Slide 1: DLF Limited cover letter to stock exchanges
A DLF LIMITED DLF Gateway Tower, R Block, D L Fea. - - dis DLF City Phase - Ill, Gurugram - 122 002, Haryana (india) BUILDING INDIA Tel, :+91-124-4769000 2"! November 2020 To, To, The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited
Slide 2: DLF Limited Q2FY21 Presentation
DLF Limited Horizon Center Complex, DLF 5, Gurgaon Q2FY21 Presentation
Slide 3: Agenda
Cyber Park, Gurgaon AGENDA 1. Outlook & Strategy 2. Business Update (DLF Limited) 3. Business Update (DCCDL)
Slide 4: Outlook
Outlook ▪ The pandemic caused an unprecedented impact on the economy and consumer sentiments in the short term. Covid-19 ▪ Gradual recovery being witnessed, though uncertainty & caution continues Impact ▪ Government stimulus & effects of pandemic wearing down should result in demand revival • Early
Slide 5: 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 6: Development Update
Development Update ~ Project Size Sales Potential 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 FY21 / Q1FY22 DLF – Hines/ADIA • Approvals in place; construction
Slide 7: DLF Limited: Business Update
One Midtown, New Delhi DLF Limited: Business Update Concept image , Not an actual site image
Slide 8: Outlook & Key Updates
Outlook & Key Updates • Ramp up in Sales Sales • Strong pickup in inquiries being witnessed • Strong brand image & commitment to quality expected to further revive sales. New Product • Identified a strong pipeline with diverse offerings across all segments & regions Development • Revamping Premium/M
Slide 9: Result Highlights – Q2FY21
Result Highlights – Q2FY21 Pick up in New Sales, Camellias handover commenced Net Sales Possession Operating Booking Letters Issued Cashflow Positive Operating Rs 853 crore 788 units Cashflow despite 1.90 msf tough operating conditions New Products Rating Net Debt ICRA A+ 35 msf Rs 5,215 crore (Stab
Slide 10: Sales Booking – Q2FY21
Sales Booking – Q2FY21 Ramp up in Sales Bookings Q-o-Q Net Sales : Rs 853 crore DLF 5, ₹ 297 cr, ❑ Pick up in Camellias sales 35% ROG, ❑ ROG includes development ₹ 466 cr, 55% National of AMEX office campus Devco, ₹ 90 cr, 10% |9|
Slide 11: Q2FY21 Results
Q2FY21 Results Strong Financial Performance during the Quarter Revenue (in Rs crore) ▪ Camellias recognition commenced in the quarter, leading to higher topline and improvement in margins. 2.6 X ▪ Results summary of the quarter: ₹ 1,723 cr ✓ Revenue stood at Rs 1,723 crore ✓ EBITDA was at Rs 576 cro
Slide 12: Consolidated Profit & Loss Q2 FY21
Consolidated Profit & Loss Q2 FY21 Strong financial performance during the Quarter All figures in Rs crore Half year Ended Seprember 30, 2020 Half year Ended Seprember 30, 2019 Year Ended Q2 FY21 (Unaudited) Q1 FY21 (Unaudited) Q2 FY20 (Unaudited) (Unaudited) (Unaudited) March 31, 2020 (Audited) Per
Slide 13: Finance cost: on track to achieve target savings of 100+ bps
Finance cost On track to achieve Target savings of 100+ bps Q-o-Q Comparison Y-o-Y Comparison 9.74% ~ 67 bps 9.07% 10.23% ~ 116 bps 9.07% Q2FY20 Q2FY21 Q1FY21 Q2FY21 ▪ Targeting further reduction of ~ 50 bps by year end ▪ Annualized savings of Rs 70 - 75 crore | 12 |
Slide 14: Consolidated Cash Flow – Q2FY21
Consolidated Cash Flow – Q2FY21 All figures in Rs crore Particulars Q2FY21 Q1FY21 Inflow •Collection from Sales 541 315 •Rental Inflow (DLF Limited) 40 50 Sub-Total Inflow 581 365 Outflow •Construction (Net) 207 72 ▪ Q-o-Q improvement in collections •Government / Land Charges 16 32 •Overheads 125 10
Slide 15: Debt Update
Debt Update Net Bank Debt (ex- DCCDL) Debt Profile Q2 Q2 Particulars Q2FY21 Q1FY21 30.06.20 Repayment Borrowing 30.09.20 <1 Yr > 1 < 3 Yr >3 Yr -Private Banks 466 (100) 366 Gross opening debt (Net of IndAS adj.) 7,496 7,774 -Foreign Banks 948 (204) 370 1,114 185 1,438 1,465 -Public Sector Banks 183
Slide 16: Residual EBITDA as on 30.09.2020
Residual EBITDA as on 30.09.2020 EBIDTA to be recognized EBIDTA to be recognized Project Total Area (msf) from sales done till from Inventory as on 30.09.20 30.09.20 Camellias 3.6 3,240 2,880 Crest 2.6 70 5 DLF 5 Others - 120 25 Ultima 2.3 125 - ROG - 210 65 National Devco / East - 560 700 TOTAL 8.5
Slide 17: Completed Inventory
Completed Inventory Q2FY21 Till 30.09.20 Receivables/Completed Inventory Total Sales Sales Sales Revenue Balance Value1 Sales Booking Area Project Area Booking Booking Booking recognized till Receivable (in Rs (in msf) (in msf) (msf) (in msf) (in Rs crore) (in Rs crore) date (in Rs crore) crore) Cam
Slide 18: Consolidated Balance Sheet
Consolidated Balance Sheet All figures in Rs crore As on September As on M arch Particulars 30, 2020 31, 2020 ( Unaudited) ( Audited) ASSETS Non-current assets Property, plant and equipment 1,080 1,177 Right-of-use assets 308 319 Capital work-in-progress 93 89 Investment property 2,581 2,595 Goodwil
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet All figures in Rs crore As on September As on M arch 30, 2020 31, 2020 Particulars ( Unaudited) ( Audited) EQUITY AND LIABILITIES Equity Equity share capital 495 495 Other equity 33,916 33,952 Equity attributable to owners of Holding Company 34,411 34,447 Non-controlling i
Slide 20: Rental Portfolio Snapshot (DLF Limited) – Q2FY21
Rental Portfolio Snapshot (DLF Limited) – Q2FY21 Leasable Leased Weighted Average Current/Market Vacant Area % Leased WALE GAV1 Building Area Area Rental rate Rentals (in msf) Area (months) (in Rs crore) (in msf) (in msf) (in Rs psf) (in Rs psf) DLF Center, Delhi 0.2 0.1 0.0 83% 371 400 68 1,044 AME
Slide 21: ESG Update
ESG Update WELL Health & Safety Social Responsibility Water Conservation Conservation ▪ DLF Group accorded world’s highest “WELL Health & Safety certification ▪ Zero water discharge. ▪ STPs & rain-water harvesting C S R ▪▪ Good Health & Well-being Quality Education for Operations & Management” being
Slide 22: DCCDL: Business Update
DCCDL: Business Update Cyber Park, Gurgaon
Slide 23: Outlook & Key Updates
Outlook & Key Updates Office business steady; Retail picking up; Long term outlook remains intact • Strong collections at 98% + • Long term impact of WFH yet to emerge. De-densification of existing office spaces will gain Offices prominence. • DLF Downtown Gurugram & Chennai – development remains on
Slide 24: Result Highlights – Q2FY21
Result Highlights – Q2FY21 Offices business holding on; Retail showing gradual pickup Rental Revenue Operating Cashflow Net Debt Rs 718 crore Rs 334 crore Rs 18,103 crore Operational Rating Gross Leasing Portfolio ICRA AA(-) 33.3 msf 0.59 msf (Stable) | 23 |
Slide 25: Portfolio Snapshot – Q2FY21
Portfolio Snapshot – Q2FY21 Weighted Average Current/Mark Leasable Area Leased Area Vacant Area % Leased WALE GAV1 Building Rental rate et Rentals (in msf) (in msf) (in msf) Area (months) (in Rs crore) (in Rs psf) (in Rs psf) Cyber City 10.2 9.7 0.5 95% 111 121 63 15,817 Cyber Sez 2.9 2.8 0.1 97% 83
Slide 26: Historical Performance – Offices
Historical Performance – Offices Steady Growth in the portfolio Particulars H1FY21 FY20 FY19 FY18 Area(msf) - Completed 29.4 26.4 26.4 25.5 - Under Construction 3.9 6.6 3.3 4.2 Total area 33.3 33.1 29.7 29.7 Occupancy % - Completed 93% 95% 94% 94% New Leases (msf) 0.1 1.5 2.1 1.5 Re Leasing (msf)* 0
Slide 27: Re-leasing Potential
Re-leasing Potential Cyber City, Gurugram Cyber City, Chennai Total Annualized incremental Total Annualized incremental revenue1 ~ INR 98 crore revenue ~ INR 51 crore Rates in INR psf/month Rates in INR psf/month 134 80 85 122 128 76 91 98 62 86 56 55 FY 21 FY 22 FY 23 FY 21 FY 22 FY 23 Wt. Avg-Term
Slide 28: Mark-to-Market Potential
Mark-to- Market Potential Cyber City, Gurugram Cyber Sez, Gurugram Cyber City, Chennai 10% 23% 13% 76 102 122 83 67 111 Weighted Avg. Rental Market Rental Weighted Avg. Rental Market Rental Weighted Avg. Rental Market Rental Note: Weighted Average Rentals is the weighted base rental for leased area
Slide 29: Office Portfolio - Tenant Mix
Office Portfolio - Tenant Mix Tenant % of Revenue Cognizant 6% IBM 3% KPMG 3% ▪ Well diversified & balanced portfolio Ernst & Young 3% ▪ Tenants Profile: Predominantly IT/ITES BA Continuum 2% companies, financial/engineering Concentrix 2% services, etc. American Express 2% ▪ Lower concentration risk
Slide 30: Development Update
Development Update ~ Project Project Current Status Latest Update Size ▪ Block 2 & 3 under Downtown, ▪ Phase-I (~1.5 msf) under 11 msf construction Gurugram development ▪ Pre-leasing: ~0.3 msf Downtown, ▪ Phase I (~ 2msf) under 6.8 msf ▪ Pre-leasing: 0.77 msf Chennai development Block-12, Cyber City
Slide 31: Q2FY21 Results
Q2FY21Results Strong Financial performance in the Quarter ▪ Revenue at Rs 1,040 crore, 12% growth Q-o-Q ✓ Rental Income Growth Of 9%; Offices steady & Retail showing gradual improvement ✓ Services & Other Operating Income grew by 20%. ▪ EBITDA at Rs 803 crore; 10% growth Q-o-Q ▪ PAT at Rs 171 crore
Slide 32: DCCDL Consolidated Financial Summary - Q2FY21
DCCDL Consolidated Financial Summary - Q2FY21 All figures in Rs crore % change % change Particulars Q2FY21 Q1FY21 Q2FY20 Q-o-Q Y-o-Y Rental Income 718 656 9% 761 (6%) Office 667 650 2% 623 7% Retail 51 6 778% 138 (63%) Service & Other Operating Income 252 210 20% 394 (36%) Other Income 70 63 11% 224
Slide 33: DCCDL Consolidated Cash Flow Abstract
DCCDL Consolidated Cash Flow Abstract All figures in Rs crore Particulars Q2FY21 Q1FY21 Operating Cash flow before Interest & tax 707 646 Interest Expense (407) (401) Interest Income 58 18 Tax (net) (24)* (65) Operating Cash flow after Interest & tax 334 198 Capex (221) (81) Net Surplus/Deficit 113
Slide 34: DCCDL Consolidated – Debt Update
DCCDL Consolidated – Debt Update Net Debt Interest Cost ₹ 18,103 cr ₹ 17,888 cr ~ 18 bps 8.64% 8.46% ~ 215 cr Q1FY21 Q2FY21 Q1FY21 Q2FY21 ▪ Net Debt/GAV: 33% ▪ Target to achieve 7.5% by exit FY21 1Note: Net Debt=Bank debt as per IndAs less cash & cash equivalents. | 33 |
Slide 35: DCCDL Consolidated Balance Sheet Abstract
DCCDL Consolidated Balance Sheet Abstract All figures in Rs crore Particulars As on 30.09.2020 As on 31.03.2020 Non-Current Assets 27,163 27,042 Current Assets 1,771 1,783 Total Assets 28,934 28,825 Equity 5,348 5,311 Non-current Liabilities 20,203 20,478 Current Liabilities 3,383 3,036 Total Liabil
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
DLF Riverside, Kochi THANK YOU