Slide 1: Schedule of Earnings Call cover letter
DLF LIMITED DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel.: (+91-124) 4396000, investor-relations@dlf.in 24th January 2024 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaz
Slide 2: DLF Limited Q3FY24 Results Presentation
DLF Limited Q3FY24 Results Presentation DLF Privana South, Gurugram Artistic impression; not an actual image
Slide 3: Agenda
DLF Cyber Park, Gurugram AGENDA 01 Overview DLF Limited 02 Business Update DCCDL 03 Business Update
Slide 4: DLF Group – Business Overview
DLF Group – Business Overview Residential Offices Retail Other Business Business Apartments/Plotted/ Cyber Cities/Cyber Parks/ Service & Facility IT SEZs/ Management/Hospitality Townships/Low-rise Commercial Parks 76 158+ 340 msf+ 118 msf+ Track Years of experience in Real estate Area developed Deli
Slide 5: Outlook
Outlook Industry Company India’s economic growth journey continues on its upward New products witnessing strong demand momentum; trajectory. Housing demand in CY23 witnessed record levels Premium/Luxury segment continue to exhibit strong growth Strong housing demand momentum to continue backed by Fo
Slide 6: DLF Group– Key Business Priorities
DLF Group– Key Business Priorities Maintaining Leadership position by delivering GOAL Consistent, Competitive & Profitable Growth Value Creation Levers Identified Plan/Actions 1 ▪ Continue scaling-up our product offerings; developing margin accretive products Development ▪ Tapping multiple geographi
Slide 7: Path to Scaling-up
Path to Scaling-up All levers are well placed to drive growth Diversified Launch pipeline Strong Demand Low-cost land bank targeting different Momentum at established locations segments & geographies Strong Enhanced Organizational Balance sheet capabilities Healthy Cash flows Calibrated approach tow
Slide 8: DLF Limited: Business Update
DLF Limited :Business Update DLF Cybercity, Gurugram
Slide 9: New Sales Bookings - Achieved full year guidance in 9M period
New Sales Bookings - Achieved full year guidance in 9M period Highest Quarterly Sales; Strong demand momentum for New Products continues Quarterly Trend 9M Trend ₹ 9,047 cr ₹ 13,316 cr 102% 261% ₹ 6,599 cr ₹ 2,507 cr Q3FY23 Q3FY24 9MFY23 9MFY24 ❑ 3 New Launches during Q3FY24: ❑ Sustained demand mome
Slide 10: DLF Privana South, New Gurugram
DLF Privana South, New Gurugram Consecutive successful launch; 1,113 apartments sold out in record period ❑ Project Size: spread across ~ 25 acres; ~ 4msf ❑ Part of larger development; ✓ Total land size is approx. 116 acres ✓ DLF Privana South is 1st Phase of this development ❑ Location: Sector 76/7
Slide 11: The Valley Orchard, Panchkula
The Valley Orchard, Panchkula Second successful launch in the region ❑ Project Size: spread across ~ 15 acres; ~ 1msf (512 units) ❑ Location: Panchkula ❑ Sales Potential: ~ Rs 1,000 crore ❑ ~82% Project sold out ❑ Average Realization: ~Rs 9,000 psf Artistic impression; not an actual image 10
Slide 12: Central 67- Sector 67, Gurugram
Central 67- Sector 67, Gurugram Successful SCO plots launch in the region ❑ Project Size: ✓ spread across ~ 8.7 acres; ✓ ~ 14,600 sq. yards (75 units) ❑ Location: Sector 67, Gurugram ❑ Sales Potential: ~ Rs 710 crore ❑ ~100% Project sold out ❑ Average Realization: ~Rs 5 lakh/ sq. yards Artistic impr
Slide 13: Strategically located land bank at low carrying cost
Development Potential Strategically located land bank at low carrying cost; will enable steady & sustainable growth Location Development Potential1 (in msf) Gurgaon 104 DLF 5/DLF City 24 New Gurgaon 81 Delhi Metropolitan Region 13 Chennai 12 Hyderabad 3 Chandigarh Tri-City Region 16 Kolkata 2 Mahara
Slide 14: Launch Calendar (New Products)
Launch Calendar (New Products) Launched products continue to enhance value; Timing of Luxury launches deferred slightly, however significant value enhancement expected Launched till Estimated Total Planned Initial Guidance Beyond FY 25 FY 22-23 FY 23-24 Till FY23-24 FY 25 Project Sales Sales Sales S
Slide 15: Residual Gross Margin as on 31.12.2023
Residual Gross Margin as on 31.12.2023 Well poised for healthy margin recognition across next few years Gross Margin to be Gross Margin to be Gross Margin Movement recognized recognized Project from sales done till from Inventory as on 31st Dec-2023 31st Dec-2023 ₹ 13,221 cr Completed Inventory ₹ 10
Slide 16: Healthy mix of completed & launched inventory; receivables
Project Status – as on 31.12.2023 Healthy mix of completed & launched inventory; healthy receivables of Rs 21,186 crore Total Inventory Balance Revenue to Balance Sales Booking Revenue recognized Project Value be recognized Receivable (in Rs crore) (in Rs crore) (in Rs crore) (in Rs crore) (in Rs cr
Slide 17: Project Execution Status: Area Under Development
Project Execution Status : Area Under Development (30 msf by FY24 end) Calibrated scale-up; enhanced focus on timely execution Expected Under Construction New Addition Under Construction Segment Completions 1st Apr'23 FY 23-24 31st Mar'24 FY 23-24 DevCo Luxury* 9.7 4 1.5 12.2 Premium/Value 7.4 1.1 2
Slide 18: Project Execution Status
Project Execution Status DLF City Floors, Gurugram Garden city Floors, New Gurgaon The Arbour, Sector-63, Gurugram One Midtown, New Delhi 17
Slide 19: Project Execution Status
Project Execution Status The Grove, DLF 5, Gurugram The Valley Gardens, Panchkula Aerial View; Excavation works in full swing (65% completed) Aerial View of the site from proposed 45-meter road . Summit Plaza, DLF 5, Gurugram Garden City Enclave, Sector-93, New Gurugram OC received for 136 units; ha
Slide 20: Results highlights – Q3FY24
Results highlights – Q3FY24 Record New Sales bookings; Strong collections leading to improved Net Cash position New Sales Booking Collections Surplus Cashflow Rs 9,047 crore Rs 1,108 crore 261% growth Rs 2,516 crore Highest ever collections Healthy cash flow generation Highest Ever Quarterly sales f
Slide 21: Consolidated Results – Q3FY24
Consolidated Results – Q3FY24 Revenue at Rs 1,644 crore; PAT at Rs 649 crore Y-o-Y growth of 26% ❑ Revenue stood at Rs 1,644 crore, a Y-o-Y growth of 5% ❑ Gross margins at 56% ❑ EBITDA at Rs 633 crore; a Y-o-Y growth of 17% ❑ PAT at Rs 649 crore, Y-o-Y growth of 26%; ❑ Surplus cash from operations a
Slide 22: Consolidated Profit & Loss Q3FY24
Consolidated Profit & Loss Q3FY24 Revenue at Rs 1,644 crore; PAT at Rs 649 crore; Y-o-Y growth of 26% % Change % Change Particular Q3FY24 Q2FY24 Q3FY23 Q-o- Q Y-o-Y Revenue from operations 1,521 1,348 13% 1,495 2% Cost of Sales 664 580 15% 617 8% Gross Margin 857 768 12% 878 (2%) Gross Margin% 56% 5
Slide 23: Consolidated Cash Flow
Consolidated Cash Flow Surplus cash generation from operations remains healthy; Q3: Rs 1,108 cr/9M: Rs 3,282 cr Particulars FY23 FY24 Q1 Q2 Q3 9M Inflow •Collection from Sales 5,293 1,472 2,282 2,425 6,179 • Rental Inflow 357 104 76 90 270 Sub-Total Inflow 5,650 1,575 2,359 2,516 6,449 Outflow •Cons
Slide 24: Net Cash Position – Q3FY24
Net Cash Position – Q3FY24 Net Cash position improved to Rs 1,246 crore Interest Rate Movement 8.40% 8.12% 8.18% 8.11% Particulars Q3FY24 Q2FY24 Q1FY24 7.03% Gross opening debt (3,023) (3,012) (3,068) Debt repaid during quarter 75 - 121 FY21 Exit FY22 Exit FY23 Exit Q2FY24 Q3FY24 New Borrowing durin
Slide 25: Liquidity Position
Liquidity Position Healthy cashflows led to significant improvement in Net cash position Particulars1 Amount (in Rs crore) Net Cash position as on 31.12.2023 1,246 Receivables (including New Products) 19,303 Construction Payables (including New Products) (9,757) Capex (Rental assets ~ 2.5 msf) (786)
Slide 26: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract Particulars As on 31.12.2023 As on 31.03.2023 Non-Current Assets 30,000 28,157 Current Assets 27,807 25,771 Total Assets 57,807 53,928 Equity 38,505 37,692 Non-current Liabilities 5,156 5,051 Current Liabilities 14,145 11,185 Total Liabilities 57,807 53,928 25
Slide 27: Rental Portfolio Snapshot (DLF Limited) – Q3FY24
Rental Portfolio Snapshot (DLF Limited) – Q3FY24 Leasable Leased Weighted Vacant Area WALE GAV Area Area Average rate Building % Leased Area (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs cr) DLF Center, Delhi 0.17 0.16 0.01 94% 372 56 806 DLF5 0.58 0.58 0.0 100% 48 1 739 IT Sez, Kolkata 1.0
Slide 28: DCCDL Business Update
DCCDL Business Update 27 DLF Cybercity, Chennai
Slide 29: Leadership in Energy and Environmental Design (LEED) Journey
Maintaining Leadership position in Safety/Sustainability & Wellness Leadership in Energy and Environmental Design (“LEED”) Journey 2023: U.S. Green Building Council recognizes DLF’s Rental Business as a global partner in leading the transformation & regeneration of the built environment across India
Slide 30: Portfolio Snapshot – Q3FY24
Portfolio Snapshot – Q3FY24 Office Occupancy at 91%; New Products witnessing healthy pre-leasing (91%) Recent SEZ policy amendment expected to improve occupancy levels in the next 3-4 quarters Weighted Average Leasable Area Leased Area Vacant Area % Leased WALE GAV1 Building rate Area (in msf) (in m
Slide 31: Portfolio - Tenant Mix
Portfolio - Tenant Mix Well diversified & balanced portfolio with lower concentration risk Offices: Tenant Mix Retail Tenant Mix Q3FY24 (based on revenue) Q3FY24 (based on leased area) 4% 2% Top 10 Tenants % Top 10 Tenants % 6% Cognizant 4% Cognizant 4% 9% American Express 3% IBM 3% 43% IBM 3% Conce
Slide 32: Development Update
Development Update New Product development remains on track Project Size Project1 Current Status Latest Updates (in msf) ✓ Phase I (Office): 1.7 msf ✓ Phase I: Completed; rentals commenced ✓ Phase II (Office): 2 msf ✓ Phase II: under development; pre-leasing/hard-option DLF Downtown, ~ 12 ✓ Phase II
Slide 33: Development Update
Development Update Actual Status DLF Downtown, Chennai Artist’s impression; Not an actual image Block 2 & 3,DLF Downtown, Gurugram DLF Downtown, Chennai Actual Status Block 4,DLF Downtown, Gurugram Actual Status 32
Slide 34: Result Highlights – Q3FY24
Result Highlights – Q3FY24 Rental income grew by 9% Y-o-Y; driven by steady growth across portfolio Operational Rental Income1 Gross Leasing Portfolio Rs 1,089 crore 39.7 msf 1.1 msf 9% growth y-o-y Office occupancy at 91% Net Debt Rating Sustainability Rating upgraded DLF Cybercity, Chennai is LEED
Slide 35: DCCDL (Consolidated): Q3FY24 Results
DCCDL (Consolidated): Q3FY24 Results Revenue increased by 8% Y-o-Y; PAT at Rs 434 crore; 21% growth ❑ Revenue at Rs 1,476 crore, Y-o-Y increase of 8% ✓ Office rentals witnessing steady growth 6% Y-o-Y; ✓ Retail revenues continue to deliver healthy growth of 21% ✓ Services/other operating income grew
Slide 36: DCCDL (Consolidated): Financial Summary - Q3FY24
DCCDL (Consolidated): Financial Summary - Q3FY24 Revenue up by 8%; PAT at Rs 434 crore; 21% Y-o-Y growth % change % change Particulars Q3FY24 Q2FY24 Q3FY23 Q-o-Q Y-o-Y Rental Income Office 859 857 - 813 6% Retail 229 212 8% 190 21% Service & Other Operating Income 371 374 (1%) 323 15% Other Income 1
Slide 37: DCCDL (Consolidated): Cash Flow Abstract
DCCDL (Consolidated): Cash Flow Abstract Consistent cash flow from operations; Q3FY24 – Rs 589 cr / 9MFY24 – Rs 1,838 cr Particulars FY23 Q1FY24 Q2FY24 Q3FY24 9MFY24 Operating Cash flow before 4,103 1,106 1,112 1,182 3,400 Interest & tax Interest Expense (Net) (1,380) (338) (378) (468) (1,184) Tax (
Slide 38: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 31.12.2023 As on 31.03.2023 Non-Current Assets 29,704 29,408 Current Assets 1,008 2,311 Total Assets 30,712 31,719 Equity 7,171 6,429 Non-current Liabilities 18,017 19,075 Current Liabilities 5,524 6,215 Total Liabilities 30,712 31,719 3
Slide 39: DCCDL (Consolidated): Debt Update – Q3FY24
DCCDL (Consolidated): Debt Update – Q3FY24 Sources Particulars Q1FY24 Q2FY24 Q3FY24 Gross opening debt 20,817 19,295 19,032 Less : Debt repaid during quarter (4,044) (1,393) (834) NCD, 3,501 Diversified Add : New Borrowing during Qtr. 2,522 1,130 671 sources of funding Less : Cash in Hand (967) (1,0
Slide 40: Disclaimer
Disclaimer This presentation contains certain forward-looking statement concerning DLF’s future business prospects and business profitability, which are subject to a number of risks and uncertainties & the actual results could materially differ from those in such forward-looking statements. The risk
Slide 41: Clubhouse at The Camellias, DLF5, Gurugram
Clubhouse at The Camellias, DLF5, Gurugram 40