Statement Of Profit And Losss Account

For The Year Ended 31 St March 2019

INCOME March - 19 March -18

Revenue From Operations[Gross] 3,090.00 2,854.32
Revenue From Operations [Net] 3,090.00 2,854.32
Other Operating Revenues 205.39 201.59
Total Operating Revenues 3,295.39 3,055.90
Other Income 413.38 747.89
Total Revenue 3,708.77 3,803.79
EXPENSES
Operating And Direct Expenses 1,595.52 1,487.43
Employee Benefit Expenses 197.71 143.88
Finance Costs 739.94 1,023.49
Depreciation And Amortisation Expenses 124.86 131.82
Other Expenses 285.09 351.06
Total Expenses 2,943.13 3,137.68
Mar-19 Mar-18
Profit and loss before extra ordinary item 765.64 666.11
Exceptional Items 0 -120.66
Profit/Loss Before Tax 765.64 545.46
Tax Expenses-Continued Operations
Current Tax 0 0
Less: MAT Credit Entitlement 0 0
Deferred Tax 78.06 191.44
Tax For Earlier Years 0 -11.18
Total Tax Expenses 78.06 180.25
Profit/Loss After Tax And Before ExtraOrdinary Items 687.58 365.2
Prior Period Items 0 0
Profit/Loss From Continuing Operations 687.58 365.2
Profit/Loss For The Period 687.58 365.2
Mar-19 Mar-18
OTHER ADDITIONAL ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 3.85 2.05
Diluted EPS (Rs.) 3.13 1.93
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 142.75 570.9
Tax On Dividend 29.34 72.84
Equity Dividend Rate (%) 100 100
Balance sheet OF DLF as on
31 st march 2019
Particulars March 19 March 18
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 441.44 356.81
Total Share Capital 441.44 356.81
Reserves and Surplus 19,064.13 14,064.93
Total Reserves and Surplus 19,064.13 14,064.93
Money Received Against Share Warrants 750.1 750.1
Employees Stock Options 0 12.94
Total Shareholders Funds 20,255.68 15,184.79
Hybrid/Debt/Other Securities 2,824.25 8,250.00
NON-CURRENT LIABILITIES
Long Term Borrowings 1,999.89 2,689.64
Deferred Tax Liabilities [Net] 0 0
Other Long Term Liabilities 999.53 1,035.13
Long Term Provisions 26.75 23.17
Total Non-Current Liabilities 3,026.17 3,747.94
CURRENT LIABILITIES
Short Term Borrowings 1,378.97 956
Trade Payables 720.8 822.17
Other Current Liabilities 8,931.22 3,968.71
Short Term Provisions 18.29 17.84
Total Current Liabilities 11,049.28 5,764.72
Total Capital And Liabilities 37,155.38 32,947.45
ASSETS
NON-CURRENT ASSETS
Tangible Assets 280.47 309.1
Intangible Assets 157.83 162.72
Capital Work-In-Progress 18.8 15.17
Other Assets 1,273.95 3,469.76
Fixed Assets 1,731.06 3,956.75
Non-Current Investments 9,627.79 9,251.33
Deferred Tax Assets [Net] 3,674.51 1,624.39
Long Term Loans And Advances 457.41 470.75
Other Non-Current Assets 1,428.31 1,227.56
Total Non-Current Assets 16,919.08 16,530.78
CURRENT ASSETS
Current Investments 0 949.6
Inventories 11,357.26 9,731.64
Trade Receivables 170.8 404.91
Cash And Cash Equivalents 3,612.83 1,008.85
Short Term Loans And Advances 2,219.56 2,394.58
OtherCurrentAssets 2,875.84 1,927.09
Total Current Assets 20,236.30 16,416.66
Total Assets 37,155.38 32,947.45

DLF LTD. (DLF) - AUDITORS REPORT

Company auditors report
To the Members of DLF Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statementsof DLF
Limited ("the Company") which comprise the Balance sheet as at 31 March2019 the
Statement of Profit and Loss including the statement of Other ComprehensiveIncome
the Cash Flow Statement and the Statement of Changes in Equity for the year thenended
and notes to the standalone Ind AS financial statements including a summary
ofsignificant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to theexplanations given
to us the aforesaid standalone Ind AS financial statements give theinformation required
by the Companies Act 2013 as amended ("the Act") in themanner so required and give a
true and fair view in conformity with the accountingprinciples generally accepted in
India of the state of affairs of the Company as at 31March 2019 its profit including other
comprehensive income its cash flows and the changesin equity for the year ended on that
date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements inaccordance
with the Standards on Auditing (SAs) as specified under section 143(10) of theAct. Our
responsibilities under those Standards are further described in the‘Auditor's
Responsibilities for the Audit of the Standalone Ind AS FinancialStatements' section of
our report. We are independent of the Company in accordancewith the ‘Code of Ethics'
issued by the Institute of Chartered Accountants ofIndia together with the ethical
requirements that are relevant to our audit of thefinancial statements under the
provisions of the Act and the Rules thereunder and we havefulfilled our other ethical
responsibilities in accordance with these requirements and theCode of Ethics. We believe
that the audit evidence we have obtained is sufficient andappropriate to provide a basis
for our audit opinion on the standalone Ind AS financialstatements.
Emphasis of Matters
We draw attention to Note no. 50 to the Standalone Ind AS financialstatements of the
Company which describes the uncertainty relating to outcome of followinglawsuits filed
against the Company:
a) In a complaint filed against the Company relating to imposing unfairconditions on
buyers the Competition Commission of India has imposed a penalty of र63000 lakhs on
the Company which was upheld by Competition Appellate Tribunal. TheCompany has
filed an appeal which is currently pending with Hon'ble Supreme Court ofIndia and has
deposited र 63000 lakhs as per direction of the Hon'ble SupremeCourt of India.
b) In a writ filed with Hon'ble High Court of Punjab and Haryanathe Company and one
of its subsidiary and a joint venture Company have received judgmentscancelling the sale
deeds of land /removal of structure relating to two IT SEZ/ IT ParkProjects in
Gurugram. The Company and the subsidiary companies filed Special Leavepetitions
(SLPs) challenging the orders which is currently pending with Hon'bleSupreme Court of
India. The Hon'ble Supreme Court has admitted the matters and stayedthe operation of
the impugned judgments till further orders in both the cases.
c) Securities and Exchange Board of India (SEBI) in a complaint filedagainst the
Company imposed certain restrictions on the Company. The Company had receiveda
favorable order against the appeal in said case from Securities Appellate Tribunal(SAT).
SEBI subsequently has filed a statutory appeal which is currently pending beforeHon'ble
Supreme Court. SEBI has also imposed penalties upon the Company some of itsdirectors
officers its three subsidiaries and their directors which has been disposed ofby SAT with
a direction that these appeals will stand automatically revived upon disposalof civil
appeal filed by SEBI against aforementioned SAT judgement. Based on the advice ofthe
external legal counsels no adjustment has been considered in these standalone Ind
ASfinancial statements by the management in respect of above matters. Our report is
notmodified in respect of these matters.
Key Audit Matters
Key audit matters are those matters that in our professional judgmentwere of most
significance in our audit of the standalone Ind AS financial statements forthe financial
year ended 31 March 2019. These matters were addressed in the context of ouraudit of
the standalone Ind AS financial statements as a whole and in forming our
opinionthereon and we do not provide a separate opinion on these matters. For each
matter belowour description of how our audit addressed the matter is provided in that
context. We havedetermined the matters described below to be the key audit matters to
be communicated inour report. We have fulfilled the responsibilities described in the
Auditor'sresponsibilities for the audit of the standalone Ind AS financial statements
section ofour report including in relation to these matters. Accordingly our audit
included theperformance of procedures designed to respond to our assessment of the
risks of materialmisstatement of the standalone Ind AS financial statements. The results
of our auditprocedures including the procedures performed to address the matters below
provide thebasis for our audit opinion on the accompanying standalone Ind AS financial
statements.

Responsibilities of Management and those Charged with Governance forthe

Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5)
of the Act with respect to the preparation of these standaloneInd AS financial statements
that give a true and fair view of the financial positionfinancial performance including
other comprehensive income cash flows and changes inequity of the Company in
accordance with the accounting principles generally accepted inIndia including the
Indian Accounting Standards (Ind AS) specified under section 133 ofthe Act read with
the Companies (Indian Accounting Standards) Rules 2015 as amended.This
responsibility also includes maintenance of adequate accounting records in
accordancewith the provisions of the Act for safeguarding of the assets of the Company
and forpreventing and detecting frauds and other irregularities; selection and application
ofappropriate accounting policies; making judgments and estimates that are reasonable
andprudent; and the design implementation and maintenance of adequate internal
financialcontrols that were operating effectively for ensuring the accuracy and
completeness ofthe accounting records relevant to the preparation and presentation of
the standalone IndAS financial statements that give a true and fair view and are free
from materialmisstatement whether due to fraud or error In preparing the standalone Ind
AS financial statements management isresponsible for assessing the Company's ability to
continue as a going concerndisclosing as applicable matters related to going concern and
using the going concernbasis of accounting unless management either intends to
liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial
reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial

Statements

Our objectives are to obtain reasonable assurance about whether thestandalone Ind AS
financial statements as a whole are free from material misstatementwhether due to fraud
or error and to issue an auditor's report that includes ouropinion. Reasonable assurance
is a high level of assurance but is not a guarantee that anaudit conducted in accordance
with SAs will always detect a material misstatement when itexists. Misstatements can
arise from fraud or error and are considered material ifindividually or in the aggregate
they could reasonably be expected to influence theeconomic decisions of users taken on
the basis of these standalone Ind AS financialstatements.

As part of an audit in accordance with SAs we exercise professionaljudgment and

maintain professional skepticism throughout the audit. We also: Identify andassess the
risks of material misstatement of the standalone Ind AS financial statementswhether due
to fraud or error design and perform audit procedures responsive to thoserisks and obtain
audit evidence that is sufficient and appropriate to provide a basis forour opinion. The
risk of not detecting a material misstatement resulting from fraud ishigher than for one
resulting from error as fraud may involve collusion forgeryintentional omissions
misrepresentations or the override of internal control. Obtain anunderstanding of
internal control relevant to the audit in order to design auditprocedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Actwe are also
responsible for expressing our opinion on whether the Company has adequateinternal
financial controls system in place and the operating effectiveness of suchcontrols.
Evaluate the appropriateness of accounting policies used and the reasonablenessof
accounting estimates and related disclosures made by management. Conclude on
theappropriateness of management's use of the going concern basis of accounting
andbased on the audit evidence obtained whether a material uncertainty exists related
toevents or conditions that may cast significant doubt on the Company's ability
tocontinue as a going concern. If we conclude that a material uncertainty exists we
arerequired to draw attention in our auditor's report to the related disclosures in
thefinancial statements or if such disclosures are inadequate to modify our opinion.
Ourconclusions are based on the audit evidence obtained up to the date of our
auditor'sreport. However future events or conditions may cause the Company to cease to
continue asa going concern. Evaluate the overall presentation structure and content of
thestandalone Ind AS financial statements including the disclosures and whether
thestandalone Ind AS financial statements represent the underlying transactions and
events ina manner that achieves fair presentation. We communicate with those charged
withgovernance regarding among other matters the planned scope and timing of the
audit andsignificant audit findings including any significant deficiencies in internal
controlthat we identify during our audit.

We also provide those charged with governance with a statement that wehave complied
with relevant ethical requirements regarding ind

ependence and to communicatewith them all relationships and other matters that may
reasonably be thought to bear onour independence and where applicable related
safeguards.

From the matters communicated with those charged with governance wedetermine those
matters that were of most significance in the audit of the standalone IndAS financial
statements for the financial year ended 31 March 2019 and are therefore thekey audit
matters. We describe these matters in our auditor's report unless law orregulation
precludes public disclosure about the matter or when in extremely rarecircumstances we
determine that a matter should not be communicated in our report becausethe adverse
consequences of doing so would reasonably be expected to outweigh the publicinterest
benefits of such communication.

Other Matters

We did not audit the financial statements and other financialinformation as regards
Company's share of loss of partnership firm (post tax)amounting to र 211.73 lakhs for
the year ended 31 March 2019 included in theaccompanying standalone Ind AS financial
statements of the Company whose financialstatements and other financial information
have been audited by the other auditors whosereports have been furnished to us and our
opinion in so far as it relates toCompany's share of loss included in respect of the
partnership firm investments isbased solely on the report of such other auditor. The
accompanying standalone Ind ASfinancial statements include unaudited financial
statements and other unaudited financialinformation as regards Company's share in loss
of partnership firm (post tax) र267.26 lakhs for the year ended 31 March 2019. These
unaudited financial statements andother unaudited financial information has been
furnished to us by the management. Ouropinion in so far as it relates to Company's share
of loss in so far as it relatesto Company's share of loss included in respect of the
partnership firm investmentsis based solely on the on such unaudited financial
statements and other financial informationare not material to the Company.

Our opinion above on the standalone Ind AS financial statements and ourreport on
Other Legal and Regulatory Requirements below is not modified in respect of theabove
matters with respect to our reliance on the work done and the reports of the otherauditor
and the financial statements and other financial information certified by
theManagement. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by

the Central Government of India in terms of sub-section(11) of section 143 of the Act we
give in the "Annexure 1" a statement on thematters specified in paragraphs 3 and 4 of the
Order.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best
of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the
Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss including theStatement of Other
Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity
dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financialstatements comply with the
Accounting Standards specified under Section 133 of the Actread with Companies
(Indian Accounting Standards) Rules 2015 as amended;

(e) The matter described in ‘Emphasis of Matters' paragraphabove in our opinion may
have an adverse effect on the functioning of the Company;

(f) On the basis of the written representations received from thedirectors as on 31 March
2019 taken on record by the Board of Directors none of thedirectors is disqualified as on
31 March 2019 from being appointed as a director in termsof Section 164 (2) of the Act;

(g) With respect to the adequacy of the internal financial controlsover financial reporting
of the Company with reference to these standalone Ind ASfinancial statements and the
operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to
this report;

(h) In our opinion the managerial remuneration for the year ended 31March 2019 has
been paid/ provided by the Company to its directors in accordance with theprovisions of
section 197 read with Schedule V to the Act;
(i) With respect to the other matters to be included in theAuditor's Report in accordance
with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our
opinion and to the best of our information and according tothe explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position
in its standalone Ind AS financial statements - Refer Note 50 to thestandalone Ind AS
financial statements;

ii. The Company has made provision as required under the applicablelaw or accounting
standards for material foreseeable losses if any on long-termcontracts including
derivative contracts;

iii. There has been no delay in transferring amounts required to betransferred to the
Investor Education and Protection Fund by the Company.

FOR S.R. BATLIBOI & CO. LLP

CHARTERED ACCOUNTANTS