Slide 1: Cover letter: Schedule of Earnings Call
DLF LIMITED DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel.: (+91-124) 4396000, investor-relations@dlf.in 13th May 2024 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, B
Slide 2: DLF Limited FY24 Results Presentation
DLF Limited FY24 Results Presentation Privana West, Sector 76/77, Gurugram Artistic impression; not an actual image
Slide 3: Agenda
AGENDA 01 Overview DLF Limited 02 Business Update DCCDL 03 Business Update The Chanakya, New Delhi
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 76 178 ~349 msf ~125 msf Track Years of experience in real Real estate projects Area d
Slide 5: Outlook
Outlook Industry Company Focused approach towards offering new products in India’s economy continues to exhibit robust growth Luxury/Premium segments to target steady growth Housing demand witnessed record levels in 2023; similar momentum trends expected in 2024 Continue to follow prudent strategy o
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 Momentum Low-cost land bank targeting different segments & at established locations geographies Strong Enhanced Organizational Balance sheet capabilities Healthy Cash flows Calibrated approach tow
Slide 8: DLF Limited: Business Update
DLF Limited :Business Update Atrium Place, Gurugram Artistic impression; not an actual image
Slide 9: Consistent delivery in Sales Performance
New Sales Bookings : INR 14,778 crore Consistent delivery in Sales Performance Quarterly Trend Yearly Trend ₹ 8,458 cr ₹ 15,058 cr ₹ 14,778 cr ₹ 1,462 cr Q4FY23 Q4FY24 FY23 FY24 ❑ FY24 Sales Summary: ~ 82% contribution from New Products ❑ Sustained demand momentum for Completed inventory: ✓ DLF Priv
Slide 10: Development Potential: Strategically located land bank
Development Potential Strategically located land bank at low carrying cost; will enable steady & sustainable growth Location Development Potential1 (in msf) Gurgaon 112 DLF 5/DLF City 24 New Gurgaon 88 Delhi Metropolitan Region 13 Chennai 10 Hyderabad 3 Chandigarh Tri-City Region 16 Kolkata 2 Mahara
Slide 11: Launch Calendar (New Products)
Launch Calendar (New Products) Launched products continue to enhance value; FY25 launch pipeline of Rs 36,000 crore Launched Total Planned Beyond Initial Guidance FY 23-24 Till FY23-24 FY 25 FY 25 Project Sales Sales Sales Sales Sales Size Size Size Size Size Potential Potential Potential Potential
Slide 12: Launch Calendar (New Products)
Launch Calendar (New Products) Strong and diversified Launch pipeline for FY25; ❑ Launch area: ~11.6 msf; further increased from earlier guidance of 10 msf ❑ Sales Potential: Rs 36,000 crore increased from Rs 32,000 crore ❑ Healthy Product mix: ✓ Launching products across multiple segments; tapping
Slide 13: Project Addition: Sector-61, Gurugram
Project Addition: Sector-61, Gurugram Sizeable opportunity with Sales Potential in excess of Rs 20,000 crore Project Size Saleable Area Location Map ~29 acres 7.5 msf^ Sales Potential* Location Rs 20,000 crore Sector 61, Gurugram ❑ Excellent location; offering significant growth potential based on p
Slide 14: Summary: Launched Products (as on 31.03.2024)
Summary: Launched Products (as on 31.03.2024) All figures in Rs crore Revenue Balance Revenue Residual Gross Balance Project Sales Booking Inventory recognized to be recognized Margin Receivable The Camellias 11,183 10,431 752 532 279 779 7,656 1,779 5,877 1,991 2,886 206 Independent Floors, Gurugra
Slide 15: 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 Under Construction New Addition Completions Under Construction Segment 1st Apr'23 FY 23-24 FY 23-24 31st Mar'24 DevCo Luxury* 9.7 4 1.5 12.2 Premium/Value 7.4 1.1 2.5 6.1 Co
Slide 16: Arbour, Sector-63, Gurugram
Project Execution Status Arbour, Sector-63, Gurugram Full Site North Zone South Zone 15
Slide 17: The Valley Gardens, Panchkula
Project Execution Status The Valley Gardens, Panchkula 16
Slide 18: Garden City Enclave, Sector-93, Gurugram
Project Execution Status Garden City Enclave, Sector-93, Gurugram 17
Slide 19: Results highlights – Q4 & FY24
Results highlights – Q4 & FY24 New Sales bookings momentum continues; Healthy Cash generation from operations New Sales Booking Collections Operating Cashflow Q4: Rs 1,462 crore Q4: Rs 2,205 crore Q4: Rs 1,105 crore FY24: Rs 14,778 crore FY24: Rs 8,655 crore FY24: Rs 4,385 crore Credit Rating PAT Ca
Slide 20: Consolidated Results – Q4FY24
Consolidated Results – Q4FY24 Revenue at Rs 2,317 crore; PAT at Rs 927 crore Y-o-Y growth of 60% ❑ Revenue stood at Rs 2,317 crore, a Y-o-Y growth of 47% ❑ Gross margins at 60% ❑ EBITDA at Rs 936 crore; a Y-o-Y growth of 81% ❑ PAT at Rs 927 crore, Y-o-Y growth of 60%; ❑ Surplus cash from operations
Slide 21: Consolidated Profit & Loss Q4FY24
Consolidated Profit & Loss Q4FY24 Revenue at Rs 2,317 crore; PAT at Rs 927 crore; Y-o-Y growth of 60% % Change % Change Particular Q4FY24 Q3FY24 Q4FY23 Q-o- Q Y-o-Y Revenue from operations 2,135 1,521 40% 1,456 47% Cost of Sales 862 664 30% 622 39% Gross Margin 1,274 857 49% 835 53% Gross Margin% 60
Slide 22: Consolidated Results – FY24
Consolidated Results – FY24 Revenue at Rs 6,958 crore; PAT at Rs 2,733 crore Y-o-Y growth of 33% ❑ Revenue stood at Rs 6,958 crore, a Y-o-Y growth of 16% ❑ Gross margins at 57% ❑ EBITDA at Rs 2,655 crore; a Y-o-Y growth of 30% ❑ PAT at Rs 2,733 crore, Y-o-Y growth of 33%; ❑ Surplus cash from operati
Slide 23: Consolidated Profit & Loss FY24
Consolidated Profit & Loss FY24 Revenue at Rs 6,958 crore; PAT at Rs 2,733 crore; Y-o-Y growth of 33% % Change Particular FY24 FY23 Y-o-Y Revenue from operations 6,427 5,695 13% Cost of Sales 2,794 2,434 15% Gross Margin 3,634 3,261 11% Gross Margin% 57% 57% Other income 531 317 67% Staff Cost 546 5
Slide 24: Consolidated Cash Flow
Consolidated Cash Flow Strong OCF generation during the year; Q4: Rs 1,105 cr/ FY24 : Rs 4,385 cr Particulars FY23 FY24 FY24 12M 12M Q1 Q2 Q3 Q4 Inflow •Collection from Sales 5,293 8301^ 1,472 2,282 2,425 2,121^ • Rental Inflow 357 354 104 76 90 84 Sub-Total Inflow 5,650 8,655 1,575 2,359 2,516 2,20
Slide 25: Net Cash Position – Q4FY24
Net Cash Position – Q4FY24 Net Cash position improved to Rs 1,547 crore Interest Rate Movement Particulars Q4FY24 Q3FY24 Q2FY24 Q1FY24 8.40% 8.18% 8.19% 7.03% Gross opening debt (2,948) (3,023) (3,012) (3,068) Debt repaid during quarter - 75 - 121 FY21 Exit FY22 Exit FY23 Exit FY24 Exit New Borrowin
Slide 26: Surplus Cash Potential
Surplus Cash Potential Healthy cashflows led to significant improvement in Net cash position Particulars1 Amount (in Rs crore) Net Cash position as on 31.03.2024 1,547 Receivables (including New Products) 18,357 Construction Payables (including New Products) (9,399) Capex (Rental assets ~ 2.5 msf) (
Slide 27: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract Particulars As on 31.03.2024 As on 31.03.2023 Non-Current Assets 27,703 28,157 Current Assets 32,559 25,771 Total Assets 60,262 53,928 Equity 39,432 37,692 Non-current Liabilities 6,690 5,051 Current Liabilities 14,141 11,185 Total Liabilities 60,262 53,928 26
Slide 28: Rental Portfolio Snapshot (DLF Limited) – Q4FY24
Rental Portfolio Snapshot (DLF Limited) – Q4FY24 Leasable Leased Weighted Average Vacant Area WALE GAV Area Area rate Building % Leased Area (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs cr) DLF Center, Delhi 0.17 0.15 0.02 90% 373 58 806 DLF5 0.58 0.58 0.01 99% 48 0 760 IT Sez, Kolkata 1.0
Slide 29: DCCDL Business Update
DCCDL Business Update DLF Downtown, Gurugram 28
Slide 30: 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 31: Portfolio Snapshot – Q4FY24
Portfolio Snapshot – Q4FY24 Office Occupancy at 92%; Retail continues to operate at high occupancy levels Weighted Average Leasable Area Leased Area Vacant Area WALE GAV - Mar'24 Building % Leased Area Rental rate (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs crore) Cyber City 11.6 11.3 0.3
Slide 32: Portfolio - Tenant Mix
Portfolio - Tenant Mix Well diversified & balanced portfolio with lower concentration risk Offices: Tenant Mix Retail Tenant Mix Q4FY24 (based on revenue) Q4FY24 (based on leased area) 4% 2% Top 10 Tenant % Top 10 Tenant % 6% Cognizant 4% Cognizant 5% 9% American Express 3% IBM 3% 43% IBM 3% Concent
Slide 33: 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 DLF Downtown, ✓ Phase II: under development; pre-leasing/hard-option of 1.8 ~ 12 ✓ P
Slide 34: Development Update
Development Update Actual Status Block 4,DLF Downtown, Gurugram Block-3,DLF Downtown, Chennai Actual Status 33
Slide 35: Result Highlights – FY24
Result Highlights – FY24 Rental income grew by 9% Y-o-Y; driven by steady growth across portfolio Operational Rental Income1 Gross Leasing Portfolio Q4: Rs 1,124 crore Q4: 2.1 msf 42 msf Portfolio occupancy at 93% FY24: Rs 4,325 crore FY24: 6.7 msf Net Debt Rating Sustainability ICRA AA+/Stable DLF
Slide 36: DCCDL (Consolidated): Q4FY24 Results
DCCDL (Consolidated): Q4FY24 Results Revenue increased by 9% Y-o-Y; PAT at Rs 448 crore; 13% growth ❑ Revenue at Rs 1,553 crore, Y-o-Y increase of 9% ✓ Office rentals witnessing steady growth 5% Y-o-Y; ✓ Retail revenues continue to deliver healthy growth of 13% ✓ Services/other operating income grew
Slide 37: DCCDL (Consolidated): Financial Summary - Q4FY24
DCCDL (Consolidated): Financial Summary - Q4FY24 Revenue up by 9%; PAT at Rs 448 crore; 13% Y-o-Y growth % change % change Particulars Q4FY24 Q3FY24 Q4FY23 Q-o-Q Y-o-Y Rental Income Office 905 859 5% 859 5% Retail 219 229 (4%) 194 13% Service & Other Operating Income 392 371 6% 338 16% Other Income^
Slide 38: DCCDL (Consolidated): FY24 Results
DCCDL (Consolidated): FY24 Results Revenue increased by 9% Y-o-Y; PAT at Rs 1,690 crore; 18% growth ❑ Revenue at Rs 5,903 crore, Y-o-Y increase of 9% ✓ Office rentals witnessing steady growth 7% Y-o-Y; ✓ Retail revenues continue to deliver healthy growth of 18% ✓ Services/other operating income grew
Slide 39: DCCDL (Consolidated): Financial Summary - FY24
DCCDL (Consolidated): Financial Summary - FY24 Revenue up by 9%; PAT at Rs 1,690 crore; 18% Y-o-Y growth % change Particulars FY24 FY23 Y-o-Y Rental Income Office 3,460 3,232 7% Retail 865 735 18% Service & Other Operating Income 1,489 1,311 14% Other Income^ 89 140 (37%) Total Revenue 5,903 5,419 9
Slide 40: DCCDL (Consolidated): Cash Flow Abstract
DCCDL (Consolidated): Cash Flow Abstract Consistent cash flow from operations; Q4FY24 : Rs 889 cr / FY24 : Rs 2,726 cr Particulars FY23 FY24 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Operating Cash flow before 4,103 4,659 1,106 1,112 1,182 1,258 Interest & tax Interest Expense (Net) (1,380) (1,469) (338) (378) (4
Slide 41: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 31.03.2024 As on 31.03.2023 Non-Current Assets 29,833 29,448 Current Assets 1,322 2,271 Total Assets 31,155 31,719 Equity 7,245 6,429 Non-current Liabilities 18,745 19,075 Current Liabilities 5,165 6,215 Total Liabilities 31,155 31,719 4
Slide 42: DCCDL (Consolidated): Debt Update – FY24
DCCDL (Consolidated): Debt Update – FY24 Sources Net Debt Net Debt/GAV NCD, ₹ 3,524 cr , 19% Rs 17,903 crore 23% Bank , ₹ 15,466 cr, 81% Net Debt/EBITDA Interest Rate Repayment Schedule 4x 8.13% < 1 Yr, > 3 Yr, ₹ 12,544 cr, ₹ 2,794 cr , 66% 15% 61% Repayment Credit Rating 1 < 3 Yr, > 3 years ₹ 3,652
Slide 43: 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 44: DLF Cyber City, Gurugram
DLF Cyber City, Gurugram 43