{"id":130657,"date":"2022-06-16T09:59:13","date_gmt":"2022-06-16T13:59:13","guid":{"rendered":"https:\/\/44.250.171.167\/?p=130657"},"modified":"2022-10-06T04:23:53","modified_gmt":"2022-10-06T08:23:53","slug":"dlf-ltd-q4-fy22-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/dlf-ltd-q4-fy22-earnings-conference-call-insights\/","title":{"rendered":"DLF Ltd Q4 FY22 Earnings Conference Call Insights"},"content":{"rendered":"

Key highlights from DLF Ltd (DLF<\/a>) Q4 FY22 Earnings Concall<\/strong><\/h2>\n

\u00a0<\/strong><\/p>\n

Management Update:<\/strong><\/h3>\n
    \n
  • DLF said it continues to focus on surplus cash generation from its operations. Strong collections along with sales ramp-up led to one of the highest levels of surplus cash generation of INR2,205 crores during FY22.<\/li>\n<\/ul>\n

    \u00a0<\/strong><\/p>\n

    Q&A Highlights:<\/strong><\/h3>\n

    Parikshit Kandpal – HDFC Securities – Analyst<\/strong><\/span><\/p>\n

      \n
    • Any key product launches in FY23, as there is new launches contributing majorly to FY22 pre sale?<\/li>\n<\/ul>\n

      Vivek Anand – Group CFO<\/strong><\/p>\n

        \n
      • Looking at launching 7 million sq. ft., mainly residential development across Gurgaon, New Gurgaon, DLF 5, Chennai and Goa, and Panchkula.<\/li>\n<\/ul>\n

        \u00a0<\/strong><\/p>\n

        Parikshit Kandpal – HDFC Securities – Analyst<\/strong><\/p>\n

          \n
        • DLF’s new mall retail pipleline over the next 2-3 years and the likely incremental rental?<\/li>\n<\/ul>\n

          Sriram Khattar – Managing Director<\/strong><\/p>\n

            \n
          • DLF believes, organized retail will continue to grow faster than growth of retail.<\/li>\n
          • Has program to do about 5 million odd sq. ft. of retail developments.\n
              \n
            • Biggest being Mall of India Gurgaon.<\/li>\n
            • The development will more than double the DLF size today over the next 5-6 years.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

              \u00a0<\/strong><\/p>\n

              Saurabh Kumar – JP Morgan – Analyst<\/strong><\/p>\n

                \n
              • Reason for sharp increase in other expenses?<\/li>\n<\/ul>\n

                Vivek Anand – Group CFO<\/strong><\/p>\n

                  \n
                • Other expense has a significant part of scaling up expenses, like more brokerage and marketing expense.<\/li>\n
                • Q3 to Q4 increase of 58% is largely due to scale-up cost and some year-end provisions.<\/li>\n
                • YonY basis, costs are within control and grown by 5%.<\/li>\n<\/ul>\n

                  \u00a0<\/strong><\/p>\n

                  Saurabh Kumar – JP Morgan – Analyst<\/strong><\/p>\n

                    \n
                  • What’s retail income run rate where DCDL is on rental income?<\/li>\n<\/ul>\n

                    Sriram Khattar – Managing Director<\/strong><\/p>\n

                      \n
                    • INR170-175 crores is the exit run rate. In Q3, Q4, if there\u2019s no COVID, DLF should do better.<\/li>\n<\/ul>\n

                      \u00a0<\/strong><\/p>\n

                      Kunal Lakhan – CLSA – Analyst<\/strong><\/p>\n

                        \n
                      • Company\u2019s broad cash utilization strategy?<\/li>\n<\/ul>\n

                        Vivek Anand – Group CFO<\/strong><\/p>\n

                          \n
                        • While in FY23 collections are likely to improve, the construction outflow from launched projects and capex plans are expected to significantly increase.\n
                            \n
                          • Large part of the cash would get utilized here.<\/li>\n<\/ul>\n<\/li>\n
                          • Lots of cash will be utilized for getting approvals for projects to be launched in FY23 and FY24.<\/li>\n
                          • No plans to deploy cash to buy land; has enough land bank to manage product pipeline for next 5 years.<\/li>\n<\/ul>\n

                            \u00a0<\/strong><\/p>\n

                            Kunal Lakhan – CLSA – Analyst<\/strong><\/p>\n

                              \n
                            • Is DLF looking at new launches in the luxury segment, besides independent floors projects?<\/li>\n<\/ul>\n

                              Aakash Ohri – Chief Business Officer<\/strong><\/p>\n

                                \n
                              • DLF will be looking at launches in the luxury and premium category.<\/li>\n
                              • Currently embarking on reasonably aggressive launch plan for FY23.<\/li>\n<\/ul>\n

                                \u00a0<\/strong><\/p>\n

                                Kunal Lakhan – CLSA – Analyst<\/strong><\/p>\n

                                  \n
                                • DLF’s physical occupancy in DLF parks and outlook for FY23 and FY24?<\/li>\n<\/ul>\n

                                  \u00a0Sriram Khattar – Managing Director<\/strong><\/p>\n

                                    \n
                                  • Cyber City occupancy is 35-36%. In 2Q occupancy level should exceed about 70-75%.<\/li>\n
                                  • Chennai occupancy is in excess of 80% currently. Coming to pre-COVID levels very quickly.<\/li>\n
                                  • Hyderabad occupancy is still at about 20%.<\/li>\n
                                  • Calcutta 20-25%.<\/li>\n
                                  • By 2Q22, DLF expects occupancies to be healthy to normal.<\/li>\n<\/ul>\n

                                    \u00a0<\/strong><\/p>\n

                                    Sameer Baisiwala – Morgan Stanley – Analyst<\/strong><\/p>\n

                                      \n
                                    • What’s exit rentals of DCCDL for FY23 and the growth levers?<\/li>\n<\/ul>\n

                                      Vivek Anand – Group CFO<\/strong><\/p>\n

                                        \n
                                      • For FY22, INR3,900 crores.<\/li>\n
                                      • For FY23 will be INR4,400-4,500 crores.<\/li>\n
                                      • Growth levers to come from three buckets.\n
                                          \n
                                        • Organic growth taking place in the existing portfolio in offices.<\/li>\n
                                        • Retail earnings.<\/li>\n
                                        • New assets; rent gains commence from FY23.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                          \u00a0<\/strong><\/p>\n

                                          Sameer Baisiwala – Morgan Stanley – Analyst<\/strong><\/p>\n

                                            \n
                                          • DLF’s REIT plans for DCCDL.<\/li>\n<\/ul>\n

                                            Vivek Anand – Group CFO<\/strong><\/p>\n

                                              \n
                                            • Preparations are in an advanced stage and should be ready in next couple of months.<\/li>\n<\/ul>\n

                                              \u00a0<\/strong><\/p>\n

                                              Puneet Gulati – HSBC – Analyst<\/strong><\/p>\n

                                                \n
                                              • Split of residual construction cost of INR2,077 crore between new and older projects?<\/li>\n<\/ul>\n

                                                Vivek Anand – Group CFO<\/strong><\/p>\n

                                                  \n
                                                • Old projects INR400 crores.<\/li>\n
                                                • Balance all new projects<\/li>\n<\/ul>\n

                                                  \u00a0<\/strong><\/p>\n

                                                  Saurabh Patwa – Quest Investment Advisors – Analyst<\/strong><\/p>\n

                                                    \n
                                                  • Rising interest rate impact on DLF\u2019s commercial real estate business in the context of rental yield expectation.<\/li>\n<\/ul>\n

                                                    Ashok Kumar Tyagi – CEO<\/strong><\/p>\n

                                                      \n
                                                    • On a sustained basis, there will be an impact.<\/li>\n<\/ul>\n

                                                      Sriram Khattar – Managing Director<\/strong><\/p>\n

                                                        \n
                                                      • Impact should not be more than double digits.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                                                        Key highlights from DLF Ltd (DLF) Q4 FY22 Earnings Concall \u00a0 Management Update: DLF said it continues to focus on surplus cash generation from its operations. Strong collections along with sales ramp-up led to one of the highest levels of surplus cash generation of INR2,205 crores during FY22. \u00a0 Q&A Highlights: Parikshit Kandpal – HDFC […]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5,12],"tags":[8211],"class_list":["post-130657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-latest","category-other-industries","tag-reits"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":166643,"url":"https:\/\/alphastreet.com\/india\/dlf-q3-2024-2025-call-highlights-dahlias-drive-expansion-plans-and-profit-surge\/","url_meta":{"origin":130657,"position":0},"title":"DLF Q3 2024-2025 Call Highlights: Dahlias Drive, Expansion Plans, and Profit Surge!","author":"Praveen","date":"February 4, 2025","format":false,"excerpt":"DLF Ltd., the largest publicly listed real estate company in India that develops residential, commercial, and retail properties, in its Q3 earnings call highlighted that the Dahlias project emerged as a standout performer with strong sales distribution and significant margins, while construction costs varied from INR8,000-8,500 per sq. ft. for\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":177432,"url":"https:\/\/alphastreet.com\/india\/dlf-ltd-reports-steady-earnings-and-achieves-net-cash-position-in-q3-fy26\/","url_meta":{"origin":130657,"position":1},"title":"DLF Ltd reports steady earnings and achieves net cash position in Q3 FY26","author":"Staff Correspondent","date":"January 23, 2026","format":false,"excerpt":"DLF Ltd reported stable operating performance for the quarter ended December 31, 2025 (Q3 FY26), supported by strong cash collections and continued balance sheet improvement. 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