DLF Limited

Q4 FY08 Analyst Presentation

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Q4 FY08 Analyst Presentation

• The Previous Quarter figures have been regrouped / rearranged wherever necessary to

make them comparable. All figures for the current quarter are unaudited

SAFE HARBOUR

This presentation contains certain forward looking statements concerning DLF’s futurebusiness prospects and business profitability, which are subject to a number of risks anduncertainties and the actual results could materially differ from those in such forward lookingstatements. The risks and uncertainties relating to these statements include, but not limited to,risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth,competition , economic growth in India, ability to attract and retain highly skilledprofessionals, time and cost over runs on contracts, government policies and actions withrespect to investments, fiscal deficits, regulation etc., interest and other fiscal cost generallyprevailing in the economy. The company does not undertake to make any announcement in

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prevailing in the economy. The company does not undertake to make any announcement incase any of these forward looking statements become materially incorrect in future or updateany forward looking statements made from time to time on behalf of the company.

Year Gone By…

• One of the largest IPOs; raised USD 2.2 bn from capital markets

• Acquired large projects including Bidadi Knowledge City (Bangalore), SBM

(Delhi), Tidel (Chennai), Raidurg and Kokapet (Hyderabad)

• Acquired Aman Resorts

• Successful launch of Premium Homes in Kolkata, Chennai, Gurgaon and Kochi

• Ramp up of project execution to over 60msf from 44 msf. Aggressive re-

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• Ramp up of project execution to over 60msf from 44 msf. Aggressive re-

engineering for containing cost inflation

• JV with Prudential Financial Inc to set up AMC business

• PE investment worth Rs 1.7 billion in eight residential projects

• Received long term rating of AA from rating agencies; Raised debt of Rs 30

billion in challenging market conditions

Strengths / Differentiators

• Multiple businesses spread across 32 cities addressing customer demand acrosssegments,

- Offices comprising Corporate offices / built-to-suit, IT Parks and IT SEZ

- Retail comprising luxury malls, super malls and city malls. This also comprises theretail and office towers catering to small office and small retail.

- Homes ranging from Luxury homes, Lifestyle homes, Premium homes, MegaTownship to Plotted development.

• Strong execution team and in-house skill sets.

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• Strong execution team and in-house skill sets.

• Ability to raise capital (debt and equity) through innovative structures in difficult globalmarket conditions

• Deepened management strengths across businesses, geographies and functions –key to success as it is only the teams which convert raw land into cash

• Demonstrated a robust, low-risk business model with a mix of rental and sale earningswith high growth

• Given the synergies within the businesses and the focused business model of eachsegment / sub-segment, the value of the sum of parts is therefore more than the valueof the individual parts

Unaudited Results at a Glance – Q4 FY08

Sl.No. Consolidated Financials Rs mn

Percentage

of Total

Revenue

Rs mn

Percentage

of Total

Revenue

Rs mn

Percentage

of Total

Revenue

Rs mn

Percentage

of Total

Revenue

A)

1 Sales and Other Receipts 43,060 35980 32,500 30,740

2 Other Income 660 530 99 47

Total Income(A1+A2) 43,720 100% 36510 100% 33,490 100% 31,210 100%

B) Total Expenditure(B1+B2+B3) 15,230 35 10970 30 9,860 29 8,700 28

1 Construction Cost 12,000 27 9510 26 8,320 25 7,470 24

2 Staff cost 1,410 3 610 2 610 2 530 2

3 Other Expenditure 1,820 4 850 2 930 3 700 2

C) Gross Profit Margin(%) 73% 74% 75% 76%

Q1 FY08Q4 FY08 Q2 FY08Q3 FY08

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D) EBITDA (D/A1) 28,490 65 25540 70 23,630 71 22,510 72

E) EBIDTA ( Margin) 65% 71% 71% 73%

F) Financial charges 1,080 2 790 2 40 0 1,080 3

G) Depreciation 360 1 150 0 110 0 160 1

H) Profit/loss before taxes 27,050 62 24600 67 23,480 70 21,270 68

I) Taxes

Current Taxes 5,060 12 3100 8 3,160 9 6,020 19

Deferred Tax (80) 110 140 10

J) Net Profit after Taxes before Minority Interest 22,070 50 21390 59 20,180 60 15,240 49

K) Minority Interest (300) 0 10 (80)

L) Profit/(losss) of Associates - 60 (10) -

M) Net Profit 21,770 50 21,450 59 20,180 60 15,160 49

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Construction Cost Includes Cost of Land, Plots and Constructed Properties and Cost of Revenue

Gross Profit Margin = (Total Income - Construction Cost) / Total Income

Note :

Profit & Loss A/c: - 12 months ending FY 08 vs FY07

Rs mn

Particulars Year ended 31.3.2008 Year ended 31.3.2007

Sales and other receipts 142,287 26,344

Other Income 2,652 14,190

Total Revenue (1+2) 144,938 40,533

Total Expenditure 44,768 11,477

a) Cost of land, plots and constructed properties 35,167 6,404

b) Cost of Revenue - other 2,147 884

c) Staff Cost 3,153 1,051

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c) Staff Cost 3,153 1,051

d) Other Expenditure 4,302 3,148

- -

Finance Charges 2,980 3,070

Depreciation 785 578

Profit before Tax (1+2-3-4-5) 96,395 25,402

Provision for Taxation (including FBT) 17,350 6,026

Provision for Deferred Taxation 184 5

- -

Profit before Minority Interest (6-7-8) 78,871 19,360

Minority Interest - Share of loss/(profit) (357) (11)

Profit/ (Loss) of Associates 54 (13)

Net Profit 78,558 19,337

Consolidated Balance Sheet – Q4 FY08

Rs mn

31-Mar-08 31-Mar-07

Shareholders' funds

17,369 12,557

Reserves and surplus 188,412 22,992

205,781 35,549

Minority Interests 3,923 92

Loan funds

Secured loans 78,111 92,053

Unsecured loans 44,498 7,274

122,609 99,327

371 197

332,684 135,165

Fixed assets

Deferred tax liabilities (net)

APPLICATION OF FUNDS

SOURCES OF FUNDS

Capital

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Fixed assets

Gross block 52,860 18,044

Less: Depreciation 3,377 2,412

Net block 49,483 15,632

Capital work in progress 50,575 26,219

Investments 8,761 2,107

20,781 8,935

94,803 56,800

Sundry debtors 79,075 15,057

Cash and bank balances 19,371 4,155

Other current assets 247 74

Loans and advances 77,325 52,258

270,821 128,344

Liabilities 42,013 33,124

Provisions 25,724 12,948

67,737 46,072

Net current assets 203,084 82,272

332,684 135,165

Less :

Current liabilities and provisions

Current assets, loans and

advances

Stocks

Goodwill on consolidation

Cash Flows – Q4 FY08

Rs mn

Year ended Year ended

31-Mar-08 31-Mar-07

A. Cash flow from operating activities:

Net profit before tax 96,383 25,402

Adjustments for:

Depreciation 785 578

Loss/(profit) on sale of fixed assets, net 7 (5,344)

Provision for doubtful debts 171 142

Loss/(profit) on sale of current Investments (155) (7,709)

Amortisation cost of Employee Stock Option 418 -

Interest/gurantee expense 2,980 3,076

Interest/dividend income (2,110) (942)

Operating profit before working capital changes 98,479 15,203

Adjustments for:

Trade and other receivables(incl Land payments of Rs. 56855 mln for FY 08) (69,869) (43,885)

Inventories (38,012) (48,004)

Trade and other payables 9,145 18,398

Particulars

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Trade and other payables 9,145 18,398

Taxes paid (20,010) (6,033)

Net cash (used in) / from operating activities (20,267) (64,321)

B. Cash flow from investing activities:

Sale/Purchases of fixed assets(net) (58,977) (12,274)

Interest/Dividend received 1,937 893

Sale/Purchases of Investment(net) (9,454) 12,432

Net cash used in investing activities (66,494) 1,051

C. Cash flow from financing activities:

Proceeds/(repayment) from long term borrowings (net) 25,575 48,431

Proceeds from issuance of prefernce shares - 9,498

Proceeds of short term borrowings (net) (2,558) 9,580

Interest paid (2,900) (2,902)

Share premium 90,495 -

Dividend Paid (7,986) (18)

Increase in share capital 351 5

Net cash used in financing activities 102,977 64,594

Net increase / (decrease) in cash and cash equivalents 16,216 1,324

Opening cash and cash equivalents 2,429 1,105

Closing cash and cash equivalents 18,645 2,429

Net Increase / (decrease) 16,216 1,324

Difference

Profile and Usage of Debt

Rs mn

Total Debt 122,600

Less : Cash in Hand 19,370

Net Debt 103,230

Less : Debt in Non- Core Business

~ Acquisition of Aman / Investements in Hotels 28,000

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Substantial balance sheet strength given the significant embedded value in

unencumbered assets in offices, retail and plots to cover all obligation

~ Investment in Power/ Utility Businesses 15,000 43,000

Balance Debt in Core (Real estate) Business 60,230

Less : Self Funding Debts :

~ Receivables from Merrill Lynch 5,400

~ Receivables from DAL 19,360

~ Self Liquidating Loans 6,890 31,650

Balance Debt in Core (Real estate) Business 28,580

Homes

Particulars

Super

Luxury Luxury

Mid

Income Total

Super

Luxury Luxury

Mid

Income Total

Super

Luxury Luxury

Mid

Income Total

Super

Luxury Luxury

Mid

Income Total

Sales Booked (msf)

Opening Balance 0.39 5.32 1.13 6.84 0.39 5.04 0.00 5.43 0.39 4.93 0.00 5.32 0.00 4.83 0.00 4.83

Booked during Qtr 0.00 0.23 7.72 7.95 0.00 0.28 1.13 1.41 0.00 0.11 0.00 0.11 0.39 0.10 0.00 0.49

Handed Over 0.00 0.22 0.00 0.22

Closing Balance 0.39 5.33 8.85 14.57 0.39 5.32 1.13 6.84 0.39 5.04 0.00 5.43 0.39 4.93 0.00 5.32

Q 1 FY 08

Total mn sqft

Q 3 FY 08

Total mn sqft

Q 2 FY 08

Total mn sqft

Q 4 FY 08

Total mn sqft

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Under Construction

Opening Balance 0.00 6.90 0.55 7.45 0.00 8.51 0.00 8.51 0.00 8.51 0.00 8.51 0.00 8.51 0.00 8.51

New Launched 0.00 0.00 4.87 4.87 0.00 0.00 0.55 0.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Handed Over 0.00 0.22 0.00 0.22 0.00 1.61 0.00 1.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Closing Balance 0.00 6.68 5.42 12.10 0.00 6.90 0.55 7.45 0.00 8.51 0.00 8.51 0.00 8.51 0.00 8.51

Wt. Avg. Rate ( Sale Price ) Apt. 0 10384 3036 3281 0 8975 3556 4628 0 8683 0 8683 14548 7636 0 13179

Plots 0 0 798 798 0 0 0 0 0 0 0 0 0 0 0 0

Wt. Avg. Rate ( Sale Price ) Apt. 0 1744 1956 1887 0 1701 2064 1666 0 1671 0 1671 2936 1918 0 2171

Plots 0 0 393 393 0 0 0 0 0 0 0 0 0 0 0 0

Margin ( Per sqft ) 0 8641 919 1240 0 7274 1492 2962 0 7012 0 7012 11612 5718 0 11008

Homes

S.NO. City At Launch Current

( in mn sqft) No. (Rs Per Sq Ft) (Rs Per Sq Ft)

A APPARTMENTS

1 KOLKATA 0.33 156 3,137 3,718

2 KOCHI 0.08 27 4,052 4,168

3 CHENNAI 3.63 2304 3,180 3,475

4 GURGAON 4.74 2363 2,934 2,951

Snap Shot Q4 08 Gross Sales Price Realised

Bookings *

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8.78 4850

B PLOTS

1 INDORE 1.14 463 736 870

* Bookings from Jan 1, 2008 till Apr 29, 2008

NOTE Price includes BSP, PLC, Floor Rise Charges, Parking etc.

Restrictive Clauses included in mid-income homes to discourage speculation :

- One flat per family

- Minimum 1 Year lock-in / Non-transferability

Homes

• Homes Sales – success in different price brackets / product mixes across locations

• Luxury Segment: DLF Riverside, Kochi, Phase V

• Mid-Income Segment -- Indore, Chennai, Kolkata and New Gurgaon

• DLF Garden City (OMR ) Chennai- launched in Q4 FY08

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• Momentum to continue in the coming quarters, demonstrating strong demand for

mid-income housing

Homes: Forthcoming Launches

Chandigarh

13

Goa

KakanadChennai

Bangalore

Indore

Progress - Large Township

• Manesar: Signed the agreement with Haryana Government for Manesar SEZ

• Ambala: Signed the agreement with Haryana Government for Ambala SEZ

• Land acquisition process for both these SEZs is in progress to create integratedenclaves to cater to different needs of residential, recreational and industrial.Notification awaited, which would speed up acquisition of land

• New Goa: Land acquisition started

• Invested Rs 336 crore for lands at Bidadi and Dankuni

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• Invested Rs 336 crore for lands at Bidadi and Dankuni

Retail– Malls and Commercial Complexes

ParticularsSuper

Metros Metros Others Total

Super

Metros Metros Others Total

Super

Metros Metros Others Total

Super

Metros Metros Others Total

Sales / Leased Booked

Opening Balance 4.64 0.20 0.29 5.12 4.52 0.20 0.26 4.98 3.44 0.20 0.27 3.90 2.80 0.15 0.27 3.21

Sales booked during Qtr 1.01 0.32 0.44 1.77 0.05 0.00 0.03 0.15 1.10 0.00 (0.00) 1.10 0.10 0.00 0.00 0.10

Lease booked during Qtr 0.10 0.00 0.00 0.10 0.07 0.00 0.00 0.00 (0.03) 0.00 (0.01) (0.03) 0.55 0.05 0.00 0.60

Handing Over 0.57 0.00 0.00 0.57

Closing Balance 5.18 0.52 0.73 6.42 4.64 0.20 0.29 5.12 4.52 0.20 0.26 4.98 3.44 0.20 0.27 3.90

Q4 FY 08

Total mn sqft

Q1 FY 08Q2 FY 08Q3 FY 08

Total mn sqftTotal mn sqftTotal mn sqft

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Under Construction

Opening Balance 8.93 2.50 0.19 11.62 10.52 2.72 0.19 13.43 11.12 1.67 0.19 12.98 10.02 1.53 0.19 11.74

New Launch / Adjustments (0.49) 0.00 0.75 0.26 (0.80) (0.22) 0.00 (1.02) (0.60) 1.06 0.00 0.46 1.10 0.14 0.00 1.24

Handing Over 0.57 0.00 0.00 0.57 0.79 0.00 0.00 0.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Closing Balance 7.87 2.50 0.94 11.31 8.93 2.50 0.19 11.62 10.52 2.73 0.19 13.44 11.12 1.67 0.19 12.98

For Sale Buisness

Wt. Avg. Rate (Sale Price in Rs.sqft ) 16435 7656 11298 13570 19453 0 5424 14828 15237 0 0 15237 23292 0 0 23292

Wt. Avg. Project Cost+Ovh ( Rs.sqft ) 4931 2379 5125 3521 5150 0 3194 4505 5375 0 0 5375 5463 0 0 5463

Margin 11504 5278 6173 10049 14303 0 2230 10323 9862 0 0 9862 17828 0 0 17828

For Lease Business

Wt. Avg. Rate (Lease Price in Rs.sqft ) 220 0 0 220 326 0 115 321 319 0 100 313 132 54 0 115

Wt. Avg. Project Cost ( Rs.sqft ) 8642 0 0 8642 9239 0 2680 9091 7579 0 2665 7437 4003 5144 0 4250

Strong momentum in both Retail - lease and sale business

Commercial Complexes: New Launches during Q4 FY 08

Projects Unit Booked Total Area Area Booked

Launch

Price

Current Sale

Price

Mn Sqft. Mn Sqft. Rs. Per sq.ft Rs. Per sq.ft

Delhi 707 1.01 1.01 16,387 All Sold

New Launches during Q408

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Delhi 707 1.01 1.01 16,387 All Sold

Hyderabad 221 0.31 0.31 12,311 All Sold

Ludhiana 100 0.39 0.13 8,974 12000

Kolkatta 216 0.41 0.32 7,600 9500

Total 1244 2.12 1.77

Forthcoming Launches:

Commercial Complexes & Retail Malls

Lucknow

Amritsar

DelhiNoidaGurgaon

17

Hyderabad

Commercial

Retail Malls

Mumbai

Retail Projects –

handover

completed in Q4

Complexes

FY08

Offices

ParticularsSuper

Metros Metros Others Total

Super

Metros Metros Others Total

Super

Metros Metros Others Total

Super

Metros Metros Others Total

Sales / Leased Booked

Opening Balance 8.60 1.82 2.99 13.41 8.45 1.11 1.91 11.48 8.34 1.02 1.90 11.27 5.13 1.71 1.47 8.31

Add : Lease Booked during Qtr 0.90 0.50 0.08 1.47 0.35 0.00 0.59 0.93 0.75 0.12 0.86 1.09 0.13 0.20 1.41

Add : Sales Booked during Qtr 1.53 0.81 (0.48) 1.87 1.15 0.70 0.49 2.35 0.64 0.09 0.86 1.59 2.13 0.52 0.24 2.89

Less : Handed Over 0.71 0.00 0.00 0.71 1.35 0.00 0.00 1.35 1.28 0.00 0.97 2.24 1.34 1.34

Closing Balance 10.32 3.13 2.59 16.03 8.60 1.82 2.99 13.41 8.45 1.11 1.91 11.48 8.34 1.02 1.90 11.27

Under Construction

Q4 FY 08

Total mn sqft Total mn sqft Total mn sqft Total mn sqft

Q1 FY 08 Q2 FY 08 Q3 FY 08

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Leasing volume and rates continue to show robust growth

Under Construction

Opening Balance 19.77 9.10 10.97 39.83 14.49 9.10 10.84 34.42 11.75 9.10 8.69 29.54 10.87 9.44 5.45 25.76

New Launched / Additions (1.13) (0.61) 0.81 (0.93) 6.63 0.00 0.13 6.76 4.02 - 3.11 7.13 0.88 1.00 3.24 5.12

Handed Over 0.71 0.00 0.00 0.71 1.35 0.00 0.00 1.35 1.28 - 0.97 2.24 0.00 1.34 0.00 1.34

Closing Balance 17.93 8.49 11.78 38.20 19.77 9.10 10.97 39.83 14.49 9.10 10.84 34.42 11.75 9.10 8.69 29.54

For Sale Business

Wt. Avg. Rate (Sale in Rs.sqft ) 11642 6430 9830 11392 6289 6174 8769 9364 5547 5146 6865 6375 5860 4540 6131

Wt. Avg. Project Cost ( Rs.sqft ) 1790 1586 1719 1814 1499 1668 1689 2117 1274 1451 1708 1966 1294 1344 1793

Margin 9852 4844 8111 9578 4790 4506 7080 7247 4273 3695 5157 4409 4566 3196 4338

For Lease Business

Wt. Avg. Rate (Lease in Rs.sqft ) 76 37 35 61 65 30 43 61 31 57 56 41 22 49

Wt. Avg. Project Cost ( Rs.sqft ) 2066 1972 1391 2000 2222 1391 1702 1897 1391 1832 309 1796 1391 1922

Offices Handed Over In Q4 FY08

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BUILDING NO. 10-TOWER B,

Cyber City, Gurgaon

Started Construction

IT SEZ, NAGPUR

Office - SEZs –- IT/ITES

Delhi

Gurgaon

Sonepat

Noida

20

Chennai

Notified

Final Approval/Applied For

Hyderabad

Nagpur

Pune

Bhubneswar

Gandhinagar Kolkata

Notified 7

Pending Final Approval 4

Applied For 4

IT/ITES SEZs

Strong Execution Capability

44

5962

Mar, 2007 Dec, 2007 Mar, 2008

Projects Under Construction(msf)

DelhiGurgaon

Sonepat

Uttar

Punjab

Construction in progress in 14 cities

21

Mar, 2007 Dec, 2007 Mar, 2008

BU-wise Area Under Construction

(msf)

1238

11

Offices Homes

Retail Malls &

Commercial

ComplexesKochi

Hyderabad

NagpurMumbai

Gandhinagar Kolkata

Pune

Pradesh

Bangalore

Chennai

Hotels

• 25 projects comprising 4,255 keys under construction in FY09

• 313 keys opening in FY09

- Saket, Delhi: Hilton Garden Inn

- Aman Lodhi, New Delhi

• Opening of Gurgaon Phase III and V clubs (rooms only)

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• Opening of Gurgaon Phase III and V clubs (rooms only)

• Project execution commenced for International Convention Centre,

Dwarka (Delhi)

Human Resource

QUALIFICATION BREAK-UP FOR JOININGS IN Q4

2 5%

3 %

Employee count as on March 31, 2008: 3700

23

72 %

Total Professional Non-Technical Total Professional Technical Total Non- Professional

No. %

122 72.2

42 24.9

5 3.0

169 100.0GRAND TOTAL

CLASSIFICATION

Total Professional Non-Technical

Total Professional Technical

Total Non- Professional

Our Land Resource

,

Mn Sqft

Total Super Metros Metros Tier-I Tier-II

Segment

Office 164 64 70 26 5

Retail 92 33 36 14 9

Super Luxury 4 4 0 0 0

Luxury 41 33 6 1 0

Land Resource as on 31-March-2008

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Luxury 41 33 6 1 0

Mid income /Villas /Plots 432 113 231 73 16

Hotel/ Convention Center/ Service Appts 18 4 2 10 2

Grand Total 751 251 345 123 32

% 33% 46% 16% 4%

Ownership Status Mn SqFt. %

Owned Land 691 92%

JDA / JV 60 8%

Super Metros -- Delhi Metropolitan Region & MumbaiMetros -- Chennai, Banglore, Kolkata.Tier I -- Chandigarh, Pune, Goa, Cochin, Nagpur, Hyderabad, Coimbatore & BhubneshwarTier-II -- Vadodra, Ghandhi Nagar, Ludhiana, Amritsar, Jalandhar, Sonipat, Panipat, Lucknow, Indore & Shimla.

Comparison of Land Resource Q3 vs Q4

,

Particulars Grand Total Super Metros Metros Tier-I Tier-II

Land Reserves as per Q3 FY08 748 265 346 106 31

Area in mn sqft

25

New Acquisitions/ Business Propositions/

Product Mix Change 3 (14) (0) 17 1

Land Reserves as per Q4 FY08 751 251 345 123 32

Land Balance Payable as on FY08

,

751mn sqft

Large Township Other Land Hotel Land Grand Total

Gross Area (Mln.Sq.ft.) 272 461 18 751

Less :

Area under Construction 62

Net Land Area (Mln.Sq.ft.) 272 400 18 690

Land Area / Cost Chart

26

COST (Rs mn)

Total Land cost 37,860 179,330 19,160 236,350

Less : Amount Paid 3,360 142,550 18,590 164,500

Less : Receivable from Merill 5,400 5,400

Balance 34,500 31,380 580 66,450

Break-up : Balance

To Government * 34,500 22,430 140 57,070

To Private Land Owners 8,950 440 9,390

* Balance to Govt. ~ is subject to meeting delivery conditions.

Land Balance Payable as on FY08

,

Total Super Metros Metros Tier-I Tier-II

Total Land Cost 236360 102320 75190 48360 10490

Less:Amount paid 164500 101030 25180 31110 7180

Balance due 71860 1290 50010 17250 3310

Less :from Merill 5400 0 5400 0 0

Net payable 66460 1290 44610 17250 3310

Rs mn

27

Break up of Net Payable

a.Payable to Govt in next few years 57070 720 42310 12140 1900

(% on total Cost) 24% 1% 56% 25% 18%

b.Payable to Other Land owners 9390 570 2300 5110 1410

(% on total Cost) 4% 1% 3% 11% 13%

Super Metros -- Delhi Metropolitan Region & Mumbai

Metros -- Chennai, Banglore, Kolkata.

Tier I -- Chandigarh, Pune, Goa, Cochin, Nagpur, Hyderabad, Coimbatore & Bhubneshwar

Tier-II -- Vadodra, Ghandhi Nagar, Ludhiana, Amritsar, Jalandhar, Sonipat, Panipat, Lucknow, Indore & Shimla.

DAL vs Non DAL Q4 FY08

Jan-08 to Mar-08

DAL Non-DAL Total

Particulars Rs mn

Sales 18,450 25,270 43,720

Less: Cost 5,460 11,220 16,680

PBT 12,990 14,050 27,040

Percentage of Total PBT 48% 52% 100%

28

Core real estate business continue to show growing contribution in terms of sales,

lease, execution ramp up and margin contribution. Trend likely to continue in future...

Apr-07 to Mar-08

DAL Non-DAL Total

Particulars Rs mn

Sales 53,450 91,490 144,940

Less: Cost 15,160 33,370 48,530

PBT 38,290 58,120 96,410

Percentage of Total PBT 40% 60% 100%