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DLF (DLF) investor relations material
DLF Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2FY27 bookings were ₹3,800 crore; The Aureva sold out and The Dahlias continued to see strong demand and price increases.
Collections were ₹2,780 crore, operating cash flow after interest and tax was ₹1,858 crore, and reported net cash was ₹15,084 crore after a ₹1,980 crore dividend payout.
Consolidated net profit was ₹1,301.35 crore versus ₹1,180.09 crore YoY, supported by JV earnings and a fair-valuation gain despite lower revenue.
Financial highlights
Consolidated revenue from operations was ₹1,260.58 crore, down from ₹1,643.04 crore YoY; EBITDA was ₹1,060 crore, up 18%, with a 46% margin versus 40%.
Q2 profit before exceptional items, tax and JV/associate earnings was ₹1,003.32 crore versus ₹809.66 crore YoY; H1 net profit was ₹2,095.25 crore versus ₹1,942.76 crore.
A ₹738.71 crore CCD fair-value gain was recorded in Q2; Q2 share of JV and associate profit was ₹499.28 crore.
Standalone Q2 revenue was ₹439.08 crore and net profit was ₹800.32 crore, versus ₹646.53 crore and ₹1,012.51 crore YoY.
Gross margin was ₹667 crore, down 23% YoY, with a 47% margin rate versus 48%.
Outlook and guidance
Revenue recognition is expected to inflect from FY28 as Arbour and subsequent projects are completed; current pre-Arbour revenue softness was described as temporary.
Mumbai launch is targeted for Q3 and a Gurugram luxury launch for Q4, subject to approvals; The Dahlias sales continue.
Medium-term development launch pipeline is estimated at ₹58,230 crore; launch potential from FY25 onward totals ~₹1,14,500 crore, subject to market conditions.
Surplus cash potential from launched products was ~₹42,460 crore, including ~₹14,975 crore from launched but unsold inventory; residual gross margin potential was ~₹39,525 crore.
Medium-term rental income target is ~₹10,000 crore; the annuity portfolio is projected to grow from ~50 msf to ~76 msf.
- Expansion and accounting changes drove strong FY06 reported earnings.DLF
Q4 05/06 - FY2006-07 profit surged, boosted by asset sales and a Rs 9,187.5 crore IPO.DLF
Q4 06/07 - FY08 growth surged, but macro pressures shifted priorities toward execution and caution.DLF
Q4 07/08 - Residential recovery and deleveraging cushioned a sharp FY10 earnings decline.DLF
Q4 09/10 - Revenue edged up, but rising costs cut profit and sharpened the focus on debt reduction.DLF
Q4 11/12 - Revenue grew 29%, while margin pressure drove a 5% decline in PAT.DLF
Q4 10/11 - Lower sales and higher costs cut FY13 profit; divestments and equity issuance targeted debt reduction.DLF
Q4 12/13 - Revenue grew, profit declined, and net debt fell as divestitures and cost control continued.DLF
Q4 13/14 - Revenue and profit fell as debt reduction, REITs and litigation shaped FY15.DLF
Q4 14/15 - Rental strength and project deliveries lifted revenue, while debt and litigation remained overhangs.DLF
Q4 15/16
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