Slide 1: DLF Limited: Q4 & FY23 Results Presentation
DLF Limited : Q4 & FY23 Results Presentation
Slide 2: Agenda
Independent Floors Artist’s impression; Not an actual image AGENDA 1 Group Overview 2 DLF Limited : Business Update 3 DCCDL : Business Update
Slide 3: Overview: DLF Group
OVERVIEW : DLF Group Residential Offices Retail Other Business Business Apartments/Plotted/ Cyber Cities/Cyber Parks/ Service & Facility IT SEZs/ Management/Hospitality Townships/Low-rise Commercial Parks 75 158+ 334 msf+ 118 msf+ Track Years of experience in Real estate Area developed Deliveries si
Slide 4: 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 to scaling-up our product offerings; developing margin accretive products Development ▪ Tapping multiple geogra
Slide 5: Path to Scaling-up
Path to Scaling-up All levers are well placed to drive growth Diversified Strong Strong Demand Enhanced Launch pipeline Balance sheet Momentum Organizational at established Healthy capabilities locations Cash flows Calibrated approach towards strong business growth 5
Slide 6: DLF Limited: Business Update
DLF Limited :Business Update Aerial view of the Clubhouse at The Camellias, DLF 5, Gurugram
Slide 7: Results highlights – Q4 & FY23: Record performance across all KPIs
Results highlights – Q4 & FY23 Record performance across all KPIs New Sales Booking Collections Surplus Cashflow Q4 : Rs 8,458 crore Q4 : Rs 1,929 crore Q4 : Rs 1,369 crore FY23: Rs 15,058 crore FY23: Rs 5,650 crore FY23*: Rs 2,543 crore Record sales Record collections Record Cash generation PAT ESG
Slide 8: DLF Limited – Business Performance
DLF Limited– Business Performance Consistent growth across all key business metrics during the last 3 years New Sales Bookings New Product Launches ₹ 15,058 cr 10.1 msf CAGR CAGR 82% 366% 6.4 msf ₹ 7,273 cr ₹ 3,084 cr ₹ 2,485 cr 1.6 msf FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 Profitability (PAT)1 EB
Slide 9: DLF Limited – Business Performance
DLF Limited – Business Performance Consistent growth across all key business metrics during the last 3 years Surplus Cash Flow1 Receivables ₹ 2,543 cr ₹ 14,798 cr CAGR ₹ 2,205 cr 158% CAGR 81% ₹ 5,912 cr ₹ 382 cr ₹ 3,083 cr ₹ 2,500 cr -₹ 842 cr FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 Net Debt Divide
Slide 10: New Sales Bookings – FY23
New Sales Bookings – FY23 (Rs 15,058# crore / 10 msf) Record sales during the fiscal 90%+ contribution from New Products ₹ 8,458 cr ₹ 15,058 cr 107% 210% ₹ 7,273 cr ₹ 2,729 cr Q4FY22 Q4FY23 FY22 FY23 ▪ Record sales; significantly higher than FY23 guidance of Rs 8,000 crore due to overwhelming respon
Slide 11: The Arbour, Sector 63, Gurugram
The Arbour, Sec- 63, Gurugram – Luxury High-rise Development Record breaking response: ~ Billion $ sale; sold out in pre-launch phase ❑ Project Size: spread across ~25 acres; ~ 4.5 msf ❑ Sales potential: Rs 8,000+ crore ❑ Released: Entire project; Sold out ❑ Average realization: ~ Rs 17,800 psf ❑ IG
Slide 12: 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 13: Launch Calendar (New Products)
Launch Calendar (New Products) Performance ahead of initial guidance; driven by scale-up & value enhancement 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
Slide 14: Product Available for Sales Bookings: ~Rs 27k crore
Product Available for Sales Bookings : ~ Rs 27k crore Planned products Available Inventory (FY24 onwards) Rs 7,388 crore Rs 19,710 crore Completed Inventory Launched Products Planned residential developments across (Till 31st Mar-23) (Till 31st Mar-23) Gurugram/Chennai/Chandigarh Tri-city; to be ~ R
Slide 15: Residual Gross Margin as on 31.03.2023
Residual Gross Margin as on 31.03.2023 New products leading margin accretion; Margin enhancement during the year is 2x of consumption Gross Margin to be Gross Margin to be Gross Margin Movement recognized from sales Project recognized from Inventory done till as on 31st March-2023 31st March-2023 ₹
Slide 16: Project Status – as on 31.03.2023
Project Status – as on 31.03.2023 Healthy mix of completed & launched inventory; healthy receivables of 14.8k crore Total Inventory Balance Revenue to Sales Booking Value Revenue recognized be recognized Balance Receivable Project (in Rs crore) (in Rs crore) (in Rs crore) (in Rs crore) (in Rs crore)
Slide 17: 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 Closing Execution Segment Completions 1st Apr'23 FY 23-24 1st Apr'24 FY 23-24 DevCo Luxury* 13 5 2.8 15 Premium - 5 - 5 Value 4 - 1.
Slide 18: Project Execution Status
Project Execution Status The Arbour, Sector-63, Gurugram The Valley Gardens, Panchkula DLF City Floors, Gurugram Garden city Floors, New Gurgaon 18
Slide 19: Project Execution Status
Project Execution Status One Midtown, New Delhi The Grove, DLF 5, Gurugram 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; handover
Slide 20: Outlook
Outlook ❑ CY22 registered record sales in residential segment despite rising interest rates ❑ Housing upcycle expected to continue with improved growth outlook of the resilient Indian Industry economy ❑ Credible brands should continue to gain market share; continued preference for larger homes and p
Slide 21: Consolidated Results – Q4FY23
Consolidated Results - Q4FY23 Revenue at Rs 1,576 crore; PAT at Rs 581 crore Y-o-Y growth of 40% ❑ Revenue stood at Rs 1,576 crore; reflecting a Y-o-Y drop of 5% ❑ Gross margins improved to 57% vs 51% LY ❑ EBITDA at Rs 518 crore; reflecting Y-o-Y growth of 10% ❑ PAT at Rs 581 crore, Y-o-Y growth of
Slide 22: Consolidated Profit & Loss Q4FY23
Consolidated Profit & Loss Q4FY23 Revenue at Rs 1,576 crore; PAT at Rs 581 crore Y-o-Y growth of 40% % Change Q4FY23 % Change Q4FY23 Particular Q4FY23 Q3FY23 Q4FY22 - Vs Q3FY23 - Vs Q4FY22 Revenue from operations 1,456 1,495 (3%) 1,547 (6%) Cost of Sales 622 617 1% 751 (17%) Gross Margin 834 878 (5%
Slide 23: Consolidated Results – FY23
Consolidated Results - FY23 Revenue at Rs 6,012 crore; PAT at Rs 2,053 crore Y-o-Y growth of 36% ❑ Revenue stood at Rs 6,012 crore; reflecting a Y-o-Y drop of 2% ❑ Gross margins improved to 57% vs 52% LY ❑ EBITDA at Rs 2,043 crore; Y-o-Y drop due to lower other income/higher expenses driven by busin
Slide 24: Consolidated Profit & Loss FY23
Consolidated Profit & Loss FY23 Revenue at Rs 6,012 crore; PAT at Rs 2,053 crore Y-o-Y growth of 35% Particular FY23 FY22 % change FY23 vs FY22 Revenue from operations 5,695 5,717 - Cost of Sales 2,434 2,745 (11%) Gross Margin 3,261 2,972 10% Gross Margin% 57% 52% Other income 317 420 (25%) Staff Ex
Slide 25: Consolidated Cash Flow
Consolidated Cash Flow Consistent surplus cash generation from Operations Particulars Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 Inflow •Collection from Sales 991 1,152 1,307 1,842 5,293 • Rental Inflow 81 100 91 86 357 Sub-Total Inflow 1,072 1,252 1,398 1,929 5,650 Outflow •Construction (Net) 197 298 298 390
Slide 26: Debt Update – Q4FY23
Debt Update – Q4FY23 Lowest levels; reduction of Rs 1,369 crore Sources Particulars Q1FY23 Q2FY23 Q3FY23 Q4FY23 Others 63 cr, 2% Gross opening debt 3,900 3,728 3,608 3,840 Less : Debt repaid during (172) (120) (68) (774) quarter Add : New Borrowing during - - 300 - Qtr. Banks, Less : Cash in Hand (1
Slide 27: Debt Management
Debt Management Leading towards Surplus cash position Particulars1 Amount (in Rs crore) Net Debt as on 31.03.2023 (721) Receivables (including New Products) 13,357 Construction Payables (including New Products) (7,034) Capex (Rental assets ~ 2.5 msf) (797) Surplus Cash position 4,804 Completed Inven
Slide 28: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract Particulars As on 31.03.2023 As on 31.03.2022 Non-Current Assets 28,157 28,413 Current Assets 25,711 24,091 Total Assets 53,928 52,503 Equity 37,692 36,382 Non-current Liabilities 5,051 5,718 Current Liabilities 11,185 10,404 Total Liabilities 53,928 52,503 28
Slide 29: Rental Portfolio Snapshot (DLF Limited) – Q4FY23
Rental Portfolio Snapshot (DLF Limited) – Q4FY23 Leasable Leased Weighted Vacant Area WALE GAV1 Area Area Average rate Building % Leased Area (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs crore) DLF Center, Delhi 0.17 0.15 0.02 92% 369 64 1,029 DLF5 0.6 0.6 0.0 100% 46 11 915 IT Sez, Kolkat
Slide 30: DCCDL Business Update
DCCDL Business Update 30 The HUB, DLF Cybercity Chennai
Slide 31: Business Performance
Business Performance Consistent growth across key business metrics during the last 2 years Revenue Profitability (PAT) CAGR 11% ₹ 5,419 cr ₹ 1,429 cr CAGR ₹ 4,385 cr ₹ 4,533 cr 25% ₹ 1,002 cr ₹ 913 cr FY21 FY22 FY23 FY21 FY22 FY23 Operating Cash flow1 Net Debt ₹ 2,304 cr ₹ 19,192 cr ₹ 19,063 cr ₹ 18
Slide 32: Outlook
Outlook Office Occupancy remains steady; New Assets witnessing healthy demand; Retail continues its growth trajectory ❑ India continues to be the preferred destination; supported by competitive wage/occupancy costs and availability of relevant talent pool Macro ❑ Workplace quality, enhanced experien
Slide 33: Maintaining Leadership position in Safety/Sustainability
Maintaining Leadership position in Safety/Sustainability LEED for Cities & Communities in Platinum Category” from USGBC; first developer in the world to achieve this LEED Zero USGBC’S LEED Zero Water Certification to DCCDL portfolio of ~ 40 msf for net zero (Green Business portable water usage. 1st
Slide 34: Portfolio Snapshot – Q4FY23
Portfolio Snapshot – Q4FY23 Office occupancy remained steady; Sez space take-up remains slow; Retail exhibiting steady growth Leasable Area Leased Area Vacant Area % Leased Weighted Average rate WALE GAV1 Building (in msf) (in msf) (in msf) Area (in Rs psf) (months) (in Rs crore) Cyber City 11.6 10.
Slide 35: Portfolio - Tenant Mix
Portfolio - Tenant Mix Well diversified & balanced portfolio with lower concentration risk Offices: Tenant Mix Retail Tenant Mix FY23 (based on revenue) FY23 (based on leased area) 5% 2% 6% Top 10 Tenants % Top 10 Tenants % Cognizant 5% Cognizant 6% 8% American Express 3% IBM 4% 45% IBM 3% Concentri
Slide 36: Development Update
Development Update New Product development being ramped up & remains on track ~ Project Project Current Status Latest Update Size ▪ Phase-II (~2 msf): construction commenced Downtown, ▪ Pre-leasing(Phase-II) of 0.8 ~12 msf ▪ Phase-III( Mall of India): planning at advanced Gurugram msf stages Downtow
Slide 37: Development Update
Development Update Actual Status DLF Downtown, Chennai Artist’s impression; Not an actual image Block 2 & 3,DLF Downtown, Gurugram Actual Status Actual Status DLF Downtown, Chennai Block 4,DLF Downtown, Gurugram 37
Slide 38: Result Highlights – FY23
Result Highlights – FY23 Rental income grew by 19% Y-o-Y; driven by double digit growth across portfolio Operational Rental Revenue1 Gross Leasing Portfolio Q4 : Rs 1,053 crore Q4 : 1.9 msf 39.6 msf FY23 : Rs 3,967 crore FY23: 6.2 msf Net Debt Rating Sustainability ICRA AA/Positive DLF Cyber City, H
Slide 39: DCCDL: Q4FY23 Results
DCCDL : Q4FY23 Results Revenue increased by 20% Y-o-Y due to higher rental revenues; PAT at Rs 394 crore; 37% growth ❑ Revenue at Rs 1,428 crore, Y-o-Y increase of 20% ✓ Office rentals witnessing steady growth 16% Y-o-Y; ✓ Retail revenues grew by 57% driven by sustained momentum ❑ EBITDA at Rs 1,081
Slide 40: DCCDL Consolidated Financial Summary - Q4FY23
DCCDL Consolidated Financial Summary - Q4FY23 Revenue up by 20%; PAT at Rs 394 crore; 37% Y-o-Y growth % change % change Particulars Q4FY23 Q3FY23 Q4FY22 Q-o-Q Y-o-Y Rental Income Office 859 813 6% 744 16% Retail 194 190 3% 124 57% Service & Other Operating Income 338 323 5% 280 21% Other Income 37
Slide 41: DCCDL: FY23 Results
DCCDL : FY23 Results Revenue increased by 19% Y-o-Y due to higher rental revenues; PAT at Rs 1,429 crore; 43% growth ❑ Revenue at Rs 5,419 crore, Y-o-Y increase of 19% ✓ Office rentals witnessing steady growth 13% Y-o-Y; ✓ Retail revenues grew by 59% driven by sustained momentum ❑ EBITDA at Rs 4,148
Slide 42: DCCDL Consolidated Financial Summary - FY23
DCCDL Consolidated Financial Summary - FY23 Revenue up by 19%; PAT at Rs 1,429 crore; 43% Y-o-Y growth % change Particulars FY23 FY22 Y-o-Y Rental Income Office 3,232 2,869 13% Retail 735 461 59% Service & Other Operating Income 1,311 1,043 26% Other Income 140 159 (12%) Total Revenue 5,419 4,533 19
Slide 43: DCCDL Consolidated Cash Flow Abstract
DCCDL Consolidated Cash Flow Abstract Particulars Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 Operating Cash flow before 906 1,044 1,122 1,031 4,103 Interest & tax Interest Expense (Net) (294) (363) (392) (331) (1,380) Tax (net)1 (99) (113) (65) (142) (419) Operating Cash flow after 513 568 664 559 2,304 Inter
Slide 44: DCCDL Consolidated Balance Sheet Abstract
DCCDL Consolidated Balance Sheet Abstract Particulars As on 31.03.2023 As on 31.03.2022 Non-Current Assets 29,408 29,398 Current Assets 2,311 1,353 Total Assets 31,719 30,751 Equity 6,429 6,431 Non-current Liabilities 19,075 20,529 Current Liabilities 6,215 3,791 Total Liabilities 31,719 30,751 44
Slide 45: Debt Update – Q4FY23
Debt Update – Q4FY23 Net Debt Sources Particulars Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross opening debt 20,189 20,137 20,847 20,486 HDFC/Others , `₹ 6,570 cr , 32% Less : Debt repaid during Bank , (390) (1,290) (1,511) (719) Diversified `₹ 10,054 quarter sources of cr, 48% Add : New Borrowing during fundin
Slide 46: 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 47: One Midtown, New Delhi
47 One Midtown, New Delhi Artist’s impression; not an actual image