DLF Ltd.

Financial

	DLF	Macrotech Developers	Godrej Properties
Operational Metrics
Real Estate Sector
Leasable Area	70.6 Mn Sqft	1.5 Mn Sqft	n/a
Residential Projects Under Construction	2.2 Mn Sqft	35.27 Mn Sqft	106.66 Mn Sqft
Non-Residential Area Under Construction	14.0 Mn Sqft	2.4 Mn Sqft	9.39 Mn Sqft
Occupancy Rate - Commercial Real Estate	98.0 %	13.51 %	n/a
Cost of Borrowing	8.24 %	8.7 %	7.9 %
Financials
5 yr Average ROE	3.57 %	7.9 %	4.17 %
5yr average Equity Multiplier	1.49	5.27	2.4
5yr Average Asset Turnover Ratio	0.11	0.23	0.12
5yr Avg Net Profit Margin	23.01 %	7.95 %	10.98 %
Price to Book	4.05	6.36	5.83
P/E	40.71	46.46	42.48
5yr Avg Cash Conversion Cycle	907.91 Days	1373.05 Days	1404.75 Days
Inventory Days	1306.79 Days	1259.38 Days	1308.77 Days
Days Receivable	30.87 Days	27.23 Days	40.22 Days
Days Payable	219.07 Days	224.26 Days	659.51 Days
5yr Average Interest Coverage Ratio	3.63	2.81	4.2
5yr Avg ROCE	4.75 %	16.61 %	9.89 %
5yr Avg Operating Profit Margin	27.74 %	15.38 %	-3.08 %
5 yr average Debt to Equity	0.15	2.02	0.73
5yr CAGR Net Profit	n/a	16.32 %	21.8 %
5yr Average Return on Assets	2.48 %	1.91 %	1.63 %
Shareholdings
Promoter Holding	74.08 %	71.94 %	46.67 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-0.87 %	-10.28 %	-11.76 %
Change in Mutual Fund Holding (3 Yrs)	0.26 %	0.31 %	2.74 %

Business

	DLF	Macrotech Developers	Godrej Properties
Product Wise Break-Up	Product Wise Break-Up Real Estate 51.93 Rental Income 35.64 Services, maintenance and power generation 11.8 0 Income from lease rentals 0 Sale of Building Materials 0 Sale of Land / Development rights 0 Income from property development 0 Real Estate Development 0 Others 0.63	Product Wise Break-Up Sale of Building Materials 0.36 Rental Income 0 Sale of Land / Development rights 4.06 Income from lease rentals 0.99 Real Estate Development 0 0 0 Income from property development 93.44 Real Estate 0 Others 1.15	Product Wise Break-Up Sale of Building Materials 0 Rental Income 0 Sale of Land / Development rights 0 Income from lease rentals 0 Real Estate 100.0 0 0 Income from property development 0 Real Estate 0
Location Wise Break-Up	Location Wise Break-Up India 100.0 International 0 Domestic 0 BANGALORE 0 PUNE 0 MMR 0 NCR 0	Location Wise Break-Up International 0 PUNE 0 India 0 Domestic 100.0 NCR 0 MMR 0 BANGALORE 0	Location Wise Break-Up International 0 Pune 9.79 India 0 Domestic 0 NCR 38.57 MMR 33.51 Bangalore 14.68 Others 3.45
Customer Wise Break-Up	Customer Wise Break-Up Others 100	-	-
Customer Wise Break-Up	Customer Wise Break-Up Others 100	-	-