INTRODUCTION OF INFRASTRUCTUER

Infrastructure refers to the fundamental facilities and systems serving

a country, city, or area, including the services and facilities necessary
for its economy to function. It typically characterises technical
structures such as roads, bridges, tunnels, water supply,
sewer, electrical grids, telecommunication, and so forth, and can be
defined as "the physical components of interrelated systems
providing commodities and services essential to enable, sustain, or
enhance societal living condition.
Infrastructure assets are the physical structures and networks used to
provide essential services to a society. These tangible assets, and the
businesses set up to manage them, can be viewed as the backbone of
an economy. Due to its importance to a countrys economic and social
development, government institutions historically have provided
infrastructure. Infrastructure services support many aspects of a
countrys economic and social activities and are crucial for business
development. India has seen years of booming economic growth.
However, for years it has underinvested in its infrastructure networks.
Indias rapid economic development places intense demands on its
physical infrastructure. According to official estimates from the Indian
finance ministry, the countrys GDP growth could be 2 percentage
points higher but for the shortcomings in infrastructure. The Indian
economy is booming, with rates of Gross Domestic Product (GDP)
growth exceeding 8% every year since 2003/04. This ongoing growth is
due to rapidly developing services and manufacturing sectors,
increasing consumer demand (largely driven by increased spending by
Indias middle class) and government commitments to rejuvenate the
agricultural sector and improve the economic conditions of Indias rural
population. Construction is the second largest economic activity in
India after agriculture, and has been growing rapidly. The production of
industrial machinery has also been on the rise and the increasing
flow of goods has spurred increases in rail, road and port traffic,
necessitating further infrastructure improvements. In the fiscal year

ending March 2008, Indias GDP grew by more than 9%. This robust
rate of expansion was initially forecast to continue in the2008-2009
fiscal year. In summer 2008, however, the combined impact of slowing
Indian consumption, a higher domestic cost of capital and reduced
capital access from international capital markets raised concerns by
some analysts that the rate of growth might be slowing. In October
2008, Indias Prime Minister, Mr. Manmohan Singh, affirmed the
Governments view that a rate of growth of 7-7.5% remains realistic,
even given the global credit crunch, and assured observers that the
countrys Government will take action if necessary to support
businesses and the financial markets. Mr. Singh has also singled out
infrastructure investment as particularly vital. Indeed, even with a
somewhat slower rate of growth, the Indian economy is still expanding
significantly, and substantial investment in infrastructure continues to
be required in order to sustain Indias economic progress. The
countrys capacity to absorb and benefit from new technology and
industries depends on the availability, quality and efficiency of more
basic forms of infrastructure including energy, water and land
transportation. In some areas, roads, rail lines, ports and airports are
already operating at capacity, so expansion is a necessary prerequisite
to further economic growth. The Indian Government recognises this
imperative. As per the Eleventh Five Year Plan, more thanUS$500
billion worth of investment is planned to flow into Indias infrastructure
by 2012. Construction projects account for a substantial portion of the
proposed investments, making the E&C sector one of the biggest
beneficiaries of the infrastructure boom in India. The regulatory
environment is relaxing to encourage further foreign direct investment
(FDI). Private sector participation is integral to these plans. PPPs have
been identified as the most suitable mode for the implementation of
projects and indeed, are rapidly becoming the funding norm. Their
share of the total planned infrastructure improvements is projected to
be around 30% (US$150 billion). Power and road projects top the list,
and other transportation sectors such as railways, ports, and airports
are also targeted for major investments. Companies looking to

capitalise on the situation need to plan their strategy for entering the
market carefully. Understanding the local market, including selecting
complementary local partners, is vital. Tax optimization is a key cost
component while substantial tax benefits are provided for
infrastructure projects, developers need to be savvy about structuring
their contracts. Good tax planning can have a potentially decisive
impact, especially in bidding situations, and help to avoid unnecessary
litigation later. According to the Construction Federation of India (CFI),
construction is the second largest Employer after the agriculture sector
currently, the construction industry directly or indirectly employs
approximately 33 million workers, representing 14% of the workforce.
It also accounts for nearly half of the fixed capital formation. The
construction industry in India currently has a gross value of output of
around INR3, 800 billion, and accounts for nearly 10% of Indias GDP. It
has grown at a CAGR of 14%over the past five years. The total gross
output value has increased from INR2, 550 billion inFY04 to INR3, 800
billion in FY07. It is widely known that Indias current infrastructure is
fraught with many weaknesses and that it is below international
standards even when compared with other emerging markets. Indias
infrastructure is marked by a weak transport network, ports and
airports that do not cope with demand and, most of all, power cuts.
Indias economy is expanding rapidly, with a GDP growth rate of
around 8.5% in 2007. This has in turn propelled rapid growth in
disposable income, allowing consumers to afford and demand good
infrastructure services. However, with the Indian economy growing at
such a fast pace, the already weak supply cannot keep up with this
growing demand. If we look at Indias urban infrastructure we see poor
and overcrowded public transport, jam-packed roads, inadequate water
and sewage systems, and uncollected solid waste. The situation is
even at risk of worsening, because the economic boom confronts India
with a significant increase in urbanisation. Three of the ten biggest
cities in the world (mega-cities) are located in India, and according to
a widely accepted UN estimate all are expected to grow by 20% by
2015. Outside the cities the situation is not better. With the economy

of rural India still lagging, the development of rural infrastructure is

very important to overcome this inequality. A good infrastructure
network not only provides the basic services such as clean drinking
water and electricity, it also helps to create income-generating
opportunities in agriculture. Agriculture still plays a key role in India as
it generates 20% of GDP. This role is even more important with regard
to employment: about 60% of the labour force works in the agricultural
sector; there is a large share of subsistence farmers. The services
sector is rapidly expanding, and with regard to its share of GDP it
has become the country's most important economic pillar, contributing
over 60% of GDP. However, only slightly more than 25% of all
employees find a job in this sector. The industrial sector is only
gradually outgrowing its niche. About 20% of GDP is generated by
industry (including the construction and energy sectors), but it
employs only about 12% of the labour force. By contrast, China has
been evolving from an agriculturally based economy into an industrial
society at a breathtaking pace. Roughly 25% of Chinas labour force
already works in the industrial sector. The infrastructure industry of our
country is further bifurcated into two basic segments first is the real
estate segment and second is the industrial and infrastructural
construction segment. Real estate segment is also further divided into
two sub segment namely housing construction segment and
commercial complexes segment. The industrial and infrastructural
construction segment is broadly divided into three sub categories
which are industrial construction, infrastructural construction and other
construction and allied activities. These are the categories according to
which the whole sector is divided.

According to the Online Etymology Dictionary, the word infrastructure

has been used in English since at least 1887 and in French since at
least 1875, originally meaning "The installations that form the basis for
any operation or system".

The word was imported from French, where it means subgrade, the
native material underneath a constructed pavement or railway. The
word is a combination of the Latin prefix "infra", meaning "below", and
"structure". The military use of the term achieved currency in the
United States after the formation of NATO in the 1940s, and was then
adopted by urban planners in its modern civilian sense by 1970.

The term came to prominence in the United States in the 1980s

following the publication of America in Ruins, which initiated a publicpolicy discussion of the nations "infrastructure crisis", purported to be
caused by decades of inadequate investment and poor maintenance of
public works. This crisis discussion has contributed to the increase in
infrastructure asset management and maintenance planning in the US.
That public-policy discussion was hampered by lack of a precise
definition for infrastructure. A US National Research Council panel
sought to clarify the situation by adopting the term "public works
infrastructure", referring to:

"... both specific functional modes highways, streets, roads, and

bridges; mass transit; airports and airways; water supply and water
resources; wastewater management; solid-waste treatment and
disposal; electric power generation and transmission;
telecommunications; and hazardous waste management and the
combined system these modal elements comprise. A comprehension of
infrastructure spans not only these public works facilities, but also the
operating procedures, management practices, and development
policies that interact together with societal demand and the physical
world to facilitate the transport of people and goods, provision of water
for drinking and a variety of other uses, safe disposal of society's waste
products, provision of energy where it is needed, and transmission of
information within and between communities."

The Indian economy is booming, with rates of Gross Domestic Product

(GDP) growth exceeding 8% every year since 2003/04. This ongoing
growth is due to rapidly developing services and manufacturing
sectors, increasing consumer demand (largely driven by increased
spending by Indias middle class) and government commitments to
rejuvenate the agricultural sector and improve the economic conditions
of Indias rural population. Construction is the second largest economic
activity in India after agriculture, and has been growing rapidly. The
production of industrial machinery has also been on the rise and the
increasing flow of goods has spurred increases in rail, road and port
traffic, necessitating further infrastructure improvements. In the fiscal
year ending March 2008, Indias GDP grew by more than 9%. This
robust rate of expansion was initially forecast to continue in the 20082009 fiscal year. In summer 2008, however, the combined impact of
slowing Indian consumption, a higher domestic cost of capital and
reduced capital access from international capital markets raised
concerns by some analysts that the rate of growth might be slowing. In
October 2008, Indias Prime Minister, Mr. Manmohan Singh, affirmed
the Governments view that a rate of growth of 7-7.5% remains
realistic, even given the global credit crunch, and assured observers
that the countrys Government will take action if necessary to support
businesses and the financial markets. Mr. Singh has also singled out
infrastructure investment as particularly vital. Indeed, even with a
somewhat slower rate of growth, the Indian economy is still expanding
significantly, and substantial investment in infrastructure continues to
be required in order to sustain Indias economic progress. The
countrys capacity to absorb and benefit from new technology and
industries depends on the availability, quality and efficiency of more
basic forms of infrastructure including energy, water and land
transportation. In some areas, roads, rail lines, ports and airports are
already operating at capacity, so expansion is a necessary prerequisite
to further economic growth. The Indian Government recognises this
imperative. As per the Eleventh Five Year Plan, more than US$500
billion worth of investment is planned to flow into Indias infrastructure

by 2012. Construction projects account for a substantial portion of the

proposed investments, making the E&C sector one of the biggest
beneficiaries of the infrastructure boom in India. The regulatory
environment is relaxing to encourage further foreign direct investment
(FDI).
Private sector participation is integral to these plans. PPPs have been
identified as the most suitable mode for the implementation of projects
and indeed, are rapidly becoming the funding norm. Their share of
the total planned infrastructure improvements is projected to be
around 30% (US$150 billion). Power and road projects top the list, and
other transportation sectors such as railways, ports, and airports are
also targeted for major investments. Companies looking to capitalise
on the situation need to plan their strategy for entering the market
carefully. Understanding the local market, including selecting
complementary local partners, is vital. Tax optimisation is a key cost
component while substantial tax benefits are provided for
infrastructure projects, developers need to be savvy about structuring
their contracts. Good tax planning can have a potentially decisive
impact, especially in bidding situations, and help to avoid unnecessary
litigation later.

GOVRNMENT RULES AND REGULATION FOR INFRASTUCTURE SECTOR

Infrastructure is the foundation on which the fort of economic success is built. It is

like mother to any economy which not only ensures the evolution of it but also
ensures consistency in its growth. India, which has risen to the "economic realities"
recently, is trying to attain "economic nirvana" through consistent focus on
Infrastructure growth. India is posed to embark on new journey of economic
liberalization and revolutionary growth. The back-bone of economic development,
i.e. Infrastructure, has been put in to focus and the aggressiveness of Government
to attain the best of it is evident from its committed efforts in this direction.
Attribution of exclusive position in the list of top economies of the world in recently
published "Goldman Sachs Report: Dreaming with BRICs: The path to 2050", the
expectations and aspirations both are touching new high in India.The infrastructure
sector in India has witnessed major reforms brought forth with the aim of achieving
planned and consistent economic development. There has been a gradual shift
from a controlled to an open market economy where private players including
foreign investors have assumed an imminent role.
The infrastructure sector, consisting of various sectors, is governed by specific
Statutes for these sectors. These Statutes clearly provide the modes and means of
private participation. Generally private participation is allowed through grant of
licenses to the private developer or through contractual relationship. The scope
and extent of private participation is determined by the concerned State
Government and can be of varying degrees for instance on a Build Own and
Operate (BOO) or Build Operate and Transfer (BOT) or Build Lease and Transfer
(BLT) basis, to name a few of popular modes.
The legal framework within which the infrastructure sectors operate has been
illustrated, in brief, hereunder:

Power
India has taken radical steps towards the restructuring of its Power Sector. The
entire legal framework governing this sector has undergone change with the
passing of the Electricity Act, 2003 on June 10, 2003. The new Act replaced the
prevailing legislations namely, Indian Electricity Act, 1910, Electricity (Supply) Act,
1948 and Electricity Regulatory Commission Act, 1998.
The Act has laid a foundation for rapid development of electricity industry,
promotes competition, less regulatory approvals, uniform licensing for undertaking
electricity distribution, transmission and trading, rationalization of electricity tariff,

transparent policies regarding subsidies and provides statutory basis for

restructuring of State Electricity Boards.

Private participation has been allowed in Generating Companies and Captive

Generating Plants without any license. However, activities pertaining to
transmission, distribution and trading of electrical energy is allowed subject to
obtaining license from the appropriate Electricity Regulatory Commission (ERC).
The License could be procured subject to fulfillment of certain terms and conditions
and is valid for 25 years. The regulatory functions have been delegated to Central
Electricity Regulatory Commission, State Electricity Regulatory Commission, Joint
Commission and Appellate Tribunal constituted under the Act. There are also
monitoring agencies and agencies for governing operational aspects of electricity
system. 100% Foreign Direct Investment (FDI) is permitted for hydro electric power
plants, coal/lignite based thermal power plants and oil/gas based thermal power
plants projects. Fiscal incentives like 100% tax holiday to new power projects in
any block of 10 years within the first 15 years of operations, tax exemption for
interest/dividend, long term capital gains, concessional rates of import duties and
deemed export benefits are available.

Airports
The Governments Policy on Airport Infrastructure, 1997 contemplates preparation
of detailed master plans for the development and upgradation of all selected
airports by the operating agency in conformation with the standards and
recommended practices of the International Civil Aviation Organization. Greenfield
Airports projects may be permitted in the public or private sector or as a joint
venture without the prior approval of the Government. However in case of other
categories of airports run by private operators, the approval of Director General of
Civil Aviation (DGCA) is required. The policy recognizes the importance of private
participation for a sustained development of airport infrastructure. It seeks to
achieve it by way of corporatisation of the airports with an aim to divest the
government holding in the future. The airports could be owned by the
Central/State Governments, Public Sector Units, Urban Local bodies, private
companies and individuals or through joint ventures. The management of airports
or parts of airports could be on BOT, BOLT, BOO, LDO, joint venture, management
contract or wrap around addition basis. Establishment of private airports and
leasing out of airports to private entities is now permitted subject to prior approval
of Central Government.FDI in joint ventures relating to airport infrastructure is

permitted up to 74% under automatic route and up to 100% with prior approval.
The equity participation could also be made by foreign airport authorities.
Airports are governed by Airports Authority of India Act, 1994, the Aircraft Act,
1934 and the Aircraft Rules, 1937. The above legislations allow private
participation through issuance of license for an airport other than owned by the
Central Government and formation of joint venture with the Airports Authority of
India. Fiscal incentives like 100% deduction in profits for first 5 years followed by
30% deduction for next 5 years, full deduction to run for continuous ten out of
twenty fiscal years of the assesses choice, and deduction of 40% of the profit to
financial institutions from long-term financing of infrastructure projects is available.
Roads
National Highways are governed by the National Highways Act 1956 and the
National Highways Authority of India Act, 1988. The functions relating to
development, maintenance and management of National Highways are carried out
by National Highways Authority of India. FDI up to 100% (with total foreign equity
up to 1500 crore) is permitted in construction and maintenance of roads, highways,
toll roads, vehicular tunnels, rail beds, non-vehicular bridges, non-vehicular
tunnels, pipelines, ropeways and runways.
Fiscal incentives include duty free imports, 10 years of corporate tax holiday within
20 years of commissioning the project, exemption on profits of financing
institutions, exemption on long-term capital gains of investors, concession period
up to 30 years and toll rates indexed to wholesale Price Index.

Water
The Government of India has massive plans to utilize its large rivers for providing
less expensive, pollution free and relatively more efficient method of
transportation. The National Water Policy, 2002 encourages private sector
participation in planning, development and management of water resources
projects for diverse uses, wherever feasible. With ambitious plan to connect rivers
within the Country, this sector offers major investment opportunity to Investors.

Railways
Railways are the principal mode of transport in India. Railway transport is covered
in the list of industries reserved for the Public Sector and is therefore not exempted

from industrial licensing requirements. However, several railway components have

been delicensed. FDI in the railway sector has been allowed with sectoral caps. FDI
up to 51% is permitted for manufacture of railway containers used in container
traffic. FDI up to 74% is permitted in construction and maintenance of railbeds,
bridges and tunnels under automatic route.

Ports
Both the Central and State Governments have taken several incentives to
encourage private investment in this sector through open competitive bidding.
Ports are governed by Major Ports Trusts Act, 1963 and amendments thereof. FDI
up to 100% is allowed. Tax holiday for first 5 years followed by 30% rebate on the
earnings in the next 5 years may be availed within 12 years of the commissioning
of the Project.

Oil and Natural Gas

Natural gas is projected to be a critical component of Indias energy market in the
near future. In exploration and production, Indian oil and gas fields are open to the
private sector and for foreign participation up to the prescribed limit under
production sharing contracts. In refining sector 100% FDI is allowed under the
automatic route in the private sector. However, FDI up to 26% is permitted where
the joint venture is with public sector undertaking. FDI up to 51% is permitted for
petroleum products and pipeline sector. Fiscal incentives like corporate tax
deductions and allowances, seven-year tax holiday and deduction of expenses are
allowed. Divestment of Government holding in the Oil Sector has further enhanced
the scope in the sector.
Besides, the above-mentioned key infrastructure sectors, Telecom has also been
accorded the status of infrastructure by the Government of India. The New Telecom
Policy of the Government has brought a revolution in the telecom industry.
The reforms backed by a large statistics of projects go on to confirm that
infrastructure sector is presently booming in India. A phenomenal growth has been

projected making it an opportune time to invest in this sector. The irreversible

process of economic liberalization has entered into third and most critical phase.
There could hardly be scope for doubt, when the world has started swearing by the
economic development in India. The Leader is laying foundation; everybody
eligible is cordially invited to join. The spiritual leader of the world is evolving itself,
this time economically; undeterred faith shall be rewarded, this time with
attainment of "economic nirvana". Actual resolution of legal issues depends upon
many factors, including variations of fact and laws of the land. Though we have
taken utmost care in the preparation of this Article, the information contained
herein is not intended to constitute any legal advice and we cannot accept any
responsibility towards those who rely solely on the contents of this article without
taking further specialist advice. The reader should always consult with legal
counsel before taking action on matters covered by this article.

Consolidated Profit & Loss account of DLF

------------------- in Rs. Cr. ------------------Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12
mths

12 mths

12 mths

12 mths

7,648.7
3

8,298.04

7,772.84

0.00

0.00

0.00

Net Sales

7,648.7
3

8,298.04

7,772.84

Other Income

451.57

1,161.69

1,289.94

578.50

583.88

0.00

0.00

0.00

0.00

0.00

12 mths

Income
Sales Turnover
Excise Duty

Stock Adjustments

9,629.38 9,560.57
0.00

0.00

9,629.38 9,560.57

8,100.3
0

9,459.73

9,062.78

0.00

0.00

0.00

0.00

0.00

81.09

92.42

80.78

54.67

26.94

Employee Cost

348.82

575.94

595.71

586.18

572.13

Other Manufacturing Expenses

3,284.5
3

3,880.35

3,355.88

Total Income

10,144.4
10,207.88
5

Expenditure
Raw Materials
Power & Fuel Cost

Selling and Admin Expenses

Miscellaneous Expenses
Preoperative Exp Capitalised

3,967.47 4,299.94

0.00

0.00

0.00

0.00

0.00

910.55

1,264.09

1,114.27

1,116.74

908.90

0.00

0.00

0.00

0.00

0.00

4,624.9
9

5,812.80

5,146.64

Mar '15

Mar '14

Mar '13

Mar '12

Operating Profit

3,023.7
4

2,485.24

2,626.20

3,904.32

3,752.66

PBDIT

3,475.3
1

3,646.93

3,916.14

4,482.82

4,336.54

Interest

2,303.8
6

2,463.25

2,314.04

2,246.48

1,705.62

PBDT

1,171.4
5

1,183.68

1,602.10

2,236.34

2,630.92

Depreciation

544.79

662.93

796.24

688.83

630.72

Total Expenses

5,725.06 5,807.91
Mar '11

Other Written Off

0.00

0.00

0.00

0.00

0.00

Profit Before Tax

626.66

520.75

805.86

1,547.51

2,000.20

41.29

-21.79

-17.47

-9.47

97.23

PBT (Post Extra-ord Items)

667.95

498.96

788.39

1,538.04

2,097.43

Tax

157.57

-83.63

125.11

369.35

459.41

Reported Net Profit

510.36

582.59

663.28

1,168.68

1,638.02

Extra-ordinary items

Consolidated Profit & Loss account of IRB

Infrastructure Developers

------------------- in Rs. Cr. ------------------Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12

12 mths

12 mths

12 mths

3,847.48

3,731.89

3,687.24

0.00

0.00

0.00

3,847.48

3,731.89

3,687.24

113.01

121.43

130.12

125.22

64.49

0.00

0.00

0.00

0.00

0.00

3,960.49

3,853.32

3,817.36

434.48

502.65

469.72

12 mths

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income

3,133.02 2,438.11
0.00

0.00

3,133.02 2,438.11

3,258.24 2,502.60

Expenditure
Raw Materials
Power & Fuel Cost

639.14

412.53

8.23

7.71

6.44

6.30

4.44

Employee Cost

189.84

179.88

155.69

137.59

92.92

Other Manufacturing Expenses

871.49

1,147.43

1,306.29

885.82

768.70

Selling and Admin Expenses

Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

0.00

0.00

0.00

0.00

0.00

131.74

140.54

115.83

94.81

71.27

0.00

0.00

0.00

0.00

0.00

1,635.78

1,978.21

2,053.97

1,763.66 1,349.86

12

12 mths

12 mths

12 mths

12 mths

Operating Profit

2,211.7
0

1,753.68

1,633.27

1,369.36 1,088.25

PBDIT

2,324.7
1

1,875.11

1,763.39

1,494.58 1,152.74

Interest

931.20

756.17

615.30

546.37

351.54

PBDT

1,393.5
1

1,118.94

1,148.09

948.21

801.20

Depreciation

707.06

477.06

441.52

297.01

225.37

Other Written Off

0.00

0.00

0.00

0.00

0.00

Profit Before Tax

686.45

641.88

706.57

651.20

575.83

Extra-ordinary items

0.00

0.00

0.00

0.00

0.00

PBT (Post Extra-ord Items)

686.45

641.88

706.57

651.20

575.83

Tax

144.08

182.25

153.01

155.19

111.75

Reported Net Profit

542.35

459.63

553.58

496.01

464.09

Consolidated Profit & Loss account of Larsen and

Toubro

------------------- in Rs. Cr. ------------------Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

92,761.6
6

85,889.04

75,195.31

64,960.08

52,470.22

757.08

760.64

697.31

646.97

426.44

Net Sales

92,004.5
8

85,128.40

74,498.00

64,313.11

52,043.78

Other Income

1,324.53

1,315.90

1,510.80

885.74

1,244.91

848.30

527.32

1,514.33

617.13

497.87

94,177.4
1

86,971.62

77,523.13

65,815.98

53,786.56

Raw Materials

14,231.3
6

14,385.76

16,193.65

15,562.13

12,418.91

Power & Fuel Cost

1,074.48

1,157.69

990.13

779.77

563.79

Employee Cost

7,922.20

8,027.64

6,224.17

4,994.96

3,735.29

Other Manufacturing Expenses

52,942.4
1

46,781.83

39,357.59

31,572.27

25,176.11

Income
Sales Turnover
Excise Duty

Stock Adjustments
Total Income
Expenditure

Selling and Admin Expenses

Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

0.00

0.00

0.00

0.00

0.00

5,346.82

4,548.46

3,387.58

3,251.16

2,970.12

0.00

0.00

0.00

0.00

0.00

81,517.2
7

74,901.38

66,153.12

56,160.29

44,864.22

Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

Operating Profit

11,335.6
1

10,754.34

9,859.21

8,769.95

7,677.43

PBDIT

12,660.1
4

12,070.24

11,370.01

9,655.69

8,922.34

Interest

2,850.72

3,141.44

2,095.02

1,101.89

802.75

PBDT

9,809.42

8,928.80

9,274.99

8,553.80

8,119.59

Depreciation

2,622.50

1,445.82

1,637.07

1,580.29

1,318.88

Other Written Off

0.00

0.00

0.00

0.00

0.00

Profit Before Tax

7,186.92

7,482.98

7,637.92

6,973.51

6,800.71

Extra-ordinary items

0.00

0.00

0.00

0.00

0.00

PBT (Post Extra-ord Items)

7,186.92

7,482.98

7,637.92

6,973.51

6,800.71

Tax

2,253.24

2,628.39

2,398.50

2,291.22

2,353.05

Reported Net Profit

4,933.68

4,854.59

5,239.42

4,682.29

4,447.66

Consolidated Profit & Loss account of Godrej

Properties

------------------- in Rs. Cr. -------------------

Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12

12 mths

12 mths

12 mths

12 mths

1,843.0
9

1,179.21

1,037.12

770.05

447.06

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income

0.00

0.00

0.00

0.00

0.00

1,843.0
9

1,179.21

1,037.12

770.05

447.06

83.47

75.01

10.45

49.76

111.78

0.00

0.00

0.00

0.00

0.00

1,926.5
6

1,254.22

1,047.57

819.81

558.84

0.00

0.00

0.00

0.00

0.00

Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

0.00

0.00

0.00

0.00

0.23

35.48

25.30

17.69

6.19

7.31

1,486.4
1

838.08

691.57

578.33

317.59

0.00

0.00

0.00

0.00

21.22

63.96

33.21

42.07

27.55

0.01

0.00

0.00

0.00

0.00

-76.94

1,585.8
5

896.59

751.33

612.07

269.42

12

12 mths

12 mths

12 mths

12 mths

Operating Profit

257.24

282.62

285.79

157.98

177.64

PBDIT

340.71

357.63

296.24

207.74

289.42

Interest

4.73

4.48

3.00

5.31

80.34

335.98

353.15

293.24

202.43

209.08

10.01

5.77

4.39

3.88

3.97

Other Written Off

0.00

0.00

0.00

0.00

0.00

Profit Before Tax

325.97

347.38

288.85

198.55

205.11

0.00

0.00

0.00

0.00

-0.18

325.97

347.38

288.85

198.55

204.93

90.39

111.09

91.57

69.76

62.24

235.58

236.29

197.29

128.79

142.68

PBDT
Depreciation

Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Consolidated Profit & Loss account of Oberoi
Realty

------------------- in Rs. Cr. ------------------Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

922.67

798.45

1,047.58

824.69

996.02

0.00

0.00

0.00

0.00

0.00

922.67

798.45

1,047.58

824.69

996.02

17.49

57.06

99.94

150.10

62.75

0.00

0.00

0.00

0.00

0.00

940.16

855.51

1,147.52

974.79

1,058.77

Raw Materials

0.00

0.00

0.00

0.00

0.00

Power & Fuel Cost

0.00

0.00

0.00

0.00

0.00

12 mths

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure

Employee Cost

52.65

44.24

38.33

32.92

27.04

314.80

289.65

371.52

295.96

381.04

0.00

0.00

0.00

0.00

0.00

41.43

29.79

25.67

12.32

10.89

0.00

0.00

0.00

0.00

0.00

408.88

363.68

435.52

341.20

418.97

12 mths

12 mths

12 mths

12 mths

12 mths

Operating Profit

513.79

434.77

612.06

483.49

577.05

PBDIT

531.28

491.83

712.00

633.59

639.80

Other Manufacturing Expenses

Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Interest
PBDT
Depreciation

1.76

0.31

0.37

0.31

0.19

529.52

491.52

711.63

633.28

639.61

40.29

27.15

28.51

26.94

23.68

Other Written Off

0.00

0.00

0.00

0.00

0.00

Profit Before Tax

489.23

464.37

683.12

606.34

615.93

0.00

0.00

-0.07

-0.43

-0.46

PBT (Post Extra-ord Items)

489.23

464.37

683.05

605.91

615.47

Tax

172.10

153.31

178.28

143.04

98.29

Reported Net Profit

317.12

311.06

504.79

462.87

517.18

Extra-ordinary items