DLF LIMITED — Investor Presentation 2020

Feb 6, 2020

February 6, 2020

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

Sub: Analysts Presentation

Dear Sir,

We are forwarding herewith "DLF Analyst Presentation Q3-FY'2020", for your kind information and record please.

Thanking you,

Yours faithfully, for DLF LTD.

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

ANALYST PRESENTATION DLF Midtown, Delhi ANALYST PRESENTATION FEBRUARY 2020 The Camellias

Perspective Image 1

Q3FY20

Result Highlights – Q3FY20

Net Sales BookingRs 731 croreRs x crore	Net SalesBookingGross Leasing1.33 msf	Net IncrementalLeasing0.44 msf	Gross OperatingCash Flow beforePossession LettersInterest & taxIssued for1,162 unitsRs x crore2.38 msfOperating CashflowRs x crore
Gross Operating CashFlow before Interest &taxRs 254 crore	Net DebtRs 4,866 crore	DCCDL SettlementCompleted	Development Update:Construction started atDLF Downtown,Gurugram.

❑ Highlights :

• ✓ Sales performance inline with guidance ( 9M Rs 2,160 crore vs FY guidance of Rs 2,700 crore )

• ✓ Declared Interim dividend of Rs 1.20 per share

• ❑ The Union Budget presented a neutral stance and maintained status quo for the RE sector

• ❑ No major thrusts for the business due to which stress within industry is likely to continue for few more quarters.

• ❑ Given the budget proposals and the current market environment, we believe it will be prudent to follow a cautious outlook.

Key Announcements - Corporate:

• ❑ Dividend Distribution Tax has been removed w.e.f. April 01,2020.
  • ❖ Impact: Improved upstreaming of cash from subsidiaries/JVs with no leakage of taxes at the Group level.
• ❑ Enhancement of FPI limit in Corporate Bonds to 15%
  • ❖ Impact : Deepening of Bond markets; more avenues of capital

Key Announcements - RE Sector:

• ❑ Tax holiday for affordable housing extended till March 31,2021.
  • ❖ Impact: Greater push for affordable housing with benefits being extended.
• ❑ Safe harbor benefit increased on difference in consideration value and circle rate from 5% to 10%. Cost of acquisition capped to stamp duty value as on April 01, 2001.
  • ❖ Shall improve liquidity in the secondary market. 3

Development Business

• ❖ Completed Inventory : Focus remains on faster monetization of the completed inventory, ~ Rs 9,415 crore.
• ❖ Planned Development : Entering into the new cycle of development for replenishment of Completed inventory at select marquee locations. Planned new projects of ~ 21 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. Downtown development initiated.

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 identified land parcels. Developing key marquee locations at right point of time.

Steady Free Cash Flow Generation

Increasing ROE

Sustainable and low risk growth

DLF Limited – Business Update

Cautious approach for Residential development; Aggressively pursuing rental growth

❑ Sales:

• ➢ The company remains committed to its goals and is confident of achieving its Sales target of Rs 2,700 crore for the current fiscal.
• ➢ Luxury segment demand subdued and we anticipate that the recovery of this segment to be directly correlated to the buoyancy of the general economy.

❑ Inventory Monetization & New products:

• ➢ Based on the market dynamics, the Company expects a slightly longer recovery cycle; hence exploring strategy of repositioning its inventory and bringing differentiated products across segments to mitigate risks.
• ➢ Planning to convert its existing plotted inventory into low-rise independent floors, which is expected to show better sales traction in the current market scenario ( approx. ~ 7 msf expected to be monetized from next fiscal year onwards )
• ➢ Midtown Delhi, 1.9 msf of residential development is on track

❑ Land bank monetization

❑ The company continues to pursue monetization of select commercial land parcels by way of its existing

JV arrangements and / or new alliances 5

DLF Limited – Business Update _contd..

❑ Rentco:

• ➢ Rental Business remains buoyant ; good traction in the market for rental business
• ➢ Company focusing on creating new supply to cater the growing demand. Initiated development of Downtown, Gurugram and Downtown, Chennai.

❑ Capital Structure:

• ➢ Net debt increased marginally due to financial settlement of DCCDL. Payables. Net Debt at Rs 4,866 crore
• ➢ The Company expects to exit the current year around similar levels of debt.
• ➢ We have ~Rs 2,250 crore of cash in hand plus Rs 1,300 crore of receivables (net of construction outflow) to meet any financial obligations and fund future development.

❑ Organization Strengthening:

➢ The Company is undergoing a planned transformation/rejuvenation in terms of its talent pool*.*

Key initiatives undertaken:

• ❖ Increasing the sales force at key marquee locations to achieve quick monetization of the completed inventory
• ❖ Roping in experienced development/execution team to aid in the planned development rollout in the near future.
• ❖ Bringing on board high quality talent at senior level to bring in best practices and drive high performance culture. 6

DLF – Summary Consolidated Financial Results1&2

Summary:

• ❑ Sales recognition of Rs 1,005 crore based on issuance of 1,162 PL's ( 2.38 msf ) during the quarter
• ❑ DLF net rental for the Quarter, stood at Rs 62 crore
• ❑ Operating cash deficit in this quarter, mainly due to the last leg of payouts for the DCCDL settlement.

66.67% share of DCCDL numbers

1The above numbers do not consider the impact of inter-company eliminations if consolidation were to be effected 2DLF holds 66.67% share in DCCDL 7

Q3FY20 – Sales Update

Location	Gross Sale Value(Rs in crore)	Net Sale Value(Rs in crore)
DLF 5	66	(154)*
Rest of Gurgaon	816	816
National Devco	124	70
Total	1,005	731

❑ Camellias Update:

• ➢ Fit-outs of ~70% apartments underway; customers expected to move in late calendar year.
• ➢ Club at advanced stage of completion; Empirically, a good traction in sales is witnessed in luxury / superluxury projects, at a late stage, just prior to habitation of the project.
• ➢ Company is actively engaging with customers on a pro-active basis. Few customers, who were unable to commence their fit-outs within the timelines, have been offered exit from the project. Company is confident of selling such units at better prices..
• ➢ The Company has also commenced offering fitted-out apartments to enable rapid habitation.

❑ Ultima Update:

• ➢ Witnessed a good response from the market. New Sales of approx. Rs 800 crore achieved in the current quarter.
• ➢ Approx. 90% of inventory sold. Balance expected to be sold in Q4FY20

* Includes cancellation of 8 Units of Camellias

Q3FY20 – Sales Update

❑ Sales Mix:

• ➢ Luxury sales contributing only 26% of total sales; expected to remain muted and expected to recover once market picks up.
• ➢ Significant contribution from premium segment, primarily led by new sales from Ultima, Phase-II launch.
• ➢ Company is upgrading its existing plotted inventory into finished Independent Floors; monetization of this inventory is expected to be at relatively faster pace. Will help in filling the gap from sales in Premium segment.

	Independent Floor -Sales Plan
Location	Area (msf)	Expected Sales Value( Rs crs)	Expected Sales Price(psf)	Expected Timeline
DLF City (Phase I –IV)	~ 3	~ 3,000	10,000	FY21-22
New Gurgaon	~ 2	~ 1,100	5,500	FY21-22
Panchkula/Mullanpur	~ 2	~ 850	4,250	9FY21-22

Launch Update – The Ultima

❑ The project is sprawled across 22 acre with 85% open area and spectacular landscaping.

❑ Clocked approx. Rs 800 crore of Sales during Phase-2 launch.

• ❑ Approx. 90% of the project sold.
• ❑ The response signifies customer acceptance of fully completed, well located, premium projects even in softer market conditions.

DLF Limited - Profit & Loss (Consolidated)

Ind ASInd ASInd ASInd ASInd ASPercentage ofPercentage ofPercentage ofPercentage ofPercentage ofSl.No.Consolidated FinancialsRs. Crs.Rs. Crs.Rs. Crs.Rs. Crs.Rs. Crs.Total RevenueTotal RevenueTotal RevenueTotal RevenueTotal RevenueA)1 Sales and Other Receipts1,3421,7162,2194,3895,866Other Income191225187626503Total Income(A1+A2)1,533100%1,940100%2,406100%5,014100%6,368100%) Total Expenditure(B1+B2+B3)B1,113731,365701,579663,570714,258671Construction Cost76850885461,259522,422483,397532Staff cost87686490425152504Other Expenditure32581739420230108971861110C) EBITDA (D/A1)4202757530827341,444292,11133D) EBIDTA ( Margin)27%30%34%29%33%Financial chargesE)2381541822533221,192241,52724DepreciationF)45345256214031683G)Profit/loss before exceptional items138911262371011224167H) Exceptional items - (net)231151447-067113-0Profit/loss before taxes and after exceptional itemsI)369242561323710783164167J) Taxes expense1419744126522542404K) Extraordinary Items-0-0-0-0-0L)Net Profit after Taxes before Minority Interest2281518191115558111763M) Minority Interest1020204030N) Profit/(losss) of Associates186122621322297131470311	Year EndedMarch 31, 2019(Audited)		Nine Months EndedDecember 31, 2018(Unaudited)		Nine Months year EndedDecember 31, 2019(Unaudited)		Q3 FY19 (Reviewed)			Q2 FY20 (Reviewed)	Q3 FY20 (Reviewed)
	Ind AS
	Percentage ofTotal Revenue	Rs. Crs.
	8,366
	663
	9,029100%
	6,22569
	4,95155
	3524
	92210
	2,80531
	31%
	2,06223
	2252
	5186
	1271
	6467
	2773
	-0
	3684
	50
	94610
	1,31915		14	883	25	1,275	14	335	23	446	27	415	O) Net Profit
P) Other Comprehensive income /(loss) (net of tax)(0)0(2)0100(3)0230	(3)0
Q) Total Comprehensive income4144443451,2719062723142514	111,31615

DLF Limited – Balance Sheet (Consolidated)

		(₹ in crores)
Particulars	As on December 31,2019(Unaudited)	As on March 31,2019( Audited)
ASSETS
Non-current assets
Property, plant and equipment	1,388	1,459
Right to use assets	256	-
Capital work-in-progress	85	103
Investment property	2,599	3,696
Goodwill	944	1,009
Other intangible assets	153	158
Investments in joint ventures and associates	17,802	20,868
Financial assets
Investments	118	102
Loans	342	295
Other financial assets	269	261
Deferred tax assets (net)	2,154	2,377
Non-current tax assets (net)	1,287	1,298
Other non-current assets	1,356	1,513
Total non-current assets	28,753	33,139
Current assets
Inventories	21,873	22,009
Financial assets
Investments	972	34
Trade receivables	736	832
Cash and cash equivalents	578	4,268
Other bank balances	1,296	587
Loans	2,540	1,964
Other financial assets	1,133	687
Other current assets	660	772
Total current assets	29,789	31,154
Assets classified as held for sale	174	2,630
Total assets	58,716	1266,922

DLF Limited – Balance Sheet (Consolidated)

Particulars	As on December 31,2019(Unaudited)	As on March 31,2019( Audited)
EQUITY AND LIABILITIES
Equity
Equity share capital	495	441
Warrant	-	750
Other equity	36,095	32,385
Equity attributable to owners of Holding Company	36,590	33,577
Non-controlling interests	21	41
Total equity	36,611	33,617
Non-current liabilities
Financial liabilities
Borrowings	3,601	5,614
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	794
Other non-current financial liabilities	581	462
Long term provisions	47	45
Deferred tax liabilities (net)	465	440
Other non-current liabilities	68	97
	5,557	7,452
Current liabilities
Financial liabilities
Borrowings	2,734	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	16	19
enterprises	1,173	1,258
Other current financial liabilities	1,711	4,113
Other current liabilities	10,808	11,122
Provisions	76	34
Total liabilities	16,519	25,710
Liabilities directly assciated with assets classified as held for sale	29	143
Total equity and liabilities	58,716	66,922

DLF Limited – Cash Flow

(INR Crs.)	Q3FY20
Inflow
•Collectionfrom sales	612
•Rentals	36
Sub-Total	648
Outflow
•Construction	185
•Government / Land charges	(5)
•Overheads	214
Sub-Total	394
Operating Cash Flow before Interest & Tax	254
•Finance cost (net)	179
•Tax (net)	36
Operating Cash Flow after Interest & Tax	40
•Capex outflow / Others	245
Net surplus/ (shortfall)	(205)

Excludes (in Q3):

• Interest payment to DCCDL of Rs 200 crore in Q3

Strong Capital Structure

Net Bank Debt – excluding DCCDL group

Sources of Debt

(INR Crs.)	Q3FY20	Q2FY20	(INR Crs.)	o/s.30.09.19	Repaymentin Q3	Borrowingin Q3	o/s.31.12.19	<1 Yr	> 1 < 3 Yr	>3 Yr
			Banks
Gross opening debt (Net of IndAS adj.)	7,050	6,211	-Private Banks	1,232	-456		777
Less : Debt repaid during quarter	-677	-775	-Foreign Banks	861	-3		859
			-Public Sector Banks	200	-5		194	463	1,309	1,839
Less : Debt transfer to DCCDL	0	-485	- HDFC Ltd	1,347	-65	500	1,782
Add : New Borrowing during Qtr.	750	2,099	-ECB	988	-112		876	471	404	-
			-NCD	345	0		345	345	-	-
Less : Cash in Hand*	-2,257	-2,589	-Commercial Paper	0	0	0	0	-	-	-
Land Commitments	Nil	0	Working Capital Limits /STL	2,077	-36	250	2,291	-	-	2,291
Net Debt Position	4,866	4,461	Gross Debt	7,050	-677	750	7,123	1,279	1,714	4,130
			Cash / Cash Equivalents				2,257

DCCDL Payable settlement:

All monies stand fully repaid and the Company expects better cash flow generation post this to • Short Term loans of Rs. 2,291 crore are part of the working capital limits, assumed to be rolled over (considered in > 3 yrs repayments)

further help in debt reduction. Overall borrowing cost – 10.12% (including ECB cost of 12%+) vs Q4FY19 – 10.74%

Net Debt Equity Ratio : 0.13

❖ Net debt expected to remain at similar levels in Q4FY20

Look ahead:

• ❖ Committed to further deleveraging in the near future.
• ❖ Exploring further monetization of certain identified land parcels for rental development by way of its existing JV arrangements and/or new alliances; potential raise of ~ INR 1,750- 2,000 crore.
• ❖ Certain identified recoveries including from certain land entitlements of ~ INR 700-800 crore, to be transferred to existing JV arrangements, will further help in deleveraging.
• ❖ Operating cash flow surplus to aid in reduction of the remaining debt by ~ 50%
• ❖ Residual debt shall be carried through financing against rental assets at attractive interest rates.

Key Considerations for Development Business

Completed Inventory

Project Cash Flows as on December 31, 2019

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

Residual EBITDA as on December 31st, 2019

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

DLF (ex-DCCDL) – Development Update

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. FinancialClosure Achieved
AadarshiniRealEstate Developers(Hines JV)	~ 3 msfDLF Share –67%	Designs by PelliClarke Pellihave beenselectedPre-construction approvals are being applied
Independent FloorsDLF City, GurugramNew Gurgaon/Tri City	~ 7 msfDLF Share –100%	Plans being finalized
Hyderabad SEZ(to be transferred toDCCDL post construction)	~ 3 msfDLF Share –100%	Phase I Design being finalized ~ 0.6 msfExpected Rental ~ Rs 58 psf/month21

Completed Inventory – DLF 5

Completed Inventory – Rest of Gurgaon

Completed Inventory – National Devco

Hyde Park, Chandigarh

% of project sold – 85%

Value of inventory – INR 224 Crs

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

			Lac sqf
	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	76
DLF Centre	1.7	1.4	83%	367	400	75
Amex	5.1	5.1	100%	49	122	20
Gateway Tower	1.1	1.1	100%	118	116	28
Total Offices	17.8	17.2	97%			56
Retail:
Non DCCDL
South Square	0.6	0.6	95%	117	99	51
Capital Point	0.9	0.9	100%	408	NA	40
Chanakya	1.9	1.8	95%	202	357	133
Total Offices	3.3	3.2	96%
* WALE-Weighted average lease expiry in months

Significant Land Reserves for Future Growth

Note:

1 As of September 30, 2019

• Includes TOD Potential in Delhi

26 • 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. 26

• Excludes DLF5 and New Gurgaon TOD / TDR potential.

High Quality Land Reserves with Significant Asset Value

Environmental, Social & Governance(ESG) - Update

• ❑ DLF continues to focus on building a safe, sustainable and compliant ecosystem. The Company has adopted best practices in various fields.
• ❑ In this quarter, DLF has been assessed on the ESG framework by:
  • 1. MSCI 2) FTSE Russel

and has also been included in the following indices:

1. MSCI India 2) FTSE4Good Index

❑ Assessment done in previous quarters by:

1. GRESB 2) Bloomberg 3) Dow Jones Sustainability Assessment

❑ Inclusion in other indices:

• 1. Russell RAFI Index Series 2) FTSE India Quality and Yield Select Indexes, 3) Nifty 100 ESG 4) Nifty 100 Enhanced ESG index
• 1. Nifty 100

❑ Key features of DLF's ESG framework are as follows :

• ✓ 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.

❑ Further details on ESG framework of the company are available in through the following link: www.dlf.in/investors/sustainability

Recent Awards and Recognition

❑ Sword of Honor by British Safety Council

✓ Only Company globally to have won 13 swords of honor

❑ 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

DLF Cyber City Developers Limited 30

Highlights – Q3FY20 Strong business performance continues

Rental Revenue RunRate1Rs 3,015 crore	Operational Portfolio(Developed)30.3 msf	Gross Leasing (Q3)1.3 msf	Net IncrementalLeasing (Q3)0.43 msf
Strong OperatingCashflowNet2-Rs. 749 crore	Projects underConstruction6.6 msf	Net Debt3Rs 18,171 crore	Credit RatingA A(-)With Stable outlook
Run rate FY19	2,675 crore		WALE5
Anticipated Run rate FY204	3,750 crore	( in years )
	Growth ~ 40%		5.5

1Rental Revenue Run Rate for Completed Properties as on December 31, 2019

2 Net Operating Cash flow after interest & tax

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

4 Anticipated Run rate: includes a) new acquisitions of Mall of India, Noida and DLF Avenue, b) inflow from Cyber Park and new block in Chennai

5. WALE : Weighted Average Lease Expiry

6. Cyber Park partial OC received – Handing over started for fitouts

Portfolio Snapshot – Q3FY20

DCCDL – Development Update

Project /SPV	DevelopmentPotential	DevelopmentStatus
ChennaiIT SEZ	~0.8 msf	OC –Block 11 received Block 12 by FY21
DLF Down Town,Gurugram	~11 msf	Phase I ~3 msfunder construction
DLF Down Town,Chennai	~6.8msf	Phase I ~2 msfBhoomi Pujandone
DLF Cyber City,Gurugram	~11.5 msf

DCCDL - Summary Consolidated Financial Result

❑ DCCDL net operating cashflow: INR Rs 749 crore

❑ Gross Leasing of 1.3 msf & Net Leasing of 0.43 msf during the Quarter.

Q3FY20	Gross Area Leased (msf)	Net Area Leased ( msf)
Offices	1.1	0.37
Retail	0.2	0.06

❑ Net rental for the Quarter, stood at INR 759 crore vs Rs 761 crore in Q2FY20.

❑ EBITDA(including other income) stood at Rs 836 crore vs Rs 1,024 crore in Q2FY20

❑ PAT stood at Rs 278 crore vs Rs 387 crore in Q2FY20

❑ DCCDL Consolidated net debt1 Rs 18,171 crore

❑ Annualized Annuity Run Rate2 Rs 3,150 crore

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

2Run rate including rental, parking, maintenance & power EBITDA as on Dec'19 34

DCCDL Consolidated – Q3FY20

			In Rs Crore
Particulars	Q3FY20	Q2FY20	% Change
Rental Revenue	759	761	(0.2%)
Other Revenue1	372	618	(40%)
Expenses	294	355	17%
EBITDA ( including other income )	836	1024	(18%)
EBITDA ( excluding other income )	783	800	(2%)
Finance Cost	426	445	4%
Depreciation	130	128	2%
PBT	280	452	(38%)
TAX	8	65	88%
PAT2	272	387	(30%)
Income from Associate/JointVenture	6	-	0%
PAT post JV share	278	387	(28%)

1Decrease in Other Revenue due to a) lower interest income , b) lower service income due to seasonality

2PAT : Decrease due to interest income.

DCCDL Balance Sheet Abstract (Consolidated)

		In Rs Crore
Particulars	31 Dec 2019	FY19
Non-current assets	26,926	19,322
Current assets	1,295	8,366
TotalAssets	28,221	27,688
Equity	5,039	7,464
Non-current liabilities	20,200	17,353
Current liabilities	2,982	2,871
TotalLiabilities	28,221	27,688

DCCDL Cash Flow Abstract (Consolidated)

(INR Crs.)	Q3 FY20
Operating Cash Flow before Interest & Tax*	778
•Interest received	490
•Interest paid	(427)
•Tax	(92)
Operating Cash Flow after Interest & Tax	749
Capex1•	(684)

Optimum cash flow to finance future development and maintain strong liquidity

Portfolio Snapshot- Q3FY20

		Leasable Area (Lacs sqf)			Leased/	W.A rate
Building Name	Completed	Under#Construction	Total	LeasedArea(Lacs sqf)	LeasableArea %	leased area(`/sqf)***	Current rate(`/sqf)	MTM %	WALE**
OFFICES
Cyber City	101.6	-	101.6	100.0	98%	103	120	17%	4.8
Cyber City SEZ	28.9	-	28.9	28.4	98%	77	100	30%	5.6
Silokhera	19.4	-	19.4	11.4	59%	65	73	12%	7.0
Chennai	65.7	-	65.7	64.1	98%	64	75	17%	5.8
Hyderabad	29.1	-	29.1	28.9	99%	49	58	17%	4.8
Kolkata I	12.9	-	12.9	11.9	92%	39	30	-22%	5.0
Chandigarh	6.5	-	6.5	5.7	88%	52	39	-25%	5.1
Total Offices	264.2	-	264.2	250.5	95%	78	91	17%	5.3
Retail
Mall of India Noida	19.7	-	19.7	19.4	99%	106	-	-	7.8
DLF Avenue##	5.2	-	5.2	5.0	97%	65	-	-	0.0
Promenade	4.6	-	4.6	4.6	100%	186	-	-	5.8
Cyber Hub	4.6	-	4.6	4.5	99%	127	-	-	5.6
Emporio	3.1	-	3.1	3.0	99%	359	-	-	3.1
City Centre	1.9	-	1.9	1.3	70%	29	-	-	9.0
Total Retail	39.0	-	39.0	37.9	97%	-	-	-	6.9
Total Developed	303.1	-	303.1	288.3	95%	-	-	-	5.5
Under Construction:
Cyber Park	-	25.3	25.3	23.6	93%	119	129	NA	NA
DLF Downtown-Gurugram	-	33.0	33.0	3.2	10%	132	134	NA	NA
Chennai Block 11 & 12	-	8.2	8.2	5.9	72%	65	72	NA	NA
Total Under Construction	-	66.5	66.5	32.6	49%	-	-	-	-

* 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 in years

*** WA rate for completed properties

Significant Mark to Market Potential on Existing Commercial Portfolio

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

Rental

Weighted Average Rental

Releasing Upside: From FY 20 to FY 22

Gurugram- Cyber City (Non-SEZ)

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 Dec '19

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

Rental Portfolio : CAGR 2019 – 2022 ~ 20%

Rental Portfolio – Operational assets ~ 30.3 msf

TENANT MIX Top 10 Tenants contributing 21% of Gross Revenue

		` Cr
Tenant	Sector	% of Rental
Cognizant	Technology	4%
IBM	Technology	4%
Concentrix	Technology	2%
Amex	Business Support	2%
TCS	Technology	2%
BT Global	Technology	2%
RBS Services	BFSI	1%
Fluor Daniel	Engineering & Construction	1%
WeWork	Business Support	1%
Deloitte	Business Support	1%
Total		21%

Office Portfolio

DLF Hyderabad IT SEZ – 2.91 msf

DLF Silokhera IT SEZ – 1.94 msf

Chandigarh – 0.65 msf Kolkata IT Park – 1.29 msf

Retail Portfolio

DLF Emporio

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

DLF Promenade

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

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

Cyberhub

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

DCCDL – Development Update

• ❑ Total leasable area of ~ 11msf; initiated development of 1 st Phase of office space of ~ 3msf.
• ❑ Steel structure based execution; will lead in quicker delivery and offtake
• ❑ Pre-leasing of ~ 0.3 msf already done.

• ❑ Total leasable area of ~ 7 msf spread across ~ 26 acres; initiated development of 1st Phase of office space of ~ 2 msf.
• ❑ Strategically located in Taramani - Gateway to the IT corridor in the region. Well established social infrastructure with availability of talented workforce.
• ❑ Bhoomi Pujan done in January-20

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.

Area represented in msf within the presentation above should be read with a conversion factor of ~ 1 msf = 92,903 sq. metres.