DLF (DLF) Investor update summary

Business profile and financial position

• Managed across development and annuity activities; the annuity portfolio spans offices, retail, hospitality and services. Presentation metrics use 100% entity values and saleable or leasable area.

• Reported group revenue exceeded INR 13,000 crore and EBITDA INR 7,000 crore last year.

• Net debt declined to Rs 14,679 crore in 9MFY25 from Rs 24,028 crore in FY21; net debt-to-EBITDA improved from 4.5x in FY21 to 2.6x in FY24.

• Dividend payouts increased 2.5x, from Rs 495 crore in FY21 to Rs 1,238 crore in FY24, with payouts continuing for 17 years.

• Development and annuity are positioned as complementary businesses, supported by a substantial land bank, customer focus and conservative financial management.

Development business

• 9MFY25 sales bookings reached Rs 19,187 crore, versus Rs 13,316 crore in 9MFY24; Privana South, Privana West and The Dahlias received strong customer response, with launches oversubscribed.

• Medium-term launch pipeline totals 29 msf with Rs 73,900 crore sales potential; overall pipeline is 37 msf with Rs 1,14,500 crore potential.

• Medium-term gross margin potential exceeds Rs 67,000 crore, including Rs 20,145 crore in residual margins, Rs 30,000 crore from launched unsold inventory and Rs 17,000 crore from the launch pipeline.

• Medium-term surplus cash potential is Rs 50,000 crore, including Rs 25,000 crore from launched projects and Rs 24,000–26,000 crore from new launches.

• Revised development potential is 196 msf, including TOD/TDR potential, with 144 msf of balance potential and visibility for 20+ years of growth; long-term gross-margin aspiration is 45%+.

Annuity business

• Operational rental portfolio is 44 msf, with 93% occupancy overall; offices total ~39 msf at 93% occupancy and retail ~4.3 msf at 98%.

• 9MFY25 revenue was Rs 5,655 crore, up from Rs 5,166 crore in 9MFY24; FY21–FY24 PAT CAGR was 21%.

• Portfolio is expected to reach ~73 msf in the medium term, with annual rentals projected to exceed Rs 10,000 crore by FY30.

• Medium-term growth CapEx is planned at ~Rs 20,000 crore; annuity net debt-to-EBITDA was 3.6x in 9MFY25.

• The portfolio was described as ~33% mature and ~67% yet to mature; development is planned on available land without demolishing existing buildings.