Slide 1: Cover letter to stock exchanges: Analysts Presentation
DLF Limited DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel. : (+91-124) 4396000 August 6, 2020 To, To, The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, P.J. Tower, Dalal
Slide 2: DLF Limited Results Presentation Q1FY21
Cyber Park, Gurugram DLF Limited Results Presentation Q1FY21
Slide 3: Agenda
01 OUTLOOK & STRATEGY BUSINESS UPDATE : AGENDA 02 DLF LIMITED (DEVCO) BUSINESS UPDATE : 03 DCCDL
Slide 4: Outlook
Outlook • The pandemic continues to impact consumer sentiment and spending appetite in the short term. Covid-19 • GDP is likely to contract during the current fiscal year. Impact • The crisis would have a significant impact on the economy, extent of which can only be determined when normalcy returns
Slide 5: Strategy
Strategy Remain committed and confident in delivering our business goals Development Business: Rental Business: Liquidity: Land Bank: ❑ Planned Development & ❑ Continued focus on ❑ Well defined and time- ❑ Strong Liquidity position: focus: growth through better tested strategy for the Maintaining su
Slide 6: Outlook – Development Business
Outlook – Development Business • Significant dip in demand for new residences during the lockdown. Post lockdown, green shoots of demand visible. Sales • Demand to improve gradually and normalise from Q3 FY21 onwards • DLF remains poised to maintain its growth path, with its strong brand image and c
Slide 7: Liquidity Management
Liquidity Management • Maintaining sufficient liquidity given the current uncertain times: Liquidity ✓ DLF Limited - ~ Rs 2,271 crore ✓ DCCDL - ~ Rs 1,275 crore; • Inventory & receivables: Inventory & ✓ Completed Inventory - ~ Rs 9,000 crore receivables ✓ Receivables - ~ Rs 2,375 crore ✓ Balance con
Slide 8: Business Update: DLF Limited Devco
Business Update: DLF Limited Devco
Slide 9: Result Highlights – Q1FY21
Result Highlights – Q1FY21 Net Sales Booking Possession Letters Issued Operating Cashflow Rs 152 crore 406 units 0.78 msf Rs 61 crore Projects Under Rating Net Debt Planning ICRA A+ 29 msf Rs 5,225 crore (Stable) Business continues to show resilience despite such challenging times |8|
Slide 10: Sales Booking during Q1FY21
Sales Booking during Q1FY21 Gross Sale Bookings Net Sales Bookings Location (in Rs crore) (in Rs crore) DLF5, Gurugram 83 83 ROG 48 43 National Devco 34 26 TOTAL 165 152 ❑ Continuing effects of the pandemic have led to lower sales ❑ Camellias cancellations have now been absorbed. Witnessing early si
Slide 11: Financial Performance – Q1FY21
Financial Performance – Q1FY21 DLF Limited: • As per Accounting Standard 115, revenue is recognized at the time of handing over of possession to the customers. Possession letter issuance got significantly affected during the lockdown. Consequently Revenue & Profit were impacted. ✓ Revenue of Rs 647
Slide 12: Consolidated Profit & Loss
Consolidated Profit & Loss All figures in Rs crore Year Ended March 31, 2020 Q1 FY21 (Unaudited) Q4 FY 20 (Audited) Q1 FY20 (Unaudited) (Audited) Percentage of Percentage of Percentage of Percentage of S.No. Consolidated Financials Rs crore Rs crore Rs crore Rs crore Total Revenue Total Revenue Tota
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet All figures in Rs crore As on June 30, 2020 As on March 31, 2020 Particulars ( Unaudited) ( Audited) ASSETS Non-current assets Property, plant and equipment 1,149 1,177 Right of use assets 313 319 Capital work-in-progress 91 89 Investment property 2,588 2,595 Goodwill 944
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet All figures in Rs crore As on June 30, 2020 As on March 31, 2020 Particulars ( Unaudited) ( Audited) EQUITY AND LIABILITIES Equity Equity share capital 495 495 Warrants - - Other equity 33,878 33,952 Equity attributable to Equity Holder of the parent 34,373 34,447 Non-cont
Slide 15: Consolidated Cash Flow – Q1FY21
Consolidated Cash Flow – Q1FY21 Particulars Q1FY21 Q4FY20 Inflow • Collection from Sales 315 705 • Rental Inflow (DLF Limited) 50 66 ❑ Collection dropped due to Sub-Total 365 771 demand letter deferment during Outflow lockdown period • Construction / Project costs 72 133 • Government / Land Charges
Slide 16: Debt Update
Debt Update Net Bank Debt (ex- DCCDL) Debt Profile Repayment Borrowing >1< 3 Particulars Q1FY21 Q4FY20 31.03.20 in Q1 in Q1 30.06.20 <1 year year >3 year Private 563 (97) - 466 Gross Opening Debt Banks 7,774 7,123 (net of INDAS adjustments) Foreign banks 951 (3) - 948 359 1,432 1,493 Public Sector 1
Slide 17: Residual EBITDA as on June 30th, 2020
Residual EBITDA as on June 30th, 2020 Total EBITDA to be recognized in Sales done till June 2020 : (A) Rs 4,800 crore Total EBITDA in unsold inventory : (B) Rs 4,430 crore Total EBITDA to be recognized in the next few years : (A+B) Rs 9,230 crore Note: EBIDTA of DLF rental assets/ new projects not i
Slide 18: Completed Inventory
Completed Inventory Value (in Rs crore) Sales Booking (in msf) Value (in Rs crore) Area (in msf) 31.03.2020 Q1FY21 30.06.2020 30.06.2020 DLF5, 4,838 83 4,755 1.53 Gurugram ROG 1,997 43 1,953 2.25 National 2,262 26 2,236 5.33 Devco TOTAL 9,096 152 8,944 9.11 | 17 |
Slide 19: Project receivables as on June 30, 2020
Project receivables as on June 30, 2020 All figures in Rs crore Project Sold Value Residual Inventory Balance Receivable Camellias, 5,315 4,695 450 DLF5, Gurugram Other - DLF5, 60 180 Gurugram ROG 1,953 930 National Devco 2,236 815 TOTAL 5,315 8,944 2,375 | 18 |
Slide 20: Development Update
Development Update ~ Project Size Project Revenue Project Status Update (~ in msf) ( ~ in Rs crore) DLF - GIC • Under construction Residential JV, 8 12,000 -15,000 • Sales of first phase (2msf)expected to Central Delhi commence in Q4 DLF – Hines • Approvals underway; construction to commence Offices
Slide 21: DLF – GIC Residential JV, Central Delhi: Construction Update
DLF – GIC Residential JV, Central Delhi Construction Update | 20 |
Slide 22: Portfolio Snapshot (DLF Limited's Rental Assets) – Q1FY21
Portfolio Snapshot (DLF Limited’s Rental Assets) – Q1FY21 Leasable Weighted Leased Area Vacant Area % Leased Current WALE GAV Building Area Average (msf) (msf) Area Rentals (in months) (in Rs crore) (msf) Rental rate OFFICES DLF Center, Delhi 0.17 0.14 0.03 83% 367 360 69 1,044 AMEX, DLF5 0.42 0.42
Slide 23: ESG Update
ESG Update DLF is continually striving to enhance its ESG initiatives in order to be best-in-class globally. Dow Jones Sustainability Index FTSE Russel One of the premier global indices by S&P Global, that Leading global provider of benchmarks for investors assess companies on sustainability practic
Slide 24: ESG Update
ESG Update DLF has largest LEED Platinum Certified Buildings in India, certified through US Green Building Council. Camellias – Residential Development is amongst the first LEED Platinum certified residential building DLF became first real estate company to achieve Five Star Rating and 13 Swords of
Slide 25: Business Update: DCCDL
Business Update: DCCDL | 24 |
Slide 26: Outlook – Rental Business
Outlook – Rental Business • Collections are resilient and have maintained a healthy trend of 95% plus • Work from home is likely to be a complement and not a substitute to large offices. Impact likely to be offset by de-densification of existing office spaces.. • India as a market remains extremely
Slide 27: Result Highlights – Q1FY21
Result Highlights – Q1FY21 Rental Revenue Operating Cashflow Net Debt Rs 656 crore Rs 198 crore Rs 17,888 crore Operational Rating Gross Leasing Portfolio ICRA AA(-) 30.3 msf 0.5 msf (Stable) Offices business holding on; Retail expected to comeback in short term | 26 |
Slide 28: Portfolio Snapshot – Q1FY21
Portfolio Snapshot – Q1FY21 Leasable Area Leased Area Vacant Area % Leased Weighted Average Current/Mark WALE GAV 1 Building Area Rental rate et Rentals (msf) (msf) (msf) (in months) (in Rs crore) OFFICES Cyber City 10.2 9.9 0.3 97.2% 109 121 65 15,850 Cyber Sez 2.9 2.8 0.1 97.1% 82 112 66 4,045 Sil
Slide 29: Financial Performance – Q1FY21
Financial Performance – Q1FY21 DCCDL • Revenue from offices remains steady, 1.6% growth from Q4FY20 • Rental revenue dropped by 14% on account of Retail rent waivers ( ~ Rs 120 crore ) • CAM cost reduced resulting in lower CAM income. However, margins remain intact • PAT - Rs 160 crore; lower by 40%
Slide 30: DCCDL Consolidated Financial Summary - Q1FY21
DCCDL Consolidated Financial Summary - Q1FY21 All figures in Rs crore % Change % Change Particulars Q1FY21 Q4FY20 Q1FY20 vs. Q4FY20 vs. Q1FY20 Rental Revenue 656 764 723 -14% -9% Service & operating income 210 366 350 -43% -40% Other Income 63 108 263 -42% -76% Total Revenue 929 1,238 1,336 -25% -30
Slide 31: DCCDL Consolidated Balance Sheet Abstract
DCCDL Consolidated Balance Sheet Abstract All figures in Rs crore Particulars Q1FY21 Q4FY20 Non-Current Assets 27,126 27,042 Current Assets 1,866 1,783 Total Assets 28,992 28,825 Equity 5,472 5,311 Non-current liabilities 20,265 20,478 Current liabilities 3,255 3,036 Total Liabilities 28,992 28,825
Slide 32: DCCDL Consolidated Cash Flow Abstract
DCCDL Consolidated Cash Flow Abstract All figures in Rs crore Particulars Q1FY21 Q4FY20 Operating Cash flow before Interest & tax 646 792 Interest Expense (401) (424) Interest Income 18 46 Tax (net) (65) (101) Operating Cash after Interest & tax 198 313 Capex (81) (290) Net Surplus 117 23 | 31 |
Slide 33: DCCDL Consolidated – Debt Update
DCCDL Consolidated – Debt Update Net Debt Interest Rate (INR Crore) 18,007 17,888 8.90% 8.65% -3% -1% Q4FY20 Q1FY21 Q4FY20 Q1FY21 Net Debt marginally down; New LRD borrowing at attractive rates c. sub 8% Net Debt = Bank debt as per Ind As less cash & cash equivalents | 32 |
Slide 34: Office Portfolio - Tenant Mix
Office Portfolio - Tenant Mix Others, 28% Technology, 52% Engineering Services, 8% Professional Services, 12% Well diversified profile of tenants leading to a healthy & balanced portfolio. | 33 |
Slide 35: Development Update
Development Update Project ~ Project Size Status Update Downtown, • Block 2 & 3 under construction ; Phase I size : ~ 1.5 msf 11 msf Gurugram • Pre-leasing of 0.3 msf already achieved Downtown, 6.8 msf • Under planning; Phase I size : ~ 2msf Chennai Block-12, Cyber City, • Advanced stages of constru
Slide 36: 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 37: Thank You
CYBER PARK THANK YOU