DLF LIMITED — Interim / Quarterly Report 2019

Nov 5, 2018

DLF Limited DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel. : (+91-124) 4396000

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November 05, 2018

	To, The General Manager Dept. of Corporate Services BSE Limited P.J. Tower, Dalal Street, Mumbai 400 001	To, The Vice-President National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai-400051

Sub: Analysts Presentation Q2 FY 2019

Dear Sir,

We are forwarding herewith DLF - Analysts Presentation-Q2 FY 2019 for your kind information and record please.

Thanking you,

Yours faithfully, for DLF LTD.

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Subhash Setia Company Secretary

Encl. : As above

For Stock Exchange’s clarifications, please contact:-

1. Mr. Subhash Setia – 09873718989/setia-subhash@dlf.in 2. Mr. Raju Paul – 09999333687 / paul-raju@dlf.in

Regd. Office : DLF Shopping Mall, 3[rd] Floor, Arjun Marg, DLF City, Phase-I, Gurgaon-122 002, India CIN : L70101HR1963PLC002484; Website: www.dlf.in

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Q2FY19 Analyst Presentation

November 01, 2018

1

SAFE HARBOUR

This presentation contains certain forward looking statements concerning DLF’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition , economic growth in India, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, government policies and actions with respect to investments, fiscal deficits, regulation etc., interest and other fiscal cost generally prevailing in the The does not undertake to make announcement in case of economy. company any any these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time on behalf of the company.

2

DLF-Q2FY19 Financial Highlights – Pro-forma P&L*

DLF-Q2FY19 Financial Highlights – Pro-forma P&L*	DLF-Q2FY19 Financial Highlights – Pro-forma P&L*	DLF-Q2FY19 Financial Highlights – Pro-forma P&L*	DLF-Q2FY19 Financial Highlights – Pro-forma P&L*
Rs Crore
Particular	DLF	DCCDL	Total
Revenue	2,304	1,271	3,575
EBITDA	825	942	1,767
PBT	273	412	685
PAT	135	354	489
Operating Cash Flow	138	238	376

* The above table does not consider the impact of inter-company elimination if consolidation were to be effected.

3

DLF - Summary Consolidated Financial Results (As per IndAS 28 & 110)

Financial Results

• ➢ During the Quarter, DLF Ltd. achieved positive operating cashflow, generating Rs. 138 crore. Additionally, DCCDL (Consolidated) achieved positive operating cash flow of 238 crore.

• ➢ Achieved Gross New Sales of Rs 780 crore & Net Sales bookings of Rs 625 crore during the Quarter;

• ➢ DLF Ltd, in its development business, recognized Rs 1,790 crore as revenue based on issuance of 898 possession letters (PL), in line with new Ind AS 115 – “Revenue from Contracts with Customers”:

• DLF 5: 77 PL; Revenue: Rs 685 crore

• New Gurgaon: 334 PL; Revenue: Rs 485 crore

• Rest Of India: 487 PL; Revenue: Rs 620 crore

• ➢ Ex-DCCDL, DLF’s EBITDA for the Quarter stood at Rs. 825 crore, and PAT stood at Rs 376 crore;  DCCDL Consolidated EBITDA stood at Rs 942 crore

• 66.67% share in PAT of DCCDL amounted to Rs 236 crore

• ➢ The Company continued to invest in the future thereby incurring capex, amounting to Rs 66 crore, resulting in Net Debt of Rs 7,143 crore.

• ➢ DCCDL(consolidated) net rental for the Quarter, stood at Rs 630 crore

• ➢ DLF(consolidated) net rental for the Quarter, stood at Rs 125 crore

4

DLF – Business Overview

Guidance:

• ➢ At the current rate of gross sales of Rs 780 crore a quarter and net sales of Rs 625 crore a quarter, the Company believes that same momentum is expected to continue for the rest of the fiscal year.

• ➢ Current turmoil in the credit markets to NBFC’s not will lead to more leading lending opportunities

• in the market as the supply of fresh developments will dry up.

• DLF is well positioned to grab this opportunity as it has completed product to offer in the markets

➢ Liquidity:

• The maintains at all times to meet its next one of company strong liquidity year obligations.

• Additionally, the Company’s business model entails all construction spend to be financed from receivables outstanding as on March 31, 2018. Additional receivables shall result into operating surplus.

➢ Net Debt:

• DLF (ex-DCCDL) continues to target Net Debt Zero status over next couple of quarters in its development business

5

DLF – Business Overview

Other Updates:

• ➢ HSIIDC Project: DLF has signed a non binding term sheet with Hines for a 51:49 partnership to develop a ‘high-end’ commercial project on NH8. The Transaction documents are being negotiated and are expected to be closed within Q3FY19.

• ➢ This project entails development of more than 2.5 msf of commercial space.

• ➢ Hines is privately owned global real estate investment, development and management firm with USD 116.4 billion of assets under management

• ➢ DLF has had a successful joint venture with Hines earlier for its existing commercial development – One Horizon Centre in DLF-5 in Gurugram. One Horizon Centre is a marquee office building with Leed Platinum Rating.

➢ Settlement of Payables to DCCDL :

• ➢ The Company and its subsidiaries have identified certain commercial/retail properties/ land parcels for commercial development to be potentially offered to DCCDL at an indicative Enterprise value of Rs 6,000 – 6,500 crore.

• ➢ It is expected that the total payable to DCCDL shall be settled, in stages, by September 2019.

• ➢ DAL arrangements shall continue separately and proceeds from the same shall also contribute towards settlement of payables.

6

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DLF Limited Operating Metrics

7

DLF – Q2FY19 Business Performance

Q2FY19

• ➢ Achieved Gross Sale bookings of Rs 780 crore; Net Sales bookings of ~ Rs 625 crore during the Quarter, out of which Gurugram contributed Rs 500 crore of Net sales

• ➢ Unlike the industry, the Company is strongly positioned to deliver product to its customers. During Q2, the Company has issued Possession letters for 1.84 msf properties. Details are summarized below:

	Area(msf)	Units	Sale Value(Rs crore)
DLF5	0.42	77 PL	685
ROG	0.62	334 PL	485
National Devco	0.80	487 PL	620

• ➢ Annuity Income stood at Rs 135 crore

• ➢ Net debt at the end of quarter stood at Rs 7,143 crore

• ➢ 4.6 msf of Projects Completed during the Qtr ; 2.9 msf under Construction. Additionally, out of total project size of ~7 msf, ( Capital Greens IV and SIEL), work for Phase I ( ~2 msf ) is underway

8

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Financial Highlights

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9

DLF Limited Consolidated P&L – Q2 FY19

		Q2 FY19(Reviewed)	Q2 FY19(Reviewed)	Q1 FY19(Reviewed)	Q1 FY19(Reviewed)	Q2 FY18(Unaudited)	Q2 FY18(Unaudited)	Half year Ended Seprember 30, 2018 (Unaudited)	Half year Ended Seprember 30, 2018 (Unaudited)	Half year Ended Seprember 30, 2017 (Unaudited)	Half year Ended Seprember 30, 2017 (Unaudited)	Year Ended March 31, 2018(Audited)	Year Ended March 31, 2018(Audited)
		Ind AS		Ind AS		Ind AS		Ind AS		Ind AS		Ind AS
Sl.No.	Consolidated Financials	Rs. Crs.	Percentage of Total Revenue	Rs. Crs.	Percentage of Total Revenue	Rs. Crs.	Percentage of Total Revenue	Rs. Crs.	Percentage of Total Revenue	Rs. Crs.	Percentage of Total Revenue	Rs. Crs.	Percentage of Total Revenue
A)
1	Sales and Other Receipts	2,139		1,507		1,588		3,646		3,635		6,707
	Other Income	166		150		164		316		327		957
	Total Income(A1+A2)	2,305	100%	1,658	100%	1,751	100%	3,963	100%	3,963	100%	7,664	100%
B)	Total Expenditure(B1+B2+B3)	1,480	64	1,199	72	801	46	2,678	68	1,945	49	4,329	56
1	Construction Cost	1,192	52	945	57	508	29	2,137	54	1,372	35	3,115	41
2	Staff cost	81	4	79	5	75	4	160	4	153	4	344	4
3	Other Expenditure	206	9	175	11	218	12	381	10	421	11	870	11
C)	EBITDA(D/A1)	825	36	459	28	950	54	1,284	32	2,017	51	3,334	44
D)	EBIDTA( Margin)		36%		28%		54%		32%		51%		44%
E)	Financial charges	496	22	498	30	795	45	994	25	1,577	40	2,951	39
F)	Depreciation	55	2	56	3	148	8	112	3	293	7	534	7
G)	Profit/loss before exceptional items	274	12	(95)	-6	7	0	178	5	147	4	(150)	-2
H)	Exceptional items -(net)	-	0	-	0	-	0	-	0	-	0	8,765	114
I)	Profit/loss before taxes and after exceptional ite	274	12	(95)	-6	7	0	178	5	147	4	8,615	112
J)	Taxes expense	139	6	(26)	-2	(16)	-1	113	3	2	0	4,323	56
K)	ExtraordinaryItems	-	0	-	0	-	0	-	0	-	0	-	0
L)	Net Profit after Taxes before Minority Interest	134	6	(69)	-4	23	1	65	2	145	4	4,292	56
M)	MinorityInterest	2	0	0	0	2	0	2	0	3	0	(13)	0
N)	Profit/(losss)of Associates	239	10	241	15	(11)	-1	481	12	(23)	-1	184	2
O)	Net Profit	375	16	173	10	14	1	548	14	125	3	4,464	58
P)	Other Comprehensive income /(loss) (net of tax)	1	0	13	1	5	0	14	0	7	0	12	0
Q)	Total Comprehensive income	376	16	185	11	19	1	561	14	131	3	4,476	58

* DCCDL EBITDA is not included here. Only DLF’s share of 66.67% of DCCDL’s net profit has been included as per the IndAS 28 . For detailed DCCDL financials refer Slide # 23

**Previous periods have not been restated as per IndAS115

10

DLF Limited -Consolidated Balance Sheet –Q2FY19

|(in crores)**<br>**DLF Limited- Conolidated**<br>**Statement of Assets and Liabilities**|**( in crores)
DLF Limited- Conolidated
Statement of Assets and Liabilities|(` in crores)
DLF Limited- Conolidated
Statement of Assets and Liabilities|
|---|---|---|
||As on September
30, 2018
(Unaudited)|As on March
31, 2018
(Audited)|
|ASSETS|||
|Non-current assets|||
|Property, plant and equipment|1,526|1,549|
|Capital work-in-progress|145|137|
|Investment property|5,758|5,361|
|Goodwill|1,009|1,009|
|Other intangible assets|161|164|
|Investments in joint ventures and associates|20,293|19,721|
|Financial assets|||
|Investments|101|111|
|Loans|304|280|
|Other financial assets|358|190|
|Deferred tax assets (net)|2,531|2,072|
|Non-current tax assets (net)|1,217|1,128|
|Other non-current assets|1,500|1,481|
||34,903|33,201|
|Current assets|||
|Inventories|23,815|19,753|
|Financial assets|||
|Investments|676|1,000|
|Trade receivables|844|1,286|
|Cash and cash equivalents|620|1,356|
|Other bank balances|563|922|
|Loans|1,845|1,298|
|Other financial assets|487|2,201|
|Other current assets|1,338|1,139|
|Assets classified as held for sale|578|500|
||30,767|29,455|
||65,670|62,656|

11

DLF Limited -Consolidated Balance Sheet –Q2FY19

~~DLF Limited- Conolidated~~ Statement of Assets and Liabilities	~~DLF Limited- Conolidated~~ Statement of Assets and Liabilities	~~DLF Limited- Conolidated~~ Statement of Assets and Liabilities
	~~As on September~~ 30, 2018 (Unaudited)	~~As on March~~ 31, 2018 (Audited)
~~EQUITY AND LIABILITIES~~
~~Equity~~
~~Equity share capital~~	~~357~~	~~357~~
~~Warrant~~	~~750~~	~~750~~
~~Other equity~~	~~29,245~~	~~34,204~~
~~Equity attributable to owners of Holding Company~~	~~30,352~~	~~35,310~~
~~Non-controlling interests~~	~~44~~	~~49~~
~~Total equity~~	~~30,396~~	~~35,359~~
~~Non-current liabilities~~
~~Financial liabilities~~
~~Borrowings~~	~~4,720~~	~~6,239~~
~~Trade payables~~
~~(a)~~ ~~total outstanding dues of micro enterprises and~~ small enterprises	-	-
~~(b)~~ ~~total outstanding dues of creditors other than~~ micro enterprises and small enterprises	794	796
~~Other financial liabilities~~	~~495~~	~~477~~
~~Provisions~~	~~42~~	~~41~~
~~Deferred tax liabilities (net)~~	~~393~~	~~2,510~~
~~Other non-current liabilities~~	~~140~~	~~148~~
	~~6,584~~	~~10,211~~
~~Current liabilities~~
~~Financial liabilities~~
~~Borrowings~~	~~9,039~~	~~8,808~~
~~Trade payables~~
~~(a)~~ ~~total outstanding dues of micro enterprises and~~ small enterprises	3	5
~~(b)~~ ~~total outstanding dues of creditors other than~~ micro enterprises and small enterprises	1,095	1,212
~~Other financial liabilities~~	~~4,813~~	~~3,865~~
~~Other current liabilities~~	~~13,609~~	~~3,096~~
~~Liabilities directly associated with assets classified as held for sale~~	~~44~~	~~57~~
~~Provisions~~	~~86~~	~~42~~
	~~28,690~~	~~17,086~~
	~~65,670~~	~~62,656~~

12

DLF- Q2FY19 Consolidated Cash Flows

Rs crore	Rs crore	Rs crore	Rs crore
Cash Flow	Q1FY19	Q2FY19	H1FY19
Inflow
Collection from Sales	810	854	1664
Rentals	135	133	268
Sub-Total	945	987	1932
Outflow
Construction	395	274	669
Finance Cost(net)	222	221	443
Government/Land Charges	159	135	294
Tax	60	64	124
Overheads	140	155	295
Sub-Total	976	849	1825
Operating Cash Flow	-32	138	107
Capex Outflow	-723	-66	-789
Net Surplus/(Shortfall)	-755	72	-683

13

DLF Limited (ex-DCCDL) – Net Debt Statement

	Rs crore	Rs crore	Rs crore
Net Debt Position		Q2 FY19	Q1 FY19
Gross Opening Debt as per Balance Sheet ( 1st July-2018 )		9229	9493
Less : Debt Repaid during Qtr.		-681	-561
Add : New Borrowing during Qtr.		356	202
Less : Cash in Hand		-1856	-2109
Incremental Ind AS adjustment (Non-cash)		94	95
Net Debt Position		7143	7120
~ Rs 8700 crs ( net of advances ) inter company payable by DLF Group to DCCDL.

Closing Net Debt 7143 crore

(-) Incremental Ind AS adjustment (Non-Cash) 94 crore

• (-) Opening Net Debt 7120

• = (72) crore : cash generation during Q2

14

DLF Limited – Debt Management & Strategy

DLF is targeting to bring down net debt to zero for its development business, over next few quarters. Following actions will lead to successfully achieving the objective:

• ➢ Promoter infusion of balance consideration for warrants; Rs 2,250 crore in current fiscal. ➢ Capital raise from QIP

• ➢ The Company’s business model entails all construction spend to be financed from receivables outstanding as on March 31, 2018. Additional receivables shall result into operating surplus.

• ➢ The Company remains focussed to monetize its finished inventory of approx. Rs 12,900 crore over a period of time, resulting in surplus cash flows which shall primarily be utilised for debt reduction and the balance is targeted to be reinvestment in projects and to build up cash reserves.

• ➢ Maintain high amounts of cash on the books to mitigate any unforeseen circumstances/events

15

DLF (ex-DCCDL) – Development Potential

CITIES	DEVELOPMENT BUSINESS	LEASE BUSINESS	TOTAL
Gurgaon	90	18	108
Delhi Metropolitan region	13	3	16
Chennai	13	5	18
Hyderabad	11	1	12
Chandigarh Tri-City	16	0	16
Kolkata	0	2	2
Other Cites	27	9	36
TOTAL	170	38	208

Area in msf

➢ “The Development Potential is the Best estimate as per the Current Zoning plans on Land owned by the company/Group companies, or lands for which the Company has entered into arrangements with third parties including Joint Development/Joint Venture Agreements/Other Arrangements for Economic Development of said lands owned by such third parties. Some of these arrangements include making residual payments, of approximately Rs 1,000+ crore, to the Land Owners before the development potential can be fully exploited”

➢ The above development potential does not include TOD potential. Increased potential shall be reflected as and when relevant applications are made.

16

DLF – Q2FY19 Update – Investment properties (ex-DCCDL)

	DLF Group ( Ex DCCDL)	DLF Group ( Ex DCCDL)	DLF Group ( Ex DCCDL)	DLF Group ( Ex DCCDL)
	Cities/Projects		Leasable Area(msf)	% leased
Rent Yielding Building
Gurgaon
Others		Office	0.62	100.00
Kolkata		Office	0.99	71.39
Delhi(Corporate Office)		Office	0.17	79.88
Malls
Delhi		Retail	0.85	90.90
Noida		Retail	1.97	99.66

17

DLF Limited – Key Identified Project Pipeline

Project	Details
DLF Urban Private Limited DLF Midtown private Limited ( Joint Venture – Central Delhi)	➢ Development Potential : 7 msf (DLF share 50%) ➢ Work underway for first phase
HSIIDC- ~11.76 acres, Gurugram	➢ Development Potential : ~2.5 msf ➢ Signed a term sheet for a 51:49 partnership with a Private Equity fund. Documentation under negotiation.
Commercial – Garden City , Gurugram	➢ Development Potential : 2 msf ➢ Development Horizon : 3 years ➢ License status: Nil ➢ Transaction Status: Nil
Taramani Offices, Chennai	➢ Development Potential : 5.5 msf ➢ Development Horizon : 5 years

18

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DCCDL Investment Property Business

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19

Executive Summary - Holding Structure DCCDL Holding Structure

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----- Start of picture text -----

DLF LIMITED
RECO DIAMOND
(“DLF”)
33.34% 66.66%
DLF Cybercity Developers
Ltd (“DCCDL”)
Cyber City
Cyber Park
DLF DLF City Centre Ltd: DLF Info City DLF Info City DLF Assets Pvt DLF Power and
Emporio ~45% DLF Promenade Mall Of India ~99% Developers Developers Ltd (“DAL”) Services Limited
(Gurugram) (Kolkata) (Chandigarh) (“DPSL”)
Kolkata IT Park 1 Chandigarh ▪ World Tech, Gurgaon
Office & Mall (Silokhera)
▪ iQ / Trio (Cyber SEZ)
▪ Chennai SEZ
▪ Hyderabad SEZ
----- End of picture text -----

DCCDL Structure includes Richmond Park Property Management Service Limited as subsidiary

Office assets holding companies Retail assets holding companies

Properties under the company (Standalone) Utilities and Facility Management Company MOIG

20

20

DCCDL Business Performance – Q2FY19

Q2FY19:

• ➢ Gross leasing of 1.22 msf. (post 9-10 year expiry/mid-term terminations) renewed at market rates. Net leasing of 0.27 msf. This is in comparison to Net leasing of 0.14 msf during Q1 FY19

• ➢ Projects under Construction : 2.50 msf, Cyber Park, Gurugram

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21

DCCDL-Q2 FY19 Consolidated Financial Highlights – Balance Sheet (Abridged)

Rs crore Balance Sheet(Abstract) Q2FY19 Q1FY19 FY18 (Audited) Non-Current Assets 19,105 18,594 18,525 Current Assets 9,972 9,938 9,736 TOTAL 29,077 28,532 28,261 Equity 8,469 8,114 7,752 Non-Current Liabilities 18,402 18,148 18,201 Current Liabilities 2.206 2,270 2,308 TOTAL 29,077 28,532 28,261	Rs crore Balance Sheet(Abstract) Q2FY19 Q1FY19 FY18 (Audited) Non-Current Assets 19,105 18,594 18,525 Current Assets 9,972 9,938 9,736 TOTAL 29,077 28,532 28,261 Equity 8,469 8,114 7,752 Non-Current Liabilities 18,402 18,148 18,201 Current Liabilities 2.206 2,270 2,308 TOTAL 29,077 28,532 28,261	Rs crore Balance Sheet(Abstract) Q2FY19 Q1FY19 FY18 (Audited) Non-Current Assets 19,105 18,594 18,525 Current Assets 9,972 9,938 9,736 TOTAL 29,077 28,532 28,261 Equity 8,469 8,114 7,752 Non-Current Liabilities 18,402 18,148 18,201 Current Liabilities 2.206 2,270 2,308 TOTAL 29,077 28,532 28,261	Rs crore Balance Sheet(Abstract) Q2FY19 Q1FY19 FY18 (Audited) Non-Current Assets 19,105 18,594 18,525 Current Assets 9,972 9,938 9,736 TOTAL 29,077 28,532 28,261 Equity 8,469 8,114 7,752 Non-Current Liabilities 18,402 18,148 18,201 Current Liabilities 2.206 2,270 2,308 TOTAL 29,077 28,532 28,261
Balance Sheet(Abstract)	Q2FY19	Q1FY19	FY18 (Audited)
Non-Current Assets	19,105	18,594	18,525
Current Assets	9,972	9,938	9,736
TOTAL	29,077	28,532	28,261
Equity	8,469	8,114	7,752
Non-Current Liabilities	18,402	18,148	18,201
Current Liabilities	2.206	2,270	2,308
TOTAL	29,077	28,532	28,261

22

DCCDL Consolidated Financial Highlights – P&L (Abstract) Q2 FY19

DLF Cyber City Developers Limited CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE PERIOD	DLF Cyber City Developers Limited CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE PERIOD	DLF Cyber City Developers Limited CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE PERIOD	DLF Cyber City Developers Limited CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE PERIOD	DLF Cyber City Developers Limited CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE PERIOD	DLF Cyber City Developers Limited CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE PERIOD
							(` in Cr)
Particulars	Quarter Sept 30, 2018 (Unaudited)	Quarter June 30, 2018 (Unaudited)	Quarter Sept 30, 2017 (Unaudited)	Ytd Sept 30, 2018 (Unaudited)		Ytd Sept 30, 2017 (Unaudited)	Year Ended March 31, 2018 (Audited)
Income
Revenue from operations	1,001	987	970	1,987		2,031	3,924
Other income	270	258	227	528		454	1,024
	1,271	1,245	1,197	2,515		2,485	4,948
Expenses
Cost of land, plots, constructed properties and development rights	268	254	257	522		598	1,068
Employee benefits expense	26	23	21	49		43	95
Finance costs	424	417	430	841		848	1,701
Depreciation and amortisation expense	106	105	105	212		208	417
Other expenses	35	31	47	65		84	244
	859	830	860	1,689		1,781	3,525
Profit before exceptional and extraordinary items and tax	412	415	337	826		704	1,423
Exceptional items	-	-	1	-		1	(238)
Profit from continuing operations before tax	412	415	336	826		703	1,661
Tax expense	58	52	61	110		110	240
Profit after tax	354	363	275	716		593	1,421
Minority interest & Share of profit in associates-net	-	-	7	-		(6)	(3)
Profit for the year (PAT)	354	363	282	716		587	1,418
Other Comprehensive Income for the year	0	0	1	0		1	0
Total Comprehensive Income for theyear	354	363	283	716		588	1,418
Note: Previousyear figures has been regrouped/ reclassified,where necessary,to confirm to thisyear's classification.

23

DCCDL – Net Debt Statement

Rs crore DCCDL GROUP Q2 FY19 Q1 FY19 Gross Opening Debt as per Balance Sheet ( 1st July-2018 ) 16794 16927 Less : Debt Repaid during Qtr. -196 -199 Add : New Borrowing during Qtr. 120 53 Gross Debt Position 16718 16781 Less : Cash in Hand -501 -632 Incremental Ind AS adjustment (Non-cash) 13 13 Net Debt Position 16230 16162 ~Rs 8700 crore ( net of advances ) inter-company payable by DLF Group to DCCDL LRD Loans of ~ Rs. 14,500 crore; Average maturity of 7.5 years; Average coupon: 8.99% (LRD Multiplier of 7.25x) CMBS of Rs. 890 crore; Coupon of 10.9% Other Loans: Rs. 1341 crore; Average Coupon of 9.26%	Rs crore DCCDL GROUP Q2 FY19 Q1 FY19 Gross Opening Debt as per Balance Sheet ( 1st July-2018 ) 16794 16927 Less : Debt Repaid during Qtr. -196 -199 Add : New Borrowing during Qtr. 120 53 Gross Debt Position 16718 16781 Less : Cash in Hand -501 -632 Incremental Ind AS adjustment (Non-cash) 13 13 Net Debt Position 16230 16162 ~Rs 8700 crore ( net of advances ) inter-company payable by DLF Group to DCCDL LRD Loans of ~ Rs. 14,500 crore; Average maturity of 7.5 years; Average coupon: 8.99% (LRD Multiplier of 7.25x) CMBS of Rs. 890 crore; Coupon of 10.9% Other Loans: Rs. 1341 crore; Average Coupon of 9.26%	Rs crore DCCDL GROUP Q2 FY19 Q1 FY19 Gross Opening Debt as per Balance Sheet ( 1st July-2018 ) 16794 16927 Less : Debt Repaid during Qtr. -196 -199 Add : New Borrowing during Qtr. 120 53 Gross Debt Position 16718 16781 Less : Cash in Hand -501 -632 Incremental Ind AS adjustment (Non-cash) 13 13 Net Debt Position 16230 16162 ~Rs 8700 crore ( net of advances ) inter-company payable by DLF Group to DCCDL LRD Loans of ~ Rs. 14,500 crore; Average maturity of 7.5 years; Average coupon: 8.99% (LRD Multiplier of 7.25x) CMBS of Rs. 890 crore; Coupon of 10.9% Other Loans: Rs. 1341 crore; Average Coupon of 9.26%
DCCDL GROUP	Q2 FY19	Q1 FY19
Gross Opening Debt as per Balance Sheet ( 1st July-2018 )	16794	16927
Less : Debt Repaid during Qtr.	-196	-199
Add : New Borrowing during Qtr.	120	53
Gross Debt Position	16718	16781
Less : Cash in Hand	-501	-632
Incremental Ind AS adjustment (Non-cash)	13	13
Net Debt Position	16230	16162
~Rs 8700 crore ( net of advances ) inter-company payable by DLF Group to DCCDL
LRD Loans of ~ Rs. 14,500 crore; Average maturity of 7.5 years; Average coupon: 8.99% (LRD Multiplier of 7.25x)
CMBS of Rs. 890 crore; Coupon of 10.9% Other Loans: Rs. 1341 crore; Average Coupon of 9.26%

LRD Principal payments amount to an ~ 3% of the loan amount; mostly structured as CMBS

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DCCDL – Q2FY19 Update – Investment properties

	DCCDL Group	DCCDL Group	DCCDL Group	DCCDL Group
	Cities/Projects		Leasable Area(msf)	% leased
Rent Yielding Building
Gurgaon
DLF Cyber CityDevelopers		Office	10.56	97.40
DAL(SEZS)		Office	14.32	91.83
Kolkata/Chandigarh		Office	1.94	83.06
Malls
Delhi		Retail	0.77	100.00
Chandigarh		Retail	0.19	73.22
Under Construction Building
DLF Cyber CityDevelopers		Office	2.59	59.92

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DCCDL Group – Growth Potential

Location	Potential (Msf)	Development Horizon	Remarks
Gurgaon	19*	10 years	Embedded potential
Chennai & Hyderabad	~5	5 years	Acquisitions by DAL from DLF
*** Inclusive of TOD potential**

DCCDL Group currently owns and operates a Pan-India portfolio approximately 27msf. With the above mentioned growth potential, under construction project viz. Cyber Park(2.5msf) and other potential acquisitions from DLF, this portfolio is slated to grow in mid-teens CAGR for next 10 years.

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Thank You

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