DLF Q2 FY27 Sales Bookings ₹3,800 Crore

Mr. Ashok Kumar Tyagi – Managing Director, DLF Limited
Mr. Aakash Ohri – Chief Business Officer and Managing Director, DLF Home Developers Limited
Mr. Badal Bagri – Group Chief Financial Officer, DLF Limited

New Sales Bookings: Approximately ₹3,800 crores for the quarter.
Aureva Launch: The luxury retirement housing project "Aureva" was launched and received a complete sellout. The total booking value was approximately ₹1,900 crores for the quarter, with a booking amount of ₹50 lakhs per unit. A minor spillover of 6 units was recorded post-quarter due to processing delays for NRI payments.
Dahlias Performance: The super-luxury project continues to see strong demand. 19 units were sold in the quarter across The Camellias and Dahlias. Prices have increased by approximately 10% during the quarter. Sales included North-facing units at ₹120-125 crores each and a penthouse at ₹271 crores. A price difference of ₹20-25 crores exists between North and South-facing units. Total units sold to date are 276.
Average Realization: Sales realization was "much ahead of ₹1,00,000 per square foot" on average for the quarter.
Collections: Overall collections stood at ₹2,780 crores.
Operating Cash Flow: Approximately ₹1,858 crores.
Gross Margin Potential: The development business has a gross margin potential of approximately ₹40,000 crores, with a potential cash generation of over ₹42,500 crores.

Portfolio Size: 50 million square feet.
Occupancy: Achieved record levels at 96% by area and 97% by value.
Financials: The business maintained strong momentum, delivering healthy top-line growth and "high-teen growth in profitability."
Exit Run-Rate Guidance: For the DLF rental portfolio (excluding Atrium), the exit quarterly run-rate is expected to be ₹175-180 crores, translating to an annualized run-rate of approximately ₹750 crores.

Revenue: ₹2,298 crores.
Other Income: Includes a one-time gain of ₹738 crores, accounted for due to the fair valuation of an investment in a Joint Venture company as per accounting standards.
EBITDA: ₹1,060 crores.
Net Profit: Over ₹1,300 crores.
Net Cash Position: Approximately ₹15,100 crores, maintained despite a dividend payout of close to ₹1,980 crores in the quarter.

Revenue: ₹2,014 crores.
EBITDA: ₹1,537 crores.
Net Profit: Over ₹750 crores, reflecting a year-over-year growth of 17%.
Exit Rental Guidance: The exit rental for DCCDL is projected to be approximately ₹6,800 crores.

The Arbour: The inflection point for revenue recognition is FY28, with completion expected in FY27-28.
Future Pipeline: A series of projects, including three Privana projects and Dahlias, are scheduled for completion in the three years following The Arbour's completion.

Goa Project (Promenade): Expected to be commissioned around Christmas/New Year (Q3/Q4 FY27).
Downtown Gurgaon (Block 7): Expected in FY28.
Downtown Chennai (Blocks 4 & 5): 3.6 million square feet, expected to become operational by calendar next year (CY2027).
Mall of India, Gurgaon (MOIG): Completion is targeted for FY30.
Overall Timeline: The entire DCCDL pipeline, including all office towers of Downtown Gurgaon and Downtown Chennai, is expected to be completed by FY30.

Mumbai Launch: Scheduled for Q3 FY27.
Gurgaon Launch (Magnolias 2): Scheduled for Q4 FY27.
Hamilton Project (Unofficial Name): A luxury-plus product in DLF Phase 4, scheduled for launch in Q4 FY27.

Sector 61, Gurgaon: The company concluded payments for a 7.06-acre land parcel acquired from IREO (part of a previous 28.5-acre transaction) and entered into a collaboration for a contiguous 7.48-acre parcel. The total land holding will be 36 acres. The entire transaction is expected to be concluded by Q4 FY27.
Land Payments: Approximately ₹350 crores were made in the quarter related to these land deals.

Construction Outlook (GRAP): Management acknowledged that construction outflows in Q2 and Q3 may see a slight blip due to seasonal labor migration (Chhath Puja) and potential restrictions under the Graded Response Action Plan (GRAP) if air quality deteriorates. The impact is seen as a concern but not a crisis, with progress expected to resume post-GRAP.
Dividend Policy: The dividend from DLF continues to be annual. Management is establishing a more predictable dividend pipeline from DCCDL to DLF but provided no guidance on moving to a quarterly or half-yearly payout.
Accounting Treatment: Revenue recognition follows the completed contract method, with an inflection point expected in FY28. The revenues of Cyber City and Atrium Place are not consolidated due to certain rights of minority partners, as per auditor advice.
Other Expenses: Increased due to brokerage and marketing costs. The average of the last two quarters should be considered the forward guidance.
Other Income: Typically ranges between ₹150-200 crores (interest income). The current quarter's high figure was due to the one-time ₹738 crore gain.