DLF Limited

Rajiv Singh

Chairman, DLF Limited

Ashok Kumar Tyagi

Managing Director, DLF Limited

Devinder Singh

Managing Director, DLF Limited

Sriram Khattar

Vice Chairman & Managing Director - Rental

Aakash Ohri

Chief Business Officer and Joint Managing

Badal Bagri

Group Chief Financial Officer, DLF Limited

R. P. Punjani

09810655115 / punjani-rp@dlf.in

Nikita Rinwa

09069293544/ rinwa-nikita@dlf.in

Ashok Tyagi

MANAGING DIRECTOR - DLF LIMITED

rs 1

00 Hrs. Requisite details regarding the Analysts/ Investors meet are as under: Sr. No. Particulars 1. List of management attendees Details - Mr. Rajiv Singh – Chairman, DLF Limited - Mr. As

rs,

invite the Chairman also on stage at that time. I think really two or three, I will say, disclaimers, I will put. A) most of the data that we have here is data that's already been disclosed as a part

100%

t, is to give you a sense of scale and size of DLF as a Group. So, again, we have represented the 100% value of all the entities which we have. So, we have disregarded or rather we have not considered

13,000 crore

the accounting definition of JVs, etc. So, this is 100% level. So, DLF as a Group had over almost 13,000 crores of revenue and over 7,000 crores of EBITDA last year. It's an extremely st

7,000 crore

etc. So, this is 100% level. So, DLF as a Group had over almost 13,000 crores of revenue and over 7,000 crores of EBITDA last year. It's an extremely strong performance and we have been

9,500 crore

crores, we are at 14,000 odd crores net debt position in the last five years, almost reduction of 9,500 crores. And with a strong operating performance measured in EBITDA in this particular case, our net deb

19,000 crore

is is not comparable. Okay. In sales booking, I think we have had a good year. We have almost hit 19,000 crores, over 19,000 crores of sales in this financial year. Our launches, as you are already aware, hav

19,000 crore

. Okay. In sales booking, I think we have had a good year. We have almost hit 19,000 crores, over 19,000 crores of sales in this financial year. Our launches, as you are already aware, have been well received

10,000 crore

were to look at the same margin number in a very different manner, as on April 20, we had almost 10,000 crores of realized margin which was supposed to be recorded in our financial books of account. As I say

20,000 crore

sumed in our financial statement almost 13,000 odd crores. We, as on end of December, we had over 20,000 crores of margin which is yet to be recognized in the P&L which is going to get recognized over the nex

4,500 crore

r debt, which I covered earlier as well, we became net debt positive last year. And we are almost 4,500 crores net debt positive as we speak as of December end. We continue to be in this path. And again, 9,0

9,000 crore

ores net debt positive as we speak as of December end. We continue to be in this path. And again, 9,000 crores of cash of which 7,100 crores is lying in the RERA account itself. This is an interesting thin

“The land acquisition will be whether to kind of improve contiguity or parcels which can have accretive value to the projects which we are launching.”

“We had presented that we will have almost 37 million square feet of projects which will be launched in the medium term, effective yielding around 114,000 crores of revenue over a period of time as and when sold.”

“This is the number which will be required in this next slide and hence I am just highlighting this point.”

“So, the total gross margin which we will be able to generate from projects already launched and will be sold will be almost worth 37,000 crores.”

“So, overall potential of margin to be created from the projects already launched and will be launched, which are clearly defined in our thought process is almost around 67,000 crores.”

“So, if we did nothing, just executed our projects and realized what we have sold and the cash in hand, we will be left with 19,000 crores of cash before overheads and expenses.”

“If we were to just add the inventory which we are sitting on of launched project, 25,000 crores.”

“So, from all the launched project till date, we will generate almost 43,000 crores of cash in the medium term.”

“could be approximately 25,000 crores from project already launched.”

“So, with in this period, we are looking at anywhere almost 50,000 crores of cash balance in a way because we started with 9,000 crores in the medium term.”

Rajiv Singh

42

Badal Bagri

11

Ashok Tyagi

7

Puneet

7

Murtuza

6

Parikshit

5

Puneet Gulati

5

Karan

5

Kunal Lakhan

4

Mohit Agrawal

3

Ashok Tyagi

Hi, Good afternoon. Welcome to all of you. I mean, a lot of familiar faces, some new ones. I hope you had a good, intensive first half and a decent lunch and some of you got to interact with the Chairman, Anushka, Savitri, the leadership team. You know, the way we want to run this is that we will have a presentation, which has now post the trading hours also been uploaded on the stock exchanges and hopefully the presentation will run for about 35 to 40 minutes. Obviously, if there is a pressing issue, you are more than welcome to ask a question during the presentation as well. But post the presentation, we will open up for a Q&A and invite the Chairman also on stage at that time. I think really two or three, I will say, disclaimers, I will put. A) most of the data that we have here is data that's already been disclosed as a part of our quarterly, be it in terms of our presentations or in terms of our analyst calls. What we have done is we have slightly fleshed out the data more, made i

Badal Bagri

Good afternoon, everyone. I thought I would be very serious, but I thought I will start with a slightly lighter note on 107 days of experience in the real estate sector. Hopefully, I would do justice to the, I would say, outstanding journey which this Group, this Company has created, and I think is in the path of creation. So, with that caveat and a few of the caveats which, okay, few of the standard caveats, possibly I will again repeat. We have structured the business the way we would want you to see the data. It's not an accounting representation of information like DCCDL and DLF. It's like a business segment, a management estimate. That's the way we would want you to see this data. And okay. First to begin with, eight plus decades of strong presence. I think not many companies can boast of. It has an impeccable record of generating customer value, having a customer-centric focus on the quality of development. It's just not about developing a property but kind of an ecosystem around

Badal Bagri

Okay. As you are already aware that we have a high-quality land bank available for development. We will do talk about the quality of land bank and how it's situated. So, we are one of the, I would say, fortunate companies having, possessing land bank accumulated at the right time, maybe, and which is ready for super great monetization possibly in the coming years. Our focus, as we say, is always customer centricity. I am repeating this time and again because, again, it's very close to heart. But along with it, we do focus on margin as a concept from a realization perspective. Our focus is on margin and cash. These are the two key levers which we continue to focus on in almost every discussion, in almost every aspect of business development when we talk about. One of the things which we wanted to highlight that whatever we are doing today or whatever we have done yesterday is going to come into our financials only after three, four, five years or so is in conservative accounting policy,

Praveen Choudhary

Hi, this is Praveen Choudhary from Morgan Stanley. My question is about capital allocation. I think Badal convinced us, I think we were earlier convinced, but he's convinced us that you are going to generate a lot of cash. So, the question is, how do you use that cash? And I see one line, disciplined and opportunistic capital allocation. But if it's possible to dig deeper into it, the dividend growth has been good in the last three, four years. But as a percentage of earnings, as a percentage of the stock price, it's very small. Can it be dramatically increased? Is that the focus? And the second one is obviously investing in areas where the returns are very high. And if you can delve into what are those areas potentially can be, considering INR 500 billion that you are going to generate over the next five years. Thank you.

Ashok Tyagi

So, on the capital allocation, to be fair, we have maintained that we want to be broadly, I mean, distributing 50% of the PAT that we generate over the medium term. Right now, we are slightly south of it, but I think in the next couple of years, we should hopefully hit that level. But you are right, we will have cash that will be generated over and above that also which Step 1 is to get gross debt zero, which will hopefully happen in the relatively short term. B, we will build a cash cushion for sure which would be available to us for any opportunistic acquisitions that come to us and frankly for also generating hopefully a very strong stream of financial income that can also become like a third major stream of income over the years. But obviously the intent stays that as and when we get something very interesting, like the parcel that we did last year, we would be open to do it. But it can't be completely like a pie in the sky sort of a thing. Chairman?

Rajiv Singh

Yes, I think I agree with Ashok. See, the main point basically here is that, as mentioned earlier, these are projections. Okay? So, we have to be careful that we don't go and spend what we don't have right now. So, when we have that money, then you can ask this question again. Maybe the answer will be different. Okay. That's the first point. Look, I think the message what we are trying to give is, because this question is raised many times by everybody, frankly it's raised in our own mind also. Are we doing enough? Should we do more? Should we look for certain things? I think the message which I want to kind of give to everybody is, you know, over the last eight decades, we have done a lot. Maybe some mistakes, maybe some good things, we have done a lot. We now kind of feel that we are at that mature point where really we don't need to do more unless it makes sense to do more. Our numbers are healthy. Our cash generation will be healthy. Hopefully, customer appreciation will be healthy