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DLF Ltd

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

NSE BSE
 
SMC up arrow

356.70

4.15 (1.18%) Volume 4167504

31-Mar-2023 EOD

Prev. Close

352.55

Open Price

354.35

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

356.70(26546)

 

Today’s High/Low 360.75 - 354.20

52 wk High/Low 418.50 - 294.70

Key Stats

MARKET CAP (RS CR) 88368.63
P/E 56.4
BOOK VALUE (RS) 110.9290692
DIV (%) 150
MARKET LOT 1
EPS (TTM) 6.33
PRICE/BOOK 3.21827274468828
DIV YIELD.(%) 0.84
FACE VALUE (RS) 2
DELIVERABLES (%) 29.93
4

News & Announcements

30-Mar-2023

CRISIL upgrades DLF's LT rating to 'AA”; reaffirms ST rating at 'A1+”

24-Mar-2023

DLF redeems NCDs aggregating Rs 500 cr

24-Mar-2023

DLF Ltd - Redemption Of Non-Convertible Debentures

24-Mar-2023

DLF Ltd - Updates

24-Mar-2023

DLF redeems NCDs aggregating Rs 500 cr

16-Mar-2023

DLF's luxury project 'The Arbour' garners pre-launch sales of Rs 8000+ cr

19-Jan-2023

DLF schedules board meeting

14-Oct-2022

DLF announces board meeting date

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
A B Infrabuild Ltd 535343 ABINFRA
Aarcon Facilities Ltd 532024
Abhishek Infraventures Ltd 539544
Adhbhut Infrastructure Ltd 539189
Aditya Mills Ltd 502625
Advait Infratech Ltd 543230
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
Alembic Ltd 506235 ALEMBICLTD
Alpine Housing Development Corporation Ltd 526519 ALPINEHOU
Alsa Constructions & Housing Ltd (Liquidated) 526149
Ami Ganga Infrastructure Ltd 40392
AMJ Land Holdings Ltd 500343 AMJLAND
Anand Projects Ltd 501630
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
Atal Realtech Ltd 535364 ATALREAL
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
Bhudevi Infra Projects Ltd 526488
Binny Ltd 514215
Bombay Potteries & Tiles Ltd 502216
Brahmaputra Infraproject Ltd (Merged) 531194
Brahmaputra Infrastructure Ltd 535693
Brigade Enterprises Ltd 532929 BRIGADE
B-Right RealEstate Ltd 543543
Bronze Infra-Tech Ltd 534731
Brookfield India Real Estate Trust 543261 BIRET
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
Croissance Ltd 531909
D B Realty Ltd 533160 DBREALTY
D S Kulkarni Developers Ltd 523890 DSKULKARNI
Data Infrastructure Trust 543225
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 ELDEHSG
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
Espire Hospitality Ltd 532016
ETT Ltd 537707
Exelon Infrastructure Ltd 530337
Fact Enterprise Ltd 511668
G R Infraprojects Ltd 543317 GRINFRA
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
GCCL Construction & Realities Ltd 531953
Geecee Ventures Ltd 532764 GEECEE
Generic Engineering Construction & Projects Ltd 539407 GENCON
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
Global Perspectives Ltd 42747
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
Hazoor Multi Projects Ltd Partly Paidup 890182
HB Estate Developers Ltd 532334
HEC Infra Projects Ltd 532533 HECPROJECT
Hemisphere Properties India Ltd 543242 HEMIPROP
Highways Infrastructure Trust 535464 HIGHWAYS
Hindustan Construction Company Ltd 500185 HCC
Homesfy Realty Ltd 78084 HOMESFY
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
India Infrastructure Trust 542543
Indiabulls Enterprises Ltd 543715 IEL
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
Jamshri Realty Ltd 502901
Janus Corporation Ltd 542924
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
Kasi Housing & Development Ltd 526697
Kaushalya Infrastructure Development Corpn Ltd 532925 KAUSHALYA
KBC Global Ltd 541161 KBCGLOBAL
KCL Infra Projects Ltd 531784
KCL Infra Projects Ltd Partly Paidup 890173
Kedia Construction Company Ltd 508993
Kemp & Co Ltd 506530
Kesar India Ltd 543542
Keystone Realtors Ltd 543669 RUSTOMJEE
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
Last Mile Enterprises Ltd 526961
Lel Properties (India) Ltd 505330
Likhitha Infrastructure Ltd 543240 LIKHITHA
Link House Industries Ltd 512349
Lok Housing & Constructions Ltd 500256 LOKHSG
Lotus Homes Ltd 40345
Mac Charles (India) Ltd 507836
Macrotech Developers Ltd 543287 LODHA
Madhav Infra Projects Ltd 539894
Madhuban Constructions Ltd 780009
Madhucon Projects Ltd 531497 MADHUCON
Mahesh Developers Ltd 542677
Mahindra Lifespace Developers Ltd 532313 MAHLIFE
Majestic Auto Ltd 500267 MAJESAUTO
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
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 Infrastructure Ltd 533152 MBLINFRA
Mega Nirman & Industries Ltd 539767
Megh Mayur Infra Ltd 509003
MEP Infrastructure Developers Ltd 539126 MEP
Mercantile Ventures Ltd 538942
Mindspace Business Parks REIT 543217 MINDSPACE
MMS Infrastructure Ltd 538400
Modipon Ltd 503776 MODIPON
Modis Navnirman Ltd 543539
Modulex Construction Technologies Ltd 504273
Mount Housing & Infrastructure Ltd 542864
MRO-TEK Realty Ltd 532376 MRO-TEK
MVL Ltd 532991 MVL
Nakshatra Infrastructure Ltd 530375
Nardhana Infrastructure Ltd 513611
Narendra Properties Ltd 531416
National Highways Infra Trust 543385 NHIT
National Standard (India) Ltd 504882
NBCC (India) Ltd 534309 NBCC
NCC Ltd 500294 NCC
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 NIRAJ
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
Oriental Infra Trust 535371 OSEINTRUST
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
Prabhhans Industries Ltd 530361
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
Prime Urban Development India Ltd 521149
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
Rachana Infrastructure Ltd 535451 RILINFRA
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
Ravinder Heights Ltd 543251 RVHL
RBM Infracon Ltd 77929 RBMINFRA
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
RPP Infra Projects Ltd Partly Paidup 890158 RPPINFRPP
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
Samor Reality Ltd 543376
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
Satchmo Holdings Ltd 533202 NITESHEST
Satra Properties (India) Ltd 508996
SBL Infratech Ltd 543366
Setubandhan Infrastructure Ltd 533605 SETUINFRA
Shah Construction Company Ltd 509870
Shaival Reality Ltd 532593 SHAIVAL
Shalin Hotels Ltd 526275
Shantidoot Infra Services Ltd 543598
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
Shrem InvIT 535398 SHREMINVIT
Shri Krishna Devcon Ltd 531080
Shricon Industries Ltd 508961
Shriram Properties Ltd 543419 SHRIRAMPPS
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
Skyline Millars Ltd 505650
SM Dyechem Ltd 500391 SMDYECHEM
Sneh Constructions Ltd(Merged) 508912
Sobha Ltd 532784 SOBHA
Sonu Infratech Ltd 535448 SONUINFRA
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
Suratwwala Business Group Ltd 543218 SBGLP
Suvidha Infraestate Corporation Ltd 531640
Suyog Gurbaxani Funicular Ropeways Ltd 543391
SVP Housing Ltd 539041
SVS Ventures Ltd 543745
Swadeshi Polytex Ltd 503816
Tantia Constructions Ltd 532738 TANTIACONS
TARC Ltd 543249 TARC
Tarmat Ltd 532869 TARMAT
Tata Construction & Projects Ltd 505252
Tatia Global Venture Ltd 521228
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
Tradewell Holdings Ltd 531203
Tribhuvan Housing Ltd 531703
Trident Projects Ltd 526626
Trinethra Infra Ventures Ltd 590091
Tulive Developers Ltd 505285
Turnkey International Ltd (Wound-up) 507821
Udayshivakumar Infra Ltd 543861 USK
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
Veer Global Infraconstruction Ltd 543241
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
Vindhya Telelinks Ltd 517015 VINDHYATEL
Vipul Ltd 511726 VIPULLTD
Vir Developers Ltd 531803
Virya Resources Ltd 512479
Vishvas Projects Ltd 511276
VKJ Infradevelopers Ltd 536128
VSD Confin Ltd 531696
VSF Projects Ltd 519331
W S Industries (India) Ltd 504220 WSI
Wall Street Construction Ltd 512143
Warden Construction & Finance Ltd 512269
Welspun Enterprises Ltd 532553 WELENT
Yogi Infra Projects Ltd 522209
Yuranus Infrastructure Ltd 536846
Zandu Realty Ltd(Merged) 506720 ZANDUREALT
Zodiac Ventures Ltd 503641
ZR Infra Ltd 40633

Share Holding

Category No. of shares Percentage
Total Foreign 370007253 14.95
Total Institutions 126059732 5.09
Total Govt Holding 1568 0.00
Total Non Promoter Corporate Holding 11082101 0.45
Total Promoters 1855228865 74.95
Total Public & others 112932187 4.56
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 colonization 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 July 04, 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 2017, DLF launched 'The Chanakya Mall', one of the finest mall developed in Luyten's Delhi. During the year 2019-20, the Company had 4 material unlisted subsidiaries, 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 through its wholly-owned subsidiary, DLF Home Developers Limited (DHDL), formed a joint venture with Green Horizon Trustee Limited (an affiliate of HINES') for the development of a high-end commercial project in Gurugram. 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 demerger 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 In year 2021, the Hon'ble NCLT, Chandigarh vide its Order dated 24 February 2021 has approved the Scheme of Amalgamation of DLF Property Developers Limited, Genisys Property Builders & Developers Private Limited and Ghaliya Builders & Developers Private Limited (Transferor Companies) with DLF Luxury Homes Limited (Transferee Company), whereby the transferor companies stand merged with the transferee company effective from the Appointed Date of 1 April 2019. During year 2022, the Company launched ONE Midtown', a luxury group housing project. A Scheme of Arrangement, comprising wholly-owned subsidiary companies, DLF Phase-IV Commercial Developers Limited, DLF Real Estate Builders Limited and DLF Residential Builders Limited (Transferor Companies) and demerger and transfer/ vesting of Real Estate Undertaking of DLF Utilities Limited (Demerged Company) with DLF Limited (Transferee Company) was filed before the Hon'ble NCLT, Chandigarh vide Order dated 2 February 2022 and consequent to this, the Transferor Companies stand merged with the Transferee Company w.e.f. the Appointed date, 1 April, 2021.

DLF Ltd Chairman Speech

Dear Shareholders,

The past couple of years have been one of the most challenging and uncertain times experienced across the globe. As we continue to emerge out of this phase, I hope all of you and your loved ones continue to be safe and well.

The Government led by the Hon'ble Prime Minister Shri Narendra Modi ji, rose to the occasion by successfully rolling out one of the biggest vaccination drives across the globe and proactive economic policies which continue to steer the Indian economy towards a strong recovery.

Housing segment continues to witness strong demand well supported by tailwinds from the fundamental demand drivers. Structural recovery in housing demand should continue with sustained demand momentum led by increasing urbanisation, improving affordability, positive consumer sentiments and growing aspirational needs. Consolidation amongst larger and credible brands continues to be a key trend in the housing segment, primarily driven by increasing consumer confidence towards such brands, significantly improved balance sheets and strong ability to provide high quality, safe and sustainable ecosystems.

India's attractiveness as a competitive services market coupled with strong hiring trends by the technology sector and global captives should continue to lead growth across the office segment. Retail business exhibited strong rebound during the fiscal with marked improvement in the footfalls and consumption across the portfolio supported by strong recovery in the luxury segment and growth of international brands.

I am happy to inform you that, despite the hardships faced in the recent past, your Company exhibited strong resilience during this challenging phase and has come out even stronger, delivering a strong performance across all key parameters during the fiscal. In FY22, we recorded one of the highest new sales bookings in the last decade across our development business. We continue to put greater emphasis on free cash flow generation and consequently we were able to achieve significant debt reduction during the fiscal.

Our new products continue to receive encouraging response from the market. Enthused by the growing demand coupled with sustained tailwinds supporting the housing demand, we remain committed and focused on scaling up our business by continuously bringing newer and diversified offerings to the market.

Our rental business withstood this challenging phase and is now steadily recovering to normalcy. We continue to maintain a positive outlook towards the rental business and consequently are judicially deploying capital to further strengthen and grow the office portfolio by developing safe and sustainable workplaces across geographies including Gurugram, Chennai and Noida.

Given the recovery across the retail segment and consumption trends in our country, we have also initiated development of the next line of retail destinations across multiple geographies. We hope to double our retail presence in the next 4-5 years with these additions.

We recognise that it is imperative to create an agile, professional and diversified organisation to deliver consistent and profitable growth. We have significantly stepped up our organisational capabilities in the last few years to ensure our human capital is aligned with the business growth. We have reinvigorated our leadership teams and ensured that a talented workforce is in place to support them. In alignment with our growth plans, we have further strengthened our project management and sales teams to ensure strong execution and scaling up across our business. We have also enhanced our digital capabilities by upgrading our ERP and we believe this digital transformation will lead to operational excellence and enhanced analytics to further improve decision making.

On the backdrop of a robust performance across both businesses, healthy cash flow generation and our commitment to enhance shareholders value, the Board has recommended a higher dividend pay-out for this fiscal for your approval. We remain focused and committed towards enhancing shareholder value.

We continue to do business responsibly and strive to create safe and sustainable ecosystems. Community development remains the core of what we do. We continue to nurture relationships with the communities that we operate in and strive to enhance their quality of life through various CSR initiatives, job openings, social, environmental and economic recovery. As a testament to our ESG initiatives, we were, for the second year consecutively, included in the Dow Jones Sustainability Indices in the emerging markets category. We are the only real estate company from the country to be a constituent in this index. GRESB, a global standard for ESG benchmarking and reporting for real and infrastructure assets, awarded a 5-star rating and overall regional sector leader demonstrating our history of strong governance and focused initiatives for the betterment of the society.

I would like to express my sincere gratitude to my fellow Board members for their continued guidance, all our employees for their unrelenting commitment and our stakeholders for their unflinching support during these challenging times.

While macro factors such as inflationary pressures, geopolitical tensions and rising interest rates pose new challenges, your Company is well poised to not only withstand such temporary dislocations but to deliver consistent and profitable growth. Our healthy balance sheet, diversified product offerings and strong cash flow generation provides an opportunity to further leverage this upcycle.

With best wishes,
Sincerely,
Rajiv Singh
Chairman

   

DLF Ltd Company History

DLF Ltd is engaged in the business of colonization 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 July 04, 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 2017, DLF launched 'The Chanakya Mall', one of the finest mall developed in Luyten's Delhi. During the year 2019-20, the Company had 4 material unlisted subsidiaries, 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 through its wholly-owned subsidiary, DLF Home Developers Limited (DHDL), formed a joint venture with Green Horizon Trustee Limited (an affiliate of HINES') for the development of a high-end commercial project in Gurugram. 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 demerger 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 In year 2021, the Hon'ble NCLT, Chandigarh vide its Order dated 24 February 2021 has approved the Scheme of Amalgamation of DLF Property Developers Limited, Genisys Property Builders & Developers Private Limited and Ghaliya Builders & Developers Private Limited (Transferor Companies) with DLF Luxury Homes Limited (Transferee Company), whereby the transferor companies stand merged with the transferee company effective from the Appointed Date of 1 April 2019. During year 2022, the Company launched ONE Midtown', a luxury group housing project. A Scheme of Arrangement, comprising wholly-owned subsidiary companies, DLF Phase-IV Commercial Developers Limited, DLF Real Estate Builders Limited and DLF Residential Builders Limited (Transferor Companies) and demerger and transfer/ vesting of Real Estate Undertaking of DLF Utilities Limited (Demerged Company) with DLF Limited (Transferee Company) was filed before the Hon'ble NCLT, Chandigarh vide Order dated 2 February 2022 and consequent to this, the Transferor Companies stand merged with the Transferee Company w.e.f. the Appointed date, 1 April, 2021.

DLF Ltd Directors Reports

Dear Members,

The Board of Directors have pleasure in presenting their 57th Annual Report on the business and operations of the Company, together with the audited financial statements for the Financial Year (FY) ended 31 March 2022. Financial and Operational Highlights

(Rs in crore)

Particulars Consolidated Standalone
2021-22 2020-21 2021-22 2020-21
Total income 6,138 5,945 4,657 4,479
Total expenses 4,749 5,009 2,747 3,056
Profit before exceptional items, tax, share of profit in associates and joint ventures 1,389 936 1,910 1,423
Exceptional items (net) (224) (96) (235) (45)
Profit before tax, share of profit in associates and joint ventures 1,165 840 1,675 1,378
Less: Tax expense (Current tax including earlier years and Deferred Tax) 321 362 340 325
Profit after tax before share of profit (net) in associates and joint ventures 844 478 1,335 1,053
Share of Profit in associates and joint ventures (net) 656 605
Net Profit for the Year 1,500 1,083 1,335 1,053
Other Comprehensive Income 13 3 0.13 1
Total Comprehensive Income 1,513 1,086 1,335 1,054

Financial Performance Review and Analysis

On a consolidated basis, your Company recorded a revenue (including other income) of Rs 6,138 crore, 3% higher as compared to the previous year. EBITDA stood at Rs 2,163 crore, reflecting growth of 11% from the previous year. EBITDA margins witnessed an improvement of 200 bps due to a better product mix.

Total operating expenses (excluding finance costs, depreciation and amortisation expense) were Rs 3,975 crore. Finance costs stood at Rs 625 crore, a significant reduction of 27%, compared to the previous year.

Your Company recorded a total comprehensive income of Rs 1,513 crore during the year as compared to Rs 1,086 crore in the previous year after accounting for share of profit in DLF Cyber City Developers Limited (DCCDL) and other jointly controlled entities/ associates.

Your Company generated surplus cash flow, leading to significant reduction in net debt. The improvement in cash flow was primarily driven by strong collections along with sales ramp up and effective cost control measures implemented by the Company.

Impact of COVID-19

The second wave of COVID-19 pandemic led to loss of human life and suffering worldwide. It presented an unprecedented challenge to public health, food systems and the economy as a whole. The economic and social disruption caused by the pandemic was devastating.

Due to the large number of infections in India, several State Governments announced lockdowns in the first quarter of FY 2021-22 to prevent the spread of COVID-19. This led to the curtailment of economic activity. Once lockdown restrictions were eased, the economy started witnessing a strong recovery.

The health and safety of its employees and stakeholders remained the top priority for the Company, with several initiatives to support employees and their families during the pandemic.

DLF Cyber City Developers Limited

DCCDL reported a consolidated total income of Rs 4,533 crore as compared to Rs 4,385 crore in the previous year, reflecting a 3% growth, primarily led by growth in retail revenue. DCCDLs consolidated EBIDTA stood at Rs 3,488 crore in FY 2021-22 in comparison to '3,417 crore in FY 2020-21. Total comprehensive income stood at '1,002 crore compared to '913 crore in FY 2020-21, reflecting a growth of 10%. As on 31 March 2022, DCCDL and its subsidiaries, together had an operational portfolio of ~3.52 million square meter (msm) [37.9 million square feet (msf)] and ~0.19 msm (2 msf) of assets housed under DLF.

Review of Business

Development Business

Your Company witnessed a strong growth across all segments in the residential business during the FY 2021-22. The growth was well supported by sustained momentum, fundamental drivers like affordability and the desire to own a home. The Company embarked on bringing new products across different segments and locations. With introduction of new products, the Company recorded new sales bookings of Rs 7,273 crore as compared to Rs 3,084 crore in the previous year, a remarkable increase by 136%. The total area sold during the FY stood at ~0.54 msm (5.8 msf).

Your Company launched, 'ONE Midtown', a luxury group housing project in the heart of the capital, during the second half of FY which received overwhelming response and Phase - I of the inventory was fully subscribed.

Your Company has identified a strong potential of ~3.25 msm (35 msf) of new products offering diversity across segments and geographies. Out of this pipeline, DLF has introduced Independent Floors across Gurugram, which saw extremely encouraging response from the market, a luxury development in New Delhi and one plotted development in Chennai. The Company continued to monetise its completed inventory and witnessed demand pick-up across all segments. 'The Camellias', a super luxury development in Gurugram, reported strong sales throughout the year. Your Company exhibited a strong double digit pricing growth across the product offerings resulting in significant value enhancement.

Annuity Business

The rental business continued its steady path to recovery during the year. The office business delivered strong collections, pick-up in leasing activity and witnessed a gradual ramp up in return of occupiers to their workplaces. Consequently, occupancy across the office portfolio improved to 88% at the end of the fiscal. The development of next generation workspaces - DLF Downtown at Gurugram and Chennai and Data Center at Noida remain on track.

The retail business exhibited strong rebound despite temporary dislocations due to the pandemic. Footfalls are steadily reaching pre-pandemic level with occupancy levels remaining strong at 97% across the retail portfolio. Given the backdrop of strong rebound in this segment, your Company has initiated development plans to build out new retail destinations across certain geographies including Gurugram, Delhi and Goa.

Dividend

The Board is pleased to recommend a dividend of Rs 3/- per equity share (150%) (previous year Rs 2/- per equity share) of the face value of Rs 2/- each for the FY 2021-22, payable to those shareholders, whose names appear in the Register of Members/ Beneficial ownership list provided by the depositories on the record date.

The total outgo on account of payment of dividend for the FY 2021-22 would be Rs 742.59 crore (previous year Rs 495.06 crore).

The dividend payout is in accordance with the prevalent applicable laws and the Company's Dividend Distribution Policy. The said policy is available on the website of the Company i.e. https://www.dlf.in/pdf/ Dividend%20Distribution%20Policy.pdf.

Change in Capital Structure Authorised Share Capital

The Authorised Share Capital of the Company has been changed from '10,00,00,00,000/- divided into 4,99,75,00,000 equity shares of '2/-each and 50,000 redeemable preference shares of Rs 100/- each to '10,02,98,50,000/- divided into 5,01,22,07,600 equity shares of Rs 2/- each and 54,348 redeemable preference shares of '100/- each, pursuant to the order dated 2 February 2022, passed by the Hon'ble National Company Law Tribunal, Chandigarh bench, approving

Scheme of Arrangement between DLF Phase-IV Commercial Developers Limited, DLF Real Estate Builders Limited and DLF Residential Builders Limited (Transferor Companies) and demerger and transfer/ vesting of real estate undertaking of DLF Utilities Limited (Demerged Company) with DLF Limited (Transferee Company).

Paid-up Equity Share Capital

The paid-up equity share capital of the Company is Rs 495.06 crore comprising 2,47,53,11,706 equity shares of '2/- each fully paid-up. There is no change in the paid-up share capital of the Company during the FY.

Redemption of Debentures

During the FY, the Company has fully redeemed 5,000 Senior, Secured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000/- each, aggregating to Rs 500 crore with coupon rate of 9.5% p.a., one year before the due date of redemption by exercising call option in terms of the issuance of said NCDs.

Transfer to Reserves

During the FY, the Company has not transferred any amount to the general reserve. In terms of the provisions of Section 71 of the Companies Act, 2013 ('the Act') read with Rule 18(7)(b)(iii)(B) of the Companies (Share Capital and Debentures) Rules, 2014, Debenture Redemption Reserve is not required to be created for privately placed debentures issued by listed companies, hence no amount was transferred to Debenture Redemption Reserve.

Credit Rating

During the FY, CRISIL has upgraded Long Term Rating on bank facilities to AA-/Stable from A+/Stable and Short Term Rating to A1 + from A1.

Further, ICRA has upgraded Long Term Rating on bank borrowings/ NCDs to AA-/Stable from A+/Stable and Short Term Rating to A1 + from A1.

Public 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 continued to be the holding company and holds 61.53% of paid-up equity share capital of the Company. The shareholding of the holding company increased from 60.42% (FY 2020-21) to 61.53% (FY 2021-22), pursuant to Scheme of Amalgamation involving DLF Urva Real Estate Developers & Services Private Limited (Transferor Company) with Rajdhani Investments & Agencies Private Limited (Transferee Company), approved by the Hon'ble National Company Law Tribunal, Ahmedabad Bench vide its Order dated 8 October 2021.

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

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

Particulars of Employees

Pursuant to the provisions of Section 197(12) of the Act read with Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement listing names of the top 10 employees in terms of the remuneration drawn and other particulars of the employees drawing remuneration in excess of the limits set-out in the said Rules, forms part of this report at Annexure-E1 and E2.

Subsidiaries, Joint Ventures, Associate Companies and Consolidated Financial Statements

As on 31 March 2022, the Company had 180 subsidiary companies in terms of the provisions of the Act. Further, details of changes in subsidiaries, joint ventures and associate companies during the year are given at Annexure-D.

Pursuant to the provisions of Section 129(3) of the Act and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('SEBI Listing Regulations'), the Consolidated Financial Statements of the Company were prepared in accordance with the applicable Ind AS and form 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, as amended, also forms part of the Notes to the financial statements. The highlights of the performance of Subsidiaries, Joint Ventures and Associates and their contribution to the overall performance of the