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DLF Limited Q2FY27 Results Presentation The Aureva, Gurugram 1Render; not an actual image
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Disclaimer This presentation contains certain forward-looking statements regarding DLF’s business prospects and business profitability. These statements are based on current expectations, assumptions, and projections about future events and are subject to a variety of risks and uncertainties, which are beyond the control of the Company, and therefore, actual results may differ materially from those expressed or implied in such forward-looking statements. The risks and uncertainties relating to such statements include, but are not limited to, earnings fluctuations, our ability to manage growth, competition, economic growth in India, ability to attract & retain highly skilled professionals, time & cost overruns on contracts, government policies and actions related to investments, regulation & policies etc., interest & other fiscal policies generally prevailing in the economy. The Company undertakes no obligation to update, revise, publish or make any announcements in case any of these forward-looking statements become incorrect in future, whether as a result of new information, future events, or otherwise. Figures used to present the Group overview, financial, and operational position include the entire business and do not account for any minority interests and are intended to represent the overall scale and size of the enterprise operations. Proforma numbers and other financial or operational data presented in this presentation are based on management’s best estimates for the purpose of segmental bifurcation between businesses. The grouping or representation of the figures may differ from those in the audited/published results/information and may be subject to change without notice. The figures/grouping presented herein are intended solely to provide for directional overview of the respective business segments and should not be construed as audited financial information. All area represented in msf within the presentation above should be read with a conversion factor of ~ 1 msf = 92,903 sq. meters. Area/Land bank/Potential represents Saleable/Leasable Area. By attending this presentation and viewing its contents, you acknowledge the foregoing limitations. 2
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This is a sample text. Presentation Agenda S.No. Section I. Key Highlights II. DLF Group Overview III. Development Business : Business Update IV . Annuity Business : Business Update V. DLF Limited : Financial Update VI. DLF Cyber City Developers Limited [DCCDL] : Financial Update 3
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Q2FY27 Key Highlights Collections INR 2,780 cr High efficiency across all projects Operating Cash Flow INR 1,858 cr Healthy cash generation Net Cash Position INR 15,084 cr Strong Balance Sheet Rera 70% A/c : INR 12,270 cr Sales Bookings INR 3,800 cr Rental Income INR 1,482 cr Y-o-Y growth of 9% Net Debt INR 18,420 cr Net Debt –to–EBITDA : 3.1 Net Debt-to-GAV : 0.18 Credit Rating ICRA AAA/Stable CRISIL AAA/Stable Sustained performance across parameters DLF Limited DCCDL
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4% 10% FY22 FY26 ₹ 1,513 cr ₹ 4,408 cr FY22 FY26 -₹ 2,680 cr ₹ 14,155 cr FY22 FY26 ₹ 743 cr ₹ 1,980 cr FY22 FY26 Net Cash PositionPAT (DLF Limited) Dividend (DLF Limited) RoE (DLF Limited) 5-Year Performance Summary [DLF Limited : FY22 – FY26] Strong Financial Performance
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DLF Group – Business Overview Diversified & differentiated business model Development Business Annuity Business DLF Group ❑ Development & Sale of Residential/Commercial: ▪ High-rise condominiums ▪ Low-rise independent floors ▪ Plotted development ▪ Shop-cum-Offices [SCOs] ❑ Development & Leasing of Offices ❑ Development & Leasing of Retail Malls ❑ Asset Management [CAM/Services business] ❑ Hospitality vertical [Hotels / Clubs / F&B] 6 DLF Home Developers Limited [100%] Other Subsidiaries [100%] Operating Structure Joint Ventures Midtown, Delhi DMPL [50%] Mumbai [51%] Operating Structure DLF Limited Joint Ventures DLF Limited Other Subsidiaries [100%] DCCDL [66.67%] Atrium Place [67%] Hospitality Business Services & Asset Management
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Strong Fundamentals ▪ We have established a strong and diversified business: ✓ Development business delivering high margins and strong cash flows ✓ Rental business providing consistently growing income streams ✓ Hospitality business along with Services/Asset management complementing both businesses ▪ Demonstrated track record of 8 decades of customer centricity, adhering to best practices in corporate governance & maintaining highest standards of safety & compliances resulting in a Strong Brand positioning ▪ The organization possesses a high-quality land bank and has created integrated ecosystems offering superior products leading to significant value creation for all stakeholders ▪ We operate as a diversified enterprise having significant presence in both Development and Annuity businesses enabling the organization to operate with a remarkably differentiated model ▪ Past few year’s performance has laid down a strong foundation and clear visibility of future earnings and cash flows; future performance will only enhance this growth and financial position of the Group ▪ Focus for the Group remains on prioritizing customer satisfaction and expectations, strong cash flow generation and higher margin delivery 7
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₹ 2,733 cr ₹ 4,357 cr ₹ 4,408 cr ₹ 2,095 cr FY24 FY25 FY26 H1FY27 ₹ 2,655 cr ₹ 3,111 cr ₹ 3,070 cr ₹ 1,536 cr FY24 FY25 FY26 H1FY27 ₹ 6,958 cr ₹ 8,996 cr ₹ 9,816 cr ₹ 3,902 cr FY24 FY25 FY26 H1FY27 ₹ 1,690 cr ₹ 2,461 cr ₹ 2,721 cr ₹ 1,469 cr FY24 FY25 FY26 H1FY27 ₹ 4,484 cr ₹ 4,949 cr ₹ 5,718 cr ₹ 3,011 cr FY24 FY25 FY26 H1FY27 ₹ 5,903 cr ₹ 6,448 cr ₹ 7,393 cr ₹ 3,931 cr FY24 FY25 FY26 H1FY27 Revenue DLF Group : Financial Overview [on Reported basis] DLF Limited EBITDA PAT DCCDL Revenue EBITDA PAT Note: 1) DLF Limited figures are on consolidated basis, however, as per prescribed accounting standards, DCCDL/Other JVs are not consolidated line-by-line and only DLF’s share of Profit/loss is accounted;
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The Arbour, Gurugram 9 Development Business Business Update Perspective image
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Development Business – A strong growth engine High Quality Land Bank ▪ High quality land bank at established locations; significant upside from TOD/TDR policy ▪ Sustained growth from existing land bank; no dependency on incremental acquisitions Value creation ▪ Consistent capital appreciation for customers; attractive returns comparable to other asset classes ▪ Integrated ecosystems along with infrastructure upgradation continues to support further value creation High Margin Potential ▪ Low-cost land bank coupled with luxury /super-luxury offerings to deliver consistent margin accretion ▪ Ability to take advantage of opportunistic land replenishment having high embedded margins Strong Financial Position ▪ Healthy & consistent cash flow generation ▪ Net cash positive Balance sheet 1 2 3 4 10
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Project Segment Planned Launches [FY 25 onwards] Launched [till H1FY27] To Be Launched [Medium Term] Size (~ in msf) Sales Potential (~ in Rs crore) Size (~ in msf) Sales Potential (~ in Rs crore) Size (~ in msf) Sales Potential (~ in Rs crore) Super-Luxury 5.5 37,500 4.5 35,000 1 2,500 Luxury 29 74,000 9.2 20,985 20 53,015 Premium 2.3 2,000 2.3 2,000 Commercial 0.2 1,000 0.1 285 0.2 715 Grand Total ~37 1,14,500 14 56,270 ~24 58,230 New Products : Launch Pipeline [Medium-Term] ~50% Launched in first 2.5 years; Healthy Pipeline for the medium term [ ~ 58k + crore] 11Note: Figures are based on management estimates on potential selling price; subject to market conditions
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Surplus Cash Potential [from Launched Products till 30.09.2026] 12 Note: Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subject to market conditions; # net of marketing/brokerage expenses; figures are rounded off Particulars Amount in Rs crore Cash Balance in RERA 70% accounts 12,270 Other Cash Balances 2,814 Sub-Total : Cash Balance (A) 15,084 Receivables from Projects sold 33,400 Total Pending Cost to Complete for all Launched projects (21,000) Net Receivables (B) ~ 12,400 Surplus Cash Potential [from Sales done till 30.09.2026] (C = A+B) ~ 27,485 Surplus Cash from Launched but Unsold Inventory #[as on 30.09.2026] (D) ~ 14,975 Surplus Cash Potential from Launched Products (E = C+D) ~ 42,460
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Gross Margin Potential1 [as on 30.09.2026] 13 Note: 1) Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subject to market conditions ~ (Rs 312 crore) ~ Rs 27,010 Crore ~ Rs 39,525 crore ~ Rs 2,002 Crore Residual Gross Margins From Sales done till 30.06.2026 Margins consumed in Q2FY27 Margin potential from Inventory (launched but unsold) As on 30.09.2026 Residual Gross Margin Potential as on 30.09.2026 ~ Rs 10,825 Crore Margin addition from Sales done In Q2FY27 Residual Gross Margins from Sales done till 30.09.2026 : Rs 28,700 crore ~ Rs 28,700 crore Residual Gross Margins From Sales done till 30.09.2026
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Projects Summary [as on 30.09.2026] 14 Note: 1) Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subject to market conditions; 2) # includes only DLF’s share of embedded gross margins of the JV project - The Westpark, Mumbai; DLF owns 51% share in the JV Project Sales Booked Revenue recognized from Sales booked Balance Revenue to be recognized from Sales booked Balance Margins yet to be recognised The Camellias 12,335 12,195 140 120 The Dahlias 20,887 - 20,887 14,410 Independent Floors, Gurugram 7,911 7,246 666 110 Arbour/Aureva + Privana (South/West/North) 33,805 - 33,805 12,850 North / Metro / Commercial / Others 10,221 7,897 2,324 788 Westpark, Mumbai (JV Project)# 2,313 - 2,313 423 Grand Total 87,471 27,337 60,134 28,700 Balance Unsold Inventory 10,825 All figures in Rs crore
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High Quality Land Bank 15 Location Development Potential1 [revised estimates including TOD/TDR potential] Projects [Under execution] Projects [Launch Pipeline] Balance Potential [revised estimates including TOD/TDR potential] DLF 5 24 4.6 - 20 DLF City+ 22 4.5 12 6 New Gurugram 89 13 5 71 Gurugram 135 22 17 96 North 27 4 2 21 Metros 26 1 6 20 Total 188 27 25 137 Note: 1) Potential(Saleable area) for Development business only; excludes Rental business potential[DLF + DCCDL+ Atrium Place]; 2) Potential is based on management estimates & current zoning regulations; includes 100% potential of JVs;
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Annuity Business Business Update 16The Chanakya, New Delhi
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Annuity Business – A steady compounder 17 Operational Portfolio + Development Potential ▪ Strong operational portfolio ~ 50 msf of rental assets; highest ever occupancy levels achieved in the business [96%] by area & [97%] by value; highest in the industry ▪ High-quality owned land bank available for sustainable long-term growth Value Creation ▪ Strategically located, large & scalable integrated ecosystems offering world class amenities ▪ Strong focus on tenant centricity, sustainability & safety continues to enhance the value proposition Financial Position ▪ Growth from existing portfolio coupled with New products delivering healthy growth in profitability ▪ Healthy cash flow generation to lead in improvement in Net Debt position Prudent Capital Allocation ▪ Surplus cash being allocated for dividend payout and growth capex ▪ Increasing shareholder returns continues to be an integral part of the allocation 1 2 3 4
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Strong & diversified Annuity Business : ~50 msf Operational Portfolio 18Note: Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subje ct to market conditions; ~5 msf Operational Portfolio[Retail] Occupancy : 97% Hospitality [Hotels / Clubs] Services & Asset Management Across the Portfolio ~44.6 msf Operational Portfolio[Offices] Occupancy : 96% Note: Annuity business includes 1) Rental business of DLF + DCCDL + Atrium Place; 2) Hospitality business of DLF; 3) Services /Asset Management business of the Group One of the largest organically grown Annuity Platform; High occupancy at ~ 96%
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DLF Group : Rental Business Overview [H1FY27] Particulars DLF DCCDL Atrium Total Operational Portfolio 3.2 44.3 2.0 ~50 Under Development 1 11 1 13 Pipeline 12 1 0 14 Development Potential 45 15 0 60 Rental Income 223 2,926 185 3,334 EBITDA 930* 3,011 189 4,130 Net Debt - 18,420 3,166 21,586 Net Debt / EBITDA - 3.1 8.4 2.6 % Ownership 100% 66.67% 67% The figures/grouping presented herein are intended solely to provide for directional overview of the rental business segment and should not be construed as audited financial information The grouping or representation of the figures may differ from those in the audited/published results/information and may be subject to change. * Includes fair valuation gain on investment held in Atrium place through CCDs
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20 Operational Rental Portfolio Snapshot : Occupancy at 96% (by area) & 97% (by value); Note: 1) DCCDL GAV as per C&W report basis data as on 30.09.2026; DLF GAV basis data as on 31.03.2026; GAV of NOIDA Tech Park / Midtown Plaza is based on internal management estimates; 2) Rental business of DLF + DCCDL + Atrium Place Operational Portfolio Leasable Area (in msf) Leased Area (in msf) Vacant Area (in msf) Leased Area (%) Weighted Avg Rental Rate [psf] GAV1 [in Rs crore] Offices : Non-Sez 27.4 27 0.4 99% 128 55,728 DCCDL 23.2 22.8 0.3 99% 124 47,277 DLF 2.2 2.1 0.1 97% 127 3,590 Atrium Place 2 2 - 100% 175 4,860 Offices : Sez2 17.2 15.7 1.5 91% 80 21,020 Sub-Total : Offices 44.6 42.7 1.8 96% 110 76,749 Retail ~5 4.8 0.2 97% 214 15,197 DCCDL 4 3.9 0.1 97% 210 12,236 DLF 0.9 0.9 0.1 96% 235 2,960 Total ~50 47.5 2 96% 122 91,945
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44.6 20 64 5.0 7 12 Existing Pipeline Projected Retail Office 44.3 12 57 5.2 14 19 Existing Pipeline Projected DLF DCCDL 21 Annuity Business – Strong pipeline to drive growth [Aiming to reach ~ Rs 10,000 crore of Rental income in medium-term] Note: 1) DCCDL includes its subsidiaries; DLF includes its subsidiaries & Atrium Place - a JV in which DLF holds 67% share Annuity Business : DLF Group ~90% ~ 26 msf ~ 76 msf ~10% ~75% ~25% ~ 50msf DLF’s portfolio to increase to 25% of total Portfolio from 10% currently Annuity Business : DLF Group ~ 50msf ~ 76 msf Retail portfolio to grow to 15% of total Portfolio size. Higher retail rentals to deliver higher portfolio growth ~ 26msf ~10% ~90% ~15% ~85%
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High Quality Land Bank 22 Location Operational Portfolio [Existing] Projects [under construction ] Projects [Planned pipeline] Balance Potential [incl. TOD/TDR potential] DLF DCCDL DLF DCCDL DLF DCCDL DLF DCCDL DLF 5 1 0.8 - - 2 - 5 - DLF City + 2.1 24.1 1 7.6 - 1.2 10 13 New Gurugram - - - - 5 - 25 - Gurugram 3.1 25 1 7.6 7 1.2 40 13 North - 0.9 - - - - - - Metros 2 18.4 1 3.6 5 0.3 5 2 Total ~ 50 msf ~13 msf ~14 msf 60 msf Note: 1) Potential(Saleable/Leasable area) for Annuity business ; 2) Potential is based on management estimates & current zoning regulations; includes 100% potential of JVs;
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Commitment to Sustainability 23 LEED Platinum Achieved the LEED Platinum Certification on 98% of portfolio DCCDL received “The GEEF Global WaterTech Awards 2026” in the category of Sustainable Water Management – Real Estate Company of the Year 2026. LEED Zero Waste Achieved TRUE Platinum certification; Total certified buildings : 43 Wiredscore – Certification for Digital Connectivity Wired Score Platinum Certification achieved for 45 buildings making DLF the World’s largest Platinum certified Portfolio Sustainability Report DCCDL has released its second Sustainability report for the FY 25-26 (www.dlf.in/investor) 5 Star Certification - Bureau of Energy Efficiency (Ministry of Power) Awarded to 11 buildings – Cyber Park, Building 6, Building 14, Building 5, Building 10, OHC, Cyber Green, Infinity Towers, Building 9, SEZ Silokhera, DLF Centre CourtWELL HSR 100% portfolio certified under WELL HSR GRESB 5-Star and Green Star rating achieved; DCCDL recognized as Global Sector Leader [Unlisted]
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DLF Limited : Financial Update Lobby, Tech Park - NOIDA 24
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25 Particulars Q2FY27 Q1FY27 Q2FY26 Inflow •Collection from Sales 2,622 2,292 2,545 • Rental Inflow 158 113 127 Sub-Total Inflow 2,780 2,406 2,672 Outflow •Construction 695 773 925 •Govt. Approval fee/Others 40 115 102 •Overheads 367 448 344 •Marketing / Brokerage 77 137 64 Sub-Total Outflow 1,180 1,473 1,434 Operating Cash Surplus before interest & tax 1,600 933 1,237 •Finance Cost (net) (203) (231) (115) •Tax (net) (55) (154) (3) Operating Cash Surplus after interest & tax 1,858 1,317 1,354 OCF Allocation •Capex outflow / others 61 61 125 •Payment: Land acquisitions 353 210 92 Operating Cash Surplus [before dividend recd/paid) 1,443 1,046 1,137 •Dividend (Inflow from DCCDL) 420 - 86 •Dividend (Outflow from DLF) (1,980) - (1,485) Net surplus/ (shortfall) (117) 1,046 (262) Consolidated Cash Flow : Operating Cash flow - Rs 1,858 crore
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26 Particulars Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y Revenue from operations1 1,261 1,280 (1%) 1,643 (23%) Interest Income (RERA A/cs)2 156 177 (12%) 159 (2%) Cost of Sales 750 714 5% 935 (20%) Gross Margin 667 744 (10%) 867 (23%) Gross Margin% 47% 51% 48% Other income3 881 148 495% 460 91% Staff cost 179 177 2% 146 23% Other Expenses 308 239 29% 278 11% EBITDA1 1,060 476 123% 902 18% EBITDA% 46% 33% 40% Finance costs 18 18 - 63 (71%) Depreciation 38 35 9% 30 28% PBT (before exceptional items) 1,003 423 137% 809 24% Less : Taxes 201 115 75% 217 (7%) PAT [before JV Profits & exceptional items] 802 308 160% 592 35% Profit from Cyber & Other JV , OCI 499 486 3% 403 24% PAT [after JV Profits] 1,301 794 64% 995 31% Exceptional items - - - 176 - PAT [after exceptional items] 1,301 794 64% 1,171 11% Q2FY27 Consolidated Results 1) does not account DCCDL figures - only share of profits is being accounted for; 2) Interest Income only from RERA A/cs has been considered as part of the Operating Revenue; 3) Includes fair valuation gain on investment held in Atrium place through CCDs
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Particulars As on 30.09.2026 As on 31.03.2026 Non-Current Assets 32,372 35,401 Current Assets 45,732 39,474 Total Assets 78,104 74,875 Equity/Reserves & Surplus 45,587 45,473 Non-current Liabilities 3,868 3,801 Current Liabilities 28,648 25,601 Total Liabilities 78,104 74,875 27 Consolidated Balance Sheet Abstract In Rs crore
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DCCDL : Financial Update DLF Downtown, Chennai 28
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29 Particulars Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y Rental Income Office 1,222 1,189 3% 1,125 9% Retail 259 255 2% 237 9% Service & Other Operating Income 509 457 11% 439 16% Other Income 24 15 54% 21 12% Total Revenue 2,014 1,917 5% 1,822 11% Operating Expenses 477 443 8% 409 17% EBITDA 1,537 1,474 4% 1,412 9% Finance costs 322 313 3% 356 (9%) Depreciation 185 170 9% 170 9% PBT 1,029 991 4% 887 16% Tax 277 273 1% 243 14% Other Comprehensive Income - - - (2) PAT (before exceptional items) 752 717 5% 643 17% DCCDL (Consolidated) Q2FY27 : EBITDA grew 9%; PAT at Rs 752 crore ; 17% y-o-y growth
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Particulars Q2FY27 Q1FY27 Q2FY26 Operating Cash flow before Interest & tax 1,692 1,386 1,283 Interest Expense (Net) (318) (389) (307) Tax (net) (216) (173) (176) Operating Cash flow after Interest & tax 1,158 825 800 Capex (816) (814) (735) Net Surplus/Deficit – After Capex 342 11 65 Dividend (629) - (129) Net Surplus/Deficit (288) 11 (65) 30 DCCDL (Consolidated): Q2FY27 Cash Flow Abstract
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Particulars As on 30.09.2026 As on 31.03.2026 Non-Current Assets 33,849 32,530 Current Assets 1,609 1,048 Total Assets 35,458 33,578 Equity/Reserves & Surplus 9,787 8,946 Non-current Liabilities 18,159 18,228 Current Liabilities 7,513 6,403 Total Liabilities 35,458 33,578 31 DCCDL (Consolidated): Balance Sheet Abstract
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Net Debt to EBITDA : 3.1 x 32 Rs 18,420 crore Net Debt Rs 99,640 crore GAV1 CRISIL AAA/Stable ICRA AAA/Stable Credit Rating 7.04% Exit Interest Rate Net Debt to GAV: 18% 1) includes GAV of operational portfolio + under construction projects + development potential; GAV basis C&W report basis data as on 30.09.2026; DCCDL (Consolidated): Debt Update – Q2FY27 Exit Interest Rate Movement 8.08% 8.13% 8.06% 7.08% 7.04% FY23 FY24 FY25 FY26 Q2FY27 26% 23% 21% 19% 18% FY23 FY24 FY25 FY26 Q2FY27 4.5 4.0 3.5 3.2 3.0 FY23 FY24 FY25 FY26 Q2FY27
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33The Lodhi, New Delhi