#1DLF Limited : Q4 & FY23 Results Presentation DLF F The Arbour DLF 63, GURUGRAM *ARTISTIC IMPRESSION OF THE PROPOSED PROJECT#2Independent Floors Artist's impression; Not an actual image AGENDA DLFA 1 Group Overview 2 DLF Limited Business Update 3 DCCDL : Business Update#3OVERVIEW: DLF Group Business Residential Apartments/Plotted/ BB Townships/Low-rise Offices Cyber Cities/Cyber Parks/ IT SEZs/ Commercial Parks 75 Track record Years of experience in real estate development Scale 215 msf+ Development potential (Devco & Rentco) Organization 158+ Real estate projects developed Retail DLF Other Business Service & Facility Management/Hospitality 334 msf+ Area developed 118 msf+ Deliveries since IPO ~42 msf Operational Rental portfolio ~46 msf New Products Pipeline (Devco & Rentco) ~INR 73 bn Available Inventory Strong brand DLF⭑ Focused on Safety, Sustainability & Governance Strong Leadership with experienced teams Strong Promoter commitment 3#4DLF Group- Key Business Priorities GOAL Value Creation Levers 1 Development Business 2 Rental Business 3 Cash Management 4 LO 5 Profitability/ Shareholder returns Organization ☐ Maintaining Leadership position by delivering Consistent, Competitive & Profitable Growth DLF⭑ Identified Plan/Actions Continue to scaling-up our product offerings; developing margin accretive products Tapping multiple geographies; Core: Gurugram / Delhi NCR; Other Key Markets: Chennai/Chandigarh Tri-city/Goa Continue to work on developing profitable opportunities Double digit rental growth through organic growth and New developments Significant increase in retail presence; Portfolio to grow to 2x in next 4-5 years Unlocking the development potential; Modernization / Upgradation of existing assets Consistent free cash flow generation in the business; Targeting steady growth in FCF generation I ☐ To achieve our goal of being Net Debt Zero (Development business) in FY24 ☐ Improving profitability; Targeting steady double digit PAT growth annually; Improving Shareholder returns by enhancing Dividend Payout over time Building Organizational capabilities; strengthening project management/ sales organization & enhancing digital capabilities to improve efficiency and controls Optimizing organizational overheads; to be competitive & commensurate with our growth plans 4 I#5Empty#6DLF Limited :Business Update Aerial view of the Clubhouse at The Camellias, DLF 5, Gurugram ០#7Results highlights - Q4 & FY23 Record performance across all KPIs New Sales Booking Collections DLF Surplus Cashflow Q4 Rs 8,458 crore Q4: Rs 1,929 crore Q4: Rs 1,369 crore FY23: Rs 15,058 crore FY23: Rs 5,650 crore FY23*: Rs 2,543 crore Record sales Record collections Record Cash generation PAT Q4: Rs 581 crore FY23: Rs 2,053 crore 36% growth from LY ESG/Credit Rating DJSI Emerging Markets Index Constituent For 3rd consecutive year Only RE company from India ICRA AA/Stable CRISIL AA/Stable Rating Upgraded Net Debt Rs 721 crore Lowest debt levels *before repayment of Rs 582 crore (capex advance to DCCDL) 7#8DLF Limited- Business Performance Consistent growth across all key business metrics during the last 3 years New Sales Bookings New Product Launches CAGR 82% 3,084 cr 2,485 cr 7,273 cr 15,058 cr CAGR 366% 6.4 msf 1.6 msf DLF 10.1 msf FY20 FY21 FY22 FY23 Profitability (PAT)1 FY20 FY21 FY22 FY23 EBITDA Margins 2,053 cr 35% 34% 33% CAGR 30% 28% 1,513 cr 1,097 cr 943 cr FY20 FY21 FY22 1 FY20 adjusted PAT before DTA reversal; Reported PAT was Rs (594) crore FY20 FY21 FY22 FY23 FY23 8#9DLF Limited - Business Performance Consistent growth across all key business metrics during the last 3 years Surplus Cash Flow¹ DLF Receivables 14,798 cr 382 cr 2,543 cr CAGR 158% 2,205 cr CAGR 81% 5,912 cr 3,083 cr 2,500 cr - 842 cr FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 Net Debt Dividend 2 5,267 cr 49% 2,680 cr பம். 4,885 cr 721 cr FY20 FY21 FY22 FY23 495 cr 495 cr 990 cr CAGR 26% 742 cr ril FY20 1 before repayment of Hyderabad capex advance; 2 Dividend for FY23 recommended by the Board, subject to shareholder approval FY21 FY22 FY23 9#10New Sales Bookings – FY23 (Rs 15,058# crore / 10 msf) Record sales during the fiscal - 90%+ contribution from New Products 2,729 cr Q4FY22 210% 8,458 cr Q4FY23 107% 7,273 cr FY22 DLF 15,058 cr FY23 ☐ Record sales; significantly higher than FY23 guidance of Rs 8,000 crore due to overwhelming response for our Luxury offering-The Arbour, completely sold-out during pre-launch phase Key launches: ✓ The Arbour, New Gurugram ~Rs 8,000 cr - ✓ The Valley Gardens, Chandigarh tri-city- Rs 1,150 cr ✓ Garden city Enclave, New Gurgaon- ~Rs 1,075 cr ✓ The Grove, DLF 5, Gurugram ~Rs 1,870 cr - # pleasantly surprised by the overwhelming response for The Arbour. This resulted in preponement of a significant portion of sales for the project leading to record sales during the fiscal 10#11- The Arbour, Sec- 63, Gurugram – Luxury High-rise Development Record breaking response: Billion $ sale; sold out in pre-launch phase 2 □ Project Size: spread across ~25 acres; ~ 4.5 msf ☐ Sales potential: Rs 8,000+ crore Released: Entire project; Sold out ~ □ Average realization: Rs 17,800 psf □ IGBC Platinum rating (pre-certified) DLF Disciplined approach to ensure High-quality Sales 10% Sales Value collected within 30 days of launch Agreements executed for entire sold area End users estimated at 95%+ 11#12104 Development Potential Strategically located land bank at low carrying cost; will enable steady & sustainable growth Location DLF Development Potential1 (in msf). Gurgaon Delhi Metropolitan Region Chennai Hyderabad Chandigarh Tri-City Region Kolkata Maharashtra (Mumbai/Pune/Nagpur) Bhuvaneshwar Gandhi Nagar Other Cities TOTAL Identified Pipeline of New Product Launches Balance potential DLF 5/DLF City New Gurgaon 32 13 12 3 16 2662 16 11 187 41 146 24 81 2 22% (41 msf) Land Bank monetization through scaling up launches over the medium term 12 1The potential is based on best estimates as per the current zoning regulations; excludes TOD/TDR potential#13Project Launch Calendar (New Products) Performance ahead of initial guidance; driven by scale-up & value enhancement Initial Guidance Sales Launched till FY 22-23 Sales Total Planned FY 23-24 Till FY23-24 Size (~ in msf) Size Potential (~ in Rs crore) (~ in msf) Potential (~ in Rs crore) Size (~ in msf) Sales Potential (~in Rs crore) Size Sales Potential Size (~ in msf) (~ in msf) (~ in Rs crore) DLF Beyond FY 24 Sales Potential ( ~ in Rs crore) Luxury Segment 10 12,500 10 15,240 5 12,400 15 27,640 Midtown, DLF- GIC Residential 8 17,500 2 4,405 2 4,405 6 13,100 JV Premium Value 9 5,000 LO 5 3,050 LO 6,000 10 9,050 2 2,500 1 1,339 0.7 660 1.7 2,000 0.9 1,975 Commercial Atrium Place 2.9 7,000 (Commercial JV) NOIDA IT Park 3.5 2,500 2.9 7,000 0.8 650 0.8 650 2.7 1,850 Grand Total 35 47,000 18 24,035 11.2 19,710 29 43,745 12 23,900 Cumulative 41 67,645 FY23 Launches: 10 msf/ Rs 14.6k cr sales potential; FY24 Planned launches: 11.2 msf/ Rs 19.7k cr sales potential 13#14Product Available for Sales Bookings : 2 Rs 27k crore DLF Available Inventory Rs 7,388 crore Planned products (FY24 onwards) Rs 19,710 crore Completed Inventory (Till 31st Mar-23) Launched Products (Till 31st Mar-23) Rs 4,272 crore Planned residential developments across Gurugram/Chennai/Chandigarh Tri-city; to be launched subject to requisite approvals 2 Rs 3,117 crore ~ 14#15Residual Gross Margin as on 31.03.2023 New products leading margin accretion; Margin enhancement during the year is 2x of consumption Gross Margin to be recognized from sales done till Project 31st March-2023 Gross Margin to be recognized from Inventory as on 31st March-2023 DLF Gross Margin Movement Completed Inventory Camellias DLF 5 813 1,412 37 7,965 cr 2 72 51 New Gurgaon 262 456 National Devco 1,184 1,922 Sub-Total New Products (launched 6,069 786 from Q3FY21 Onwards) One Midtown (DLF Share) 382 410 Grand Total 7,635 3,118 Gross margin to be recognized in next few Rs. 10,753 crore years 10,753 cr FY22 FY23 15#16Project Status - as on 31.03.2023 Healthy mix of completed & launched inventory; healthy receivables of 14.8k crore Project Sales Booking (in Rs crore) Total Inventory Value (in Rs crore) Revenue recognized (in Rs crore) Balance Revenue to be recognized (in Rs crore) DLF Balance Receivable (in Rs crore) The Camellias 9,636 1,866 8,521 2,981 214 Others 30,331 1,251 29,197 2,385 339 Sub-Total 39,967 3,117 37,718 5,366 553 * New Products 19,393 4,272 53 23,612 14,244 G.TOTAL *includes One Midtown (JV project) 59,360 7,388 37,771 28,978 14,798 16#17Project Execution Status: Area Under Development (34 msf by FY24 end) Calibrated scale-up; enhanced focus on timely execution DLF Segment Under Construction 1st Apr'23 New Addition FY 23-24 Expected Completions FY 23-24 Closing Execution 1st Apr'24 DevCo Luxury* 13 Premium 55 2.8 15 5 Value 4 1.7 2.3 Commercial 2 0.7 2.8 Atrium Place (JV project) 2.9 I 2.9 Sub Total - DevCo ( A ) 22 10.7 4.5 28.2 DCCDL Rentco Projects DT-Gurgaon 2.0 2.0 Mall of India, Gurugram 2.6 2.6 DT-Chennai 3.4 2.2 1.2 Sub Total - DCCDL Rentco Projects ( B ) 5.4 2.6 2.2 5.8 Total (A+B) *includes One Midtown (JV project) 27 13.4 6.7 34 17#18Project Execution Status The Arbour, Sector-63, Gurugram The Valley Gardens, Panchkula DLF City Floors, Gurugram Garden city Floors, New Gurgaon DLF#19Project Execution Status One Midtown, New Delhi The Grove, DLF 5, Gurugram DLF Summit Plaza, DLF 5, Gurrugram Garden City Enclave, Sector-93, New Gurgaon#20Outlook Industry DLF □ CY22 registered record sales in residential segment despite rising interest rates Housing upcycle expected to continue with improved growth outlook of the resilient Indian economy Credible brands should continue to gain market share; continued preference for larger homes and premium/luxury segment ☐ Recent launches have been accepted well in the market; customers continue to repose faith on our brand and the new products | Company Continue to follow a calibrated approach to create new supply across multiple markets | ;simultaneously ensuring tight control on execution of our launched products Record sales bookings, healthy margin profile and new supply to aid steady growth in surplus cash generation 20 I I I |#21Consolidated Results - Q4FY23 Revenue at Rs 1,576 crore; PAT at Rs 581 crore Y-o-Y growth of 40% ☐ Revenue stood at Rs 1,576 crore; reflecting a Y-o-Y drop of 5% Gross margins improved to 57% vs 51% LY EBITDA at Rs 518 crore; reflecting Y-o-Y growth of 10% PAT at Rs 581 crore, Y-o-Y growth of 40%; ✓ higher contribution of DCCDL (profit growth of 57%) ✓ drop in finance cost (34%) Surplus cash generation of Rs 1,369 crore Revenue (in Rs crore) EBITDA (in Rs crore) PAT (in Rs crore) DLF⭑ (5%) 1,652 cr 581 cr 1,576 cr 10% 518 cr 472 cr 40% 414 cr Q4FY22 Q4FY23 21 Q4FY22 Q4FY23 Q4FY22 Q4FY23#22Consolidated Profit & Loss Q4FY23 Revenue at Rs 1,576 crore; PAT at Rs 581 crore Y-o-Y growth of 40% DLF % Change Q4FY23 Particular Revenue from operations Cost of Sales Q4FY23 Q3FY23 % Change Q4FY23 - VS Q3FY23 Q4FY22 - Vs Q4FY22 1,456 1,495 (3%) 1,547 (6%) 622 617 1% 751 (17%) Gross Margin Gross Margin% Other income Staff Expenses 834 878 (5%) 796 5% 57% 59% 51% 120 65 84% 105 14% 155 134 15% 109 42% Other Expenses 282 266 6% 320 (12%) EBIDTA 518 542 (4%) 472 10% EBIDTA% 33% 35% 29% Finance costs 85 95 (11%) 128 (34%) Depreciation 36 39 (7%) 37 (2%) PBT before exceptional items 397 408 (3%) 307 29% Tax (Deferred Tax) 113 110 4% -84 36% PAT 285 298 (4%) 224 27% Profit from Cyber/Other JV 286 220 30% 182 57% OCI 10 (4) 8 19% 22 PAT 581 515 13% 414 40%#23Consolidated Results - FY23 Revenue at Rs 6,012 crore; PAT at Rs 2,053 crore Y-o-Y growth of 36% □ Revenue stood at Rs 6,012 crore; reflecting a Y-o-Y drop of 2% ☐ Gross margins improved to 57% vs 52% LY DLF EBITDA at Rs 2,043 crore; Y-o-Y drop due to lower other income/higher expenses driven by business scale up PAT at Rs 2,053 crore, Y-o-Y growth of 36%; ✓ higher contribution of DCCDL (profit growth of 42%) ✓ drop in finance cost (37%) □ Surplus cash generation of Rs 2,543 crore (before repayment of capex advance) Revenue (in Rs crore) EBITDA (in Rs crore) PAT (in Rs crore) (2%) 2,163 cr (6%) 2,053 cr 6,138 cr 2,043 cr 6,012 cr 36% 1,513 cr 23 FY22 FY23 FY22 FY23 FY22 FY23#24Consolidated Profit & Loss FY23 Revenue at Rs 6,012 crore; PAT at Rs 2,053 crore Y-o-Y growth of 35% Particular FY23 FY22 DLF % change FY23 vs FY22 Revenue from operations 5,695 5,717 Cost of Sales 2,434 2,745 (11%) Gross Margin Gross Margin% Other income Staff Expenses 3,261 2,972 10% 57% 52% 317 420 (25%) 548 354 55% Other Expenses 987 876 13% EBIDTA 2,043 2,163 (6%) EBIDTA% 34% 35% c) Finance costs 392 625 (37%) d) Depreciation 149 149 (1%) PBT before exceptional items 1,502 1,389 8% Exceptional items (net). 0 (224) PBT after Exceptional Items 1,502 1,165 29% Tax (Deferred tax) 402 321 26% PAT 1,101 844 31% Profit from Cyber/Other JV 935 657 42% OCI 17 13 34% PAT 2,053 1,513 36% 24#25Consolidated Cash Flow Consistent surplus cash generation from Operations Particulars Inflow •Collection from Sales • Rental Inflow Sub-Total Inflow Q1FY23 DLF Q2FY23 Q3FY23 Q4FY23 FY23 991 1,152 1,307 1,842 5,293 81 100 91 86 1,072 1,252 1,398 1,929 357 5,650 Outflow •Construction (Net) 197 298 298 390 1,183 •Govt. Approval fee/ Land acquisition/disposal 98 173 54 128 453 •Overheads 232 175 174 194 775 Marketing Brokerage 62 77 109 98 346 Sub-Total Outflow 588 723 635 811 2758 Operating Cash Flow before interest & tax 483 529 763 1,118 2,892 Finance Cost (net) 53 66 68 81 268 •Tax (net) (60) 6 (5) (2) (61) Operating Cash Flow after interest & tax 490 457 701 1,039 2,686 •Capex outflow / others 67 46 68 77 259 Net surplus/ (shortfall) 423 411 633 962 2,427 •Dividend (Inflow from DCCDL) 451 408 859 •Dividend (Outflow from DLF) (742) (742) Net surplus/ (shortfall) 423 119 633 1,369 2,543 Repayment of capex advance (Hyd Sez)1 (582) 0 -582 Net surplus/ (shortfall) 423 119 51 1,369 1,961#26Debt Update - Q4FY23 Lowest levels; reduction of Rs 1,369 crore Particulars Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross opening debt 3,900 3,728 3,608 3,840 Less Debt repaid during (172) (120) (68) (774) quarter Add New Borrowing during 300 Qtr. Less Cash in Hand (1,469) Net Debt Position 2,259 (1,466) 2,142 (1,749) (2,345) 2,091 721 Banks, 3,004 cr, 98% Interest Rate Movement increase of 115 bps vs 250 bps increase in Repo Rate 8.40% 7.03% 8.18% FY21 Exit FY22 Exit FY23 Exit Sources DLF Others 63 cr, 2% > 3 Yr, 2,735 cr, 89% Repayment Schedule < 1 Yr, 120 cr, 4% <3 Yr >1 Yr, 212 cr, 7%#27Debt Management Leading towards Surplus cash position Particulars¹ Net Debt as on 31.03.2023 Receivables (including New Products) Construction Payables (including New Products) Capex (Rental assets ~ 2.5 msf) Surplus Cash position Completed Inventory / New Products Inventory DLF Amount (in Rs crore) (721) 13,357 (7,034) (797) 4,804 5,437 ☐ Project receivables significantly higher than all current liabilities leading to Surplus cash position New Products / Completed inventory to further improve cash flow generation 1One Midtown & Atrium Place (JV projects) not included 27#28Consolidated Balance Sheet Abstract Particulars DLF As on 31.03.2023 As on 31.03.2022 Non-Current Assets 28,157 28,413 Current Assets 25,711 24,091 Total Assets 53,928 52,503 Equity 37,692 36,382 Non-current Liabilities 5,051 5,718 Current Liabilities 11,185 10,404 Total Liabilities 53,928 52,503 28#29Rental Portfolio Snapshot (DLF Limited) - Q4FY23 DLF Area Leasable Leased Area Vacant Area Weighted Average rate WALE GAV¹ Building % Leased Area (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs crore) DLF Center, Delhi 0.17 0.15 0.02 92% 369 64 1,029 DLF5 0.6 0.6 0.0 100% 46 11 915 IT Sez, Kolkata 1.05 0.97 0.09 92% 33 81 820 Gateway Tower, 0.11 0.11 0.0 98% 124 8 219 Gurugram Sub-Total: Offices 1.9 1.8 0.11 95% 2,982 Chanakya, Delhi 0.19 0.18 0.01 93% 267 73 398 Capitol Point, Delhi 0.09 0.06 0.03 69% 417 48 303 South Square, Delhi 0.06 0.06 0.0 97% 89 42 84 Sub-Total: Retail 0.34 0.30 0.04 88% 785 Total: Operational Portfolio 2.2 2.1 0.15 94% GAV: As per C&W valuation Report basis data as on March 31,2023 3,767 29#30The HUB, DLF Cybercity Che Chai Waak THE HUB DCCDL Business Update DL ING SOON EAST E RANCE#31Business Performance Consistent growth across key business metrics during the last 2 years Profitability (PAT) Revenue CAGR 11% 5,419 cr 4,385 cr 4,533 cr FY21 1,247 cr FY21 FY22 Operating Cash flow¹ CAGR 37% 1,761 cr FY22 1OCF after interest & taxes, before capex & dividends 913 cr CAGR 25% 1,002 cr DLF 1,429 cr FY23 FY21 FY22 FY23 Net Debt 2,304 cr 19,192 cr 19,063 cr 18,772 cr FY23 FY21 FY22 FY23 31#32Outlook DLF Office Occupancy remains steady; New Assets witnessing healthy demand; Retail continues its growth trajectory Macro I I T ☐ India continues to be the preferred destination; supported by competitive wage/occupancy costs and availability of relevant talent pool I I I I I Workplace quality, enhanced experience & employee engagement appear to be key priorities. Global headwinds continues to defer decision-making and hold expansion in short term I I I Occupancy levels remain steady; demand recovery remains slow due to macro headwinds Offices ☐ New developments attracting healthy demand; implementing asset enhancement strategies to upgrade existing portfolio I I □ SEZS space take-up remains slow; changes in existing landscape may provide required fillip. Retail I I ☐ Resilient domestic economy, improving economic outlook along with growth in per capita I I I I augurs well Footfalls have stabilized; we expect steady growth in footfalls & consumption Leveraging this opportunity by creating new retail destinations at multiple locations I I 321#33Maintaining Leadership position in Safety/Sustainability DLF LEED for Cities & Communities in Platinum Category" from USGBC; first developer in the world to achieve this LEED Zero LEED Zero (Green Business ADERSHI ENERGY & LEED PLATINUM certification Inc.) LEED for Cities & communities in Platinum Category ~ USGBC'S LEED Zero Water Certification to DCCDL portfolio of 40 msf for net zero portable water usage. 1st Developer to get this accreditation for Malls and amongst the highest number of buildings in the world. DLF Cybercity, Gurugram has achieved this highest recognition. First RE developer in the world to achieve this platinum certification for Cities and Communities. "GBCI has confirmed that to date, DLF has the most LEED platinum certified square footage in the world in the existing building certification (all versions)" BRITISH SAFETY COUNCIL Sword of Honour Honoured with 18 Swords of Honour Awards, the highest in the world, by the independent jury of British Safety Council Fresh Air Enhancement 1ACPH to 2ACPH LEED Zero Waste LEED Zero (USGBC) Fresh air intake has been increased from 1-Air changes per hour to 2-Air changes per hour across pan India office buildings Awarded LEED Zero Waste by USGBC for DLF Cybercity, Hyderabad; working across the portfolio to achieve this 33#34Portfolio Snapshot - Q4FY23 Office occupancy remained steady; Sez space take-up remains slow; Retail exhibiting steady growth DLF Leasable Area Leased Area Vacant Area % Leased Weighted Average rate WALE GAV¹ Building Area (in msf) (in msf) (in msf) (in Rs psf) (months) (in Rs crore) Cyber City 11.6 10.7 0.9 92% 107 72 18,780 Cyber Park 2.9 2.8 0.1 98% 114 87 5,357 One Horizon Centre 0.8 0.8 0.0 99% 147 55 2,135 Downtown, Gurugram² 1.7 1.6 0.1 93% 120 131 2,891 Kolkata IT Park 1.5 1.5 0 98% 32 80 733 Chandigarh IT Park 0.7 0.6 0.1 80% 50 78 520 Sub-Total; Office (Non-SEZ) 19.2 18.0 1.2 94% 30,416 Cyber Sez 3.3 2.8 0.5 83% 76 46 4,562 Silokhera Sez 2.2 1.5 0.8 66% 67 89 1,933 Chennai Sez 7.8 7.1 0.7 90% 72 70 8,519 Hyderabad Sez 3.1 2.6 0.5 84% 58 68 2,457 Sub-Total: Office (SEZ) 16.5 14.0 2.5 85% 17,471 Sub-Total: Office 35.7 31.6 4.0 89% 47,887 Mall of India, NOIDA 1.97 1.96 0.0 100% 128 71 3,607 Emporio 0.3 0.28 0.02 91% 453 34 1,639 Promenade Cyber Hub 0.48 0.48 0.0 99% 212 77 1,572 0.46 0.45 0.01 99% 140 68 1,088 DLF Avenue 0.52 0.52 0.0 99% 152 74 1,463 City Centre 0.2 0.15 0.04 80% 24 81 116 Sub-Total: Retail 3.9 3.8 0.1 98% 9,485 Total: Operational Portfolio 39.6 35.5 4.1 90% 57,372 Under Construction² Downtown Gurugram 2.0 0.8 1.2 39% 124 1,455 Downtown Chennai 3.4 2.6 0.8 77% 80 2,380 Total -Under Construction 5.4 3.4 2.0 63% 3,835 Development Potential 25 10.394 Grand Total 70 39 6 71,600 34 1 GAV: As per C&W valuation Report basis data as on March 31,2023; 2Downtown Gurugram & Chennai include hard option of 0.51 msf & 0.34 msf respectively#35Portfolio - Tenant Mix Well diversified & balanced portfolio with lower concentration risk Offices: Tenant Mix Retail Tenant Mix FY23 (based on revenue) FY23 (based on leased area) 5% 2% 6% DLF Top 10 Tenants % Top 10 Tenants % Cognizant 5% Cognizant 6% 8% American Express 3% IBM 4% IBM 3% Concentrix 3% EY 2% American Express 2% 13% Concentrix 2% TCS 2% KPMG 2% BT 2% BA Continuum 2% EY 2% BT 2% BA Continuum 2% TCS 2% KPMG 2% 21% BCG 2% Simpliworks 2% ■Apparels/Accessories ■Misc ■F&B ■Sports Anchor Entertainment Total 25% Total 26% Beauty & Cosmetics 45% 35#36Development Update New Product development being ramped up & remains on track Project ~ Project Size Downtown, Gurugram ~12 msf Current Status DLF Latest Update Phase-II (~2 msf): construction commenced Phase-III( Mall of India): planning at advanced stages Pre-leasing(Phase-II) of 0.8. msf Downtown, Chennai ~7 msf Phase I (~3.4 msf) under development TOTAL 19 msf Pre-leasing: 2.6 msf (incl. hard option) 5.4 msf under construction 36#37Development Update Block 2 & 3,DLF Downtown, Gurugram Block 4,DLF Downtown, Gurugram DLF Actual Status DLF Downtown, Chennai Artist's impression; Not an actual image Actual Status Actual Status DLF Downtown, Chennai#38Result Highlights - FY23 Rental income grew by 19% Y-o-Y; driven by double digit growth across portfolio DLF Rental Revenue¹ Q4 Rs 1,053 crore FY23: Rs 3,967 crore Net Debt Rs 18,772 crore 1excludes CAM/other income Net Debt = Gross Debt (IGAAP) less cash & cash equivalents Operational Portfolio 39.6 msf Rating Gross Leasing Q4: 1.9 msf FY23: 6.2 msf Sustainability ICRA AA/Positive Outlook revised CRISIL AA/ Stable [NCD] DLF Cyber City, Hyderabad LEED Zero Waster by USGBC 38#39DCCDL : Q4FY23 Results DLF Revenue increased by 20% Y-o-Y due to higher rental revenues; PAT at Rs 394 crore; 37% growth ☐ Revenue at Rs 1,428 crore, Y-o-Y increase of 20% ✓ Office rentals witnessing steady growth 16% Y-o-Y; ✓ Retail revenues grew by 57% driven by sustained momentum ☐ EBITDA at Rs 1,081 crore; Y-o-Y increase of 21% ☐ PAT at Rs 394 crore, Y-o-Y increase of 37% Revenue (in Rs crore) EBITDA (in Rs crore) 1,428 cr 1,081 cr 20% 21% 1,193 cr 896 cr PAT (in Rs crore) 394 cr 37% 287 cr Q4FY22 Q4FY23 Q4FY22 Q4FY23 Q4FY22 Q4FY23 39#40Q4FY23 - DCCDL Consolidated Financial Summary Revenue up by 20%; PAT at Rs 394 crore; 37% Y-o-Y growth Particulars Rental Income % change Q4FY23 Q3FY23 Q4FY22 Q-0-Q DLF % change Y-o-Y Office 859 813 6% 744 16% Retail 194 190 3% 124 57% Service & Other Operating Income 338 323 5% 280 21% Other Income 37 37 (1%) 45 (19%) Total Revenue 1,428 1,363 5% 1,193 20% Operating Expenses 347 302 15% 297 17% EBITDA 1,081 1,061 2% 896 21% Finance cost 406 404 1% 343 18% Depreciation 156 158 (1%) 153 2% PBT 518 498 4% 399 30% Tax 166 137 21% 107 56% Other Comprehensive Income 42 (3) (6) Total Comprehensive Income 394 358 10% 287 37% 40#41DCCDL FY23 Results : DLF Revenue increased by 19% Y-o-Y due to higher rental revenues; PAT at Rs 1,429 crore; 43% growth ☐ Revenue at Rs 5,419 crore, Y-o-Y increase of 19% ✓ Office rentals witnessing steady growth 13% Y-o-Y; ✓ Retail revenues grew by 59% driven by sustained momentum ☐ EBITDA at Rs 4,148 crore; Y-o-Y increase of 19% ☐ PAT at Rs 1,429 crore, Y-o-Y increase of 43% Revenue (in Rs crore) EBITDA (in Rs crore) PAT (in Rs crore) 19% 4,148 cr 19% 5,419 cr 3,488 cr 4,533 cr 1,002 cr 1,429 cr 43% FY22 FY23 FY22 FY23 FY22 FY23 41#42DCCDL Consolidated Financial Summary - FY23 Revenue up by 19%; PAT at Rs 1,429 crore; 43% Y-o-Y growth Particulars Rental Income FY23 FY22 DLF % change Y-o-Y Office 3,232 2,869 13% Retail 735 461 59% Service & Other Operating Income 1,311 1,043 26% Other Income 140 159 (12%) Total Revenue 5,419 4,533 19% Operating Expenses 1,271 1,045 22% EBITDA 4,148 3,488 19% Finance cost 1,563 1,504 4% Depreciation 621 590 5% PBT 1,964 1,394 41% Tax 568 379 50% Other Comprehensive Income 33 (13) Total Comprehensive Income 1,429 1,002 43% 42#43DCCDL Consolidated Cash Flow Abstract DLF Particulars Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 Operating Cash flow before 906 1,044 1,122 1,031 4,103 Interest & tax Interest Expense (Net) (294) (363) (392) (331) (1,380) Tax (net)1 (99) (113) (65) (142) (419) Operating Cash flow after 513 568 664 559 2,304 Interest & tax Capex (278) (287) (354) (277) (1,196) Net Surplus/Deficit - After 235 281 311 281 1,108 Capex Dividend (752) (679) (1,431) Capex advance refund 582 582 (Hyderabad Sez)2 Net Surplus/Deficit 235 (471) 893 (398) 259 1 refund received of Rs 11 crore, 33 crore, 23 crore in Q1FY23, Q3FY23, Q4FY23 respectively 2 refund from DLF; Capex advance was part of the erstwhile DAL arrangement; refund on account of asset development being pushed back 43#44DCCDL Consolidated Balance Sheet Abstract Particulars Non-Current Assets Current Assets Total Assets DLF As on 31.03.2023 As on 31.03.2022 29,408 29,398 2,311 1,353 31,719 30,751 Equity 6,429 6,431 Non-current Liabilities 19,075 20,529 Current Liabilities Total Liabilities 6,215 3,791 31,719 30,751 44#45Debt Update - Q4FY23 Net Debt Sources DLF Particulars Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross opening debt 20,189 20,137 20,847 20,486 HDFC/Others 6,570 cr, 32% Less Debt repaid during quarter (390) (1,290) (1,511) (719) Add New Borrowing during Qtr. Diversified sources of funding Bank, 10,054 cr, 48% 338 2,000 1,150 1,050 Less Cash in Hand Net Debt Position (1,334) 18,803 (1,586) (2,092) (2,045) 19,261 18,394 18,772 NCD, 4,193 cr 20% Interest Rate Movement increase of 103 bps vs 250 bps increase in Repo Rate Repayment Schedule < 1 Yr, 1,764 crs, 8% 7.05% 7.02% 8.08% FY21 Exit FY22 Exit FY23 Exit > 3 Yr, 12,410 crs, 60% 63% Repayment > 3 years 1< 3 Yr, 6,644 crs, 32% 45#46Disclaimer DLF This presentation contains certain forward-looking statement concerning DLF's future business prospects and business profitability, which are subject to a number of risks and uncertainties & the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to such statements include, but are not limited to, earnings fluctuations, our ability to manage growth, competition, economic growth in India, ability to attract & retain highly skilled professionals, time & cost overruns on contracts, government policies and actions related to investments, regulation & policies etc., interest & other fiscal policies generally prevailing in the economy. The Company does not undertake to make any announcements in case any of these forward-looking statements become incorrect in future or update any forward-looking statements made from time to time on behalf of the Company. Area represented in msf within the presentation above should be read with a conversion factor of ~1 msf = 92,903 sq. meters. 46#47One Midtown, New Delhi DLFA 47 Artist's impression; not an actual image