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Department Of Business Management
DR. HARISINGH GOUR CENTRAL UNIVERSITY, SAGAR (M.P)
A PROJECT ON
FINANCIAL MANAGEMENT (BUM-DSM-223)
Session-(2023-24) MBA (1Ist
Sem)
SUBMITTED BY
SINGH SATYAM ANGAD (Y23282332)
Assignment Supervisor :- SUB. Teacher
Dr. Radhika K. Chaudhary Dr. Pushpendra Kumar
(Assistant Professor)
DLF Ltd.
Company type Public
Traded as • BSE: 532868
• NSE: DLF
ISIN INE271C01023
Industry Real estate
Founded 4 July 1946
Founder Ch. Raghvendra Singh
Headquarters DLF Gateway Tower, Phase 2, Gurugram, Haryana, India
Key people Kushal Pal Singh
(retd. Chairman)
Rajiv Singh
(Chairman)
Products Offices
Apartments
Shopping malls
Hotels
Golf courses
Infrastructure
Revenue ₹6,958 crore (US$870 million)[1]
(2024)
Net income ₹2,724 crore (US$340 million) (2024)
Total assets ₹60,262 crore (US$7.5 billion) (2024)
Number of
employees
1,608 (excluding hotel business)
(March 2019)
Website www.dlf.in
FINANCIAL STATEMENT (3YEAR) DLF Ltd.
Fiscal Period 2024 2023 2022
Period End Date Mar 24 Mar 23 Mar 22
Cash Equivalents 4,384.34 13.05 111.98
Short Term Investments 3,655.74 2,338.07 674.80
Cashand Short Term Investments 8,040.08 2,503.60 950.96
Fiscal Period 2024 2023 2022
Accounts Receivable- Trade Net 538.07 1,344.39 1,264.58
Total Receivables Net 1,495.65 3,135.67 2,536.50
Total Inventory 21,154.13 19,361.23 20,106.99
Other Current Assets Total 1,328.53 242.01 223.90
Total Current Assets 32,018.39 25,242.50 23,818.36
Property/ Plant/ Equipment Total- Net 841.85 891.80 1,190.21
Goodwill Net 944.25 944.25 944.25
Intangibles Net 138.95 141.65 146.39
Long Term Investments 21,923.06 21,966.20 22,264.30
Note Receivable- Long Term 1,204.72 2,857.64 2,530.83
Other Long Term Assets Total 3,191.17 1,883.95 1,609.05
Total Assets 60,262.39 53,927.99 52,503.40
Fiscal Period 2024 2023 2022
Accounts Payable 1,787.82 1,643.70 1,528.73
Current Portof LT Debt/ Capital Leases 2,166.88 83.18 80.67
Other Currentliabilities Total 10,181.91 7,187.83 7,022.99
Total Current Liabilities 14,136.61 10,927.07 10,382.30
Long Term Debt 2,438.99 1,049.66 2,189.46
Capital Lease Obligations 228.00 221.29 209.22
Total Long Term Debt 2,666.99 1,270.95 2,398.68
Total Debt 4,833.87 3,334.00 4,181.84
Deferred Income Tax 2,790.19 2,574.33 2,141.56
Minority Interest 0.80 4.36 19.47
Other Liabilities Total 1,236.99 1,463.74 1,199.11
Total Liabilities 20,831.58 16,240.46 16,141.11
Fiscal Period 2024 2023 2022
Common Stock Total 495.06 495.06 495.06
Retained Earnings( Accumulated Deficit) 38,935.75 12,123.36 10,812.89
Total Equity 39,430.81 37,687.53 36,362.28
Total Liabilities Shareholders' Equity 60,262.39 53,927.99 52,503.40
Total Common Shares Outstanding 247.53 247.53 247.53
Tangible Book Valueper Share Common
Eq
154.92 147.87 142.49
Cash - 152.48 164.18
Property/ Plant/ Equipment Total- Gross - 1,814.34 2,031.47
Accumulated Depreciation Total - -922.54 -841.26
Accrued Expenses - 32.49 47.42
Notes Payable/ Short Term Debt - 1,979.87 1,702.49
Additional Paid- In Capital - 25,071.82 25,071.82
Fiscal Period 2024 2023 2022
Unrealized Gain( Loss) - -2.71 -17.49
Other Equity Total - - -
*All figures in crores except per share values
INCOME STATEMENT
Fiscal Period 2024 2023 2022
Period End Date Mar 24 Mar 23 Mar 22
Revenue 6,427.00 5,694.83 5,717.39
Total Revenue 6,427.00 5,694.83 5,717.39
Cost of Revenue Total 2,793.76 2,243.43 2,610.58
Gross Profit 3,633.24 3,451.40 3,106.81
Selling/ General/ Admin Expenses Total 545.295 1,637.93 1,305.07
Fiscal Period 2024 2023 2022
Depreciation/ Amortization 147.95 106.10 116.31
Other Operating Expenses Total 963.69 54.95 41.09
Total Operating Expense 4,451.35 4,117.43 4,346.72
Operating Income 1,975.65 1,577.40 1,370.67
Interest Inc( Exp) Net- Non- Op Total -3,564.50 -495.02 -1,025.41
Other Net 531.34 -26.06 -103.50
Net Income Before Taxes 2,150.54 1,502.42 1,164.59
Provisionfor Income Taxes 520.14 401.50 320.97
Net Income After Taxes 1,630.40 1,100.92 843.62
Minority Interest 3.56 1.88 0.54
Equity In Affiliates 10,931.30 9,330.29 6,566.97
Net Income Before Extra Items 2,727.09 2,035.83 1,500.85
Fiscal Period 2024 2023 2022
Net Income 2,727.09 2,035.83 1,500.85
Income Availableto Com Excl Extra Ord 2,727.09 2,035.83 1,500.85
Income Availableto Com Incl Extra Ord 2,727.09 2,035.83 1,500.85
Diluted Net Income 2,727.09 2,035.83 1,500.85
Diluted Weighted Average Shares 247.47 247.53 247.53
Diluted EPS Excluding Extra Ord Items 11.02 8.22 6.06
DPS- Common Stock Primary Issue 5.00 4.00 3.00
Diluted Normalized EPS 11.02 8.32 6.77
Interest Exp( Inc) Net- Operating Total - 425.31 331.32
Unusual Expense( Income) - 32.48 240.54
Gain( Loss)on Saleof Assets - 5.76 -0.31
*All figures in crores except per share values
CASH FLOW STATEMENT
Fiscal Period 2024 2023 2022
Period End Date Mar 24 Mar 23 Mar 22
Net Income/ Starting Line 2,150.54 1,502.42 1,164.59
Depreciation/ Depletion 147.95 148.63 149.44
Non- Cash Items -293.29 247.17 544.02
Changesin Working Capital 533.35 479.05 977.78
Cashfrom Operating Activities 2,538.55 2,377.28 2,835.83
Capital Expenditures -115.52 -63.74 -148.43
Other Investing Cash Flow Items Total -1,413.16 -398.88 411.41
Cashfrom Investing Activities -1,528.68 -462.62 262.97
Financing Cash Flow Items -294.71 -369.90 -630.98
Fiscal Period 2024 2023 2022
Total Cash Dividends Paid -986.85 -742.84 -496.86
Issuance( Retirement)of Debt Net 1,458.17 -900.41 -2,700.35
Cashfrom Financing Activities 176.61 -2,013.15 -3,828.19
Net Changein Cash 1,186.48 -98.50 -729.39
Cash Interest Paid 291.44 370.15 632.78
Cash Taxes Paid 257.15 85.80 -219.76
Issuance( Retirement)of Stock Net - - -
*All figures in crores except per share values
1. IF A COMPANY TAKE 0% OF DEBT.
EBIT = Net Income + Tax Expenses + Interest Expences
= 2727.09+257.15+291.44
= 3275.68
EPS = EAT / Common Outstanding Shares Cr.
Financial Year 2024
EBIT 3275.68
TAX (257.15)
EAT 3018.53
Outstanding Share 247.53
EPS 12.19
2. IF A COMPANY TAKE 25% AND 50% DEBT.
Tax Rate = Tax Amount / Profit Before Tax*100
= 257.15 / 2150.54*100%
= 11.95%
Interest = Interest Paid/ Debt Rate *100
= 291/2666.99*100
= 10.26
Total Debt = 2438.99cr +2438.99of 25%
= 2438.99+609.74
= 3048.73
50% = 2438.99cr + 2438.99 of 50%
= 2438.99 + 1219.49
= 3658.48 Cr.
Financial Year 2024 2024
% 25% Debt 50% Debt
EBIT 3275.68 3275.68
Interest (10.26%) (312.79) (375.36)
PBT 2962.89 2900.32
Tax (11.95%) (354.07) (346.59)
EAT 2608.82 2553.73
Outstanding Share 247.53 247.53
EPS 10.53 10.31
Financial Leverage = EBIT / PBT
Financial Leverage (2024) = 3275.68/2150.54
= 1.52
2. Find out the Financial leverage with the help of Debt Ratio, Debt Equity Ratio, Interest Coverage Ratio,
EBIT, PBT, PAT, Total earnings to investors, EPS, and ROE of the Current Year.
Sol.
Sources from year 2024, 2023, 2022 Income, Balance Sheet and Cash Flow Statement.
Debt Ratio = Total debt/Total Assets
2024 = 4833.87/ 60262.39
= 0.47
2023 = 3334.00/53927.99
= 0.61
2022 = 4181.84/52503.40
= 0.79
Debt Equity Ratio = Total Debt/Total Shareholders’ Equity
2024 = 4833.87/39430.81
= 0.12
2023 = 3334.00/37687.53
= 0.88
2022 = 4181.84/36362.28
= 0.11
EBIT = Net Income +Tax Expenses + Interest Expenses
2024 = 2727.09+257.15+291.44
= 3275.68
2023 = 2035.83+85.80+370.15
= 2491.78
2022 = 1500.85+(-219.76)+632.78
= 1913.87
Interest Coverage Ration = EBIT/ Interest payment
2024 = 3275.68/291.44
= 11.23
2023 = 2491.78/370.15
= 6.73
2022 = 1913.87/632.78
= 3.02
PBT = EBIT – Interest Expenses
2024 = 3275.68-291.44
= 2984.24
2023 = 2491.78-370.15
= 2121.63
2022 = 1913.87-632.78
= 1281.09
PAT = PBT-Total tax Expenses
2024 = 2984.24-257.15
= 2727.09
2023 = 2121.63-85.80
= 2035.83
2022 = 1281.09-(-219.76)
= 1500.85
Total earning to investor or ROI = Net profit/ Investment*100%
2024 = 2727.09/21923.06*100
= 1.24
2023 = 2035.83/21966.20*100
= 9.26
2022 = 1500.85/22264.30*100
= 6.74
EPS = PAT/ Common Outstanding Share
2024 = 2727.09/247.53
= 11.01
2023 = 2035.83/247.53
= 8.22
2022 = 1500.85/247.53
= 6.06
ROE = Net Income/Shareholder Equity
2024 = 1630.40/39430.81
= 0.041
2023 = 1100.92/37687.53
= 0.029
2022 = 843.62/35343.93
= 0.023
3. GIVE SUGGESTIONS TO THE COMPANY FOR BETTER FINANCIAL LEVERAGE.
➢ The Debt Equity Ratio of the firm is too good easily paid the outsiders funds,
return of equity ratio increases at least 3 years and they have high equity
investments each year in which ROE indicates a positive financial performance in
2022 indicate 23, 2023 indicate 29 and 2024 indivate 41 .But debts are very low
and some years were not used any debt i.e. taxes were high. So, company needs to
show good expenses of his company to tax save. By using analysed debt to get
good potential to net worth.
➢ To get more net income to profitable at any years come.
➢ Because of these issues EPS were also get effected when company is used no debt
than EPS is12.19, if company is used 25% debt than the EPS is decrease 12.19 to
10.84, if a company used a 50% of ,debt than the not effect to much only few point
is affect 10.61
➢ Overall financial leverage is too good of DLF Ltd.
Financial Leverage Of DLF company year 2023 and 2024

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Financial Leverage Of DLF company year 2023 and 2024

  • 1. Department Of Business Management DR. HARISINGH GOUR CENTRAL UNIVERSITY, SAGAR (M.P) A PROJECT ON FINANCIAL MANAGEMENT (BUM-DSM-223) Session-(2023-24) MBA (1Ist Sem) SUBMITTED BY SINGH SATYAM ANGAD (Y23282332) Assignment Supervisor :- SUB. Teacher Dr. Radhika K. Chaudhary Dr. Pushpendra Kumar (Assistant Professor)
  • 2. DLF Ltd. Company type Public Traded as • BSE: 532868 • NSE: DLF ISIN INE271C01023 Industry Real estate Founded 4 July 1946 Founder Ch. Raghvendra Singh Headquarters DLF Gateway Tower, Phase 2, Gurugram, Haryana, India Key people Kushal Pal Singh (retd. Chairman) Rajiv Singh (Chairman) Products Offices Apartments
  • 3. Shopping malls Hotels Golf courses Infrastructure Revenue ₹6,958 crore (US$870 million)[1] (2024) Net income ₹2,724 crore (US$340 million) (2024) Total assets ₹60,262 crore (US$7.5 billion) (2024) Number of employees 1,608 (excluding hotel business) (March 2019) Website www.dlf.in FINANCIAL STATEMENT (3YEAR) DLF Ltd. Fiscal Period 2024 2023 2022 Period End Date Mar 24 Mar 23 Mar 22 Cash Equivalents 4,384.34 13.05 111.98 Short Term Investments 3,655.74 2,338.07 674.80 Cashand Short Term Investments 8,040.08 2,503.60 950.96
  • 4. Fiscal Period 2024 2023 2022 Accounts Receivable- Trade Net 538.07 1,344.39 1,264.58 Total Receivables Net 1,495.65 3,135.67 2,536.50 Total Inventory 21,154.13 19,361.23 20,106.99 Other Current Assets Total 1,328.53 242.01 223.90 Total Current Assets 32,018.39 25,242.50 23,818.36 Property/ Plant/ Equipment Total- Net 841.85 891.80 1,190.21 Goodwill Net 944.25 944.25 944.25 Intangibles Net 138.95 141.65 146.39 Long Term Investments 21,923.06 21,966.20 22,264.30 Note Receivable- Long Term 1,204.72 2,857.64 2,530.83 Other Long Term Assets Total 3,191.17 1,883.95 1,609.05 Total Assets 60,262.39 53,927.99 52,503.40
  • 5. Fiscal Period 2024 2023 2022 Accounts Payable 1,787.82 1,643.70 1,528.73 Current Portof LT Debt/ Capital Leases 2,166.88 83.18 80.67 Other Currentliabilities Total 10,181.91 7,187.83 7,022.99 Total Current Liabilities 14,136.61 10,927.07 10,382.30 Long Term Debt 2,438.99 1,049.66 2,189.46 Capital Lease Obligations 228.00 221.29 209.22 Total Long Term Debt 2,666.99 1,270.95 2,398.68 Total Debt 4,833.87 3,334.00 4,181.84 Deferred Income Tax 2,790.19 2,574.33 2,141.56 Minority Interest 0.80 4.36 19.47 Other Liabilities Total 1,236.99 1,463.74 1,199.11 Total Liabilities 20,831.58 16,240.46 16,141.11
  • 6. Fiscal Period 2024 2023 2022 Common Stock Total 495.06 495.06 495.06 Retained Earnings( Accumulated Deficit) 38,935.75 12,123.36 10,812.89 Total Equity 39,430.81 37,687.53 36,362.28 Total Liabilities Shareholders' Equity 60,262.39 53,927.99 52,503.40 Total Common Shares Outstanding 247.53 247.53 247.53 Tangible Book Valueper Share Common Eq 154.92 147.87 142.49 Cash - 152.48 164.18 Property/ Plant/ Equipment Total- Gross - 1,814.34 2,031.47 Accumulated Depreciation Total - -922.54 -841.26 Accrued Expenses - 32.49 47.42 Notes Payable/ Short Term Debt - 1,979.87 1,702.49 Additional Paid- In Capital - 25,071.82 25,071.82
  • 7. Fiscal Period 2024 2023 2022 Unrealized Gain( Loss) - -2.71 -17.49 Other Equity Total - - - *All figures in crores except per share values INCOME STATEMENT Fiscal Period 2024 2023 2022 Period End Date Mar 24 Mar 23 Mar 22 Revenue 6,427.00 5,694.83 5,717.39 Total Revenue 6,427.00 5,694.83 5,717.39 Cost of Revenue Total 2,793.76 2,243.43 2,610.58 Gross Profit 3,633.24 3,451.40 3,106.81 Selling/ General/ Admin Expenses Total 545.295 1,637.93 1,305.07
  • 8. Fiscal Period 2024 2023 2022 Depreciation/ Amortization 147.95 106.10 116.31 Other Operating Expenses Total 963.69 54.95 41.09 Total Operating Expense 4,451.35 4,117.43 4,346.72 Operating Income 1,975.65 1,577.40 1,370.67 Interest Inc( Exp) Net- Non- Op Total -3,564.50 -495.02 -1,025.41 Other Net 531.34 -26.06 -103.50 Net Income Before Taxes 2,150.54 1,502.42 1,164.59 Provisionfor Income Taxes 520.14 401.50 320.97 Net Income After Taxes 1,630.40 1,100.92 843.62 Minority Interest 3.56 1.88 0.54 Equity In Affiliates 10,931.30 9,330.29 6,566.97 Net Income Before Extra Items 2,727.09 2,035.83 1,500.85
  • 9. Fiscal Period 2024 2023 2022 Net Income 2,727.09 2,035.83 1,500.85 Income Availableto Com Excl Extra Ord 2,727.09 2,035.83 1,500.85 Income Availableto Com Incl Extra Ord 2,727.09 2,035.83 1,500.85 Diluted Net Income 2,727.09 2,035.83 1,500.85 Diluted Weighted Average Shares 247.47 247.53 247.53 Diluted EPS Excluding Extra Ord Items 11.02 8.22 6.06 DPS- Common Stock Primary Issue 5.00 4.00 3.00 Diluted Normalized EPS 11.02 8.32 6.77 Interest Exp( Inc) Net- Operating Total - 425.31 331.32 Unusual Expense( Income) - 32.48 240.54 Gain( Loss)on Saleof Assets - 5.76 -0.31 *All figures in crores except per share values
  • 10. CASH FLOW STATEMENT Fiscal Period 2024 2023 2022 Period End Date Mar 24 Mar 23 Mar 22 Net Income/ Starting Line 2,150.54 1,502.42 1,164.59 Depreciation/ Depletion 147.95 148.63 149.44 Non- Cash Items -293.29 247.17 544.02 Changesin Working Capital 533.35 479.05 977.78 Cashfrom Operating Activities 2,538.55 2,377.28 2,835.83 Capital Expenditures -115.52 -63.74 -148.43 Other Investing Cash Flow Items Total -1,413.16 -398.88 411.41 Cashfrom Investing Activities -1,528.68 -462.62 262.97 Financing Cash Flow Items -294.71 -369.90 -630.98
  • 11. Fiscal Period 2024 2023 2022 Total Cash Dividends Paid -986.85 -742.84 -496.86 Issuance( Retirement)of Debt Net 1,458.17 -900.41 -2,700.35 Cashfrom Financing Activities 176.61 -2,013.15 -3,828.19 Net Changein Cash 1,186.48 -98.50 -729.39 Cash Interest Paid 291.44 370.15 632.78 Cash Taxes Paid 257.15 85.80 -219.76 Issuance( Retirement)of Stock Net - - - *All figures in crores except per share values 1. IF A COMPANY TAKE 0% OF DEBT. EBIT = Net Income + Tax Expenses + Interest Expences = 2727.09+257.15+291.44 = 3275.68
  • 12. EPS = EAT / Common Outstanding Shares Cr. Financial Year 2024 EBIT 3275.68 TAX (257.15) EAT 3018.53 Outstanding Share 247.53 EPS 12.19 2. IF A COMPANY TAKE 25% AND 50% DEBT. Tax Rate = Tax Amount / Profit Before Tax*100 = 257.15 / 2150.54*100% = 11.95% Interest = Interest Paid/ Debt Rate *100 = 291/2666.99*100 = 10.26 Total Debt = 2438.99cr +2438.99of 25% = 2438.99+609.74
  • 13. = 3048.73 50% = 2438.99cr + 2438.99 of 50% = 2438.99 + 1219.49 = 3658.48 Cr. Financial Year 2024 2024 % 25% Debt 50% Debt EBIT 3275.68 3275.68 Interest (10.26%) (312.79) (375.36) PBT 2962.89 2900.32 Tax (11.95%) (354.07) (346.59) EAT 2608.82 2553.73 Outstanding Share 247.53 247.53 EPS 10.53 10.31 Financial Leverage = EBIT / PBT Financial Leverage (2024) = 3275.68/2150.54 = 1.52
  • 14. 2. Find out the Financial leverage with the help of Debt Ratio, Debt Equity Ratio, Interest Coverage Ratio, EBIT, PBT, PAT, Total earnings to investors, EPS, and ROE of the Current Year. Sol. Sources from year 2024, 2023, 2022 Income, Balance Sheet and Cash Flow Statement. Debt Ratio = Total debt/Total Assets 2024 = 4833.87/ 60262.39 = 0.47 2023 = 3334.00/53927.99 = 0.61 2022 = 4181.84/52503.40 = 0.79 Debt Equity Ratio = Total Debt/Total Shareholders’ Equity 2024 = 4833.87/39430.81 = 0.12 2023 = 3334.00/37687.53 = 0.88 2022 = 4181.84/36362.28
  • 15. = 0.11 EBIT = Net Income +Tax Expenses + Interest Expenses 2024 = 2727.09+257.15+291.44 = 3275.68 2023 = 2035.83+85.80+370.15 = 2491.78 2022 = 1500.85+(-219.76)+632.78 = 1913.87 Interest Coverage Ration = EBIT/ Interest payment 2024 = 3275.68/291.44 = 11.23 2023 = 2491.78/370.15 = 6.73 2022 = 1913.87/632.78 = 3.02
  • 16. PBT = EBIT – Interest Expenses 2024 = 3275.68-291.44 = 2984.24 2023 = 2491.78-370.15 = 2121.63 2022 = 1913.87-632.78 = 1281.09 PAT = PBT-Total tax Expenses 2024 = 2984.24-257.15 = 2727.09 2023 = 2121.63-85.80 = 2035.83 2022 = 1281.09-(-219.76) = 1500.85
  • 17. Total earning to investor or ROI = Net profit/ Investment*100% 2024 = 2727.09/21923.06*100 = 1.24 2023 = 2035.83/21966.20*100 = 9.26 2022 = 1500.85/22264.30*100 = 6.74 EPS = PAT/ Common Outstanding Share 2024 = 2727.09/247.53 = 11.01 2023 = 2035.83/247.53 = 8.22 2022 = 1500.85/247.53 = 6.06
  • 18. ROE = Net Income/Shareholder Equity 2024 = 1630.40/39430.81 = 0.041 2023 = 1100.92/37687.53 = 0.029 2022 = 843.62/35343.93 = 0.023
  • 19. 3. GIVE SUGGESTIONS TO THE COMPANY FOR BETTER FINANCIAL LEVERAGE. ➢ The Debt Equity Ratio of the firm is too good easily paid the outsiders funds, return of equity ratio increases at least 3 years and they have high equity investments each year in which ROE indicates a positive financial performance in 2022 indicate 23, 2023 indicate 29 and 2024 indivate 41 .But debts are very low and some years were not used any debt i.e. taxes were high. So, company needs to show good expenses of his company to tax save. By using analysed debt to get good potential to net worth. ➢ To get more net income to profitable at any years come. ➢ Because of these issues EPS were also get effected when company is used no debt than EPS is12.19, if company is used 25% debt than the EPS is decrease 12.19 to 10.84, if a company used a 50% of ,debt than the not effect to much only few point is affect 10.61 ➢ Overall financial leverage is too good of DLF Ltd.
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