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 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2022

(₹ in crores unless otherwise stated)

SL

PARTICULARS

QUARTER ENDED

HALF YEAR ENDED

YEAR ENDED

NO.

30.09.2022

30.06.2022

30.09.2021

30.09.2022

30.09.2021

31.03.2022

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

(refer note 8)

(refer note 8)

1

Income

824.24

969.45

976.27

1,793.69

1,853.68

4,053.55

a) Revenue from operations

b) Other income

535.01

37.65

380.02

572.66

463.63

603.46

Total income

1,359.25

1,007.10

1,356.29

2,366.35

2,317.31

4,657.01

2

Expenses

a)

Cost of land, plots, development rights, constructed properties and others

260.67

394.80

382.20

655.47

736.75

1,613.32

b)

Employee benefits expense

99.65

89.83

50.91

189.48

95.77

238.96

c)

Finance costs

75.97

76.09

123.68

152.06

242.48

435.65

d)

Depreciation and amortisation expense

18.65

18.96

19.34

37.61

38.46

76.70

e)

Other expenses

104.90

101.40

115.14

206.30

177.78

381.92

Total expenses

559.84

681.08

691.27

1,240.92

1,291.24

2,746.55

3

Profit before exceptional items and tax (1-2)

799.41

326.02

665.02

1,125.43

1,026.07

1,910.46

4

Exceptional items (net)

-

-

-

-

-

(235.19)

5

Profit before tax

799.41

326.02

665.02

1,125.43

1,026.07

1,675.27

6

Tax expenses for the period/year

8.07

9.90

7.25

15.30

a) Current tax

17.97

33.56

b) Deferred tax

64.58

71.96

80.91

136.54

162.68

306.36

Total tax expenses for the period/year

72.65

81.86

88.16

154.51

177.98

339.92

7

Net profit for the period /year (5-6)

726.76

244.16

576.86

970.92

848.09

1,335.35

8

Other comprehensive income

0.09

0.48

0.86

1.28

0.18

a)

Items that will not be reclassified to profit and loss in subsequent period

0.57

b)

Income tax relating to items that will not be reclassified to profit and loss

(0.02)

(0.12)

(0.21)

(0.14)

(0.32)

(0.05)

Total other comprehensive income

0.07

0.36

0.65

0.43

0.96

0.13

9

Total comprehensive income for the period / year (7+8)

726.83

244.52

577.51

971.35

849.05

1,335.48

10

Paid-up equity share capital (face value of ₹ 2 per share)

495.06

495.06

495.06

495.06

495.06

495.06

11

Other equity

26,734.58

12

Earnings per equity share (face value of ₹ 2 per share) (not annualised)

Basic (₹)

2.94

0.99

2.33

3.92

3.43

5.39

Diluted (₹)

2.94

0.99

2.33

3.92

3.43

5.39

13

Additional disclosure as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 : (refer note 9)

(a) Net Worth

27,458.40

27,474.16

26,743.19

27,458.40

26,743.19

27,229.64

(b) Debt Service Coverage ratio (DSCR) (In times)

7.34

2.36

1.07

4.41

1.14

1.13

(c) Interest Service Coverage ratio (ISCR) (In times)

11.52

5.28

6.38

8.40

5.23

5.39

(d) Debt/Equity ratio (In times)

0.13

0.13

0.17

0.13

0.17

0.14

(e) Paid up debt capital / Outstanding debt

3,592.38

3,662.23

4,652.83

3,592.38

4,652.83

3,687.22

(f) Current Ratio (In times)

1.87

1.83

1.64

1.87

1.64

1.77

(g) Long term debt to working capital (In times)

0.34

0.34

0.53

0.34

0.53

0.37

(h) Bad debts to Account receivable ratio (In %)*

0.12%

0.02%

0.40%

0.14%

0.28%

2.79%

(i) Current liability ratio (In times)

0.70

0.71

0.72

0.70

0.72

0.71

(j) Total debts to total assets (In times)

0.10

0.10

0.12

0.10

0.12

0.10

(k) Debtors turnover (In times)*

19.32

23.10

19.23

42.45

24.78

55.80

(l) Inventory turnover (In times)*

0.03

0.04

0.03

0.06

0.06

0.14

(m) Operating margin (In %)

41.30%

37.59%

41.86%

39.29%

43.42%

42.99%

(n) Net profit margin (In %)

88.17%

25.19%

59.09%

54.13%

45.75%

32.94%

(o) Outstanding redeemable preference shares

Nil

Nil

Nil

Nil

Nil

Nil

(p) Capital Redemption Reserve

1.77

1.77

1.77

1.77

1.77

1.77

(q) Debenture Redemption Reserve

-

-

-

-

-

-

(r) Secutities Premium

25,069.25

25,069.25

25,069.25

25,069.25

25,069.25

25,069.25

* Not

annualised except for the year ended 31 March 2022

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 Standalone Assets and Liabilities:

(₹ in crores)

As at

As at

Particulars

30 September 2022

31 March 2022

(Unaudited)

(Audited)

ASSETS

Non-current assets

Property, plant and equipment

161.18

169.70

Right-of-use assets

56.23

63.79

Investment property

1,223.06

1,225.57

Other intangible assets

142.65

144.85

Investment in subsidiaries, associates, joint ventures and partnership firms

19,564.17

19,556.19

Financial assets

Investments

233.68

236.49

Loans

236.60

218.11

Other financial assets

96.28

76.67

Deferred tax assets (net)

1,784.56

1,921.25

Non-current tax assets (net)

407.99

412.68

Other non-current assets

713.82

689.51

Total non-current assets

24,620.22

24,714.81

Current assets

Inventories

10,128.51

10,670.94

Financial assets

Investments

20.16

203.70

Trade receivables

42.95

41.56

Cash and cash equivalents

314.88

137.48

Other bank balances

170.50

111.71

Loans

546.90

454.48

Other financial assets

848.25

823.60

Other current assets

217.59

157.39

Total current assets

12,289.74

12,600.86

Total assets

36,909.96

37,315.67

EQUITY AND LIABILITIES

Equity

Equity share capital

495.06

495.06

Other equity

26,963.34

26,734.58

Total equity

27,458.40

27,229.64

Non-current liabilities

Financial liabilities

Borrowings

1,838.30

1,962.05

Lease liability

42.84

50.72

Trade payables

(a) total outstanding dues of micro and small enterprises

-

-

(b) total outstanding dues of creditors other than micro and small enterprises

794.19

794.19

Other non-current financial liabilities

160.04

128.51

Provisions

32.23

31.36

Other non-current liabilities

3.36

5.13

Total non-current liabiliites

2,870.96

2,971.96

Current liabilities

Financial liabilities

Borrowings

1,754.08

1,725.17

Lease liability

23.80

23.59

Trade payables

(a) total outstanding dues of micro and small enterprises

36.00

46.14

(b) total outstanding dues of creditors other than micro and small enterprises

992.55

1,079.86

Other current financial liabilities

96.97

102.19

Other current liabilities

3,667.44

4,127.54

Provisions

9.76

9.58

Total current liabilities

6,580.60

7,114.07

Total equity and liabilites

36,909.96

37,315.67

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 Standalone Cash Flow for the period ended 30 September 2022

(₹ in crores)

30 September 2022

30 September 2021

Particulars

(Unaudited)

(Unaudited)

(refer note 8)

A CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax

1,125.43

1,026.07

Adjustments for:

Depreciation and amortisation expense

37.61

38.46

(Profit) / loss on sale of property, plant and equipment and investment property (net)

(0.01)

0.02

Rental income on account of discounting of security deposits and straight lining effect

(0.19)

(4.52)

Amount forfeited on properties

(1.88)

(3.60)

Finance cost

152.06

242.48

Interest income (including fair value change in financial instruments)

(38.38)

(76.25)

Share of (profit)/loss from partnership firms (net)

(9.96)

3.64

Gain on fair valuation of financial instruments (net)

(9.17)

(34.77)

Net foreign exchange differences

(0.05)

0.27

Unclaimed balances and excess provisions written back

(1.69)

(11.08)

Dividend income

(501.66)

(333.68)

Profit on sale of mutual fund

(2.79)

(3.76)

Allowance/write off's of financial and non-financial assets and provisions

0.13

12.95

Operating profit before working capital changes

749.45

856.23

Working capital adjustments:

(Increase)/decrease in trade receivables

(0.88)

54.53

Decrease in inventories

542.43

596.03

(Increase)/decrease in other current and non-current assets

(77.15)

4.30

Increase in other current and non-current financial assets

(41.87)

(86.89)

Increase/(Decrease) in other current and non-current financial liabilities

4.33

(17.54)

Increase in current and non-current provisions

1.62

0.06

Decrease in other current and non-current liabilities

(456.71)

(865.07)

Decrease in current and non-current trade payables

(96.36)

(24.71)

Cash flow from operating activities post working capital changes

624.86

516.94

Income taxes refunded/(paid), net

(7.60)

(59.62)

Net cash flow generated from operating activities (A)

617.26

457.32

B CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of property, plant and equipment and investment property

0.06

0.03

Purchase of property, plant and equipment, investment property and capital work-in-progress

(12.03)

(117.60)

Proceeds from sale of mutual funds and term deposits

453.37

1,030.64

Purchase of mutual funds and term deposits

(255.06)

(835.39)

(Investment)/redemption of fixed deposit with maturity more than 3 months (net)

(58.81)

4.04

Loans given to subsidiaries (including partnership firms), associates and joint ventures

(315.80)

(249.39)

Loans repaid by subsidiaries (including partnership firms), associates and joint ventures

201.69

339.89

Interest received

24.86

78.67

Dividend received

501.66

333.68

Net cash flow generated from investing activities (B)

539.94

584.57

C CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from non-current borrowings (including current maturities)

-

693.56

Repayment of non-current borrowings (including current maturities)

(120.01)

(851.77)

Proceeds from/(repayment of) current borrowings, net

17.47

(482.19)

Interest paid

(121.51)

(180.70)

Decrease in restricted bank balances (net)

(0.01)

(0.71)

Repayment of lease liabilities

(15.75)

(15.83)

Dividend paid

(742.58)

(494.35)

Net cash flow used in financing activities (C)

(982.39)

(1,331.99)

Net increase/(decrease) in cash and cash equivalents (A+B+C)

174.81

(290.10)

Net foreign exchange difference

0.05

(0.27)

Cash and cash equivalents at the beginning of the period

137.40

619.09

Cash and cash equivalents at period end (net of overdraft)

312.26

328.72

Components of cash and cash equivalents:

Cash and cash equivalents

314.88

341.50

Less: Book overdraft

(2.62)

(12.78)

312.26

328.72

Notes to the Standalone Financial Results

  1. The above standalone financial results of DLF Limited ('the Company') have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 21 October 2022. The statutory auditors have carried out Limited Review of above standalone financial results of the Company.
  2. These standalone 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.
  3. The Company's business activities which are primarily real estate development and related activities falls within a single reportable segment as the management of the Company 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 Company is domiciled in India and therefore there are no reportable geographical segment.
  4. Key litigations:
    1. 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, shown the same as recoverable in the books. Company has filed an Application seeking refund of ₹ 630.00 crores with interest accrued thereon and the Hon'ble Court has issued notice vide order dated 16 April 2021 on the said application. The matter is to be listed in due course.
    2. 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 49.05 acres. The said order was challenged by the Company before Hon'ble Supreme Court of India and the matter is stayed till further orders.

(this space has been intentionally left blank)

Notes to the Standalone Financial Results

  1. 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 stand admitted vide order dated 24 April 2015 without granting any interim stay in favour of SEBI. In February 2015, SEBI, in similar matters, imposed penalties upon Company, some of its directors/officers and its three subsidiaries and their directors. The Company approached the SAT which held that the SEBI order cannot be sustained. 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.

Based on the grounds of the appeals and advice of the independent legal counsels, management believes that there is reasonable strong likelihood of succeeding in respect of above matters. Pending the final decisions on the above matters, no adjustment has been made in these standalone financial results.

The above litigations as mentioned in point 4 (a), (b) and (c) are subject matter of 'Emphasis of Matter' in Independent Auditor's Report.

  1. Asset cover (computed based on market value of the assets) in respect of non-convertible debentures (NCD) is more than hundred and fifty percent of principal outstanding. NCDs of ₹ 500 crores are secured by way of pari-passu charge on immovable property situated in New Delhi, owned by a wholly owned subsidiary company.
  2. During the quarter, the Company in its 57th Annual General Meeting held on 10 August 2022, has declared dividend of ₹ 3/- per share (On the face value of ₹ 2 per equity share) amounting to ₹ 742.59 crores.
  3. During the quarter, i) CRISIL revised the outlook of its long term rating from CRISIL AA- (Stable) to CRISIL AA-(Positive). It also reaffirmed the short term rating at CRISIL A1+; ii) ICRA revised the outlook of its long term rating from ICRA AA- (Stable) to ICRA AA-(Positive). It also reaffirmed the short term rating at ICRA A1+.
  4. During the previous year, the Hon'ble National Company Law Tribunal (NCLT), Chandigarh Bench vide its Order dated 2 February 2022, has approved the Scheme of Arrangement involving merger/ demerger of wholly-owned subsidiary companies namely DLF Phase-IV Commercial Developers Limited, DLF Real Estate Builders Limited, 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) pursuant to Section 230-232 and other relevant provisions of the Companies Act, 2013 read with the Rules made thereunder. Accordingly, the figures for the corresponding quarter and half year ended 30 September 2021 have been restated in accordance with Appendix C of Ind AS 103 - 'Business Combination'.

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DLF Limited published this content on 21 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2022 12:26:07 UTC.