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DLF Ltd

BSE Code : 532868 | NSE Symbol : DLF | ISIN:INE271C01023| SECTOR: - |

NSE BSE
 
SMC up arrow

261.70

0.45 (0.17%) Volume 280564

20-Jan-2020 10:04:59

Prev. Close

261.25

Open Price

261.95

Bid Price (QTY)

261.60(601)

Offer Price (QTY)

261.75(1139)

 

Today’s High/Low 264.00 - 264.00

52 wk High/Low 264.00 - 132.55

Key Stats

MARKET CAP (RS CR) 64642.77
P/E 26.14
BOOK VALUE (RS) 111.3480871
DIV (%) 100
MARKET LOT 1
EPS (TTM) 9.99
PRICE/BOOK 2.34534787980206
DIV YIELD.(%) 0.68
FACE VALUE (RS) 2
DELIVERABLES (%) 7.12
4

News & Announcements

15-Jan-2020

DLF Ltd - Statement Of Investor Complaints For The Quarter Ended December 2019

13-Dec-2019

DLF Ltd - DLF Limited - Updates

12-Dec-2019

DLF Ltd Spurts 1.55%

12-Dec-2019

DLF Ltd - Change Of Name Of Registrar And Share Transfer Agent (RTA) From Karvy Fintech Private Limited To Kfin Technologies Private Limited

08-Nov-2019

Board of DLF appoints Group CFO

04-Nov-2019

DLF to hold board meeting

30-Jul-2019

Board of DLF appoints chairman

23-Jul-2019

DLF to table results

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
3P Land Holdings Ltd 516092 3PLAND
A B Infrabuild Ltd 535343 ABINFRA
Aarcon Facilities Ltd 532024
Abhishek Infraventures Ltd 539544
Adhbhut Infrastructure Ltd 539189
Aditya Mills Ltd 502625
AEC (India) Ltd 523080 AEC
AGI Infra Ltd 539042
Ahluwalia Contracts (India) Ltd 532811 AHLUCONT
Ajmera Realty & Infra India Ltd 513349 AJMERA
Akash Housing Ltd (Merged) 531561
Akash Infraprojects Ltd 538409 AKASH
Alacrity Housing Ltd 523738
Alchemist Realty Ltd 532114
Alpine Housing Development Corporation Ltd 526519 ALPINEHOU
Alsa Constructions & Housing Ltd (Liquidated) 526149
Ami Ganga Infrastructure Ltd 40392
AMJ Land Holdings Ltd 500343 AMJLAND
Anant Raj Ltd 515055 ANANTRAJ
Ansal Buildwell Ltd 523007
Ansal Housing Ltd 507828 ANSALHSG
Ansal Properties & Infrastructure Ltd 500013 ANSALAPI
Antariksh Industries Ltd 501270
Anubhav Infrastructure Ltd 538833
Apex Buildsys Ltd 531615
Arihant Foundations & Housing Ltd 531381 ARIHANT
Arihant Superstructures Ltd 506194 ARIHANTSUP
ARSS Infrastructure Projects Ltd 533163 ARSSINFRA
Art Nirman Ltd 538384 ARTNIRMAN
Arvind SmartSpaces Ltd 539301 ARVSMART
Asahi Infrastructure & Projects Ltd 512535
Ashiana Housing Ltd 523716 ASHIANA
Ashram Online.com Ltd 526187 TATIASKYLN
Asiatic Properties Ltd 508833
Athena Constructions Ltd 539099
Aventus Buildcon Ltd 532591 AVENTUS
AVTIL Enterprise Ltd 504390
B Nanji Enterprises Ltd 526594
B&B Realty Ltd 506971
B.L.Kashyap & Sons Ltd 532719 BLKASHYAP
Banka India Ltd 522157
BDR Buildcon Ltd 532681 BDR
Bhagheeratha Engineering Ltd 522136
Bhagyanagar Properties Ltd 540621 BHAGYAPROP
Bhagyodaya Infrastructure Development Ltd 501233
Bhanderi Infracon Ltd 538576
Bhanot Construction & Housing Ltd 534740
Bharat Road Network Ltd 540700 BRNL
Binny Ltd 514215
Bombay Potteries & Tiles Ltd 502216
Brahmaputra Infraproject Ltd (Merged) 531194
Brahmaputra Infrastructure Ltd 535693
Brand Realty Services Ltd 531203
Brigade Enterprises Ltd 532929 BRIGADE
Bronze Infra-Tech Ltd 534731
BSEL Infrastructure Realty Ltd 532123 BSELINFRA
C & C Constructions Ltd 532813 CANDC
Capacite Infraprojects Ltd 540710 CAPACITE
Chandra Prabhu Housing Ltd 40330
CHD Developers Ltd 526917
Cheran Constructions Ltd 526019
Chhabra Land & Housing Ltd 40318
Citadel Realty & Developers Ltd 502445
CMM Infraprojects Ltd 535023 CMMIPL
Conart Engineers Ltd 522231
Consolidated Construction Consortium Ltd 532902 CCCL
Consolidated Foundations Ltd (Wound-up) 523102
Continental Construction Ltd 507956 CONTNLCONS
Coromandel Engineering Company Ltd 533167 COROENGG
Country Condos Ltd 531624 COUNCODOS
Crane Infrastructure Ltd 538770
D B Realty Ltd 533160 DBREALTY
D S Kulkarni Developers Ltd 523890 DSKULKARNI
Devoted Construction Ltd 542002 DCL
Dhanuka Realty Ltd 538380 DRL
Dhruv Estates Ltd 507886
Diamant Infrastructure Ltd 508860
Diggi Multitrade Ltd 540811
Dilip Buildcon Ltd 540047 DBL
Dugar Housing Developments Ltd 511634
East Buildtech Ltd 507917
Eldeco Housing & Industries Ltd 523329
Elnet Technologies Ltd 517477 ELNET
Elpro International Ltd 504000 ELPROINTL
Emami Realty Ltd 533218 EMAMIREAL
Embassy Office Parks REIT 542602 EMBASSY
Epsom Properties Ltd 531155
Era Infra Engineering Ltd 530323 ERAINFRA
ETT Ltd 537707
Exelon Infrastructure Ltd 530337
Fact Enterprise Ltd 511668
Gaekwar Mills Ltd 502850
Gammon India Ltd 509550 GAMMONIND
Ganesh Housing Corporation Ltd 526367 GANESHHOUC
Garnet Construction Ltd 526727
Gayatri Highways Ltd 541546 GAYAHWS
Gayatri Projects Ltd 532767 GAYAPROJ
Gayatri Tissue & Papers Ltd 512479
GCCL Construction & Realities Ltd 531953
Geecee Ventures Ltd 532764 GEECEE
Generic Engineering Construction & Projects Ltd 539407
Genesis Developers & Resorts Ltd 531589
Genus Prime Infra Ltd 532425
Giriraj Civil Developers Ltd 535066 GIRIRAJ
Global Infrastructure & Technologies Ltd 523794 MANTRIHSG
Global Land Masters Corporation Ltd 531479
Globus Power Generation Ltd 526025
Godrej Properties Ltd 533150 GODREJPROP
Goodwill Housing & Investments ltd 40346
Gothi Plascon (India) Ltd 531111
GPT Infraprojects Ltd 533761 GPTINFRA
Grovy India Ltd 539522
Growth Techno Projects Ltd 521337 GROWTECHNO
GWL Properties Ltd 508809
Gyan Developers & Builders Ltd 530141
H.G. Infra Engineering Ltd 541019 HGINFRA
Hartron Communication Ltd 517419
Hazoor Multi Projects Ltd 532467
HB Estate Developers Ltd 532334
HEC Infra Projects Ltd 532533 HECPROJECT
Hindustan Construction Company Ltd 500185 HCC
Housing Development & Infrastructure Ltd 532873 HDIL
Hubtown Ltd 532799 HUBTOWN
IITL Projects Ltd 531968
IL&FS Engineering & Construction Co Ltd 532907 IL&FSENGG
India Green Reality Ltd 540152
Indiabulls Real Estate Ltd 532832 IBREALEST
Indian Hume Pipe Company Ltd 504741 INDIANHUME
IndInfravit Trust 541300 INDINFR
Indo Pacific Projects Ltd 531565
Indo-Asian Food & Commodities Ltd 531674
Indo-Global Enterprises Ltd 539433
Innovators Facade Systems Ltd 541353
International Constructions Ltd 535096 SUBCAPCITY
Invogue Furnishers & Builders Ltd 40349
IRB Infrastructure Developers Ltd 532947 IRB
IRB InvIT Fund 540526 IRBINVIT
Ircon International Ltd 541956 IRCON
Ishaan Infrastructure & Shelters Ltd 540134
ITD Cementation India Ltd 509496 ITDCEM
IVRCL Assets & Holdings Ltd (Merged) 532881 IVRCLAH
IVRCL Ltd 530773 IVRCLINFRA
J Kumar Infraprojects Ltd 532940 JKIL
J.K. Cotton Ltd 502916
Jainco Projects (India) Ltd 526865
Jaiprakash Associates Ltd 532532 JPASSOCIAT
Jaiprakash Industries Ltd - (Merged) 500888 JPIND
Jay Mahesh Infraventures Ltd 590132
Jaypee Infratech Ltd 533207 JPINFRATEC
Jet Infraventure Ltd 538794
Jigyasa Infrastructure Ltd 780019
JMC Projects (India) Ltd 522263 JMCPROJECT
Jog Engineering Ltd 507942 VMJOGENGG
Joy Realty Ltd 508929
JRI Industries & Infrastructure Ltd 506016
Jyothi Infraventures Ltd 531537
K&R Rail Engineering Ltd 514360
Kamanwala Housing Construction Ltd 511131
Karda Constructions Ltd 541161 KARDA
Kasi Housing & Development Ltd 526697
Kaushalya Infrastructure Development Corpn Ltd 532925 KAUSHALYA
KCL Infra Projects Ltd 531784
Kings Infra Ventures Ltd 530215
KMF Builders & Developers Ltd 531578
KND Engineering Technologies Ltd 522189 KNDENGTECH
KNR Constructions Ltd 532942 KNRCON
Kolte Patil Developers Ltd 532924 KOLTEPATIL
Kretto Syscon Ltd 531328
Krishna Ventures Ltd 504392
Kyra Landscapes Ltd 530967
Labh Construction and Industries Ltd 530339 LABHCONST
Ladam Affordable Housing Ltd 540026
Lancor Holdings Ltd 509048
Landmark Property Development Company Ltd 533012 LPDC
Lel Properties (India) Ltd 505330
Link House Industries Ltd 512349
Lok Housing & Constructions Ltd 500256 LOKHSG
Lotus Homes Ltd 40345
Macro International Ltd 512600
Madhav Infra Projects Ltd 539894
Madhuban Constructions Ltd 780009
Madhucon Projects Ltd 531497 MADHUCON
Mahesh Developers Ltd 542677
Mahindra Lifespace Developers Ltd 532313 MAHLIFE
Man Infraconstruction Ltd 533169 MANINFRA
Manas Properties Ltd 540402
Manav Infra Projects Ltd 535006 MANAV
Manjeera Constructions Ltd 533078 MANJEERA
Manor Estates & Industries Ltd 526115
Manvijay Development Company Ltd 538970
Maplle Infraprojects Ltd 531200
Mapro Industries Ltd 509762
Marathon Nextgen Realty Ltd 503101 MARATHON
Marg Ltd 530543 MARG
Marg Projects & Infrastructure Ltd 513648
Martin Burn Ltd 523566
Maruti Infrastructure Ltd 531540
Max Heights Infrastructure Ltd 534338
Mazda Properties Ltd 523197
MBL Infrastructures Ltd 533152 MBLINFRA
Mega Nirman & Industries Ltd 539767
Megh Mayur Infra Ltd 509003
MEP Infrastructure Developers Ltd 539126 MEP
Mercantile Ventures Ltd 538942
MMS Infrastructure Ltd 538400
Modulex Construction Technologies Ltd 504273
Mount Housing & Infrastructure Ltd 542864
MVL Ltd 532991 MVL
Nakshatra Infrastructure Ltd 530375
Nardhana Infrastructure Ltd 513611
Narendra Properties Ltd 531416
National Standard (India) Ltd 504882
NBCC (India) Ltd 534309 NBCC
NCC Ltd 500294 NCC
NEL Holdings Ltd 533202 NITESHEST
Neo Infracon Ltd 514332
New Era Urban Amenities Ltd 523431
Newtime Infrastructure Ltd 531959
Nila Infrastructures Ltd 530377 NILAINFRA
Nila Spaces Ltd 542231 NILASPACES
Nimbus Projects Ltd 511714
Niraj Cement Structurals Ltd 532986
Nirlon Ltd 500307 NIRLON
Noida Toll Bridge Company Ltd 532481 NOIDATOLL
Numero Uno Projects Ltd 531983
Nyssa Corporation Ltd 504378
Oberoi Realty Ltd 533273 OBEROIRLTY
Omaxe Ltd 532880 OMAXE
Orbit Corporation Ltd 532837 ORBITCORP
Oswal Agro Mills Ltd 500317 OSWALAGRO
P B A Infrastructure Ltd 532676 PBAINFRA
Pansari Developers Ltd 538381 PANSARI
Parab Infra Ltd 513359
Parle Industries Ltd 532911
Parshwanath Corporation Ltd 511176
Parsvnath Developers Ltd 532780 PARSVNATH
Parth Housing & Estate Developers Ltd 526528
Patel Engineering Ltd 531120 PATELENG
Patidar Buildcon Ltd 524031
Peninsula Land Ltd 503031 PENINLAND
Phoenix Mills Ltd 503100 PHOENIXLTD
Piramal Holdings Ltd(merged) 506883 PIRAMHELTH
PNC Infratech Ltd 539150 PNCINFRA
Poddar Housing & Development Ltd 523628 PODDARHOUS
Poonam Realtors Ltd 40369
Popular Estate Management Ltd 531870
Prabhav Industries Ltd 531855
Prajay Engineers Syndicate Ltd 531746 PRAENG
Pratibha Industries Ltd 532718 PRATIBHA
Praveen Properties Ltd 531256
Premier Chennai Properties Ltd 780007
Premier Energy & Infrastructure Ltd 533100
Premier Housing&Industrial Enterprises Ltd (Wound) 523285
Premkutir Estates & Properties Ltd 512189
Prerna Infrabuild Ltd 531802
Prestige Estates Projects Ltd 533274 PRESTIGE
Prime Property Development Corporation Ltd 530695
Prozone Intu Properties Ltd 534675 PROZONINTU
PSP Projects Ltd 540544 PSPPROJECT
Punj Lloyd Ltd 532693 PUNJLLOYD
Puravankara Ltd 532891 PURVA
Purohit Construction Ltd 538993
Pushpanjali Realms & Infratech Ltd 538437 PUSHPREALM
PVP Ventures Ltd 517556 PVP
PVV Infra Ltd 536659
Quantum Build-Tech Ltd 538596
QVC Realty Co Ltd 532126 QVC
Radhe Developers (India) Ltd 531273
Raghava Estates & Properties Ltd 531627
Raghunath International Ltd 526813
Rail Vikas Nigam Ltd 542649 RVNL
Rainbow Foundations Ltd 531694
Raja Bahadur International Ltd 503127
Rajeswari Infrastructure Ltd 526823
Rajparis Civil Constructions Ltd 40307
Rajsanket Realty Ltd 512409
Ramky Infrastructure Ltd 533262 RAMKY
Rander Corporation Ltd 531228
Rap Media Ltd 531583
Ratnabhumi Developers Ltd 540796
RDB Realty & Infrastructure Ltd 533285
Real Eco-Energy Ltd 530053
Regaliaa Realty Ltd 530807
Relstruct Buildcon Ltd 540426
Rhutu Udyog (India) Ltd 531788
Richa Industries Ltd 532766
RKEC Projects Ltd 535017 RKEC
Rockline Projects Ltd 531704
Rodium Realty Ltd 531822
RPP Infra Projects Ltd 533284 RPPINFRA
RTCL Ltd 531552
Rudrabhishek Enterprises Ltd 535095 REPL
S I Property Development Ltd (Wound-up) 523580
S V Global Mill Ltd 535621
S.S. Infrastructure Development Consultants Ltd 535070 SSINFRA
SAAG RR Infra Ltd 531374
SAB Industries Ltd 539112
Sadbhav Engineering Ltd 532710 SADBHAV
Sadbhav Infrastructure Projects Ltd 539346 SADBHIN
Sagar Real Estate Developers Ltd (Merged) 523866 SAGARESTAT
Salasar Exteriors & Contour Ltd 535346 SECL
Sam Industries Ltd 532005 SAMINDUS
Samruddhi Realty Ltd 535466
Sanathnagar Enterprises Ltd 509423 BAKELHYLAM
Sangotri Construction Ltd 40623
Sanmar Properties & Investment Ltd 40305
Sanmit Infra Ltd 532435
Sashwat Technocrats Ltd 506313
Satra Properties (India) Ltd 508996
Sea Gold Infrastructure Ltd 530361
Setubandhan Infrastructure Ltd 533605 SETUINFRA
Shah Construction Company Ltd 509870
Shaival Reality Ltd 532593 SHAIVAL
Shalin Hotels Ltd 526275
Sharanam Infraproject & Trading Ltd 539584
Shashijit Infraprojects Ltd 540147
Shelter Infra Projects Ltd 526839
Shervani Industrial Syndicate Ltd 526117
Shradha Infraprojects Ltd 535035 SHRADHA
Shree Krishna Infrastructure Ltd 542146
Shree Precoated Steels Ltd 533110 SHPRE
Shree Ram Urban Infrastructure Ltd 503205
Shreeshay Engineers Ltd 541112
Shri Krishna Devcon Ltd 531080
Shricon Industries Ltd 508961
Shristi Infrastructure Development Corporation Ltd 511411 PEERABASAN
Shukun Construction Ltd 531715
Sikozy Realtors Ltd 524642
Silverpoint Infratech Ltd 536073
Simplex Infrastructures Ltd 523838 SIMPLEXINF
Simplex Projects Ltd 532877 SIMPLEX
Simplex Realty Ltd 503229
SKIL Infrastructure Ltd 539861 SKIL
Sneh Constructions Ltd(Merged) 508912
Sobha Ltd 532784 SOBHA
Southern Shelters Ltd 523774
Southern Township Promoters Ltd (Wound-up) 526083
SPML Infra Ltd 500402 SPMLINFRA
Square Four Projects India Ltd 526532
Sri Krishna Constructions (India) Ltd 539363
SSPDL Ltd 530821
Steadfast Corporation Ltd 40517
Steel Strips Infrastructures Ltd 513173
Stewarts & Lloyds of India Ltd 504960
Sumit Woods Ltd 535107 SUMIT
Sunstar Realty Development Ltd 535141
Sunteck Realty Ltd 512179 SUNTECK
Supreme Holdings & Hospitality Ltd 530677
Suvidha Infraestate Corporation Ltd 531640
SVP Housing Ltd 539041
Swadeshi Polytex Ltd 503816
Swagruha Infrastructure Ltd 531909
Tantia Constructions Ltd 532738 TANTIACONS
Tarmat Ltd 532869 TARMAT
Tata Construction & Projects Ltd 505252
TCI Developers Ltd 533393 TCIDEVELOP
Techindia Nirman Ltd 526576 TECHIN
Techno Electric & Engineering Company Ltd (Merged) 533281 TECHNO
Terraform Magnum Ltd 506162
Terraform Realstate Ltd 512157
Texmaco Infrastructure & Holdings Ltd 505400 TEXINFRA
Thakkers Developers Ltd 526654
Tirupati Sarjan Ltd 531814
Tirupati Shelters Ltd 40357
Tivoli Construction Ltd 511096
Tribhuvan Housing Ltd 531703
Trident Projects Ltd 526626
Trinethra Infra Ventures Ltd 590091
Tulive Developers Ltd 505285
Turnkey International Ltd (Wound-up) 507821
Unique Estates Development Co. Ltd 508800
Unitech Ltd 507878 UNITECH
Unity Infraprojects Ltd 532746 UNITY
Univastu India Ltd 538442 UNIVASTU
UTL Industries Ltd 500426
Vaghani Techno-Build Ltd 531676
Valecha Engineering Ltd 532389 VALECHAENG
Variman Global Enterprises Ltd 540570
Vas Infrastructure Ltd 531574
Vascon Engineers Ltd 533156 VASCONEQ
Veer Energy & Infrastructure Ltd 503657
Venus Power Ventures (India) Ltd 531874
Vibrant Investment & Properties Ltd (Wound-up) 531222 VIBRANTINV
Victoria Enterprises Ltd 506103
Victoria Mills Ltd 503349
Vijay Shanthi Builders Ltd 523724 VIJSHAN
Vipul Ltd 511726 VIPULLTD
Vir Developers Ltd 531803
Vishvas Projects Ltd 511276
VKJ Infradevelopers Ltd 536128
VSD Confin Ltd 531696
VSF Projects Ltd 519331
Wall Street Construction Ltd 512143
Warden Construction & Finance Ltd 512269
Wellesley Corporation Ltd 532016
Welspun Enterprises Ltd 532553 WELENT
Yogi Infra Projects Ltd 522209
Yuranus Infrastructure Ltd 536846
Zandu Realty Ltd(Merged) 506720 ZANDUREALT
Zuari Global Ltd 500780 ZUARIGLOB

Share Holding

Category No. of shares Percentage
Total Foreign 414374529 16.74
Total Institutions 69974287 2.83
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 22177535 0.90
Total Promoters 1855228865 74.95
Total Public & others 113556490 4.59
Total 2475311706 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About DLF Ltd

DLF Ltd is engaged in the business of colonisation and real estate development. The company operations span all aspects of real estate development, from the identification and acquisition of land, to planning, execution, construction and marketing of projects. It is also engaged in the business of generation of power, provision of maintenance services, hospitality and recreational activities, life insurance and retail chain outlets. Its internal business includes development business and rental business. The development business of the Company is involved in the sale of residential spaces, select commercial offices and commercial complexes. The company has a unique business model with earnings arising from development and rentals. Its exposure across businesses, segments and geographies, mitigates any down-cycles in the market. The company has also forayed into infrastructure, SEZ and hotel businesses. It operates in all aspects of real estate development, ranging from acquisition of land, to planning, executing, constructing & marketing of project. The group is also engaged in the business of generation and transmission of power, provision of maintenance services, hospitality and recreational activities. The business of DLF is organized on a SBU basis. The Homes SBU caters to 3 segments of the residential market - Super Luxury, Luxury and Mid-Income. The product offering involves a wide range of products including condominiums, duplexes, row houses and apartments of varying sizes. DLF Ltd was incorporated in the year 1963. The company was founded by Chaudhary Raghuvendra Singh. The company developed some of the first residential colonies in Delhi such as Krishna Nagar in East Delhi, which was completed in 1949. Following the passage of the Delhi Development Act in 1957, the state assumed control of real estate development activities in Delhi, which resulted in restrictions on private real estate colony development. They therefore commenced acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana. This led to their first landmark real estate development project DLF Qutab Enclave, which has now evolved into DLF City. DLF City is spread over 3,000 acres in Gurgaon and is an integrated township, which includes residential, commercial and retail properties in a modern city infrastructure with schools, hospitals, hotels and shopping malls. It also boasts of the prestigious DLF Golf and Country Club with night golfing facilities. During the period 1950-1964, the company developed 22 urban colonies. In the year 1985, the company commenced development of the 3,000-acre DLF Ciry in Gurgaon. In the year 1996, the company ventured into group housing projects. In the year 1999, they ventured into Grade A office spaces in Gurgaon. In the year 2002, the company ventured into organized retail complexes. In the year 2003, they commenced development of DLF Cybercity in Gurgaon. In the year 2004, they launched premium residential complexes with luxurious milieu of Golf Links. In the year 2007, the company formed JVs with Prudential Financial, Inc USA for Life Insurance & AMC. They also entered into capital markets. In the year 2008, they commenced operations of DLF Emporio, India's first luxury mall. In September 2008, the joint venture company DLF Pramerica Life Insurance Company Ltd, commenced operations with a purpose to market and sell life insurance products in the country. In the year 2009, the company launched Capital Greens, the largest private sector residential project in Delhi. Also, they exited its asset management JV during the year. During the year 2009-10, the company approved the integration of Caraf Builders & Constructions Private Limited (Caraf) (the holding company of inter-alia, DLF Assets Pvt Ltd), DLF Info City Developers (Chandigarh) Ltd and DLF Info City Developers (Kolkata) Ltd with DLF Cyber City Developers Ltd (DCCDL), a 100% subsidiary of DLF. In October 2009, DLF was conferred Best Global Developer Award, 2009 by Euromoney. In November 2009, DLF sold DT Cinemas and entered into a long term strategic alliance with PVR. In March 2010, Caraf (along with its subsidiaries) became a wholly-owned arm of Cyber City DLF's subsidiary, thus giving effect to the integration process. During the year 2010-11, its subsidiary DLF Home Developers Ltd, acquired additional 50% interest of Delanco Real Estate Pvt Ltd and 50% interest of Design Plus Architechture Pvt Ltd. In May 2010, DLF launched second phase of Garden City, DLF New Indore. In May 2011, after the phenomenal response to first phase of its project Garden City, DLF New Indore, DLF, announced the launch of the second phase of the project. In December 2011, the company along with its joint venture partner Hubtown Ltd sold 100% of their respective shareholding in DLF Ackruti Info Park (Pune) Ltd (DLF Ackruti), to an entity controlled by real estate fund affiliated with The Blackstone Group, BRE/Mauritius Investments II, after obtaining all necessary approvals. Consequence for this disinvestment, DLF Ackruti ceased to be a subsidiary of the company with effect from December 28, 2011. In 2012, DLF launched 8.3 km expressway project in Gurgaon in partnership with Haryana Urban Development Authority (HUDA). During the year, DLF commenced operation of second multilevel parking facility at Baba Kharak Singh Marg in Delhi.On 12 June 2012, DLF announced that the company's wholly owned subsidiary, DLF Hotel Holdings Ltd, has divested its entire shareholding in Adone Hotels and Hospitality Ltd (Adone) for Rs 567 crore. The sale of the shareholding was undertaken in line with DLF's stated objective of divesting its non-strategic assets. On 13 August 2012, DLF announced that the company and two of its subsidiaries have entered into an agreement with Lodha Developers Ltd. for sale of their stake in Jawala Real Estate Private Ltd. for an estimated enterprise value of approximately Rs 2700 crore. This is an important step in the company's strategy to divest certain non-core assets and continue its focus on core business. The transaction is expected to be completed by the end of October 2012. On 25 July 2013, DLF announced that it has signed definitive agreements to sell its 74% equity stake in its the Life Insurance Joint Venture - DLF Pramerica Life Insurance Company Ltd, a joint venture with Prudential International Insurance Holdings Ltd (PIIHL), a subsidiary of Prudential Financial, Inc USA to Dewan Housing Finance Corporation Ltd (DHFL) & its group entities. In 2014, DLF's subsidiary Emporio Limited concluded India's first Commercial Mortgage Backed Security (CMBS) issuance of Rs 525 crore, with a coupon rate of 10.90% p.a. and Legal Maturity of 7.5 years. DLF Emporio owns and operates approximately 3 lakh sq. ft of a Luxury Mall in New Delhi, India. Also during the year, DLF became India's first development company to get ISO certificate. On 9 February 2014, DLF Global Hospitality Limited (DGHL), a 100% step down subsidiary of DLF, announced that it has completed the sale of 100% equity stake in Silverlink Resorts Ltd. (SRL), the owner of Amanresorts, to Aman Resorts Group Ltd. (ARGL), a Joint Venture between Peak Hotels & Resorts Group Ltd. (PHRL) and Mr. Adrian Zecha, the founder of Amanresorts, for an enterprise value of USD 358 million. The sale has been in the form of management buyout. DLF Global Hospitality Limited had purchased 100% equity in Amanresorts in 2007 from a group of investors. The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF Ltd. On 2 September 2015, DLF announced that its wholly-owned subsidiary DLF Home Developers Ltd. (DHDL) and GIC, Singapore's sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi. Both projects will be developed under DHDL. GIC will invest a sum of approximately Rs 1990 crore. The joint venture is expected to benefit from GIC's experience of investing in integrated developments across the globe. In 2016, DLF launched DLF Mall of India, the first destination mall of the country, in Noida NCR. Spread across 2 million square feet (GLA), the essence of the mall is that of a destination, which encapsulates not just shopping but a never-before food & entertainment experience, which is thoughtfully and craftfully divided in 5 zones. The mall is spread over 7 floors and houses over 330 brands. On 31 May 2016, DLF Utilities Ltd. (DUL), a subsidiary of DLF, concluded the transaction involving the sale of its cinema exhibition business operated under the brand name DT Cinemas, on a slump sale basis, for a revised consideration of Rs 433 crore to PVR Limited. On 30 May 2016, DUL executed an Amendment Agreement with PVR Limited in connection with sale of the cinema exhibition for a revised consideration of Rs 433 crore. The Amendment Agreement, inter alia provides for exclusion DT Savitri (1 screen) and DT Saket (6 screens) from the transaction. Accordingly, subject to satisfaction of statutory, regulatory and other customary conditions precedent, DUL proposes to sell 32 screens in National Capital Region and Chandigarh to PVR Limited. Earlier, on 9 June 2015, DUL entered into definitive agreements to sell its cinema exhibition business operated under the brand name of DT Cinemas to PVR Limited, on a slump sale basis for an aggregate consideration of about Rs 500 crore. In 2017, GIC Real Estate became a partner in DLF Cyber City Developers Limited (DCCDL) following conclusion of Compulsorily Convertible Preference Shares (CCPS) sale transaction in December of 2017. The promoters of DLF subsequently infused Rs 9000 crore via subscription to compulsorily convertible unsecured debentures (CCDs) and warrants of DLF Ltd. DCCDL owns and operates a rent yielding portfolio of office and retail assets of nearly 27 million square feet, with significant further development potential. Established in 1981 to manage Singapore's foreign reserves, GIC is a global long-term investor with well over US$100 billion in assets in over 40 countries worldwide. During the year, DLF launched The Chanakya Mall, in Luyten's Delhi. It is a curated destination where state-of-the-art architecture coexists harmoniously with the biggest brands in the world. The Chanakya offers a curated experience of Retail, Food and Cinema, one of its kind in Delhi. It is a part of DLF's luxury collection and it showcases some of the foremost national and international luxury brands.

DLF Ltd Chairman Speech

Dear Shareholders,

India is entering an era of great opportunities. With a new government in place with a stable majority and visionary leadership, the country is potentially on the threshold of a historic leap forward. However, this calls for rapid reforms and innovative policies aimed at enabling businesses to grow and jobs to be generated on a massive scale. The most effective strategy to overcome many of the most daunting challenges being faced by the economy would be to harness the unique advantages of the real estate development sector, which in my opinion will not only act as a catalyst of growth in over 250 ancillary industries but will also create employment opportunities across the skills spectrum. Within the real estate industry, companies that have equipped themselves to adapt to and embrace the changing market dynamics will be the only ones which can seize the opportunities that forge ahead. Your Company had anticipated these much in advance, have effectively positioned DLF to fully reap the benefits of the opportunities that overall economic resurgence will open up.

As part of the process of preparing for the new era of growth, DLF during the year gone by, successfully completed the Qualified Institutions Placement of र 3,173 crore of equity coupled with infusion of ` 11,250 crore by the promoters. This has transformed the balance sheet significantly and DLF has almost achieved its goal of being zero net debt in its development business. The Company will leverage the advantages of focusing on monetization of the finished inventory, by utilizing the surplus cash flows primarily for debt reduction and the balance cash surplus will be utilized by the Company to both reward its shareholders as well as to re-invest in development of new projects for both sale and lease business. The Company is confident that investment in the new development pipeline shall achieve desired returns.

Your Company continues to dedicate itself to contribute to the community. Our efforts touch many lives through various programmes in the field of education, health care, skill development and senior citizen care. We have also taken a major philanthropic initiative to develop a project for establishment of an Institute for imparting and sharing knowledge of Art, Culture, Spirituality, Healthy living and Ethical Leadership based on India's ancient Vedic Philosophy. I would like to thank all shareholders, employees, customers and business associates, for their valuable support and look forward to continued encouragement in our mission of Building India. On behalf of my fellow Directors and DLF Corporate family, I renew our pledge to remain committed towards building a new India.

With best wishes,
Sincerely,
(Dr. K.P. Singh)
26 June 2019

Chairman

   

DLF Ltd Company History

DLF Ltd is engaged in the business of colonisation and real estate development. The company operations span all aspects of real estate development, from the identification and acquisition of land, to planning, execution, construction and marketing of projects. It is also engaged in the business of generation of power, provision of maintenance services, hospitality and recreational activities, life insurance and retail chain outlets. Its internal business includes development business and rental business. The development business of the Company is involved in the sale of residential spaces, select commercial offices and commercial complexes. The company has a unique business model with earnings arising from development and rentals. Its exposure across businesses, segments and geographies, mitigates any down-cycles in the market. The company has also forayed into infrastructure, SEZ and hotel businesses. It operates in all aspects of real estate development, ranging from acquisition of land, to planning, executing, constructing & marketing of project. The group is also engaged in the business of generation and transmission of power, provision of maintenance services, hospitality and recreational activities. The business of DLF is organized on a SBU basis. The Homes SBU caters to 3 segments of the residential market - Super Luxury, Luxury and Mid-Income. The product offering involves a wide range of products including condominiums, duplexes, row houses and apartments of varying sizes. DLF Ltd was incorporated in the year 1963. The company was founded by Chaudhary Raghuvendra Singh. The company developed some of the first residential colonies in Delhi such as Krishna Nagar in East Delhi, which was completed in 1949. Following the passage of the Delhi Development Act in 1957, the state assumed control of real estate development activities in Delhi, which resulted in restrictions on private real estate colony development. They therefore commenced acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana. This led to their first landmark real estate development project DLF Qutab Enclave, which has now evolved into DLF City. DLF City is spread over 3,000 acres in Gurgaon and is an integrated township, which includes residential, commercial and retail properties in a modern city infrastructure with schools, hospitals, hotels and shopping malls. It also boasts of the prestigious DLF Golf and Country Club with night golfing facilities. During the period 1950-1964, the company developed 22 urban colonies. In the year 1985, the company commenced development of the 3,000-acre DLF Ciry in Gurgaon. In the year 1996, the company ventured into group housing projects. In the year 1999, they ventured into Grade A office spaces in Gurgaon. In the year 2002, the company ventured into organized retail complexes. In the year 2003, they commenced development of DLF Cybercity in Gurgaon. In the year 2004, they launched premium residential complexes with luxurious milieu of Golf Links. In the year 2007, the company formed JVs with Prudential Financial, Inc USA for Life Insurance & AMC. They also entered into capital markets. In the year 2008, they commenced operations of DLF Emporio, India's first luxury mall. In September 2008, the joint venture company DLF Pramerica Life Insurance Company Ltd, commenced operations with a purpose to market and sell life insurance products in the country. In the year 2009, the company launched Capital Greens, the largest private sector residential project in Delhi. Also, they exited its asset management JV during the year. During the year 2009-10, the company approved the integration of Caraf Builders & Constructions Private Limited (Caraf) (the holding company of inter-alia, DLF Assets Pvt Ltd), DLF Info City Developers (Chandigarh) Ltd and DLF Info City Developers (Kolkata) Ltd with DLF Cyber City Developers Ltd (DCCDL), a 100% subsidiary of DLF. In October 2009, DLF was conferred Best Global Developer Award, 2009 by Euromoney. In November 2009, DLF sold DT Cinemas and entered into a long term strategic alliance with PVR. In March 2010, Caraf (along with its subsidiaries) became a wholly-owned arm of Cyber City DLF's subsidiary, thus giving effect to the integration process. During the year 2010-11, its subsidiary DLF Home Developers Ltd, acquired additional 50% interest of Delanco Real Estate Pvt Ltd and 50% interest of Design Plus Architechture Pvt Ltd. In May 2010, DLF launched second phase of Garden City, DLF New Indore. In May 2011, after the phenomenal response to first phase of its project Garden City, DLF New Indore, DLF, announced the launch of the second phase of the project. In December 2011, the company along with its joint venture partner Hubtown Ltd sold 100% of their respective shareholding in DLF Ackruti Info Park (Pune) Ltd (DLF Ackruti), to an entity controlled by real estate fund affiliated with The Blackstone Group, BRE/Mauritius Investments II, after obtaining all necessary approvals. Consequence for this disinvestment, DLF Ackruti ceased to be a subsidiary of the company with effect from December 28, 2011. In 2012, DLF launched 8.3 km expressway project in Gurgaon in partnership with Haryana Urban Development Authority (HUDA). During the year, DLF commenced operation of second multilevel parking facility at Baba Kharak Singh Marg in Delhi.On 12 June 2012, DLF announced that the company's wholly owned subsidiary, DLF Hotel Holdings Ltd, has divested its entire shareholding in Adone Hotels and Hospitality Ltd (Adone) for Rs 567 crore. The sale of the shareholding was undertaken in line with DLF's stated objective of divesting its non-strategic assets. On 13 August 2012, DLF announced that the company and two of its subsidiaries have entered into an agreement with Lodha Developers Ltd. for sale of their stake in Jawala Real Estate Private Ltd. for an estimated enterprise value of approximately Rs 2700 crore. This is an important step in the company's strategy to divest certain non-core assets and continue its focus on core business. The transaction is expected to be completed by the end of October 2012. On 25 July 2013, DLF announced that it has signed definitive agreements to sell its 74% equity stake in its the Life Insurance Joint Venture - DLF Pramerica Life Insurance Company Ltd, a joint venture with Prudential International Insurance Holdings Ltd (PIIHL), a subsidiary of Prudential Financial, Inc USA to Dewan Housing Finance Corporation Ltd (DHFL) & its group entities. In 2014, DLF's subsidiary Emporio Limited concluded India's first Commercial Mortgage Backed Security (CMBS) issuance of Rs 525 crore, with a coupon rate of 10.90% p.a. and Legal Maturity of 7.5 years. DLF Emporio owns and operates approximately 3 lakh sq. ft of a Luxury Mall in New Delhi, India. Also during the year, DLF became India's first development company to get ISO certificate. On 9 February 2014, DLF Global Hospitality Limited (DGHL), a 100% step down subsidiary of DLF, announced that it has completed the sale of 100% equity stake in Silverlink Resorts Ltd. (SRL), the owner of Amanresorts, to Aman Resorts Group Ltd. (ARGL), a Joint Venture between Peak Hotels & Resorts Group Ltd. (PHRL) and Mr. Adrian Zecha, the founder of Amanresorts, for an enterprise value of USD 358 million. The sale has been in the form of management buyout. DLF Global Hospitality Limited had purchased 100% equity in Amanresorts in 2007 from a group of investors. The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF Ltd. On 2 September 2015, DLF announced that its wholly-owned subsidiary DLF Home Developers Ltd. (DHDL) and GIC, Singapore's sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi. Both projects will be developed under DHDL. GIC will invest a sum of approximately Rs 1990 crore. The joint venture is expected to benefit from GIC's experience of investing in integrated developments across the globe. In 2016, DLF launched DLF Mall of India, the first destination mall of the country, in Noida NCR. Spread across 2 million square feet (GLA), the essence of the mall is that of a destination, which encapsulates not just shopping but a never-before food & entertainment experience, which is thoughtfully and craftfully divided in 5 zones. The mall is spread over 7 floors and houses over 330 brands. On 31 May 2016, DLF Utilities Ltd. (DUL), a subsidiary of DLF, concluded the transaction involving the sale of its cinema exhibition business operated under the brand name DT Cinemas, on a slump sale basis, for a revised consideration of Rs 433 crore to PVR Limited. On 30 May 2016, DUL executed an Amendment Agreement with PVR Limited in connection with sale of the cinema exhibition for a revised consideration of Rs 433 crore. The Amendment Agreement, inter alia provides for exclusion DT Savitri (1 screen) and DT Saket (6 screens) from the transaction. Accordingly, subject to satisfaction of statutory, regulatory and other customary conditions precedent, DUL proposes to sell 32 screens in National Capital Region and Chandigarh to PVR Limited. Earlier, on 9 June 2015, DUL entered into definitive agreements to sell its cinema exhibition business operated under the brand name of DT Cinemas to PVR Limited, on a slump sale basis for an aggregate consideration of about Rs 500 crore. In 2017, GIC Real Estate became a partner in DLF Cyber City Developers Limited (DCCDL) following conclusion of Compulsorily Convertible Preference Shares (CCPS) sale transaction in December of 2017. The promoters of DLF subsequently infused Rs 9000 crore via subscription to compulsorily convertible unsecured debentures (CCDs) and warrants of DLF Ltd. DCCDL owns and operates a rent yielding portfolio of office and retail assets of nearly 27 million square feet, with significant further development potential. Established in 1981 to manage Singapore's foreign reserves, GIC is a global long-term investor with well over US$100 billion in assets in over 40 countries worldwide. During the year, DLF launched The Chanakya Mall, in Luyten's Delhi. It is a curated destination where state-of-the-art architecture coexists harmoniously with the biggest brands in the world. The Chanakya offers a curated experience of Retail, Food and Cinema, one of its kind in Delhi. It is a part of DLF's luxury collection and it showcases some of the foremost national and international luxury brands.

DLF Ltd Directors Reports

Your Directors have pleasure in presenting their 54th Report on the business and operations of the Company, together with the audited results for the financial year ended 31 March 2019.

Financial and Operational Highlights

(` in crore)

Consolidated Standalone
2018-19 2017-18 2018-19 2017-18
Total Income from operations 9,029 7,664 3,709 3,804
Total expenses 8,511 7,814 2,943 3,138
Profit before exceptional items and tax 518 (150) 766 666
Exceptional items(net) 127 8,765 - (121)
Profit before tax 645 8,615 766 545
Less: Tax expense 277 4,323 78 180
Profit after tax 368 4,292 688 365
Share of Profit/ (Loss) in jointly controlled entities (net) 946 184 - -
Net Profit for the year 1,314 4,476 688 365
Other Comprehensive Income (3) 13 - 10
Total Comprehensive Income 1,311 4,489 688 375

Your Company recorded a consolidated revenue of र 9,029 crore in FY'19 as compared to र 7,664 crore in FY'18, an increase of 18%. The financials for the current year are not comparable on account of the following reasons: (a) Revenue was recognized as per Ind AS 115 ‘Revenue from contracts with customers' during the year under review, whereas it was recognized based on the percentage of completion method (PoCM) in the preceding year; (b) DLF Cyber City Developers Limited (DCCDL) Group was consolidated as a subsidiary till 25 December 2017 and as a joint venture in accordance with Ind AS 28 ‘Investment in Associated and Joint Ventures' for the remaining period of FY'18, whereas the DCCDL Group was consolidated as a joint venture for FY'19; and (c) A one-time exceptional gain upon fair valuation of DCCDL was recorded in FY 2017-18.

Gross operating cash flow before interest and tax stood at ` 1,605 crore while operating cash flow stood at र 390 crore for FY'19.

The earnings per share (EPS) for the year under review was र 7.38.

Your Company's net worth as on 31 March 2019 stood at र 33,577 crore. The decrease was mainly attributed to the implementation of the new accounting standard, Ind AS 115, which resulted in opening reserves being adjusted by र 5,383 crore (net of taxes) and subsequently enhanced by र 3,173 crore following the placement of equity shares to Qualified Institutional Buyers (QIBs). Your Company's Balance Sheet was transformed following the infusion of ` 12,173 crore of equity र 9,000 crore from the promoters and र 3,173 crore from QIBs. This resulted in a significant reduction in debt, resulting in a net debt-to-equity ratio of 0.13. The infusion of र 2,250 crore by the promoters following the exercise of warrants during FY 2019-20 would reduce the ratio further.

With the debt overhang behind it and following the completion of all legacy projects, your Company has enhanced its focus on generating free cash flows through the progressive monetization of its ready-to-occupy inventory. In a challenging year, your Company achieved net sales of र 2,435 crore as against net sales of ` 1,000 crore in the previous year. It completed 0.59 million square meter (msm) [6.3 million square feet (msf)] of projects during the year under review and issued possession letters to customers for 3,318 units aggregating 0.62 msm (6.64 msf) during FY'19.

DLF Cyber City Developers Limited (DCCDL)

DCCDL reported a consolidated revenue of र 5,088 crore compared to र 4,948 crore in the previous year. DCCDL Group's consolidated EBIDTA of र 2,664 crore in FY'19 in comparison to र 3,541 crore in FY'18 and a profit after tax stood of ` 1,399 crore compared to ` 1,418 crore in FY'18. Your Company has a 66.67% equity stake in DCCDL.

Review of Operations

Your Company's ready-to-occupy inventory across the country stood at ` 11,650 crore, which your Company is monetising through a focused sales engine. Your Company demonstrated its execution capabilities and addressed all customer commitments. The Company is now gearing towards the next cycle of development, planning to build out 1.58 msm (17 msf) of residential and commercial space in the near future. The Company's land reserves are in strategic locations, acquired at historical costs and it is attractively placed to capitalize on improving market conditions by launching projects with speed and without the need to acquire land.

Development Business

Your Company commenced the construction of a new residential project at Midtown, Central Delhi, in a joint venture with GIC Real Estate, Singapore with a development potential of 0.18 msm (1.9 msf); the Company is in the midst of designing another project in that vicinity in a joint venture with GIC Real Estate, Singapore with a development potential of 0.56 msm (6 msf).

Your Company also commenced planning for 0.28 msm (3 msf) commercial building in Gurugram in a joint venture with Hines, USA. It commenced plans for a 0.23 msm (2.5 msf) residential project in DLF5, Gurugram.

Annuity Business

Your Company's commercial leasing business continued to report good growth. Gross leasing achieved during the year stood at 0.61 msm (6.56 msf), out of which 0.52 msm (5.57 msf) was attributable to the DCCDL Group. Rental values continued to grow attractively. Over 0.17 msm (1.8 msf) of office space was re-leased following the expiry of its nine-year cycle, resetting rentals at the prevailing market rate. Cyber Park, a 0.23 msm (2.5 msf) commercial office property in Gurugram, will begin to generate rentals from September 2019. Over 90% of the property has been pre-leased to marquee tenants. Another phase of IT SEZ, Chennai is nearing completion and rentals shall commence from the current fiscal year.

DLF's strong portfolio of high-quality office and retail properties caters to more than 1,600 tenants, including a number of Fortune 500 companies. Your Company's existing properties have set global benchmarks; the Company is endeavouring to graduate these benchmarks higher by setting new standards in its upcoming developments. DLF embarked upon development of 0.28 msm (3 msf) of Commercial Office space to address emerging demand in Gurugram. The design for the project is underway. Your Company also commenced planning for the development of 0.33 msm (3.5 msf) commercial office space in Hyderabad and 0.37 msm (4 msf) of office space in Chennai. DLF's rigorous safety standards are vetted by world-class independent third parties like British Safety Council. DLF has championed the cause of sustainable development, adherence to global standards and created benchmarks in the Indian real estate sector through the creation of the highest LEED Platinum space in the country (2.53 msm) [27.25 msf] certified by the U.S. Green Building Council, the highest global sustainability certification agency. DLF recently emerged as the first (and only) organization in the world to win 11 Sword of Honour awards conferred by the British Safety Council in a single year. This is widely recognised as the pinnacle of safety achievement in the real estate sector the world over.

The Indian office leasing market is expected to grow steadily on the back of robust economy activity and a growing recognition of India as a favorable investment destination due to improving infrastructure and fewer policy hurdles etc. The Indian retail industry is passing through a transformation, comprising the employment of new technologies, new store formats, evolving business models and a greater provision for experiential retail environments. Retailers are preparing for a future marked by an extension beyond conventional retail formats in line with changing consumer preferences. In this emerging environment, lifestyle experience is expected to emerge as the key inflection point influencing the success of malls; with food, beverages and entertainment facilities will increase in importance. Besides, customer preferences have shifted towards branded developments of superior quality. Innovative developers are introducing new entertainment options in malls. Retailers are seeking to merge online experiences with offline ones to enhance the customer's interest and involvement.

Other Businesses - Hotels

Your Company continues to own two hotel properties viz. The Lodhi, an iconic hotel property in New Delhi, which it directly manages, and Hilton Garden Inn, Saket, which is managed by the global major Hilton.

Transfer of Mall of India, Noida

In line with the Company's stated objective of streamlining and consolidating the operations and holding structure of its rental assets, the Company transferred its property, Mall of India, Noida (MOIN), a retail mall located in Sector 18, Noida, with a leasable area of 0.19 msm (2 msf) (approximately) to Paliwal Real Estate Limited (Paliwal), a wholly-owned subsidiary. Subsequently, the Board of Directors approved the transfer of entire shareholding of the Company in Paliwal to DCCDL.

Dividend

The Directors are pleased to recommend a dividend of र 2/- per equity share (100%) on the face value of र 2/- each for FY'19 on the enhanced share capital, payable to those shareholders, whose names appear in the Register of Members/ Beneficial ownership details provided by depositories on the record date. The total outgo on account of dividend (exclusive of tax on distributed profit) would absorb र 441.44 crore, against र 356.81 crore in the previous financial year. The total outgo would increase subsequent to the allotment of equity shares upon conversion of Compulsorily Convertible Debentures (CCDs) and the exercise of Warrants by the promoters/ promoters group entities, as the case may be. The dividend payout is in accordance with the Company's Dividend Distribution Policy. The policy was formulated by the Board pursuant to Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Listing Regulations]. The policy is available on the website of the Company http:// www.dlf.in/images/downloads/170601162837_0001.pdf.

Reserves

The Company as per the provisions of the Companies (Share Capital and Debentures) Rules, 2014, as amended, has adequate Debenture Redemption Reserve (DRR). The Board of Directors of your Company decided not to transfer any amount to the Reserves for the year under review.

Credit Rating

CRISIL reaffirmed Long-Term/ Non-convertible Debentures Rating A+/Stable and Short-Term/ Short-Term Debt Rating of CRISIL A1. ICRA reaffirmed its long-term rating at [ICRA]A+ (Positive) and the short-term rating at [ICRA]A1.

Investor Relations

Your Company strives to excel in its engagement with international and domestic investors and activated a feedback mechanism to measure its investor relation effectiveness. Your Company interacts periodically with the investor/ analyst community through structured conference calls and periodic investor/ analyst interactions, including one-on-one meetings, participation in investor conferences and quarterly earnings calls. Your Company hosted an analyst meet during the year under review, comprising a meeting of analysts and investors, with its senior management.

Real Estate (Regulation and Development) Act, 2016 (RERA)

Even as the Central Government had notified RERA in May 2016, certain States are yet to have operational websites. The regulation created short-term adjustment challenges but is expected to be beneficial for the sector. RERA is expected to enhance confidence among customers, increasing sectoral transparency and delivery discipline. Your Company has applied for registration of the eligible projects under RERA with various State Governments.

Goods and Services Tax (GST)

The Company smoothly implemented the new tax structure under GST since its implementation with effect from 1 July 2017 and is complying with all periodic regulatory requirements, which are reviewed by an external expert independent agency.

Impact on the Development Business

With effect from 1 April 2019, a concessional GST rate of 5% (1% in case of affordable housing) was notified for the construction of Residential Real Estate Projects, without input tax credit. Various conditions were stipulated for the revised rate. For ‘ongoing projects', an option was provided to developers to opt for the new rate or continue at the retrospective rate (12% of the basic sale price and parking but with input tax credit). It was clarified that where the Occupation Certificate was received prior to 31 March 2019, the earlier rate would apply. For most of the ongoing projects of the Company, the Occupation Certificate was received before 31 March 2019 and hence, the 12% rate continued to apply to the extent of bookings made prior to receiving the Occupation Certificate. The Company made necessary compliances in view of this change.

Impact on the Rental Business

The GST rate on the Rental Business continued @ 18%. No input tax credit was available on goods and services used for the construction of a leasable building, unless to the extent specifically allowed under GST Act. Benefit for SEZs continued the zero tax rate, in case supplies were made to SEZ units and related developers and co-developers subject to the fulfilment of prescribed conditions.

Fixed Deposits

During the year under review, the Company has neither invited nor accepted/ renewed any deposits from the public.

Holding Company

Rajdhani Investments & Agencies Private Limited is the holding company, currently holds 55.56% shares of the Company.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings/ Outgo

The information on conservation of energy, technology absorption and foreign exchange earnings & outgo as stipulated under Section 134(3)(m) of the Companies Act, 2013 (‘the Act') read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is given at Annexure-A hereto and forms part of this Report.

Particulars of Employees

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended (‘the Rules') in respect of employees of the Company drawing remuneration in excess of the limits set-out in the said Rules, is annexed to this Report. Pursuant to the provisions of Section 136(1) of the Act, the Financial Statements are being sent to entitled members and others, excluding the information on employees' particulars specified under Rule 5(2) & (3). The same are available on the website of the Company viz. www.dlf.in and also for inspection by members at the Registered Office/ Corporate Office of the Company up to the date of the ensuing Annual General Meeting (AGM). Any member interested in obtaining such information may write to the Company Secretary.

Share Capital

Qualified Institutions Placement

Your Company allotted 17,30,00,000 equity shares of र 2/- each to eligible qualified institutional buyers pursuant to the Qualified Institutions Placement (QIP) at the issue price of ` 183.40 per equity share (including a share premium of ` 181.40 per equity share), aggregating र 3,172.82 crore in a sluggish capital market, validating investor confidence in the Company's prospects. Conversion of Compulsorily Convertible Debentures Your Company converted 24,97,46,836 Compulsorily Convertible Debentures (CCDs) on 29 March 2019 into an equal number of equity shares of र 2/- each at a price of र 217.25 per share (including a premium of र 215.25 per share) to the promoter/ promoter group entities. Employee Stock Option Scheme Your Company also allotted 4,08,084 equity shares of र 2/- each fully paid-up upon the exercise of stock options by eligible employees under the Employee Stock Option Scheme, 2006. Consequently, the paid-up equity share capital of the Company increased to र 441.44 crore equity shares comprising 2,20,72,21,948 equity shares of र 2/- each fully paid-up. The above allotted equity shares rank pari-passu in all respects with the existing equity shares of the Company, including dividend and/ or any corporate benefits declared by the Company from time to time following allotment.

Employee Stock Option Scheme

Disclosures with respect to stock options as required under Regulation 14 of the SEBI (Share Based Employee Benefits) Regulations, 2014 are available on the website of the Company viz. www.dlf.in. During the year under review, there has not been any change in the Company's Employee Stock Option Scheme, 2006.

A certificate from S.R. Batliboi & Co. LLP, Chartered Accountants, Statutory Auditors of the Company, as required under Regulation 13 of the said Regulations, with respect to the implementation of the Company's Employee Stock Option Scheme, 2006, is available for inspection at the Registered Office/ Corporate Office of the Company and shall also be available at the ensuing AGM.

The relevant disclosures in terms of Ind AS relating to share based payment, forms part of notes to the Standalone Financial Statement and Consolidated Financial Statement of the Company.

Subsidiaries and Consolidated Financial Statements

As on 31 March 2019, the Company had 106 subsidiary companies in terms of the provisions of the Act. Further, details of changes in subsidiaries and associates during the year are given at Annexure-D.

As required under the Listing Regulations and Section 129 of the Act, the consolidated financial statements of the Company were prepared by the Company in accordance with the applicable Ind AS and form a part of the Annual Report. A statement containing the salient features of the Financial Statements of the subsidiaries, joint ventures and associates of the Company in Form AOC-1, as required under the Companies (Accounts) Rules, 2014, form a part of the Notes to the financial statements. The highlights of the performance of subsidiaries, associates and joint venture companies and their contribution to the overall performance of the Company are included as a separate section and form a part of this Annual Report. Pursuant to the provisions of Section 136 of the Act, audited financial statements of the Company, including consolidated financial statements, other documents required to be attached thereto and audited financial statements of each of the subsidiaries, are available on the website of the Company and may be accessed at http://www.dlf.in/downloads.aspx. These documents would also be available for inspection at the Registered Office/ Corporate Office of the Company and its respective subsidiary companies between 2.00-4.00 P.M. on all working days.

In terms of the provisions of the Listing Regulations, your Company has a policy for determining ‘Material Subsidiary' and such policy is available on the Company's website at the link http://www.dlf.in/images/downloads/Material-Subsidiary-Policy-Revised.pdf.

Material Unlisted Subsidiary

During the year under review, your Company had four material unlisted subsidiaries namely, DLF Cyber City Developers Limited, DLF Assets Private Limited, Caraf Builders & Construction Private Limited (since merged with DCCDL) and DLF Home Developers Limited. DLF Power & Services Limited became a material unlisted subsidiary with effect from 1 April 2019. The Company appointed an Independent Director(s) on the Board of the respective material subsidiary, wherever applicable, in compliance with the provisions of the Listing Regulations.

Joint Venture

During the year under review, your Company, through its wholly-owned subsidiary DLF Home Developers Limited (DHDL), entered into a joint venture with Green Horizon Trustee Limited (an affiliate of ‘HINES') for the development of a high-end commercial project in Gurugram. The project will be developed on 11.76 acres owned by the joint venture company. The land parcel is located across the existing business district of DLF Cyber City, Gurugram. DHDL holds 67% stake in the joint venture, while 33% is held by joint-venture partner with the option to increase its stake to 49%. The joint venture partner invested approximately र 500 crore in the first tranche.

Scheme of Amalgamation/ Arrangement

a) The Board of Directors of your Company approved the scheme of arrangement, comprising merger/ demerger of wholly-owned subsidiary companies - DLF Phase-IV Commercial Developers Limited, DLF Real Estate Builders Limited, DLF Residential Builders Limited (Transferor Companies) and demerger of the real estate undertaking of DLF Utilities Limited with DLF Limited (Transferee Company) pursuant to Section 232-234 and other relevant provisions of the Act read with rules made thereunder. The scheme of arrangement/ merger is pending before the Hon'ble National Company Law Tribunal, Chandigarh Bench.

b) The Hon'ble National Company Law Tribunal, Principal Bench, New Delhi, vide its order dated 4 January 2019, has sanctioned the scheme of arrangement involving de-merger of SEZ undertaking of DLF Home Developers Limited (DHDL), a wholly-owned subsidiary of the Company into DLF Info City Chennai Limited (DICCL), a wholly-owned subsidiary of DHDL.

c) The Hon'ble National Company Law Tribunal, Principal Bench, New Delhi, vide its order dated 8 April 2019, sanctioned the scheme of amalgamation/ arrangement involving the merger of DLF South Point Limited (DSPL) with DLF Commercial Developers Limited (DCDL) and demerger of the Hyderabad SEZ undertaking of DLF Commercial Developers Limited into DLF Info City Hyderabad Limited (DICHL).

d) The Hon'ble National Company Law Tribunal, Chandigarh Bench, vide its order dated 27 September 2018, sanctioned the scheme of amalgamation involving the merger of Caraf Builders & Constructions Private Limited with DLF Cyber City Developers Limited.

Listing at Stock Exchanges

The equity shares of your Company are listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The Non-convertible Debentures issued by your Company are also listed on the Wholesale Debt Market (WDM) segment of BSE.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report as required under Regulation 34 read with Schedule V to the Listing Regulations forms part of this Report.

Corporate Governance Report

The Corporate Governance Report, as stipulated under Regulations 17 to 27 & 46(2) and paragraphs C, D and E of Schedule V to the Listing Regulations forms part of this Report.

The requisite certificate from S.R. Batliboi & Co. LLP, Chartered Accountants, Statutory Auditors of the Company, confirming compliance with the conditions of corporate governance as stipulated under the Listing Regulations is attached to the Corporate Governance Report.

Directors' Responsibility Statement

In terms of provisions of Section 134(5) of the Act, your Directors confirm that: (i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31 March 2019 and the profit and loss of the Company for that period; (iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (iv) they have prepared the annual accounts on a going concern basis; (v) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and (vi) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Declaration by Independent Directors

The Independent Directors of your Company submitted declarations of their Independence as required under Section 149(7) of the Act and the Listing Regulations, confirming that they meet the criteria of independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the Listing Regulations. There was no change in the circumstances effecting their status as Independent Directors of the Company. The Board reviewed the certificates and noted that all Independent Directors are independent of the Company's management.

Board and its Committees

The Board of Directors met seven times during the FY 2018-19. The details on the composition of the Board, committees, meetings held and related attendance are provided in the Corporate Governance Report and form a part of this Report.

Auditors & Auditor's Report

S.R. Batliboi & Co. LLP, Chartered Accountants (FRN 301003E/ E300005) were appointed as Statutory Auditors of the Company for a term of five consecutive years from the conclusion of 52nd AGM till the conclusion of 57th AGM, subject to ratification of their appointment at every subsequent AGM. The Ministry of Corporate Affairs vide notification dated 7 May 2018 obliterated the requirement of seeking members' ratification at every AGM on appointment of statutory auditors during their tenure of five years. The Notes on financial statements (including the Consolidated Financial Statements) referred to in the Auditor's Report are self-explanatory and do not call for any further comments. The Auditor's Report does not contain any qualification, reservation, adverse remarks or disclaimer.

Cost Auditors

During the year, M/s R. J. Goel & Co., Cost Accountants (FRN 000026) were appointed as Cost Auditors of the Company for the FY 2018-19 for conducting the audit of cost records of the Company pertaining to real estate development activities. Your Company is maintaining the requisite cost records and the Cost Audit Report for the FY 2018-19 shall be filed with the Ministry of Corporate Affairs in due course.

A certificate from the Cost Auditor certifying their independence and arm's length relationship has been received by the Company. As per provisions of the Act, the remuneration payable to cost auditors is required to be placed before the members in a general meeting for their ratification. Accordingly, a resolution seeking members' ratification for the remuneration payable to M/s R.J. Goel & Co., Cost Accountants is included in the notice convening the AGM.

Secretarial Auditor

Dr. K.R. Chandratre, Company Secretary in practice was appointed as Secretarial Auditor to conduct Secretarial Audit for the FY 2018-19. In terms of the Regulation 24A of the Listing Regulations, the Secretarial Compliance Report and Secretarial Audit Report of the Company together with material unlisted subsidiaries, namely DLF Cyber City Developers Limited, DLF Home Developers Limited and DLF Assets Private Limited for the financial year ended 31 March 2019 are at Annexure-B. The said reports are self-explanatory and do not contain any qualification, reservation and adverse remarks or disclaimer.

Reporting of frauds by Auditors

During the year under review, the Statutory Auditors and Secretarial Auditor have not reported any instances of frauds committed by the Company, its officers or employees under Section 143(12) of the Act.

Secretarial Standards

The Secretarial Standards i.e. SS-1 & SS-2 relating to meetings of the Board of Directors and General Meetings, respectively have been duly followed by the Company.

Directors and Key Managerial Personnel

The members of your Company have passed Special Resolutions with requisite majority through postal ballot process on 29 March 2019 approving the re-appointments of Dr. Kashi Nath Memani (DIN 00020696) and Dr. Dharam Vir Kapur (DIN 00001982) as Independent Director(s) for a second term of two consecutive years with effect from 1 April 2019. Further, the members approved re-appointments of Mr. Pramod Bhasin (DIN 01197009), Mr. Rajiv Krishan Luthra (DIN 00022285) and Mr. Ved Kumar Jain (DIN 00485623) as Independent Director(s) for a second term of five consecutive years with effect from 1 April 2019. The members also approved the continuation of Mr. Amarjit Singh Minocha (DIN 00010490), pursuant to Regulation 17(1) of Listing Regulations, who has attained the age of 75 years, as an Independent Director for the remaining period of his existing term of Directorship i.e. up to 19 May 2020. The Board of Directors considered that in view of their illustrious profile, enriched experience, expertise and deep business acumen vis-a-vis. their extensive involvement in the deliberations of the meetings of the Committees of Directors and Board of the Company, their continued association as Independent Directors would be of benefit to the Company and stakeholders. The Board of Directors of your Company at its meetings held on 25 September 2018 and 5 February 2019 based on the recommendations of Nomination and Remuneration Committee has approved, subject to approval of the members, re-appointment of Dr. K.P. Singh (DIN 00003191), Whole-time Director designated as Chairman for a further period of five years with effect from 1 October 2018, Mr. Mohit Gujral (DIN 00051538), Chief Executive Officer & Whole-time Director and Mr. Rajeev Talwar (DIN 01440785), Chief Executive Officer & Whole-time Director for a further period of five years with effect from 14 February 2019 and Mr. Rajiv Singh (DIN 00003264), Whole-time Director designated as Vice Chairman for a further period of five years with effect from 9 April 2019.

The Board of Directors of your Company based on the recommendation of the Nomination and Remuneration Committee has co-opted Ms. Priya Paul (DIN 00051215) as an additional director of the Company in capacity of independent woman director with effect from 1 April 2019 pursuant to the Regulation 17(1) of the Listing Regulations, subject to the approval of the members, statutory and regulatory authorities.

Nomination and Remuneration Committee on the basis of performance evaluation and contribution made by Lt. Gen. Aditya Singh (Retd.) (DIN 06949999) during his tenure, has recommended to the Board his continued association for a second term of five consecutive years with effect from 29 August 2019 as an Independent Director of the Company, not liable to retire by rotation, would be in the interest of the Company. The Board recommends to the shareholders for re-appointment of Lt. Gen. Aditya Singh (Retd.). The Company has received the requisite notices from the members in writing, proposing the names of Ms. Priya Paul and Lt. Gen. Aditya Singh (Retd.) for their appointment/ re-appointment as Independent Directors.

Pursuant to the provisions of Section 152 of the Act read with Articles of Association of the Company, Ms. Pia Singh (DIN 00067233) and Mr. G.S. Talwar (DIN 00559460) are liable to retire by rotation at the ensuing AGM and, being eligible, have offered themselves for re-appointment. The resolutions seeking members' approval for their re-appointment form part of the notice.

Mr. B. Bhushan expressed his inability to continue on the Board as an Independent Director upon the completion of his term i.e. 31 March 2019, due to his advanced age and ill health and ceased to be an Independent Director.

A brief resume of the Directors seeking appointment/ re-appointment, along with other details as stipulated under Regulation 36(3) of the Listing Regulations and the Act, are provided in the Corporate Governance Report and Notice for convening the AGM.

Mr. Saurabh Chawla, Group CFO, was separated from the Company with effect from 1 February 2019 and Mr. Ashok Kumar Tyagi, Whole-time Director, was given the additional responsibility as Group CFO. Mr. Subhash Setia is the Company Secretary and Compliance Officer of the Company.

Corporate Social Responsibility (CSR)

In line with your Company's motto of ‘Building India', it is equally concerned of its responsibility of ‘Building Lives' of underserved communities and stakeholders residing in and around DLF projects - equal partners in the DLF growth story. Your Company has continuously endeavoured to contribute towards building capacities and creating resources better the lives of the marginalized. For all social development projects, DLF follows an integrated holistic approach to ensure that its programmes enhance lives of the underserved in the area of education, skilling, livelihood culture, healthcare and social infrastructure. The CSR programmes of DLF were implemented through its CSR arm i.e. DLF Foundation. The projects undertaken during the year under review focused on the creation of a positive and lasting impact on the lives of the underprivileged.

The Board, based on the recommendations of the CSR Committee, approved the CSR Policy of the Company in accordance with Section 135 of the Act and Rules made thereunder. A copy of the CSR policy is available on the Company'swebsiteviz.http://www.dlf.in/images/downloads/ Corporate-Social-Responsibility-Policy-Revised.pdf. DLF also made a significant contribution in community welfare initiatives through education, training, health, environment, capacity building, skill development and rural-centric interventions through DLF Foundation and other agencies. The employees of DLF participated in a number of such initiatives. The Annual Report on CSR activities, as per the prescribed format under the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended, is annexed at Annexure-C.

Environment & Sustainability

In line with the ‘Go Green' philosophy, your Company continued to invest in new techniques to eliminate or minimize the environmental impact. Your Company undertook projects aimed at climate change mitigation comprising the use of LED lighting and solar PV-based roof to reduce energy consumption and related carbon footprint. Your Company invested in energy-efficient motors, rain water harvesting, tree plantations, waste water and solid waste management and the launch of certified Green Building projects with Platinum and Gold rating. DLF achieved a 13% reduction in carbon emissions during the year under review. It replaced conventional lights with LED, saving 40 lakhs electricity units. It installed STPs for the zero discharge of water coupled with an investment in rain water harvesting across its facilities. Your Company periodically monitored toxic emissions and implemented corresponding waste management systems. Over the years, your Company extended beyond statutory requirements in improving the quality of environment within its operating ecosystem. It formalized and adopted a Corporate Environment Policy, which is available on the website of the Company - http://www.dlf.in/ environmental-policy.aspx.

Extract of Annual Return

The extract of Annual Return in form MGT-9 as provided under Section 92(3) of the Act read with Companies (Management and Administration) Rules, 2014, is annexed at Annexure-D.

Awards and Accolades

Your Company continues to lead its sector and received number of awards. The details of the major awards and accolades received during the year are given at Annexure-E.

Business Responsibility Report (BRR)

The BRR describes the initiatives taken by the Company from social, environmental and governance perspectives and annexed at Annexure-E.

Particulars of Loans, Guarantees and Investments

Particulars of loans, guarantees and investments have been disclosed in the notes to the standalone financial statements.

Transactions with related parties

The Company possesses adequate procedures for the identification and monitoring of related party(ies) and related party transactions. None of the transactions with related parties falls under the scope of Section 188(1) of the Act. Information on transactions with related parties pursuant to Section 134(3)(h) and 136(1) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014, as amended are available on the website of the Company viz. http://www.dlf.in/downloads.aspx.

The Company's policy for related party transactions regulate the transactions between the Company and its related parties. The said policy is available on the Company's website viz. http://www.dlf.in/images/ downloads/Related-Party-Transactions-Policy.pdf. The policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and its related parties. For details on related party transactions, members may refer to the notes to the standalone financial statements.

Nomination and Remuneration Policy

The Nomination and Remuneration Policy containing guiding principles for payment of remuneration to Directors, Senior Management, Key Managerial Personnel and other employees including Non-executive Directors are provided in the Corporate Governance Report. The said policy is available on the Company's website viz. http://www.dlf. in/images/downloads/Nomination-and-Remuneration-Policy-Revised.pdf.

Board Evaluation

Pursuant to the provisions of the Act, Regulation 17 & 25 of the Listing Regulations and Guidance Note on Board Evaluation issued by the SEBI, Nomination and Remuneration Committee has devised criteria for evaluation of the performance of Directors including Independent Directors. The Board has carried out the annual performance evaluation of its own performance, its Committees and Directors. The exercise was led by the Lead Independent Director. The evaluation process focused on various aspects of the Board and Committees functioning such as composition of the Board and

Committees, experience and competencies, performance of specific duties and obligations, corporate governance & compliance management etc. Separate exercise was carried out to evaluate the performance of Non-executive Directors on parameters such as experience, attendance, acquaintance with the business, effective participation, vision and strategy, contribution and independent judgement.

Internal Financial Control

Internal financial controls represent an integral part of the risk management process. These controls address, among others, financial and non-financial risks. The internal financial controls were documented and augmented in day-to-day business processes. Assurance on the effectiveness of internal financial controls was obtained through management reviews, self-assessment, continuous monitoring by functional experts as well as testing by the Statutory/ Internal Auditors during the course of their audits. The internal audit was entrusted to Grant Thornton India LLP and KPMG. The main thrust of internal audit was to test and review controls, appraisal of risks and business processes, besides benchmarking controls with the best industry practices. The Board adopted policies and procedures to ensure the orderly and efficient conduct of its business, including adherence to the Company's policy, safeguarding of its assets, prevention and detection of fraud, error reporting mechanism, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.

Significant audit observations and follow-up actions were reported to the Audit Committee.

The Company's internal control system is commensurate with the nature, size and complexities of operations.

Risk Management

Pursuant to the requirement of Regulation 21 of the Listing Regulations, Risk Management Committee is responsible to frame, implement, monitor risk management plan including cyber security and to ensure its robust effectiveness. The details of the Committee and its terms of reference are set-out in the Corporate Governance Report, which is a separate section of this Annual Report. The Company established a risk management framework enabling risks to be identified, assessed and mitigated appropriately with respect to internal and external risks. The respective Functional/ Business Unit Head(s) were entrusted with the responsibility of identifying, mitigating and monitoring risk management. Risk management forms an integral part of the management's policy and is an ongoing process integrated deeply into every-day operations.

The processes and guidelines of the risk management policy/ plan provide a strong overview and monitoring system at the Board and senior management levels. The Risk Management Committee and Audit Committee also seek an independent assurance on specific risks from the internal audit or other assurance reviews.

Significant and material orders passed by Regulators or Courts

During the year under review, no significant material order was passed by the regulators/ courts which would impact the going concern status of the Company and its future operations. However, some significant orders passed previously form a part of Note 50 to the standalone financial statements.

Vigil Mechanism

The Company's vigil mechanism comprises a Whistle Blower Policy in line with the Listing Regulations to deal with instances of unethical and/ or improper conduct and actioning suitable steps to investigate and correct them. The details of the Whistle Blower Policy are explained in the Corporate Governance Report and posted on your Company's website.

Policy for Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace

Your Company continues to follow a robust policy on ‘Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace'. The Internal Committee was constituted as per the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the financial year under review, no case was reported. The Company continues to promote the cause of women colleagues, through ‘Jagruti', all-women's forum for experience sharing, creating awareness on women's safety/ related issues, celebrating important days dedicated to women and organizing workshops on gender sensitivity.

Acknowledgements

Your Directors wish to place on record their sincere appreciation to all the employees for their dedication and commitment. Their hard work and unstinting efforts enabled the Company to sustain its performance and consolidate its sectoral leadership.

Your Company continues to be respected by stakeholders, including valuable customers. Your Directors would like to express their sincere appreciation for assistance and co-operation received from vendors and stakeholders, including financial institutions, banks, Central and State Government authorities, customers and other business associates, who extended their valuable support during the year under review. It will be the Company's endeavour to nurture these relationships in strengthening business sustainability.

For and on behalf of the Board of Directors
(Dr. K.P. Singh)

Chairman

21 May 2019 (DIN 00003191)

ANNEXURE – ‘A'

Conservation of energy, technology absorption, foreign exchange earnings and outgo under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014

A. CONSERVATION OF ENERGY
i) The steps taken or impact on conservation of energy In FY 2018-19, the Company has utilized 2,05,789 KWH of electrical units generated by Solar PV based roof top electrical systems installed at DLF IT Park-II, Kolkata; Mall of India, Noida; and Two Horizon Center, Gurugram.
ii) The steps taken by the Company for utilising alternative sources of energy Solar PV based roof top electrical systems of capacity 113.4 KW, 40.32 KW & 15 KW have been installed on the building roof tops of DLF IT Park-II, Kolkata; Mall of India, Noida and Two Horizon Center, Gurugram, respectively.
iii) The capital investment on energy conservation equipment Nil
B. TECHNOLOGY ABSORPTION
i) Efforts made towards technology absorption NA
ii) Benefits derived like product improvement, cost reduction, product development or import substitution NA
iii) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year): NA
a. Details of technology imported;
b. Year of import;
c. Whether the technology been fully absorbed;
d. If not fully absorbed, areas where absorption has not taken place and the reasons thereof.
iv) the expenditure incurred on Research and Development. NA

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

(` in crore)

2018-19 2017-18
a) Foreign Exchange earnings 0.92 1.74
b) Foreign Exchange outgo 456.77 342.93

   

DLF Ltd Company Background

K P Singh
Incorporation Year1963
Registered OfficeShopping Mall 3rd Floor,Arjun Marg Phase-I DLF City
Gurgaon,Haryana-122002
Telephone91-0124-4334200,Managing Director
Fax91-0124-2355581
Company SecretarySubhash Setia
AuditorS R Batliboi & Co LLP
Face Value2
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Pvt Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

DLF Ltd Company Management

Director NameDirector DesignationYear
K P SinghChairman2008
K P Singh Chairman 2019
Rajiv SinghVice Chairman2008
Rajiv Singh Vice Chairman 2019
T C GoyalManaging Director2008
G S Talwar Director 2019
Pia SinghWhole-time Director2008
D V Kapur Independent Director 2019
Kameshwar SwarupExecutive Director2008
K N Memani Independent Director 2019
G S TalwarDirector2008
Subhash Setia Company Secretary 2019
D V KapurDirector2008
Rajiv Krishan Luthra Independent Director 2019
M M SabharwalDirector2008
Pramod Bhasin Independent Director 2019
K N MemaniDirector2008
Ved Kumar Jain Independent Director 2019
Ravinder NarainDirector2008
MOHIT GUJRAL Whole-time Director 2019
Brijendra BhushanDirector2008
Rajeev Talwar Whole-time Director 2019
Narendra Pal SinghDirector2008
Aditya Singh Independent Director 2019
Subhash C SetiaCompany Secretary2008
A S Minocha Independent Director 2019
Pia Singh Director 2019
Vivek Mehra Independent Director 2019
Devinder Singh Whole-time Director 2019
Ashok Kumar Tyagi Whole-time Director 2019
Priya Paul Additional Director 2019

DLF Ltd Listing Information

Listing Information
BSE_500
BSE_200
BSEDOLLEX
NIFTYJR
CNX500
CNX100
BSEREALTY
CNXINFRAST
CNXREALTY
CNX200
NFT100EQWT
BSEALLCAP
BSELARGECA
GOODSSERVI
LMI250
BSEDSI

DLF Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Constructed Properties/plots/LAcr0002510.4449
Rental Income Rs.000495.3109
Other Operating Revenues NA 000208.4938
Golf Course Operations NA 00081.1415
Sale of Development Rights Rs.0000
Services Receipts Rs.0000
Amount Forfeited on PropertieNA 0000
Revenue from Power generation Rs.0000
Sale of construction material Rs.0000
Sale of Gas Rs.0000
Royalty Income Rs.0000
Constructed Property/Others Acr0000
Property Development Business Rs.0000
Development Charges Rs.0000
Fee Income Rs.0000

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