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					                                                                                                                                       2QFY10 Results Update
                                                                                                                                                     SECTOR: REAL ESTATE




                                                                                                                   Indiabulls Real Estate
 STOCK INFO.               BLOOMBERG
                                                   4 November 2009
 BSE Sensex: 15,912        IBREL IN                                                                                                                              Neutral
                           REUTERS CODE
 S&P CNX: 4,711            INRL.BO                 Previous Recommendation: Neutral                                                                                     Rs242
 Equity Shares (m)                      401.1      Y EA R     N ET SA LES    PA T     EPS           EPS           P/ E    P/ B V     R OE    R OC E       EV /          EV /

 52-Week Range                         298/82          EN D    (RS M )      (RS M )   ( R S)   G R O W T H ( %)   (X)      (X)        ( %)    ( %)      SA LES       EB IT D A

 1,6,12 Rel. Perf. (%)            -3/38/20         3/08A        1,407       3,959     15.4           -              -       -         8.7    10.2          -             -
                                                   3/09A        2,086        295       1.1         -92.6          466.3    1.1        0.5    2.0          28.0           -
 M.Cap. (Rs b)                           97.3
                                                   3/10E        2,010        717       2.8         143.2          112.3    1.2        0.8     1.5         42.0         169.7
 M.Cap. (USD b)                           2.1      3/11E        5,715       1,403      5.4          95.7          50.3     1.2        1.6     2.4         14.8          45.0


       2QFY10 PAT down 41% YoY: Indiabulls Real Estate (IBREL) 2QFY10 revenues were down 84% YoY at Rs132m
       and PAT was down 41% YoY at Rs47m. During 2QFY10, IBREL's operating loss was Rs330m v/s operating loss of
       Rs95m a year earlier. Other income was flat at Rs612m during 2QFY10.
       Listing of power subsidiary unlocks value: The listing of IBREL's power subsidiary, Indiabulls Power (IPL) has
       unlocked the value of its power business. We have valued IBREL's proportionate share of 57.8% in IPL at Rs36b or
       Rs89/share.
       IPIT's rights issue to improve liquidity: Indiabulls Properties Investment Trust (IPIT) issued 1,250m units by way
       of a rights issue in October 2009, priced at SG$0.16/unit, and raised ~SG$200m. The funds raised are likely to be
       used to reduce debt, which was SG$258m as of June 2009.
       Aggressive launch plans: During 1HFY10, IBREL launched ~13.6msf of residential projects, comprising ~5.9msf
       in Mumbai, ~2.6msf in Gujarat, ~1.9msf in Indore, ~1.5msf in Chennai and ~1.5msf in Gurgaon. It has sales of
       ~1.7msf, valued at Rs10.2b, considering an average rate of Rs5,829/sf. During 2QFY10, IBREL launched a premium
       residential project of ~0.5msf at Jupiter Mills, Indiabulls Sky, priced at ~Rs24,000/sf, which has been well received.
       As per our channel checks, about 60% of this project has been sold. The management hopes to launch ~20msf in
       FY10.
       Valuation and view: We have upgraded our NAV for IBREL to Rs261/share v/s Rs182/share earlier, primarily to
       account for value from the power vertical. Our NAV does not include potential upsides from (i) additional ~1.5msf
       development at the Mumbai projects, and (ii) potential value addition from the Mantralaya re-development project.
       IBREL trades at 1.2x FY11E BV of Rs206 and 4% discount to FY11E NAV of Rs261/share. We expect IBREL to
       trade at NAV. Maintain Neutral.
 Q U A R T ER LY PER F O R M A N C E                                                                                                                             ( R s M illio n)

 Y / E M ARCH                                                     FY 0 9                                                            F Y 10            FY 0 9            F Y 10 E

                                                 1Q              2Q             3Q               4Q                  1Q               2Q
 Sales                                            97            816            389                784                46               132             2,086              2,010
    Change (%)                                  51.1          222.8            3.0              14.9              -52.2             -83.8              48.3               -3.7
 Total Expenditure                                84            911            561             1,101                 78               462             2,656              1,513
 EBITDA                                           13            -95           -171              -317                -32              -330              -570                497
    As % of Sales                               13.8          -11.7          -43.9             -40.4              -68.8            -248.8             -27.3               24.7
 Depreciation                                      6             26             26                 50                 7                31               108                 42
 Interest                                        141             80             10                 13               200                21               244                733
 Other Income                                    238            623            563                890               301               612             2,313              1,272
 PBT                                             104            421            356                509                63               231             1,390                994
 Tax                                              36            162            177                323                 3               132               698                277
    Effective Tax Rate (%)                      34.5           38.6           49.6              63.4                5.1              57.1              50.2               27.9
 Minority Interest                                -1            178             66                154                 0                52               398                  0
 Reported PAT                                     69             80            113                 32                60                47               295                717
    Change (%)                                  -2.1          -76.6          -96.3               -                -13.7             -41.4             -92.6              143.2
 Adj. PAT                                         69             80            113                 32                60                47               295                717
    Change (%)                                  -2.1          -76.6          -96.3             -93.4              -13.7             -41.4             -92.6              143.2
 E: MOSL Estimates

Siddharth Bothra (SBothra@MotilalOswal.com);Tel:+9122 39825407/ Mansi Trivedi (Mansi.Trivedi@MotilalOswal.com); ;Tel:+9122 39825430
                                                                                                     Indiabulls Real Estate



                  PAT down 41% YoY
                  IBREL's 2QFY10 revenues were down 84% YoY at Rs132m and PAT was down 41%
                  YoY at Rs47m. During 2QFY10, IBREL's operating loss was Rs330m v/s operating loss
                  of Rs95m in 2QFY09. Other income was flat at Rs612m during 2QFY10.


                  Listing of power subsidiary unlocks power value
                  The listing of IBREL's power subsidiary, Indiabulls Power (IPL) has led to unlocking of
                  value of its power business. We have valued IBREL's proportionate share of 57.8% in
                  IPL at Rs36b or Rs89/share.

                  IPL'S PROJECT PORTFOLIO

                  PROJECT            CAPACITY       STAKE         COST       DEBT       EQUITY     FINANCIAL   FUEL      EPC

                                         (MW)         (%)     (RS M)        (RS M)       (RS M)     CLOSURE            AWARD

                  Amravati              1,320         100    68,880        51,660       17,220        Y         Y         Y
                  Nashik                1,335         100    60,480        45,360       15,120        N         Y         N
                  Bhaiyathan            1,320          74    67,960        50,970       16,990        N         Y         Y
                  Amravati Phase 2      1,320         100    55,866        41,900       13,967        N         N         N
                  Chattisgarh           1,320         100    57,338        43,004       14,335        N         N         N
                  Total                 6,615               310,524       232,893       77,631
                                                                                                     Source: Company/MOSL


                  IPL: CAPACITY ADDITION OF 6.6GW BY FY14

                                        AMRAVATI        NASHIK           NASHIK      BHAIYATHAN   AMRAVATI PH-2 CHATTISGARH

                                          (2X660)       (5X135)          (2X330)       (2X660)       (2X660)          (2X660)

                  Plant Capacity          1,320           675             660           1,320         1,320        1,320
                  COD 1st Unit           12-Jun         11-Sep           12-Feb        13-Mar        13-Jun       13-Jun
                  COD 2nd Unit           12-Sep         11-Sep           12-Feb        13-Jun        13-Sep       13-Sep
                  COD 3rd Unit              -           11-Sep              -             -             -            -
                  COD 4th Unit              -           11-Sep              -             -             -            -
                  COD 5th Unit              -           11-Sep              -             -             -            -
                                                                                                      Source: Company/MOSL



                  IPIT's rights issue to improve liquidity
                  Indiabulls Properties Investment Trust (IPIT) has issued 1,250m units by way of a rights
                  issue in October 2009, priced at SG$0.16/unit and raised ~SG$200m. The funds raised
                  are likely to be used to reduce debt, which stood at SG$258m as of June 2009.

                  IBREL launched a premium residential project of ~0.5msf at Jupiter Mills, Indiabulls Sky,
                  priced at ~Rs24,000/sf, which has been well received. As per our channel checks, about
                  60% of this project has already been sold. IBREL had launched the project at Rs22,000/
                  sf and has increased the rate to Rs24,000, an increase of ~9% since its launch. The
                  encouraging response underlines the recovery in the premium residential segment.

                  IPIT trades on the Singapore REIT exchange at SG$0.25/unit (a 75% discount to its issue
                  price), implying market capitalization of SG$0.8b. We have valued IBREL's 45% stake in
                  IPIT at a GAV of Rs25b or Rs61/share (assuming rentals of Rs160/sf/mth, cap rate of
                  11% and a saleable timeline of three years). We value only ~3.4msf v/s its current potential
                  of ~5msf.



4 November 2009                                                                                                                 2
                                                                                                                                           Indiabulls Real Estate



                  IPIT'S PRICE: 30% LOWER THAN ITS RECENT HIGH


                                                          INDIABULLS PROPERTIES INVESTMENT TRUST (SGD)
                   0.4
                                           Sharp move in price                               0.37
                                           ahead of the QIP issue
                   0.3
                                                                                                         0.27
                                              0.28

                   0.2

                                  0.17                        0.18
                   0.1
                         Dec-08


                                         Jan-09


                                                     Feb-09


                                                                Mar-09




                                                                                    May-09


                                                                                                Jun-09


                                                                                                                Jul-09




                                                                                                                                                         Oct-09


                                                                                                                                                                  Nov-09
                                                                                                                                             Sep-09
                                                                         Apr-09




                                                                                                                                 Aug-09
                                                                                                                                           Source: Company/MOSL



                  Aggressive launch plans
                  During 1HFY10, IBREL launched ~13.6msf of residential projects, comprising ~5.9msf in
                  Mumbai, ~2.6msf in Gujarat, ~1.9msf in Indore, ~1.5msf in Chennai and ~1.5msf in
                  Gurgaon. IBREL sold ~1.7msf, valued at Rs10.2b, considering an average rate of Rs5,829/
                  sf. The management hopes to launch ~20msf in FY10. IBREL also plans to launch, at an
                  opportune time, two IT commercial projects in Gurgaon (3msf) and Panvel (~2.4msf). In
                  August 2009, IBREL emerged as the highest bidder for a project involving the re-
                  development of Mantralaya and adjoining buildings at a total cost of Rs13.8b. In lieu of the
                  re-development, IBREL will receive a four acre plot in Nariman Point for free sale, on a
                  99 year lease. This will result in development of ~1.7msf, considering FSI of 5x and
                  loading of 70%. The project has yet to be formally awarded to IBREL.

                  PROPOSED KEY LAUNCHES IN FY10

                  PROJECT DETAILS                                                     TYPE                 AREA (MSF)                     EXPECTED COMPLETION

                  Riverside, Ahmedabad                                                Residential                        1.5                          Sep-12
                  Indiabulls Greens,New Bombay                                        Residential                        1.1                          Mar-13
                  Lake View Park, Chennai                                             Residential                        0.9                          Mar-13
                  Indiabulls Paramount, sector 104, Gurgaon                           Residential                        2.6                          Mar-13
                  Hillside View, Vishakhapatnam                                       Residential                        0.5                          Mar-13
                  Indiabulls Metropolitan, sector110, Gurgaon                         Residential                        1.5                          Jun-13
                  Indiabulls Orion, sector109, Gurgaon                                Residential                        0.7                          Sep-13
                  Indiabulls City, Sonepat                                            Residential                        1.0                          Dec-13
                  Total                                                                                                  9.8
                                                                                                                                           Source: Company/MOSL


                  LAUNCHES, SALES DURING 1HFY10

                  PROJECT/LOCATION                                                AREA (MSF)                             SOLD (MSF)                       SOLD (%)

                  Mumbai                                                             5.9                                       0.9                     16.1
                  Gujarat - Ahmedabad/Vadodra                                         2.6                                      0.3                     10.8
                  Central India, Indore                                               1.9                                      0.1                      2.7
                  Tamil Nadu, Chennai                                                 1.5                                      0.2                     15.0
                  NCR - Gurgaon                                                       1.5                                      0.2                     13.8
                  Andhra Pradesh, Hyderabad                                          0.3                                       0.0                     10.8
                  Total                                                              13.7                                      1.7                     12.7
                                                                                                                                           Source: Company/MOSL




4 November 2009                                                                                                                                                            3
                                                                                                                   Indiabulls Real Estate



                                   Valuation and view
                                   We have upgraded our NAV for IBREL to Rs261/share v/s Rs182/share earlier, primarily
                                   to account for the value from the power vertical. Our NAV does not include potential
                                   upsides from (i) additional ~1.5msf development at the Mumbai projects, and (ii) potential
                                   value addition from the Mantralaya re-development project. The residential vertical accounts
                                   for 42% of GAV and the commercial and retail verticals account for 34% and 19% of
                                   GAV respectively. IBREL trades at 1.2x FY11E BV of Rs206 and a 4% discount to
                                   FY11E NAV of Rs261/share. We expect IBREL to trade at NAV. Maintain Neutral.

                                   NAV OF RS261/SHARE
                                   NAV CALCULATIONS                   (RS M)           NAV/SHARE           % OF NAV         % OF GAV

                                   Residential                       37,395                93                36                42
                                   Commercial                        30,247                75                29                34
                                   SEZ                                 3,791               9                  4                    4
                                   Retail                            17,055                43                16                19
                                   Pyramid Retail Acquisition           420                1                  0                    0
                                   Gross Asset Value (GAV)           88,907              222                 85                100
                                   Less: Tax                         19,577                49                -19               -22
                                   Add: Net Cash                     19,206                48                18                22
                                   Add: IBPS                         35,517                89                34                40
                                   Less: Minority Interest            11,486               29                -11               -13
                                   Less: Operating Exp                 8,002               20                 -8               -9
                                   Net Asset Value (NAV)            104,566              261                 100               118
                                                                                                                            Source: MOSL

VERTICAL-WISE GAV ANALYSIS                                           CITYWISEGAVANALYSIS



                              Pyramid                                                   Others,
                                                                                        10.9%                            Mumbai,
                               Retail                                  Indore, 2.8%
                                                                                                                         38.4%
                             Acquisition,
                                                   Residential,         Nashik, 4.5%
       Retail, 19                0
                                                       42
                                                                         Chennai,
                                                                          2.9%


     SEZ, 4
                                                                       Navi Mumbai,
                                                                          14.6%

 Commercial,
    34                                                                                                                Delhi NCR,
                                                                               Ahmedabad,       Gurgaon,                8.8%
                                                                                  7.0%           10.1%


                                                                                                                   Source: Company/MOSL



                                   NAV calculation: key assumptions
                                   1) The land bank will be developed over the next 10 years. Depending on the location,
                                      asset type and asset quality, we have assumed selling rates and capitalization rates for
                                      the properties.
                                   2) Stagnant realizations for all cities and all verticals (residential, commercial and retail).
                                   3) Tax rates at corporate level of 33.9% for all projects (excluding SEZs).
                                   4) Average construction period of 24 months for residential projects, 30 months for retail
                                      and 18 months for commercial projects.

4 November 2009                                                                                                                        4
                                                                                        Indiabulls Real Estate



                  What we have not considered
                  Multi-product SEZ at Raigarh: IBREL plans to develop a multi-product SEZ over 6,000
                  acres at Raigarh and has received in-principle approval for it. MIDC has undertaken the
                  task of land acquisition on behalf of the company. Currently, ~1,000 acres of land has been
                  acquired, of which 600 acres is contiguous land. Knight Frank has valued the Raigarh
                  SEZ at Rs108b (IBREL has 87.6% stake after the Dev Property acquisition). We have
                  not included the possible value addition from the Raigarh SEZ as the land acquisition is not
                  yet complete. We shall include the value from this SEZ once the land acquisition is complete
                  and formal approvals, received.

                  Wholesale, multiplex businesses: IBREL plans to enter wholesale formats (based on the
                  model of US-based CostCo) to augment its retail presence. It plans to have 15 stores
                  operational by FY10, with each format covering an area of 0.1msf to 0.15msf. IBREL
                  would be able to leverage the existing network and infrastructure of its recently acquired
                  subsidiary, Pyramid. IBREL has also plans to enter the entertainment segment by setting
                  up multiplexes under the brand name Bulls Eye. As these businesses are in the planning
                  stage and lack clarity, we have not assigned value to them.




4 November 2009                                                                                             5
                                                                                                              Indiabulls Real Estate




Indiabulls Real Estate: an investment profile
Company description                                                Recent developments
IBREL, the de-merged real estate arm of Indiabulls                   The development area at the Jupiter and Elphinstone
Financial Services Ltd (IBFSL), was listed on the Bombay             project has increased from ~3.4msf earlier to ~5msf
Stock Exchange and the National Stock Exchange in March              now, due to an increase in the FSI limit in Mumbai to
2007. It entered the real estate sector in 2005 after it won         4x, as per a new development plan.
two land parcels at auction bids of textile mill land in central     IBREL has launched 13.6msf of residential projects and
Mumbai. The company focuses on the development and                   plans to launch ~20msf of residential projects in FY10.
sale of residential properties in tier I cities like Mumbai,         It has sales of ~1.7msf, valued at Rs10b.
Chennai and the NCR, and on renting commercial property
                                                                   Valuation and view
to be developed in Mumbai.
                                                                      We have upgraded our NAV to Rs261/share v/s Rs182/
                                                                      share earlier, mainly to account for the value from the
Key investment arguments
                                                                      power vertical. IBREL trades at 1.2x FY11E BV of
  IBREL plans to significantly increase its presence in               Rs206 and a 4% discount to FY11E NAV of Rs261/
  high profit segments like commercial offices, retail and            share. We expect IBREL to trade at NAV. Maintain
  SEZs, which have a high yield per acre.                             Neutral.
  IBREL has plans to launch ~10msf of residential projects
  in FY10, primarily in Gurgaon/NCR region (~5.8msf).              Sector view
  IBREL launched ~9.5msf of residential projects in                   The real estate sector seems to be firmly on the path to
  FY09. Since April 2009, IBREL launched ~5msf of                     recovery, following the successful balance sheet
  residential projects.                                               recapitalization by key RE companies and a pick-up in
                                                                      RE activity. We believe key RE companies that have
Key investments risks                                                 successfully completed their recapitalization exercise
  Since IBREL is a relatively new player in the real estate           are well placed to capitalize on the growth phase ahead,
  space, execution of its aggressive development plan                 as they can shift focus to project execution and pursue
  seems to be a challenge.                                            NAV enhancement strategies.


COMPARATIVE VALUATIONS                                             EPS: MOST FORECAST VS CONSENSUS (RS)
                              IBREL         DLF        UNITECH                             MOST            CONSENSUS       VARIATION

P/E (x)           FY10E       112.3         25.0         18.2                         FORECAST             FORECAST           (%)

                  FY11E       50.3          17.7         19.6        FY10                  2.8                4.1            -32.4
P/BV (Rs)         FY10E        1.2           2.3          1.8        FY11                  5.4                7.8            -31.1
                  FY11E        1.2           2.1          1.6
                                                                   TARGET PRICE AND RECOMMENDATION
EV/Sales (x)      FY10E       42.0          11.6          7.0
                                                                     CURRENT           TARGET                UPSIDE         RECO.
                  FY11E       14.8           8.8          7.6
                                                                     PRICE (RS)       PRICE (RS)              (%)
EV/EBITDA (x)     FY10E       169.7         20.5         13.8
                  FY11E       45.0          14.4         16.2          242                 261                7.8           Neutral


                                                                   STOCK PERFORMANCE (1 YEAR)

                                                                                       Indiabulls Real Estate (Rs) - LHS
                                                                                       Rel. to Sensex (%) - RHS
                                                                    310                                                             60
SHAREHOLDING PATTERN (%)
                                                                    250                                                             35
                           SEP-09        JUN-09         SEP-08
                                                                    190                                                             10
Promoter                      16.7          16.7          26.1
                                                                    130                                                             -15
Domestic Inst                  3.8           6.1           0.7
                                                                     70                                                          -40
Foreign                      73.8           68.5          59.7
                                                                      Nov-08      Feb-09          May-09       Aug-09       Nov-09
Others                         5.8           8.6          13.6


4 November 2009                                                                                                                          6
                                                                                                                                        Indiabulls Real Estate



IN C OM E ST A T EM EN T                                    ( R S M ILLION )   R A T IOS

Y / E M ARCH                    2007     2008     2009    2 0 10 E   2 0 11E   Y / E M ARCH                           2007      2008     2009    2 0 10 E   2 0 11E

N e t S a le s                   139     1,407    2,086    2,010     5,715     B a s ic ( R s )
  Change (%)                       -      911       48        -4       184     A djus t e d F D E P S                   0.5      14.9      0.5       2.2       4.8
                                                                               Gro wth (%)                                    3,053.7    -96.5   315.4      123.4
Co nstructio n Expenses            0     1,249    2,227      939     3,022     C o ns o lida t e d F D E P S            0.5      15.4      1.1       2.8       5.4
Staff Co st                       37      177      429       463       500     Gro wth (%)                                    2,732.1    -92.6   143.2       95.7
Office & Site Establis. Exps     107        0        0       111       314     Cash EP S                                0.8      17.0      3.1       1.9       3.7
                                                                               B o o k Value                           64.2     175.4    213.5    204.0     205.9
E B IT D A                         -4      -20    -570       497     1,878     DP S                                     0.0      13.5      7.0       3.0       5.0
  % o f Net Sales                 -3       -1      -27        25        33     P ayo ut (incl. Div. Tax.)               2.7     103.0     77.3     49.3       36.8
Depreciatio n                      8       33      108        42         62
Interest                          53      522      244       733       783     V a lua t io n ( x)
Other Inco me                    316     6,240    2,313    1,272       891     P /E                                   512.5      16.3    466.3    112.3       50.3
P BT                             250     5,665    1,390      994     1,924     Cash P /E                              313.5      14.2     78.0    128.1       66.4
Tax                              119     1,598     698       277       521     EV/EB ITDA                        -7,505.7 -2,336.6      -102.6    169.7       45.0
  Rate (%)                        48       28       50        28         27    EV/Sales                               236.1      32.7     28.0     42.0       14.8
R e po rt e d P A T              131     4,067     692       717     1,403     P rice/B o o k Value                     3.8       1.4      1.1       1.2       1.2
M ino rity Interest                -9      65      398          0          0   Dividend Yield (%)                       0.0       5.6      2.9       1.2       2.1
A djus t e d P A T               140     3,959     295       717     1,403
  Change (%)                       -    2,732      -93      143         96     P ro f it a bilit y R a t io s ( %)
                                                                               Ro E                                     1.0       8.7      0.5       0.8       1.6
B A LA N C E SHEET                                          ( R S M ILLION )   Ro CE                                    1.6      10.2      2.0       1.5       2.4
Y / E M ARCH                    2007     2008     2009    2 0 10 E   2 0 11E
                                                                               Le v e ra ge R a t io
Share Capital                   3,322    1,857    1,890    2,178     2,178
                                                                               Debt/Equity (x)                          0.1       0.1      0.2       0.2       0.2
Reserves                       11,065   38,297   51,601   78,161 78,946
N e t Wo rt h                  14,387   40,154   53,492   80,339 81,124
                                                                               C A SH F LOW ST A T EM EN T                                         ( R S M ILLION )
Lo ans                          1,420    3,783   11,956   15,292 16,292
                                                                               Y / E M ARCH                           2007      2008     2009    2 0 10 E   2 0 11E
C a pit a l E m plo ye d       19,339   60,390   81,696 111,880 113,665
                                                                               P B T befo re EO Items                  250      5,665    1,390      994     1,924
                                                                               A dd : Depreciatio n                      8         33     108        42         62
Gro ss Fixed A ssets             254     1,532    1,688    2,102     3,100
                                                                                      Interest                          53       522      244       733       783
Less: Depreciatio n                8       40      148        42         62
                                                                               Less : Direct Taxes P aid               119      1,598     698       277       521
N e t F ixe d A s s e t s        246     1,493    1,540    2,060     3,038
                                                                               (Inc)/Dec in WC                        2,416 -40,235     -8,018 -16,560      3,857
Capital WIP                        2      724     2,155    2,866     6,600
                                                                               C F f ro m O pe ra t io ns             2,607 -28,125     -6,973 -15,242      5,757
Investments                     5,944     675    12,347   12,347 12,347

                                                                               (Inc)/Dec in FA                        -265     -2,033   -1,695   -1,167     -4,793
C urr. A s s e t s             17,825   78,300   66,502   97,692 108,600
                                                                               (P ur)/Sale o f Investments           -5,944     5,269 -11,672          0          0
Invento ry                      1,993   11,441   17,566   28,130 32,463
                                                                               C F f ro m Inv e s t m e nt s         -6,216     3,236 -13,369    -1,111     -4,689
Debto rs                          59     1,165     878     1,054     1,265
Cash & B ank B alance          12,129   16,218   15,897   28,233 29,061
                                                                               (Inc)/Dec in Netwo rth                14,365   31,224    13,437   26,404           0
Lo ans & A dvances              3,645   49,477   32,160   40,275 45,812
                                                                               (Inc)/Dec in Debt                      1,420     2,363    8,173    3,336     1,000
                                                                               Less : Interest P aid                    53       522      244       733       783
C urre nt Lia b. & P ro v .     4,672   20,998    1,702    3,995 17,934
                                                                                      Dividend P aid                     3      4,067     411       274       457
Credito rs                      4,672   20,998    1,702    3,995 17,934
                                                                               C F f ro m F in. A c t iv it y        15,738   28,933    20,557   28,733      -240
N e t C urre nt A s s e t s    13,153   57,303   64,800   93,697 90,667
A pplic a t io n o f F unds    19,339   60,390   81,696 111,880 113,665
                                                                               Inc / D e c o f C a s h               12,129     4,088     -321   12,336       827
E: M OSL Estimates
                                                                               A dd: B eginning B alance                 0    12,129    16,218   15,897 28,233
                                                                               C lo s ing B a la nc e                12,129   16,218    15,897   28,233 29,061




4 November 2009                                                                                                                                                  7
                                                                                                                                              Indiabulls Real Estate




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