DLF LIMITED — Interim / Quarterly Report 2020

Nov 8, 2019

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

Strategy

Development Business

• ❖ Completed Inventory : Focus remains on faster monetization of the completed inventory, ~ Rs 10,145 crore; with steady increase in pricing..
• ❖ Planned Development : Entering into the new cycle of development for replenishment of Completed inventory at select marquee locations. Planned new projects of ~ 16 msf.
  • ❖ Operational Portfolio : Focus on unlocking the embedded potential through contractual escalations and resetting rentals at market rates.
  • ❖ Planned Development : Growth in the portfolio through buildout of assets at strategic locations.
  • ❖ Target Growth : Consistent growth at high mid-teens for the portfolio

Capital Structure

Rental Business

❖ Robust capital structure with balance sheet strength post completion of the transformation. Completed DCCDL payables settlement.

Land Bank

❖ Unlocking Value : Well defined strategy to monetize non-core land parcels. Developing key marquee locations at right point of time.

Steady Free Cash Flow Generation

Increasing ROE

Sustainable and low risk growth

2

Environment, Social and Governance (ESG) Update

• ❑ DLF continues to focus on building a safe, sustainable and compliant ecosystem. The Company has adopted best practices in various fields. Few highlights being:
  • ❖ Most of the office buildings are LEED Platinum certified by USGBC
  • ❖ Camellias Residential Development; Amongst the first LEED Platinum certified residential building
  • ❖ Achieved 5 star rating and Sword of Honor from the British Safety council for a substantial part of its rental portfolio for Occupational Health & Safety Management Systems. First Company across the globe to achieve 11 swords in a single cycle.
  • ❖ Water management : Zero water discharge.in-house managed STP for recycling sewage water and using it for landscaping, cleaning etc.
  • ❖ DLF Foundation primarily focused on 4 pillars of positive change viz. Access to Education, Skill Development, Healthcare, and Social Infrastructure Development
• ❑ DLF was recently assessed by Dow Jones Sustainability Assessment, being the only Real Estate company in India to be invited for participation
• ❑ Additionally, DLF has been assessed by GRESB and Bloomberg on ESG framework.
• ❑ Assessment by other agencies is in the pipeline.
• ❑ Company is working upon enhanced disclosures to ensure improvement in ESG scores
• ❑ DLF has recently been included in the FTSE All World index Series, Russell RAFI Index Series, FTSE India Quality and Yield Select Indexes, Nifty 100 ESG index and Nifty 100 Enhanced ESG index
• ❑ Further details on ESG framework of the company are available in through the following link:
  • ❖ www.dlf.in/investors/sustainability 3

Recent Awards and Recognition

❑ Shopping Centre Forum by India Shopping Centre Awards

✓ The Chanakya - Most Innovative Architecture (Façade & Interior Design) for Shopping

❑ Golden Globe Tiger Awards, 2019:

• ✓ DLF Limited – Developer of the Year – Luxury
• ✓ DLF Limited – Developer of the Year – Residential
• ✓ King's Court – Luxury Project of the Year
• ✓ The Crest – Luxury Project of the Year

❑ EazyDiner Foodie Awards

✓ The Electric Room ( at The Lodhi) – Best in Nightlife in a Hotel

❑ Elite Magazine Awards

✓ The Lodhi – Best Hotel of the Year

❑ World Luxury Spa Awards

✓ The Lodhi-Luxury Hotel Spa Country Winner: India

• ❑ National Awards for Marketing Excellence (BTVI)
  • ✓ DLF Mall of India – Most Admired Shopping Centre of the Year
  • ✓ Trend – Best In-House Magazine
  • ✓ Cyber Hub – Best Retail & Leisure Development
• ❑ National Real Estate Leadership awards 2019 (Zee Business )
  • ✓ DLF Crest – Luxury Project of the Year

❑ ET Now Real Estate Awards:

• ✓ DLF – Developer of the Year
• ✓ Two Horizon Center : Luxury Project of the Year – Commercial
• ✓ DCCDL – Brand of the Year
• ✓ DLF Cyber City : Business/IT Park of the Year
• ✓ Cyber Hub – Smart Project of the Year - Retail

4

Highlights & Outlook Q2 FY20

Net SalesBookingRs 725 croreRs x crore	Net SalesBookingGross Leasing1.4 msf	Net Incremental Leasing0.67 msf	Gross OperatingPossession LettersCash Flow beforeIssued forInterest & tax897 unitsRs x crore1.87 msfOperating Cashflow
Gross Operating CashCompletionFlow before Interest &taxRs 269 croreOperating CashflowRs 110 crore	Net DebtRs 4,461 crore	DCCDL SettlementCompleted	Rs x croreOC Received0.31msf

Outlook :

• ❑ Uptick in new Sales; markets showing better momentum
• ❑ Given the market fundamentals, the strategy of Build & Sell is working for the company
• ❑ Luxury Sales showing steady momentum

DLF- Summary Consolidated Financial Results 1&2

Financial results

• ❑ During the Quarter, DLF achieved positive operating cashflow, generating INR 110 crore
• ❑ Achieved Gross New Sales booking of INR 885 crore & Net Sales bookings3 of INR 725 crore during the Quarter
• ❑ Recognized Sales of Rs 1,161 crore based on issuance of 897 PL's ( 1.87 msf ) during the quarter
• ❑ DLF net rental for the Quarter, stood at INR 75 crore

¹ The above table does not consider the impact of inter-company elimination if consolidation were to be effected

2 DLF has 66.67% share in DCCDL

3 Net of upgradation / shifting / legal case settlement / cancellation

Sales Update – Q2 FY20

Value(Rs in crore)
175
10
355
185
725
CamelliasOthers DLF5

Transaction update

Highlights

Sale of ~ 9 acres to American Express for setting up of its office campus in sector 74A:

➢Consideration for sale ~ 300 crore i.e ~ Rs 33 crore per acre

➢Sale concluded in the month of July, 2019.

With the successful closure of this transaction, a new benchmark valuation has been created for the commercial space in New Gurgaon. DLF owns approximately 25 msf in this region earmarked for commercial development.

This transaction has laid down the foundation of the development of another destination for campus development, on similar lines as of DLF Cyber City-an integrated business district in Gurugram.

Profit & Loss Account (Consolidated)

			Q2 FY20 (Reviewed)	Q1 FY20 (Reviewed)		Q2 FY19 (Reviewed)		Half year Ended Seprember30, 2019 (Unaudited)			Half year Ended Seprember30, 2018 (Unaudited)	Year Ended March 31, 2019(Audited)
			Ind AS		Ind AS	Ind AS			Ind AS		Ind AS	Ind AS
Sl.No.	Consolidated Financials	Rs. Crs.	Percentage ofTotal Revenue	Rs. Crs.	Percentage ofTotal Revenue	Rs. Crs.	Percentage ofTotal Revenue	Rs. Crs.	Percentage ofTotal Revenue	Rs. Crs.	Percentage ofTotal Revenue	Rs. Crs.	Percentage ofTotal Revenue
A)
	1 Sales and Other Receipts	1,716		1,331		2,139		3,047		3,646		8,366
	Other Income	225		210		166		434		316		663
	Total Income(A1+A2)	1,940	100%	1,541	100%	2,305	100%	3,481	100%	3,963	100%	9,029	100%
B	) Total Expenditure(B1+B2+B3)	1,365	70	1,092	71	1,480	64	2,457	71	2,678	68	6,225	69
1	Construction Cost	885	46	769	50	1,192	52	1,654	48	2,137	54	4,951	55
2	Staff cost	86	4	78	5	81	4	164	5	160	4	352	4
3	Other Expenditure	394	20	244	16	206	9	638	18	381	10	922	10
	C) EBITDA (D/A1)	575	30	449	29	825	36	1,024	29	1,284	32	2,805	31
	D) EBIDTA ( Margin)		30%		29%		36%		29%		32%		31%
E	) Financial charges	418	22	536	35	496	22	954	27	994	25	2,062	23
F)	Depreciation	45	2	51	3	55	2	96	3	112	3	225	2
	G) Profit/loss before exceptional items	112	6	(138)	-9	274	12	(26)	-1	178	5	518	6
	H) Exceptional items - (net) *	144	7	297	19	-	0	440	13	-	0	127	1
I)	Profit/loss before taxes and after exceptional items	256	13	159	10	274	12	415	12	178	5	646	7
J)	Taxes expense	74	4	10	1	139	6	84	2	113	3	277	3
K	) Extraordinary Items		0		0	-	0	-	0	-	0	-	0
L)	Net Profit after Taxes before Minority Interest	181	9	149	10	134	6	330	9	65	2	368	4
	M) Minority Interest	2	0	1	0	2	0	3	0	2	0	5	0
	N) Profit/(losss) of Associates	262	13	265	17	239	10	527	15	481	12	946	10
	O) Net Profit	446	23	415	27	375	16	861	25	548	14	1,319	15
P	) Other Comprehensive income /(loss) (net of tax)	(2)	0	(1)	0	1	0	(3)	0	14	0	(3)	0
	Q) Total Comprehensive income	444	23	413	27	376	16	858	25	561	14	1,316	15
		* Q2 includes Saket Mall Transfer / Others & Q1 - Noida Mall / 3 Acres Gurugram

DLF Limited- Consolidated – Balance Sheet

		(₹ in crores)
Particulars	As on September 30,2019(Unaudited)	As on March 31,2019( Audited)
ASSETS
Non-current assets
Property, plant and equipment	1,363	1,459
Property, plant and equipment - Right to use Assets	273	-
Capital work-in-progress	117	103
Investment property	2,602	3,696
Goodwill	1,018	1,009
Other intangible assets	155	158
Investments in joint ventures and associates	17,834	20,868
Financial assets
Investments	104	102
Loans	338	295
Other financial assets	279	261
Deferred tax assets (net)	5,927	2,377
Non-current tax assets (net)	1,249	1,298
Other non-current assets	1,356	1,513
	32,616	33,139
Current assets
Inventories	22,354	22,009
Financial assets
Investments	27	34
Trade receivables	743	832
Cash and cash equivalents	2,279	4,268
Other bank balances	545	587
Loans	2,090	1,964
Other financial assets	954	687
Other current assets	760	772
	29,751	31,154
Assets classified as held for sale	1,743	2,630
	31,494	33,784
Total assets	64,110	66,922

DLF Limited- Consolidated – Balance Sheet

Particulars	As on September 30,2019(Unaudited)	As on March 31,2019( Audited)
EQUITY AND LIABILITIES
Equity
Equity share capital	495	441
Warrant	-	750
Other equity	35,681	32,385
Equity attributable to owners of Holding Company	36,176	33,577
Non-controlling interests	22	41
Total equity	36,198	33,617
Non-current liabilities
Financial liabilities
Borrowings	3,410	5,614
(b) total outstanding dues of creditors other than micro enterprises and small
enterprises	794	794
Other non-current financial liabilities	572	462
Long term provisions	50	45
Deferred tax liabilities (net)	4,066	440
Other non-current liabilities	71	97
	8,964	7,452
Current liabilities
Financial liabilities
Borrowings	4,940	9,164
Trade payables
(a) total outstanding dues of micro enterprises and small enterprises(b) total outstanding dues of creditors other than micro enterprises and small	20	19
enterprises	1,390	1,258
Other current financial liabilities	2,184	4,113
Other current liabilities	10,239	11,122
Provisions	54	34
Total liabilities	18,827	25,710
Liabilities directly assciated with assets classified as held for sale	121	143
Total equity and liabilities	64,110	66,922

Operating Cash Flow

(INR Crs.)	Q2FY20	Q1FY20
Inflow
•Collectionfrom sales	669	632
•Rentals	45	104
Sub-Total	714	736
Outflow
•Construction	2221	196
•Government / Land charges	(3)	(45)
•Overheads	226	238
Sub-Total	445	389
Operating Cash Flow before Interest & Tax	269	347
•Finance cost (net)	1912	194
•Tax (net)	(33)	(51)
Operating Cash Flow after Interest & Tax	110	204
•Capex outflow / Others	250	183
Net surplus/ (shortfall)	(140)3	22

Optimum cash flow to finance future development and maintain strong liquidity

Strong Capital Structure

Net Bank Debt – excluding DCCDL group

(INR Crs.)	Q2FY20	Q1FY20
Gross opening debt (Net of IndASadj.)	6,211	10,143
Less: Debtrepaid during quarter	(775)	(1,778)
Less: Debt transfer to DCCDL along with stage IIassets	(485)	(1,348)
Add:New borrowing during quarter	2,099	Nil
Less Cash in Hand	(2,589)	(2,795)
Land Commitments	Nil	(805)
Net debt position (i/c Land Commitments)	4,461	3,416

Net Increase in Net Debt ( Major Heads)		Less Cash inHand
Payment to DCCDL (including Interest)	722
Dividend	115
Operational Shortfall	140
Misc. Others	68

DCCDL Payable settlement:

All monies stand fully repaid and the Company expects better cash flow generation post this to further help in debt reduction.

Sources of Debt

(INR Crs.)	o/s.30.06.19	Repaymentin Q2	Borrowingin Q2	o/s.30.09.19	< 1Year	>1 < 3Years	> 3Years
Banks
-Private Banks	480	(90)	842	1,232
-Foreign Banks	709	(388)	540	861
-Public SectorBanks	448	(248)	0	200	833	1,296	1,511
-Other HFC	38	(38)	0	0
-HDFC Ltd	1,408	(61)	0	1,347
-ECB	1,078	(90)	0	988	449	539
-NCD	690	(345)	0	345	345
Working CapitalLimits / STL	1,360	0	717	2,077			2,077
Gross Debt	6,211	(1,260)	2,099	7,050	1,627	1,835	3,588
Less Cash in

• Short Term loans of Rs. 2,077 crore are part of the working capital limits, assumed to be rolled over (considered in > 3 yrs repayments)

Overall borrowing cost – 10.23% (including ECB cost of 12%+)

Net Debt Equity Ratio : 0.12

DCCDL Payables Settlement

• ➢ DCCDL payables of Rs 8,700 crore as of January 1, 2019 (~ Rs 5,540 crore as of June 30,2019) have been fully settled on October 1, 2019
• ➢ The following assets have been transferred from DLF Group to the DCCDL Group as part of this settlement:
  • ❑ DLF Mall of India, NOIDA ( ~ 2msf retail mall)
  • ❑ DLF Lands India Private Limited ( ~ 3 acre land adjacent to MOIG, Gurugram)
  • ❑ DLF Place, Saket ( ~ 0.5 msf retail mall)
  • ❑ DLF Info Park Developers Limited ( Commercial land, Chennai)
  • ❑ Stake held by DLF in One Horizon Centre
• ➢ Net cash outflow emanating from this settlement ~ Rs 477 crore

	DLF Financial Update
--	-----------------------------	--

DLF (ex-DCCDL) – Business Update & Guidance

❑ DCCDL payable settlement completed ❑ Net Worth stands at ~ Rs 36,198 crore ❑ Net Debt at Rs 4,461 crore Capital Restructuring ❑Residual unsold Inventory at Rs 10,145 crore ❑Pending Receivables – Rs 2,740 crore ❑Pending Outflow – Rs 1,750 crore Inventory/ Project cash flows Sales Guidance ❑ Sales target of Rs 2,700 crore for FY 2019-20. Achieved Net Sales of Rs 1,425 crore till Sep'19 ❑ Sales launch of Phase II of Ultima (New Gurgaon) in Q3FY20.

Completed Inventory

1	Value (Rs cr)31.06.2019	Sale BookingQ2 FY20	Area ( in msf )30.09.2019	Value (Rs cr)30.09.2019
DLF 5,Gurugram	4,850	185	1.50	4,675
2Rest ofGurugram	3,490	355	3.72	3,025
3National Devco	2,630	185	6.08	2,445
Total	10,970	725	11.30	10,145

In Rs crore

Project Cash Flows – as on 30.09.2019

18 Camellias, DLF5,Gurugram 1 Horizon Centre, DLF5,Gurugram 3 Crest, DLF5,Gurugram 2 Pending Receivable Sold Value Total Residual Inventory ROG, Gurugram National Devco 5 5,555 3,983 1,995 4,305 10 360* 2,000 2,445 10,145 978 258 49 334 1,035 2,740 6 Ultima, New Gurugram 705 1,025# 86 4

* Includes ~ Rs 100 crore of inventory from other projects in DLF 5, Gurugram # - Revised pricing

Residual EBITDA as on 30th September, 2019

Note: EBIDTA of DLF rental assets/ new projects not included above

DLF (ex DCCDL) – Development Update (near term)

Project / SPV	Development Potential	Development Status
DLF UrbanPrivate Limited(GIC JV)	~1.9 msfDLF Share –50%	Construction Commenced
DLF MidtownPrivate Limited(GIC JV)	~ 6 msfDLF Share –50%	Zoning Approvals and EnvironmentalClearance received,Project under designing stage
AadarshiniRealEstate Developers(Hines JV)	~ 3 msfDLF Share –67%	Designs by PelliClarke Pellihave beenselectedPre-construction approvals being applied
Premium/LuxuryDevelopment,DLF City	~ 2.5 msfDLF Share –100%	Under Planning
Hyderabad SEZ(to be transferred toDCCDL post construction)	~ 3 msfDLF Share –100%	Phase I Design being finalized ~ 0.6 msfExpected Rental ~ Rs 58 psf/month

DLF Financial Update DLF Business Update DCCDL Business Update DCCDL Financial Update

Completed Inventory at DLF5

Garden City, Gurugram

Value of inventory – INR 325 Crs

% of project sold – 78%

22

Completed Inventory at Rest of Gurgaon (As on 30th Sep, 2019)

Alameda, Gurugram

% of project sold – 80%

Value of inventory – INR 298 Crs

Hyde Park, Chandigarh

Value of inventory – INR 230 Crs

% of project sold – 85%

Completed Inventory at National Devco

Prime Tower, Okhla

% of project sold – 75%

Value of inventory – INR 182 Crs

Significant Land Reserves for Future Growth – DLF (ex DCCDL)

1 As of September 30, 2019

• Includes TOD Potential in Delhi

24 • The Development Potential is the best estimate as per the current zoning plans on lands 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. Increase TOD potential is under computation based on application filed. • Excludes DLF5 and New Gurgaon TOD / TDR potential.

High Quality Land Reserves with Significant Asset Value

Overview of DLF's Rental Assets (ex-DCCDL)

	Leasable	Leased	Leased/	Rent(psf/month)
Building Name	Area(Lacs sqf)	Area(Lacs sqf)	LeasableArea %	In place	Current	WALE *
OFFICES:
Kolkata II	9.9	9.6	97%	34	30	80
DLF Centre	1.7	1.4	83%	367	400	77
Amex	5.1	5.1	100%	49	122	23
Gateway Tower	1.1	1.1	100%	116	116	5
Total Offices	17.8	17.2	97%
Retail:
South Square	0.6	0.6	95%	112	NA	54
Capital Point	0.9	0.9	100%	405	NA	43
Chanakya	1.9	1.8	94%	190	NA	113
Total Retail	3.3	3.2	95%
* WALE: Weighted Average Lease Expiry in months

* WALE: Weighted Average Lease Expiry in months

DLF Cyber City Developers Limited

Highlights Q2 FY20

Run Rate(H1)1Rs 3,015 croreRs x crore	Net SalesOperational PortfolioBooking30.3 msf	Gross Leasing1.4 msf	Gross OperatingCash Flow beforeNet Incremental LeasingInterest & tax0.67 msfRs x croreOperating Cashflow
Operating CashflowCompletionNet2-Rs. 842 crore	Projects underConstruction6.6 msf	Net Debt3Rs 17,984 crore	Rs x croreRating (ICRA)A A (-)Stable outlook
Run rate FY191	2,675 crore		WALE5
Anticipated Run rate FY2043,750 crore		( in years )
Growth ~ 40%			5.7
1 Rental Run Rate for Completed Properties as on Sept FY202 Net Operating Cash flow after interest & tax3Net Debt:BankDebt as per Ind-AS less Cash & Cash Equivalent4 Anticipated Run rate: Rental run rate including Cyber Park and Chennai New and Stage II5. WALE : Weighted Average Lease Expiry6. Cyber Park partial OC received –	Handing over started for fitouts		28

DLF Business Update DLF Financial Update DCCDL Business FinancialUUppdate date DCCDL Business Update

Portfolio Snapshot- Q2FY20

Rental RevenueRs 761 crore	Development Pipeline	Occupancy94%*
Mark-to-Market Potential19% ( Offices )	~ 26.4 msf	Operational PortfolioLeased ~ 28.6 msfVacant Stock ~ 1.7 msf

DCCDL – Development Update

DCCDL has initiated the development of the first phase of the Downtown Project (adjacent to DLF Cyber City). Given the buoyant demand in the commercial segment and our portfolio being almost completely occupied, the company has initiated this development to cater to the growing demand. We believe this project will be one of the marquee destinations that will be added to the skyline of Gurugram catering to both the commercial and retail segment.

Downtown – Phase I

❑Phase I GLA - ~ 3.3 msf (Commercial) ❑Bhoomi Pujan done in July, 2019 ❑Steel structure based construction; quicker execution cycle. Expected completion in 24-30 months

❑Expected starting rentals – 116 psf/month

Downtown - Project details:

• ❑ Project GLA - ~ 11 msf
• ❑ Project usage – Mix Usage : Commercial & Retail
• ❑ To be built into different phases

Downtown –Phase I (Perspective Image)

DCCDL - Summary Consolidated Financial Result

• DCCDL net operating cashflow: INR Rs 842 crore
• Gross Leasing of 1.4 msf & Net Leasing of 0.67 msf during the Quarter.

Q2FY20	Gross Area Leased (msf)	Net Area Leased ( msf)
Offices	1.2	0.56
Retail	0.2	0.11

• DCCDL(consolidated) net rental for the Quarter, stood at INR 761 crore vs Rs 723 crore in Q1FY20.
• DCCDL Consolidated EBITDA(including other income) stood at Rs 1,024 crore vs Rs 976 crore in Q1FY20
• DCCDL Consolidated EBITDA(excluding other income) stood at Rs 800 crore vs Rs 713 crore in Q1FY20
• DCCDL Consolidated PAT stood at Rs 387 crore vs Rs 389 crore in Q1FY20
• DCCDL Consolidated net debt1 Rs 17,984 crore
• Annualized Annuity Run Rate 2 Rs 3,150 crore
• Cyber Park Partial OC received, 0.82 msf handed over to tenants for fitout

1 Net Debt: Debt as per Ind-AS less Cash & Cash Equivalent

2 Run rate including rental, parking, maintenance & Power EBITDA as on Sept'19

DCCDL Consolidated – Q2FY20 Financial Indicators

In Rs Crore

Particulars	Q2FY20	Q1FY20
REVENUE	1,379	1,336
EXPENSES	355	360
EBITDA(including other income)	1024	976
EBITDA(excluding other income)	800	713
FINANCE COST	455	426
DEPRECIATION	128	114
PBT	452	436
TAX	65	47
PAT	387	389
NET DEBT**	17,984	17,354
NET DEBT / NOI	5.5	5.4

**Gross Bank Debt Less Cash in Hand (incl. Ind-AS impact)

DCCDL Balance Sheet Abstract (Consolidated)

In Rs Crore

Particulars	Sept FY20	FY19
Non-current assets	24,006	19,322
Current assets	3,946	8,366
TotalAssets	27,952	27,688
Equity	4,731	7,464
Non-current liabilities	20,174	17,353
Current liabilities	3,047	2,871
TotalLiabilities	27,952	27,688

DCCDL Cash Flow Abstract (Consolidated)

(INR Crs.)	Q2 FY20	Q1 FY20
Inflow
Operating Cash Flow before Interest & Tax*	777	789
•Interest received	660	412
•Interest paid	(489)	(393)
•Tax	(106)	(115)
Operating Cash Flow after Interest & Tax	842	693
•Capex	(145)	(101)

Optimum cash flow to finance future development and maintain strong liquidity

*Operating cash flow includes inflow from rent, service, power and other operating income

Portfolio Snapshot- as on Sept 30, 2019

	Leasable Area			Leased	Leased/	W.A rate
Building Name	Completed	UnderConstruction	Total	Area(Lacs sqf)	LeasableArea %	leased area(`/sqf)***	Current Rate	MTM%	WALE**
OFFICES
Cyber City	101.6	58.3*	159.9	99.9	98.3%	101	120	19%	5.5
Cyber City SEZ	28.9	-	28.9	28.3	97.8%	77	102	33%	5.7
Silokhera	19.4	-	19.4	10.9	56.2%	66	72	10%	7.2
Chennai	65.7	8.2	73.9	63.5	96.6%	63	75	18%	5.5
Hyderabad	29.1	-	29.1	28.7	98.7%	49	62	26%	5.0
Kolkata I	12.9	-	12.9	11.9	92.0%	39	30	-22%	5.1
Chandigarh	6.5	-	6.5	5.6	87.1%	51	55	7%	5.2
Total Offices	264.2	66.5	330.7	248.8	94.2%	77	91	19%	5.5
Retail
Mall of India Noida	19.7	-	19.7	19.4	98.6%	105	-	-	8.0
DLF Avenue##	5.2	-	5.2	4.6	89.6%	63	-	-	0.0
Promenade	4.6	-	4.6	4.6	100.0%	183	-	-	6.3
Cyber Hub	4.4	-	4.4	4.4	100.0%	125	-	-	4.3
Emporio	3.1	-	3.1	3.0	99.2%	355	-	-	3.3
City Centre	1.9	-	1.9	1.1	59.3%	29	-	-	9.2
Total Retail	38.8	-	38.8	37.2	95.9%	130	-	-	6.8
Grand Total	303.0	66.5	369.5	286.0	94.4%				5.7

* Includes Cyber Park area moved to fitout,OC received for substantial part.

## DLF Avenue: LCD is yet to be start

** WALE: Weighed Average Lease Expiry

*** WA rate for completed properties

Significant Mark to Market Potential on Existing Commercial Portfolio

Mark-to-market Potential: Significant Room for Rent Revisions

Re-leasing at market rent to drive significant value creation

* Weighted Average Rentals is the weighted base rental for leased area

**Market rent means weighted average rate for new leases entered till Sept '19

Rental Growth – Re-leasing Upside (Anticipated Rentals)*

Gurugram- Cyber City (Non-SEZ)

* Budgeted rentals for area that would be coming up for releasing based on management estimates

**Annualised incremental revenue impact has been calculated on rent rate differential multiplied by gross leasing area coming up for renewal.

Rental Portfolio – Operational assets ~ 30.3 msf

TENANT MIX Top 10 Tenants contributing 18% of Gross Revenue

Tenant	Sector	% of Rental
Cognizant	Technology	4%
IBM	Technology	3%
Concentrix	Technology	2%
TCS	Technology	2%
Amex	Business Support	1%
BT Global	Technology	1%
Fluor Daniel	Engineering & Construction	1%
RBS Services	Business Support	1%
Wework	Business Support	1%
Barclays	Business Support	1%
Total		18%

DCCDL – Development Update (near term)

Project / SPV	Leasable Area	Development Status
ChennaiIT SEZ	~0.8 msf	Advanced stage of construction.Expected completion in FY20 (Block 11)Expected completion in FY 21 (Block 12)
DLF DownTown,Gurugram	~ 3.3 msf(Phase I)	Designs being finalized.Ground Breaking done.Expected Rental ~ Rs 116 psf/month
DLF DownTown,Chennai	~ 2 msf(Phase I)	Designs being finalizedExpected Rental ~ Rs 85-90 psf/month

Rental Portfolio – Buildup in Medium term

4700

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Rental Portfolio – Accelerated growth through asset acquisition

DCCDL's growth potential has been augmented with addition of following assets:

:Asset	Leasable Area /Development Potential	Expected Rental(on stabilized basis)*	Status
DLF Mall of India,NOIDA	2 msf	250 crore	Rent Yielding
DLF Avenue,New Delhi	0.52 msf	110 crore	Rent Yielding
Chennai Land	7.2 msf	875 crore	Under Development
3 acre commercial land( adjacent to DLFDowntown Gurugram)	0.8 msf	140cCrore	Under Development
One Horizon Centre	48.2 % share in JV	43 crore**	Rent yielding

*indicative numbers based on management estimates

** Interest income on CCD and JV share of PAT is considered

DCCDL Group: Future Development Opportunities

Unique platform strength offering significant growth opportunities

Office Portfolio

DLF Hyderabad IT SEZ – 2.91 msf

DLF Silokhera IT SEZ – 1.94 msf

DLF Chennai IT SEZ – 6.57 msf

Operational assets – ~28.6 msf

Retail Portfolio

DLF Emporio

• Location: Vasant Kunj, Delhi
• Commission Date: Aug' 08
• TLA: 0.3 msf

Chandigarh

City Centre

• Location: Chandigarh
• Commission Date: May' 08
• TLA: 0.2 msf

Cyberhub

• Location: Gurugram
• Commission Date: 2014
• TLA: 0.4 msf

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• Location: Vasant Kunj, Delhi
• Commission Date: Jan' 09
• TLA: 0.5 msf

DLF Business Update DLF Financial Update DCCDL Financial Update DCCDL Business Update

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Ongoing Construction of High-end Commercial Projects

Chennai IT SEZ (Phase III): 0.8 msf

Area pre-leased: ~0.6 msf

Current rentals: ~INR 72 psf

Downtown (Phase I): 3.3 msf

Area pre-leased: ~.06msf

Expected rentals: ~INR 116 psf

Under-construction Portfolio – 6.6 msf

Disclaimer

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 economy. The company does not undertake to make any announcement in case any of 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.