the Hon'ble
Punjab and Haryana High Court in a writ petition filed before it
challenging the acquisition by Haryana Government with respect to 350
acres of land in Wazirabad Village, Gurgaon

2015
-DLF Ltd - DLF Home Developers Ltd. (DHDL), a wholly-owned subsidiary
of DLF Ltd , and GIC, Singapore's sovereign wealth fund, have entered
into a joint venture to invest in two upcoming projects located in
Central Delhi.
-DLF gets Rs 1992 cr from GIC from stake sale in 2 projects
-DLF Ltd is pleased to announce that its Mall complexes in Delhi &
Gurgaon are the first in the country to receive the prestigious Five
Star rating from British Safety Council

2016
-DLF gains as Sebi gives FPIs green signal to invest in REITs
-DLF receives Residential Property of the Year award
-DLF receives Best Luxury Residential Development

2017
-DLF Limited and GIC enter into DLF Cybercity Developers Limited
(DCCDL) Joint Venture.
-DLF gets green nod for Rs 240 cr commercial project in Goa.
-DLF becomes LEED certified provider of green commercial space.
 Current position of DLF
Expert and IIFL Securities Director Sanjiv Bhasin remains bullish on domestic stock markets
despite the existing volatility. He was of the view that the uncertainty will vanish, and the
movement will be decisive after February 15. Compulsive sell-off situation is now being
witnessed and even the stocks which are fundamentally strong are being sold now, the IIFL
Director said.

Bhasin said this while speaking with Zee Business Managing Editor Anil Singhvi in a popular
TV show ‘Bhasin Ke Hasin Share'. He also picked two stocks for investors for high returns.

Talking about the updates of the market Bhasin said GMR will hit Rs 50 so the investors must
stay invested in it.

The second pick, he suggested, was Info Edge. This stock, which was at Rs 4820 at the time
he suggested, hit levels of Rs 4925. The stock has come down due to volatility in the market
and it is time to re-enter this stock, he further said.

Buy: Rs 4780
Target: Rs 5000
Stop Loss: Rs 4700
For today, Bhasin recommended two buys that will outperform.

Godrej Properties Limited

Bhasin recommended Godrej Properties stock. He reminded that Godrej Properties said they will
do sales of 10,000 crores in the coming year. and it is a very bold statement, Bhasin added.
Buy: Rs 1545
Target Price: Rs 2500
This share will outperform within 6 months.

DLF (Delhi Land & Finance)

Bhasin recommended DLF stocks and said unquestionably it is the second-largest player. He
continued, properties prices are going to see another spurt as the prices of metals and commodities
go up.
Buy: Rs 383 - Rs 384
Target Price: Rs 395/400
Stop Loss: Rs 375
 DU POINT ANALYSIS

The DuPont analysis (also known as the DuPont identity or DuPont model) is a
framework for analyzing fundamental performance popularized by the DuPont
Corporation. DuPont analysis is a useful technique used to decompose the
different drivers of return on equity (ROE). The decomposition of ROE allows
investors to focus on the key metrics of financial performance individually to
identify strengths and weaknesses. Formula and Calculation of DuPont Analysis
The DuPont analysis is an expanded return on equity formula, calculated by
multiplying the net profit margin by the asset turnover by the equity multiplier.

DuPont Analysis=Net Profit Margin × AT × EM where: Net Profit Margin= Net

Income/Revenue AT=Asset turnover
Asset Turnover= sales/Average Total Assets EM=Equity multiplier
Equity Multiplier= Average Total Assets/Average Shareholders’ Equity