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					              Reference Model

              Unitech Ltd
Prepared By: Prabhat Kumar, Distance learning Student, Mumbai




                 http://proschoolonline.com
             Email ID : mumbai@proschoolonline.com


                            Mumbai


                      IMS Proschool Pvt Ltd,
                Maharashtra High School Complex,
             Principal N.M Kale Marg, Off Gokhale Rd,
                  Dadar (W), Mumbai 400028
                  Tel. No. : 022-65285393/94
                        +91 9372895050
Unitech Ltd
Consolidated Income Statement

                                             Financial Year 2007 (FY07)                            Financial Yea
               Particulars        June'06   Sept'06     Dec'06    Mar'07   Annual    June'07
                                     Q107     Q207        Q307      Q407     FY07       Q108

Net Sales                            304        431       962     1,591     3,288       871
Operating Expense                    229        289       339       603     1,460       342
Operating Profit                      75        142       623       988     1,828       529

Other Income                          40         10        14        36       100        29
EBIDTA                               115        152       637     1,024     1,928       558

Depreciation                           1          2         2         2         7         3
EBIT                                 114        150       635     1,022     1,921       555

Interest                              14         22        46        47       129        60
PBT                                  100        128       589       975     1,792       495

Extraordinary items                   -         -         -         -         -         -
Tax                                    27        24       210       225       486       105
PAT                                    73       104       379       750     1,306       390

Add : Minority Interest               -         -         -          -        -              (1)

           Unitech Group PAT          73       104       379        750     1,306       389

Basic EPS                            0.90      1.28      4.68       9.26    16.12       4.80
Dilute EPS                           0.90      1.28      4.68       9.26    16.12       4.80

No of shares O/s - Basic             81.0      81.0      81.0       81.0     81.0       81.0
No of shares O/s - Diluted           81.0      81.0      81.0       81.0     81.0       81.0

Adjustments

    Earlier year Tax Adj             -          -         -         -         -          -
    Earlier year profit Adj          -          -         -         (12)      (12)       -
    Last P&L Bal B/f                 146        174       223       377       920        719
Bal Available for Appropriation      219        278       602     1,115     2,214      1,108

APPROPRIATIONS
  Dividend                            -         -         -          41        41        -
  Tax on dividend                     -         -         -           7         7        -
   General Reserve               45     55    225     348     673       10
   Balance c/f to B/S           174    223    377     719   1,493    1,098
                                219    278    602   1,115   2,214    1,108

Checksum                         -      -      -      -       -        -
Transfer to GR - % of profit




Growth Analysis - YOY
   Net Sales                     -      -      -      -       -     187%
   Operating Profit              -      -      -      -       -     605%
   EBITDA                        -      -      -      -       -     385%
   EBIT                          -      -      -      -       -     387%
   PBT                           -      -      -      -       -     395%
   PAT                           -      -      -      -       -     434%
   Unitech Group PAT                                                433%

Margin Analsysis
  Operating Profit             25%    33%    65%    62%     56%     61%
  EBITDA                       38%    35%    66%    64%     59%     64%
  EBIT                         38%    35%    66%    64%     58%     64%
  PBT                          33%    30%    61%    61%     55%     57%
  PAT                          24%    24%    39%    47%     40%     45%
  Unitech Group PAT            24%    24%    39%    47%     40%     45%
 Financial Year 2008 (FY08)                          Financial Year 2009 (FY09)
Sept'07     Dec'07    Mar'08    Annual    June'08   Sept'08     Dec'08 Mar'09 E       Annual
  Q208        Q308      Q408      FY08       Q109     Q209        Q309     Q409 E      FY09 E

    967     1,142     1,160      4,140      1,032       984        489         350      2,855
    494       396       678      1,910        424       373        246         210      1,253
    473       746       482      2,230        608       611        243         140      1,602

     51        23        36        139        23         18         18          30         89
    524       769       518      2,369       631        629        261         170      1,691

      3         6         9         21         7          4          5           3         19
    521       763       509      2,348       624        625        256         167      1,672

     79        98        43        280       108        134         97         110        449
    442       665       466      2,068       516        491        159          57      1,223

    -         -         -          -         -          -          -            -        -
     66       131        97        399        93        130         22           9       254
    376       534       369      1,669       423        361        137          48       969

    -             3       (9)       (7)       -             (1)         (2)     -          (3)

   376       537        360      1,662       423       360         135          48       966

   2.31      3.30       2.22     10.23       2.60      2.22        0.83        0.29      5.94
   2.31      3.30       2.22     10.23       2.60      2.22        0.83        0.29      5.94

  162.5     162.5     162.5      162.5      162.5     162.5       162.5       162.5     162.5
  162.5     162.5     162.5      162.5      162.5     162.5       162.5       162.5     162.5




    -         -          (1)        (1)       -         -           -           -        -
    -         -          37         37        -         -           -           -        -
  1,098     1,464     1,986      5,267      2,318     2,658       2,958       3,071   11,005
  1,474     2,001     2,382      6,965      2,741     3,018       3,093       3,119   11,971


    -         -          41         41        -         -           -           41        41
    -         -           6          6        -         -           -            6         6
    10      15       17      52      83      60       22      -          165
 1,464   1,986    2,318   6,866   2,658   2,958    3,071    3,072     11,759
 1,474   2,001    2,382   6,965   2,741   3,018    3,093    3,119     11,971

   -       -        -       -       -       -        -            0          0




124%     19%     -27%     26%     18%     2%      -57%     -70%       -31%
233%     20%     -51%     22%     15%     29%     -67%     -71%       -28%
245%     21%     -49%     23%     13%     20%     -66%     -67%       -29%
247%     20%     -50%     22%     12%     20%     -66%     -67%       -29%
245%     13%     -52%     15%     4%      11%     -76%     -88%       -41%
262%     41%     -51%     28%     8%      -4%     -74%     -87%       -42%
262%     42%     -52%     27%     9%      -4%     -75%     -87%       -42%


49%      65%     42%      54%     59%     62%     50%      40%        56%
54%      67%     45%      57%     61%     64%     53%      49%        59%
54%      67%     44%      57%     60%     64%     52%      48%        59%
46%      58%     40%      50%     50%     50%     33%      16%        43%
39%      47%     32%      40%     41%     37%     28%      14%        34%
39%      47%     31%      40%     41%     37%     28%      14%        34%
FY10 E    FY11 E    FY12 E    FY13 E    FY14 E



 2,996     3,329     3,595     3,880     4,188
 1,768     1,838     1,911     2,100     2,269
 1,228     1,491     1,683     1,780     1,919

    86        71        59        55        51
 1,314     1,562     1,742     1,835     1,970

    22        25        31        35        41
 1,293     1,538     1,712     1,800     1,929

   338       234       218       250       268
   954     1,304     1,494     1,549     1,662

   -         -         -         -         -
   191       261       299       310       332
   764     1,043     1,195     1,240     1,329

    -         -         -         -         -

   764     1,043     1,195     1,240     1,329

   3.73      4.58      4.93      4.86      5.21
   3.35      4.29      4.69      4.86      5.21

   205       228       243       255       255
   228       243       255       255       255




   -         -         -         -         -
   -         -         -         -         -
 3,072     3,619     4,360     5,198     6,070
 3,836     4,661     5,555     6,438     7,399


    23        36        51        51        51
     3         5         7         7         7
  191     261     299     310     332
3,619   4,360   5,198   6,070   7,009
3,836   4,661   5,555   6,438   7,399

 -       -       -       -       -
 25%     25%     25%     25%     25%




   5%    11%      8%       8%      8%
 -23%    21%     13%       6%      8%
 -22%    19%     12%       5%      7%
 -23%    19%     11%       5%      7%
 -22%    37%     15%       4%      7%
 -21%    37%     15%       4%      7%
 -21%    37%     15%       4%      7%


 41%     45%     47%     46%     46%
 44%     47%     48%     47%     47%
 43%     46%     48%     46%     46%
 32%     39%     42%     40%     40%
 25%     31%     33%     32%     32%
 25%     31%     33%     32%     32%
Unitech Ltd
Consolidated Balance Sheet

                                          Financial Year 2007 (FY07)                       Financial Yea
              Particulars      June'06   Sept'06    Dec'06     Mar'07   Annual   June'07
                                  Q107     Q207       Q307       Q407     FY07      Q108

Source of Fund
Shareholders Fund
   Equity Capital                 162        162       162       162       162       162
   Reserves                       320        424       803     1,832     1,832     2,221
Networth                          482        586       965     1,994     1,994     2,383

Loan Funds
   Secured loan                  1,206     2,697     3,052     3,896     3,896     4,546
   Unsecured loan                   95       114       122       144       144       715
Total Debt                       1,301     2,811     3,174     4,040     4,040     5,261

Minority Interest                  24         24        24          1        1         1
Deferred Liabilities              326        546     1,062      1,579    1,579     1,659
Deferred Tax liability             15         15        15          2        2         2


     Total Capital Employed     2,148     3,982      5,240     7,616     7,616    9,306


Application of Fund
Fixed Asset
   Gross Block                    500        547       660       647       647      759
   Less : Depre                    84         78        63        47        47       50
   Net block                      416        469       597       600       600      709
   Add: Capital WIP               142        157       186       215       215      688

Investments                        98        153       285       455       455      685

Goodwill                           82         82        82       113       113      113

Current asset
   Stock - Material                 61        60        57         50       50        47
   Stock - Completed project         8         8         7          5        5         5
   Project in Progress           3,582     4,147     5,837      8,645    8,645     9,845
   Debtors                         108       113       123        146      146       280
   Cash & Bank                     245     1,393       980      1,023    1,023     1,171
   Loans & Advances                436       586     1,046      1,822    1,822     2,140
   Interest Receivable             -         -         -          -        -         -
   Others                            2         4         9         17       17        17
Total Current Asset          4,442    6,311    8,059   11,708   11,708   13,505

Current Liabilities
   Current Liabilities       3,116    3,316    3,911    4,895    4,895    5,766
   Provisions                  (84)    (126)      58      580      580      628
Total Current Liabilities    3,032    3,190    3,969    5,475    5,475    6,394

Net Current Asset            1,410    3,121    4,090    6,233    6,233    7,111



             Total Assets    2,148    3,982    5,240   7,616    7,616    9,306

   Check Sum                   -        -        -        -        -        -




Reserves
   Opening General Reserve     101      146      201      426     426     1,113
       Addition:                45       55      225      348                10
       Adjustments             -        -        -        339               -
   Closing General Reserve     146      201      426    1,113    1,113    1,123
   P&L Balance                 174      223      377      719      719    1,098
Total Reserve                  320      424      803    1,832    1,832    2,221

Deferred liability
   Opening Balance             106      326      546    1,062    1,062    1,579
   Additions                   220      220      516      517    1,473       80
   Other Adjustment            -        -        -        -        -        -
   Closing Balance             326      546    1,062    1,579    1,579    1,659


Current Liabilty
   Creditors                   547      567      627      731      731      761
   Advance from Customers    2,515    2,687    3,200    4,041    4,041    4,841
   Interest payable              6       11       25       49       49       60
   Others                       48       51       59       74       74      104
Total Current liabilities    3,116    3,316    3,911    4,895    4,895    5,766

CA / CL - Growth Matrix

   Project in Progress
   Debtors
   Loans / Advance
   Creditors
   Advance from Customers
   Others

Fixed Assets
   Opening Gross Block                    453    500    547   660    660     647
     Add : Purchase                        35     35     84    85    239     102
     Less : Gross BV Sale Amt             -      -      -     156    156      10
     Profit/Loss on Sale                  -      -      -       1      1     -
     Add : Transfer from WIP               12     12     29    30     83      20
     Other Adjustment                     -      -      -      28     28     -
   Closing Gross Block                    500    547    660   647    647     759

   Openining Capital WIP                  127    142    157   186    186     215
     Additions                             25     25     55    56    161     493
     Other Adjustment                       2      2      3     3     10     -
     Transfer to Fixed Asset               12     12     29    30     83      20
   Closing Capital WIP                    142    157    186   215    215     688

Depreciation
  Opening Bal                             91      84    78    63      47       47
    Additions                              1       2     2     2                3
    Less for Sold asset                    8       8    17    18              -
  Closing Bal                             84      78    63    47      47       50

Investments
   Opening Bal                            14      98    153   285    285     455
     Add : Purchase                       55      25     70   108    258      90
     Less : BV Sale Amt                    1     -      -     -        1     -
     Profit/Loss on Sale                  30     -      -     -       30     -
     Other Adjustment                     30      30     62    62    184     140
   Closing Bal                            98     153    285   455    455     685


                        Opening Equity     12    162    162   162    162     162
   Equity Issue - Bonus                   150    -      -     -      150     -
   Equity Issue - Face value              -      -      -     -      -       -
   Equity Issue - Premium                 -      -      -     -      -       -
   Application money Recd                 -      -      -     -      -       -
   Equity Buyback - Face value            -      -      -     -      -       -
   Equity Buyback - Premium               -      -      -     -      -       -
Actual Money raised thru equity           -      -      -     -      -       -
                         Closing Equity   162    162    162   162    162     162


   Net Debt issued/redeem                 256   1,510   363   866   2,995   1,221
   Net Discount/Premium                   -       -     -     -       -       -
Actual Money raised / redeemed            256   1,510   363   866   2,995   1,221
Ratio Analysis

Liquidity Ratios
   Current Ratio                 1.47      1.98      2.03      2.14      2.14     2.11
   Cash Ratio

Capital Structure Ratio
   Debt Equity Ratio             3.38      5.73      4.39      2.82      2.82     2.90
   Debt to Total Funds            77%       85%       81%       74%       74%      74%

Coverage Ratio
   Interest Coverage Ratio       8.14      6.82     13.80     21.74     14.89     9.25
   Debt repayment Coverage
   Financial Leverage            1.14      1.17      1.08      1.05      1.07     1.12

Profitability Ratios
   OPM                            25%       33%       65%       62%      56%      61%
   NPM                            24%       24%       39%       47%      40%      45%
   ROCE (TTM)                     -         -         -         -        25%      25%
   RONW (TTM)                     -         -         -         -        65%      68%

Ratio for INVESTORS
               Stock Price        227       350       463       387       387      520
   Market Capitalization       18,387    28,350    37,503    31,347    31,347   42,120
   Market Cap to Sales (TTM)      -         -         -         -         9.5     10.9
   Enterpise Value             19,443    29,768    39,697    34,364    34,364   46,210
   EV / EBIDTA (TTM)              -         -         -         -          18       19
   P/E ratio (TTM)                -         -         -         -        24.0     26.0
   Book Value                        6         7        12        25       25       29
   Price / Book Value               38        48        39        16     15.7     17.7
 Financial Year 2008 (FY08)                        Financial Year 2009 (FY09)
Sept'07     Dec'07    Mar'08   Annual   June'08   Sept'08     Dec'08    Mar'09    Annual
  Q208        Q308      Q408     FY08      Q109     Q209        Q309     Q409 E    FY09 E




    325       325       325       325       325       325        325       325        325
  2,597     3,134     3,275     3,275     3,733     4,128      4,277     4,278      4,278
  2,922     3,459     3,600     3,600     4,058     4,453      4,602     4,603      4,603


  5,180     5,849     6,231     6,231     7,806     8,856     9,364      8,364      8,364
  1,645     2,175     2,321     2,321     2,246     1,746     1,543        536        536
  6,825     8,024     8,552     8,552    10,052    10,602    10,907      8,900      8,900

      1         1       116       116       130       130        130     1,380      1,380
  1,739     1,834     1,914     1,914     1,867     1,827      1,787     1,747      1,747
      2         5         6         6         8        10         13        15         15


11,489    13,323     14,188    14,188   16,115    17,022     17,439    16,645     16,645




    876       993     1,112     1,112     1,602     1,967      2,209     2,159      2,159
     53        59        66        66        78        86         95        98         98
    823       934     1,046     1,046     1,524     1,881      2,114     2,061      2,061
  1,158     1,628     2,098     2,098     2,573     2,933      3,173     3,323      3,323

    915     1,195     1,416     1,416     1,316     1,216      1,099       974       974

    113       113       113       113      425        425       425        425       425


     44        40        37        37        39        41        44         45         45
      5         5         5         5         5         5         5          5          5
 11,245    12,545    13,565    13,565    14,365    14,990    15,318     14,500     14,500
    390       560       746       746       986     1,211     1,345      1,420      1,420
  1,443     1,583     1,408     1,408     1,632     1,604     1,311      1,490      1,490
  2,480     2,740     2,930     2,930     3,090     3,240     3,341      3,400      3,400
    -         -         -         -         -         -         -          -          -
     15        15        15        15        14        13        12         10         10
15,622   17,488   18,706    18,706    20,131    21,104    21,376    20,870    20,870


 6,691    7,486    8,256     8,256     8,781     9,281     9,619     9,870     9,870
   451      549      935       935     1,073     1,256     1,129     1,138     1,138
 7,142    8,035    9,191     9,191     9,854    10,537    10,748    11,008    11,008

 8,480    9,453    9,515     9,515    10,277    10,567    10,628     9,862     9,862



11,489   13,323   14,188    14,188    16,115    17,022    17,439    16,645    16,645

   -        -        -         -         -         -         -         -         -




 1,123    1,133    1,148     1,148       957     1,075     1,170     1,206     1,206
    10       15       17        17        83        60        22       -         -
   -        -       (208)     (208)       35        35        14       -         -
 1,133    1,148      957       957     1,075     1,170     1,206     1,206     1,206
 1,464    1,986    2,318     2,318     2,658     2,958     3,071     3,072     3,072
 2,597    3,134    3,275     3,275     3,733     4,128     4,277     4,278     4,278


 1,659    1,739    1,834     1,834     1,914     1,867     1,827     1,787     1,787
    80       95       80       335       (47)      (40)      (40)      (40)     (167)
   -        -        -         -         -         -         -         -         -
 1,739    1,834    1,914     1,914     1,867     1,827     1,787     1,747     1,747




   791      821      850       850     1,000     1,135     1,210     1,275     1,275
 5,691    6,415    7,112     7,112     7,386     7,599     7,693     7,921     7,921
    75       86      104       104       198       332       429       389       389
   134      164      190       190       197       215       287       285       285
 6,691    7,486    8,256     8,256     8,781     9,281     9,619     9,870     9,870




                               57%                                                7%
                              411%                                               90%
                               61%                                               16%
 759     876      993     993   1,112   1,602   1,967   2,209     2,209
 102     102      103     409     490     365     242     150     1,247
  10      10        9      39     -       -       -       200       200
 -       -        -       -       -       -       -        20        20
  25      25       25      95     -       -       -       -         -
 -       -        -       -       -       -       -       -         -
 876     993    1,112   1,112   1,602   1,967   2,209   2,159     2,159

  688   1,158   1,628   1,628   2,098   2,573   2,933   3,173     3,173
  495     495     495   1,978     475     360     240     150     1,225
  -       -       -       -       -       -       -       -         -
   25      25      25      95     -       -       -       -         -
1,158   1,628   2,098   2,098   2,573   2,933   3,173   3,323     3,323


   50      53     59      66      66      78      86        95      98
    3       6      9               7       4       5         3
  -       -        2              (5)     (4)     (4)      -
   53      59     66      66      78      86      95        98      98


 685      915   1,195   1,195   1,416   1,316   1,216   1,099     1,099
 210      140     181     621     -       -       -       -         -
 120      -       115     235     100     100     117     125       442
  20      -        25      45       1       2       2       (1)       4
 140      140     155     575     -       -       -       -         -
 915    1,195   1,416   1,416   1,316   1,216   1,099     974       974


 162     325     325     325     325     325     325      325      325
 163     -       -       163     -       -       -        -        -
 -       -       -       -       -       -       -        -        -
 -       -       -       -       -       -       -        -        -
 -       -       -       -       -       -       -        -        -
 -       -       -       -       -       -       -        -        -
 -       -       -       -       -       -       -        -        -
 -       -       -       -       -       -       -        -        -
 325     325     325     325     325     325     325      325      325


1,564   1,199    528    4,512   1,500    550     305    (2,007)    348
  -       -      -        -       -      -       -         -       -
1,564   1,199    528    4,512   1,500    550     305    (2,007)    348
  2.19     2.18     2.04     2.04     2.04      2.00      1.99      1.90      1.90




  2.93     2.85     2.91     2.91     2.94      2.79      2.76      2.31      2.31
   75%      74%      74%      74%      75%       74%       73%       70%       70%


  6.59     7.79    11.84     8.39     5.78      4.66      2.64      1.52      3.72

  1.18     1.15     1.09     1.14     1.21      1.27      1.61      2.93      1.37


  49%      65%      42%      54%       59%       62%       50%       40%      56%
  39%      47%      32%      40%       41%       37%       28%       14%      34%
  24%      21%      17%      17%       15%       15%       12%       10%      10%
  65%      59%      46%      46%       42%       38%       28%       21%      21%


   317      488      276      276      171       117        40        34        80
51,513   79,300   44,850   44,850   27,788    19,013     6,500     5,525    13,000
  11.7     17.3     10.8     10.8       6.5       4.4       1.8       1.9      4.6
56,895   85,741   51,994   51,994   36,208    28,011    16,096    12,935    20,410
    21       30       22       22       15        11          8         8       12
  15.1     24.8     21.8     27.0     16.4      11.3        5.1       5.7     13.5
    18       21       22       22       25        27        28        28        28
  17.6     22.9     12.5     12.5       6.8       4.3       1.4       1.2      2.8
FY10 E   FY11 E   FY12 E   FY13 E   FY14 E




   409      455      485      510      510
 6,553    8,414   10,361   12,443   13,714
 6,962    8,869   10,846   12,953   14,224


 5,664    3,764    4,514    5,264    6,014
   336      736      736      736      736
 6,000    4,500    5,250    6,000    6,750

 6,750    7,250    7,250    7,250    7,250
 1,547    1,347    1,147      947      747
    15       15       15       15       15


21,274   21,981   24,508   27,165   28,986




 2,459    3,059    3,509    4,059    4,659
    95      114      143      176      216
 2,364    2,945    3,366    3,883    4,443
 3,873    4,173    4,323    4,473    4,623

   874      774      674      574      474

   425      425      425      425      425


    45       45       45       45       45
     5        5        5        5        5
17,400   19,488   21,437   23,580   25,939
 1,704    1,960    2,058    2,160    2,268
 2,850    1,288    1,813    2,107    1,311
 3,740    4,114    4,320    4,536    4,762
   -        -        -        -        -
    10       10       10       10       10
25,754    26,910    29,687    32,444    34,341


10,839    11,999    12,607    13,260    13,938
 1,178     1,247     1,359     1,374     1,381
12,017    13,246    13,966    14,634    15,319

13,737    13,664    15,720    17,810    19,022



21,274    21,981    24,509    27,165    28,986

     0        (0)        0         0         0




 1,206     2,934     4,055     5,163     6,373
   191       261       299       310       332
 1,537       860       810       900       -
 2,934     4,055     5,163     6,373     6,706
 3,619     4,360     5,198     6,070     7,009
 6,553     8,414    10,361    12,443    13,714


 1,747     1,547     1,347     1,147       947
  (200)     (200)     (200)     (200)     (200)
   -         -         -         -         -
 1,547     1,347     1,147       947       747




 1,466     1,686     1,770     1,859     1,952
 9,109    10,020    10,521    11,047    11,599
   135        94        87       100       107
   128       199       229       254       279
10,839    11,999    12,607    13,260    13,938




   20%       12%       10%       10%       10%
   20%       15%        5%        5%        5%
   10%       10%        5%        5%        5%
   15%       15%        5%        5%        5%
   15%      10%       5%      5%      5%
  -55%      55%      15%     11%     10%


2,159     2,459     3,059   3,509   4,059
  750       500       350     350     350
  700       350       250     150     100
   25         5         2       2       2
  250       450       350     350     350
  -         -         -       -       -
2,459     3,059     3,509   4,059   4,659

3,323     3,873     4,173   4,323   4,473
  800       750       500     500     500
  -         -         -       -       -
  250       450       350     350     350
3,873     4,173     4,323   4,473   4,623


   98        95      114     143     176
   22        25       31      35      41
   25         5        2       2     -
   95       114      143     176     216


  974       874      774     674     574
  -         -        -       -       -
  100       100      100     100     100
   10        15       15      15      15
  -         -        -       -       -
  874       774      674     574     474


  325       409      455     485     510
  -         -        -       -       -
   84        46       30      25     -
1,537       860      810     900     -
  290        90      100     -       -
  -         -        -       -       -
  -         -        -       -       -
1,911       996      940     925     -
  409       455      485     510     510


(2,900)   (1,500)    750     750     750
   -         -       -       -       -
(2,900)   (1,500)    750     750     750
  2.14      2.03      2.13      2.22      2.24




  1.08      0.66      0.59      0.54      0.53
   52%       40%       37%       35%       35%


  3.82      6.57      7.86      7.19      7.20

  1.35      1.18      1.15      1.16      1.16


   41%       45%       47%       46%       46%
   25%       31%       33%       32%       32%
    6%        7%        7%        7%        7%
   11%       12%       11%       10%        9%


    80        80        80        80        80
16,360    18,200    19,400    20,400    20,400
    5.5       5.5       5.4       5.3       4.9
19,510    21,412    22,837    24,293    25,839
    15        14        13        13        13
  21.4      17.5      16.2      16.5      15.3
    34        39        45        51        56
    2.4       2.1       1.8       1.6       1.4
Unitech Ltd
Consolidated Cash Flow Statement

                                                       Financial Year 2007 (FY07)
                Particulars              June'06     Sept'06      Dec'06    Mar'07       Annual
                                            Q107        Q207        Q307      Q407         FY07

A. Cash Flow from operating Activities
Profit Before Tax                           100          128       589        975          1,792
                                                                                             -
Depreciation                                    1            2          2           2           7
Non Cash Item                                -           -              1           1           2
Profit/Loss on sale of fixed asset           -           -          -              (1)         (1)
Profit/Loss on sale of Investment            (30)        -          -          -             (30)
Dividend Income                                (1)         (2)       (2)        (5)          (10)
Interest Income                                (6)         (5)       (7)      (18)           (36)
Interest Expense                              14          22        46         47            129
Special Adjustment                           -           -         -          (12)           (12)
Actual Tax paid                                (2)         (2)       (7)      (13)           (24)
Calculation Adjusment                        -           -         -          -              -
Operating CF before change in WC              76         143       622        976          1,817
                                                                                             -
Change in Stock                                1           1          4          9            15
Change in Project in Progress               (565)       (565)    (1,690)    (2,808)       (5,628)
Change in Debtor                              (5)         (5)       (10)       (23)          (43)
Change in loan /Advance + others            (152)       (152)      (465)      (784)       (1,553)
Change in Current liabilities                200         200        595        984         1,979
Calculation Adjusment                        140         140        425        714         1,419
Change in Working Capital                   (381)       (381)    (1,141)    (1,908)       (3,811)
                                                                                             -

             Cash Flow from operations     (305)        (238)     (519)      (932)       (1,994)
                                                                                             -
                                                                                             -
B. Cash Flow from Investing Activities                                                       -
Purchase of Fixed assets                     (60)        (60)      (139)     (141)          (400)
Sales of Fixed Assets                        -           -          -         157            157
Purchase of Investment                       (55)        (25)       (70)     (108)          (258)
Sale of Investment                            31         -          -         -               31
Dividend Recd                                  1           2          2         5             10
Interest Recd                                  6           5          7        18             36
Purchase of intangible                       -           -          -         (30)           (30)
Dec/(Inc) in share Appl money                -           -          -        (181)          (181)
Calculation Adjustment                       (10)        (10)       (25)      (45)           (90)
      Net Cash Flow from Investing actvity    (87)       (88)    (225)    (325)     (725)

                                                                                     -
C. Cash Flow from financing Activities                                               -
Issue of Equity                               -          -        -        -         -
Issue of Debt                                 256      1,510      363      866     2,995
Dividend Paid                                 -          (19)     -        -         (19)
Interest paid                                   (9)      (17)     (32)     (23)      (81)
Change in Minority Interest                   -          -        -        (20)      (20)
Adj in Security Premium                       -          -        -        477       477
Decrease in deferred liability                -          -        -        -         -


      Net Cash Flow from Financing actvity    247      1,474      331     1,300    3,352




    Net change in Cash (A + B + C)           (145)    1,148      (413)      43      633



Net Cash at beginning of the year            390       245      1,393     980

Net Cash at closing of the year              245      1,393      980     1,023    1,023
              Financial Year 2008 (FY08)                                Financial Year 2009 (FY09)
June'07     Sept'07      Dec'07    Mar'08     Annual      June'08     Sept'08      Dec'08      Mar'09
   Q108        Q208        Q308      Q408       FY08         Q109        Q209         Q309      Q409 E



   495          442       665        466        2,068         516         491         159          57
                                                  -
        3         3            6        9          21             7            4           5         3
    -             1            1        1           3         -            -               1         1
    -           -          -          -           -           -            -           -          (20)
    -           (20)       -          (25)        (45)          (1)         (2)          (2)         1
      (9)         (9)        (6)        (4)       (28)          (5)         (3)          (3)        (2)
    (15)        (16)       (12)         (5)       (48)        (12)          (8)          (8)        (5)
     60          79         98         43         280         108         134           97        110
    -           -          -           37          37         -           -            -          -
      (9)         (9)      (14)         (9)       (41)        (50)        (50)         (30)         (6)
                                                  -                                   (254)
   525          471       738        513        2,247         563         566          (35)       139
                                                  -
      3           3          4          3          13          (2)          (2)         (3)        (1)
 (1,200)     (1,400)    (1,300)    (1,020)     (4,920)       (800)        (625)       (328)       818
   (134)       (110)      (170)      (186)       (600)       (240)        (225)       (134)       (75)
   (318)       (338)      (260)      (190)     (1,106)       (159)        (149)       (100)       (57)
    871         925        795        770       3,361         525          500         338        251
     60          60         70         64         254
   (718)       (860)      (861)      (559)     (2,998)       (676)        (501)      (227)        936
                                                  -

  (193)        (389)     (123)       (46)       (751)        (113)         65        (262)      1,075
                                                  -
                                                  -
                                                  -
   (595)       (597)      (597)     (598)      (2,387)       (965)        (725)       (482)      (300)
     10          10         10          9          39         -            -           -          220
    (90)       (210)      (140)     (181)        (621)        -            -           -          -
    -           140        -         140          280         101          102         119        124
      9           9          6          4          28           5            3           3          2
     15          16         12          5          48          12            8           8          5
    -           -          -         -            -           -            -           -          -
   (180)       (160)      (140)      (91)        (571)       (325)         -           -          -
                                       (3)          (3)
  (831)     (792)     (849)    (715)   (3,187)   (1,172)    (612)    (352)      51



   -         -         -        -         -         -        -        -         -
 1,221     1,564     1,199      528     4,512     1,500      550      305    (2,007)
   -         (47)      -        -         (47)      -        (47)     -         -
   (49)      (64)      (87)     (25)     (225)      (14)     -        -        (150)
   -         -         -         56        56        14      -        -       1,250
   -         -         -          8         8        56       56       56       -
   -         -         -         19        19       (47)     (40)     (40)      (40)


 1,172     1,453     1,112      586     4,323     1,509      519      321     (947)




  148       272       140      (175)     385       224       (28)    (293)     179



1,023     1,171     1,443     1,583              1,408     1,632    1,604    1,311

1,171     1,443     1,583     1,408    1,408     1,632     1,604    1,311    1,490
FY09)
        Annual      FY10 E     FY11 E     FY12 E     FY13 E     FY14 E
         FY09 E



          1,223        954      1,304      1,494      1,549      1,662
            -
             19         22         25         31         35         41
               2       -          -          -          -          -
            (20)       (25)         (5)        (2)        (2)        (2)
              (4)      (10)       (15)       (15)       (15)       (15)
            (13)         (9)        (8)        (7)        (6)        (5)
            (33)       (26)       (23)       (20)       (17)       (14)
            449        338        234        218        250        268
            -          -          -          -          -          -
           (136)      (191)      (261)      (299)      (310)      (332)
           (254)
          1,233      1,054      1,251      1,400      1,485      1,602
            -
              (8)       -          -          -          -          -
           (935)     (2,900)    (2,088)    (1,949)    (2,144)    (2,358)
           (674)       (284)      (256)       (98)      (103)      (108)
           (465)       (340)      (374)      (206)      (216)      (227)
          1,614         969      1,160        609        653        678
            -
           (468)     (2,555)    (1,558)    (1,644)    (1,810)    (2,015)
            -

           765       (1,501)     (307)      (244)      (325)      (414)

            -
            -
            -
         (2,472)     (1,550)    (1,250)     (850)      (850)      (850)
            220         725        355       252        152        102
            -           -          -         -          -          -
            446         110        115       115        115        115
             13           9          8         7          6          5
             33          26         23        20         17         14
            -           -          -         -          -          -
           (325)        -          -         -          -          -
            -
(2,085)    (680)     (749)    (456)    (560)    (614)



   -       1,911       996      940      925      -
   348    (2,900)   (1,500)     750      750      750
   (47)      (47)      (26)     (41)     (58)     (58)
  (164)     (592)     (276)    (224)    (237)    (261)
 1,264     5,370       500      -        -        -
   168       -         -        -        -        -
  (167)     (200)     (200)    (200)    (200)    (200)


 1,402    3,542      (506)    1,225    1,180     231




   82     1,360     (1,562)    524      295     (796)




          1,490     2,850     1,288    1,813    2,107

1,490     2,850     1,288     1,813    2,107    1,311
Unitech Ltd
Debt Schedule

                                                               Financial Year 2007 (FY07)
              Particulars                  June'06       Sept'06        Dec'06        Mar'07
                                              Q107           Q207            Q307         Q407

Secured loan
   9.05% NCD                                     -             -                  100      100
   9.35% NCD                                     -             500                500      500
   10.50% NCD                                    -             -                  -        -
   11.50% NCD                                    -             -                  -        -
   12.25% NCD                                    -             -                  -        -
Total Debenture                                  -             500                600      600

   Bank loan                                     756         1,456               1,556   2,169
   Foreign Currency loan                           2           -                   -       -
   Institutional loan                            411           711                 866   1,097
   Advance taken ***                              37            30                  30      30
Total Secured Debt                             1,206         2,697               3,052   3,896


UnSecured Loans
   Fixed Deposits                                 46             48                 51      54
   Commerical Papers                             -              -                  -       -
   Bank loans                                    -              -                  -       -
   Other Loans                                    49             66                 71      90
Total UnSecured Debt                              95           114                122      144




             Total Debt                       1,301          2,811           3,174       4,040



*** - Should have been treated as Current liabilities but has been included in




Borrowing / Repayment Details

Secured loan
   9.05% NCD                                     -             -                  100      -
   9.35% NCD                                     -             500                -        -
   10.50% NCD              -         -      -       -
   11.50% NCD              -         -      -       -
   12.25% NCD              -         -      -       -
Total Debenture            -         500    100     -

   Bank loan               150       700    100     613
   Foreign Currency loan   -          (2)   -       -
   Institutional loan      100       300    155     231
   Advance taken ***       -          (7)   -       -
Total Secured Debt         250     1,491    355     844

UnSecured Loans
   Fixed Deposits              1       2        3       3
   Commerical Papers       -         -      -       -
   Bank loans              -         -      -       -
   Other Loans                 5      17        5    19
Total Un Secured Debt          6      19        8    22


Total                      256     1,510    363     866
Y07)                               Financial Year 2008 (FY08)                               Financial Yea
       Annual     June'07     Sept'07          Dec'07       Mar'08    Annual      June'08
           FY07        Q108        Q208             Q308       Q408       FY08       Q109



            100        100          100            -           -           -         -
            500        500          400            -           -           -         -
            -          175          375            400         400         400       400
            -           25           25             25          25          25        25
            -          -             25             25         100         100       100
            600        800          925            450         525         525       525

          2,169       2,549       2,899          3,294       3,538       3,538      4,788
            -           -           -              599         599         599        799
          1,097       1,167       1,347          1,497       1,560       1,560      1,685
             30          30           9              9           9           9          9
          3,896       4,546       5,180          5,849       6,231       6,231      7,806



             54         50           46             42          38          38         38
            -          400        1,100          1,400       1,400       1,400      1,000
            -          175          385            595         685         685        885
             90         90          114            138         198         198        323

            144        715        1,645          2,175       2,321       2,321      2,246




          4,040      5,261        6,825          8,024       8,552       8,552    10,052




            100         -           -             (100)         -         (100)       -
            500         -          (100)          (400)         -         (500)       -
  -         175       200       25    -        400      -
  -          25       -        -      -         25      -
            -          25      -       75      100      -
  600       200       125     (475)    75      (75)     -

1,563       380       350      395    244    1,369    1,250
   (2)      -         -        599    -        599      200
  786        70       180      150     63      463      125
   (7)      -         (21)     -      -        (21)     -
2,940       650       634      669    382    2,335    1,575



      9       (4)      (4)      (4)    (4)     (16)     -
  -         400       700      300    -      1,400     (400)
  -         175       210      210     90      685      200
   46       -          24       24     60      108      125
   55       571       930      530    146    2,177      (75)


2,995     1,221     1,564    1,199    528    4,512    1,500
 Financial Year 2009 (FY09)
Sept'08     Dec'08    Mar'09    Annual    FY10 E   FY11 E   FY12 E   FY13 E   FY14 E
  Q209        Q309     Q409 E    FY09 E



    -         -          -         -          -        -        -        -        -
    -         -          -         -          -        -        -        -        -
    400       400        225       225        -        -        -        -        -
     25        25        -         -          -        -        -        -        -
    100       100        100       100        -        -        -        -        -
    525       525        325       325        -        -        -        -        -

  5,588      5,896     5,096      5,096    3,346    2,346    2,846    3,346    3,996
    949      1,049     1,049      1,049      674      374      -        -        -
  1,785      1,885     1,885      1,885    1,635    1,035    1,659    1,909    2,009
      9          9         9          9        9        9        9        9        9
  8,856      9,364     8,364      8,364    5,664    3,764    4,514    5,264    6,014



     38         38        38        38       -        -        -        -        -
    300        -         -         -         -        -        -        -        -
    985      1,007       -         -         -        500      600      736      736
    423        498       498       498       336      236      136      -        -

  1,746      1,543       536       536       336      736      736      736      736




10,602     10,907      8,900     8,900     6,000    4,500    5,250    6,000    6,750




    -          -          -         -         -        -        -        -        -
    -          -          -         -         -        -        -        -        -
  -      -        (175)    (175)     (225)       -       -       -      -
  -      -         (25)     (25)      -          -       -       -      -
  -      -         -        -        (100)       -       -       -      -
  -      -        (200)    (200)     (325)       -       -       -      -

  800   308       (800)   1,558     (1,750)   (1,000)    500    500     650
  150   100        -        450       (375)     (300)   (374)   -       -
  100   100        -        325       (250)     (600)    624    250     100
  -     -          -        -          -         -       -      -       -
1,050   508     (1,000)   2,133     (2,700)   (1,900)    750    750     750



 -       -         -         -        (38)      -        -       -      -
(700)   (300)      -      (1,400)     -         -        -       -      -
 100      22    (1,007)     (685)     -         500      100     136    -
 100      75       -         300     (162)     (100)    (100)   (136)   -
(500)   (203)   (1,007)   (1,785)    (200)      400      -       -      -


 550    305     (2,007)     348     (2,900)   (1,500)   750     750     750
Unitech Ltd
VALUATION ANALYSIS


Growth Assumption                                                         Enterprise Value
Long Term GDP Growth                            8%                        Current Market Price
                                                                          Diluted Shares
CAPM Assumption                                                           Market Cap
Cost of Equity Ke                              22%                        Total Debt
5 year govt bond Rate                           6%                        Cash
Beta                                           1.99                       Net Debt
Sensex Return in last 3 yrs                    14%                        Enterprise Value

Debt / Equity Wegitage
Equity Weightage                               69%                        Weigted Cost of Equity
Debt Weightage                                 31%                        Weighted Cost of Debt
Cost of Debt                                    4%
Tax Rate                                       21%                        WACC


Calculation of Free Cash Flow to Firm (FCFF)

                                           FY08       FY09 E    FY10 E       FY11 E     FY12 E         FY13 E

Net operating profit after tax            1,810       1,329      1,016        1,206      1,354          1,435
Add : Depreciation                           21          19         22           25         31             35
Add : Change in Working Capital          (2,998)       (468)    (2,555)      (1,558)    (1,644)        (1,810)
        Operating Cash Flow              (1,167)        880     (1,517)        (327)      (259)          (340)
Less : Capex                              2,387        2,472     1,550        1,250        850            850
           Free Cash Flow                (3,554)      (1,592)   (3,067)      (1,577)    (1,109)        (1,190)

Projection Year                                                      1            2          3             4
Discount Factor                                                   0.86         0.74       0.64          0.55
Present Value of FCF                                            (2,640)      (1,168)      (707)         (653)


Terminal Value
Sum of PV                                (5,168)
Terminal Value                           (8,562)                          Diluted No shares
Enterprise Value                        (13,730)
Less : Net Debt                            7410                           Interinsic Value Per share
Equity Valuation                        (21,140)
 80.00
  204.5
 16360
  8900
  1490
  7410
 23770


   15%
    1%

   16%




FY14 E

  1,546
     41
 (2,015)
   (429)
    850
 (1,279)




  204.5

(103.38)
                                          Financial Summary
                                                                                                     Rs in crore
                              FY07        FY08     FY09 E    FY10 E    FY11 E    FY12 E    FY13 E       FY14 E

P&L Summary
Net Revenue                  3,288        4,140     2,855     2,996     3,329     3,595     3,880        4,188
Operating Profit             1,828        2,230     1,602     1,228     1,491     1,683     1,780        1,919
EBIT                         1,921        2,348     1,672     1,293     1,538     1,712     1,800        1,929
PBT                          1,792        2,068     1,223       954     1,304     1,494     1,549        1,662
PAT                          1,306        1,669       969       764     1,043     1,195     1,240        1,329

Cash Flow Summary
Cash Flow from operations    (1,994)       (751)      765    (1,501)     (307)     (244)     (325)        (414)
Cash Flow from investments     (725)     (3,187)   (2,085)     (680)     (749)     (456)     (560)        (614)
Cash Flow from finance        3,352       4,323     1,402     3,542      (506)    1,225     1,180          231

Net Cash Flow                   633         385        82     1,360    (1,562)      524       295         (796)
Capex                           400       2,387     2,472     1,550     1,250       850       850          850
Free Cash Flow to Firm       (2,869)     (3,554)   (1,592)   (3,067)   (1,577)   (1,109)   (1,190)      (1,279)

Balance Sheet Summary
Equity                         162          325       325       409       455       485       510          510
Reserves                     1,832        3,275     4,278     6,553     8,414    10,361    12,443       13,714
Tota Debt                    4,040        8,552     8,900     6,000     4,500     5,250     6,000        6,750
Other Liabilities            1,582        2,036     3,142     8,312     8,612     8,412     8,212        8,012
Capital Employed             7,616       14,188    16,645    21,274    21,981    24,508    27,165       28,986

Fixed Asset                    600        1,046     2,061   2,364    2,945    3,366    3,883    4,443
Capital WIP                    215        2,098     3,323   3,873    4,173    4,323    4,473    4,623
Investment                     455        1,416       974     874      774      674      574      474
Goodwill                       113          113       425     425      425      425      425      425
Net Current Asset             6233         9515      9862 13737.47 13664.15 15720.39 17810.08 19021.91
                             7,616       14,188    16,645  21,274   21,981   24,509   27,165   28,986

Growth Summary (YOY)
Sales                                -      26%      -31%        5%      11%        8%         8%           8%
Operating Profit                     -      22%      -28%      -23%      21%       13%         6%           8%
EBIT                                 -      22%      -29%      -23%      19%       11%         5%           7%
Net Profit                           -      28%      -42%      -21%      37%       15%         4%           7%
EPS                                  -     -37%      -42%      -37%      23%        8%        -1%           7%

Ratio Analysis
OPM                            56%          54%       56%       41%       45%       47%       46%          46%
NPM                            40%          40%       34%       25%       31%       33%       32%          32%
ROCE                           25%          17%       10%        6%        7%        7%        7%           7%
RONW                           65%          46%       21%       11%       12%       11%       10%           9%
Debt Equity Ratio             2.82         2.91      2.31      1.08      0.66      0.59      0.54         0.53
Dividend payout Ratio           3%           2%        4%        3%        3%        4%        4%           4%

Per share Data
EPS - Basic                  16.12        10.23      5.94      3.73      4.58      4.93      4.86         5.21
EPS - Diluted                16.12        10.23      5.94      3.35      4.29      4.69      4.86         5.21
Book Value                       25           22        28        34        39        45        51           56
Dividend Per share             0.50         0.25      0.20      0.10      0.15      0.20      0.20         0.20
Unitech Ltd
Revenue Drivers

                                                   Financial Year 2007 (FY07)                                 Financial Year
             Particulars              June'06     Sept'06     Dec'06    Mar'07      Annual     June'07
                                         Q107       Q207        Q307      Q407        FY07        Q108

Net Sales Income
   Real Estate                             204        338        851       1,483      2,876        762
   Construction                             55         56         69          75        255         37
   Consultancy                               5          6         10          (4)        17         28
   Hospitality                               2          2          3           2          9          3
   Electrical                               26         15         18          26         85         16
   Others                                   12         14         11           9         46         25
Total Net Sales                            304        431        962       1,591      3,288        871




Other Income
   Profit on sale of Invstmnt **            30         -          -          -           30         -
   Profit on sale of Asset **              -           -          -            1          1         -
   Dividend Income                           1          2           2          5         10          9
   Interest Income ****                      6          5           7         18         36         15
   Other Misc Income                         3          3           5         12         23          5
Total Other Income                          40         10          14         36        100         29




   **** Interest income has been included in other income instead of netting off with interest expense *****
   ** Profit on Sale of Asset/Invesment treated as other income & LOSS on sale of asset/investment treated as Expense. **
   ** No setting off done by company **




Minority interest
   Minority interest                       -           -          -          -          -               (1)
   Share of P&L in Associate               -           -          -          -          -           -
Total Minority Interest                    -           -          -          -          -               (1)




Sales Growth Analysis - YOY
   Real Estate                             -           -          -          -          -         274%
   Construction                            -           -          -          -          -         -33%
   Consultancy                 -         -         -         -         -        460%
   Hospitality                 -         -         -         -         -         50%
   Electrical                  -         -         -         -         -        -38%
   Others                      -         -         -         -         -        108%
Total Net Sales                -         -         -         -         -        187%


Sales Growth Analysis - QOQ
   Real Estate                 -         66%      152%        74%      -         -49%
   Construction                -          2%       23%         9%      -         -51%
   Consultancy                 -         20%       67%      -140%      -        -800%
   Hospitality                 -          0%       50%       -33%      -          50%
   Electrical                  -        -42%       20%        44%      -         -38%
   Others                      -         17%      -21%       -18%      -         178%
Total Net Sales                -         42%      123%        65%      -         -45%


Sales Weightage Analysis
   Real Estate                 67%       78%       88%       93%       87%       87%
   Construction                18%       13%        7%        5%        8%        4%
   Consultancy                  2%        1%        1%        0%        1%        3%
   Hospitality                  1%        0%        0%        0%        0%        0%
   Electrical                   9%        3%        2%        2%        3%        2%
   Others                       4%        3%        1%        1%        1%        3%
                              100%      100%      100%      100%      100%      100%

Other Income Analysis
As % of Closing Investment
   Dividend Income                 1%        1%        1%        1%        2%     1%
   Interest Income                 6%        3%        2%        4%        8%     2%
              Financial Year 2008 (FY08)                               Financial Year 2009 (FY09)
             Sept'07     Dec'07    Mar'08      Annual    June'08     Sept'08     Dec'08     Mar'09    Annual
               Q208        Q308      Q408        FY08       Q109       Q209        Q309      Q409 E    FY09 E



                 830       1,017        994     3,603        914         808       375         270      2,367
                  52          60         64       213         32          19        22          18         91
                  31          31         33       123         25          99        25          20        169
                   2           3          4        12          3           3         4           3         13
                  14           7         30        67         21          21        15          10         67
                  38          24         35       122         37          34        48          29        148
                 967       1,142      1,160     4,140      1,032         984       489         350      2,855




                  20          -          25        45            1           2          2       (1)        4
                 -            -         -         -          -           -          -           20        20
                   9            6         4        28         5            3         3           2        13
                  16           12         5        48        12            8         8           5        33
                   6            5         2        18         5            5         5           4        19
                  51           23        36       139        23           18        18          30        89




expense *****
ment treated as Expense. **




                     (1)          1     (12)      (13)       -               (1)        (3)     -          (4)
                      1           2       3         6        -           -               1      -           1
                 -                3      (9)       (7)       -               (1)        (2)     -          (3)




                146%           20%     -33%       25%        20%         -3%       -63%        -73%      -34%
                 -7%          -13%     -15%      -16%       -14%        -63%       -63%        -72%      -57%
417%   210%   -925%   624%   -11%   219%   -19%   -39%      37%
  0%     0%    100%    33%     0%    50%    33%   -25%       8%
 -7%   -61%     15%   -21%    31%    50%   114%   -67%       0%
171%   118%    289%   165%    48%   -11%   100%   -17%      21%
124%    19%    -27%    26%    18%     2%   -57%   -70%     -31%




  9%    23%    -2%     25%    -8%   -12%   -54%   -28%   -34%
 41%    15%     7%    -16%   -50%   -41%    16%   -18%   -57%
 11%     0%     6%    624%   -24%   296%   -75%   -20%   37%
-33%    50%    33%     33%   -25%     0%    33%   -25%    8%
-13%   -50%   329%    -21%   -30%     0%   -29%   -33%    0%
 52%   -37%    46%    165%     6%    -8%    41%   -40%   21%
 11%    18%     2%     26%   -11%    -5%   -50%   -28%   -31%




 86%    89%    86%     87%    89%    82%    77%    77%     83%
  5%     5%     6%      5%     3%     2%     4%     5%      3%
  3%     3%     3%      3%     2%    10%     5%     6%      6%
  0%     0%     0%      0%     0%     0%     1%     1%      0%
  1%     1%     3%      2%     2%     2%     3%     3%      2%
  4%     2%     3%      3%     4%     3%    10%     8%      5%
100%   100%   100%    100%   100%   100%   100%   100%    100%




 1%     1%      0%     2%     0%     0%     0%     0%       1%
 2%     1%      0%     3%     1%     1%     1%     1%       3%
FY10 E    FY11 E    FY12 E   FY13 E   FY14 E




 2,722     3,130     3,381    3,651    3,943
    59        47        54       60       66
    76        68        68       68       68
     5       -         -        -        -
    30       -         -        -        -
   104        83        91      100      110
 2,996     3,329     3,595    3,880    4,188




    10        15        15       15       15
    25         5         2        2        2
     9         8         7        6        5
    26        23        20       17       14
    16        20        15       15       15
    86        71        59       55       51




    -         -         -        -        -
    -         -         -        -        -
    -         -         -        -        -




    15%       15%       8%       8%       8%
   -35%      -20%      15%      10%      10%
-55%       -10%      0%        0%        0%
-60%      -100%      0%        0%        0%
-55%      -100%      0%        0%        0%
-30%       -20%     10%       10%       10%
  5%        11%      8%        8%        8%




 -         -         -         -         -
 -         -         -         -         -
 -         -         -         -         -
 -         -         -         -         -
 -         -         -         -         -
 -         -         -         -         -




 91%       94%       94%       94%       94%
  2%        1%        2%        2%        2%
  3%        2%        2%        2%        2%
  0%        0%        0%        0%        0%
  1%        0%        0%        0%        0%
  3%        2%        3%        3%        3%
100%      100%      100%      100%      100%




     1%        1%        1%        1%        1%
     3%        3%        3%        3%        3%
Unitech Ltd
Cost Drivers

                                                    Financial Year 2007 (FY07)                                 Financial Year
              Particulars             June'06      Sept'06     Dec'06    Mar'07       Annual      June'07
                                         Q107        Q207        Q307      Q407         FY07         Q108

Operating Expense
  Inc / Dec in Stock in Trade                (3)       -           2           7           6           (7)
  Construction/Project Exp                  46          61        71         129         307          49
  Adjustment Expense                        29          34        39          66         168          10
  Exp - Completed Project                     5          6         7          12          30            6
  Exp - % completion Project               117         148       175         321         761         224
  Employee Expense                          13          14        14          15          56          21
  Other Cash Expense                        22          26        30          52         130          39
  Non Cash Expense                         -           -           1           1           2         -
  Loss on Sale of Asset **                 -           -         -           -           -           -
  Loss on Sale of Invstmnt **              -           -         -           -           -           -
Total Operating Expense                    229         289       339         603       1,460         342



   ** Profit on Sale of Asset/Invesment treated as other income & LOSS on sale of asset/investment treated as Expense. **
   ** No setting off done by company **

Extraordinary Items                        -           -          -          -           -            -

Depreciation Matrix
Depreciation provisions                      1           2         2           2           7           3
    Fixed Assets - Opening                 453         500       547         660         540         647
    Depre %                                 0%          0%        0%          0%          1%          0%

Interest Cost Matrix
Int on Debenture                           -           -           10         12          22          11
Int to Financial Institution                 4           7         11         12          34          12
Interest on Term Loan                        8          12         21         20          61          24
Other Interest Cost                          2           3          4          3          12          13
Total Interest Cost                         14          22         46         47         129          60

Interest Rate Analysis
     Debenture Cost                   #DIV/0! #DIV/0!                 2%         2%          4%           2%
     FI Interest Rate                      1%      2%                 2%         1%          6%           1%
     Term loan Int Rate                    1%      2%                 1%         1%          6%           1%
     Other Int Rate                        2%      2%                 3%         2%          9%           7%
Average Cost of Debt                       1%      2%                 2%         1%          6%           1%
    Opening Debenture             -       -       500     600     550     600
    Opening loan from FI          311     411     711     866     575   1,097
    Opening Term Loan             606     756   1,456   1,556   1,094   2,169
    Other loans                   128     134     144     152     140     174
    Opening Total Debt          1,045   1,301   2,811   3,174   2,083   4,040


Taxation                          27      24     210     225     486     105
   Tax Rate                      27%     19%     36%     23%     27%     21%




Operating Expense Analysis
As % of Sales
   Construction/Project Exp      15%     14%      7%      8%      9%      6%
   Exp - % completion Project    38%     34%     18%     20%     23%     26%
   Salary Expense                 4%      3%      1%      1%      2%      2%
   Other operating Expense       17%     15%      8%      9%     10%      6%
   Total Operating Expense       75%     67%     35%     38%     44%     39%
              Financial Year 2008 (FY08)                                  Financial Year 2009 (FY09)
             Sept'07     Dec'07    Mar'08       Annual      June'08      Sept'08     Dec'08    Mar'09       Annual
               Q208        Q308      Q408         FY08         Q109        Q209        Q309     Q409 E       FY09 E



                 -              (2)     22          13           (3)           (4)     -          -               (7)
                  69           56       93         267          50            45        35         35           165
                  15           12       20          57          10              5        5          5            25
                   9             7      12          34            5          -           5        -              10
                 320          255      429       1,228         285           255       134        105           779
                  24           23       27          95          30            31        26         25           112
                  56           44       74         213          47            41        40         39           167
                   1             1       1           3         -             -           1          1              2
                 -            -        -           -           -             -         -          -             -
                 -            -        -           -           -             -         -          -             -
                 494          396      678       1,910         424           373       246        210         1,253



ment treated as Expense. **


                 -            -        -           -            -            -          -          -            -


                   3            6        9          21            7            4          5          3           19
                 759          876      993         819        1,112        1,602      1,967      2,209        1,723
                  0%           1%       1%          3%           1%           0%         0%         0%           1%


                  15           17        7          50          10            11          9        10            40
                  12           11       10          45          18            22         17        18            75
                  28           32       25         109          45            53         40        45           183
                  24           38        1          76          35            48         31        37           151
                  79           98       43         280         108           134         97       110           449


                     2%           2%       2%          7%           2%           2%         2%         2%           8%
                     1%           1%       1%          4%           1%           1%         1%         1%           4%
                     1%           1%       1%          4%           1%           1%         1%         1%           4%
                     3%           2%       0%          6%           1%           2%         1%         1%           5%
                     2%           1%       1%          5%           1%           1%         1%         1%           4%
  800     925     450     694     525      525      525      525      525
1,167   1,347   1,497   1,277   1,560    1,685    1,785    1,885    1,729
2,549   2,899   3,294   2,728   3,538    4,788    5,588    5,896    4,953
  745   1,654   2,783   1,339   2,929    3,054    2,704    2,601    2,822
5,261   6,825   8,024   6,038   8,552   10,052   10,602   10,907   10,028


  66     131      97     399      93      130       22        9      254
 15%     20%     21%     19%     18%      26%      14%      16%      21%




  7%      5%      8%      6%      5%       5%       7%      10%       6%
 33%     22%     37%     30%     28%      26%      27%      30%      27%
  2%      2%      2%      2%      3%       3%       5%       7%       4%
  8%      5%     11%      8%      6%       4%      10%      13%       7%
 51%     35%     58%     46%     41%      38%      50%      60%      44%
FY10 E   FY11 E   FY12 E   FY13 E   FY14 E




   -        -        -        -        -
   300      333      359      388      419
   -        -        -        -        -
   -        -        -        -        -
 1,049    1,032    1,042    1,164    1,256
   120      140      150      160      175
   300      333      359      388      419
   -        -        -        -        -
   -        -        -        -        -
   -        -        -        -        -
 1,768    1,838    1,911    2,100    2,269




    -        -        -        -        -


    22       25       31       35       41
 2,159    2,459    3,059    3,509    4,059
    1%       1%       1%       1%       1%


    16      -        -        -        -
    88       67       67       89      102
   169      114      104      124      129
    65       53       47       37       37
   338      234      218      250      268


   10%      10%      10%      10%      10%
    5%       5%       5%       5%       5%
    4%       4%       4%       4%       4%
    5%       5%       5%       5%       5%
    4%       4%       5%       5%       4%
                                        For average
  325     -       -       -       -              0
1,885   1,635   1,035   1,659   1,909         2159
5,096   3,346   2,346   2,846   3,346         3096
1,594   1,019   1,119     745     745          745
8,900   6,000   4,500   5,250   6,000         6000


 191     261     299     310     332
 20%     20%     20%     20%     20%




 10%     10%     10%     10%     10%
 35%     31%     29%     30%     30%
  4%      4%      4%      4%      4%
 10%     10%     10%     10%     10%
 59%     55%     53%     54%     54%
No idea why depreciation cost is so low ?

No idea why interest cost is so low ?
I have calculated the interest rate based on the opening debt for the quarter. I am unable to calculate the Cost of Debt.
yearly basis the cost of debenture, cost of term loan, Average cost of debt for the company is working out to be very low a
model, but in actual the cost of debt as stated by company is to the tune of 13~14%
Suddenly for the March'08 quarter, companys interest cost fell drastically although total debt increased for the pe
explanation given by the company on the same

I have tried to create the Cash Flow Statement which automatically make the calculation even for earlier FY07 & FY08. But as
payment / receipt details are not given by company, I have created a sub group adjustments for the difference


Under Cash Flow Statement Company has treated Interest payment as operational activity and not under financing activity.
I have taken as financing activity in my model

In the Balance sheet part of Advance from Customers is taken under Secured loan (Debt). I have also followed according
Model to keep the total debt figure matching with that of company

No setting off of Interest income / Interest Expense is done by company. Interest Income is taken under other Income s
alongwith dividend income etc. In a way its good as we need int paid to calculate the cost of debt

Even Profit & Loss on sale of Fixed asset / Investment is recorded separately. No setting of is done. Moreover Loss on sale
Asset / Investment is included in Operating Expense which is conceptually wrong.

I am unable to understand the Capital Work in progress Account. How and when it is trasferred to Fixed Asset and how to
the actual cash purchase amount of Fixed Asset

I havent prepared the Year to Date Cash Flow Statement as it was not required by the model

I havent taken Telecom busines valuation into consideration as company has already sold majority stake to Telenor and is no
strategic investor. Telenor will manage the day to day operation and being a new company it may take couple of 3~4 year
even. So no benefit expected from this in next 3~4 years

As company follows construction Accounting with Revenue & Cost recognition being followed on % completion basis, the
posted by company are quite erratic and very difficult to make future predictions

The Company‘s inventories comprise property under construction (work-in-progress) and properties constructed that remai
Work-in-progress comprises cost of land, development rights and transferable development rights,
construction/development, cost of materials and services and other expenses related to projects under construction and co
units that remain unsold. Inventories are reflected in the Company‘s balance sheets as ―projects in progress‖ and included in
item ―other current assets‖. Stock in trade represents generally the largest asset item on the Company‘s balance sheet.


Cost Drivers       Construction Cost - Steel + Cement + Wages + TDR
                   Land Acquistion Cost
Revenue Drivers   Infrastructure / Economic growth
                  Residential / Commercial property Demand
                  Real Estate prices
lculate the Cost of Debt. Even on
king out to be very low as per the

bt increased for the period. No


arlier FY07 & FY08. But as full cash
 difference


 under financing activity. However


e also followed accordingly in my


en under other Income seprately,


e. Moreover Loss on sale of Fixed


o Fixed Asset and how to calculate




stake to Telenor and is now only a
 take couple of 3~4 year to break


 % completion basis, the margins


 s constructed that remain unsold.
 development rights, cost of
under construction and completed
  progress‖ and included in the line
pany‘s balance sheet.
Unitech Ltd
Statement

s
                              Financial Year 2007 (FY07)                       Financial Yea
     Particulars   June'06   Sept'06     Dec'06    Mar'07   Annual   June'07
                      Q107     Q207        Q307      Q407     FY07      Q108
 Financial Year 2008 (FY08)                        Financial Year 2009 (FY09)
Sept'07     Dec'07    Mar'08   Annual   June'08   Sept'08     Dec'08    Mar'09   Annual
  Q208        Q308      Q408     FY08      Q109     Q209        Q309      Q409     FY09
FY10 E   FY11 E   FY12 E   FY13 E   FY14 E

				
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