DLF Limited

Regd. Office: Shopping Mall, 3rd Floor, Arjun Marg, DLF City, Phase I, Gurugram - 122 002 (Haryana), India.
CIN – L70101HR1963PLC002484, Website : www.dlf.in
Tel.: +91-124-4334200, Email: [email protected]

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2024
(₹ in crores unless otherwise stated)

SL NO. PARTICULARS QUARTER ENDED HALF YEAR ENDED YEAR ENDED

30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 Income
a) Revenue from operations 1,975.02 1,362.35 1,347.68 3,337.37 2,770.91 6,427.00
b) Other income 205.81 367.47 128.74 573.28 227.22 531.34
Total income 2,180.83 1,729.82 1,476.42 3,910.65 2,998.13 6,958.34
2 Expenses
a) Cost of land, plots, constructed properties, development rights and others 1,080.06 661.66 579.79 1,741.72 1,268.05 2,793.76
b) Employee benefits expense 165.41 164.05 123.99 329.46 296.74 545.95
c) Finance costs 93.51 101.19 90.16 194.70 175.01 356.45
d) Depreciation and amortisation expense 37.73 37.28 36.96 75.01 73.32 147.95
e) Other expenses 227.51 308.02 181.55 535.53 347.60 963.69
Total expenses 1,604.22 1,272.20 1,012.45 2,876.42 2,160.72 4,807.80
3 Profit before tax, share of profit in associates and joint ventures (1-2) 576.61 457.62 463.97 1,034.23 837.41 2,150.54
4 Tax expenses for the period/year
(a) Current tax 37.86 48.27 25.09 86.13 46.59 124.67
(b) Tax relating to earlier years - - - - - 11.42
(c) Deferred tax (refer note 7) (504.66) 70.07 87.11 (434.59) 167.03 384.05
Total tax expenses for the period/year (466.80) 118.34 112.20 (348.46) 213.62 520.14
5 Profit after tax and before share of profit in associates and joint ventures (3-4) 1,043.41 339.28 351.77 1,382.69 623.79 1,630.40
6 Share of profit in associates and joint ventures (net) 337.81 305.39 270.12 643.20 524.21 1,093.13
7 Net profit for the period/year (5+6) 1,381.22 644.67 621.89 2,025.89 1,148.00 2,723.53
8 Other comprehensive income
a) Items that will not be reclassified to profit and loss 2.47 1.71 8.11 4.18 9.20 6.81
b) Income tax relating to items that will not be reclassified to profit and loss 3.31 (0.01) (1.65) 3.30 (1.76) (0.51)
Total other comprehensive income 5.78 1.70 6.46 7.48 7.44 6.30
9 Total comprehensive income for the period/year (7+8) 1,387.00 646.37 628.35 2,033.37 1,155.44 2,729.83
10 Net profit for the period/year attributable to:
Owners of the holding company 1,381.08 645.61 622.78 2,026.69 1,149.78 2,727.09
Non-controlling interests 0.14 (0.94) (0.89) (0.80) (1.78) (3.56)
1,381.22 644.67 621.89 2,025.89 1,148.00 2,723.53
11 Other comprehensive income attributable to:
Owners of the holding company 5.78 1.70 6.46 7.48 7.44 6.30
Non-controlling interests - - - - - -
5.78 1.70 6.46 7.48 7.44 6.30
12 Total comprehensive income attributable to:
Owners of the holding company 1,386.86 647.31 629.24 2,034.17 1,157.22 2,733.39
Non-controlling interests 0.14 (0.94) (0.89) (0.80) (1.78) (3.56)
1,387.00 646.37 628.35 2,033.37 1,155.44 2,729.83
13 Paid-up equity share capital (face value of ₹ 2 per share) 495.06 495.06 495.06 495.06 495.06 495.06
14 Other equity 38,935.75
15 Earnings per equity share (face value of ₹ 2 per share) (not annualised)
Basic (₹) 5.58 2.61 2.52 8.19 4.65 11.02
Diluted (₹) 5.58 2.61 2.52 8.19 4.65 11.02
DLF Limited
Regd. Office: Shopping Mall, 3rd Floor, Arjun Marg, DLF City, Phase I, Gurugram - 122 002 (Haryana), India.
CIN – L70101HR1963PLC002484, Website : www.dlf.in
Tel.: +91-124-4334200, Email: [email protected]

Statement of Unaudited Consolidated Assets and Liabilities:

(₹ in crores)
As at As at
Particulars 30 September 2024 31 March 2024
(Unaudited) (Audited)

ASSETS
Non-current assets
Property, plant and equipment 656.58 690.76
Capital work-in-progress 72.51 68.10
Investment properties 2,006.16 2,025.67
Goodwill 944.25 944.25
Other intangible assets 133.44 136.35
Intangible assets under development 5.53 2.60
Right-of-use assets 90.44 82.99
Investments in joint ventures and associates 19,995.17 19,313.07
Financial assets
Investments 549.81 443.81
Loans 198.97 204.67
Other financial assets 285.56 140.51
Deferred tax assets (net) 1,030.11 1,193.47
Non-current tax assets (net) 1,088.97 1,000.05
Other non-current assets 1,514.59 1,459.36
Total non-current assets 28,572.09 27,705.66
Current assets
Inventories 21,619.96 21,154.13
Financial assets
Investments 355.00 380.81
Trade receivables 577.56 538.07
Cash and cash equivalents 457.26 1,393.83
Other bank balances 1,334.05 2,990.51
Loans 1,008.84 957.58
Other financial assets [includes bank deposits of ₹ 4,944.13 crores (31 March 2024 - ₹ 1,837.76 crores)] 6,367.01 3,274.93
Other current assets 1,759.36 1,328.53
Total current assets 33,479.04 32,018.39

Assets classified as held for sale 527.68 538.34

Total assets 62,578.81 60,262.39

EQUITY AND LIABILITIES

Equity
Equity share capital 495.06 495.06
Other equity 39,732.26 38,935.75
Equity attributable to owners of Holding Company 40,227.32 39,430.81
Non-controlling interests - 0.80
Total equity 40,227.32 39,431.61

Non-current liabilities
Financial liabilities
Borrowings 2,401.87 2,438.99
Lease liabilities 236.32 228.00
Trade payables
(a) total outstanding dues of micro enterprises and small enterprises - -
(b) total outstanding dues of creditors other than micro enterprises and small enterprises 794.19 794.19
Other non-current financial liabilities 264.70 249.66
Provisions 61.71 54.00
Deferred tax liabilities (net) 2,195.21 2,790.19
Other non-current liabilities 129.49 134.70
Total non-current liabilities 6,083.49 6,689.73
Current liabilities
Financial liabilities
Borrowings 1,642.01 2,159.73
Lease liabilities 9.56 7.15
Trade payables
(a) total outstanding dues of micro enterprises and small enterprises 249.68 408.43
(b) total outstanding dues of creditors other than micro enterprises and small enterprises 1,655.71 1,379.39
Other current financial liabilities 373.49 385.92
Other current liabilities 12,233.35 9,721.31
Provisions 100.69 74.68
Total current liabilities 16,264.49 14,136.61

Liabilities related to assets held for sale 3.51 4.44

Total equity and liabilities 62,578.81 60,262.39

DLF Limited
Regd. Office: Shopping Mall, 3rd Floor, Arjun Marg, DLF City, Phase I, Gurugram - 122 022 (Haryana), India.
CIN – L70101HR1963PLC002484, Website : www.dlf.in
Tel.: +91-124-4334200, Fax:+91-124-4769250

Statement of Unaudited Consolidated Cash Flow for the period ended 30 September 2024: (₹ in crores)
30 September 2024 30 September 2023
Particulars (Unaudited) (Unaudited)
A CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax and share of profit in associates and joint ventures 1,034.23 837.41
Adjustments for:
Depreciation and amortisation expense 75.01 73.32
(Loss) / profit on sale of property, plant and equipment and investment property (net) (0.32) 0.14
Rental income on account of discounting of security deposits and straight lining effect (4.34) (12.81)
Interest income (including fair value change in financial instruments) (460.91) (168.25)
Loss / (gain) on fair valuation of financial instruments (net) 5.86 (19.66)
Loss on foreign currency transactions (net) 0.25 0.08
Finance costs 194.70 175.01
Profit on disposal of investments (net) (0.02) (1.63)
Allowance / write off’s of financial and non-financial assets and provisions 5.85 8.89
Amount forfeited on properties (6.16) (0.25)
Unclaimed balances and excess provisions written back (97.82) (19.02)
Operating profit before working capital changes 746.33 873.23

Working capital adjustments:

Increase in inventories (452.68) (201.65)
Decrease in other financial assets and loans 59.53 2.22
Increase in other non-financial assets (377.56) (340.77)
(Increase) / decrease in trade receivables (20.06) 24.64
Decrease in other financial liabilities (1.47) (33.57)
Increase in other non-financial liabilities 2,516.97 1,866.01
Increase in provisions 6.68 1.55
Increase in trade payables 117.81 30.92
Cash flow from operating activities post working capital changes 2,595.55 2,222.58
Income tax (paid) / refunded, net (32.14) (70.67)
Net cash flow generated from operating activities (A) 2,563.41 2,151.91

B CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment, investment property, intangible assets and capital work-in-progress (24.93) (93.75)
Proceeds from sale of property, plant and equipment and investment property 0.59 0.12
Purchase of investments (236.25) (93.60)
Proceeds from disposal / redemption of investments 55.81 115.00
Proceeds from disposal of mutual funds 50.53 1,353.57
Purchase of investment in mutual funds (58.45) (1,246.77)
Loan given (16.57) (126.08)
Loan received back 13.54 3.00
Investment in fixed deposits with maturity more than 3 months (net) (1,475.20) (369.02)
Interest received 121.09 19.45
Dividend received 83.01 45.28
Net cash flow used in investing activities (B) (1,486.83) (392.80)

C CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of non-current borrowings (including current maturities) (30.41) (96.60)
(Repayment of) / proceeds from current borrowings, net (527.66) 73.34
Finance cost paid (203.69) (158.59)
Repayment of lease liabilities (13.96) (12.53)
Decrease in restricted bank balances (net) (0.02) (0.74)
Dividend paid (1,237.64) (990.87)
Net cash flow used in financing activities (C) (2,013.38) (1,185.99)

Net (decrease) /increase in cash and cash equivalents (A+B+C) (936.80) 573.12
Cash and cash equivalents at the beginning of the year 1,393.83 207.35
Add: Cash and cash equivalents classified to held for sale or relating to acquisition/ disposals 0.23 (0.37)
Cash and cash equivalents at year end (net of overdraft) 457.26 780.10

Components of cash and cash equivalents at year end comprises of:

Cash and cash equivalents 457.26 780.15
Less: Book overdraft - (0.05)
457.26 780.10
 Notes to the Consolidated Financial Results

1. The above consolidated financial results of DLF Limited (“the Company”), its subsidiaries,
partnership firms (together referred as “the Group”) and its joint ventures, joint operations and
associates have been reviewed by the Audit Committee and approved by the Board of Directors at
its meeting held on 25 October 2024. The statutory auditors have carried out Limited Review of
above consolidated financial results of the Group.

2. These consolidated financial results have been prepared in accordance with the recognition and
measurement principles of Indian Accounting Standards (Ind AS) as notified under Section 133 of
the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 as
amended. The said consolidated financial results represent the results of DLF Limited (“the
Company”), its subsidiaries, partnership firms (together referred as “the Group”), its joint
operations and its share in results of joint ventures and associates which have been prepared in
accordance with Ind AS-110 – ‘Consolidated Financial Statement’ and Ind AS-28 – ‘Investment in
Associates and Joint Ventures’.

3. The Group’s business activities which are primarily real estate development and related activities
falls within a single reportable segment as the management of the Group views the entire business
activities as real estate development. Accordingly, there are no additional disclosures to be
furnished in accordance with the requirement of Ind AS 108 – ‘Operating Segments’ with respect
to single reportable segment. Further, the operations of the Group is domiciled in India and
therefore there are no reportable geographical segment.

4. The standalone financial results of the Company for the quarter and half year ended 30 September
2024 are available on the Company’s Website https://www.dlf.in/investor.php.

Key standalone financial information is given below: (₹ in crores)

Particulars Quarter ended Half year ended Year ended
30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Total income
1,088.06 602.91 795.84 1,690.97 1,696.00 4,077.52
Profit before tax
228.80 4.51 223.87 233.31 458.21 1,527.03
Net profit for the
192.36 3.79 169.21 196.15 344.62 1,251.21
period/year
Other comprehensive
(1.98) 0.03 (0.62) (1.95) (0.34) 0.11
income
Total comprehensive
190.38 3.82 168.59 194.20 344.28 1,251.32
income for the
period/year

5. Key litigations:
a) (i) In a complaint filed by Belaire/Magnolia/Park Place owners association against the
Company alleging unfair conditions on its buyers, the Competition Commission of India
(CCI) had imposed penalty of ₹ 630.00 crores, which is also upheld by the Competition
Appellate Tribunal (COMPAT). The Company had filed an appeal before Hon’ble Supreme
Court of India (Hon’ble Court) against the said order which the Hon’ble Court admitted
vide its order dated 27 August 2014 and the Company deposited ₹ 630.00 crores on Hon’ble
Court’s direction and has shown the same as recoverable in the books. The Company has
filed an application seeking refund including interest, which is to be listed along-with main
appeal in due course.
 Notes to the Consolidated Financial Results

(ii) CCI vide its order dated 14 May 2015 had directed one of the subsidiary company relating
to New Town Heights Project, to cease and desist in implementation of the terms and
conditions of Apartment Buyer Agreement which is found to be unfair and abusive. No
penalty has been imposed by CCI. Appeals filed by the Company were dismissed by
COMPAT and the order of the COMPAT was challenged by the Company, before the
Hon’ble Court. The appeals have been tagged with the main appeal (mentioned in Para-a(i)
above).

The above matters are pending for final outcome.

b) In a matter, the Hon’ble High Court of Punjab and Haryana passed order against the
Company, one of its subsidiaries and a joint venture company cancelling the sale deeds of
land/removal of construction relating to two IT SEZ/ IT Park Projects in Gurugram
admeasuring ~56 acres. The said order was challenged by the Company before Hon’ble
Supreme Court of India and the matter is stayed till further orders.

c) In a matter alleging the Company for non-disclosure of material information at the time of
filing Red Herring Prospectus in 2007, the Securities and Exchange Board of India (SEBI)
restrained the Company and its Officers/certain directors from accessing the securities market
and prohibited them from buying, selling or otherwise dealing in securities, directly or
indirectly, in any manner, whatsoever, for a period of three years. The Securities Appellate
Tribunal (SAT) vide its order dated 13 March 2015 quashed and set aside the order passed by
SEBI. Against SAT’s order, SEBI filed an appeal with the Hon’ble Supreme Court of India
(Hon’ble Court), which stood admitted vide order dated 24 April 2015 without granting any
interim stay in favour of SEBI. In October 2015, SEBI filed applications before the Hon'ble
Court seeking, restraint on the Company, its promoters and/or directors from proceeding
with the sale of 159,699,999 Cumulative Compulsorily Convertible Preference Shares of DLF
Cyber City Developers Limited held by the promoter group companies to third party
institutional investors. The said applications came up for hearing before the Hon’ble Court
on 4 November 2015 and the Hon’ble Court did not pass any orders restraining the
Transaction and simply directed that the said applications be listed along with the appeal. The
matters are pending for final outcome.

d) A subsidiary company has total outstanding trade receivables from Coal India Limited and its
subsidiaries (together referred to as “CIL”) amounting to ₹ 259.68 crores. The subsidiary
company and CIL had approached Jharkhand State Electricity Regulatory Commission
(JSERC) for fixation of tariff, who passed the order in favor of the subsidiary company and
the same was upheld by Appellate Tribunal. CIL filed appeal before the Hon’ble Supreme
Court of India (Hon’ble Court) which issued order dated 14 September 2012 directing CIL to
pay tariff fixed by JSERC as confirmed by Appellate Tribunal, however, the said amount is
still pending recovery. The subsidiary company believes that pending final disposal of the
matter and keeping in view the interim relief granted by the Hon’ble Court the amounts due
from CIL are fully recoverable. In addition, there are other similar cases from other customers
wherein amount involved is ₹ 137.18 crores and the subsidiary company is confident of its
recovery based on the Court decisions till date and legal advice.

Based on the grounds of the appeals and advice of the independent legal counsels, management
believes that there is strong likelihood of succeeding in respect of above matters. Pending the final
decisions on the above matters, no adjustment is required to be made in these consolidated
financial results.
 Notes to the Consolidated Financial Results

e) In earlier years, one of the joint venture company, Twenty Five Downtown Reality Limited
[formerly Joyous Housing Limited (JHL)] defaulted in meeting its debt obligation to a housing
finance company (HFC or Lender). Disputes arose between the shareholders of JHL, and an
arbitration for repayment of the Company’s entire outstanding dues, inclusive of interest, from
JHL is ongoing between the shareholders.

Meanwhile, the Lender assigned the loan to Omkara Asset Reconstruction Company Limited
(ARC) and also invoked the pledge of shares, despite the Company’s acceptance of Lender’s
offer to purchase 100% shares of JHL (at a price higher than the reserve price) and repay the
outstanding dues of the Lender. The ARC thereafter sold 75% shares of JHL (including 37.5%
shares held by the Company) to a third party.

The aforesaid assignment of loan as well as the sale of shares has been challenged by the
Company before the Hon’ble High Court of Delhi (Hon’ble Court), and the Hon’ble Court
has referred the said disputes between all parties involved to arbitration before a sole arbitrator
i.e. a Retired Former Judge, Supreme Court of India.

The Lender, ARC and others had challenged the aforesaid order of Hon’ble Court appointing
a Retired Former Judge as the Sole Arbitrator to adjudicate the dispute between parties relating
to the unlawful assignment of debt by Lender and the subsequent sale of shares before the
Hon’ble Supreme Court.

The Hon’ble Supreme Court vide its Order dated 13 May 2024 dismissed the said Special
Leave Petitions (SLPs).

Consequently, the aforesaid Arbitration shall proceed as per law.

Owing to the ongoing actions and circumstances, which are challenged by the Company, JHL
at present is not a joint venture of the Company, only in accordance with Ind AS 111 ‘Joint
Arrangement” read with Ind AS 110 ‘Consolidated Financial Statements’.

The Company has also filed a petition under Section 7 of the Insolvency and Bankruptcy
Code, 2016 against JHL before the National Company Law Tribunal, Mumbai for initiation
of corporate insolvency proceedings against JHL on basis of admission of liability in its
audited balance sheets.

At present the total loan and investments of the Company in JHL are ₹ 599.46 crores. Further,
based on the legal advice, management believes that it has a strong likelihood of successful
outcome in its favour. Still, due to ongoing dispute and uncertainties involved w.r.t. outcome
of litigation/arbitration and consequential impact on recoverability of the Company’s
investment/loan, the provision recognised against such investment/loan is considered to be
adequate.

The above litigations as mentioned in point 5 (a), (b), (c), (d) and (e) are subject matter of ‘Emphasis
of Matter’ in Independent Auditor’s Review Report.
 Notes to the Consolidated Financial Results

6. During the previous year, DLF Home Developers Limited (‘DHDL’), a wholly-owned material
subsidiary, has allotted 60,000 – 8.50% Senior, Secured, Rated, Listed, Redeemable, Guaranteed,
Rupee Denominated Non-Convertible Debentures (‘NCDs’) of the face value of ₹ 100,000 each
at par, amounting to ₹ 600.00 crores by way of private placement. The NCDs are secured by way
of pari-passu charge on immovable property situated in New Delhi, owned by another wholly-
owned subsidiary of the Company.

In accordance with the terms of the Debenture Trust Deed, the security is sufficient to cover more
than one hundred and fifty percent of principal and interest outstanding in respect of these NCDs.

Out of the total proceeds of ₹ 600.00 crores from issuance of said non-convertible debentures,
there is no utilization of proceeds as at 30 September 2024 and the entire proceeds are invested in
fixed deposits.

7. Pursuant to change in tax rate on long term capital gain on enactment of the Finance Act 2024, the
Group has reassessed deferred tax asset / liabilities considering effective tax rate as applicable on
capital gains for the full year. This has resulted in reversal of deferred tax liability of ₹ 605.79 crores
upto 30 September 2024.

8. During the quarter, the Company in its 59th Annual General Meeting held on 7 August 2024, has
declared dividend of ₹ 5/- per share (On the face value of ₹ 2 per equity share) amounting to ₹
1,237.66 crores.

9. Restructuring:

a) The Board of Directors of Aaralyn Builders & Developers Private Limited, Afaaf Builders &
Developers Private Limited, Akina Builders & Developers Private Limited, Arlie Builders &
Developers Private Limited, Atherol Builders & Developers Private Limited, Cadence Real
Estates Private Limited, Demarco Developers and Constructions Private Limited, DLF
Universal Limited, Hoshi Builders & Developers Private Limited, Jayanti Real Estate
Developers Private Limited, Mufallah Builders & Developers Private Limited, Ophira Builders
& Developers Private Limited, Oriel Real Estates Private Limited, Sagardutt Builders &
Developers Private Limited, Vamil Builders & Developers Private Limited, Verano Builders
& Developers Private Limited (Transferor Companies) have accorded their consent for
approving the Scheme of Amalgamation with DLF Limited (Transferee Company) in their
respective meetings held on 25 October 2024.

b) The Board of Directors of Adoncia Builders & Developers Private Limited, Amandla Builders
& Developers Private Limited, Berit Builders & Developers Private Limited, Invecon Private
Limited, Manini Real Estates Private Limited, Murdock Builders & Developers Private
Limited, Prewitt Builders & Constructions Private Limited, Uni International Private Limited
(Transferor Companies) have accorded their consent for approving the Scheme of
Amalgamation with Highvista Buildcon Private Limited [formerly known as Vikram Electric
Equipment Private Limited], (Transferee Company) in their respective meetings held on 24
October 2024.

10. The figures for the corresponding previous period/year have been regrouped/reclassified,
wherever necessary.
On behalf of the Board of Directors of DLF Limited

Place: New Delhi Devinder Singh Ashok Kumar Tyagi

Date: 25 October 2024 Managing Director Managing Director and CFO
DIN: 02569464 DIN: 00254161