DLF

Consolidated Balance Sheet

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital
Preference Share Capital
Total Share Capital
Revaluation Reserves
Reserves and Surplus
Total Reserves and Surplus
Total Shareholders Funds
Equity Share Application Money
Minority Interest
NON-CURRENT LIABILITIES
Long Term Borrowings
Deferred Tax Liabilities [Net]
Other Long Term Liabilities

Long Term Provisions

Total Non-Current Liabilities

CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
Other Current Liabilities

Short Term Provisions

Total Current Liabilities

Total Capital And Liabilities
ASSETS
NON-CURRENT ASSETS
Tangible Assets
Intangible Assets

------------------- in Rs. Cr. -----------Mar 16

15-Mar
12 mths

12 mths

356.74
1,597.08
1,953.83
0
27,003.28
27,003.28
28,957.10
0
111.76

356.39
1,799.20
2,155.58
0
27,012.51
27,012.51
29,168.10
0
174.72

21,856.97
124.62

17,629.58
0

2,567.96

2,502.04

61.81

62.22

24,611.36

20,193.84

2,680.38
1,562.36
9,133.83

3,071.77
1,850.69
11,054.27

505.58

748.95

13,882.15
67,562.38

16,725.67
66,262.33

20,494.34

18,212.12

195.23

200.82

Capital Work-In-Progress

3,636.51

5,597.64

230.98

170.66

24,557.07

24,181.24

1,062.73

1,205.82

Non-Current Investments

874.74

520.45

Deferred Tax Assets [Net]

2,123.96

1,510.82

Long Term Loans And Advances

4,921.04

4,590.40

200.8
33,740.33

172
32,180.73

95.7

102.96

17,506.89
1,656.13
3,371.43

17,743.07
1,586.40
2,747.65

2,204.10

2,014.44

OtherCurrentAssets
Total Current Assets
Total Assets
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities
BONUS DETAILS
Bonus Equity Share Capital
NON-CURRENT INVESTMENTS

8,987.80
33,822.05
67,562.38

9,887.08
34,081.60
66,262.33

12,162.09

12,212.15

267.72

267.72

Non-Current Investments Quoted Market Value

5.41

4.54

Non-Current Investments Unquoted Book Value

851.12

497.54

Current Investments Quoted Market Value

7.22

7.36

Current Investments Unquoted Book Value

88.48

95.6

Intangible Assets Under Development

Fixed Assets
Goodwill on Consolidation

Other Non-Current Assets

Total Non-Current Assets
CURRENT ASSETS
Current Investments
Inventories
Trade Receivables
Cash And Cash Equivalents

Short Term Loans And Advances

CURRENT INVESTMENTS

--- in Rs. Cr. ------------------14-Mar

13-Mar
12 mths

12 mths

12-Mar
12 mths

356.29
339.74
339.68
1,799.20 1,799.20 1,799.20
2,155.49 2,138.94 2,138.88
0
120.67
73.93
27,038.58 25,268.07 25,023.11
###
###
###
###
###
###
0.02
0
0
202.29
402.02
420.66
13,579.29 15,541.53 16,824.16
0
0
0
2,221.48

2,242.40

2,321.78

48.36

63.17

48.52

###

###

###

3,004.03 3,535.72
2,280.98 2,698.14
13,438.40 11,946.55

3,398.74
2,580.70
9,804.30

533.43

669.55

754.65

###
###

###
###

###
###

17,433.85 18,070.91 18,619.13

203.98

215.62

94.91

5,867.32

7,735.96

8,873.63

111.37

98.36

119.18

###

###

###

1,196.80

1,562.06

1,624.77

375.39

1,011.05

973.28

1,017.76

656.32

334.93

3,821.84

3,658.36

3,146.25

51.09
###

86.09
###

144.11
###

515.84

322.66

153.49

18,488.62 17,645.53 16,175.57

1,561.23 1,653.25 1,765.91
2,442.03 1,844.14 1,506.23

1,982.90

1,672.02

2,027.87

9,432.34
###
###

8,394.44
###
###

7,830.17
###
###

12,379.20 10,326.26 11,432.17

267.72

267.72

267.72

4.99

211.79

245.51

352.7

771.82

602.27

419.59

196.31

19.19

96.24

126.35

134.3

Operating/Non-Operating

Non Operating
Non Operating
Non Operating
Non Operating

Non Operating
Non Operating
Non Operating
Operating
Operating :- Includes Trade Payables, Advances from members, Security deposits
Form a part of its operations and hence considered to be operating
Operating :- Provisions for employee benefits.
Employees form an integral part of operating activities and any activity corresponding to their
benefit would be considered operating.
Non-Operating :- Provision for dividends, Provision for dividend distribution tax and Provision for
taxation

Non Operating
Operating
Non Operating :- Involves Uncashed dividends, Registration charges, Statutory dues and others
Operating :- Provisions for employee benefits.
Employees form an integral part of operating activities and any activity corresponding to their
benefit would be considered operating.
Non-Operating :- Provision for dividends, Provision for dividend distribution tax and Provision for
taxation

Operating :- Involves Land, Buildings, PPE, Furnitures and fixtures, Office Equipments, Vehicles etc
which are all essential for the operations of the company.
Operating :- Involves softwares, and rights to build which again aid operations and is essential.

Non Operating :- Not contributing towards the operations of the company as they are stil in
progress

Operating :- The rights would be used for the operating activities and is being obtained as a part of
the operations requirement.

Non-Operating :- Acquired by the process of merging with other companies, has nothing to do with
the day to day activities. Is more of a one time process.
Non Operating :- Involves investments in preference instruments, government securities, mutual
funds etc. These are all financial investments.
Operating :- Involves tax incurred for various operating activities, hence considered as operating.
Operating :- Employee Advances which are associated with employees, who are a part and parcel
of the operating cycle are considered to be operating
Non Operating :- Involves capital advances, Secured and Unsecured advances which contribute
towards financing activities of the company
Operating :- Involves long term trade receivables, unbilled receivables,

Non-Operating :- Involves investments in mutual funds and other equity instruments which is
purely financial in nature.
Operating
Operating
Non-Operating
Operating :- Employee Advances which are associated with employees, who are a part and parcel
of the operating cycle are considered to be operating
Non Operating :- Involves capital advances, Secured and Unsecured advances which contribute
towards financing activities of the company

DLF
Consolidated Profit & Loss account
INCOME
Revenue From Operations

------------------- in Rs. Cr. ----------------16-Mar

15-Mar
9,247.19

7,615.26

559.29

519.44

9,819.15

8,168.16

4,050.28

3,284.53

315.02

348.82

2,615.43

2,303.86

777.79

544.79

1,028.14

991.64

8,786.67

7,473.65

1,032.49

694.52

Exceptional Items

-78.59

-67.87

Profit/Loss Before Tax

953.9

626.65

903.36
-484.01
419.34

649.64
-492.07
157.57

534.56

469.08

-21.36

41.29

-0.5
512.69
512.69

0
510.36
510.36

71.41

33.3

-34.72

-3.43

549.39

540.23

Other Income
Total Revenue
EXPENSES
Operating And Direct Expenses
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses - Tangible,
Current, Intangible, Investment, Goodwill.
Other Expenses
Total Expenses
Profit/Loss Before Exceptional, ExtraOrdinary
Items And Tax

Tax Expenses-Continued Operations

Current Tax
Deferred Tax
Total Tax Expenses
Profit/Loss After Tax And Before ExtraOrdinary
Items
Prior Period Items
Extraordinary Items
Profit/Loss From Continuing Operations
Profit/Loss For The Period
Minority Interest
Share Of Profit/Loss Of Associates
Consolidated Profit/Loss After MI And
Associates

Rs. Cr. ------------------14-Mar

8,280.42
1,491.55
9,789.59
3,880.35
575.94
2,463.25

662.93

1,356.51
8,938.99
850.61
-329.86
520.74
366.21
-449.84
-83.63
604.38
-21.79
0
582.59
582.59
56.54
7.08
646.21

Operating/Non-Operating

Operating - Revenue from construction, hotels, power generation, insurance etc.

Non-Operating - Revenue from bank deposits, dividends, loans and sale of fixed
assets.

Operating - Cost involved in running the different business verticals

(construction, insurance, hotels, power generation etc).
Operating - Direct Employee Expense
Operating & Non Operating - Some of the financing costs relate to capital work
in progress which would be non-operating. We dont have the split.
Operating - Depreciation and Amortization is on all assets either fully owned or
leased by the company for operating purposes.
Operating & Non Operating - Most of the epenses are directly related to the
operations of the business. Some items such as loss on sale of assets,
investments are non-operating.

Operating - The company is incurring losses on some of the projects undertaken.

Since these projects are part of the operations of the firm, hence classified as
operating.

Operating - The prior period income is not clear. Expenses are all operating
expenses. Hence treated the same as operating.

Non-Operating - Income from investments in subsidaries where holding is less

than 50%.
Operating - Associate firms are involved in the operational business of DLF (i.e.
construction, hotels, power generation etc) and hence considered as operating.

Page No (2016)

184
184

185

185

116

207

207

210

Mar '16
Equity
Total Assets
Sales
EAT
Average equity
Average assets

Five stage D
ROE = EAT/Equity =
What is it called?
What does it show?

EAT/EBT
X
Tax burden
Effect of tax on profit
2016

Sales
EAT
Average equity
Average assets
EBIT
EBT
Tax burden
Interest burden
Operating income margin
Asset turnover
Equity multiplier
ROE

9,247

549

#DIV/0!
#DIV/0!
0.00
#DIV/0!
#DIV/0!
#DIV/0!

Mar '15

Mar '14

Five stage DuPont

EBT/EBIT X
Interest burden
Effect of interest on profit

EBIT/Sales X
Operating income margin
Operating margin sales is
giving

2015

2014

7,615

8,280

540

646

#DIV/0!
#DIV/0!
0.00
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
0.00
#DIV/0!
#DIV/0!
#DIV/0!

Sales/Total Assets X
Asset turnover
Efficiency

Total Assets/Equity
Equity multiplier
Leverage

INPUT DATA

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Output

Mar '16
Networth
NCL
Current Liabilities
Provisions
Total of Sources
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Other Current Assets
Total CA, Loans & Advances
Total of assets
Net sales
Asset turnover [Sales/Average assets]
Excluding Capital WIP
Fixed asset turnover [Sales/Average FAs]
Current asset Turnover [Sales/Avearge CA]
Inventory turnover [Sales/ Average inventory]
Receivables turnover ratio [Sales/ Average receivables]
DSO or Debtors' age or Average Collectio Period (ACP)
Inventory holding period

12 mths
28,957
24,550
13,377
567
67,451
24,557
3,637
970
17,507
1,656
3,371
22,534
2,204
8,988
33,726
62,890
9,247
0.15
0.16
0.38
0.41
0.52
5.70
63.99
696

Mar '15

Mar '14

12 mths
29,168
20,132
15,977
811
66,088
24,557
5,598
623
17,743
1,586
2,748
22,077
2,014
9,887
33,979
64,757
7,615
0.12
0.13
0.31
0.34
0.42
4.84
75.43
868

12 mths
29,194
15,801
18,723
582
64,300
24,557
5,867
891
18,489
1,561
2,442
22,492
1,983
9,432
33,907
65,223
8,280
0.24
0.27
0.63
0.71
0.87
9.75
37.44
420

Mar '16

Mar '15

0.85
1.33
2.33
0.39

0.69
1.27
2.27
0.30

2.42
1.16
0.24

2.02
0.97
0.16

36.459

36.081

Mar '14
SOLVENCY RATIOS
0.54
1.20
2.20
0.35
LIQUIDITY RATIOS
1.76
0.80
0.13
Cash holding as a % of sales
29.492

SOLVENCY RATIOS
Long term debt/equity
Total debt/equity
Total assets/Equity (called equity multiplier)
Interest coverage ratio
LIQUIDITY RATIOS
Current asset/Current liability
Quick assets/Current liability
Cash/Current liability
Cash coverage=cash/average daily cash expense
Cash holding as a % of sales

and CL includess provisions (if payable in cash)

yable in cash)

3. Study fixed asset growth, sales growth, inventory growth, trade receivables growth an

Fixed Asset
Sales
Inventory
Trade Receivables
Trade Payables

2016
2015
24,557.07 24,181.24
9,259.86 7,648.73
17,506.89 17,743.07
1,656.13 1,586.40
1,562.36 1,850.69

DLF
2014
2013
2012
23,616.52 26,120.85 27,706.86
8,298.04 7,772.84 9,629.38
18,488.62 17,645.53 16,175.57
1,561.23 1,653.25 1,765.91
2,280.98 2,698.14 2,580.70

60,000.00
50,000.00
40,000.00
30,000.00
20,000.00
10,000.00
0.00

2016

DLF
DLF
DLF
DLF
DLF
GMR
GMR
GMR
GMR
GMR

2015

2014
DLF

2013

2012

2016

Fixed Asset

Sales

Trade Receivables

Trade Payables

Fixed Asset
Sales
Inventory
Trade Rece
Trade Paya
Fixed Asset
Sales
Inventory
Trade Rece
Trade Paya

2016
0.02
0.21
-0.01
0.04
-0.16
0.01
0.23
0.54
0.52
-0.04

2015

Inventory

2015
0.02
-0.08
-0.04
0.02
-0.19
0.04
-0.17
-0.15
0.02
0.16

Fixed Assets - Growth Rate

0.06
0.04
0.02
0.00
2016
-0.02
-0.04
-0.06
-0.08

2015

2014

2014
GMR

2013

0.04
0.02
0.00
2016
-0.02

2015

2014

2013

-0.04
-0.06
-0.08
-0.10
-0.12
DLF

GMR

Inventory - Growth Rate

0.60
0.50
0.40
0.30
0.20
0.10
0.00
2016
-0.10

2015

2014

2013

-0.20
DLF

GMR

Trade Payab
0.20
0.15
0.10
0.05
0.00
2016
-0.05
-0.10
-0.15
-0.20
-0.25

2015

e receivables growth and trade payables growth rate for the last 5 years and plot on graph paper to show the

2016
2015
51,809.17 51,430.19
799.1
649.74
469.3
304.85
2,468.32 1,624.27
1,946.83 2,035.08

2016

2015

2014
GMR

2013

GMR
2014
49,373.10
786.29
358.92
1,600.14
1,759.31

2013
0.00
0
0
0.00
0.00

2012
0.00
0
0
0.00
0.00

2012

Inventory

ayables

2014
-0.10
0.07
0.05
-0.06
-0.15
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

2013
-0.06
-0.19
0.09
-0.06
0.05
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Sales - Growth Rate

0.30
0.20

2013

0.10
0.00
2016
-0.10

2015

2014

0.20
0.10

2013

0.00
2016

2015

2014

-0.10
-0.20
-0.30
DLF

GMR

Trade Receivables - Growth Rate

0.60
0.50
0.40
0.30
0.20
0.10
2013

0.00
2016
-0.10

2015

2014
DLF

Trade Payables - Growth Rate

2015

2014

DLF

GMR

2013

GMR

h paper to show the trend.

2013

2013

ate

2013

Mar '16
Networth
NCL
Current Liabilities
Provisions
Total of Sources
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Other Current Assets
Total CA, Loans & Advances
Total of assets
Net sales
Asset turnover [Sales/Average assets]
Excluding Capital WIP
Fixed asset turnover [Sales/Average FAs]
Current asset Turnover [Sales/Avearge CA]
Inventory turnover [Sales/ Average inventory]
Receivables turnover ratio [Sales/ Average receivables]
DSO or Debtors' age or Average Collectio Period (ACP)
Inventory holding period

Mar '15

5,944.58 7,894.23
37413.35 38,690.38
19,769.12 16,174.98
2290.57 2,123.46
65,417.62 64,883.05

9460.85

8,700.11

67171.79 66,742.94

Mar '14
8,776.69
33,599.28
18,185.84
2,477.16
63,038.97

9,204.19

65,141.85

Mar '16

Mar '15 Mar '14

SOLVENCY RATIOS
6.29
4.90
3.83
#REF! Long term debt/equity
10.00
7.22
6.18
#REF! Total debt/equity
11.00
8.22
7.18
#REF! Total assets/Equity (called equity multiplier)
0.70 #VALUE!
#DIV/0! Interest coverage ratio
LIQUIDITY RATIOS
#REF!
#REF!
#REF!
#REF! Current asset/Current liability
#REF!
#REF!
#REF!
#REF! Quick assets/Current liability
#REF!
#REF!
#REF!
#REF! Cash/Current liability
#REF! Cash coverage=cash/average daily cash exp
Cash holding as a % of sales
#REF!
#REF!
#REF!
#REF!

lled equity multiplier)

verage daily cash expense

Sources of Funds /
Liabilities

Particulars

(Rs. Cr)

FY 2012

FY 2013

FY 2014

FY 2015

FY 2016

Share Capital
389.24
Preference shares issued 1,980.13
by subsidiary

389.24
1,971.10

1,525.91
1,155.60

1,572.80
984.25

603.59
984.25

Money received against

warrants
Share application money
pending allotment

141.75

889.66

Reserves & Surplus

7,148.54

6,888.94

6,095.18

4,305.77

4356.74

Net worth (shareholders 9,517.91

funds)

9,249.28

8,776.69

7,894.23

5,944.58

Minority Interest
Long term borrowings

1,791.72
25,366.70

1,720.00
31,633.16

2,008.64
33,599.28

1,765.50
38,690.38

1644.03
37413.35

Current liabilities
16,826.94
Other long term
2,675.60
liabilities and provisions

18,083.52
3,007.07

18,185.84
2,477.16

16,174.98
2,123.46

19769.12
2290.57

Trade payables
Deferred Tax Liabilities

11.67
37.66

68.57
55.39

20.97
73.27

21.03
73.36

29.14
81

Total Liabilities

56,228.20

63,816.99

65,141.85

66,742.94

67,171.79

Application of
Funds / Assets

Particulars

FY 2012

FY 2013

FY 2014

Fixed Assets
Noncurrent
Investments

42,023.67
149.36

46,513.54
104.16

49,373.10
104.22

Current assets

8,999.54

7,323.63

9,204.19

Long term advances

and other noncurrent
assets

4,786.09

9,644.14

6,244.01

Deferred Tax Assets

135.89

58.11

44.57

Trade receivables

133.65

173.41

171.76

Total assets

56,228.20

63,816.99

65,141.85

(Rs. Cr)

FY 2015

FY 2016

51,430.19
210.86

51809.17
132.94

8,700.11

9460.85

6,285.58

5654.73

19.04

70.93

97.16

43.17

66,742.94

67171.79