21 February 2013
The InSites
Poised for 3x growth in operating income by FY16
Visited key NCR sites; growth drivers intact
DLF showcased its major NCR properties along with development scope in a two-day
Site Visit cum Analyst Meet. The top management / business heads, including
Managing Director, Mr Rajiv Singh, shared their vision and business plans. Our key
takeaways:
The management's focus is back on core operations post divestment success. It
continues to prefer land value maximization over volume acceleration.
The company targets steady-state normalized EBITDA of INR82.5b, FCFE of INR35+,
and net debt of INR100-110b by FY16.
Following our site visits, we have greater clarity on the potential of DLF's NCR projects; its monetization plans are largely
on track. We expect DLF to witness encouraging boost in core operating cash flow (positive FCFE by FY15E), coupled with
meaningful deleveraging.
Stock Info
BSE Sensex
19,325
S&P CNX
5,852
DLF
Takeaways from site visits
Continues to prefer land value maximization over volume acceleration
Bloomberg
DLFU IN
Equity Shares (m)
1,714.4
M.Cap.(INR b)/(USD b) 467/8.6
52-Week Range (INR) 282/170
1,6,12 Rel. Perf. (%)
11/19/0
Post the completion of the divestment cycle, which has bolstered de-leveraging
visibility, the management's focus is back on consolidating the core business,
with a 4-pronged strategy: (1) conservative business approach (to combat sectoral
uncertainties), (2) selective market mix and phased churning of profitable assets
(land value maximization preferred over volume game), (3) value creation through
infrastructure development, and (4) bringing down overall leverage to Rent Co
cover-up level (keeping the Dev Co debt-free). The business will remain asset
heavy, diluting RoE (targets 15%+ v/s the current 3-4%), albeit lower RoE would
overlooks inherent value accretion.
Selective, high value asset churn to drive 3x growth in normalized EBITDA
The management expects 3x growth in normalized EBITDA to INR82.5b by FY16
(v/s sub-INR30b currently), driven by (a) INR55b from Dev Co (high value launches,
with annual sales of 8msf), and (b) INR27.5b from Rent Co (60% growth in rentals
over FY13-16), translating into FCFE of INR35b+. This coupled with divestments
and two rounds of equity issuance over the next three years is likely to bring
down net debt to INR100b-110b.
Visited key NCR sites - better clarity on NCR potential, monetization plans
largely on track; FCFE to turn positive by FY15
We visited DLF's key sites - Cyber City, Phase-V, New Gurgaon (Gurgaon), Capital
Greens, existing Malls (Delhi) and Mall of Noida (Noida), which gave us better
clarity on its development potential of ~120msf in NCR. While ongoing projects
are broadly on track, the strong infrastructure initiatives bolster confidence in
the potential value accretion in Cyber City. High value launches, though deferred
to FY14, will aid significant scale-up in pre-sales run rate from FY14 onwards. On
the back of high value launches, steady growth in rental business and de-
leveraging, we expect DLF to witness encouraging boost in core operating cash
flow and generate positive FCFE by FY15.
1
Sandipan Pal
(Sandipan.Pal@MotilalOswal.com); +91 22 3982 5436
Investors are advised to refer through disclosures made at the end of the Research Report.

The InSites
Strategy in place to make a comeback
Land value maximization preferred over volume acceleration
In a candid interaction, the management shared that DLF's inherent risk aversion was
temporarily overshadowed by enthusiasm and aggressive strategy post IPO. This impacted
the company severely, especially with the unfavorable macro scenario putting pressure on
key operating aspects like liquidity, execution, project approvals, etc. The management takes
this as a huge learning. It now intends to take a cautious / conservative approach, as macro
support comes with a lot of uncertainty.
Continues to prefer land value maximization over volume acceleration
DLF's long-term strategy is falling in place, with consolidation in the recent past,
which has laid a strong foundation for healthy growth over the next 4-5 years.
Post the completion of the divestment cycle, which has bolstered de-leveraging
visibility, the management's focus is back on consolidating the core business,
with a 4-pronged strategy:
1. Conservative business approach (to combat sectoral uncertainties) - however,
it intends to keep aggregating land of INR5-6b/annum in preferred locations
like New Gurgaon, Chandigarh, etc
2. Selective market mix (Gurgaon, Chandigarh, Chennai and Bangalore) and
phased churning of profitable assets (land value maximization preferred over
volume game)
3. Value creation through infrastructure development
4. Bringing down overall leverage to Rent Co cover-up level (keeping the Dev Co
debt-free)
It looks forward to replicate the growth story of Gurgaon in some other potential
markets like New Gurgaon, Mullanpur, etc. and
The above approach also gets reflected in various strategic measures such as
Outsourcing of construction to address growing scale of operations, labor sourcing
challenges, etc and transmitting the bandwidth towards projects with higher
profitability. Reducing the leveraging to a level where Rent Co can cover the whole
debt (equivalent to LRD practice), thus entirely releasing the Dev Co from debt
burden
Steady-state normalized EBITDA to scale up 3x by FY16
On the back of prevailing slippages in operating targets, Mr Singh indicated that
the above strategy will take 2-3 years to bear fruits and result in steady-state
annual cash EBITDA of INR82.5b by FY16 (2-3x existing P&L EBITDA run-rate of
INR39b/26b for FY12/13E).
The business will remain asset heavy, diluting RoE (targets 15%+ v/s the current 3-
4%), albeit lower RoE would overlooks inherent value accretion.
The management articulated its game plan to attain operating scale by FY16 across
business segments (see exhibits below).
21 February 2013
2

The InSites
Balance sheet strength to resurrect
DLF plans to regain its balance sheet strength following the successful divestment,
capital raising and uptick in operating cash flow.
Net debt is likely to decline to INR100b-110b (v/s INR221b in 3QFY13), aided by
the following:
1. Large ticket divestment of ~INR50b (in FY13)
2. Two rounds of equity issuance including (a) IPP of INR20b+ by 1QFY14, and (b)
conversion of promoters' CCPS in DLF Cyber City and its merger with DLF by
FY15
3. FCFE of INR30b over the next three years
Rent Co: EBITDA of INR27.5b over 2-3 years
Existing annualized rental
EBITDA (ex Wind Mills)
Escalations on operational
assets over next 3 years
17.5
4.1
22msf of rent yielding commercial assets
and 1.5msf of retail assets
15% rent escalations over next 3 years along
with repricing of some older rentals from
INR35-40/sf/m level to current INR65-80/sf/m
Mall of India (INR1.5b) and Chanakyapuri
Cinema/Mall. Total balance capex of INR5b
Cyber City (1.5msf), Silokhera SEZ (2.5msf),
Chennai (0.8msf), Hyderabad (0.3-0.4msf) and
balance Pune/Kolkata
Add:
Add:
Add:
New development over FY13-16 3.0
Ready assets (5msf) which can 3.0
be leased with limited
incremental capex
27.5
Total
Dev Co: Steady-state cash EBITDA of INR55b
Phase V developments
25.0
Total potential left 30msf, which offers 1.5msf
of monetization over next 20 years; Expect gross
EBITDA of 17K/sf
Potential of 50msf; 2.5msf of sales annually
over next 20 years; Average gross margin of
INR5K/sf
Delhi Capital Green/SIEL (4msf), Tulsiwadi
(0.7msf), Chanakyapuri, Goa offers 0.5msf
premium projects annually with average margin
of INR15K/sf, but unlikely to come FY15 onwards
Bangalore, Chennai, Mullanpur, Lucknow,
Kolkata and Bhubaneswar offers 3.5msf annual
with gross margin of INR3K/sf
Add:
New Gurgoan developments
12.5
Add:
Super Metro and
Goa project
7.5
Add:
Other tier II projects
10.0
Total
55.0
Steady-state EBITDA of INR82.5b to translate into ex-dividend FCFE of INR30b
Total EBITDA (Rent Co + Dev Co)
Finance cost post FY16
Capex
Other expense/Tax
Dividend
FCFE (ex dividend)
82.5
10.0
15.0
20.0
7.5
30.0
Rent Co EBITDA of INR27.5b and Dev Co of INR55b
Target net debt of INR100-110b with INR55b capital
action (IPP)/divestments and INR30b of FCFE
Capex and land aggregation
21 February 2013
3

The InSites
Has guided strong scale-up in EBITDA over 2-3 years (INR b)
Source: Company, MOSL
21 February 2013
4

The InSites
Monetization plans largely on track
Better clarity on NCR potential post site visits
We visited DLF's key sites - Cyber City, Phase-V, New Gurgaon (Gurgaon), Capital Greens,
existing Malls (Delhi) and Mall of Noida (Noida), which gave us better clarity on its development
potential of ~120msf in NCR. While ongoing projects are broadly on track, the strong
infrastructure initiatives bolster confidence in the potential value accretion in Cyber City. High
value launches, though deferred to FY14, will aid significant scale-up in pre-sales run rate from
FY14 onwards.
[A] Rent Co to witness 1.6x scale-up in annualized EBITDA by FY16
DLF has 26.5msf of ready commercial assets Pan India. These include (1) 13.1msf in
Gurgaon across Cyber City and Silokhera, (2) 5.7msf in Chennai IT SEZ, (3) 2.9msf in
Hyderabad, (4) 2.3msf in Kolkata, and (5) 0.7msf in Chandigarh. DLF has leased out
area of 23.6msf (1.5msf retail and 22.1msf commercial), yielding annualized rental
EBITDA of INR17.5 (ex Wind Mills). The management has guided 1.6x scale up in
annualized rentals to INR27.5b on the back of (1) impending re-pricing in operational
assets (especially in cyber city) (2) rental growth backed by infrastructure
development, (3) better tenant mix, (4) new completions (~2mf annually), and (5)
commencement of Mall of Noida by FY14-end. We estimate for rental income of
INR18/21/25b in FY13/14/15E.
Completed commercial assets of ~27msf; ~5msf yet to
yield rentals (msf)
We expect 18% CAGR in Rent Co income over FY13-15
(INR b)
Source: Company, MOSL
Cyber City, Gurgaon: Infrastructure boost, re-pricing to aid rental growth
Accounts for 49% of DLF's completed commercial portfolio:
DLF Cyber City (116
acres) has development potential of 16msf, of which 13.1msf (10.8msf IT Park,
2.1msf IT SEZ, and 0.2msf Cyber Hub) is completed and yielding rental income of
~INR7b, with average rental of INR50-60/sf/m.
Continuous investment in infrastructure/ecosystem to enhance value proposition:
Cyber City is transforming into a self-sustaining business district, with (a) own
fire and safety system (Du Pont is hired for fees of USD2m), (b) 100MW captive
gas-based power plant and cooling system, (c) private metro connectivity across
periphery, with 6 stations connecting different parts of Cyber City, (d) upcoming
16-lane expressway connecting with Gurgaon Toll Plaza, and (e) larger car park
facilities, etc. This should significantly improve the value proposition of the
commercial hub and bolster rental value, meaningfully.
21 February 2013
5

The InSites
Road network and metro connectivity:
Work on road widening has commenced.
An 8.3km 16-lane expressway with six underpasses connecting Cyber City to Delhi-
Gurgaon Toll Plaza is being built in association with HUDA (IL&FS is the contractor)
and is likely to be operational by September 2014. Metro work is happening in
association with IL&FS and is likely to be completed by April 2013. DLF has given
land access for metro line facility development in lieu of its equity contribution
of 26%.
Rental values to see steady growth along with periodic re-pricing:
Added
infrastructure and connectivity are likely to raise rental values at Cyber City by
~10% from the current INR65-75/sf/m. Moreover, ~4msf of leased area (which
commenced in 2003-2006) is going to come for re-pricing over FY13-15 on
completion of 9-year agreements, which offers potential MTM upside of ~INR1.5b.
DLF also plans to increase rentals by shifting tenant mix from KPO offices in favor
of high-end corporate offices. IT Park vacancy level stood at ~9%, while IT SEZ
(Buildings 6, 14) has 20%+ vacancy.
Layout plan of Cyber City
Source: Company, MOSL
21 February 2013
6

The InSites
Mall of Noida: Likely to be operational by FY14-end; steady-state rentals of ~INR1.5b
The Mall of Noida is situated in a prime location (Sector 18) of Noida and has
leasable area of 1.8msf (built-up area of 2.7msf). The project stands on a 13.5-acre
land parcel, with total construction cost of INR11b (INR9.5b already spent). The
Mall is expected to enjoy a strong catchment due to the following: (a) located 25
minutes (10km) from South and South East Delhi, which houses several high-end
customer segments, (b) young crowds from several colleges/campuses nearby,
(c) Metro station at 12 minutes' walking distance.
The mall is 50% pre-leased (60% of anchor area leased), with 14 anchors, 7-screen
multiplex with 2,000 seats, 475 brands, and 0.4msf entertainment center to be
managed by DLF. It can accommodate 2,500 cars. Key anchors include Reliance
Hypermarket (60ksf), Marks and Spencer (50ksf), Forever 21, and Zara.
The mall is likely to commence operations in October 2013, though execution
progress suggests no meaningful rental contribution in FY14, as it is likely to be
ready for fit-outs by 4QFY14.
Almost 96% of its tenants would be following revenue sharing plus minimum
guarantee (INR95/sf/m) mechanism. It expects the mall to start with ~60%
occupancy and steady-state rentals of INR1.5b (plus INR0.25b of CAM charges).
Rental contracts are of 6-12 years, with 15% escalation every three years.
[B] Dev Co: Cash flow growth hinges on super luxury launches
DLF has adopted a back-to-core strategy in choosing its market mix, with proposed
launches targeted in favor of outperforming markets like NCR (Gurgaon, Chandigarh)
and southern cities (Bangalore, Chennai). Its product mix is skewed towards high
value launches in Gurgaon Phase-V, where it plans to launch 6.1msf of super-luxury
projects over the next three years, christened (1) Crest (Park Place II, 2.5msf,
@INR13,000/sf) and (2) Camellia (Magnolia II, 3.6msf, @INR20,000/sf+). While the
deferment of Phase-V launches to 1HFY14 was a disappointment (we downgraded
our FY13 pre-sales estimates to ~INR40b), we expect pre-sales of INR67/77b in FY14/
15. We believe that healthy improvement in pre-sales coupled with execution ramp-
up renders visibility to strong uptick in operating cash flow, hereon.
Sales mix to turn in favor of low volume and high value strategy
Source: Company, MOSL
21 February 2013
7

The InSites
Phase-V: Offers strong cash flow scale-up
DLF has total development potential of 30msf (20msf in Phase-V and 10msf of
HSIDC land at Wazirabad). Of this, it plans to launch 6.1msf over the next couple of
quarters.
The upcoming launches include (1) Crest (Park Place II, 2.5msf, @INR13,000/sf),
and (2) Camellia (Magnolia II, 3.6msf, @INR20,000/sf+), which would be executed
in phases. With apartment size of ~7ksf for Camellia and 3ksf for Crest, the projects
would be positioned as super-luxury high-ticket apartments (priced at INR4m-
15m).
It expects Phase-V launch, coming after a hiatus of ~5 years, to witness healthy
response, with ~1.5msf of annual sales over the medium term. In a steady-state
scenario, Phase-V developments have the potential to add annual normalized
EBITDA of INR20b-25b.
Post the change in accounting policy, DLF's projects would follow 25% threshold-
linked revenue recognition. However, Camellia is likely to maintain older
accounting norms, as it falls under one single license with earlier phase; therefore,
it could be a major revenue contributor in FY14.
Mall of Noida is expected to get operational by FY14-end
Ticket size at Magnolia (DLF Phase V) quoting ~INR150m
Belaire and Park Place are set for handover
Source: Company, MOSL
21 February 2013
8

The InSites
New Gurgaon: Positioned as next growth driver
DLF has ~2,000 acres of land parcels (~550 acres developable), including ongoing
acquisitions in New Gurgaon (Sector 71-73) and Garden City (Sector 81-95). This
offers development potential of 55msf+, of which it has already monetized ~14msf
(15msf launched). DLF sold ~4msf in New Gurgaon parcel in 2012 and expects to
maintain pre-sales run rate of 3-4msf per year.
Average realization has grown in the last 3-4 years from INR3,000/sf to INR7,000/
sf+ (recent launch, Sky Court selling at INR7,150/sf). After strong offtake of three
of its group housing projects (Regal, Primas and Sky Court), it plans to launch
Ultima (~2.2msf, @INR10,000/sf) by February-end.
On its un-monetized land inventory in New Gurgaon/Garden City, DLF has guided
balance development potential of (1) ~20msf for group housing, (2) ~21msf of
commercial projects (likely to witness delayed monetization), and (3) plot sales
of 0.7m square yards post launch of Alameda (selling at INR0.1m/sq yard). Alameda
has a 116-acre plot under license, while another 35 acres of adjacent parcel is
likely to be brought under the license.
Sky Court (1.25msf, 674 units) is sold 85% (@INR6,500/sf + 10% PLC), Regal Garden
(1msf, 562 units) is sold 89%, Primas (1.1msf, 624 units) is 80% sold (@INR6,000/
sf), while the commercial projects (Corporate Green @INR6,000/sf) are ~60% sold.
DLF plans to launch a mall christened Galleria at Sector 91 (Garden City).
Delivery of 6.6msf GHS at New Town Heights (Sector 86/90/91) and Alameda will
start in March 2013, as OC is pending.
The management considers New Gurgaon/Garden City as the key sales driver,
going forward, with similar growth curve in realizations as it has enjoyed in old
Gurgaon. In Dev Co, it targets to generate ~INR25.b of steady-state normalized
EBITDA (2.5msf annually, with gross margin of INR5,000/sf) from New Gurgaon
land parcels.
Alameda (Sector 73) is awaiting OC
Construction at full swing in Capital Green (Delhi)
Source: Company, MOSL
Capital Green: Execution progress strong; monetization hinges on SIEL land conversion
DLF's Capital Green project is located on 65 acres of land (including SIEL land) in
West Delhi. It is entitled for FSI of 3x for residential development and 2.25x for
commercial development, translating into 8-9msf of sales area (5.2msf across
three phases of Capital Green; 0.5msf of commercial; balance 3-4msf yet to be
monetized).
21 February 2013
9

The InSites
Future monetization plan on 3-4msf would be skewed towards residential
development along with potential retail/commercial development on a 7.5-acre
parcel. The timeline hinges on approval of conversion from industrial land to
residential. The FSI could see further upside till 4x, if the metro rail plan gets
approved (within 500m).
Construction is progressing in full swing, with the structure ready at Phase I and II,
while Phase III is at G+ level. All phases have been almost fully sold out, with the
last price being INR13,000/sf in Phase III. Total pre-sales value stood at ~INR50b
and DLF has recognized ~70% in revenue till date. Possession of the residential
portion is likely to be given in June-December 2014.
Monetization of high-value projects like Chanakyapuri (23 acres, Delhi), which is
awaiting height permission and Tulsiwadi (Mumbai), would be phased and is
unlikely to start before FY15.
21 February 2013
10

The InSites
FCFE to turn positive by FY15
P&L to overlook underlying business improvement in FY13/14
On the back of high value launches, steady growth in rental business and de-
leveraging, we expect DLF to witness encouraging boost in core operating cash
flow. Our cash flow analysis suggests that DLF's FCFE will reach near breakeven by
FY14, and will be positive in FY15.
The management has guided steady-state EBITDA of INR82.5b, translating into
FCFE of INR35b+, due to lower interest outgo (on reduced debt).
DLF's promoters have INR16b of CCPS in DLF Cyber City, which will eventually get
merged with DLF and the promoters will be issued DLF's shares. This will
necessitate another round of equity issuance (post upcoming IPP of ~INR20b) to
bring down promoters' stake to 75%.
Equity issuance, coupled with pending divestment proceeds and improvement in
operating cash flow are expected to trigger meaningful deleveraging over FY14-
15 to ~INR160b (0.53x). The management has guided net debt of INR100b-110b by
FY16.
However, due to change in accounting practice, the underlying business
improvement will not be evident in the P&L in FY13/14. It will only be reflected
from FY15 onwards (expect 50% earnings CAGR over FY13-15). The outlook remains
positive and there is upgrade potential. Maintain
Buy
with a target price of INR300.
FY12
49.6
13.0
36.6
18.0
3.2
14.9
17.6
11.5
2.3
4.1
24.2
4.5
10.0
8.5
30.1
-21.6
17.7
5.9
-10.0
FY13E
54.1
16.6
37.5
20.9
4.1
16.8
18.3
11.0
0.0
4.1
29.1
10.0
5.0
14.1
32.0
-17.9
54.4
5.9
30.6
FY14E
FY15E
57.8
65.0
18.3
17.8
39.5
47.2
23.9
27.8
4.6
4.9
19.4
22.8
19.0
20.2
7.0
7.0
0.0
0.0
5.1
5.9
37.9
48.8
10.0
10.0
5.0
5.0
22.9
33.8
25.5
22.9
-2.6
10.9
33.0
10.0
5.9
5.9
24.4
14.9
Source: Company, MOSL
Expect FCFE to break even in FY14, before turning positive from FY15
Particulars (INR b)
Dev Co Collections
Construction spend
Dev Co OCF
Rent Co annuity income
Operating cost
Rent Co OCF
Employee + Overheads
Tax payment
Less: Other business loss
Add. Other income
Total OCF
Less: Lease capex
Less: Land acquisitions
Core Business FCF
Less: Interest outgo
FCFE
Add: Asset sales/equity raising
Dividend
Net surplus/ change in net debt
21 February 2013
11

The InSites
We estimate net debt of INR160b by FY15, as it would place the company in self sustaining mode
Required debt reduction
1x
6x
Source: Company, MOSL
21 February 2013
12

The InSites
Financials and Valuation
Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Reported PAT
Extra-ordinary Income
Adjusted PAT
Change (%)
2010
74,209
-26.1
35,012
47.2
3,246
11,075
4,333
25,024
6,957
27.8
17,300
870
17,300
-61.3
2011
95,606
28.8
37,527
39.3
6,307
17,056
5,839
20,002
4,594
23.0
16,396
-72
16,396
-5.2
2012
96,294
0.7
39,043
40.5
6,888
22,465
5,945
15,635
3,694
23.6
12,008
0
12,008
-26.8
2013E
72,858
-24.3
26,289
36.1
7,868
22,565
13,696
9,552
1,863
19.5
8,304
0
8,304
-30.8
2014E
86,169
18.3
34,423
39.9
7,734
20,014
5,110
11,785
2,828
24.0
9,729
0
9,729
17.2
(INR Million)
2015E
106,222
23.3
44,397
41.8
8,164
18,319
5,921
23,835
6,197
26.0
18,607
0
18,607
91.3
Balance Sheet
Y/E March
Equity Capital
Preference Capital
Reserves
Pref Shares/ CCP's
Net Worth
Loans
Deffered Tax Liability
Minority Interest
Capital Employed
Goodwill
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Deffered tax Assets (net)
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans and Advances
Other Current Assets
Current Liab. & Prov.
Creditors
Provisions
Net Current Assets
Misc. Expenses
Application of Funds
E: MOSL Estimates
2010
3,394
13,960
241,734
45,239
304,327
216,766
2,515
6,278
529,886
12,680
178,845
13,265
165,580
111,288
55,052
273,058
124,806
16,190
9,282
75,933
46,847
87,771
46,370
41,402
185,286
0
529,886
2011
3,394
13,960
241,823
4,144
263,321
239,906
0
5,752
508,979
13,840
198,277
19,556
178,721
102,344
9,958
1,633
301,681
150,388
17,536
13,218
41,664
78,875
99,199
92,249
6,950
202,482
0
508,979
2012
3,394
13,850
250,970
4,144
272,359
250,660
0
4,207
527,225
16,248
212,949
25,809
187,140
89,928
11,268
3,349
325,962
161,756
19,100
15,063
51,741
78,302
106,671
98,639
8,032
219,291
0
527,225
2013E
3,394
13,850
255,303
4,144
276,691
219,450
0
4,207
500,348
16,248
180,449
33,677
146,773
91,528
11,268
3,349
343,951
169,669
16,368
15,192
57,887
84,835
112,768
111,782
986
231,183
0
500,348
(INR Million)
2014E
3,474
13,850
280,967
4,144
302,435
197,505
0
4,207
504,147
16,248
187,849
41,411
146,438
94,128
11,268
3,349
353,116
172,338
18,886
20,244
70,824
70,824
120,400
118,040
2,361
232,716
0
504,147
2015E
3,474
13,850
295,509
4,144
316,977
184,148
0
4,207
505,332
16,248
191,849
49,575
142,275
100,128
11,268
3,349
358,657
176,066
21,826
23,986
81,485
55,293
126,593
123,683
2,910
232,064
0
505,332
21 February 2013
13

The InSites
Financials and Valuation
Ratios
Y/E March
Basic (INR)
Adjusted EPS
Growth (%)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Leverage Ratio
Debt/Equity (x)
2010
10.2
-61.3
12.6
171.8
2.0
22.4
2011
9.7
-5.2
12.8
147.0
2.0
24.2
2012
7.1
-26.8
11.0
150.9
2.0
33.1
2013E
4.9
-30.8
9.2
153.5
2.0
47.8
2014E
5.6
14.5
9.6
164.7
2.0
41.8
2015E
10.7
91.3
14.9
165.1
2.0
21.8
38.5
24.8
17.6
7.2
1.8
0.7
55.7
29.7
25.0
9.0
1.8
0.7
48.6
28.4
18.3
7.3
1.7
0.7
25.4
18.3
14.1
5.9
1.6
0.7
6.3
7.7
5.8
7.1
4.5
7.4
3.0
6.3
3.4
6.3
6.0
8.4
0.7
0.9
0.9
0.8
0.7
0.6
Cash Flow Statement
Y/E March
PBT before EO Items
Add : Depreciation
Interest
Less : Direct Taxes Paid
Inc/Dec in WC
CF from Operations
CF from Investments
(Inc)/Dec in Networth
(Inc)/Dec in Debt
Less : Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2010
25,024
3,246
11,075
6,957
-50,020
82,391
-175,102
52,287
53,565
11,075
3,870
90,908
-2,674
11,956
9,282
2011
20,002
6,307
17,056
4,594
13,260
25,511
31,286
-55,945
23,139
17,056
3,971
-53,833
3,936
9,282
13,218
2012
15,475
6,888
22,465
3,694
14,964
26,170
-6,842
1,000
10,754
22,465
3,971
-14,682
1,845
13,218
15,063
2013E
9,552
7,868
22,565
1,863
11,762
26,360
30,900
0
-31,210
22,565
3,971
-57,746
129
15,063
15,192
(INR Million)
2014E
11,785
7,734
20,014
2,828
-3,519
40,224
-10,000
20,080
-21,945
20,014
4,065
-25,944
5,052
15,192
20,244
2015E
23,835
8,164
18,319
6,197
-4,393
48,514
-10,000
0
-13,358
18,319
4,065
-35,742
3,741
20,244
23,986
21 February 2013
14

The InSites
NOTES
21 February 2013
15

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