DLF POWER LIMITED          
           
 PROFIT AND LOSS ACCOUNT FOR THE YEAR   ENDED MARCH  31,2004        
           
   Schedule    Year ended    Year ended
       March 31,2004    March 31,2003
       Rs.in lacs    Rs.in lacs
 INCOME          
           
      Revenue from power supply ,projects and other income               8                    11,500.66                     11,175.11
                 ===========              ===========
           
 EXPENDITURE          
      Power and fuel                         1,583.12                       1,320.70
      Generation,construction and other expenses                               9                       4,430.32                       3,346.57
      Miscellaneous expenditure written off                                     -                               30.27
                 ------------------              ------------------
                          6,013.44                       4,697.54
                 ------------------              ------------------
 Profit for the year before finance charges, depreciation           
 and taxation                         5,487.22                       6,477.57
           
      Finance charges                             10                       2,658.59                       3,548.78
      Depreciation                               4                       2,125.41                       1,773.79
           
                 ------------------              ------------------
 Profit for the year before taxation                            703.22                       1,155.00
            
 Provision for taxation          
     Current  tax                              54.06                             90.96
     Deferred tax                                 3.27                               4.81
                 ------------------              ------------------
 Profit after taxation                            645.89                       1,059.23
 Adjustments relating to earlier years:          
      Interest expense          --
      Interest income                                         -  
      Income-tax                                     -                               17.28
                 ------------------              ------------------
                              645.89                       1,041.95
 Brought forward from previous year                         4,499.64                       4,582.69
 Transfer from contingency reserve                                     -                                     -  
                 ------------------              ------------------
                          5,145.53                       5,624.64
 APPROPRIATION          
      Transfer to capital redemption reserve                                     -                         1,000.00
      Proposed dividends           
            Equity shares -interim     #REF!                                   -  
            Equity shares -final     #REF!                                   -  
            Preference shares-interim                                     -      
            (subject to deduction of income-tax)                                     -                            125.00
      Corporate dividend tax     #REF!                                   -  
                 ------------------              ------------------
     Balance carried to the balance sheet                         5,145.53                       4,499.64
                 ==========              ==========
           
 Significant Accounting Policies  &                             11        
  Notes to Accounts          
           
 Per our report attached           
 For S.S.KOTHARI MEHTA  & Co.          
 Chartered Accountants          
           
           
           
 ARUN K TULSIAN  R.S.CHEEMA    C.P.POONACHA     
 Partner  Managing Director  Director(F& C)     
           
           
   DEEPAK SAWHNY   RAJENDRA CHOPRA  
 Place: New Delhi  Sr.General Manager (F)  Company Secretary   
 Date: