Slide 1: Schedule of Earnings Call cover 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 30th October 2023 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaz
Slide 2: DLF Limited Q2FY24 Results Presentation
DLF Limited Q2FY24 Results Presentation The Camellias, DLF5, Gurugram
Slide 3: Agenda
AGENDA 01 Overview 02 DLF Limited: Business Update 03 DCCDL: Business Update One Horizon Centre, DLF 5, Gurugram
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 76 158+ 340 msf+ 118 msf+ Track Years of experience in Real estate Area developed Deli
Slide 5: Outlook
Outlook Industry Company Calibrated supply across segments continues to deliver Sustained economic growth continues to support demand sustained momentum Housing demand continues to be strong across geographies; Remain focused on timely execution of launched products Luxury segment exhibiting stronge
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 Low-cost land bank targeting different Momentum at established locations segments & geographies Strong Enhanced Organizational Balance sheet capabilities Healthy Cash flows Calibrated approach tow
Slide 8: DLF Limited: Business Update
DLF Limited :Business Update DLF Downtown, Gurugram
Slide 9: New Sales Bookings (Q2FY24)
New Sales Bookings (Q2FY24) Sustained sales momentum from launched inventory; Super Luxury witnessing healthy demand Steady Sales Momentum Well diversified Sales mix ₹ 2,228 cr ▪ Completed Inventory: ₹ 2,052 cr 9% ✓ The Camellias: Rs 720 crore (14 units) ✓ Others : Rs 166 crore ▪ New Products (Launc
Slide 10: Development Potential
Development Potential Strategically located land bank at low carrying cost; will enable steady & sustainable growth Location Development Potential1 (in msf) Gurgaon 104 DLF 5/DLF City 24 New Gurgaon 81 Delhi Metropolitan Region 13 Chennai 12 Hyderabad 3 Chandigarh Tri-City Region 16 Kolkata 2 Mahara
Slide 11: Launch Calendar (New Products)
Launch Calendar (New Products) Continue to focus on value enhancement; Planned launches remain on track Launched till Planned Total Beyond Initial Guidance FY 22-23 FY 23-24 Till FY23-24 FY 24 Project Sales Sales Sales Sales Sales Size Size Size Size Size Potential Potential Potential Potential Pote
Slide 12: Product Available for Sales Bookings: ~Rs 24k crore
Product Available for Sales Bookings : ~ Rs 24k crore Planned products Available Inventory (FY24 onwards) Rs 4,244 crore Rs 19,700 crore Completed Inventory Launched Products Planned residential developments across (Till 30th Sept-23) (Till 30th Sept-23) Gurugram/Chennai/Chandigarh Tri-city; to be ~
Slide 13: Residual Gross Margin as on 30.09.2023
Residual Gross Margin as on 30.09.2023 Well poised for healthy margin recognition across next few years Gross Margin to be Gross Margin to be Gross Margin Movement recognized recognized Project from sales done till from Inventory as on 30th Sept-2023 30th Sept-2023 ₹ 10,400 cr ₹ 10,300 cr Completed
Slide 14: Project Status – as on 30.09.2023
Project Status – as on 30.09.2023 Healthy mix of completed & launched inventory; healthy receivables of 14.7k crore Total Inventory Balance Revenue to Balance Sales Booking Revenue recognized Project Value be recognized Receivable (in Rs crore) (in Rs crore) (in Rs crore) (in Rs crore) (in Rs crore)
Slide 15: Project Execution Status: Area Under Development
Project Execution Status : Area Under Development (34 msf by FY24 end) Calibrated scale-up; enhanced focus on timely execution Expected Under Construction New Addition Under Construction Segment Completions 1st Apr'23 FY 23-24 31st Mar'24 FY 23-24 DevCo Luxury* 13 5 2.8 15 Premium - 5 - 5 Value 4 -
Slide 16: Project Execution Status
Project Execution Status DLF City Floors, Gurugram Garden city Floors, New Gurgaon The Arbour, Sector-63, Gurugram One Midtown, New Delhi Tower A Tower B 15
Slide 17: Project Execution Status
Project Execution Status The Grove, DLF 5, Gurugram The Valley Gardens, Panchkula Aerial View; Excavation works in full swing (65% completed) Aerial View of the site from proposed 45-meter road . Summit Plaza, DLF 5, Gurrugram Garden City Enclave, Sector-93, New Gurgaon OC received for 136 units; ha
Slide 18: Results highlights – Q2FY24
Results highlights – Q2FY24 Strong collections leading to Net Cash status; Sustained performance across all KPIs New Sales Booking Collections Surplus Cashflow Rs 2,228 crore Rs 2,359 crore Rs 1,147 crore* 9% growth Highest ever collections Highest Surplus cash generation from Operations ESG/Credit
Slide 19: Consolidated Results – Q2FY24
Consolidated Results – Q2FY24 Revenue at Rs 1,476 crore; PAT at Rs 629 crore Y-o-Y growth of 29% ❑ Revenue stood at Rs 1,476 crore, a Y-o-Y growth of 9% ❑ Gross margins at 57% ❑ EBITDA at Rs 591 crore; a Y-o-Y growth of 19% ❑ PAT at Rs 629 crore, Y-o-Y growth of 29%; ❑ Surplus cash generation of Rs
Slide 20: Consolidated Profit & Loss Q2FY24
Consolidated Profit & Loss Q2FY24 Revenue at Rs 1,476 crore; PAT at Rs 629 crore; Y-o-Y growth of 29% % Change % Change Particular Q2FY24 Q1FY24 Q2FY23 Q-o- Q Y-o-Y Revenue from operations 1,348 1,423 (5%) 1,302 3% Cost of Sales 580 688 (16%) 523 11% Gross Margin 768 735 4% 779 (1%) Gross Margin% 57
Slide 21: Consolidated Cash Flow
Consolidated Cash Flow Record surplus cash generation from Operations (Rs 1,147 crore) Particulars FY23 FY24 Q1 Q2 Q3 Q4 Q1 Q2 Inflow •Collection from Sales 991 1,152 1,307 1,842 1,472 2,282 • Rental Inflow 81 100 91 86 104 76 Sub-Total Inflow 1,072 1,252 1,398 1,929 1,575 2,359 Outflow •Constructio
Slide 22: Debt Update – Q2FY24
Debt Update – Q2FY24 Achieved Net Cash position of Rs 142 crore Interest Rate Movement 8.40% 8.18% 8.12% Particulars Q2FY23 Q1FY24 Q2FY24 7.03% Gross opening debt 3,728 3,068 3,012 Less : Debt repaid during quarter (120) (121) - FY21 Exit FY22 Exit FY23 Exit Q2FY24 Add : New Borrowing during Qtr. -
Slide 23: Liquidity Position
Liquidity Position Healthy cashflows led to achieving Net cash position during the quarter Particulars1 Amount (in Rs crore) Net Cash position as on 30.09.2023 142 Receivables (including New Products) 12,750 Construction Payables (including New Products) (6,425) Capex (Rental assets ~ 2.5 msf) (814)
Slide 24: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract Particulars As on 30.09.2023 As on 31.03.2023 Non-Current Assets 28,767 28,157 Current Assets 27,290 25,771 Total Assets 56,058 53,928 Equity 37,857 37,692 Non-current Liabilities 5,107 5,051 Current Liabilities 13,093 11,185 Total Liabilities 56,058 53,928 23
Slide 25: Rental Portfolio Snapshot (DLF Limited) – Q2FY24
Rental Portfolio Snapshot (DLF Limited) – Q2FY24 Leasable Leased Weighted Vacant Area WALE GAV Area Area Average rate Building % Leased Area (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs cr) DLF Center, Delhi 0.17 0.15 0.01 92% 372 58 806 DLF5 0.58 0.58 0.0 100% 46 5 739 IT Sez, Kolkata 1.0
Slide 26: DCCDL Business Update
DCCDL Business Update 25 DLF Cybercity, Chennai
Slide 27: 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 28: Portfolio Snapshot – Q2FY24
Portfolio Snapshot – Q2FY24 Office Occupancy improved Q-o-Q to 91% vs 88% in Q1; New Products witnessing healthy pre-leasing (89%) Weighted Average Leasable Area Leased Area Vacant Area % Leased WALE GAV1 Building rate Area (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs crore) Cyber City 11.
Slide 29: Portfolio - Tenant Mix
Portfolio - Tenant Mix Well diversified & balanced portfolio with lower concentration risk Offices: Tenant Mix Retail Tenant Mix Q2FY24 (based on revenue) Q2FY24 (based on leased area) 4% 2% Top 10 Tenants % Top 10 Tenants % 6% Cognizant 4% Cognizant 4% 9% American Express 4% IBM 3% 43% IBM 3% Conce
Slide 30: 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 ~ 12 ✓ Phase II
Slide 31: Development Update
Development Update Actual Status DLF Downtown, Chennai Artist’s impression; Not an actual image Block 2 & 3,DLF Downtown, Gurugram DLF Downtown, Chennai Actual Status Block 4,DLF Downtown, Gurugram Actual Status 30
Slide 32: Result Highlights – Q2FY24
Result Highlights – Q2FY24 Rental income grew by 9% Y-o-Y; driven by steady growth across portfolio Operational Rental Income1 Gross Leasing Portfolio 39.7 msf Rs 1,069 crore Office occupancy improved to 91% 2.3 msf Non-sez improved to 97% Net Debt Rating Sustainability DLF Rental Business recognize
Slide 33: DCCDL (Consolidated): Q2FY24 Results
DCCDL (Consolidated): Q2FY24 Results Revenue increased by 7% Y-o-Y; PAT at Rs 416 crore; 17% growth ❑ Revenue at Rs 1,463 crore, Y-o-Y increase of 7% ✓ Office rentals witnessing steady growth 7% Y-o-Y; ✓ Retail revenues continue to deliver healthy growth of 15% ✓ Services/other operating income grew
Slide 34: DCCDL (Consolidated): Financial Summary - Q2FY24
DCCDL (Consolidated): Financial Summary - Q2FY24 Revenue up by 7%; PAT at Rs 416 crore; 17% Y-o-Y growth % change % change Particulars Q2FY24 Q1FY24 Q2FY23 Q-o-Q Y-o-Y Rental Income Office 857 856 - 801 7% Retail 212 187 14% 184 15% Service & Other Operating Income 374 352 6% 351 6% Other Income 20
Slide 35: DCCDL (Consolidated): Cash Flow Abstract
DCCDL (Consolidated): Cash Flow Abstract Net Surplus generation of Rs 303 crore Particulars FY23 Q4FY23 Q1FY24 Q2FY24 Operating Cash flow before Interest & tax 4,103 1,031 1,106 1,112 Interest Expense (Net) (1,380) (331) (338) (378) Tax (net)1 (419) (142) (131) (123) Operating Cash flow after Intere
Slide 36: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 30.09.2023 As on 31.03.2023 Non-Current Assets 29,585 29,408 Current Assets 1,270 2,311 Total Assets 30,855 31,719 Equity 7,167 6,429 Non-current Liabilities 18,116 19,075 Current Liabilities 5,572 6,215 Total Liabilities 30,855 31,719 3
Slide 37: DCCDL (Consolidated): Debt Update – Q2FY24
DCCDL (Consolidated): Debt Update – Q2FY24 Sources Particulars Q4FY23 Q1FY24 Q2FY24 Bank , ` Gross opening debt 20,486 20,817 19,295 16,380 crs, 86% NCD, ` 2,527 crs, Less : Debt repaid during quarter (719) (4,044) (1,393) 13% Diversified Add : New Borrowing during Qtr. 1,050 2,522 1,130 sources of
Slide 38: 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 39: One Midtown, New Delhi
38 One Midtown, New Delhi Artist’s impression; not an actual image