Analyst Presentation

DLF Limited
Q4 FY08 Analyst Presentation
• The Previous Quarter figures have been regrouped / rearranged wherever necessary to
make them comparable. All figures for the current quarter are unaudited
1
SAFE HARBOUR
This presentation contains certain forward looking statements concerning DLF’s future
business prospects and business profitability, which are subject to a number of risks and
uncertainties and the actual results could materially differ from those in such forward looking
statements. The risks and uncertainties relating to these statements include, but not limited to,
risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth,
competition , economic growth in India, ability to attract and retain highly skilled
professionals, time and cost over runs on contracts, government policies and actions with
respect to investments, fiscal deficits, regulation etc., interest and other fiscal cost generally
prevailing in the economy. The company does not undertake to make any announcement in
case any of these forward looking statements become materially incorrect in future or update
any forward looking statements made from time to time on behalf of the company.
2
Year Gone By…
• One of the largest IPOs; raised USD 2.2 bn from capital markets
• Acquired large projects including Bidadi Knowledge City (Bangalore), SBM
(Delhi), Tidel (Chennai), Raidurg and Kokapet (Hyderabad)
• Acquired Aman Resorts
• Successful launch of Premium Homes in Kolkata, Chennai, Gurgaon and Kochi
• Ramp up of project execution to over 60msf from 44 msf. Aggressive reengineering for containing cost inflation
• JV with Prudential Financial Inc to set up AMC business
• PE investment worth Rs 1.7 billion in eight residential projects
• Received long term rating of AA from rating agencies; Raised debt of Rs 30
billion in challenging market conditions
3
Strengths / Differentiators
• Multiple businesses spread across 32 cities addressing customer demand across
segments,
- Offices comprising Corporate offices / built-to-suit, IT Parks and IT SEZ
- Retail comprising luxury malls, super malls and city malls. This also comprises the
retail and office towers catering to small office and small retail.
- Homes ranging from Luxury homes, Lifestyle homes, Premium homes, Mega
Township to Plotted development.
• Strong execution team and in-house skill sets.
• Ability to raise capital (debt and equity) through innovative structures in difficult global
market conditions
• Deepened management strengths across businesses, geographies and functions –
key to success as it is only the teams which convert raw land into cash
• Demonstrated a robust, low-risk business model with a mix of rental and sale earnings
with high growth
• Given the synergies within the businesses and the focused business model of each
segment / sub-segment, the value of the sum of parts is therefore more than the value
of the individual parts
4
Unaudited Results at a Glance – Q4 FY08
Q4 FY08
Sl.No.
A)
1
2
B)
1
2
3
C)
Consolidated Financials
Rs mn
Q3 FY08
Percentage
of Total
Revenue
35980
530
Sales and Other Receipts
Other Income
43,060
660
Total Income(A1+A2)
43,720
100%
Total Expenditure(B1+B2+B3)
Construction Cost
Staff cost
Other Expenditure
15,230
12,000
1,410
1,820
35
27
3
4
EBITDA (D/A1)
E)
EBIDTA ( Margin)
F)
G)
Financial charges
Depreciation
H)
I)
J)
Profit/loss before taxes
Taxes
Current Taxes
Deferred Tax
Net Profit after Taxes before Minority Interest
K)
L)
Minority Interest
Profit/(losss) of Associates
M)
Net Profit
36510
10970
9510
610
850
73%
Gross Profit Margin(%)
D)
Rs mn
28,490
Q2 FY08
Percentage
of Total
Revenue
65
Rs mn
32,500
99
65%
Rs mn
Percentage
of Total
Revenue
30,740
47
100%
33,490
100%
31,210
100%
30
26
2
2
9,860
8,320
610
930
29
25
2
3
8,700
7,470
530
700
28
24
2
2
74%
25540
Q1 FY08
Percentage
of Total
Revenue
70
75%
23,630
71%
71
76%
22,510
71%
72
73%
1,080
360
2
1
790
150
2
0
40
110
0
0
1,080
160
3
1
27,050
62
24600
67
23,480
70
21,270
68
5,060
(80)
22,070
12
3100
110
21390
8
3,160
140
20,180
9
6,020
10
15,240
19
50
(300)
21,770
59
0
60
50
21,450
60
10
(10)
59
20,180
49
(80)
60
15,160
49
Note :
1
Construction Cost Includes Cost of Land, Plots and Constructed Properties and Cost of Revenue
2
Gross Profit Margin = (Total Income - Construction Cost) / Total Income
5
Profit & Loss A/c: - 12 months ending FY 08 vs FY07
Particulars
Sales and other receipts
Other Income
Total Revenue (1+2)
Total Expenditure
a) Cost of land, plots and constructed properties
b) Cost of Revenue - other
c) Staff Cost
d) Other Expenditure
Finance Charges
Depreciation
Profit before Tax (1+2-3-4-5)
Provision for Taxation (including FBT)
Provision for Deferred Taxation
Profit before Minority Interest (6-7-8)
Minority Interest - Share of loss/(profit)
Profit/ (Loss) of Associates
Net Profit
Rs mn
Year ended 31.3.2008 Year ended 31.3.2007
142,287
2,652
144,938
44,768
35,167
2,147
3,153
4,302
2,980
785
96,395
17,350
184
78,871
(357)
54
78,558
26,344
14,190
40,533
11,477
6,404
884
1,051
3,148
3,070
578
25,402
6,026
5
19,360
(11)
(13)
19,337
6
Consolidated Balance Sheet – Q4 FY08
Rs mn
31-Mar-08 31-Mar-07
SOURCES OF FUNDS
Shareholders' funds
Capital
Reserves and surplus
Minority Interests
Loan funds
Secured loans
Unsecured loans
Deferred tax liabilities (net)
17,369
188,412
205,781
3,923
12,557
22,992
35,549
92
78,111
44,498
122,609
371
332,684
92,053
7,274
99,327
197
135,165
52,860
3,377
49,483
50,575
8,761
20,781
18,044
2,412
15,632
26,219
2,107
8,935
94,803
79,075
19,371
247
77,325
270,821
56,800
15,057
4,155
74
52,258
128,344
42,013
25,724
67,737
203,084
332,684
33,124
12,948
46,072
82,272
135,165
APPLICATION OF FUNDS
Fixed assets
Gross block
Less: Depreciation
Net block
Capital work in progress
Investments
Goodwill on consolidation
Current assets, loans and
advances
Stocks
Sundry debtors
Cash and bank balances
Other current assets
Loans and advances
Less :
Current liabilities and provisions
Liabilities
Provisions
Net current assets
7
Cash Flows – Q4 FY08
A.
B.
C.
Particulars
Cash flow from operating activities:
Net profit before tax
Adjustments for:
Depreciation
Loss/(profit) on sale of fixed assets, net
Provision for doubtful debts
Loss/(profit) on sale of current Investments
Amortisation cost of Employee Stock Option
Interest/gurantee expense
Interest/dividend income
Year ended
31-Mar-08
96,383
785
7
171
(155)
418
2,980
(2,110)
Rs mn
Year ended
31-Mar-07
25,402
578
(5,344)
142
(7,709)
3,076
(942)
Operating profit before working capital changes
Adjustments for:
Trade and other receivables(incl Land payments of Rs. 56855 mln for FY 08)
Inventories
Trade and other payables
Taxes paid
98,479
15,203
(69,869)
(38,012)
9,145
(20,010)
(43,885)
(48,004)
18,398
(6,033)
Net cash (used in) / from operating activities
(20,267)
(64,321)
(58,977)
1,937
(9,454)
(66,494)
(12,274)
893
12,432
1,051
25,575
(2,558)
(2,900)
90,495
(7,986)
351
102,977
16,216
48,431
9,498
9,580
(2,902)
(18)
5
64,594
1,324
2,429
18,645
16,216
1,105
2,429
1,324
Cash flow from investing activities:
Sale/Purchases of fixed assets(net)
Interest/Dividend received
Sale/Purchases of Investment(net)
Net cash used in investing activities
Cash flow from financing activities:
Proceeds/(repayment) from long term borrowings (net)
Proceeds from issuance of prefernce shares
Proceeds of short term borrowings (net)
Interest paid
Share premium
Dividend Paid
Increase in share capital
Net cash used in financing activities
Net increase / (decrease) in cash and cash equivalents
Opening cash and cash equivalents
Closing cash and cash equivalents
Net Increase / (decrease)
Difference
8
Profile and Usage of Debt
Rs mn
Total Debt
122,600
Less : Cash in Hand
19,370
Net Debt
103,230
Less : Debt in Non- Core Business
~ Acquisition of Aman / Investements in Hotels
28,000
~ Investment in Power/ Utility Businesses
15,000
Balance Debt in Core (Real estate) Business
43,000
60,230
Less : Self Funding Debts :
~ Receivables from Merrill Lynch
5,400
~ Receivables from DAL
19,360
~ Self Liquidating Loans
6,890
Balance Debt in Core (Real estate) Business
31,650
28,580
Substantial balance sheet strength given the significant embedded value in
unencumbered assets in offices, retail and plots to cover all obligation
9
Homes
Particulars
Q 4 FY 08
Total mn sqft
Super
Mid
Luxury Luxury Income Total
Q 3 FY 08
Total mn sqft
Super
Mid
Luxury Luxury Income Total
Q 2 FY 08
Total mn sqft
Super
Mid
Luxury Luxury Income Total
Q 1 FY 08
Total mn sqft
Super
Mid
Luxury Luxury Income Total
Sales Booked (msf)
Opening Balance
Booked during Qtr
Handed Over
Closing Balance
0.39
0.00
0.00
0.39
5.32
0.23
0.22
5.33
1.13 6.84
7.72 7.95
0.00 0.22
8.85 14.57
0.39
0.00
5.04
0.28
0.00
1.13
5.43
1.41
0.39
0.00
4.93
0.11
0.00
0.00
5.32
0.11
0.00
0.39
4.83
0.10
0.00
0.00
4.83
0.49
0.39
5.32
1.13
6.84
0.39
5.04
0.00
5.43
0.39
4.93
0.00
5.32
Under Construction
Opening Balance
New Launched
Handed Over
Closing Balance
0.00
0.00
0.00
0.00
6.90
0.00
0.22
6.68
0.55 7.45
4.87 4.87
0.00 0.22
5.42 12.10
0.00
0.00
0.00
0.00
8.51
0.00
1.61
6.90
0.00
0.55
0.00
0.55
8.51
0.55
1.61
7.45
0.00
0.00
0.00
0.00
8.51
0.00
0.00
8.51
0.00
0.00
0.00
0.00
8.51
0.00
0.00
8.51
0.00
0.00
0.00
0.00
8.51
0.00
0.00
8.51
0.00
0.00
0.00
0.00
8.51
0.00
0.00
8.51
Wt. Avg. Rate ( Sale Price ) Apt.
Plots
0 10384
0
0
3036
798
3281
798
0
0
8975
0
3556
0
4628
0
0
0
8683
0
0
0
8683
0
14548
0
7636
0
0 13179
0
0
Wt. Avg. Rate ( Sale Price ) Apt.
Plots
Margin ( Per sqft )
0
0
0
1956
393
919
1887
393
1240
0
0
0
1701
0
7274
2064
0
1492
1666
0
2962
0
0
0
1671
0
7012
0
0
0
1671
0
7012
2936
0
11612
1918
0
5718
0 2171
0
0
0 11008
1744
0
8641
10
Homes
Snap Shot Q4 08
S.NO.
City
A
APPARTMENTS
1
2
3
4
KOLKATA
KOCHI
CHENNAI
GURGAON
B
PLOTS
1
INDORE
Bookings *
( in mn sqft)
No.
0.33
0.08
3.63
4.74
156
27
2304
2363
8.78
4850
1.14
463
Gross Sales Price Realised
At Launch
Current
(Rs Per Sq Ft)
(Rs Per Sq Ft)
3,137
4,052
3,180
2,934
3,718
4,168
3,475
2,951
736
870
* Bookings from Jan 1, 2008 till Apr 29, 2008
NOTE
Price includes BSP, PLC, Floor Rise Charges, Parking etc.
Restrictive Clauses included in mid-income homes to discourage speculation :
- One flat per family
- Minimum 1 Year lock-in / Non-transferability
11
Homes
• Homes Sales – success in different price brackets / product mixes across locations
• Luxury Segment: DLF Riverside, Kochi, Phase V
• Mid-Income Segment -- Indore, Chennai, Kolkata and New Gurgaon
• DLF Garden City (OMR ) Chennai- launched in Q4 FY08
• Momentum to continue in the coming quarters, demonstrating strong demand for
mid-income housing
12
Homes: Forthcoming Launches
Chandigarh
Indore
Goa
Bangalore
Chennai
Kakanad
13
Progress - Large Township
•
Manesar: Signed the agreement with Haryana Government for Manesar SEZ
•
Ambala: Signed the agreement with Haryana Government for Ambala SEZ
•
Land acquisition process for both these SEZs is in progress to create integrated
enclaves to cater to different needs of residential, recreational and industrial.
Notification awaited, which would speed up acquisition of land
•
New Goa: Land acquisition started
•
Invested Rs 336 crore for lands at Bidadi and Dankuni
14
Retail– Malls and Commercial Complexes
Q4 FY 08
Total mn sqft
Particulars
Super
Metros Metros Others
Q3 FY 08
Total mn sqft
Total
Super
Metros
Metros
Q2 FY 08
Total mn sqft
Others Total
Super
Metros
Q1 FY 08
Total mn sqft
Metros Others Total
Super
Metros Metros Others
Total
Sales / Leased Booked
Opening Balance
Sales booked during Qtr
Lease booked during Qtr
Handing Over
Closing Balance
4.64
1.01
0.10
0.57
5.18
0.20
0.32
0.00
0.00
0.52
0.29
0.44
0.00
0.00
0.73
5.12
1.77
0.10
0.57
6.42
4.52
0.05
0.07
0.20
0.00
0.00
0.26
0.03
0.00
4.98
0.15
0.00
3.44
1.10
(0.03)
0.20
0.00
0.00
0.27
(0.00)
(0.01)
3.90
1.10
(0.03)
2.80
0.10
0.55
0.15
0.00
0.05
0.27
0.00
0.00
3.21
0.10
0.60
4.64
0.20
0.29
5.12
4.52
0.20
0.26
4.98
3.44
0.20
0.27
3.90
Under Construction
Opening Balance
New Launch / Adjustments
Handing Over
Closing Balance
8.93
(0.49)
0.57
7.87
2.50
0.00
0.00
2.50
0.19
0.75
0.00
0.94
11.62
0.26
0.57
11.31
10.52
(0.80)
0.79
8.93
2.72
(0.22)
0.00
2.50
0.19
0.00
0.00
0.19
13.43
(1.02)
0.79
11.62
11.12
(0.60)
0.00
10.52
1.67
1.06
0.00
2.73
0.19
0.00
0.00
0.19
12.98
0.46
0.00
13.44
10.02
1.10
0.00
11.12
1.53
0.14
0.00
1.67
0.19
0.00
0.00
0.19
11.74
1.24
0.00
12.98
16435
4931
11504
7656
2379
5278
11298
5125
6173
13570
3521
10049
19453
5150
14303
0
0
0
5424
3194
2230
14828
4505
10323
15237
5375
9862
0
0
0
0
0
0
15237
5375
9862
23292
5463
17828
0
0
0
0
0
0
23292
5463
17828
220
8642
0
0
0
0
220
8642
326
9239
0
0
115
2680
321
9091
319
7579
0
0
100
2665
313
7437
132
4003
54
5144
0
0
115
4250
For Sale Buisness
Wt. Avg. Rate (Sale Price in Rs.sqft )
Wt. Avg. Project Cost+Ovh ( Rs.sqft )
Margin
For Lease Business
Wt. Avg. Rate (Lease Price in Rs.sqft )
Wt. Avg. Project Cost ( Rs.sqft )
Strong momentum in both Retail - lease and sale business
15
Commercial Complexes:
New Launches during Q4 FY 08
New Launches during Q408
Projects
Delhi
Hyderabad
Ludhiana
Kolkatta
Total
Launch Current Sale
Price
Price
Unit Booked Total Area Area Booked
Mn Sqft.
Mn Sqft. Rs. Per sq.ft Rs. Per sq.ft
707
1.01
1.01
16,387
All Sold
221
0.31
0.31
12,311
All Sold
100
0.39
0.13
8,974
12000
216
0.41
0.32
7,600
9500
1244
2.12
1.77
16
Forthcoming Launches:
Commercial Complexes & Retail Malls
Amritsar
Delhi
Gurgaon
Noida
Lucknow
Mumbai
Hyderabad
Commercial Complexes
Retail Malls
Retail Projects –
handover
completed in Q4 FY08
17
Offices
Q4 FY 08
Total mn sqft
Particulars
Q3 FY 08
Total mn sqft
Super
Metros Metros Others
Total
Sales / Leased Booked
Opening Balance
Add : Lease Booked during Qtr
Add : Sales Booked during Qtr
Less : Handed Over
Closing Balance
8.60
0.90
1.53
0.71
10.32
2.99
0.08
(0.48)
0.00
2.59
13.41
1.47
1.87
0.71
16.03
8.45
0.35
1.15
1.35
8.60
1.11
0.00
0.70
0.00
1.82
Under Construction
Opening Balance
New Launched / Additions
Handed Over
Closing Balance
19.77 9.10 10.97
(1.13) (0.61) 0.81
0.71 0.00
0.00
17.93 8.49 11.78
39.83
(0.93)
0.71
38.20
14.49
6.63
1.35
19.77
For Sale Business
Wt. Avg. Rate (Sale in Rs.sqft )
Wt. Avg. Project Cost ( Rs.sqft )
Margin
11642
1790
9852
6430
1586
4844
9830
1719
8111
11392
1814
9578
For Lease Business
Wt. Avg. Rate (Lease in Rs.sqft )
Wt. Avg. Project Cost ( Rs.sqft )
76
2066
37
1972
61
2000
65
2222
1.82
0.50
0.81
0.00
3.13
35
1391
Super
Metros Metros Others
Q2 FY 08
Total mn sqft
Total
Super
Metros
1.91
0.59
0.49
0.00
2.99
11.48
0.93
2.35
1.35
13.41
8.34
0.75
0.64
1.28
8.45
9.10
0.00
0.00
9.10
10.84
0.13
0.00
10.97
34.42
6.76
1.35
39.83
6289
1499
4790
6174
1668
4506
30
1391
Metros Others
1.02
Q1 FY 08
Total mn sqft
Total
Super
Metros Metros Others
0.09
0.00
1.11
1.90
0.12
0.86
0.97
1.91
11.27
0.86
1.59
2.24
11.48
5.13
1.09
2.13
11.75
4.02
1.28
14.49
9.10
9.10
8.69
3.11
0.97
10.84
8769
1689
7080
9364
2117
7247
5547
1274
4273
43
1702
61
1897
Total
1.47
0.20
0.24
8.34
1.71
0.13
0.52
1.34
1.02
1.90
8.31
1.41
2.89
1.34
11.27
29.54
7.13
2.24
34.42
10.87
0.88
0.00
11.75
9.44
1.00
1.34
9.10
5.45
3.24
0.00
8.69
25.76
5.12
1.34
29.54
5146
1451
3695
6865
1708
5157
6375
1966
4409
5860
1294
4566
4540
1344
3196
6131
1793
4338
31
1391
57
1832
56
309
41
1796
22
1391
49
1922
Leasing volume and rates continue to show robust growth
18
Offices
Handed Over In Q4 FY08
BUILDING NO. 10-TOWER B,
Cyber City, Gurgaon
Started Construction
IT SEZ, NAGPUR
19
Office - SEZs –- IT/ITES
Sonepat Delhi
Gurgaon Noida
Gandhinagar
Kolkata
Nagpur
Bhubneswar
Pune
IT/ITES SEZs
Notified
Pending Final Approval
Applied For
Hyderabad
7
4
4
Chennai
Notified
Final Approval/Applied For
20
Strong Execution Capability
Construction in progress in 14 cities
Proje cts Unde r Construction
(msf)
62
59
44
Punjab
Sonepat
Delhi
Gurgaon
Uttar
Pradesh
Gandhinagar
Mumbai
De c, 2007
M ar, 2008
Kolkata
Nagpur
BU-wise Area Under Construction
(msf)
Pune
Hyderabad
Offices
38
Homes
12
11
Bangalore
Kochi
M ar, 2007
Chennai
Retail Malls &
Commercial
Complexes
21
Hotels
• 25 projects comprising 4,255 keys under construction in FY09
• 313 keys opening in FY09
- Saket, Delhi: Hilton Garden Inn
- Aman Lodhi, New Delhi
• Opening of Gurgaon Phase III and V clubs (rooms only)
• Project execution commenced for International Convention Centre,
Dwarka (Delhi)
22
Human Resource
Employee count as on March 31, 2008: 3700
QUALIFICATION BREAK-UP FOR JOININGS IN Q4
3%
2 5%
72 %
Total Professional Non-Technical
Total Professional Technical
CLASSIFICATION
Total Professional Non-Technical
Total Professional Technical
Total Non- Professional
GRAND TOTAL
Total Non- Professional
No.
122
42
5
169
%
72.2
24.9
3.0
100.0
23
Our Land Resource
Land Resource as on 31-March-2008
Mn Sqft
Total
Super Metros
Metros
Tier-I
Tier-II
Office
164
64
70
26
5
Retail
92
33
36
14
9
4
4
0
0
0
Luxury
41
33
6
1
0
Mid income /Villas /Plots
432
113
231
73
16
Hotel/ Convention Center/ Service Appts
18
4
2
10
2
751
251
345
123
32
33%
46%
16%
4%
Segment
Super Luxury
,
Grand Total
%
Ownership Status
Mn SqFt.
%
Owned Land
691
92%
JDA / JV
60
8%
Super Metros -- Delhi Metropolitan Region & Mumbai
Metros -- Chennai, Banglore, Kolkata.
Tier I -- Chandigarh, Pune, Goa, Cochin, Nagpur, Hyderabad, Coimbatore & Bhubneshwar
Tier-II -- Vadodra, Ghandhi Nagar, Ludhiana, Amritsar, Jalandhar, Sonipat, Panipat, Lucknow, Indore & Shimla.
24
Comparison of Land Resource Q3 vs Q4
Area in mn sqft
Particulars
Land Reserves as per Q3 FY08 ,
Grand Total Super Metros Metros
Tier-I
Tier-II
748
265
346
106
31
3
(14)
(0)
17
1
751
251
345
123
32
New Acquisitions/ Business Propositions/
Product Mix Change
Land Reserves as per Q4 FY08
25
Land Balance Payable as on FY08
Land Area / Cost Chart
751mn sqft
Large Township
272
Gross Area (Mln.Sq.ft.)
Less :
Area under Construction
Other Land
461
Hotel Land Grand Total
18
751
62
,
Net Land Area (Mln.Sq.ft.)
272
400
18
690
COST (Rs mn)
Total Land cost
Less : Amount Paid
Less : Receivable from Merill
37,860
3,360
179,330
142,550
5,400
19,160
18,590
236,350
164,500
5,400
Balance
34,500
31,380
580
66,450
34,500
22,430
140
57,070
8,950
440
9,390
Break-up : Balance
To Government *
To Private Land Owners
* Balance to Govt. ~ is subject to meeting delivery conditions.
26
Land Balance Payable as on FY08
Rs mn
Total
Super Metros
Metros
Tier-I
Tier-II
Total Land Cost
236360
102320
75190
48360
10490
Less:Amount paid
164500
101030
25180
31110
7180
Balance due
71860
1290
50010
17250
3310
5400
0
5400
0
0
66460
1290
44610
17250
3310
57070
720
42310
12140
1900
(% on total Cost)
24%
1%
56%
25%
18%
b.Payable to Other Land owners
9390
570
2300
5110
1410
4%
1%
3%
11%
13%
Less :from Merill
,
Net payable
Break up of Net Payable
a.Payable to Govt in next few years
(% on total Cost)
Super Metros -- Delhi Metropolitan Region & Mumbai
Metros -- Chennai, Banglore, Kolkata.
Tier I -- Chandigarh, Pune, Goa, Cochin, Nagpur, Hyderabad, Coimbatore & Bhubneshwar
Tier-II -- Vadodra, Ghandhi Nagar, Ludhiana, Amritsar, Jalandhar, Sonipat, Panipat, Lucknow, Indore & Shimla.
27
DAL vs Non DAL Q4 FY08
Jan-08 to Mar-08
DAL
Non-DAL
Total
Particulars
Rs mn
Sales
Less: Cost
18,450
5,460
25,270
11,220
43,720
16,680
PBT
Percentage of Total PBT
12,990
48%
14,050
52%
27,040
100%
Apr-07 to Mar-08
DAL
Non-DAL
Total
Particulars
Rs mn
Sales
Less: Cost
53,450
15,160
91,490
33,370
144,940
48,530
PBT
Percentage of Total PBT
38,290
40%
58,120
60%
96,410
100%
Core real estate business continue to show growing contribution in terms of sales,
lease, execution ramp up and margin contribution. Trend likely to continue in future...
28