21 May 2015
4QFY15 Results Update | Sector: Real Estate
DLF
BSE SENSEX
27,837
Bloomberg
Equity Shares (m)
M.Cap.(INR b)/(USD b)
S&P CNX
8,423
DLFU IN
1,779.7
218.9/3.5
243 / 100
-14/-11/-47
25.1
CMP: INR124
TP: INR160 (+29%)
Buy
Barring interim excitement in Phase-V projects, outlook remains subdued
Dip in OPM, lower interest cost boost PAT:
Revenue was flat YoY and QoQ at
INR19.5b (7% miss). RentCo contributed 29% of revenue; contribution from DevCo
remained muted, barring fresh revenue from
Camellias
(Phase-V, Gurgaon).
EBITDA declined 13% QoQ to INR6.9b (16% miss) and EBITDA margin contracted
5pp QoQ to 35.6% (our estimate: 39.5%). PAT was INR1.7b, higher than our
estimate of INR1.1b, boosted by lower than expected interest cost.
Strong 4Q presales, but excitement only Phase-V centric:
DevCo presales
bounced back sharply –0.9msf (INR19.8b) in 4QFY15 against 1.4msf (INR18.8b) in
9MFY15. This takes cumulative FY15 presales to 2.3msf (INR38.5b), down 5% YoY.
Revival in presales was mostly Phase-V centric (Crest and
Camellias
accounted for
~95% of 4Q presales and ~84% FY15 presales). Dismal dynamics in the NCR remain
an overhang for other assets. Management guidance for the near term remains
subdued, with normalcy likely to be 9-12 months away.
Gearing up, though 4Q operations near breakeven:
Net debt increased by
INR6.3b QoQ to INR217b (0.78x), as negative FCFE continues, with (a) significantly
higher tax outgo of INR4.4b in 4Q (INR2.6b in 9M), and (b) INR3b CCI penalty.
Adjusting for these, core operations generated breakeven cash flows. Net debt
was up INR22.7b in FY15, with negative FCFE (-INR29b) and INR6.5b of
divestments.
All overhangs at status quo:
Barring the interim excitement in Phase-V projects,
the outlook remains subdued. A muted NCR market, weak cash flows and multiple
legal issues (CCI, tax liabilities, land ownership cases) remain major overhangs. The
immediate headwinds are strong enough to impede near-term re-rating. We cut
our target price by ~10% to INR160 (25% discount to NAV) on account of
continued weakness in operational outlook and no visibility on legal hurdles yet.
The stock trades at 0.77x FY17E adjusted BV; we believe current valuations factor
in the prevailing concerns. Maintain
Buy.
Near-term upside is contingent on macro
triggers (like rate cuts).
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Free float (%)
Avg Val,INRm/Vol ‘000
2,005/12,299
Financials & Valuations (INR b)
Y/E Mar
Net Sales
EBITDA
Adj PAT
EPS (INR)
2015
76.5
30.2
5.4
3.0
2016E 2017E
86.4
34.6
6.1
3.4
12.3
158.0
2.1
6.3
68.7
36.5
0.79
12.9
1.6
95.8
39.0
10.1
5.7
66.7
161.4
3.4
7.3
40.2
21.9
0.77
11.6
1.6
EPS Gr. (%) -16.5
BV/Sh.INR 157.0
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
Div. Yield
1.9
5.7
41.0
0.79
1.6
Payout (%) 77.2
EV/EBITDA 14.2
Estimate change
TP change
Rating change
10%
Sandipan Pal
(Sandipan.Pal@MotilalOswal.com); +91 22 3982 5436
Anchit Agarwal
(Anchit.Agarwal@MotilalOswal.com); +91 22 3927 2010
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

DLF
Exhibit 1: EBITDA margin down QoQ on higher other
expenses (%)
Exhibit 2: Dev Co presales strong in 4Q boosted by Phase V
32
Average realization ('000 INR/sf)
25
24
24
20
2018
20
19
15
15
15
1313
1313
11 11
9
10
7 6
7
6
6 6
3 3
5
0
Sales value (INR b)
52
45
42
50 48
39
48
45 46
49
40
30
7
37
33
40
30 30
18
43
40 41
36
24
16
8
0
25
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Leasing as down on back of cancellations (msf)
Exhibit 4: Debt rose on higher tax outgo and CCI penalty
Net debt (INR b)
Net DER (x)
237 236 240 227
208 226
208 195 207 217
220 227 237 235 221 214 211 200 211
198
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Core-FCFE at negative INR3.3b (impacted by ~INR3b higher tax outgo), while
payment of INR3b of CCI penalty hurt further (INR b)
Core FCFE
20.7
12.8
Divestments/one-offs
29.5
16.3
6.66.8
0.3
2.5
-5.9 -3.4
2QFY14
3QFY14
-13.1
4QFY14
2.6
2.4
1.5
-5.4 -3.9
3QFY15
-3.0
-3.3
-6.3
4QFY15
Net debt reduction
Net debt rose by
INR 6.3b in 4QFY15
-7.9
1QFY14
-7.9 -5.3
1QFY15
-9.5 -7.1
2QFY15
Source: Company, MOSL
Management outlook
Demand scenario to remain muted across micro markets in residential sector for
the upcoming 12 months, especially in new Gurgaon
Commercial segment well poised to gain traction. Cyber City seeing rentals
growth up to INR80-90/sf/month.
Management targets presales of INR35-40b in FY16 from residential segment.
On the leasing front, the management expects INR27b of annuity income by
FY16 end and INR 30b by FY17 end.
2
21 May 2015

DLF
Launch pipeline for FY16 comprises residential projects ~ Midtown (Central
Delhi), Ultima (Gurgaon), new phase of Capital Greens (Delhi), Privana
(Gurgaon), totaling ~10msf.
Valuation and views
Barring interim excitement in phase V projects (as visible in 4QFY15), the
momentum and outlook remain subdued for rest of the assets. Prolong
weakness of NCR market, muted cash flows (causing continuous rise in debt)
and multiple legal issues (CCI, tax liabilities, land ownership cases etc) remain
major overhangs to the stock.
Rent Co performances have been steady amidst improving commercial market
dynamics. DLF offers smart proxy to play value unlocking potential from REITs,
CMBS. But, the SEBI order (currently pending at Supreme Court) to prohibit the
company from capital market participation remains an uncertainty against
tapping such opportunities over immediate future.
Expectation of improvement in the sector, economy and policy over medium-
term should benefit DLF better due to its widest asset based and multi-product
presence. Nonetheless, the immediate headwinds are strong enough to impede
the potential for near-term re-rating.
Post corrections, the stock trades at 0.77x FY17E adjusted P/B, and largely factor
in the prevailing concerns. Near-term upside is contingent on macro triggers
(rate cut etc).
We cut our target price by ~10% to INR160 (25% discount to NAV) on account of
continued weakness in operational outlook and no visibility on legal hurdles yet.
Target valuation implies 14x FY17E Rent Co EBITDA added to 1x FY17E Dev Co
adjusted capital employed. Maintain
Buy.
Exhibit 6: We estimate DLF’s NAV at INR210/share, TP at ~25% discount to INR160
FY16
Dev Co
Apartment
Villas
Plots
Commercial complex
Institutional Plots
Rent Co
Commercial (DAL adjusted)
Retail
GAV
Tax
Net debt
Operating expense
Contingencies (CCI, tax litigation)
NAV
Target Price
GAV
582,428
405,835
12,848
123,491
25,870
14,384
445,602
260,392
185,209
1,028,030
308,409
217,391
102,803
22,250
377,177
NAV/Share
327
228
7
69
15
8
250
146
104
578
173
122
58
13
210
% of NAV
154
108
3
33
7
4
118
69
49
273
82
58
27
6
100
% of GAV
57
39
1
12
3
1
43
25
18
100
30
21
10
2
37
282,883
160
Source: Company, MOSL
21 May 2015
3

DLF
Story in charts
Exhibit 7: Margin on improvement track (%)
67
56
56
47
39
41
34
40
30
40
41
7,925 6,818
42.0 135
10,796
5,484 5,714 6,539
68
72
3,897
5,278
11,227
8,487
Exhibit 8: Weak market outlook to constraint sales in FY16
Sales value (INR b)
Average Realization
20,366
66.7 53.0 38.0 40.7 38.5 40.3 51.8
Source: Company, MOSL
Source: Company, MOSL
Exhibit 9: Leasing has been showing sign of uptick (msf)
4.3
Exhibit 10: Rental business steady (INR b)
24.0
26.2
15.8
12.8
1.4
0.8
1.7
1.2
1.5
7.2
16.7
18.8
21.6
FY10
FY11
FY12
FY13
FY14
FY15
FY10
FY11
FY12
FY13
FY14
FY15
FY16E FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: FCFE to remain weak over FY16-17 (INR b)…
Divestment
FCFE
Exhibit 12: …keeping debt at elevated level
Net debt (INR b)
0.86
0.87
0.83
0.67
Net DER (X)
0.75
0.79
0.79
58
13
-14
18
-22
32
-17
-20
-17
-18
-6
227
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY11
236
FY12
227
FY13
195
FY14
217
FY15
231
FY16E
237
FY17E
Source: Company, MOSL
Source: Company, MOSL
21 May 2015
4

DLF
Financials and valuations
Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
Extra ordinary item
PBT
Tax
Rate (%)
Reported PAT (Pre MI)
MI/Associate Prof/Prior Period
Adjusted PAT
Change (%)
Consolidated PAT
Change (%)
E: Inquire Estimates
2010
74,209
-26.1
35,012
47.2
3,246
11,075
4,333
25,024
6,957
27.8
18,067
-767
17,300
-61.3
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
15,408
988
16,396
-5.2
16,396
-5.2
2012
96,294
0.7
39,043
40.5
6,888
22,465
5,945
-160
15,475
3,694
23.9
11,782
227
12,008
-26.8
12,008
-26.8
2013
77,728
-19.3
26,262
33.8
7,962
23,140
13,229
-330
8,059
1,251
15.5
6,808
312
7,119
-40.7
7,119
-40.7
2014
82,980
6.8
24,852
29.9
6,629
24,633
14,916
-3,299
5,207
-836
-16.1
6,044
418
6,462
-9.2
6,462
-9.2
2015
76,487
-7.8
30,237
39.5
5,448
23,039
5,194
6,945
1,576
22.7
4,691
712
5,402
-16.4
5,402
-16.4
(INR Million)
2016E
86,396
13.0
34,606
40.1
6,227
24,582
5,500
9,296
2,603
28.0
6,693
-626
6,068
12.3
6,068
12.3
2017E
95,818
10.9
39,021
40.7
6,347
24,759
7,000
14,914
4,176
28.0
10,738
-626
10,112
66.7
10,112
66.7
Balance Sheet
Y/E March
Equity Capital
Preference Capital
Reserves
Pref Shares/ CCP's
Net Worth
Loans
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
Application of Funds
E: MOSL Estimates
2010
3,394
13,960
241,734
45,239
304,327
216,766
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
529,886
2011
3,394
13,960
241,823
4,144
263,321
239,906
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
508,979
2012
3,394
13,850
250,970
4,144
272,359
250,660
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
527,225
2013
3,397
13,850
253,888
4,144
275,279
248,013
4,020
527,311
15,621
214,555
31,690
182,865
78,343
13,337
6,563
349,540
176,455
17,393
18,443
53,304
83,944
118,958
111,631
7,327
230,582
527,311
2014
3,559
13,850
270,386
4,144
291,939
223,340
2,023
517,302
11,968
193,955
38,319
155,636
80,943
8,912
10,178
377,801
184,886
16,123
24,420
58,047
94,323
127,722
121,904
5,818
250,079
517,302
2015
3,562
13,850
270,125
4,144
291,681
244,941
1,747
538,369
12,058
205,579
43,767
161,812
80,000
6,234
15,108
387,411
177,431
17,584
27,477
66,048
98,871
124,255
116,143
8,112
263,156
538,369
(INR Million)
2016E
3,562
13,850
272,025
4,144
293,581
246,703
2,080
542,365
12,058
209,579
49,994
159,585
86,000
6,234
15,108
392,381
189,361
19,883
11,056
71,010
101,071
129,002
121,901
7,101
263,379
542,365
2017E
3,562
13,850
278,076
4,144
299,632
248,484
2,413
550,529
12,058
213,579
56,342
157,238
90,000
6,234
15,108
408,498
203,448
21,526
7,640
68,254
107,631
138,607
131,257
7,350
269,891
550,529
21 May 2015
5

DLF
Financials and valuations
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
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors. (Days)
Asset Turnover (x)
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
2013
4.2
-40.8
8.7
152.9
2.0
55.8
2014
3.6
-13.4
7.1
157.3
2.0
64.4
2015
3.0
-16.5
5.7
157.0
2.0
77.2
2016E
3.4
12.3
7.3
158.0
2.0
68.7
2017E
5.7
66.7
9.6
161.4
2.0
40.2
17.4
11.2
11.1
4.5
0.8
1.6
29.3
14.1
16.2
5.5
0.8
1.6
33.9
17.3
16.1
4.8
0.8
1.6
40.6
21.6
14.1
5.6
0.8
1.6
36.1
17.0
12.9
5.2
0.8
1.6
21.7
12.8
11.5
4.7
0.8
1.6
6.3
7.7
5.8
7.1
4.5
7.4
2.6
6.0
2.3
6.3
1.9
5.7
2.1
6.3
3.4
7.3
80
614
228
0.2
67
574
352
0.2
72
613
374
0.2
82
829
524
0.1
71
813
536
0.2
84
847
554
0.1
84
800
515
0.2
82
775
500
0.2
0.7
0.9
0.9
0.9
0.8
0.8
0.8
0.8
Cash Flow Statement
Y/E March
PBT before EO Items
Add : Depreciation
Interest
Less : Direct Taxes Paid
Inc/Dec in WC
CF from Operations
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
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
21 May 2015
2010
25,024
3,246
11,075
6,957
-50,020
82,391
-144,109
-61,718
-30,993
-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
-13,808
11,703
45,094
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
-5,532
20,638
-1,310
-6,842
1,000
10,754
22,465
3,971
-14,682
1,845
13,218
15,063
2013
8,059
7,962
23,140
1,251
7,911
30,000
7,898
37,897
-2,069
5,828
-224
-2,647
23,140
3,975
-29,987
3,380
15,063
18,443
2014
5,207
6,629
24,633
-836
13,520
23,786
18,414
42,200
4,425
22,839
14,363
-24,673
24,633
4,165
-39,107
5,977
18,443
24,420
2015
6,267
5,448
23,039
1,576
10,021
23,157
-11,095
12,062
2,678
-8,417
-1,492
21,601
23,039
4,168
-7,098
3,057
24,420
27,477
(INR Million)
2016E
9,296
6,227
24,582
2,603
16,644
20,744
-10,000
10,744
0
-10,000
0
1,763
24,582
4,168
-26,987
-16,421
27,477
11,055
2017E
14,914
6,347
24,759
4,176
9,928
31,801
-8,000
23,801
0
-8,000
0
1,781
24,759
4,061
-27,040
-3,416
11,056
7,639
6

DLF
Corporate profile: DLF
Company description
DLF, one of the largest and most respected real
estate companies in India, has developed many
well known urban colonies in Gurgaon, Delhi
including South Extension, Greater Kailash, Kailash
Colony and Hauz Khas. Since inception, DLF has
developed ~230msf, including 22 urban colonies
and an integrated 3,000-acre township in Gurgaon,
called DLF City.
Exhibit 13: Sensex rebased
Exhibit 14: Shareholding pattern (%)
Mar-15
Promoter
DII
FII
Others
74.9
0.3
20.6
4.2
Dec-14
74.9
0.3
19.9
4.9
Mar-14
74.9
0.4
19.9
4.8
Exhibit 15: Top holders
Holder Name
Government of Singapore
Oppenheimer Global Fund
Janus Overseas Fund
Cinnamon Capital Limited
% Holding
2.8
2.4
1.9
1.8
Note: FII Includes depository receipts
Exhibit 16: Top management
Name
K P Singh
Rajiv Singh
T C Goyal
Designation
Chairman
Vice Chairman
Managing Director
Exhibit 17: Directors
Name
K P Singh
Rajiv Singh
T C Goyal
D V Kapur*
K N Memani*
G S Talwar
Pramod Bhasin*
Name
Ved Kumar Jain*
Brijendra Bhushan*
Rajiv Krishan Luthra*
Aditya Singh*
Pia Singh
Mohit Gujral
Rajeev Talwar
*Independent
Exhibit 18: Auditors
Name
Walker Chandiok & Co LLP
R J Goel & Co
Type
Statutory
Cost Auditor
Exhibit 19: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
MOSL
forecast
3.4
5.7
Consensus
forecast
4.8
7.2
Variation
(%)
-28.8
-20.6
21 May 2015
7

Disclosures
This document has been prepared by Motilal Oswal Securities Limited (hereinafter referred to as Most) to provide information about the company(ies) and/sector(s), if any, covered in the report and may be
DLF
distributed by it and/or its affiliated company(ies). This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does
not constitute an offer, invitation or inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not
for public distribution and has been furnished to you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not constitute a personal
recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, investors should consider
whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as
up, and investors may realize losses on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur.
MOSt and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business relationships with a
some companies covered by our Research Department. Our research professionals may provide input into our investment banking and other business selection processes. Investors should assume that MOSt and/or
its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this
material may educate investors on investments in such business. The research professionals responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other
parties for the purpose of gathering, applying and interpreting information. Our research professionals are paid on the profitability of MOSt which may include earnings from investment banking and other business.
MOSt generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
Additionally, MOSt generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders,
and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary
trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing
among other things, may give rise to real or potential conflicts of interest. MOSt and its affiliated company(ies), their directors and employees and their relatives may; (a) from time to time, have a long or short position
in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation
or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with
respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations
made by the analyst(s) are completely independent of the views of the affiliates of MOSt even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as
such, may not match with a report on a company's fundamental analysis. In addition MOST has different business segments / Divisions with independent research separated by Chinese walls catering to different set
of customers having various objectives, risk profiles, investment horizon, etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its affiliates or
employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSt or any of
its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The information contained herein is
based on publicly available data or other sources believed to be reliable. Any statements contained in this report attributed to a third party represent MOSt’s interpretation of the data, information and/or opinions
provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete statement or
summary of the securities, markets or developments referred to in the document. While we would endeavor to update the information herein on reasonable basis, MOSt and/or its affiliates are under no obligation to
update the information. Also there may be regulatory, compliance, or other reasons that may prevent MOSt and/or its affiliates from doing so. MOSt or any of its affiliates or employees shall not be in any way
responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time,
any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on
this report or for any necessary explanation of its contents.
Most and it’s associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received any
compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
Most and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of Most or its associates during twelve months preceding the date of distribution of the research report
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research in the securities
mentioned in this report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the
report.
Motilal Oswal Securities Limited is under the process of seeking registration under SEBI (Research Analyst) Regulations, 2014.
There are no material disciplinary action that been taken by any regulatory authority impacting equity research analysis activities
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be
directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation
of MOSt research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement
Analyst ownership of the stock
Served as an officer, director or employee
DLF LTD
No
No
Regional Disclosures (outside India)
For U.S.
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In
addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the
United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or
intended for U.S. persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major
institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the
"Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning
agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL,
and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors
Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to
accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Anosh Koppikar
Kadambari Balachandran
Email : anosh.Koppikar@motilaloswal.com
Email : kadambari.balachandran@motilaloswal.com
Contact : (+65)68189232
Contact : (+65) 68189233 / 65249115
Office Address : 21 (Suite 31),16 Collyer Quay,Singapore 04931
For Singapore
Motilal Oswal Securities Ltd
21 May 2015
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
8