Q4 2025 DLF Ltd Earnings Call Transcript
Key Points
- DLF Ltd (BOM:532868) reported its highest-ever sales of INR 21,000 crores-plus.
- The company achieved a strong PAT of INR 4,350 crores, marking a significant improvement.
- DLF Ltd (BOM:532868) has crossed into double-digit ROE territory with a 10.2% ROE.
- The rental portfolio has expanded to 44 million square feet with a low vacancy rate of 6%.
- CRISIL enhanced DLF Ltd (BOM:532868)'s ranking to AAA with a stable outlook.
- The company faces challenges in obtaining multiple small approvals for the Mumbai project, causing delays.
- The rental income from newly completed assets will not be fully realized until FY27.
- There is uncertainty regarding the timing of launches for certain projects, such as the next phase of Dahlias.
- The construction cost is expected to increase, with a baseline of INR 800 crores per quarter.
- The company is cautious about the cyclical nature of the residential business and its potential impact.
Ladies and gentlemen, good day and welcome to DLF Limited's Q4 FY25 earnings conference call. We have with us today on the call Mr. Ashok Tyagi, Managing Director, DLF Limited; Mr. Sriram Khattar, Vice Chairman and Managing Director, Rental Business; Mr. Akash Ohri, Joint Managing Director and Chief Business Officer, and Mr. Badal Bagri, Group CFO, DLF Limited.
(Operator Instructions). Please note that this conference is being recorded.
I now hand the conference over to Mr. Ashok Tyagi. Thank you and over to you, sir.
Thank you. So good afternoon, everybody. Welcome to DLF Limited's Q4 and the '24-'25-year analyst call. Hopefully all of you have seen the presentation by now. I mean, in all fairness, I think across the board, be it sales, collections, cash flow, net debt, profitability, and rentals. I think it's been by and large an extremely strong performance across the board.
Our sales, as you know have been, I think our highest ever of INR21,000 crores-plus. We had a collection of almost
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