Changes for page DLF

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Summary

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2 2  {{toc/}}
3 3  {{/box}}
4 4  
5 -= Paragraph 1 =
5 += Overview =
6 6  
7 -Overview
7 +Founded in 1946 by Chaudhary Raghvendra Singh, DLF (NSE:DLF) started with the creation of 22 urban colonies in Delhi. In 1985, the company expanded into the then-unknown region of Gurugram, creating exceptional living and working spaces for the new Indian global professionals. Today, DLF is the largest publicly listed real estate company in India, with residential, commercial, and retail properties in 15 states and 24 cities.{{footnote}}https://www.dlf.in/about-us.php{{/footnote}}
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9 -
10 -Founded in 1946 by Chaudhary Raghvendra Singh, DLF (NSE:DLF) started with the creation of 22 urban colonies in Delhi. In 1985, the company expanded into the then-unknown region of Gurugram, creating exceptional living and working spaces for the new Indian global professionals. Today, DLF is the largest publicly listed real estate company in India, with residential, commercial, and retail properties in 15 states and 24 cities.
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12 -
13 13  The company's diverse verticals reflect its dedication to developing ecosystems for India’s changing needs. But its foundation has always been its employees, its customers, its stakeholders, and its shareholders. The company invest in spearheading innovation through empowerment and optimism, in order to build the foundation of India’s future on the legacy of its past.
14 14  
15 15  
16 -Ready To Move Properties
12 +Some of Ready To Move Properties
17 17  
14 +* DLF One Midtown Moti Nagar
15 +* DLF Moulsari Enclave Sector 24
16 +* DLF City Floors Sector 26
17 +* DLF Ultima Sector 81
18 +* DLF The Sky Court Sector 86
19 +* DLF Regal Gardens Sector 90
18 18  
19 -DLF One Midtown Moti Nagar
20 20  
21 21  
22 -DLF Moulsari Enclave Sector 24
23 +[[image:dlf0.jpg]]
23 23  
24 24  
25 -DLF City Floors Sector 26
26 += Industry Overview =
26 26  
28 +The real estate sector continues to face headwinds with the current pandemic appearing to have further impacted the consumer sentiments and spending appetite in the short-term. The residential sector was already reeling under pressure from various issues like liquidity, over-supply, negative sentiments and various other regulatory initiatives. Given this situation arisen from the COVID-19 pandemic, demand is expected to remain muted in the near-term.{{footnote}}https://www.dlf.in/annual_docket/Annual_Report_2020.pdf{{/footnote}}
27 27  
28 -DLF Ultima Sector 81
29 -
30 -
31 -DLF The Sky Court Sector 86
32 -
33 -
34 -DLF Regal Gardens Sector 90
35 -
36 -
37 -
38 -
39 -<img>
40 -
41 -
42 -
43 -Industry Overview
44 -
45 -The real estate sector continues to face headwinds with the current pandemic appearing to have further impacted the consumer sentiments and spending appetite in the short-term. The residential sector was already reeling under pressure from various issues like liquidity, over-supply, negative sentiments and various other regulatory initiatives. Given this situation arisen from the COVID-19 pandemic, demand is expected to remain muted in the near-term.
46 -
47 -[[https:~~/~~/www.dlf.in/annual_docket/Annual_Report_2020.pdf>>url:https://www.dlf.in/annual_docket/Annual_Report_2020.pdf]]
48 -
49 49  The industry might face delays with the timelines of existing construction getting shifted due to the lockdown and pandemic related concerns. The company believe that it is too early to gauge the full impact of this event on the industry, however, given the uncertainties, the sector will tread with caution.
50 50  
51 51  Although, the Central bank stepped in to bring in increased liquidity and accelerated rate cuts, it is imperative that these benefits are transmitted efficiently to stimulate further demand and revival of the industry.
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54 54  
55 55  The sector was undergoing a structural transformation, wherein it was becoming more institutionalized and transparent which had resulted in good amount of interest flowing from the investors. The real estate sector witnessed approx. US$ 6.4 billion of investments during the calendar year 2019. However, it is anticipated that there will be a partial slowdown in the near-term, as significant resources will be diverted for damage control and maintaining sufficient liquidity.
56 56  
57 -Office Segment
58 58  
39 +== Office Segment ==
40 +
59 59  The office segment witnessed robust demand running over the last couple of years. Whilst, this was to continue in general but given the COVID-19 pandemic, it is expected that growth in this segment will slow down for a short time.
60 60  
61 61  According to reports, the gross absorption in office space, across the top seven cities in the country, for calendar year 2019 was approximately 5.44 million square meter (msm) [58.6 million square feet (msf)]. Absorption is expected to go down in the short-term. . The primary reasons attributed are
62 62  
63 -.
45 +* .Delays in delivery of office spaces due to the lockdown
46 +* Most businesses would review their respective business continuity plans and most of the technology related firms expect that a substantial portion of the workforce will continue to work from home, at least for the short-term.
47 +* Businesses across the globe would probably defer decision making in leasing out additional space, given the fact that the operation and revenues will be impacted.
64 64  
65 -Delays in delivery of office spaces due to the lockdown
66 -
67 -Most businesses would review their respective business continuity plans and most of the technology related firms expect that a substantial portion of the workforce will continue to work from home, at least for the short-term.
68 -
69 -Businesses across the globe would probably defer decision making in leasing out additional space, given the fact that the operation and revenues will be impacted.
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71 -
72 -
73 73  The office segment will see new concepts emerging. Work from Home, as a concept is expected to become a positive supplement rather than a substitute. New trends like de-densification, health and wellness may gain prominence as a consequence to the pandemic.
74 74  
75 75  
76 -Retail Segment
52 +== Retail Segment ==
77 77  
78 78  The retail sector is most impacted due to this pandemic. All the retail malls across the nation were forced to shut during the period of the lock-down to ensure health and safety of the people. This shutting has impacted the retailers in terms of revenue loss as well as inventory overhang. The near-term outlook also remains cautious as the malls and the retailers would have to maintain strict measures to ensure health and safety of the people
79 79  
80 80  A few trends that may emerge out of this pandemic in the short-term could be:
81 81  
82 -.
58 +* Slowdown in expansion by retailers.
59 +* Reduced footfalls and subdued rental growth.
60 +* Retailers and mall owners coming together and offering digital solutions to the customers to boost demand.
83 83  
84 -Slowdown in expansion by retailers.
85 -
86 -Reduced footfalls and subdued rental growth.
87 -
88 -Retailers and mall owners coming together and offering digital solutions to the customers to boost demand.
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90 -
91 -
92 92  The company expect these trends to continue for a short-term before normalcy returns. To make-up the lost time and revenues, it is expected that mall owners and retailers will have to prepone the sale season and would have to organize a lot of events and increase marketing efforts.
93 93  
94 94  Well located and high-quality organized retail will continue to do well. However, marginal locations with low offerings might witness some impact in the near-term.
95 95  
96 -Residential Segment
97 97  
67 +== Residential Segment ==
68 +
98 98  The residential sector was already grappling owing to various factors such as over-supply, liquidity crisis, subdued demand and certain regulatory initiatives by the government. Whilst, the industry had started to witness some early green shoots of recovery, but this pandemic is expected to further push back this segment. The primary reasons for this expectation are:
99 99  
100 -.
71 +* Delay in deliveries of residential units.
72 +* Lending institutions are expected to be risk-averse thereby increasing challenges for stressed developers.
73 +* Uncertainty regarding future job growth and prospects leading to delay in decision making.
74 +* Small businesses getting impacted resulting in lower demand
101 101  
102 -Delay in deliveries of residential units.
103 -
104 -Lending institutions are expected to be risk-averse thereby increasing challenges for stressed developers.
105 -
106 -Uncertainty regarding future job growth and prospects leading to delay in decision making.
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108 -Small businesses getting impacted resulting in lower demand
109 -
110 -
111 -
112 112  Based on certain reports, it is notable that the private equity players have also shifted their attention from this segment and the share of such investments in calendar year 2019 reduced to a mere 8% from 53% in 2015.
113 113  
114 114  In the medium to long-term, this trend may however result in healthy absorption of the unsold inventory levels as there will most certainly be a significant drop in new launches. This current situation can be viewed through the famous saying by Albert Einstein – “In the middle of difficulty lies opportunity”. With interest rates coming down and high-quality products being available at attractive levels, this would be an interesting opportunity for the customers to buy. Housing in the low to midincome segment is witnessing some green shoots of recovery
115 115  
116 116  
117 -Outlook and Strategy
81 +== Outlook and Strategy ==
118 118  
119 119  The company's business exhibited strong performance during the last fiscal. The Company demonstrated resilience and remains committed to its vision. The Company retains a positive outlook for the long-term on account of its healthy Balance sheet, strong brand image and unwavering commitment to quality.
120 120  
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121 121  The Company believes that its completed inventory, a fortified balance sheet, strong brand image along with new product initiatives enable it to withstand these challenging times, however it remains vigilant and agile to tackle any other unforeseen challenges.
122 122  
123 123  
124 -Business Overview
88 += Business Overview =
125 125  
90 +== Development Business ==
126 126  
127 -Development Business
128 -
129 129  The Company recorded Gross Sales booking of Rs 3,450 crore, an increase of approximately 10% from previous year. Net Sales booking stood at Rs 2,485 crore, which was marginally short of the guidance. This marginal shortfall was primarily due to lock-down impact in the last fortnight of March owing to the pandemic.
130 130  
131 131  The Company successfully launched and sold substantial portion of the Phase-II of the Ultima Project in Gurugram region.
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138 138  
139 139  The Company continues to build-out residential inventory in Delhi through its joint venture entity. The project is under construction, however the construction had to be suspended during the period of lockdown. The company remain focused on building-out this inventory as credit lines are already in place. The Company is also evaluating launching the project ahead of its completion and may initiate sales by the end of the year.
140 140  
141 -Annuity Business
104 +== Annuity Business ==
142 142  
143 143  The leasing business continued to witness good momentum. The company's annuity business is primarily carried out through DCCDL, a subsidiary company. As on 31 March 2020, DCCDL and its subsidiaries, together, had an operational portfolio of 2.81 msm (30.3 msf) with further potential of more than 2.79 msm (30 msf).
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150 150  
151 151  DCCDL has also initiated 2 new developments for further growth. Gurugram: Total project size of 1.02 msm (11 msf) and n, Chennai: Total project size of approximately 0.63 msm (6.8 msf).
152 152  
153 -Other Businesses
116 +== Other Businesses ==
154 154  
155 155  The company owns two hotel properties viz. The Lodhi, which is an iconic hotel property located in New Delhi managed by the company and Hilton Garden Inn, Saket, managed by Hilton. The operations in this business were also impacted due to the challenges brought by COVID-19 pandemic.
156 156  
157 157  
158 -Financial Highlights
121 += Financial Highlights =
159 159  
160 160  On a consolidated basis, the company recorded a revenue (including other income) of Rs 6,888 crore, which was lower by 24% as compared to the previous year. This was largely on account of change in the product mix of the completed properties delivered by the Company during the financial year.
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170 170  Consequently, the right to use assets of Rs 344.67 crore with corresponding lease liability of Rs 239.72 crore has been recognised in consolidated financial statements. The net impact of the same on the consolidated profit before tax for the year is due to adoption of Ind AS 116, the Profit before tax for the year ended is down by Rs 30.73 crore along with corresponding gain of Rs 12.66 crore adjusted in retained earnings.
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172 172  
173 -DLF Q2 FY21 results
136 +**DLF Q2 FY21 results**
174 174  
138 +Oct 30, 2020; Net Sales at Rs 1,609.82 crore in September 2020 down 6.16% from Rs. 1,715.51 crore in September 2019.{{footnote}}https://www.moneycontrol.com/news/business/earnings/dlf-consolidated-september-2020-net-sales-at-rs-1609-82-crore-down-6-16-y-o-y-6056981.html{{/footnote}}
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176 -Oct 30, 2020; Net Sales at Rs 1,609.82 crore in September 2020 down 6.16% from Rs. 1,715.51 crore in September 2019.
177 -
178 -[[https:~~/~~/www.moneycontrol.com/news/business/earnings/dlf-consolidated-september-2020-net-sales-at-rs-1609-82-crore-down-6-16-y-o-y-6056981.html>>url:https://www.moneycontrol.com/news/business/earnings/dlf-consolidated-september-2020-net-sales-at-rs-1609-82-crore-down-6-16-y-o-y-6056981.html]]
179 -
180 180  Quarterly Net Profit at Rs. 232.14 crore in September 2020 down 47.93% from Rs. 445.85 crore in September 2019.
181 181  
182 182  EBITDA stands at Rs. 576.39 crore in September 2020 up 0.26% from Rs. 574.88 crore in September 2019.
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186 186  DLF shares closed at 164.80 on November 02, 2020 (NSE) and has given 23.86% returns over the last 6 months and -10.58% over the last 12 months.
187 187  
188 188  
189 -Recent developments
149 += Recent developments =
190 190  
151 +**DLF rental arm to buy Hines stake in premium commercial project in Gurugram for Rs 780 crore** {{footnote}}https://www.moneycontrol.com/news/business/skyways-ties-up-with-spicejet-for-covid-19-vaccine-transportation-across-india-6279281.html{{/footnote}}
191 191  
192 -DLF rental arm to buy Hines stake in premium commercial project in Gurugram for Rs 780 crore
153 +26 Dec 2020; Realty major DLF's rental arm DCCDL has entered into an agreement to acquire the stake of US-based Hines in a premium commercial project in Gurugram for Rs 780 crore, the company said in a regulatory filing.
193 193  
194 -[[https:~~/~~/www.moneycontrol.com/news/business/skyways-ties-up-with-spicejet-for-covid-19-vaccine-transportation-across-india-6279281.html>>url:https://www.moneycontrol.com/news/business/skyways-ties-up-with-spicejet-for-covid-19-vaccine-transportation-across-india-6279281.html]]
195 -
196 - 26 Dec 2020; Realty major DLF's rental arm DCCDL has entered into an agreement to acquire the stake of US-based Hines in a premium commercial project in Gurugram for Rs 780 crore, the company said in a regulatory filing.
197 -
198 198  DLF Cyber City Developers Ltd (DCCDL), the joint venture firm of DLF and Singapore's sovereign wealth fund GIC, has entered into a securities purchase agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate, which owns and operates 'One Horizon Center'. "The purchase consideration for this acquisition is approximately Rs 780 crore, subject to customary closing adjustments," the company said in a late night filing on Friday.
199 199  
200 200  Hines has around nearly 52 percent stake in the One Horizon Centre while the rest is with DCCDL. DCCDL has the first right of refusal with respect to acquiring Hines' stake. The commercial tower One Horizon Center has leaseable area of about 8,13,000 square feet offering high-end Grade A office spaces along with complementary retail space.
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203 203  
204 204  "This acquisition adds another trophy asset to its strong rental platform. The company believe that this acquisition will be highly value accretive for it and will add approximately Rs 150-160 crore of rental revenues annually," Khattar said. Post acquisition, the DCCDL platform will have about 34 million sq ft of operational rental portfolio.
205 205  
206 -
207 207  In December 2017, DLF entered into this joint venture with GIC when DLF promoters sold their entire 40 percent stake in DCCDL for nearlyRs 12,000 crore. This deal included sale of 33.34 percent stake in the DCCDL to GIC for aboutRs 9,000 crore and buyback of remaining shares worth aboutRs 3,000 crore by DCCDL.
208 208  
209 209  DLF holds 66.66 percent stake in DCCDL while GIC has the rest. DCCDL had reported a 15 percent rise in its rental income last fiscal at Rs 3,006 crore on strong demand for quality office and retail spaces.
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211 211  
212 -DLF to invest about Rs 130 crore to develop data centre in Noida
168 +**DLF to invest about Rs 130 crore to develop data centre in Noida **
213 213  
214 -07 Dec 2020;
170 +07 Dec 2020;  Realty major DLF will invest around Rs 130 crore over the next 18 months to develop a data centre in Noida as it seeks to encash rising demand for data storage capacity.{{footnote}}https://www.moneycontrol.com/news/business/dlf-to-invest-about-rs-130-crore-to-develop-data-centre-in-noida-6197301.html{{/footnote}}
215 215  
216 -Realty major DLF will invest around Rs 130 crore over the next 18 months to develop a data centre in Noida as it seeks to encash rising demand for data storage capacity.
217 -
218 -
219 219  The data centre project will have 3.7 lakh sq ft space with proper infrastructure, including high power capacity, according to sources.
220 220  
221 -
222 222  The data centre will be part of a 25-acre commercial project that has total development potential of 35-40 lakh sq ft.
223 223  
224 -
225 225  DLF has leased built-to-suit data centre project to Singapore-based ST Telemedia Global Data Centres, the sources said.
226 226  
227 -
228 228  The total investment to build this data centre is estimated at around Rs 130 crore, they said, adding that the centre would get completed in the next 18 months.
229 229  
230 230  When contacted, DLF''s Managing Director (Rental Business) Sriram Khattar declined to comment on individual leasing deals, citing clients confidentiality.
231 231  
232 -
233 233  DLF spokesperson also refused to comment.
234 234  
235 -
236 236  Of late, real estate developers are entering into development of data centres to diversify their portfolio.
237 237  
238 -
239 239  Data centres are gradually becoming a separate real estate asset class like co-working, co-living and warehousing segments.
240 240  
241 -
242 242  Recently, Hiranandani Group firm Yotta Infrastructure laid the foundation of a 20-acre data centre park in Greater Noida. It plans to invest Rs 6,000-Rs 7,000 crore in this facility.
243 243  
244 -
245 245  Indian data centre industry has attracted investment worth nearly USD 400 million during January-September this year, according to a report by property consultant Anarock and Mace.
246 246  
247 -
248 248  The data centre industry has attracted close to USD 977 million in private equity and strategic investments since 2008, the report added.
249 249  
250 -
251 251  India currently has around 126 third-party data centres (colocation or hyperscale) spanning 7.5+ million sq ft and a cumulative IT power capacity of 590+ MW.
252 252  
253 -
254 254  While 53 players own/operate these 126 third-party data centres, the capacity is highly concentrated among the top 12 players who operate around 95 per cent of the total IT power capacity in the country, the report highlighted.
255 255  
256 256  
257 -References       
199 += References        =
200 +
201 +{{putFootnotes/}}
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