Slide 1: Q4 & FY21 Results Presentation
Q4 & FY21 Results Presentation The Camellias, 1 DLF 5, Gurgaon
Slide 2: Agenda
01 Overview DLF Limited: AGENDA 02 Business Update DCCDL: 03 Business Update 2
Slide 3: Overview: DLF Group
OVERVIEW : DLF Group Residential Offices Retail Other Business Business Apartments/Plotted/ Cyber City/Cyber Service & Facility Parks/IT SEZ Management/Hospitality Townships/Low-rise 75 150+ 330 msf+ 100 msf+ Track Years of experience in Real estate Area developed Deliveries since IPO record real es
Slide 4: ESG Update
ESG Update Awarded Industry Mover DLF Limited included in 2021 status for strongest Y-o-Y edition of The Sustainability score improvement in Yearbook respective industry. Leadership position 100th Percentile DLF is the only real 93rd Percentile 18th out of 250 Environment reporting; estate company f
Slide 5: Initiatives | Safety and Sustainability
Initiatives | Safety and Sustainability • DLF’s entire rental portfolio has been certified against stringent protocols demanded by International WELL Building Institute and the British Safety Council – across COVID-19 assurance as well as general Technical well-being and safety parameters and Operat
Slide 6: Safety | Planned Initiatives
Safety| Planned Initiatives DLF is taking a number of steps to ensure tenant safety and well-being remains at the forefront of our operations and our offices continue to be amongst the safest places to work. Some of these initiatives (in varied stages of planning and/or implementation) have been dis
Slide 7: Business Update: DLF Limited Devco
Concept image – Independent Floors Samavana, Kasauli Hyde Park, Mullanpur Concept image – Independent Floors Business Update: DLF Limited Devco Garden City, Lucknow Not an actual image Not an actual image
Slide 8: Outlook
Outlook ❑ The industry witnessed a structural positive shift in housing demand in FY21. ❑ Industry witnessing temporary dislocation due to the second wave of pandemic. Construction work, approvals & customer engagement impacted in the short term. Industry ❑ Fundamental demand drivers are expected to
Slide 9: Strategy
Strategy Remain committed and confident in delivering our business goals Development Business: Rental Business: Liquidity: Land Bank: ❑ Scaling up launches of ❑ Continued focus on ❑ Core land bank to be ❑ Strong Liquidity position: New Products growth through better developed for sustainable Maintai
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: Development Update: New Products
Development Update New Products; key tenets to the next growth cycle ❑ Scaling Up: ✓ ~ 35 msf of New Products planned in medium term ✓ Established locations with infrastructure in place ❑ Diversified Offerings: ✓ Products across multiple categories catering different target segments; ❖ Low-rise deve
Slide 12: Identified Pipeline of New Products – Launch Calendar
Development Update Identified Pipeline of New Products – Launch Calendar of 35 msf ~ Sales Area in msf Project Potential Beyond Project H2 FY21 H1 FY22 H2 FY 22 FY22-23 FY23-24 Size ( ~ in Rs FY24 (~ in msf) crore) DLF - GIC 12,000 - Residential JV, 8 - - 2.1 - - 6.0 15,000 Central Delhi DLF – Hines
Slide 13: Development Update
Development Update DLF City Floors, Gurgaon NOIDA Data Center Atrium Place (Hines JV), Gurgaon 13
Slide 14: Highlights – Q4FY21
Highlights – Q4FY21 New Sales remained buoyant during the quarter Net Sales Possession Operating Booking Letters Issued Cashflow Rs 1,058 crore 514 units Operating Cashflow : 1.29 msf Rs 215 crore Pipeline Launch Net Debt New Products New Products Independent Floors across Gurugram; 35 msf Rs 4,885
Slide 15: Highlights – FY21
Highlights – FY21 Pick up in New Sales; Positive Operating Cashflow generation Net Sales Possession Operating Booking Letters Issued Cashflow Rs 3,084 crore 2,169 units Operating Cashflow : 5.12 msf Rs 382 crore Pipeline Launch Net Debt New Products New Products Launched ~ 1.5 msf across Gurugram 35
Slide 16: Sales Bookings
Sales Bookings : New Sales at Rs 3,084 crore for the fiscal despite Q1FY21 being muted Y-o-Y comparison 24% ₹ 1,058 cr ₹ 3,084 cr 226% ₹ 2,485 cr ₹ 325 cr Q4FY20 Q4FY21 FY20 FY21 Q4FY21: FY21: ❖ DLF5 : Rs 321 crore; Sold 12 units of Camellias ❖ DLF5 : Rs 1,006 crore; Sold 36 units of Camellias ❖ Nat
Slide 17: Q4FY21 Results
Q4FY21 Results Strong Financial Performance: PAT at Rs 481 crore(underlying Y-o-Y growth of 42%), Surplus cash generation of Rs 215 crore ❑ Revenue stood at Rs 1,907 crore, reflecting a marginal Y-o-Y increase of 2% ❑ EBITDA at Rs 648 crore, reflecting a Y-o-Y growth of 31%. EBITDA margins improved
Slide 18: FY21 Results
FY21 Results Strong Financial Performance: PAT1 at Rs 1,169 crore (underlying Y-o-Y growth of 24%) Surplus cash generation of Rs 382 crore ❑ Revenue stood at Rs 5,945 crore, a Y-o-Y decrease of 14% primarily due to lower PL issuances as a result of lockdown ❑ EBITDA at Rs 1,949 crore, reflecting a m
Slide 19: Consolidated Profit & Loss Q4 & FY21
Consolidated Profit & Loss Q4 & FY21 PAT (ex. Exceptional items/DTA) grew by 24% despite drop in Revenue % Change % Change % Change Particular Q4FY21 Q3FY21 Q4FY21 - Vs Q4 FY20 Q4FY21 - Vs FY21 FY20 FY21 - Vs Q3FY21 Q4FY20 FY20 I II III=(I-II) IV Income a) Revenue from operations 1,713 1,543 11% 1,6
Slide 20: Finance cost
Finance cost 143 bps reduction achieved till Mar in line with guidance ~ 143 bps 9.8% 9.7% 9.1% 8.9% 8.40% Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 ❑ Targeting further reduction of 30-40 bps ❑ Recent funding cost 8-8.25% ❑ Annualized savings of ~ Rs 75 - 80 crore 20
Slide 21: Cash Overheads
Cash Overheads Reduction exceeded guidance during the fiscal Actual reduction ~ 41% Initiatives ₹ 775 cr ❑ Zero based budgeting exercise done for the first time ❑ Significant cut in discretionary spends; ❑ Tight control on cash flows ❑ Transforming the Organization: ₹ 458 cr ✓ Lean and right size ✓
Slide 22: Residual EBITDA as on 31.03.2021
Residual EBITDA as on 31.03.2021 EBIDTA to be recognized from sales EBIDTA to be recognized from Inventory Project done till 31st Mar-21 as on 31st Mar-21 Camellias 2,395 2,625 DLF 5 170 10 New Gurgaon 185 80 National Devco 605 510 New Products (launched from Q3 Onwards) 438 152 TOTAL 3,793 3,377 To
Slide 23: Completed Inventory / New Products
Completed Inventory / New Products Q4FY21 Till 31st Mar-21 Receivables/Completed Inventory Sales Sales Sales Sales Revenue Balance Value Total Area Area Project Booking Booking Booking Booking recognized till Receivable (in Rs (msf) (in msf) (in msf) (in Rs crore) (in msf) ( in Rs crore) date (in Rs
Slide 24: Consolidated Cash Flow – FY21
Consolidated Cash Flow – FY21 Surplus cash flow generation of Rs 382 crore during the fiscal Particulars FY21 Q4FY21 Q3FY21 Q2FY21 Q1FY21 Inflow •Collection from Sales 2,307 807 645 541 315 •Rental Inflow (DLF Limited) 202 64 48 40 50 Sub-Total Inflow 2,509 870 693 581 364 Outflow •Construction (Net
Slide 25: Consolidated Balance Sheet as on March 31, 2021
Consolidated Balance Sheet as on March 31, 2021 (₹ in crores) As on M ar 31, As on M arch 2021 31, 2020 Particulars ( Audited) ( Audited) ASSETS Non-current assets Property, plant and equipment 919 1,177 Right-of-use assets 293 319 Capital work-in-progress 94 89 Investment property 2,554 2,595 Goodw
Slide 26: Consolidated Balance Sheet as on March 31, 2021 (Equity and Liabilities)
Consolidated Balance Sheet a son March 31,2021 (₹ in crores) As on M ar 31, As on M ar Particulars 2021 31, 2021 ( Audited) ( Audited) EQUITY AND LIABILITIES Equity Equity share capital 495 495 Other equity 34,849 33,952 Equity attributable to owners of Holding Company 35,344 34,447 Non-controlling
Slide 27: Debt Update – Q4FY21
Debt Update – Q4FY21 Net Debt reduction of Rs 215 crore achieved during the Qtr. Net Debt Sources ₹ 1,000 cr Particulars Q4FY21 Q3FY21 ₹ 269 cr Gross opening debt 6,420 6,714 ₹ 1,413 cr ₹ 3,828 cr Less : Debt repaid during quarter (859) (294) Banks HDFC/Others ECB NCD Repayment Schedule < 1 Yr, ₹ 1,
Slide 28: Debt Management
Debt Management Committed to further bring down debt in medium term Debt Movement - FY21: ❑ Gross debt(FY 21 exit) at Rs 6,511; a reduction of Rs 1,262 crore during the fiscal ❑ Net Debt(FY21 Exit) at Rs 4,885 crore; a reduction of Rs 382 crore during the fiscal Particulars Amount (in Rs crore) Net
Slide 29: Rental Portfolio Snapshot (DLF Limited) – Q4FY21
Rental Portfolio Snapshot (DLF Limited) – Q4FY21 Weighted Leasable Leased Vacant Area Average Rental WALE GAV1 Area Area Building % Leased Area rate (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs crore) DLF Center, Delhi 0.2 0.1 0.0 71% 371 86 1,038 DLF5 0.5 0.5 0.0 100% 48 35 804 IT Sez, Ko
Slide 30: DCCDL Business Update
DCCDL Business Update DLF Cyber Park, Gurgaon 30
Slide 31: Outlook & Key Updates
Outlook & Key Updates Steady collections; Long term outlook remains positive • Collections at 100% against billing during the fiscal. • Gross leasing of 4.3 msf in FY 21 achieved; Vacancy increased due to temporary dislocation caused by the pandemic. Offices • Occupiers’ decisions deferred due to th
Slide 32: Portfolio Snapshot – Q4FY21
Portfolio Snapshot – Q4FY21 Weighted Average Leasable Area Leased Area Vacant Area % Leased WALE GAV1 Building Rental rate Area (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs crore) Cyber City 10.2 8.7 1.5 85 110 64 15,871 Cyber Sez 2.9 2.7 0.2 93 85 63 4,066 Cyber Park 2.6 2.3 0.2 92 117 11
Slide 33: Historical Performance: Offices
Historical Performance : Offices Particulars FY21 FY20 FY19 FY18 Area(msf) - Completed 30.3 26.4 26.4 25.5 - Under 3.9 6.6 3.3 4.2 Construction Total area 34.2 33.1 29.7 29.7 Occupancy % - Completed 88% 95% 94% 94% New Leases (msf) 1.5 1.5 2.1 1.5 Re Leasing (msf)* 1.9 1.3 1.9 3.1 Re Leasing MTM (%)
Slide 34: Re-leasing Potential
Re-leasing Potential Cyber City, Gurugram* Cyber City, Chennai Total Annualized incremental Total Annualized incremental revenue1 ~ INR 76 crore revenue ~ INR 43 crore Rates in INR psf/month Rates in INR psf/month 121 126 129 80 85 76 90 97 100 61 60 62 FY 22 FY 23 FY 24 FY 22 FY 23 FY 24 Wt. Avg-Te
Slide 35: Mark-to-Market Potential
Mark-to-Market Potential Cyber City, Gurugram* Cyber City, Chennai 12% 8% 117 70 75 104 Weighted Avg. Rental Market Rental Weighted Avg. Rental Market Rental Note: Weighted Average Rentals is the weighted base rental for leased area Market rent means weighted average rate for new leases entered till
Slide 36: Office Portfolio - Tenant Mix
Office Portfolio - Tenant Mix Tenant % of Revenue Cognizant 5% IBM 3% KPMG 3% ▪ Well diversified & balanced portfolio Concentrix 2% ▪ Tenants Profile: Predominantly IT/ITES, BA Continuum 2% BFSI companies, engineering services, American Express 2% etc. TCS 2% ▪ Lower concentration risk as Top 10 EY
Slide 37: Result Highlights – FY21
Result Highlights – FY21 Retail segment had witnessed bounce back; Offices remain resilient Rental Revenue Operating Cashflow Net Debt Rs 3,029 crore Rs 1,247 crore Rs 19,192 crore Operational Rating Gross Leasing Portfolio ICRA AA(-) 34.2 msf 4.3 msf (Stable) Note: 1. Net Debt = Gross Debt (IGAAP)
Slide 38: Development Update
Development Update ~ Project Project Current Status Latest Update Size Downtown, ▪ Phase-I (~1.5 msf) under ▪ Block 2 & 3 under construction 11 msf Gurugram development ▪ Pre-leasing: ~0.5 msf Downtown, ▪ Phase I (~ 3 msf) under 6.8 msf ▪ Pre-leasing: 0.77 msf Chennai development Block-12, ▪ Constru
Slide 39: Development Update
Development Update Block 12, DLF Cyber City, Chennai 39
Slide 40: Development Update
Development Update DLF Downtown, Gurugram DLF Downtown, Chennai 40
Slide 41: Q4FY21 Results: Strong bounce back of Retail segment
Q4FY21Results Strong bounce back of Retail segment during the quarter, PAT at Rs 333 crore, Y-o-Y growth of 25%; Cashflow generation of Rs 303 crore ❑ Revenue at Rs 1,294 crore, Y-o-Y growth of 4% ✓ Offices rental growth of 11% Y-o-Y driven by Cyber Park, Chennai Block 11 and renewals/escalations ✓
Slide 42: DCCDL Consolidated Financial Summary - Q4FY21
DCCDL Consolidated Financial Summary - Q4FY21 Strong bounce back in retail business during the quarter; PAT at Rs 333 crore, Y-o-Y growth of 25% % change % change Particulars Q4FY21 Q3FY21 Q4FY20 Q-o-Q Y-o-Y Rental Income Office 713 722 -1% 644 11% Retail 125 94 33% 120 4% Service & Other Operating
Slide 43: FY21 Results
FY21Results Office’s income growth of 10%; Retail revenues down by ~ 46%;PAT down by 31% ❑ Revenue at Rs 4,385 crore, 14% lower as compared to last year. ✓ Offices rental growth of 10% Y-o-Y driven by Cyber Park, Chennai Block 11 and renewals/escalations ✓ Retail revenues witnessed a Y-o-Y drop of 4
Slide 44: DCCDL Consolidated Financial Summary - FY21
DCCDL Consolidated Financial Summary - FY21 Office’s income growth of 10%; Retail revenues down by ~ 46%;PAT down by 31% % change Particulars FY21 FY20 Y-o-Y Rental Income Office 2,753 2,492 10% Retail 276 514 -46% Service & Other Operating Income 982 1,430 -31% Other Income 374 648 -42% Total Reven
Slide 45: DCCDL Consolidated Cash Flow Abstract
DCCDL Consolidated Cash Flow Abstract Cash surplus(after capex) of Rs 382 crore generated during the year Particulars Q4FY21 FY21 FY20 Operating Cash flow before Interest & tax 741 2,941 3,148 Interest Expense (430) (1,672) (1,744) Interest Income 18 142 1,608* Tax (net)** (26) (164) (414) Operating
Slide 46: DCCDL Consolidated Balance Sheet Abstract
DCCDL Consolidated Balance Sheet Abstract Particulars As on 31.03.2021 As on 31.03.2020 Non-Current Assets 29,018 27,050 Current Assets 1,472 1,775 Total Assets 30,490 28,825 Equity 5,930 5,312 Non-current Liabilities 18,837 20,478 Current Liabilities 5,723 3,035 Total Liabilities 30,490 28,825 46
Slide 47: DCCDL Consolidated - Debt Update
DCCDL Consolidated - Debt Update Net Debt Sources Particulars Q4FY21 Q3FY21 Gross opening debt 19,735 19,488 HDFC/Others, ₹ 7,134 cr Banks, ₹ 11,460 cr Less : Debt repaid during quarter (2,624) (2,153) NCD, ₹ 1,672 cr Repayment Schedule Add : New Borrowing during Qtr. 3,155 2,400 < 1 Yr, Less : Cash
Slide 48: DCCDL Consolidated – Interest rates
DCCDL Consolidated – Interest rates YTD Reduction of 145 bps inline with guidance ~ 145 bps 8.90% 8.64% 8.46% 7.75% 7.45% Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 ▪ Annualized savings of ~ Rs 270 - 280 crore ▪ Latest funding happening at 7% - 7.30% ▪ Debt levels to hold in the short term; expected signifi
Slide 49: 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 50: Thank You
Club Ultima, New Gurgaon THANK YOU 50