Dlf Limited · NSE:DLF
Dlf — Q3 FY2025 Earnings Presentation
42 slides from Dlf's earnings presentation, Jan 24, 2025
Slide 1: Schedule of Earnings Call 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 2025 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaz
Slide 2: DLF Limited Q3FY25 Results Presentation
DLF Limited Q3FY25 Results Presentation Clubhouse at One Midtown, New Delhi
Slide 3: Agenda
Clubhouse, One Midtown, New Delhi AGENDA 01 Group 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 / Asset IT SEZs/ Management/Hospitality Townships/Low-rise Commercial Parks 78 185 ~128 msf Track ~352 msf Years of experience in real Real estate projects Area deve
Slide 5: DLF Group – Overview
DLF Group – Overview DLF Group Development Business Rental Business Development & Sale of Residential/Commercial: Development & Leasing of Commercial projects: ▪ High-rise condominiums ▪ Cyber cities ▪ Low-rise independent floors ▪ IT Parks / IT SEZs ▪ Plotted development ▪ Corporate Parks ▪ Shop-cu
Slide 6: Development Business: Overview
Development Business : Overview ❑ Unique business combination offering: ✓ quality products to customers along with well laid-out infrastructure ✓ focused approach towards building sustainable developments ✓ high quality fully-paid up land bank at low costs leading to consistent healthy margin accret
Slide 7: Devco
Devco Goal: Scaling up our offerings; developing margin accretive products; consistent cash flow generation New Sales Bookings ~ Gross Margins(estimated) from New Sales Bookings [FY21 – FY24] [FY21 – FY24] CAGR : 69% CAGR : 69% ₹ 15,058 cr ₹ 14,778 cr ₹ 5,600 cr ₹ 5,600 cr ₹ 3,940 cr 37% 40% 38% ₹ 7
Slide 8: Launch Calendar: Strong pipeline of New Products
Launch Calendar : Strong pipeline of New Products Planned Launches Planned Beyond FY 25 Project [Medium Term] FY 25 [Medium Term] Sales Potential Size Sales Potential Size Sales Potential Size (~ in msf) (~ in Rs crore) (~ in msf) (~ in Rs crore) (~ in msf) (~ in Rs crore) Super-Luxury 5.5 37,500 4.
Slide 9: Rental Business: Overview
DLF Cyber Park, Gurugram Rental Business : Overview ❑ One of the largest organically grown platform offering both office & retail developments ❑ Presence across multiple established locations offering geographical diversification Rental Business ❑ Demonstrated track record of creating globally compe
Slide 10: Rentco
Rentco Goal: Double digit rental growth through organic growth and New developments Portfolio Area Rental Income1 [FY21 – FY24] [FY21 – FY24] CAGR :7% CAGR : 12% 41.8 msf 45.0 msf ₹ 4,831 cr 36.3 msf 40.2 msf ₹ 4,358 cr ₹ 3,409 cr ₹ 3,687 cr FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Operating Cash Sur
Slide 11: Rentco: Significant ramp-up in New Developments
Rentco : Significant ramp-up in New Developments 19 msf under development; ~ 7 msf completion in FY25 Project Current Status ▪ Integrated Mixed-use project totaling to ~ 12 msf ; balance phases planned to commence within this fiscal: ✓ Block -2/3 [1.7 msf] : completed & fully leased, rents commenced
Slide 12: 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 13: DLF Limited Business Update
DLF Limited Business Update Independent Floors, DLF City, Gurugram
Slide 14: New Sales Bookings
New Sales Bookings Record performance; Strong response for latest super-luxury offering New Sales Bookings [Q3FY25 vs Q3FY24] New Sales Bookings [9MFY25 vs 9MFY24] ₹ 19,187 cr ₹ 12,093 cr ₹ 9,047 cr ₹ 13,316 cr Q3FY24 Q3FY25 9MFY24 9MFY25 9MFY25 New Sales bookings exceeds our guidance for the full f
Slide 15: The Ascent to Becoming India's Most Prestigious Address
THE ASCENT TO BECOMING INDIA'S MOST PRESTIGIOUS ADDRESS
Slide 16: In the Vibrant Heart of DLF5
IN THE VIBRANT HEART OF DLF5 which began with the vision to create a destination on par with the world’s finest cities Over 476 acres of breathtaking high-rise residential communities, state-of-the-art offices for global companies, exceptional dining, shopping, and recreational avenues. A neighborho
Slide 17: The Aralias and The Magnolias
The Aralias – beginning of the super-lux story in DLF Golf Links The Magnolias – carrying the legacy forward PSF PSF ₹ 70,000 ₹ 70,000 ₹ 62,500 ₹ 60,000 ₹ 60,000 ₹ 58,000 ₹ 50,000 ₹ 50,000 ₹ 40,000 ₹ 40,000 ₹ 30,000 ₹ 30,000 ₹ 20,000 ₹ 20,000 ₹ 10,000 ₹ 1,500 ₹ 10,000 ₹ 4,500 ₹0 ₹0 2000 2005 2010 20
Slide 18: DLF's Crown Jewel
DLF’S CROWN JEWEL Setting a new global benchmark in super-luxury real estate ₹ 140,000 PSF Commanding a rental of ₹ 120,000 ₹ 120,000 ₹11 – ₹20 lakhs/ month ₹ 100,000 (Typology dependent) ₹ 80,000 ₹ 60,000 Achieving a benchmark pricing ₹ 40,000 of ₹1,20,000 (on saleable area) ₹ 22,000 and ₹2,20,000
Slide 19: The Next Chapter of DLF's Super-Luxury Story
THE NEXT CHAPTER OF DLF’S SUPER-LUXURY STORY
Slide 20: The Dahlias
THE DAHL AS
Slide 21: The Dahlias project details
Spread over ~17 acres ~7.4 million square feet (built-up area) ~4.5 million square feet (saleable area#) ~2.75 million square feet (carpet area#) 420 residences# I 29 levels I 8 towers Generous 4-meter floor-to-ceiling height in residences 17-foot deep, expansive outdoor decks spanning the width of
Slide 22: Setting a Record in Residential Real Estate
SETTING A RECORD IN RESIDENTIAL REAL ESTATE 9 weeks 173 units sold I ~1.85 million square feet area Sales worth ₹ 11,816 crores Average realization ₹70 crores/residence AVG PSF ~ ₹ 64,000 ( on saleable area) / ~₹ 1,05,000 (on carpet area) Q3 Collections ₹ 1,227 CR Balance area to be sold ~2.7 millio
Slide 23: 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 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 24: Projects Summary (as on 31.12.2024)
Projects Summary (as on 31.12.2024) All figures in Rs crore Revenue Balance Revenue to Balance Margins Margins to be Total Sales Sales Balance Balance Project recognized from be recognized from yet to be recognized from Potential Booked Receivable Inventory Sales booked Sales booked recognised Inven
Slide 25: Residual Gross Margins as on 31.12.2024
Residual Gross Margins as on 31.12.2024 Well poised for healthy margin recognition across next few years Gross Margin to be Gross Margin to be recognized from recognized from Projects sales done till 31st inventory as on 31st Dec-2024 Dec-2024# Completed Inventory 21,287 Camellias 456 261 DLF 5 13 2
Slide 26: Results highlights – Q3FY25
Results highlights – Q3FY25 Strong new sales bookings; Healthy Cash generation from operations New Sales Booking Collections Operating Cash Rs 12,093 crore Rs 3,116 crore Rs 1,850 crore Credit Rating PAT Cash position ICRA AA/Stable Net Cash positive Rs 1,055 crore CRISIL AA/Stable Rs 4,534 crore 25
Slide 27: Consolidated Results – Q3FY25
Consolidated Results – Q3FY25 Revenue at Rs 1,738 crore; PAT at Rs 1,055 crore ❑ Revenue stood at Rs 1,738 crore, up by 6% ❑ Gross margins at 52% ❑ EBITDA at Rs 609 crore ❑ PAT at Rs 1,055 crore ❑ Surplus cash from operations at Rs 1,850 crore Revenue (in Rs crore) EBITDA (in Rs crore) PAT (in Rs cr
Slide 28: Consolidated Profit & Loss Q3FY25
Consolidated Profit & Loss Q3FY25 Revenue at Rs 1,738 crore; PAT at Rs 1,055 crore Particulars Q3FY25 Q2FY25 Q-o-Q Q3FY24 Y-o-Y Revenue from operations# 1,529 1,975 (23%) 1,521 - Cost of Sales 738 1,080 (32%) 664 11% Gross Margin 790 895 (12%) 857 (8%) Gross Margin% 52% 45% 56% Other income 209 206
Slide 29: Consolidated Cash Flow
Consolidated Cash Flow - Operating cash at Rs 1,850 crore [Q3FY25]; Rs 4,910 crore [9MFY25] Net Surplus after capex, dividend and growth investments at Rs 2,988 crore [9MFY25] Particulars FY24 9MFY25 Q1FY25 Q2FY25 Q3FY25 Inflow •Collection from Sales 8,301 8,128 2,888 2,252 2,988 • Rental Inflow 354
Slide 30: Net Cash Position – Q3FY25
Net Cash Position – Q3FY25 Net Cash position increased to Rs 4,534 crore Interest Rate Movement Particulars Q4FY24 Q1FY25 Q2FY25 Q3FY25 Gross opening debt (2,948) (4,536) (4,258) (3,988) 8.30% 8.29% Debt repaid during quarter - 277 271 - 8.24% Q1FY25 Q2FY25 Q3FY25 New Borrowing during Qtr. (1,587) -
Slide 31: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract Particulars As on 31.12.2024 As on 31.03.2024 Non-Current Assets 29,191 27,703 Current Assets 36,992 32,559 Total Assets 66,183 60,262 Equity/Reserves & Surplus 41,282 39,432 Non-current Liabilities 5,555 6,690 Current Liabilities 19,346 14,141 Total Liabilities 6
Slide 32: DCCDL: Business Update
DCCDL : Business Update CONFIDENTIAL_FnA DLF Cybercity, Gurugram
Slide 33: Commitment to Sustainability
Commitment to Sustainability LEED Platinum LEED Zero Water Currently, 42.07 M sft are LEED Platinum Certified for Operations and Maintenance. Block-12 in Chennai DLF has been recognized as the world leader in undergoing certification. LEED Zero water with 40.2 M sft certified.16 Building of Gurgaon
Slide 34: Portfolio Snapshot: Healthy occupancy
Portfolio Snapshot: Healthy occupancy; Offices : 98%; Sez : 87%; Retail : 98% Leased/ Leasable Area Leased Area Unleased Area W.A rate Building Name Leasable WALE GAV Sep'24 (Lacs sqf) (Lacs sqf) (Lacs sqf) (psf) Area % OFFICES Cyber City, Gurugram 11.6 11.4 0.2 99% 114 65 19,986 Cyber Park,Gurugram
Slide 35: Result Highlights – Q3FY25
Result Highlights – Q3FY25 Rental income grew by 10% Y-o-Y; driven by higher occupancy & rent enhancements Operational Rental Income PAT Portfolio 41 msf Rs 1,194 crore Rs 941crore Portfolio occupancy at 93% Net Debt / Rating Rating Sustainability Rs 16,713 crore ICRA AA+/Positive DLF Downtown (Bloc
Slide 36: DCCDL (Consolidated): Q3FY25 Results
DCCDL (Consolidated): Q3FY25 Results PAT at Rs 941 crore; 117% growth ❑ Revenue at Rs 1,609 crore, Y-o-Y increase of 9% ✓ Office rentals witnessing steady growth 10% Y-o-Y; ✓ Retail revenues delivered growth of 9% ✓ Services/other operating income grew by 6% ❑ EBITDA at Rs 1,242 crore; Y-o-Y increas
Slide 37: DCCDL (Consolidated): Financial Summary - Q3FY25
DCCDL (Consolidated): Financial Summary - Q3FY25 Revenue up by 9%; PAT at Rs 941 crore; 117% Y-o-Y growth Particulars Q3FY25 Q2FY25 Q-o-Q Q3FY25 Y-o-Y Rental Income Office 962 968 (1%) 876 10% Retail 231 217 7% 213 9% Service & Other Operating Income 395 421 (6%) 371 6% Other Income 21 47 (56%) 16 3
Slide 38: DCCDL (Consolidated): Cash Flow Abstract
DCCDL (Consolidated): Cash Flow Abstract Consistent cash flow from operations; Q3FY25 : Rs 739 crore Particulars FY24 9MFY25 Q1FY25 Q2FY25 Q3FY25 Operating Cash flow before Interest & tax 4,659 3,862 1,188 1,387 1,288 Interest Expense (Net) (1,469) (1,093) (340) (388) (365) Tax (net) (464) (390) (12
Slide 39: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 31.12.2024 As on 31.03.2024 Non-Current Assets 30,196 29,833 Current Assets 1,435 1,322 Total Assets 31,631 31,155 Equity/Reserves & Surplus 8,742 7,245 Non-current Liabilities 17,395 18,745 Current Liabilities 5,494 5,165 Total Liabilit
Slide 40: DCCDL (Consolidated): Debt Update – Q3FY25
DCCDL (Consolidated): Debt Update – Q3FY25 Net Debt to EBITDA: 3.4 x Portfolio growth + capex from internal accruals leading to significant improvement 5.6 5.5 4.5 Net Debt Rs 16,713 crore 4.0 3.4 GAV1 Rs 77,324 crore FY 21 FY 22 FY 23 FY 24 9MFY25 Net Debt to GAV: 22% Value enhancement from new pro
Slide 41: 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 42: DLF Golf & Country Club, DLF 5, Gurugram
DLF Golf & Country Club, DLF 5, Gurugram 41