Slide 1: Regulation 30 disclosure letter to stock exchanges
DLF LIMITED DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel.: (+91-124) 4396000, investor-relations@dlf.in 21st March 2025 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza,
Slide 2: DLF Limited Corporate Presentation
DLF Limited Corporate Presentation 1 DLF Golflinks, DLF 5, Gurugram
Slide 3: Presentation Agenda
Presentation Agenda S.No Section Page No. I. DLF Group Overview 3–8 II. Development Business : Overview / Medium-term Outlook / Key Takeaways 9 – 23 This is a sample text. III. Annuity Business : Overview / Medium-term Outlook / Key Takeaways 24 – 40 IV. DLF Group : Land Bank 41 – 42 V. DLF Group :
Slide 4: Strong Fundamentals
Strong Fundamentals We have established a strong and diversified business: Development business delivering high margins and strong cash flows Rental business providing consistently growing income streams Hospitality business along with Services/Asset management complementing both businesses
Slide 5: Key Enablers of continued Excellence & Leadership
Key Enablers of continued Excellence & Leadership 1 Customer Customer centricity remains our top priority. Continuously strive to develop quality products and Centricity communities delivering both great value and quality of life 2 Highest safety standards for all projects; seismic specification
Slide 6: DLF Group - Financial Summary [FY21 – 9MFY25]
DLF Group - Financial Summary [FY21 – 9MFY25] Group Revenue Group EBITDA Rs 12,856 cr Rs 7,133 cr 3,864 2,091 10,330 10,671 11,421 10,460 6,182 8,992 5,365 5,651 5,042 5,608 [9MFY25] [9MFY24] [9MFY24] [9MFY25] FY21 FY22 FY23 FY24 9MFY25 FY21 FY22 FY23 FY24 9MFY25 Group Profit After Tax Group Operati
Slide 7: Dividend Payouts [FY21 – FY24]
Dividend Payouts [FY21 – FY24] 17 years Consecutive period of Dividend Payouts ₹ 1,238 cr 3 years ₹ 495 cr Consecutive increase in Dividend Payouts FY21 FY24 6
Slide 8: Group Net Debt position [FY21 – 9MFY25]
Group Net Debt position [FY21 – 9MFY25] DLF Group : Net Debt ₹ 24,028 cr ₹ 23,039 cr ₹ 21,210 cr ₹ 18,518 cr ₹ 14,679 cr FY21 FY22 FY23 FY24 9MFY25 DLF Group : Net Debt-to- EBITDA 4.5x 4.1x 3.4x 2.6x ~ 2 – 2.5x FY21 FY22 FY23 FY24 FY25 Consistent improvement in Net Debt position for the group Note:
Slide 9: DLF Group – Business Overview
DLF Group – Business Overview DLF Group Development Business Annuity Business Development & Sale of Residential/Commercial: Development & Leasing of Offices High-rise condominiums Development & Leasing of Retail Malls Low-rise independent floors Asset Management [CAM/Services business]
Slide 10: Development Business
Development Business 9 DLF Golflinks, DLF 5, Gurugram
Slide 11: Development Business – A strong growth engine
Development Business – A strong growth engine 1 High Quality High quality land bank at established locations; significant upside from TOD/TDR policy Land Bank Sustained growth from existing land bank; no dependency on incremental acquisitions 2 Consistent capital appreciation for customers; at
Slide 12: Current Accounting Standards on Revenue Recognition
Current Accounting Standards on Revenue Recognition Current accounting standards and guidelines prescribe Completed Contract Methodology for recognizing revenues and costs; implying: Project revenues along with respective costs are recognized on project completion, hence, current financials refl
Slide 13: New Sales Bookings / Embedded Margins [FY21 – 9MFY25]
New Sales Bookings / Embedded Margins [FY21 – 9MFY25] New Sales bookings Embedded Margins from Sales booked Rs 14,778 cr 60% ₹ 1,462 cr Rs 5,600 cr ₹ 11,500 cr ₹ 19,187 cr ₹ 290 cr [9MFY25] [9MFY25] ₹ 15,058 cr 40% ₹ 13,316 cr 37% [9MFY24] 54% ₹ 5,600 cr ₹ 5,310 cr ₹ 7,273 cr 38% ₹ 3,940 cr [9MFY24]
Slide 14: Residual Gross Margins / Profit After Tax [FY21 – 9MFY25]
Residual Gross Margins / Profit After Tax [FY21 – 9MFY25] Residual Gross Margins Profit After Tax Margin Generation-to-Margin Consumption : ~1.8x Rs 1,454 cr (Rs 13,830 crore) Rs 25,745 581 crore Rs 20,145 1,702 crore 984 873 Rs 9,370 751 crore 443 Residual Margins Margin Generation Margin Consumpti
Slide 15: Capex / Operating Cash Surplus [FY21 – 9MFY25]
Capex / Operating Cash Surplus [FY21 – 9MFY25] Capex Operating Cash Surplus Rs 2,248 cr Rs 2,664 cr 1,368 Rs 1,508 cr 76 Rs 1,035 cr 722 3,863 298 2,435 2,588 Rs 469 cr 55 980 1,747 Rs 202 cr 737 786 87 414 115 406 FY21 FY22 FY23 FY24 9MFY25 FY21 FY22 FY23 FY24 9MFY25 Approval Charges Land replenish
Slide 16: Net Cash position [FY21 – 9MFY25]
Net Cash position [FY21 – 9MFY25] FY21 FY22 FY23 FY24 9MFY25 ₹ 4,534 cr ₹ 1,547 cr -₹ 721 cr -₹ 2,680 cr -₹ 4,885 cr [9MFY25] FY21 [9MFY24] FY22 FY23 FY24 9MFY25 Gross Debt (6,511) (3,900) (3,066) (4,535) (4,435) Cash in hand 1,626 1,220 2,345 6,082 8,969 70% Rera A/cs 25 137 1,570 3,983 7,106 Other
Slide 17: Delivered sustainable long-term value creation for our customers
Delivered sustainable long-term value creation for our customers 10 Year Returns 10 Year Returns Asset Class [India] DLF Projects CAGR CAGR Equity [Nifty 50] 10% - 11% Super – Luxury 17% - 18% Equity [Nifty 500] 12% - 13% Luxury 11% - 12% Gold 11% - 12% Premium 9% - 10% Debt 7% - 8% Average 12% - 14
Slide 18: New Products : Launch Pipeline [Medium-Term]
New Products : Launch Pipeline [Medium-Term] Planned Launches Launched Sold To Be Launched Project Segment [FY 25 onwards] [till 31.12.24] [till 31.12.24] [Medium Term] Size Sales Potential Size Sales Potential Size Sales Potential Size Sales Potential (~ in msf) (~ in Rs crore) (~ in msf) (~ in Rs
Slide 19: Healthy Gross Margin Potential
Healthy Gross Margin Potential ~ Rs 37k crore Gross Margins From Sold + Launched(unsold) Inventory as on Dec-24 ~Rs 30,000 crore ~Rs 67,000 ~ Rs 17,000 + crore crore ~ Rs 20,145 crore Estimated Gross Margins from Residual Gross Margins from Estimated Gross Margins Total Gross Margin Potential launch
Slide 20: Surplus Cash Potential [from Launched Projects as on Dec-24]
Surplus Cash Potential [from Launched Projects as on Dec-24] ~ Rs 19,000 crore Surplus cash potential already available [net off completion costs for Launched projects] till Dec-24 ~Rs 24,000 ~(Rs 20,000 crore# crore) ~ Rs 43,000 Crore Rs 1,862 crore ~Rs 30,000 [Other cash crore Balances] Rs 7,106 c
Slide 21: Surplus Cash Potential [Medium-term]
Surplus Cash Potential [Medium-term] ~ Rs 24,000 – ~ Rs 17,000 – 26,000 crore 19,000 crore ~ Rs 43,000 ~ 50,000 Crore Crore ~ Rs 25,000 Crore Estimated Total Surplus Estimated Outflow : Medium-Term Estimated Surplus Estimated Surplus cash Estimated Total Surplus Cash Potential from (including capex/
Slide 22: High quality Land Bank
High quality Land Bank in msf Development Development Projects Projects Balance Potential Location Potential1 Potential1 [revised estimates including [revised estimates including [Under execution] [Launch Pipeline] TOD/TDR potential] [last presented] TOD/TDR potential] DLF 5 17 25 5.4 - 20 DLF City+
Slide 23: Land Bank : Segment-Wise
Land Bank : Segment-Wise in msf Projects Projects Balance Potential Segment [revised estimates including TOD/TDR [Under execution] [Launch Pipeline] potential] Super-Luxury [Gross Margins: 65% +] 4.5 1 23 Luxury [Gross Margins: 40% +] 12.5 26 37 Premium / Commercial [Gross Margins: 30% +] 5.5 2 85 T
Slide 24: Key Takeaways
Key Takeaways High Quality Land Bank and Product Offerings We have a high-quality land bank; sufficient for sustainable growth for next 20+ years Strong pipeline of new products set to deliver steady sales bookings Strong cash generation and Significant Surplus Potential Our business is focuse
Slide 25: Annuity Business
Annuity Business 24
Slide 26: Annuity Business – A steady compounder
Annuity Business – A steady compounder 1 Operational Portfolio Strong operational portfolio [~44 msf] of rental assets; operating at high occupancy levels [93%] + Development Potential High quality owned land bank available for sustainable long-term growth 2 Strategically located, large & scal
Slide 27: Strong & diversified Annuity Business
Strong & diversified Annuity Business Services & Asset ~39 msf ~4.3 msf Hospitality Management Operational Portfolio[Offices] Operational Portfolio[Retail] [Hotels / Clubs] Across the Portfolio Occupancy : 93% Occupancy : 98% One of the largest organically grown Annuity Platform; High occupancy at ~
Slide 28: Steady growth in Revenue
Steady growth in Revenue Rs 6,996 cr Rs 6,369 cr 536 505 Rs 5,655 cr Rs 5,312 cr 1,827 Rs 5,166 cr Rs 5,102 cr 377 240 364 1,662 413 1,485 1,604 1,401 1,328 4,633 4,202 3,547 3,425 3,793 3,258 FY21 FY22 FY23 FY24 9MFY24 9MFY25 Rental Revenue CAM Revenue Hospitality Note: 1) Revenue : Rental income +
Slide 29: Double digit growth in Revenue
Double digit growth in Revenue DCCDL DLF Rs 6,996 cr Rs 6,369 cr 1,099 Rs 5,655 cr 960 Rs 5,312 cr Rs 5,166 cr Rs 5,102cr 843 717 780 816 5,898 5,410 4,533 4,812 4,385 4,350 FY21 FY22 FY23 FY24 9MFY24 9MFY25 Note: 1) Revenue : Rental income + Gross CAM Income+ Hospitality Income + Other Income; Figu
Slide 30: Profit After Tax
Profit After Tax Rs 1,866 cr 532 2,053 1,546 1,335 1,094 947 FY21 FY22 FY23 FY24 9MFY25 Healthy & consistent PAT growth at 21% Note: 1) Figures are based on proforma workings based on management estimates; includes 100% consolidation of JVs including DCCDL and Atrium place [without considering JV pa
Slide 31: Capex : ~Rs 7,700 crore
Capex : ~Rs 7,700 crore Rs 1,910 cr 350 2,025 1,460 1,560 [9MFY25] 1,210 1,110 [9MFY24] FY21 FY22 FY23 FY24 9MFY25 Significant capex investment for portfolio growth Note: 1) Figures are based on proforma workings based on management estimates; includes 100% consolidation of JVs including DCCDL and A
Slide 32: Operating Cash Flow [FY21 – 9MFY25]
Operating Cash Flow [FY21 – 9MFY25] CAGR : 18% Rs 3,080 cr 1,064 2,661 2,704 1,956 2,016 [9MFY25] 1,449 [9MFY24] FY21 FY22 FY23 FY24 9MFY25 Healthy growth in operating cash surplus Note: 1) Figures are based on proforma workings based on management estimates; includes 100% consolidation of JVs inclu
Slide 33: Net Debt-to-EBITDA [FY21 – 9MFY25]
Net Debt-to-EBITDA [FY21 – 9MFY25] 1,296 1,717 2,162 1,053 2,500 18,090 19,063 18,772 17,903 16,713 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 9MFY25 DCCDL Atrium Place 5.2 5.4 4.6 4.1 3.6 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 9MFY25 Consistent improvement in Net Debt-to-EBITDA Note: 1) Figures are b
Slide 34: Significant growth in the Portfolio; to reach ~73 msf in Medium-term
Significant growth in the Portfolio; to reach ~73 msf in Medium-term Offices Portfolio [in msf] Retail Portfolio [in msf] ~60 msf ~21 msf ~13 msf ~11 msf ~39 msf ~8 msf ~8 msf ~7 msf ~3 msf ~13 msf ~6 msf ~4.3 msf ~0.3 msf ~2 msf ~49 msf ~36 msf ~6 msf ~4 msf Operational Portfolio New Products Plann
Slide 35: Healthy Product Pipeline [29 msf]
Healthy Product Pipeline [29 msf] Offices : ~21 msf Retail : ~ 8 msf Project Nearing Pipeline Ownership Project Nearing Pipeline Ownership Completion Completion Area (in msf) Area (in Area (in msf) Area (in msf) msf) DLF Downtown, Gurugram 1.9 6.3 DCCDL DLF Downtown, Gurugram 2 DCCDL Summit Plaza, G
Slide 36: Significant growth in the Portfolio rentals
Significant growth in the Portfolio rentals Offices Rentals [in Rs crore] Retail Rentals [in Rs crore] ~ 5x ~ 4x ~Rs 3,052 crore Growth Rs 738crore Growth ~Rs 180 ~Rs 80crore crore ~ 2.5x ~ 3x growth~ 2x ~ 2.5x growth ~Rs 2,872 Growth ~Rs 658 Growth ~crore Rs 3,050 crore crore ~ Rs 740 crore Operati
Slide 37: Growth Capex
Growth Capex ~Rs 7,700 crore ~Rs 20,000 crore Incremental Capex planned Capex [FY21-9MFY25] [Medium-Term] ~Rs 12,000 crore ~Rs 5,050 crore Incremental Capex planned DCCDL DCCDL ~Rs 8,000 crore ~Rs 2,650 crore Atrium Place / DLF (including Hospitality DLF / Atrium Place capex of ~ Rs 1,000 crore +) S
Slide 38: Development potential
Development potential in msf Operational Location Projects Projects Balance Potential Portfolio [nearing completion ] [Planned pipeline] [incl. TOD/TDR potential] [Existing] DLF DCCDL DLF DCCDL DLF DCCDL DLF DCCDL DLF 5 0.6 0.8 0.4 - 1 - 5 - DLF City + 0.1 22.2 3.1 2 - 8.3 10 13 New Gurugram - - - -
Slide 39: Commitment to Sustainability
Commitment to Sustainability LEED Platinum Currently, 42.4 msf are LEED Platinum Certified for LEED Zero Water Operations and Maintenance. DLF has been recognized as the world leader in LEED Zero water with 40.2 M sft certified.16 Building of Gurgaon submitted for renewal LEED Platinum for City & Co
Slide 40: DLF Offices: Creating large & Scalable integrated campuses
DLF Cybercity, Gurugram DLF Downtown, Gurugram Total Potential : ~ 28 msf Operational Area : 15.5 msf Total Potential : ~ 12 msf Operational Area : 1.7 msf Balance Potential : ~ 13 msf Pipeline : ~ 10.3 msf Atrium Place DLF Downtown, Chennai Total Potential : ~ 3.1msf Pipeline: 3.1 msf Total Potenti
Slide 41: Key Takeaways
Key Takeaways Strong Operational Portfolio + High quality land Bank ~ 44 msf Operational portfolio; well diversified geographically and delivering steady growth ~ 91 msf Development potential available from owned land bank; will deliver sustainable long –term growth Consistent value creation in
Slide 42: DLF Group
DLF Group 41
Slide 43: High quality Land Bank
High quality Land Bank in msf Development Projects Projects Balance Potential Location Potential1 [revised estimates including [revised estimates including [Under execution] [Launch Pipeline] TOD/TDR potential] TOD/TDR potential] DLF 5 32 6 1 25 DLF City+ 61 10 20 30 New Gurugram 121 9 12 100 Gurugr
Slide 44: Key Goals
Key Goals Land Bank: We will continue to evaluate opportunistic replenishment to further enhance potential of our existing land bank which is sufficient for 20+ years of steady growth Financials: Targeting ~45% + Gross margins from the Development business ~ Rs 25,000 crore surplus cash estima
Slide 45: Disclaimer
Disclaimer This presentation contains certain forward-looking statements 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 ris
Slide 46: Consolidated Balance Sheet : Q3FY25
Consolidated Balance Sheet : Q3FY25 Particulars As on 31.12.2024 As on 31.03.2024 Non-Current Assets Current Assets Total Assets Equity/Reserves & Surplus Non-current Liabilities Current Liabilities Total Liabilities 45