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 19th May 2025 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 Q4 & FY25 Results Presentation
DLF Limited Q4 & FY25 Results Presentation DLF Promenade, Goa Artistic impression; not an actual image1
Slide 3: Disclaimer
Disclaimer This presentation contains certain forward-looking statements regarding DLF’s business prospects and business profitability. These statements are based on current expectations, assumptions, and projections about future events and are subject to a variety of risks and uncertainties, which
Slide 4: Presentation Agenda
Presentation Agenda S.No Section I. Key Highlights : FY25 II. DLF Group Overview This is a sample text. III. Development Business : Business Update IV. Annuity Business : Business Update V. DLF Limited : Financial Update VII. DLF Cyber City Developers Limited [DCCDL] : Financial Update 3
Slide 5: Key Highlights: Year gone by [FY25]
Key Highlights : Year gone by [FY25] ▪ Record New Sales bookings at Rs 21,223 crore, y-o-y growth of 44%; Embedded Gross margins estimated at ~ Rs 12,875 crore [61%] ▪ Successful launch of New products: ✓ Super-luxury offering - The Dahlias : Sales bookings of Rs 13,744 crore[39% of estimated Total
Slide 6: 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 7: 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 8: DLF Group: Financial Overview [on Reported basis]
DLF Group : Financial Overview [on Reported basis] DLF Limited1 Revenue EBITDA PAT Rs 4,357cr ₹ 8,996 cr ₹ 3,111 cr ₹ 6,958 cr ₹ 2,655 cr Rs 2,733 cr ₹ 1,662 cr ₹ 6,138 cr ₹ 6,012 cr ₹ 2,163 cr ₹ 2,043 cr Rs 2,053 cr ₹ 1,103 cr Rs 1,513 cr ₹ 935 cr ₹ 670 cr ₹ 2,695 cr ₹ 1,630 cr ₹ 843 cr ₹ 1,118 cr
Slide 9: DLF Group: Financial Overview [on Enterprise Basis]
DLF Group : Financial Overview [on Enterprise Basis] Revenue EBITDA PAT Rs 15,444 cr Rs 8,060 cr Rs 12,856 cr Rs 5,178 cr ₹ 6,448 Rs 7,133 cr Rs 11,422 cr cr Rs 10,671 cr Rs 6,182 cr ₹ 5,898 ₹ 2,461 Rs 5,651 cr ₹ 4,949 ₹ 5,410 cr cr ₹ 4,533 ₹ 4,478 cr Rs 3,323 cr cr cr ₹ 4,139 cr ₹ 3,488 Rs 2,547 cr
Slide 10: Development Business Business Update
Development Business Business Update DLF Golflinks, DLF 5, Gurugram 9
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: Development Business – Delivering consistent performance
Development Business – Delivering consistent performance New Sales Bookings Embedded Margins from Sales Booked CAGR : 43% CAGR : 48% 61% ₹ 21,223 40% ₹ 12,875 cr 37% cr ₹ 15,058 ₹ 14,778 cr 54% cr ₹ 7,273 ₹ 5,600 ₹ 5,600 cr ₹ 3,940 cr cr cr FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Healthy Margin gene
Slide 13: New Sales Bookings
New Sales Bookings New Sales Bookings [Q4FY25 vs Q4FY24] New Sales Bookings [FY25 vsFY24] ₹ 2,035 cr ₹ 21,223 cr ₹ 1,462 cr ₹ 14,778 cr Q4FY24 Q4FY25 FY24 FY25 Record Sales bookings during the fiscal 12
Slide 14: 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 FY25] [till FY25] [Medium Term] Size Sales Potential Size Sales Potential Size Sales Potential Size Sales Potential (~ in msf) (~ in Rs crore) (~ in msf) (~ in Rs crore) (
Slide 15: Surplus Cash Potential [from Launched Products till 31.03.2025]
Surplus Cash Potential [from Launched Products till 31.03.2025] Particulars Amount in Rs crore Cash Balance in RERA 70% accounts 8,191 Other Cash Balances 2,471 Sub-Total : Cash Balance (A) 10,662 Receivables from Projects sold ~29,348 Total Pending Cost to Complete for all Launched projects ~ (19,0
Slide 16: Gross Margin Potential [as on 31.03.2025]
Gross Margin Potential1 [as on 31.03.2025] Residual Gross Margins from Sales done till 31.03.2025 : Rs 20,550 crore ~ Rs 12,875 ~ (Rs 2,950 Crore crore) ~ Rs 16,100 Crore ~ Rs 36,650 ~ Rs 20,550 crore crore ~ Rs 10,624 Crore Margin potential from Residual Gross Margins Margin addition Residual Gross
Slide 17: Projects Summary [as on 31.03.2025]
Projects Summary [as on 31.03.2025] All figures in Rs crore Sales Revenue recognized from Balance Revenue to be recognized Balance Margins yet to be Project Booked Sales booked from Sales booked recognised The Camellias 11,892 11,770 122 90 The Dahlias 13,744 - 13,744 9,480 Independent Floors, Gurug
Slide 18: High Quality Land Bank
High Quality Land Bank 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 24 4.6 - 20 DLF City+ 24 4.5 12 7 New Gurugram 91 8.5 9 73 Gurugram 138
Slide 19: Annuity Business: Business Update
Annuity Business : Business Update 18
Slide 20: Annuity Business – A steady compounder
Annuity Business – A steady compounder 1 Operational Portfolio ▪ Strong operational portfolio [~45 msf] of rental assets; operating at high occupancy levels [94%] + Development Potential ▪ High quality owned land bank available for sustainable long-term growth 2 ▪ Strategically located, large & scal
Slide 21: Strong & diversified Annuity Business
Strong & diversified Annuity Business Services & Asset ~41 msf ~4.2 msf Hospitality Management Operational Portfolio[Offices] Operational Portfolio[Retail] [Hotels / Clubs] Across the Portfolio Occupancy : 94% Occupancy : 98% One of the largest organically grown Annuity Platform; High occupancy at ~
Slide 22: Operational Rental Portfolio Snapshot: Occupancy at 94%
Operational Rental Portfolio Snapshot : Occupancy at 94% Operational Leasable Area Leased Area Vacant Area Leased Area Weighted Avg GAV1 Portfolio (in msf) (in msf) (in msf) (%) Rental Rate [psf] [in Rs crore] Offices : Non-Sez 24 23 0.4 98% 118 42,282 Offices : Sez2 17 15 2.1 88% 75 19,141 Sub-Tota
Slide 23: DCCDL Portfolio Snapshot
DCCDL Portfolio Snapshot: Healthy occupancy; Offices : 98%; Sez : 88%; Retail : 98% Leasable Area Leased Area Unleased Area Occupancy W.A rate Building Name WALE GAV Mar-25 (msf) (msf) (msf) % (psf) OFFICES Cyber City, Gurugram 11.6 11.5 0.1 99% 116 67 20,448 Cyber Park,Gurugram 2.9 2.9 0.0 99% 119
Slide 24: DLF Portfolio Snapshot
DLF Portfolio Snapshot: Healthy occupancy; Offices : 95%; Retail : 99% Leasable Area Leased Area Unleased Area Occupancy W.A rate Building Name WALE GAV Mar-25 (msf) (msf) (msf) % (psf) DLF Center, Delhi 0.2 0.2 0.0 93% 385 51 809 Smart Work Tower 0.5 0.5 0.0 100% 165 67 1,282 Renew Power Tower 0.1
Slide 25: Annuity Business – Strong pipeline to drive growth
Annuity Business – Strong pipeline to drive growth Offices : ~20 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 6.3 DCCDL DLF Downtown, Gurugram 2 DCCDL Su
Slide 26: High Quality Land Bank
High Quality Land Bank Location Operational Portfolio Projects Projects Balance Potential [Existing] [nearing completion ] [Planned pipeline] [incl. TOD/TDR potential] DLF DCCDL DLF DCCDL DLF DCCDL DLF DCCDL DLF 5 0.6 0.8 0.5 - 1 - 5 - DLF City + 0.1 24.1 3.1 - - 8.3 10 13 New Gurugram - - - - 3 - 2
Slide 27: Commitment to Sustainability
Commitment to Sustainability LEED Platinum British Sword of Honor Quarter Update – Block 12 Chennai achieved LEED Platinum certification. Currently, operational portfolio of 39.69 msf have been awarded with British Swords DLF Annuity boasts the world’s largest portfolio with 38.42 msf LEED of Honor
Slide 28: DLF Limited Financial Update
DLF Limited Financial Update Independent Floors, DLF City, Gurugram 27
Slide 29: Results highlights – Q4 & FY25
Results highlights – Q4 & FY25 New Sales Booking Collections Operating Cash Surplus1 Q4: Rs 2,035 crore Q4: Rs 3,320 crore Q4: Rs 2,281 crore FY25: Rs 21,223 crore FY25: Rs 11,773 crore FY25: Rs 6,221 crore 44% y-o-y growth 36% y-o-y growth 128% y-o-y growth Credit Rating PAT Cash position Outlook r
Slide 30: Consolidated Results: Q4FY25 Revenue at Rs 3,348 cr; PAT at Rs 1,268 cr
Consolidated Results : Q4FY25 Revenue at Rs 3,348 cr; PAT at Rs 1,268 cr : y-o-y growth of 37% Particulars Q4FY25 Q3FY25 Q-o-Q Q4FY24 Y-o-Y Revenue from operations# 3,128 1,529 105% 2,135 46% Cost of Sales 1,652 738 124% 862 92% Gross Margin 1,476 790 87% 1,274 16% Gross Margin% 47% 52% 60% Other in
Slide 31: Consolidated Results: FY25 Revenue at Rs 8,996 cr; PAT at Rs 4,357 cr
Consolidated Results : FY25 Revenue at Rs 8,996 cr; PAT at Rs 4,357 cr : y-o-y growth of 59% Particulars FY25 FY24 Y-o-Y Revenue from operations# 7,994 6,427 24% Cost of Sales 4,132 2,794 48% Gross Margin 3,862 3,634 6% Gross Margin% 48% 57% Other income 1,002 531 89% Staff cost 592 546 8% Other Exp
Slide 32: Consolidated Cash Flow: Net Cash Surplus at Rs 5,302 crore
Consolidated Cash Flow : Net Cash Surplus at Rs 5,302 crore Particulars FY24 FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Inflow •Collection from Sales 8,301 11,396 2,888 2,252 2,988 3,268 • Rental Inflow 354 378 80 118 128 52 Sub-Total Inflow 8,654 11,773 2,968 2,370 3,116 3,320 Outflow •Construction 1,642 2,2
Slide 33: Net Cash Position: Improved to Rs 6,848 crore
Net Cash Position : Net Cash position further improved to Rs 6,848 crore Particulars Q4FY24 Q3FY25 Q4FY25 Gross opening debt (2,948) (3,988) (4,434) Debt repaid during quarter - - 620 New Borrowing during Qtr. (1,587) (447) Closing Debt (4,535) (4,434) (3,814) Cash in Hand* 6,082 8,968 10,662# Net C
Slide 34: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract Particulars As on 31.03.2025 As on 31.03.2024 Non-Current Assets 28,270 27,703 Current Assets 41,205 32,559 Total Assets 69,475 60,262 Equity/Reserves & Surplus 42,550 39,432 Non-current Liabilities 4,692 6,690 Current Liabilities 22,233 14,141 Total Liabilities 6
Slide 35: DCCDL: Financial Update
DCCDL : Financial Update CONFIDENTIAL_FnA DLF Cybercity, Gurugram 34
Slide 36: Result Highlights – Q4 & FY25
Result Highlights – Q4 & FY25 Rental Income EBITDA PAT Q4: Rs 1,223 crore Q4: Rs 1,254 crore Q4 : Rs 529 crore 9% y-o-y growth 9% y-o-y growth 18% y-o-y growth FY25: Rs 4,754 crore FY25: Rs 4,949 crore FY25: Rs 2,461 crore 10% y-o-y growth 11% y-o-y growth 46% y-o-y growth Operational Net Debt Ratin
Slide 37: DCCDL (Consolidated) Q4FY25: Revenue at Rs 1,637 crore; PAT at Rs 529 crore
DCCDL (Consolidated) Q4FY25 : Revenue at Rs 1,637 crore; PAT at Rs 529 crore; y-o-y growth of 18% Particulars Q4FY25 Q3FY25 Q-o-Q Q4FY24 Y-o-Y Rental Income Office 1,002 962 4% 910 10% Retail 221 231 (4%) 215 3% Service & Other Operating Income 396 390 1% 392 1% Other Income 18 21 (13%) 31 (42%) Tot
Slide 38: DCCDL (Consolidated) FY25: Revenue at Rs 6,448 crore; PAT at Rs 2,461 crore
DCCDL (Consolidated) FY25 : Revenue at Rs 6,448 crore; PAT at Rs 2,461 crore; y-o-y growth of 46% Particulars FY25 FY24 Y-o-Y Rental Income Office 3,874 3,497 11% Retail 880 828 6% Service & Other Operating Income 1,592 1,489 7% Other Income 103 83 24% Total Revenue 6,448 5,898 9% Operating Expenses
Slide 39: DCCDL (Consolidated): Cash Flow Abstract
DCCDL (Consolidated): Cash Flow Abstract Particulars FY24 FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Operating Cash flow before Interest & tax 4,659 5,046 1,188 1,387 1,288 1,183 Interest Expense (Net) (1,469) (1,473) (340) (388) (365) (379) Tax (net) (464) (476) (127) (78) (185)# (86) Operating Cash flow aft
Slide 40: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 31.03.2025 As on 31.03.2024 Non-Current Assets 30,621 29,833 Current Assets 1,215 1,322 Total Assets 31,836 31,155 Equity/Reserves & Surplus 8,227 7,245 Non-current Liabilities 18,790 18,745 Current Liabilities 4,819 5,165 Total Liabilit
Slide 41: DCCDL (Consolidated): Debt Update – Q4FY25
DCCDL (Consolidated): Debt Update – Q4FY25 Net Debt to EBITDA: 3.5 x Portfolio growth + capex from internal accruals leading to significant improvement Net Debt Rs 17,488 crore 5.5 4.5 4.0 3.5 GAV1 Rs 84,204 crore FY22 FY23 FY24 FY25 Net Debt to GAV: 21% Value enhancement from new product additions
Slide 42: DLF Golf & Country Club, DLF 5, Gurugram
DLF Golf & Country Club, DLF 5, Gurugram 41