Q2 2025 DLF Ltd Earnings Call Transcript
Key Points
- DLF Ltd (BOM:532868) reported strong free cash flow generation, with INR 2,000 crores plus per quarter.
- The company has a robust sales pipeline for the second half, including significant projects like The Dahlias.
- DLF Ltd (BOM:532868) is experiencing strong demand for its super luxury projects, particularly The Dahlias, which has received overwhelming interest.
- The rental business is expanding, with accelerated CapEx programs and new developments in Gurgaon, Chennai, and Goa.
- DLF Ltd (BOM:532868) maintains a strong financial position, with net debt already at zero and plans to achieve gross debt zero in the near future.
- The quarterly new sales slipped to INR 690 crores due to delays in approval cycles, impacting short-term sales figures.
- There is a concentration risk with a heavy reliance on the NCR market, which could pose challenges if market conditions change.
- The reported margins are affected by older sales and current cost structures, leading to a mismatch that may take 18 to 24 months to align.
- Approval processes for new projects, especially outside Gurgaon, are unpredictable and can cause delays in launches.
- The company's growth strategy is heavily focused on NCR, with limited expansion plans in other regions like MMR and Chandigarh.
Ladies and gentlemen, good day, and welcome to DLF Limited's Q2 FY25 earnings conference call. We have with us today on the call, Mr. Ashok Tyagi, Managing Director and CFO, DLF Limited; Mr. Sriram Khattar, Vice Chairman and MD, Rental Business; Mr. Aakash Ohri, Joint Managing Director and Chief Business Officer.
(Operator Instructions) I would now like to hand the conference over to Mr. Ashok Tyagi for his opening remarks. Thank you, and over to you, Mr. Tyagi.
Okay. Thanks, Michelle. So good morning and a good afternoon, everybody, and thanks for taking time out on a Saturday first half. I mean, we invariably end up doing this on a Saturday because the meeting is held on a Friday. So apologies for that. I mean, as you must have seen the numbers and the presentation by now, I think we continue to be on a very steady and a positive trip on both the development and the rental businesses.
The quarterly new sales last quarter was an
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