Interim report
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DLF LIMITED DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel.: (+91-124) 4396000, investor-relations@dlf.in Regd. Office: DLF Shopping Mall, 3rd Floor, Arjun Marg, DLF City, Phase-I, Gurugram -122 002, Haryana (India) CIN: L70101HR1963PLC002484; Website: www.dlf.in 30th October 2025 The General Manager Dept. of Corporate Services BSE Limited P.J. Tower, Dalal Street, Mumbai – 400 001 The Vice-President National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra(E), Mumbai – 400 051 Sub: Outcome of Board Meeting Dear Sir/ Madam, The Board of Directors of the Company at its meeting held today i.e. 30 th October 2025 has considered and approved, inter -alia, the Un-audited Financial Results (Standalone and Consolidated) for the Quarter and Half Year ended 30th September 2025. A copy of the said results (Standalone and Consolidated) along with the Limited Review Reports are enclosed herewith in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting of the Board of Directors commenced at 17.00 Hrs. and concluded at 18.25 Hrs. This is for your kind information and record please. Thanking you, Yours faithfully, For DLF Limited R. P. Punjani Company Secretary Encl.: As above For Stock Exchange’s clarifications, please contact:- Mr. R. P. Punjani – 09810655115/ punjani-rp@dlf.in Ms. Nikita Rinwa – 09069293544/ rinwa-nikita@dlf.in
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S.R. Bnrusot * Co. LLP 4th f loor, Of f ice 405 World Mark - 2, Asset No. 8 lGl Aiiport Hospitality District, Aerocity New Delhi - 110 037, lndia Tel : +91 11 4681 9500 Chartered Accountants Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors DLF Limited We have reviewed the accompanying statement of unaudited standalone financial results of DLF Limited (the "Company") [which includes 4 partnership firms for the quarter ended September 30,2025 and year to date from April 01,2025 to September 30,2025 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5, as amended (the "Listing Regulations"). The Company's Management is responsible forthe preparation ofthe Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (lnd AS 34) "lnterim FinancialReporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Based on our review conducted as above and based on the consideration ofthe review report of other auditor of the partnership firm referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('lnd AS') specified under Section 133 of the Companies Act,2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. Emphasis of Matter Paragraph (i) We draw attention to Note no. 4(a), (b) and (c) to the statement which describes the uncertainty relating to outcome of following lawsuits filed against the Company: S R. Batliboi &.Co. LLP a Limited Liability Partnership with LLP ldentity No. AAB'4294 Regd. Office : 22, Camac Street, Blo.k 'B, 3rd Floor' Kolkata'7oo 016 1 2 3 4
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S.R. Barusor & Co. LLP Chartered Accountants a) In a complaint filed against the Company relating to imposing unfair conditions on buyers, the Competition Commission of India (CCI) has imposed a penalty of Rs. 630.00 crores on the Company which was upheld by Competition Appellate Tribunal. The Company has filed an appeal which is currently pending with Hon'ble Supreme Court of India and has deposited Rs. 630.00 crores under protest as per direction of the Hon'ble Supreme Court of India. b) In a writ filed with Hon'ble High Court of Punjab and Haryana, the Company, one of its subsidiaries and a joint venture Company have received judgements cancelling the sale deeds of land/ removal of structure relating to two lT SEZIIT Park Projects in Gurugram. The Company, its subsidiary and joint venture company filed Special Leave Petitions (SLPs) challenging the orders which is currently pending with Hon'ble Supreme Court of India. The Hon'ble Supreme Court of India has admitted the matters and stayed the operation of the impugned judgements till further orders in both the cases. c) Securities and Exchange Board of India ('SEBI') in a complaint filed against the Company, imposed certain restrictions on the Company. The Company had received a favorable order against the appeal in said case from Securities Appellate Tribunal ('SAT'). SEBI, subsequently, has filed a statutory appeal which is currently pending before Hon'ble Supreme Court of India. SEBI has also imposed penalties upon the Company, some of its directors, officers, its three subsidiaries and their directors which has been disposed off by SAT with a direction that these appeals will stand automatically revived upon disposal of civil appeal filed by SEBI against aforementioned SAT judgement. Based on the advice ofthe external legal counsels, no adjustment has been considered in these standalone financial results by the management in respect of above matters. Our conclusion is not modified in respect of these matters. The accompanying Statement of quarterly and year to date interim standalone financial results and other financial information includes the Company's share of net profit after tax of Rs. 0.27 crores and0.42 crores andtotal comprehensive income of Rs.0.27 crores and Rs.0.42 crores for the quarter ended and for the period ended on September 30,2025 respectively in respect of one partnership firm whose interim financial result and financial information, as considered in the Statement which have been reviewed by other auditor. The reports of such other auditor on interim financial results and financial information ofthese partnership firm have been furnished to us, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these partnership firm, is based solely on the reports of such other auditor. Our conclusion on the Statement is not modified in respect of the above matter. 7. The accompanying Statement of quarterly and year-to-date interim standalone financial results includes unaudited financial results in respect of one partnership firm, whose interim financial results reflect net loss of Rs. Nil crores and Rs.1 crores and total comprehensive loss of Rs. Nil crores and Rs.l crores for the quarter ended and for the period ended on September 30,2025 respectively as considered in the Statement based on their unaudited interim financial results and other financial information which have not been reviewed by any auditors. 6.
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S.fr. BaruBor*Co. LLP Chartered Accountants For S.R. BATLIBOI & Co. LLP Chartered Accountants Firm number: 30 1 003E/8300005 These unaudited financial results and other financial information of the said partnership firm have been approved and furnished to us by the Management. According to the information and explanations given to us by the Management, these interim financial results and other financial information are not material to the Company. Our conclusion on the Statement is not modified in respect of this matter. per Vikas Mehra Partner Membership No.: 094421 UDIN : 2509 4421 BMOQUHSS 79 Place:New Delhi Date: October 30,2025
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DLF Limited Regd. Office: Shopping Mall,3d Floo., Arjur Marg, DLF City, Phase I, Gurugram - 122002 (Haryzta),India. CIN - L70r0lHR1963PLC002484, Website : w.dlf.in T el.: +91-L24-4334200, Email: corporateaffairs@dlf.in l Dl,F^flt^ in crores unless othemise YEARENDEDQUARTER ENDED HALF YEAR ENDED 30.09.202s (Unaudited) 30.06.2025 (Unaudited) (Unaudited) 30.09.2024 30.09.2025 (Unaudited) (Unaudited) 30.09.2024 31.03.2025 (Audited) SL NO. PARTICULARS 510.52 116.26 1 06.53 26.53 2: t'. t-\ 1,t57.57 t,033.73 235.19 1,1 14.35 1,016.95 2,t9t.30 1268.92 25.00 190.21 zts.2t 1,053.71 (7.07) 1.7u (s.2e) 1,048.42 495.06 1.26 1,308.90 31.i2.07 1,690.97 658.20 239.62 161.23 15.12 156.r39 r,457.66 233.31 233.31 50.24 0.79 0.19 (13.08) 37.16 t96.15 (2.61) 0.66 (1.es) 194.20 495.06 2,110.51 3t\4.16 337.09 73.16 7 1 8.,16 3,623.98 2,377.42 (302.39) 2,075.03 (0.61) 0.15 (0.46) t,579.54 495.06 28,911.64 4,,181.51 r,519.89 6,001.40 6 t' .55 213.63 213.85 495.03 1,580.00 6.38 (r.38 646.53 934.75 1,581.28 294.48 91.40 13.43 11.12 't56.56 596.99 984.29 235.19 1,219.48 192.13 206.03 r,0r).45 (6 e2) 1.14 (5.18) 1,008.27 495.06 13.30 .1.1 0 .1. l0 {). l6 0.16 49.14 1 1.70 (2.52) 9.18 40.26 (0. I s) 0.04 (0.11) 40.15 495.06 461.82 142.20 610.02 276.04 84.86 63.1 0 15.41 121.17 560.58 49.44 903.5it 1 tt,l..t{J 1,088.06 228.80 10.94 (2.6s) O.(t1 (1.e8) 190.38 495.06 0. t-7 0.71 501.70 120.51 8?".33 78.02 1 36.70 859.26 228.80 25.50 36.44 192.36 3 4 5 6 1 8 9 10 l1 12 I z Income a) ltclenue from operations b) Other incomc (refer note 5) Total income Expenses a) Cost ofland, plots, dcrelopmcnt rights, constructcd propcrtics md others b) Iimployee bcncfits cxpeose c) Iiinancc costs d) Depreciation and mortisation crpensc e) Other expcnscs Total expenses Profit before exceptional items and tax (l-2) Exccptional itms (refcr notc 5) Profit before tax (3+4) Tax expenses for the period / year a) Currmt tax b) 'l'ax relatinl; to edicr yeus c) l)cfcrred tax Total tax expenses for the period / year Net proEt for the period / year (5-6) Other comprehensive (loss) a) Itcms that will not bc reclassificd to profit and loss b) Income tar rclating ro items that rvill not be rcclassihed to profit and k>ss Total other comprehensive (loss) Total comprehensive income for the period/ year (7+8) Paid-up equin shre capital (facc talue of { 2 per shuc) lotl., "qriry lea-irg" per equity share (face value of{ 2 per share) (not annualised) llmic ff) Dilutcd ({) p, q (s UrEl.lt
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D[Fhl+^DLF Limited Regd. Office: Shopping Mall,3rd Floor, Ariun Marg, DLF Ciry, Phase I, Gurugram - 122002 (Haryana), India. CIN - L7010rHR1963PLC002484, Website : w.dlf.in 'l'cl.: +91 -1 24-4334200, I.lmail: corporateaffairs@dliin Statement of unaudited Standalone Assets and Liabilities: (t in Particulam As at 30 September 2025 (Unaudited) As at 31Mrrch2025 (Audited) ASSETS Non-cunent assets I)ropcrn', plant and equipment ( )apital u'ork-in-progress Intestment propcrty Other intangiblc assets Intangible assets under derclopment IUght-of-use assets Inrcstment in subsidiaries, associates, joint renrures and partncrship lms Financial assets Invcstmcnts Loans Other Frnancial asscts [includes bank deposits of{ 1,542.27 crores (31 N{rch 2t)25: t Nil)] Defened tL\ asscts (nct) Non-cwent ta\ zssets (net) ()ther non-curcnt assets 0.()5 6011.42 1,585.88 879.64 Q0.91 136.71 126.57 0..+0 692.32 138.22 30.(r4 19,499.0t1 132.U0 0.,t0 6U4.95 't29.25 rJ.55 35.51 19,197.61 0.()5 212.37 55.,14 1,06u.07 30u.20 658.56 Total non-curent assets 24,718.87 22,791.76 Curctrt assets I nrentories Financial assets In!cstmcnts Trade rcceivables Cash and cash cquivalents Othcr bank balances llans Othcr financial asscts [includcs bank dcposits of { 3,260.67 crores (31 Ntmch 2025: { 3,8911.35 crores)l ( )thcr currcnt asscts 45.00 241.92 915.66 5tt5.95 1 83.50 4,178.07 1,121.95 1 r,812..+8 50.00 212.13 193.17 2,319.15 933.43 4,129.20 1,154.21 11,024.82 Total curent assets 19,090.,17 20,617.31 ,\ssets classified as held for sale 30r't.55 30fr.53 Total assets 44,|7.89 43,717.60 .195.{)(r 28.111.87 495.06 28,91',t.61 EQUITYAND LIABILITIES Equity I,)rluity' shrc capital Other cquin, Total equi$ 28,969.93 29,406.70 Non-curent liabilities Irinancial liabilities Bororvings lease liabi[n' Trade pavablcs (a) t()tal outstanding dues of micro and small enterprises O) total ()utstanding dues of creditr)rs ()ther than micro and small enterprises Other non-cunent financial liabilities Provisions ()ther non-cment liabilities 791.19 136.65 39.1 u 6.61 417.81 29.rJ8 1,()73..17 )i. )() 791.19 14).38 32.0u lJ.53 Total non-cunent liabilities r,121.11 2,081.01 212.21 11,240.59 19.16 9.27 I,069.I 1 1.93 1 511.69 91{'.n9 279.71 1,117.57 288.12 u,085.35 11 .35 235.11 2,1 37.00 8.75 Currrnt liabilities [.inancial liabihtrcs Bonorvings lease habihn Tradc payables (a) total outstanding ducs of micro and smll e ntcrpriscs (b) total outstanding ducs of creditors other than micro and small entcrpriscs Other current financial [abilities ()ther cment liabilitics I)rovisions (:urrcnt ta\ liabilites (nct) AA 13,690.65 12,199.92ll!lrurwnp prl()llTotal current liabilities tluf )( 32.90 44,1t7.89 29.97 43,717.60I* classified as held for and liabilities k)
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DLF Limited Regd. Office: Shopping Mall, 3rd Floor, Arjun Marg, DLF City, Phase I, Gurugram - 122 022 (Haryana)' India. CIN - L?010lHR1963PLC002484, Website : w.dlf.in T el.: +91-124-4334200, Email: corporateaffairs@dlf.in Statement ofUnaudited Standalone Cash Flow for the ended 30 2025: l 0[F^{t (t in crores) 30 September 2025 (Unaudited) 30 September 2024 (Unaudited)Paniculars r,268.92 26.53 (10.43) 106.53 (4l o.s r) I (l.6rl lrr+ | (6.sr)l e41.6nl (4ol 88)l (5.2:) | a.81 I (:15. r r)l 90.7'1 115.12) o84.46) (38 l 3) (60 81) (s3.68) 2.45 :i,155.91 (320.34) 1,956.00 (364.1s) 1,591.86 (26 06) 0.s0) lt) 25 829.6'7 (r7e s.+) 1,138.32 21 ,-.99 40 1.tt8 2J51.01 0,445.9 l) (281.rnD (1r)0.38) 0.17 0.ns) (1,48s.66) (3,320.34) 722.53 (r 04) 1 91.17 915.66 9t5.66 9t5.66 233.31 ). o6 s6.46 (1 1.e8) (406.19) (341.1,2) 10{i.31 149.98 3.43 2,r83.25 6.35 1,747.E9 (50.71) 1,697.18 1ilaIt2 187.82 )5.72 (,.:i0) (1.2e) (.i.69) 1,61.23 ?69.45) Q1.e2) 0.11 (3.e1) ({r:i.01) (r.02) u.58 (12.15) (r.2s) 55.02 (55.00) (8t(,29) (l.ilii 7l) 1.2n9 71 I lr ll r'i3.01 (450.73) (:10.4r) 94.41 (1 61.1 1) () ()2) (10.70) (1,23;.64) (1,345.41) (eE.96) () 11) 286.89 t87.82 A CASH FLOWS FROM OPERATING ACTIVITIES Profit beforc tu Adiustments for: Depreciation md mortisation cxpensc Profit on sale of properh, plmt md equipmenr and inrestment propern (net) Rcnral mcome on account of discounnng ofsccuriq' deposits md straighr lining effect i\mount f,:rfeircd on propemes Finance cost Intcrest incomc (including fair raluc chmge in 6nmcial instrumcnrs) .Share ofpro6t ftom partncrship fitms (ncr) Nct foteign exchange diflferences Unclaimcd balmccs md cxcess prorisions rvrittcn back Provision for intcrcst iflcome vlittm back Dividend income Profit on sale ofinvestments (nct) Allowmcc/ writc off s of finmcial md non-finmcial assets md protrsions llxceptional itms (net) Operating prcfit beforc working capital changes lyorking capital adiuEtments: Increase in rade receivables Increase in inventories Inctease in other non fmmcial assets ([ncreasc),/ decrease in othet finmcial assets md loms @ecrease)/ increase in other Fmmcial liabilitics Incteasc in protisions Increase in other non finmcial liabilities (Decreasc)/ increasc in trade pa,rablcs Cash flow from opemting activitiea post working capitel changes Income tax (paid)/ refunded, nct Net cash flow generated from operating activities (A) B CASH FLOITS FROM INVESTING ACTIYITIES Proceeds ftom sale of propertr', plmt md equiJmmt md inve smeflt ProPerq- Purchase of propertv, plmt md cqui;mcnt, invcstment properqv, intmgrble assets md caPital work in proS;ress Purchasc of ilvestments Ptoceeds from disposal/ tedemption of investments Proceeds from salc ofmuual funds Putchasc ofmurual funds Rcdemption of / (investmmt in) fuied dcposits with maturitv more thm 3 months (nct) Loms 14sen to subsidianes (including parmership fims), associates md joint venrurcs I-oms rcpaid br subsidiaries (including parmership fims), usociares md joint vcntutcs Interest receircd Dividend rcceired Net cash flow generated ftom/ (used in) investing activities (B) C CASH FLOIOTS FROM FINANCING ACTryITIES Reparment of non olrcnt botrowlngs (includmg current marurities) (Repavmmt of)/ procceds from curlent borrowinpF, nct Interest paid Dccreasc / (incrcase) in tcstrictcd bank balmces (net) Reparmcnt of lcase liabilities Dr,idend paid Net cash flow used in financing activities (C) Net increase/ (decrease) in cash and cash equivalents (A+B+C) Nct foreign cxchalgc diffcrcnce Cash md cash cqurvalents at thc bcgnning of thc pctiod (nct oI trvcrdraft) Cash and cash equivalents at period end (net of overdraft) Components of cash and cash equivalents at period end comprises of: Cash md cash equivalcnts $
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otF^+3^ 2. Notes to the Standalone Financial Results The above standalone financial results of DLF Limited ('the Company) have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 30 Octobet 2025. The statutory auditors have carried out Lirnited Review of above standalone Frnancial results of the Company. These standalone financial results have been prepared in accordance with the recognition and measurement princrples of Indian Accounting Standards (Ind AS) as notif,ied under Section 1.33 of the Companies Act, 2013 read with the Companies (Indran Accounting Standatds) Rules, 2015 as amended. The Company's business activities which ate primarily real estate development and related activit-ies falls within a single reportable segment as the management of the Company views the entire business activities as real estate development. Accordingly, thete are no additional disclosures to be furnished in accordance with the requirement of Ind AS 108 - Operating Segments with respect to single reportable segment. Further, the operations of the Company is domiciled in India and thetefore tlere are no reportable geogaphical segment. 4. Key litigations: a) In a complarnt filed by Belaire/Magnoha/Patk Place ownets association against the Company atleging unfair conditions on its buyers, the Competition Commission of India (CCI) had imposed penalty of t 630.00 crores, which is also upheld by the Competition Appellate Ttibunal (COMPA!. The Company had hled an appeal before Hon'ble Supreme Court of India (Hon'ble Court) against the said order which the Hon'ble Court admitted vide its order dated 27 August 201,4 and the Company deposited t 630.00 crores on Hon'ble Coutt's direction, shown rhe same as recoverable in the books. The Company has ftled an appJication seeking refund including interest, which is to be listed along-with main appeal in due course. b) In a mattet, the Hon'ble High Court of Punjab andHaryanapassed ordet against the Company, one of its subsidiaries and a joint venture company canceiling the sale deeds of land/removal of construction relating to two IT SEZ/ IT Park Ptojects in Gurugram admeasuring -56 acres. The said order was challenged by the Company before Hon'ble Supreme Court of India and the matter is stayed till further otders. c) The Secunties and Exchange Board of India (SEBI) issued a Show Cause Notjce (SCN) dated 25 June 201,3 to the Company for non-disclosure of material information at the time of filing Red Hering Prospectus tn2007. The SEBI vide order dated 10 October 2014 restnrned the Company and its Officers/certain directors from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities, directly or indirecdy, in any manner, whatsoever, for a period of three years. The Company and the said Directots fi1ed appeals before the Hon'ble Securities Appellate Tribunal (Hon'ble SAT) against the aforesaid Order dated 10 October 2014.The Hon'ble SAT vide its order dated 13 March 2015 quashed and set aside the order passed by SEBI. Against Hon'ble SAT's order, SEBI Frled an appeal with the Hon'ble Supreme Cout of India (Hon'ble Court), which stood admitted vide order dated 24 April 2015 without granting any interim stay in favour of SEBI. In October 2015, SEBI hled applications before the Hon'ble Court seeking, restaint on the Compan,v, its promoters and/or directors from proceeding with the sale of 159,699,999 Cumulative Compulsorily Convertible Preference Shares of DLF Cyber City Developers Limited held by the promoter gtoup companies to third parw instirutional investors. The said applications came up for hearing before the Hon'ble Court on 4 November 201,5 and the Hon'ble Court did not pass any orders restraining the transaction and simply directed that the said applications be listed along with the eadier appeal. SEBI issued a SCN making allegations similat to the SCN dated 25 June 2013. Similar SCNs were also issued to three subsidiades, thek directors and certain other entities. By way of ordet dated 26 F'ebruary 2015, the Adjudicaung Officer, SEBI imposed monetarv penalties F Companv, some of its Directors, its etstwhile CFO, its three subsidiaries and their Directors. 1.
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Dl,F{i 5. Notes to the Standalone Financial Results The Companv and other parties aggrieved b,v the aforesaid order Frled appeals before the Hon'ble SAT agarnst the order dated 26 February 2015. \\hen these appeals were Listed before Hon'bie SAT on 15 April 2015, SEBI's counsel under instructions stated that during the pendency of the said appeals, the Order dated 26 February 2015 would not be enforced. The Hon'ble SAT vide its order passed on 25 April 2018 held that in view of l{on'ble SAT's majonty decision dated 13 March 2015, the SEBI Order dated26 February 2015 cannot be sustained. Accordingly, the Hon'ble SAT disposed off the appeals wrth a direct-ion that these appeals, shall stand automatically revived once the Hon'ble Court disposes of the civil appeals hled by SEBI against the Hon'ble SAT's judgment dated 13 Match 2015. The matters are pending fot final outcome. Based on the grounds of the appeals and advice of the independent legal counsels, management believes that there is strong likelihood of succeeding in respect of above matters. Pending the final decisions on the above matters, no adjustment is required to be made in these standalone fmancial results. The above litigations as mentioned in point 4 (r), (b) and (c) are subject matter of 'Emphasis of Matter' in Independent Auditor's Review Report. In earlier years, one of the erstwhile joint venture company, Twenty Five Downtown Reality Limited [formedyJoyous Housing Limited flHL)] defaulted in meeting its debt obligation to a housing finance company (HFC or Lender). Several disputes arose between the shareholdets of JHL which were pending at vadous levels including arbitration proceedings fot recovery of the Company's entire outstanding dues, inclusive of interest, ftomJHL Meanwhile, the Lender assigned the loan to an Asset Reconstruction Company (ARC), invoked the pledge of shares of shareholders against the loan and sold 757o shares ofJHL (including 37 .SYo shates held by the Company) to a third parry. Owing to the ongoing actions and circumstances, JHL ceased to be joint venture of the Comp any,'n accordance with Ind AS 111 Joint Arrangement'read with Ind AS 110'Consolidated Financial Statements'. Further, adequate provisions were recogriized in the books of accounts in eadier years against the loans and investmeflts of the Company inJHL. During the quartet, consent teffns were executed between the parties concemed and a consent z.ward has been passed by the Hon'ble Arbitrator whereby JHL has agreed to pay to the Company a sum of { 801.00 crores (along with interest payable in accordance with consent terms) towards repayment of its dues and settlement of ali ongoing disputes. Out of the setdement amount, the Company has already received { 25 1 . 10 crores till the reporting date and outstanding balance is secured by way of a hrst and exclusive mortgage over identified RER-{ calpet area of residential real estate units of a REfu\ registered ptoject. Pursuant to the consent awatd, the Company has withdrawn all ptoceeding/notices filed againstJHL and other concerned parties in various forums. Accordingly, the Company has reversed the previously charged impairment loss of t 235.19 crotes as an exceptional income and balance of ? 11,1,.72 crores is considered as receipt of interest income which was ma;or\ accrued and impaired over a period of time in eadier years, as other income. During the quarter, the Company in its 60,h Annual General Meeting held on 4 August 2025,has declared dividend of { 6 per equiw share (On the face value o[ { 2 per equity share) amounting to { 1,485.19 crores. 6. @$ $
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7 Place: New Delhi Date: 30 October 2025 Devinder Singh Managing Director DIN:02569464 A DI,F^+I+^ MJ^r--h Ashok Kumar TVbg, Managing Director DIN:00254161 Notes to the Standalone Financial Results The Frgures for the corresponding ptevious penodf year have been tegtouped/reclassiFred, wherever necessary. On behalf of the Board of Directors of DLF Limited br- L .-ir ,:Lfil o \. $
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S.R. Barusot * Co. LLP 4th Floor, 0ffice 405 World Mark - 2, Asset No. 8 lGl Aiiport Hospitality District, Aerocity New Delhi - 110 037, lndia Tel : +91 11 4681 9500 Chartered Accountants Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors DLF Limited We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of DLF Limited (the *Holding Company" or "the Company") and its subsidiaries (including partnership firms) (the Holding Company, its subsidiaries and partnership firms together referred to as "the Group"), its associates, joint ventures andjoint operations forthe quarter ended September30,2025 and yearto date from April 01, 2025 to September 30,2025 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (lnd AS 34) "lnterim Financial Reporting" prescribed under Section 133 of the Companies Act,2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors . Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board oflndia under Regulation 33(8) ofthe Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities enumerated in Annexure I 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors refened to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('lnd AS') specified under Section 133 of the Companies Act,2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Emphasis of Matter paragraph i) We draw attention to Note 5 (a), (b), (c) and (d) of the statement which describes the uncertainty relating to outcome of following lawsuits filed against the Group: In a complaint filed against the Company relating to imposing unfair conditions on buyers, the Competition Commission of India (CCI) has imposed a penalty of Rs. 630.00 crores on the Company which was upheld by Competition Appellate Tribunal. The Company has filed an appeal which is currently pending with Hon'ble Supreme Court of India and has deposited Rs. 630.00 crores under S.R. Batliboi 8.C0. LLP, a Limited Liabilty pdrtnership with LLp ldentity No. AAB-4294 Regd Office I 22. Camac Street, Block,B,, 3rd Floor, Kotkata,Too 016 a.
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S.fr. Barutsot * Co. LLP Chartered Accountants protest as per direction of the Hon'ble Supreme Court of India. Similar case has been filed against one of the subsidiary company with CCI which is pending with Hon'ble Supreme Court of India. No penalfy has been levied in the said case. b. In a writ filed with Hon'ble High Court of Punjab and Haryana, the Company, one of its subsidiaries and a joint venture company have received judgments cancelling the sale deeds of land/ removal of structure relating to fwo IT SEZI lT Park Projects in Gurugram. The Company, its subsidiary and joint venture company filed Special Leave Petitions (SLPs) challenging the orders which is currently pending with Hon'ble Supreme Court of India. The Hon'ble Supreme Court of India has admitted the matters and stayed the operation ofthe impugnedjudgments till further orders in both the cases. Securities and Exchange Board of India (SEBI), in a complaint filed against the Company, imposed certain restrictions on the Company. The Company had received a favorable order against the appeal in said case from Securities Appellate Tribunal (SAT). SEBI, subsequently, has filed a statutory appeal which is currently pending before Hon'ble Supreme Court of India. SEBI has also imposed penalties upon the Company, some of its directors, officers, its three subsidiaries and their directors which has been disposed off by SAT with a direction that these appeals will stand automatically revived upon disposal of civil appeal filed by SEBI against aforementioned SAT judgement. d. In respect of ongoing legal cases, wherein one of the Company's subsidiary has outstanding trade receivables oft 396.86 crores from customers, which is currently sub-judice. Pending final order from Hon'ble Supreme Court of India and at other levels the amount is pending recovery since long. Based on legal status and expert's view, the management is confident of its recovery and is considered that the amount is fully recoverable. Based on the advice ofthe external legal counsels, no adjustment has been considered in the statement by the management in respect of above matters. Our conclusion is not modified in respect of these matters. 7. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: 96 subsidiaries and I partnership firm, whose unaudited interim financial results include total assets of Rs. 10,274.66 crores as at September 30,2025, total revenues of Rs. 328.65 crores and Rs. 548.24 crores, total net loss after tax ofRs. 45.84 crores and Rs.43.73 crores, total comprehensive loss of Rs.45.91 croresandRs.43.80crores,forthequarterendedSeptember30,2025andtheperiodended on that date respectively, and net cash outflows of Rs. 45.26 crores for the period from April 01,2025 to September 30,2025, as considered in the Statement which have been reviewed by their respective independent auditors. a a I associate and 3 joint ventures, whose unaudited interim financial results include Group's share of net loss of Rs.0.45 crores and Rs. l.l5 crores and Group's share of total comprehensive loss of Rs. 0.45 crores and Rs. l.l5 crores for the quarter ended September 30,2025 and for the period from April 01,2025 to September 30,2025 respectively, as considered in the Statement whose interim financial results, other financial information have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial information/ financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, partnership firm, associate and joint ventures is based solely on the report ofsuch auditors and procedures performed by us as stated in paragraph 3 above. 8. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of: . I subsidiary and I partnership firm, whose interim financial results and other financial information reflect total assets of Rs. 63.25 crores as at September 30,2025, and total revenues of Rs. Nil and Rs. Nil, total net loss after tax of Rs. Nil and Rs.2.00 crores, total comprehensive loss of Rs. Nil and Rs.
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S.R Bnrusot * Co. LLP Chartered Accountants a 2.00 crores, for the quarter ended September 30,2025 and the period ended on that date respectively and net cash inflow of Rs. Nil for the period from April 01,2025 to September 30,2025. 2 joint operations. whose interim financial results and other financial information reflect total assets of Rs. 10.84 crores as at September 30,2025, total revenues of Rs. Nil and Rs. Nil, total net profit after tax of Rs. Nil and Rs. Nil, total comprehensive income of Rs. Nil and Rs. Nil, for the quarter ended September 30,2025 and the period ended on that date respectively, and net cash inflow ofRs. Nil for the period from April 01,2025 to September 30,2025. I associate and 1 joint venture, whose interim financial results includes the Group's share ofnet profit of Rs. Nil and Rs. Nil and Group's share of total comprehensive income of Rs. Nil and Rs. Nil for the quarter ended September 30, 2025 and for the period ended on that date respectively. The unaudited interim financial information/ financial results and other unaudited financial information of these subsidiary, partnership firm , joint operations, associate and joint venture have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs ofthese subsidiary, partnership firm ,joint operations, associate andjointventure, is based solely on such unaudited interim financial resultsand otherunaudited financial information. According to the information and explanations given to us by the Management, these interim financial information/financial results are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results/financial information certifi ed by the Management. For S.R Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005 per Vikas Partner Membership No.: 094421 UDIN: 2509442I BMOQUI I592 Place: New Delhi Date: October 30,2025 o
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S.fr. Barusot * Co. LLP Chartered Accountants Statement ofsubsidiaries (including partnership firms), associates, joint ventures end joint operations included in the rmults ofDLF Limited S. No. Companv Name Subsidiaries and partnership firrc I Aarahm Builders & Developers Private Limited 2 Adana Builders & Developers Private Limited J Adoncia Burlders & Developers Private Limited 4 Alaaf Builders & Developers Private Limited 5 Akina Builders & Developers Private Limited 6 Amandla Builders & Developers Private Limited 7 Amishi Burlders & Developers Private Lirnited 8 Ananti Builders & Construction Private Limited 9 Angelina Real Estates Prrvate Limited l0 Arlie Builders & Developers Prrvate Limited ll Atherol Builders & Developers Private Limited t2 Ati Sunder Estates Developers Private Limrted l3 Baal Realtors Private Limited 14 Berit Builders & Developers Private Limited r5 Bharnini Real Estate Developers Private Limited 16 Blanca Builders & Developers Private Limrted 17 Breeze Constructions Private Limited l8 Cadence Builders & Constructrons Privale Limrted l9 Cadence Real Estates Private Limited 20 Chandrajyoti Estate Developers Private Limited 2t Cyrano Builders & Developers Private Limited 22 Dalmia Promoters & Developers Prrvate Limited 23 Damalis Builders & Developers Private Limited 24 Delanco Realtors Private Limited 25 Deltaland Buildcon Private Limited 26 Demarco Developers And Constructions Private Limited 27 DLF Aspinwal Hotels Private Limited 28 DLF Builders & Developers Private Limited 29 DLF Cochrn Hotels Private Limited 30 DLF Commercial Projects Corporation (Partnership Firm) 3t DLF Gayatri Developers (Partnership Firm) DLF Green Valley (Partnership Firm) DLF Home Developers Limrted 34 DLF Homes Goa Private Limited 35 DLF Homes Panchkula Private Limited 36 DLF Exclusive Floors Private Limited 37 DLF Info Park (Pune) Lrmited 38 DLF Info Ci! Hyderabad Limited 39 DLF Luxury Homes Limited 40 DLF Office Developers Private Limited 4t DLF Projects Limited 42 DLF Property Developers Limited 4i DLF Clubs and Hospitality Limited (fbrmerly DLF Recreational Foundation Limited) 44 DLF Residential Partners Limited 45 DLF Southem Toms Pnvate Limited 16 DLF Universal Limrted 47 DLF Utilities Limited 48 DLF Urban Private Lrmrted 49 Domus Real Estate Private Lrmited i0 Edward Keventer (Successors) Private Limited 5l DLF Wellco Private Limited (lbrmerly Ethan Estates Developers Prrvale Limited) 52 First India Estates and Seruices Private Limited 53 Galleria Propertv Management Seruice s Private Limited 54 Gan Developers Private Limited Annexure I S. l{o. Companv Name 55 Gaynor Burlders & Developers Prrvate Limited 56 Hathor Realtors Private Limited 57 Hesper Builders & Developers Private Limited 58 Hoshi Builders & Developers Private Limited 59 Hurley Builders & Developers Private Limited 60 Invecon Private Limited 6I Isabel Builders & Developers Private Limited 62 Jayanti Real Estate Developers Private Limited 63 Karida Real Eslates Private Limited 64 Ken Buildcon Private Limited 65 Kokolath Builders & Developers Private Limited 66 Kolkata International Convention Centre Limited 67 Lodhi Properw Company Limited 68 Manini Real Estatcs Private Linrited 69 Milda Buildwell Private Limited 70 Mohak Real Estate Pnvate Limited 7l Mufallah Builders & Developers Private Lrmited 72 Murdock Builders & Developers Pnvate Limited 73 Muriel Burlders & Developers Pnvate Limited 74 Musetta Builders & Developers Private Limited 75 Nadish Real Estate Pnvate Limrted 76 Nata Builders & Developers Private Limited 77 Naja Estates Developers Private Limited 78 Nellis Builders & Developers Private Limited ?9 Niabi Builders & Developers Private Limited 80 Niobe Builders & Developers Private Limited 81 Ophira Builders & Developers Private Limited 82 Oriel Real Estates Pnvate Limited 83 Paliwal Developers Limited 84 Prewitt Builders & Constructions Private Limited 85 Qabil Builders & Developers Private Limited 86 Raeks Estates Developers Private Limited 87 Rational Builders and Developrcrs (Partnership Firm) 88 Riveria Commercial Developers Limited 89 Rochelle Builders & Constructions Private Limited 90 Rujula Builders & Developers Private Lrmited 9l Sagardutt Builders & Developers Private Limited 92 Senymour Builders & Constructions Prrvate Limited 93 Shivaji Marg Maintenance Services Limited 94 Sk_wise Home Developers Private Limited 95 Sugreeva Builders & Developers Private Limited 96 Talvi Builders & Developers Private Limited 97 Tane Estates Private Limited 98 Tatharaj Estates Private Limited 99 Uncial Builders & Constructions Private Limited 100 Unicorn Real Estate Developers Pnvate Limited r0l Uni International Private Limrred 102 Uruasi lnfratech Pnvate Limited 103 Vamil Builders & Developers Private Limited 104 Verano Buiiders & Developers Private Limited 105 Highvista Buildcon Private Limited (lormerly known as Vikram Electric Equrpment Private Limrted) 106 Zanobi Builders & Constructions Private Limited 107 Zebina Real Estates Private Limited 108 Zima Builders & Developers Private Limited r09 Irleetrise IFSC Private Limited Q-
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S.E Barusot & Co. LLP Chartered Accountants Annexure I contd.. S. No. lCompanv Name Associale I I 0 | Arizona Clobal Scrvtccs Private Llmtred I l l IGHL Hosprral Limited Joint venlures DCCDL Group i2 IDLF Cyber City Developers Limited I Ii IDLF Promenade Lrmrted ll4 IDLF Asses Lrmrted I I 5 IDLF Power & Seruiccs Limrted ll6 IDLF Info Ciw Developers (Chandigarh) Limrted l17 lFairleal'Real Estate Prrvate Limited I I 8 IDLF Inlo Park Develope rs r Chennar ) Limrted I l9 lPaliwal Real Estale Limrted S. f{o. Compeny Name r20 DLF lnfo Citv Chennai I-imited 121 Nambi Buildwell Limited Other Joint ventarcs 122 DLF Midtown Private Limited 123 DLF SBPL Developer Private Limited 124 Westpark Developrers Private Limited (formly known as Pegeen Burlders & Developers Private Limited) 125 Atrium Place Developers Private Limited Designplus Group 126 Designplus Associates Seruice Private Limited 127 Spazio Prolects and Interiors Private Limited Joint Operutions 128 Banjara Hills Hyderabad Complex (AOP) 129 GSG DRDL AOP
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DLF Limited Regd. Of6ce: Shopping Mell,3'd Floor, Arjun Mug, DLF City, Phase I, Gurugram - 122 002 (Haryana), India. CIN - L70l0lHRI963PLC002484, Website : w.dlf.in 'f el: +91-1244334200, Email: corporateaffairs@dlf.in l DLF^{t^ in crores uo-less othemise SL NO. PARTICUI.ARS QUARTER ENDED HAIF }EAR ENDED YEAR ENDED 30.09.2025 (Unaudited) 30.06.2025 (Unaudited) 30.09.2024 (Unaudited) 30.09.2025 (Unaudited) 30.09.2024 (Unaudited) 3t.03.2025 (Audited) 1 3 .l 5 6 7 8 9 10 11 12 13 1-l 15 76 11 Income a) Revcnue from opcntions Other income (refcr norc 6) Cost of lmd, plots, constructcd ptopencs, dcvelopment rights md othets Employee beoefits cxpense F-iomce costs Depreciation md amortisahon cxpcfl se C)ther expenses exPenses before exceptional items, tax, share ofprofit in associates and ioint (r-2) l,)xceptional itcms (rcfcr notc 6) Profit before tax md share ofprofit in associates and ioint venures (3+4) expenses for the period/yeat (a) Curcnt trr @) Tax relating tr cadier ycars (c) Defctcd tax Total tu expenses for the period/yeu Profit after exceptional items, tax od before shue ofprofit in associates and venures (5{) of profit in associates md lomt venrures (net) proEt for the period/year (7+8) comprehensive income/(oss) Itens that wll not bc rcclassificd to profit md loss Inc()me a\ rclatrng to itcms drat will not be rcclassified to profit and loss other comptehensive income/(oss) comprehensive income fot the period/yeu (9+10) Net profit for the period/year amibutable to: ()rvncrs of the holding companv Non contolling intcrcsts Other comprehensive income/(loss) attributable to: Orvncrs of rhe holding compan\' Non-conrolling intercsts Total comprehensive income amibutable to: of thc holding companv illtCrCStS cquin. share capta) (facc value of I 2 pcr sharc) cquiq' per equiry share (face value of { 2 per shre) (not annualised) 1,613.0-l 618. t-6 2,261.80 935.00 1+6.03 63.12 29.51 1,452.14 809.66 235.19 1,044.85 60.i1 216.01 276.32 768.53 .11 1.56 I,180.09 0 1.e0) 2.t\6 (e.04) 1,171.05 1,180.09 1,180.09 (9 ol) (e.04) 1,171.05 I,l?1.05 195.06 1.11 1.1 t- 2,116.70 26-1.18 2,980.88 1,9.18.33 1.1.1.35 78.57 3.1.+7 259.86 2,465.58 5ls.30 515.30 93.32 39.86 133.18 382,12 3{t0.55 762.67 3.29 0.06 3.35 766.02 762.61 762.67 3.35 3.3s 166.02 766.02 -r95.06 3.08 3.08 1,975.02 205.81 2,180.83 1,080.0(r 165.-t1 93.51 31.73 221.51 1,604.22 576.6r 576.6t 31.86 (501.66) (466.80) 1,043.41 337.81 1,381.22 3.31 5.78 1,387.00 1,38 1.ott 0 1-t t,381.22 5.78 5.78 1,3n6.8(r 0.1+ 1,387.00 195.06 5.58 5.58 .+,359.7-l 81i2.91 5,242.68 2,883.33 290.38 111.69 (r1.01 i38.31 3,917.72 1,324.96 235.19 1,560.15 1 53.63 ?55.87 409.50 1,150.65 192.11 1,942.76 (8.61) 2.92 (s.6e) 1,937.07 1,912.16 1,942.76 (5.6e) (5.6e) 1,9i1.01 1,937.07 .195.06 7.83 7.8i 3,337.31 513.28 3,910.65 1,711.12 329.16 191.10 75.01 535.53 2,876.42 1,034.23 t034.23 86.13 (13.+.5e) (348.46) 1,382.69 613.20 2,025.89 +.18 3.30 '1.48 2,033.37 2,026.69 (0.80) 2,025.89 7.18 7.48 2,031.17 (0.8(D 2,033.37 -+95.06 8.19 8.19 7,993.66 1,002.23 8,995.89 1,131.58 591.96 397.20 150.66 1,161.18 6,432.88 2,563.01 (302.39) 2,260.62 89..15 587.55 0,110.8e) (433.8e) 2,694.51 7,612.31 4,366.82 (16.12) 5.86 (10.56) 4)s6.26 +,367.6: (0.80) 4,366.82 (10.56) (10.56) -1,357.06 (0.80) 4,356.26 -+95.06 +2,055.16 t7.6.t 11.61 U Basic ({) Diiutcd (?)
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DLF Limited Regd. Office: Shopping Mall,3'd Floor, Arjun Marg, DLF City, Phase I, Gurugram - l22OOZ (Haryana), India. CIN - L70101HR1963PLC002484, Website : w.dlf.in T el.: +91-121-4334200, Email: corporateaffaire@dlf.in Statement of Unaudited Consolidated Assets and Liabilities: A 0l,F^{t^ ln As at 30 September 2025 (Unaudited) As at 3lMxch2025 (Audited)Particulare 601.20 98.3r1 1,704.15 944.25 139.16 877.20 5U5.45 2,113. t=6 931.92 91 8.95 r,509.50 88.04 20,11(t.74 629.16 11 .11 1,706.49 944.25 130.23 8.55 91.55 20,066.14 911.46 190.14 1 50.96 1,002.97 849.16 1,508.2t] ASSETS Non-cunent assets Propcrtv, plant and cquipment Capital u'ork-in-progrcss lnvestmcnt properry Goodwdl Othcr intan$blc rosets Intan$blc assets undcr dcvelopment Right-of-usc assets Investmcnts in joint ventures and associatcs Financial assets Jflvestments Lcans Other [rnancial asscts lincludes bank dcposits ol I 2,303.67 crores (31 Much 2025: t 25.06 crorcs)l Defened tax assets (net) Non-cunent tu assets (nct) Other non-curent asscts 28,270.083t,534.70Total non-current assets 350.00 110.06 1,136.65 1,045.65 783.67 5,770.61 2,141.57 24,566.83 355.00 802.21 752.53 3,585.56 676.69 7,238.69 2,339.03 24,621.4t1 Current assets Invcntories Financial assets Invcstmcnts 'fradc reccivablcs Cash and cash cquir.alcnts Other bank balanccs Ipans Other hnancial asscts [includcs bank dcp<>sits of { 4,706.80 crores (31 Mrch 2025: { 6,304.55 crorcs)l ()thcr currcnt asscts 40,3?1.t936,571.04Total curent assets 834.,+0 834.10,\sscts classificd as held for salc 68,940.14 69,475.37Total assets 495.06 42,055.16 495.06 12,507.04 EQUITYAND LIABILITIES Equity Equiw shrc capital Other equiw 43,002.10 42,550.22Equity ataibutable to ownen of Holding Company Non-controiling intcrcsts '13,002.10 42,550.22Total equit_v 194.19 310.31 65.78 1,103.44 141.03 411 .Il7 2+0.93 794.19 296.34 52.ti9 I,514.78 123.33 1,612.07 238.56 Non-cunent liabilities Financial liabilities liorrowings kasc liabilities 1'radc payablcs (a) total outstanding dues of micro cntcrprises and small enterpriscs O) total outstanding dues of creditors othcr than micro cnterprises and small enterpriscs Other non-currcnt ftnancial liabi.Litics Provisions l)efcrred tar habrJrucs (nct) Othcr non-curent liabilities 3,673.55 4,692.t6Total non-cunent liabilities Cunent liabilities Financial liabilities Borowings Lcmc liabiiities Tradc payables (a) total outstanding dues of micro cntcrprises and small entcrpriscs (b) total outstanding ducs oI creditors othcr than micro cntcrprises and small cnterprises Othcr currcnt frnancial liabilities ()thcr currcnt l.iabilitics Provisions Ourrcnt tar liabilities (nct) -r4=!f.- 3rJ1.33 1,190.02 294.59 18,791.90 16.06 106.(Xl '1,1 14.07 4.55 599.63 1,661.40 401.95 17,059.5 r 41.31 21+.16 2,187.96 10.15 ;ff BIJ{/6\\Total cunent liabilities 22,228.52 22,200.13 {(;{ .\ 1Liabilitics rclarcd ro assets hcld lor salc 15.9; .t2.u6 Total equit,v and liabilities l\-oi 68,940.14 69,475.37
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DLF Limited Regd. Office: Shopping Mall, 3rd Floor, Ariun Marg, DLF City, Phase I, Gurugram ' 122 022 (flaryua), India. CIN - L70101HR1963PLC0024E4, Websire : w.dllin Tel.: +91-124-4334200, Email: corporateaffairs@dlf.in Statement of Unaudited Consolidated Cash Flow for the ended 30 2025: 01.rffi ({ in crcres) 30 September 2025 (Unaudited) 30 September 2024 (Unaudited)Paniculars 136.17 1,560.15 (61 141.69 t,136.65 (1 (4 (e1 rio.11 41.n7 (51.ns) 1,139 46 5.16 (18e.e6) 2253.81 (ri55.79) 1,898.02 21n.52 I,863.78 423.94 It6 r)i 2,487.73 (600.(r0) (1,44s.91,) (281.00) (110.16) 08 os) 0.11 (1,485.rrfi) (4,000.61) l,l:16.65 1,136.65 64.01 (0 12) (1 2.r)3) (6 I 5.1 9) 1.85 14.79 (2.'t3) (8 64) (244.67) (235.1e) 663.92 385.14 75151 (57.r 3) 9.60 5.00 43.1)4 1,034.23 746.33 (1,486.83) 75.01 0.32) (4.34) (460 el) 5.86 0.25 194.70 (0.02) 5.85 (6.1 6) (91.82) (24.93" 0.59 Q36.25" 55.81 50.53 (58.45, 06 s7' 1 3.54 Q,115.2n" 121.0<) It3.01 151.26 457.26 (10.41) (52i.66) (201 69) (l 1 96) ( I ()2) (t,23 ,1 .64) (2,013.38) (e36.80) I,393.83 o23 457.26 (452.68, 59.5i (3'7',7.56, Q0 06:. (1.47) 2,516.91 6.68 I 17.81 2,595.55 (32.1,4) 2,s63.41 A CASH FLOWS FROM OPERATING ACTIVITIES Profit before tu and share ofprcfit in associates and ioint ventures Adiustments fon Depreciadon ad monisanon cxpense Profit on sale o[propcrtr-, plmt md cquipment md invcstmcnt ProPern (nct) Rcntal incomc on account ofdiscounting ofsccuiq'dcposits md straghr lining effccr Intcrest income (including fair talue chmge in Fmmcial instrumcnrs) I-oss on fair valuation of finmcial insrrummts (nct) Loss on forcign onency trmsactions (nct) finance costs Profit on disposal of investments (nct) ,\llowmce / wdte ofls of lmancial md non-finmcial assets md prrr*isions Amounr forlcitcd on propcrb(5 L nclaimcd baluces md exccss prolisions rvritten back Prortion for intctest incomc written back Exceptional rtems (nct) Operating prcfit beforc working capital changes Vorking capital adjustments: Decreasc / (incrcase) in inventories (Increasc) / decrease m other Fmmcral assets md loms Decreasc / (incrcase) in other non-6oancial assets l)ccrease / (inctease) rn ttade rcccivables Dccrcase rn other fmancral liabrlrties Increasc in other non-lmmcial liabilities Increasc in provisions (Dccrease) / incrcasc in tmde payables Cash flow from opemting activities post working capital changes Incomc ta\ (pad) / rcfurded, net Net cash flow generated from operating activities (A) B CASH FLOWS FROM II.MSTING ACIIVITIES Putchase of ptopern', plmt md equipment, investment properb-, intmgiblc asscts md capital work-in ptogress Proceeds from sale of propeq', plant md equipmcnt md investmcnt ptopettv Purchase of investmcnts Procceds from disposal / rcdemption of invcsmcnts Proceeds from disposal of murual fmds Putchase of invcsmcnt in mutual funds Lom gir.en l-om receivcd back Rcdemption of / (invcstmcnt in) ftred dcposts uth maturitv m(xc than l) months (net) lntercst teccired Dl-idcnd reccired Net cash flow generated frcm / (used in) investing activities (B) C CASH FLOWS FROM FINANCING ACTIVITIES Rcpavmmt of debenrures (including currctrt maruntres) Rcpavment of non-curcnt borrowingi (including currcnt matunties) Rcparment,rf currcn( borruwlnPl, net Financc cost paid Rcpa,vment of lcase liabilrties Decrcase / (mcrcasc) n rcstnctcd bank balances (nct) Dn idend paid Net cash flow used in frnancing activities (C) Net increase / (decrease) in cash and cash equivalents (A+B+C) (lash md cash equrtalenrs ar the begrnning of the pcrod (net trf ovcrdrrft) Add: Cash md cash c<luivalmts classi6ed ttr held for salc or telalng to acqursrtion/ disposals Cash and cash equivalents at period end (net of overdraft) Components of cash and cash equivalents at Period end comprises of: Cash md cash cqul\-alcnts + ffi" EL
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DLFiP^ 1 Notes to the Consolidated Financial Results The above consolidated hnancial results of DLF Limrted ("the Company"), its subsidiaries, partnership firms (together referred as "the Group") and its joint ventutes, joint operations and associates have been reviewed by the Audrt Committee and approved by the Board of Directors at its meeting held on 30 Octobet 2025. The statutory auditots have carried out Limited Review of above consolidated financial results of the Group. These consolidated financial results havc been prepared in accordance wrth thc recognition and measurement pnnciples of Indian Accounting Standards (Ind AS) as notified under Section 133 of the Companies Act, 2Ol3 rcad with the Companies (Indran Accounting Standatds) Rules, 2015 as amended. The said consoLidated financial results represent the results of DLF Limited ("the Company"), its subsidiaries, partnership hrms (together referred as "the Group"), its ioint operations and its share in results of joint ventures and associates which have been prepared in accordance with Ind AS-110 -'Consolidated Financial Statement'and Ind AS-28 -'Investment in Associates and Joint Ventutes'. The Group's business activities which are pdmarily real estate development and telated activities falls within a single reportable segment as the management of the Group views the entire business activities as reai estate development. Accordingly, there are no additional disclosures to be fumished in accordance with the requirement of Ind AS 108 -'Operating Segments'with respect to single reportable segment. Further, the operatrons of the Group is domiciled in India and therefore there are no teportable geographical segment. The standalone financial results of the Company for the quatter andhalf yeat ended 30 September 2025 are available on the Company's Website hrtps:/ /slrr'.dlf .in /inr-estor.pl-rP. standalone financial information is below: ln crores 2. 4. Year endedHalf yeat endedQuartet ended 3r.03.2025 (Audited) 30.09.2024 (Unaudited) 30.09.202s (Unaudited) 30.09.2024 (Unaudited) Particulars 30.09.2025 (Unaudited) 30.06.2025 (Unaudited) 1,690.97 6,001.40610.02 1,088.06 2,191.30Total income 1,581.28 zi).3 1 2,377.42984.29 49.41 228.80 1,033.73Profit before exceptional items and tax 235.19 (302.3e)235.19Exceptional items 1,268.92 z)).3 t 2,075.031,21.9.48 49.11 228.80Proht before tax 1,053.71 196.15 1,580.001,01.3.45 40.26 192.36Net proht for the period/year (1.e5) (0.46)(0.11) (1.e8) (5.2e)Other comprehensive lncome (s.18) 1,579.5440.15 190.38 1.,048.42 194.20Total comprehensive income for the period/vear 1,008.27 \r/ >\\ \(\\ Hr)o)) //t// EI
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.l DLF^*^ 5. Notes to the Consolidated Financial Results I{ey litigations: 4 (, In a complaint filed by Belaire/N{agnoba/Park Place orvners association against the Company alleging unfair conditions on its buyers, the Competition Commission of India (CCI) had imposed penalry of t 630.00 crores, which is also upheld by the Competition ,\ppellate Tribunal (COMPAT). The Company had hled an appeal befote Hon'ble Supreme Court of India (Hon'ble Court) against the said order which the Hon'ble Court admitted vide its order dated 27 August 201.4 and the Company deposited t 630.00 crores on Hon'ble Court's direction and has shown the same as recoverable in the books. The Company has filed an application seeking refund including interest, which is to be listed along-with main appeal in due course. (ii) CCI vide its order dated 1.4 May 2015 had directed one of dre subsidiary company relating to New Town Heights Project, to cease and desist in irnplementation of the terms and conditions of Apartment Buyer Agreement which is found to be unfair and abusive. No penalty has been imposed by CCI. Appeals hled by the Company were drsmissed by COMPAT and the otder of the COMPAT was challenged by the Company, before the Hon'ble Court. The appeals have been tagged with the main appeal (mentioned in Para-a(i) above). The above matters are pending for fi.nal outcome. b) In a matter, the Hon'ble High Court of Punjab and Haryana passed order against the Company, one of its subsidiaries and a joint venture company canceiling the sale deeds of land/removal of construction relating to two IT SEZ/ IT Park Projects in Gurugtam admeasuring -56 acres. The said order was challenged by the Company before Hon'ble Supreme Court of India and the matter is stayed till further ordets. c) The Secunties and Exchange Board of Indra (SEBI) issued a Show Cause Notice (SCN) dated 25 June 2013 to the Comp any for non-disclosure of matetial information at the time of filing Red Herdng Prospectus n 2007 . The SEBI vide order dated 10 Octobet 2014 restrained the Companv and its OfFrcers/certain directors from accessing the securities market and prohibited them from buying, selltng or otherwise dealing in securities, direcdy or indirecdy, in any manner, whatsoevet, for a period of three years. The Company and the said Directors Frled appeals before the Hon'ble Securities Appellate Tribunal (Flon'ble SAT) against the aforesaid Order dated 10 October 201,1.The Hon'ble SAT vide its order dated 13 N{arch 2015 quashed and set aside the order passed by SEBI. Against Hon'ble SAT's order, SEBI Frled an appeal with the Hon'ble Supreme Court of India (Hon'ble Court), which stood admitted vide order dated 24 April 2015 without granting any interim sta,v in favout of SEBL In October 2015, SEBI Frled applications before the Hon'ble Court seeking, restraint on the Company, its promoters andf or directors from proceedrng with the sale of 159,699,999 Cumulative Compulsorily Convertible Preference Shares of DLF Cyber Ciry- Developers Limited held by the promoter group companies to third party insdrutional investors. The said applications came up for hearing before the Hon'ble Court on 4 November 2015 and the Hon'ble Court did not pass any orders restraining the transaction and simplv directed that the said applications be listed along with the eadier appeal. SEBI issued a SCN making ailegations similar to the SCN dated 25 June 2013. Similar SCNs were also issued to three subsidiaries, theit directors and certain other entities. By way of otder dated 26 February 2015, the Adjudicating Offlcer, SEBI imposed monetary penalties upon Company, some of its Directors, its erstwhile CFO, its three subsidiaries and their Directors. The Company and other parties aggdeved b,v the aforesaid otdet filed appeals before the Hon'ble SAT against the order dated 26 February 2015. \Xhen these appeals were listed before Hon'ble SAT on 15 April 2015, SEBi's counsel under instructions stated that during the pendency of the said appeals, the Order dated 26 February 2015 would not be enforced. Hon'ble SAT vide its order passed on 25 April 2018 held that in view of Hon'ble
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^'DLFr{+^ 6. Notes to the Consolidated Financial Results majoriry decision dated 13 NIarch 2015, the SEBI Order dated26 February 2015 cannot be sustained. Accordtngly, the Hon'ble Sr\T disposed off the appeals with a direction that these appeals, shall stand automatically revived once the Hon'ble Court disposes of the civil appeals filed bv SEBI against the Hon'ble SAT's judgment dated 13 March 2015. The matters are pending for Frnal outcome. d) A subsidiary company has total outstanding trade receivables from Coal India Limrted and its subsidiaries (together referted to as "CIL') amounting to t 259.68 crores. The subsidiary company and CIL had approached Jharkhand State Electricity Regulatory Commission flSERC) for fixation of tanff, who passed the order in favor of the subsidiary company and the same was upheld by ,\ppellate Tnbunal. CIL filed appeal before the Hon'ble Supreme Court of India (Hon'ble Court) which issued order dated 14 September 201.2 directing CIL to pay tanff fixed by JSERC as conFrmed by Appellate Tdbunal, however, the said amount is stili pending recovery. The subsidiary company believes that pending final disposal of the matter and keeping in view the interim relief gtanted by the Hon'ble Court the amounts due from CIL are fully recoverable. In addition, there are other similar cases from other customers wherein amount involved is { 137.18 crores and the subsidiary company is confident of its tecovery based on the Cout decisions till date and legal advice. Based on the grounds of the appeals and advice of the independent legal counsels, management believes that there is strong likelihood of succeeding in respect of above matters. Pending the final decisions on the above matters, no adjustment is requfued to be made in these consolidated financial results. The above litigations as mentioned in point 5 (u), (b), (c) and (d) are subject matter of 'Emphasis of Matter' in Independent Auditor's Review Report. In eadier years, one of the erstwhile joint venture company, Twenty Five Downtown Reality Lrmrted [formedyJoyous Housing Limited flHI)] defaulted in meeting its debt obligation to a housing finance company (HFC or Lender). Several disputes arose between the shareholders of JHL which were pending at various levels hcluding arbitration proceedings fot tecovery of the Company's entire outstanding dues, inclusive of interest, from JHL Meanwhile, the Lender assigned the loan to an Asset Reconstruction Company (ARC), rnvoked the pledge of shares of shareholders against the loan and sold 7570 shares ofJHL (including 37 .5Yo shares held by the Company) to a third party. Owing to the ongoing actions and circumstances,JFIL ceased to be joint venture of the Company, in accordance with Ind AS 111 Joint Artangement'tead with Ind AS 110'Consolidated F'inancial Statements'. Further, adequate provisions wete recognized in the books of accounts in eadier years against the loans and investments of the Company inJHL. During the quarter, consent terms were executed between the parties concemed and a consent award has been passed by the l{on'ble Arbitrator wherebyJHL has agreed to pay to the Company a sum of { 801.00 crores (along with interest payable in accordance wrth consent terms) towards repayment of its dues and setdement of ail ongoing disputes. Out of the setdement amount, the Company has already received t 251.10 crores till the reporting date and outstanding balance is secured by way of a fi.rst and exclusive mortgage over identified REfu\ carpet area of residential real estate units of a REfu\ registered proiect. Pursuant to the consent award, the Company has withdrawn all proceeding/notices filed againstJHL and other concerned parties in various forums. Accordrngly, the Companv has reversed the previously charged impairment loss of < 235.19 crores as an exceptional income and balance of | 411.72 crores is consideted as receipt of interest income was majody acctued and impaired over a period of time in earlier years, as other income.
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7 8 9 Notes to the Consolidated Financial Results During the quarter, DLF Home Developers Limited (DHDL), a wholly-owned material subsidiary has redeemed 60,000 - 8.50% Senior, Secured, Rated, Listed, Redeemable, Guaranteed, Rupee Denominated Non-Converuble Debentures (NCDs) of the face value of t 100,000 each along with accrued interest before the scheduied marur{ty date. During the quarter, the Company in its 60,h Annual General N{eeting held on 4 August 2025,has declared dividend of { 6 per equity share (On the face vaiue of { 2 per equity share) amounting to < 1,485.19 crores. The figures for the corresponding previous penod/year have been regrouped/reclassiFred, wherever necessarT. On behalf of the Board of Directors of DLF Limited DfFd+^ b,', l*aL-\n"ffi;7n*TPlace: New Delhi Date: 30 Octobet 2025 Devinder Singh Managing Director DIN:02569464 Managing Director DIN:00254161 LI i\lEl,V DELHI o & \ ------; n