Slide 1: Analyst Presentation June 2020
Analyst Presentation June 2020 1
Slide 2: Covid-19: Impact & Outlook
Covid-19: Impact & Outlook • The pandemic appears to have impacted consumer sentiment and spending appetite in the short term. Impact and • The crisis may have a longer-term impact on the economy, the nature and full extent of which can only be gauged as normalcy returns. Response • DLF has resumed
Slide 3: Measures for Covid-19: Business and Stakeholders
Measures for Covid-19: Business and Stakeholders • DLF ensured that it remained in a unique position to immediately recommence operations as soon as lockdowns were lifted. Business Operations • We have been able to mitigate delays through ensuring the well being of our whole ecosystem(internal and e
Slide 4: Measures for Covid-19: Society
Measures for Covid-19: Society Working for the Society Monetary donations made to 3.4 Million cooked meals State and District Relief funds served. Continue to provide across Haryana, Tamil Nadu and meals Hyderabad 4.5 Lac Gloves, 4 Lac Face masks, 3 Million dry ration 10,000 litres of Sanitizer, mea
Slide 5: Strategy
Strategy Remain committed and confident in delivering our business goals Planned Development & Focus: Planned new projects across approx. 19 msf | Renewed focus Steady Free Development on mid-income housing Cash Flow Business Generation Ready-to-sell Inventory: ~INR 9,000 crore inventory ready to be
Slide 6: Outlook – Development Business
Outlook – Development Business • Q1 FY21 is expected be a washout, owing to the extended lockdown and lack of short-term visibility for the buyers. Sales • We anticipate that some semblance of normalcy will return towards Q3 FY21. • DLF remains poised to maintain its growth path, with its strong bra
Slide 7: Outlook – Rental Business
Outlook – Rental Business • Collections have maintained a healthy trend and are well on track. • Work-from-Home is expected to remain a positive supplement to the regular office-based model of working, not a substitute for the same. • De-densification, in fact may potentially increase the area lease
Slide 8: Liquidity Management
Liquidity Management ❑ Cash Position as on March 31, 2020 : ➢ DLF Limited - ~ Rs 2,500 crore ➢ DCCDL group - ~ Rs 1,300 crore ❑ Inventory & Receivables: ➢ Completed Inventory : ~ Rs 9,000 crore ➢ Pending Receivables: ~ Rs 2,500 crore ➢ Balance Outflow: ~ Rs 1,200 crore ❑ Net debt to remain in narrow
Slide 9: Business Update: DLF Limited (Devco)
BUSINESS UPDATE : DLF Limited (Devco) 9
Slide 10: Result Highlights – Q4FY20
Result Highlights – Q4FY20 Gross Operating Net Sales Cash FlowLetters before Possession Booking Net Incremental Interestfor Issued & tax Net Sales Booking Gross Leasing Leasing* 1,113 Rs xunits crore Rs 325 Rs xcrore crore 1.10 msf* 0.10 msf 2.52 msf Operating Cashflow Rs x crore WALE5 Operating Cas
Slide 11: Result Highlights – FY20
Result Highlights – FY20 Gross Operating Net Sales Cash FlowLetters before Possession Booking Net Incremental Interestfor Issued & tax Net Sales Booking Gross Leasing* Leasing* 3,894 Rs xunits crore Rs 2,485 Rs x crore 4.8 msf 1.3 msf 8.22 msf Operating Cashflow Rs x crore WALE5 Rating Operating Cas
Slide 12: Q4FY20 – Sales Update
Q4FY20 – Sales Update Gross Sale Value Net Sale Value Location (Rs in crore) (Rs in crore) DLF 5 387 (8) Rest of Gurgaon 220 218 National Devco 123 114 Total 730 325 ❑ Gross Sales driven by Key projects Horizon Center, Camellias & Ultima ❑ Camellias - Fit-outs of ~75% apartments underway; customers
Slide 13: FY20 – Sales Update
FY20 – Sales Update FY 19-20 FY 18-19 Gross Sale Gross Sale Net Sale Value Net Sale Value Location Value Value (Rs in crore) (Rs in crore) (Rs in crore) (Rs in crore) DLF 5 1,324 541 2,005 1,580 Rest of Gurgaon 1,512 1,454 390 275 National Devco 614 509 730 580 Total 3,450 2,485 3,125 2,435 Gross Sa
Slide 14: Financial Impact due to adoption of lower tax rate
Financial Impact due to adoption of lower tax rate ❑ Adopted the option of lower tax rate w.e.f. 1st April 2019 (reduced to ~25%) ❑ Financial Benefit ❖ Profit improvement on account of lower tax provision of approx. 10% yearly ❖ No cash outflow for MAT in future years as it is not applicable under n
Slide 15: Q4FY20 – Summary Results
Q4FY 20 – Summary Results1&2 REVENUE EBITDA NORMAL PAT (in Rs crore) (in Rs crore) (in Rs crore) DCCDL 825 DLF 146 DLF 496 DLF DLF DCCDL 177 DLF DLF 1,874 DCCDL DCCDL 589 DCCDL DCCDL CONSOL REVENUE Rs 2,699 crore CONSOL EBIDTA Rs 1,085 crore CONSOL NORMAL PAT Rs 323 crore 66.67% share of DCCDL numbe
Slide 16: Consolidated Profit and Loss
Consolidated Profit and Loss Year Ended Year Ended March 31, 2020 March 31, 2019 Q4 FY20 (Audited) Q3 FY20 (Reviewed) Q4 FY19 (Audited) (Audited) (Audited) Percentage of Percentage of Percentage of Percentage of Percentage of Sl.No. Consolidated Financials Rs. Crs. Rs. Crs. Rs. Crs. Rs. Crs. Rs. Crs
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet As on March 31, 2020 As on March 31, 2019 Particulars ( Audited) ( Audited) ASSETS Non-current assets Property, plant and equipment 1,177 1,459 Right-of-use assets 319 - Capital work-in-progress 89 103 Investment property 2,595 3,696 Goodwill 944 1,009 Other intangible ass
Slide 18: Consolidated Balance Sheet
Consolidated Balance Sheet EQUITY AND LIABILITIES Equity Equity share capital 495 441 Warrant - 750 Other equity 33,952 32,385 Equity attributable to owners of Holding Company 34,447 33,577 Non-controlling interests 18 41 Total equity 34,465 33,617 Non-current liabilities Financial liabilities Borro
Slide 19: Consolidated Cash Flow – Q4FY20
Consolidated Cash Flow – Q4FY20 (INR Crs.) Q4FY20 Q3FY20 Inflow • Collection from sales 678 612 • Rentals 66 36 Sub-Total 744 648 Outflow • Construction 133 185 • Government / Land charges 37 (5) • Overheads 156 214 Sub-Total 326 394 Operating Cash Flow before Interest & Tax 418 254 • Finance cost (
Slide 20: Net Debt Update
Net Debt Update To remain range bound for short term Net Bank Debt – excluding DCCDL group Sources of Debt o/s. o/s. INR crore Q4FY20 Q3FY20 Q4FY19 Repayment Borrowing >1<3 (INR Crs.) 31.12.1 31.03.2 <1 Yr >3 Yr in Q4 in Q4 Yr 9 0 Gross Opening Debt ( net 7,123 7,050 10,196 Banks of Ind AS adjustmen
Slide 21: Interest Rate Movement
Interest Rate Movement Interest Rate Movement O/S Interest Rate 10.75% 9,000 10.59% 10.65% 7,774 8,000 7,078 10.55% 6,839 7,000 6,208 10.45% 6,000 10.35% 5,000 10.23% 10.25% 4,000 10.12% 10.15% 3,000 10.05% 2,000 9.95% 9.83% 1,000 9.85% - 9.75% 30.06.2019 30.09.2019 31.12.2019 31.03.2020 Reduction i
Slide 22: Residual EBITDA as on March 31st, 2020
Residual EBITDA as on March 31st, 2020 Rs crore Total EBITDA to be recognized in Sales done till March 2020 : (A) 4,850 Total EBITDA in unsold inventory : (B) 4,500 Total EBITDA to be recognized in the next 4 to 5 years : (A+B) 9,350 Note: EBIDTA of DLF rental assets/ new projects not included above
Slide 23: Completed Inventory
Completed Inventory Value (Rs cr) Sale Booking Area ( in msf ) Value (Rs cr) 31.12.2019 Q4 FY20 31.03.2020 31.03.2020 1 DLF 5, Gurugram 4,830 (8) 1.53 4,838 2 Rest of 2,215 218 1.67 1,997 Gurugram 3 2,375 115 5.71 2,262 National Devco Total 9,420 325 8.91 9,096 23
Slide 24: Project Cash Flows as on March 31, 2020
Project Cash Flows as on March 31, 2020 In Rs crore Residual Inventory Pending Receivable 1 Sold Value Camellias, DLF5,Gurugram 5,312 4,749 423 2 Crest, DLF5,Gurugram 3,981 11 171 3 Horizon Centre, 2,245 77* 39 DLF5,Gurugram 4 Ultima, 11 1,724 780 New Gurugram 5 ROG, Gurugram 1,985 296 6 National De
Slide 25: Overview of DLF’s Rental Assets (ex-DCCDL)
Overview of DLF’s Rental Assets (ex-DCCDL) Lac sqf Leasable Leased Leased/ Rent(psf/month) Building Name Area Area leasable Market In place WALE* (Lacs sqf) (Lacs sqf) area % Rate # OFFICES: Kolkata SEZ 9.9 9.6 97% 34 30 73 DLF Centre 1.7 1.4 83% 367 400 90 Amex 4.2 4.2 100% 36 122 10 ReNew Power 0.
Slide 26: Business Update: DCCDL Group
BUSINESS UPDATE : DCCDL GROUP 26
Slide 27: Highlights – Q4FY20
Highlights – Q4FY20 Strong business performance continues Rental Revenue1 Operational Portfolio Gross Leasing Net Incremental (Developed) Leasing Rs 764 crore 1.1 msf 0.1 msf 30.3 msf Strong Operating Projects under Credit Rating Net Debt3 Cashflow Construction4 ICRA A A (-), Rs 18,007 crore Net2 -
Slide 28: Highlights – FY20
Highlights – FY20 Strong business performance continues Rental Revenue1 Operational Portfolio Gross Leasing Net Incremental (Developed) Leasing Rs 3,006 crore 4.6 msf 1.3 msf (15% growth from LY ) 30.3 msf Strong Operating Projects under Credit Rating Net Debt3 Cashflow Construction4 ICRA A A(-), Rs
Slide 29: Portfolio Snapshot (DCCDL) – FY20
Portfolio Snapshot (DCCDL) – FY20 Rental Revenue Occupancy Rs 3,006 crore 95% Developed : 30.3 msf Under Dev. : 7.1 msf Operational Portfolio Mark-to-Market Potential Potential : 25.5 msf Leased ~ 29 msf 15% ( Offices ) Vacant Stock ~ 1.3 msf 29
Slide 30: Portfolio Snapshot – Q4FY20
Portfolio Snapshot- Q4FY20 Leasable Leased Unleased Leased/ W.A rate- Current GAV Building Name Area Area Area Leasable leased area rate WALE2 3 (` Cr) 1 (Lacs sqf) (Lacs sqf) (Lacs sqf) Area % (` /sqf) (` /sqf) OFFICES Cyber City 101.6 100.3 1.4 98.6% 106 121 68 15,850 Cyber City SEZ 28.9 28.5 0.4
Slide 31: DCCDL - Summary Consolidated Financial Result
DCCDL - Summary Consolidated Financial Result 1238 1130 883 836 287 280 266 277 Total Revenue EBITDA PBT PAT Q4 Q3 31
Slide 32: DCCDL Consolidated – Q4 FY20
DCCDL Consolidated – Q4 FY20 ₹ Cr Particulars Q4 FY20 Q3 FY20 Growth % Rental Revenue 764 759 1% Service & Other Income 474 371 28% Total Revenue 1238 1130 10% Operating Expenses 355 294 21% EBITDA (including other income) 883 836 6% EBITDA (Excl. other income) 776 783 -1% Finance Cost 424 426 -0.5%
Slide 33: DCCDL - Summary Consolidated Financial Result
DCCDL - Summary Consolidated Financial Result ✓ Rental Revenue is up by 15% ✓ EBIDTA at 73% ( Rs 3,720 crs down by 2% ) due to lower finance income ✓ PAT reduced to Rs. 1,317 crs due to impairment of power assets & lower finance income 33
Slide 34: DCCDL Consolidated – FY20
DCCDL Consolidated – FY20 In Rs crore Particulars FY20 FY19 Growth % Rental Revenue 3,006 2.620 15% Service & Other Income1 2,077 2468 -16% Total Revenue 5,083 5,088 0% Expenses 1.363 1,294 5% EBITDA (including other income) 3,720 3,794 -2% EBITDA (excluding other income) 3,073 2,666 15% Finance Cos
Slide 35: DCCDL Balance Sheet Abstract (Consolidated)
DCCDL Balance Sheet Abstract (Consolidated) In Rs Crore Particulars FY20 FY19 Non-current assets 27,042 19,321 Current assets 1,784 8,366 Total Assets 28,826 27,687 Equity 5,312 7,464 Non-current liabilities 20,478 17,275 Current liabilities 3,036 2,948 Total Liabilities 28,826 27,687 35
Slide 36: DCCDL Cash Flow Abstract (Consolidated)
DCCDL Cash Flow Abstract (Consolidated) In Rs Crore Particulars Q4-20 Q3-20 FY20 FY19 Operating Cash Flow before Interest & 792 778 3,137 2,719 Tax Interest Expense (424) (427) (1,733) (1,625) Interest Income* 46 490 1,607 818 Tax (Net) (101) (92) (414) (430) Operating Cash Flow 313 749 2,597 1,482
Slide 37: 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 and the actual results could materially differ from those in such forward looking statements. The r
Slide 38: Thank You
THANK YOU 38