DLF LIMITED

DLF Gateway Tower, R Block,

DLF City Phase – III, Gurugram – 122 002,
Haryana (India)
Tel.: (+91-124) 4396000, investor-relations@dlf.in

19th May 2025

The General Manager The Vice-President

Dept. of Corporate Services National Stock Exchange of India Limited
BSE Limited Exchange Plaza, Bandra Kurla Complex,
P.J. Tower, Dalal Street, Mumbai – 400 001 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. 19th May 2025 has
considered and approved, inter-alia, the following:

i) Audited Financial Results (Standalone and Consolidated) for the Quarter and Financial
Year (FY) ended 31st March 2025. A copy of the said results (Standalone and Consolidated)
along with the Audit Reports are enclosed herewith in compliance with Regulation 33 of
the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended.

ii) Recommendation of Dividend of ₹ 6/- per equity share of face value of ₹ 2/- each for
FY 2024-25 i.e. (300%), subject to approval of the shareholders.

The reports of the Auditor are with unmodified opinion with respect to Audited Financial Results
for both Standalone and Consolidated for the Quarter and FY ended 31st March 2025.

The date of the Annual General Meeting and the date up to which dividend will be paid will
be intimated in due course.

The meeting of the Board of Directors commenced at 17.30 Hrs. and concluded at 19.30 Hrs.

This is for your kind information and record please.

Thanking you,

Yours faithfully,
For DLF Limited
Ram Digitally signed by
Ram Parkash
Parkash Punjani
Date: 2025.05.19
Punjani 20:28:42 +05'30'

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

Regd. Office: DLF Shopping Mall, 3rd Floor, Arjun Marg, DLF City, Phase-I, Gurugram -122 002, Haryana (India)
CIN: L70101HR1963PLC002484; Website: www.dlf.in
 4th Flool Office 405
S.R. Bnrueot & Co. LLP World Mark - 2, Asset No. I
lGl Airport Hospitality District, Aerocity
Chartered Accountants
New Delhi - 110 037, lndia
Tel : +91 11 4681 9500

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of
the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended

To
The Board of Directors of
DLF Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of DLF
Limited (the "Company") which includes 4 parfrrership firms for the quarter ended March 31,2025 and for the
year ended March 31,2025 ("Statement"), attached herewith, being submitted by the Company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
as amended (the "Listing Regulations").

In our opinion and to ttre best of our information and according to the explanations given to us, and based on the
consideration of the report of the other auditor on the separate audited financial statements and on the other
financial information of the partnership firm, the Statement:

i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other
accounting principles generally accepted in India, of the net profit and other comprehensive income
/ (loss) and other financial information of the Company for the quarter ended March 31,2025 and
for the year ended March 31,2025 respectively.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of
the Companies Act, 2}l3,asamended ("the Acf'). Ourresponsibilities underthose Standards are further described
in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements
under ttre provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us
and other auditors in terms of their reports referred to in "Other Matter" paragraph below is sufficient and
appropriate to provide a basis for our opinion.

Emphasis of Matters

(i) We draw attention to Note no. 5(a), (b) and (c) to the standalone Ind AS financial statements of the Company,
which describes the uncertainty relating to outcome of following lawsuits filed against the Company:

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 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
ajoint venture Company have received judgements cancelling the sale deeds of land/ removal of structure
relating to two IT SEZ/ IT Park Projects in Gurgaon. The Company, its subsidiary and a joint venture
company filed Special Leave petitions (SLPs) challenging the orders which is currently pending with

S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP ldentity No. AAB-4294
Regd. Office: 22. Camac Street, Block'B', 3rd Floor, Kolkata-700 015
S.R. Bnrusot * Co. LLP
Chartered Accountants

Hon'ble Supreme Court of India. The Hon'ble Supreme Court 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 favourable 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. 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 extemal legal counsels, no adjustnent has been considered in these Standalone
Ind AS financial statements by the management in respect of above matters. Our opinion is not modified
in respect of these matters.

(ii) We draw attention to note no. 5(d) to the statement regarding ongoing dispute w.r.t a erstwhile Joint
Venture Company and uncertainties involved relating to outcome of legal disputes and consequential
impact on recoverability ofthe Company's investment/loan and adequacy of provision already recognised
against such investmenU loan in earlier years.

Based on the advice of the external legal counsels, no further adjustment has been considered in these
standalone financial results by the management in respect of above maffer and the net carrying value of
loan is considered to be recoverable. Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of
Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true
and fair view of the net profit and other comprehensive income of the Company and other financial information
in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant
rules issued thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and
maintenance ofadequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a
true and fair view and are free from material misstatement, whether due to fraud or eror.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibitities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the Statement'

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
S.R. Berusot & Co. LLP
Chartered Accountants

o Identiff and assess the risks of material misstatement of the Statement, whetler due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or tle override of internal control.

o Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section la3(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the company has adequate intemal financial controls with reference to financial
statements in place and the operating effectiveness of such confols.

o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Board of Directors.

o Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw affention in our auditor's report to the
related disclosures in the financial results or, if such disclosures are inadequate, to modifr our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future
events or conditions may cause the Company to cease to continue as a going concern.

o Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and
whether the Statement represents the underlying transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identifl during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The accompanying Statement of quarterly and year to date standalone financial results include the audited
financial results in respect of one of the parmership firms, whose financial results/statements and other financial
information includes Company's share of net (loss) of Rs. (0.10) crores and net profit after tax of Rs.0.0l crores
and total comprehensive loss of Rs. (0.10) crores and total comprehensive Income of Rs. 0.01 crores for the quarter
ended and for the year ended on that date respectively, which have been audited by other independent auditor.

The independent auditor's reports on the financial statements/financial results and financial information of the
said partnership firm has been fumished to us by the management and our opinion on the Statement, in so far as
it relates to the amounts and disclosures included in respect of the said partnership firm, is based solely on the
report ofsuch auditors and the procedures performed by us as stated in paragraph above.

The accompanying Statement of quarterly and year to date standalone financial results include unaudited annual
financial results in respect of one partnership firms whose financial results/financial statements and financial
information reflect Company's share of net loss Rs. (0.93) crores and Rs. (3.78) crores and total comprehensive
loss of Rs. (0.93) crores and Rs. (3.78) crores for the quarter ended and for the year ended on that date respectively,
whose financial statements/financial results and other financial information which have not been audited by any
auditor.

This unaudited fnancial results /financial statements and other financial information of the said partnership firm
has been approved and fumished to us by the Management and our opinion on the statement, in so far as it relates
to the amounts and disclosures included in respect of this partnership firm is based solely on such unaudited
financial statements/financial results and other financial information. ln our opinion and according to the
S.R. Bnrusot &Co. LLP
Chartered Accountants

information and explanations given to us by the management, this financial statements/financial information is
not material to the Company.

Our opinion on the Statement is not modified in respect of above matters with respect to our reliance on the work
done and the reports of the other auditors and the financial statements/financial information certified by the
Management.

The Statement includes the results for the quarter ended March 31,2025 being the balancing figure between the
audited figures in respect of the full financial year ended March 31,2025 and the published unaudited year-to-
date figures up to the third quarter of the current financial year, which were subjected to a limited review by us,
as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP

Chartered Accountants
ICAI Firm Registration Number: 30 I 003E/E300005

\ ^uv'u-
\un2
per Vikas Mehra
Partner
Membership No.: 09,1421

UDIN: 25 O 1 tlt{ 2-l 6fn O Q qr

Place:New Delhi
Date: May 19,2025
DLF Limited
Regd. Office: Shopping Mell, 3d Floor, Ariun Marg, DLF City, Phase I, Gurugram - 122 OO2 (flaryana), India.
CIN - L70101HR1963PLC002484, Website : w.dlf.ia
T d.: +91-124-43342)0, Enail investonrclations@dlf.ia

in cmres unless otherwise

QUARTERENDED YEARENDED
SL PARTICUI.ARS
NO. fl.$.m25 31Jj2.m24 3L03.2024 3t06.m25 3L03.20?A
(Audited) (Unaudited) (Audited) (Audited) (Audited)
(refer note 2)

Revenue frcm opentions 2,235.87 936.74 909.41 4,481.57 3,242.58

Other income 820.81 317.01 354.71 1,519.89 834.94
trcome 3,056.68 1253.75 1264.12 6,001.lm 4,077.52
2
Cost ofland, plots, development rights, constructed propenies md others 989.41 462.90 289.17 2,110.51 1,275.40
Employee benefits expense 67.27 83.93 90.07 384.76 351.38
Finmce costs 88.75 81.11 75.60 337.09 285.54
Depreciation and mortisation expense 18.73 r8.71 17.48 71.16 70.18
Other expenses 186.59 174.98 267.19 718.46 561.99
exPeoses 1344.69 821.63 733.51 3,623.98 2,550.49
5 beforc exceptional items ead tex (l-2) l,?tt99 432.12 $0.6r 2377.42 1527.03
4 [tax indemnity ofJoint Ventue Company] (refer note 6) Q02.3e)
5 before tex (3+4) 1,711.99 x29.73 $0.6r 2,075.03 t5n.o3
6 expenses for the period / yeer
a) Cutrent tu 9.55 7 35.76 67.55 65.76

Tu relating to erlier yeus (refer note 6) 9.27 204.36 213.63

Defered tu 143.23 51.92 2r1.85 210.06

trx expenses for the period / year t62.05 295.82 87 495.03 n5.82
7 profit/(loss) for the period / year (5-6\ 1549.94 (166.0e) 442.93 r,580.00 t25t.2t
8 comprehensive income/ (loss)
Items that will not be reclassified to proEt and loss 3.30 (1.30) 0.15

Income tu relating to items that will not be reclassifred to pro6t md loss (0.83) o.32 (0.21) 0.15

other comprchcmive income/ Qoss) 2.47 0.63 0.lt

9 comprehensive income/ Qoss) for the period/ year (7+8) 1,552.41 443.56 1,579.54 1251.32
10 equity shre capital (face value of { 2 pa shue) 495.06 495.06 495.06 495.06 495.06

11 equity 28,911.64 28,569.74

12 per equity share (face value of{ 2 per share) (not annualised)
Basic (Q 6.26 1.78 6.38 5.05

Diluted 6.26 1.18 6.38 5.05

n
 DLF Limited
Regd. Office: Shopping Mall, 3rd Floor, Ariun Marg, DLF City, Phase I, Gurugram - 1r, 002 (Haryana), India.
CIN - L70l0lHRl963PLCfilZ8{, Website : w.dlf.in
't el,: + 91 -124. 4334200, Email: investor-relations@dlf.in

St.tement ofAudited Standalone As*ts and Liabilities:

ln
As at As at
Particulas 3l March 2025 3lM*ch2024
(Audited) (Audited)
[ssETs
Non-curent assets
Property, plmt aod equipmmt 132.80 137.64
3apital v'ork-in-progress 0..to
lnrrestment prcperty 684.95 983.14
Dther intmgible assets 129.25 135.23
lntangible assets mder development 8.55 2.60
Right-of-use msets 35.51 37.23
lnrcstment in subsidiades, msociates, ioint rcntu(es md partnenhip frms 19,497.67 19,434.19

Financial assets
Inrrcstmeots 0.05 0.05

Inms 272.37 223.75

Other financial assets 55.44 38.02

Deferred tx msets (net) 1p68.07 1281.77

Non-current tax assets (net) 308.20 569.53

Other non-currmt assets 658.56 663.52

Iotal non-curcnt as*ts 22-791.76

Crent assets
lnventories 11,024.82 10,329.42

Financial assets
Inlrestments 50.00 50.00

Tade receivables 212.13 84.19

Cash md cash equivalmts 193.17 2f36.89

Other bank balances 2,319.75 1205.02

loms 933.43 884.99

Other fiaancial assets [includes bmk deposits of { 3,898.35 crores (31 Much 2024:7 705.65 crores)l 4,729.20 1,621.22

Ottter curent assets 7,154.27 388.50

fotal curent assets m$,:t.3t 14.850.23

clmsified as held for sale 308.53

43,7fi.60

AND LIABILITIES

495.06 495.06
Equity shre capital
Other 28,911.64 74
29,406.70
liabilitics
liabilities
1,073.41 1,840.98
Borrowings
32.36 27.49
kase liabi]ities
Trade payables
(a) total outstanding dues ofmicro and small enterprises
micro md small enterpdses 794.19 794.19
@) total outstanding dues of creditors other than
1.r0.38 116.54
Othcr non-cunent financial liabilides
32.08 31.66
8.53 5.
noo-culrent
2,081.01
non-cufrent
liabilities
liabilities
2,137.00 1,478.01
Borrorvingi
8.75 1,7.01
kasc liabilities
Trade payables
219.77 160.60
(a) t<>tal outstanding ducs of micro and small enterpriscs
1,147.51 939.09
than micro and small enterPrises
O) k)tal outstanding tlues of creditors other
288.42 143.52
Other currcnt finmcial liabilities
8,085.35 3,721.99
cuffent liabilities
11.35 15.11
235.11
liabilites
12,199.92 6,475.45
liabilities
29.91
,iabilitics classifrcd as hcld fol sale ,l
43,7t7.1 38J5qil
liabilities

f1
DLF Limited
Regd. Office: Shopping Mall, 3rd Flmr, Ariun Marg, DLF City, Pha* I, Gurugmm - t22022 (H*yana),hdia.
CIN - L70f01HR1953PLC00Z84, Website : w.dlf.in
Tel.: +91-1il4.0il34Z)0, Email: investor-relations@dlf.in

Statement of Audited Standal,one Cash Flow: ln

Yetr ended Year ended
Particularu 3l March 2025 3ll|/fireh?-024
(Audited) (Audited)
FI,OWS FROM
Prcfit before tu 2,075.03 \sn.03
Adiustments for:
Deprciation md mortisation expense 73.16 70.18
Profrt on sale of prcperty, plmt md equipment md investrnmt property (net) (0.28)
Rental income on account of discouting of secuity deposis md stmight lining effect (33.27)
Amount forfeited on prcpenies (4.76)
Finmce cost 337.09 285.54
Interest income (ncluding fair value chmge in fiamcial instruments) (462.28)
Share of prcfit from parmership fims (net) (26.s4) (1

Net foreign exchmge differences 0.12 0.03

Unclaimed balmces md excess povisions written back (e.82)
Dividend income 0p1s.30)
Prcfit on sale of investments (net) (0.02)
Allowmce/ vdte off s of fmmcid md non-finmcial assets md prcvisions 6.84 17.89
Exceptional itms (net) 102.39
Opcrating profit before mrking capital chmges 1,42.36 1.M9.27

working capital adiustments:

Increase in tnde receimbles (120.sT) 87.72,
Increme in inventories (68e.24)
Increase in other non-fmmcial usets (162.32)
Decrease/ fncreae) in other finmcial assets md loms 98.47
(Decreme)/ increme in other finmcial liabilities 038.e0) 6.50
Increae in provisions 1.99 1.98
Increase in other non-Fmmcial liabilities 4,4p4.46 424.27
Increase in trade payables 332.62 154.10

Cash flow frcm opemting activities post vorking caPital changcs 4368.81 t2t4.z2
Income tu (paid)/ refmded, net 325.43 (124.2f ,
Net cmh flow generated from qrcrating ectivities (A) 4,69tt.24 ,,089.95

B CASH FLOWS FROM INVESTING ACTTVITIES

Proceeds from sale of prcperty, plmt md equipment md investmmt proPerty 0.66
Purchroe of prcperty, plmt md equipmmt, inv€s&nent prcperty, intmgible assets md capital work-in-prcgress (se.2e)
Puchoe of invesunmts (63.43)
Prcceeds frcm disposal/ redmption of investrnmts 975.00
Prcceeds from sale ofmutual funds 55.02 1,619.38

Purchme of mutual fuds (ss.00)

Investrnent of fixed deposits with maturity more thm 3 months (net) (4280.5e)
hms girren to subsidiaries (ncluding parmership Fms), associates md joint rcntures 0,669.05)
Ioms repaid by subsidiaies (ncluding parmeship Frms), associates md ,oint lrntures 1,679.24 2,145.74
Interest receircd 291.47 88.1 8

Dividend rectived 1,01 5.30 583.28

Net cash flow (used in)/ genemted from investing activities (B) (3,085.57) |:tg.a

C CAIiH FLOWS FROM FINANCING ACTIVITIES

Proceeds from non-cutreot botrowings (ncluding cmt maturities) 284.00 7240.OO

Repayment of non-curent borowings (ncluding current maturities) (6e 10)

Proceeds from/ (repalment of) current botrowings, net Q29.18)

Interest paid Q27.81) Q66.1
Increase in restticted bank balances (net) (4.06)

Rcpayment of leasc liabil.ities Q2.43)

Dir.idcnd paid (1233.5e)
Net cash flow used in linancing activities (C) (1702.17)

Net (decrease)/ increase in cash and cash equivalents (A+B+C) (e3.60) 240.44

Net foreign exchmge differmce (0.12)

286.89 46.48
Cash and cash equivalents at the beginning of the year
l93.n 286.89
Cash and cash equivalents at year end (net ofoverdraft)

Components ofcash and cash equivalents:

(lash and cash equivaleflts 193.71 28(r.89
D3.n 285.89

-r,,., ,i
:'
 DT.FA
Notes to the Standalone Financial Results

L The above standalone Frnanaal results of DLF Limited ('the Company) have been reviewed by the
Audit Committee and approved by the Board of Directots at its meeting held on 19 May 2025 znd
have been audited by the Stanrtory Auditors of the Company.

2. The figures for the last quarter i.e. quartet ended 31 March 2025 arc the balancing figues between
the audited figures in respect of the full financial year up to 31 Match 2025 ar,d the unaudited
published year-to-date figures up to 31 Decembet 2024, beng the date of the end of the third
quarter of the financialyear which were subiect to limited review by the statutory auditors.

3. These standalone financial results have been prepared in accordance with the recognition and
measurement principles of Indian Accounting Standards (Ind AS) as notiFred under Sectiot T33 of
the Companies Act, 2013 rcad with the Companies (ndian Accounting Standards) Rules, 2075 as
amended.

4. The Company's business activities which are pdmarily real estate development and related activities
falls within a single reportable segment as the management of the Companyviews 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 therefore
there are no reportable geogtaphical segment.

5. Key litigations:

a) In a complaint filed by Belaire/Magnoha/ParkPlace ownets association against the Company

,ll.grg unfair conditions on its buyers, the Competition Commission of India (CC! had
imposed penalty of t 630.00 crotes, which is also upheld by the Competition Appellate Tribunal
(COMPAT). The Company had fi.led an appeal beforc Hon'ble Supreme Court of India
(Flon'ble Court) against the said order which the Hon'ble Court admitted vide its ordet dated
27 August 2074 and the Company deposited { 630.00 crores on Flon'ble Court's direction,
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.

b) In a matter, the Hon'ble High Court of Punjab tndHaryana passed order against the Company,
one of its subsidiaries and a joint venture compaoy cancelling the sale deeds of land/removal
of construction relating to two IT SEZ/ IT Park Projects 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 orders.

.) The Securities and Exchange Board of India (SEBI) issued a Show Cause Notice (SCN) dated
25 June 2073 to the Company for non-disclosure of material information at the time of Frling
Red Herring Prospectus rtz}O7 . The Securities and Exchange Board of India (SEBD vide otder
dated 10 October 2014 restarned the Company and its Ofhcers/certain directors from
accesslng the securities market and prohibited them from buying, selling or otherwise dealing
in securities, direcdy or indirectly, in any manner, whatsoever, fot a period of three years. The
Company and the said Directors filed appeals before the Securities Appellate Tribunal (SAT)
against the aforesaid Order dated 10 Octobet 2O[,4.TheSAT vide its order dated 13 March 2015
quashed and set aside the order passed by SEBI. Aginst SAT's order, SEBI hled an appeal with
the Hon'ble Supreme Court of India (Hon 'ble Court), which stood admitted vide order dated
24 Aprt 2015 without granting any interim stay in favour of SEBI. In October 2015, SEBI filed
applications before the Hon'ble Court seeking, restraint on the Company, its promoters and/or
directors from proceeding with the sale of 159 ,699,999 Cumulative Compulsorily Convertible
Preference Shares of DLF Cyber City Developets Limited held by the promoter grouP
comPailes to third party institutional investors. The said applications came up for hearing
befote the Hon'ble Coutt on 4 November 2015 and the Hon'ble Court did not Pass any
restraining the transaction and simply directed that the said applications be listed along with
earlier appeal.

n
 DT.f;A
Notes to the Standalone Financial Results

SEBI issued a SCN making allegations similar to the SCN dated 25 Jun e 2073. Similar SCNs
were also issued to three subsidiaries, their dfuectors and certain other entities. By way of ordet
dated 26 February 2015, the Adjudicating Officer, SEBI imposed monetary penalties upon
Company, some of its Directors, its erstwhile CFO, its three subsidiaries and their Directors.
The Company and other parties aggrieved by the afotesaid order filed appeals before the
Hon'ble SAT against the order dated26 February 2015. When these appeals were listed before
Hon'ble SAT on 15 April 2015, SEBI's counsel undet instructions stated that during the
pendency of the said appeals, the Order dated26 February 2015 would not be enforced. The
Hon'ble SAT vide its order passed on 25 April 2018 held that in view of Hon'ble SAT's
majority decision dated 13 March 2015, the SEBI Order dated26 February 2015 cannot be
sustained.

Accordingly, the Hon'ble SAT disposed off the appeals with a direction that these appeals,
shall stand automatically revived once the Hon'b1e Court disposes of the civil appeals filed by
SEBI against the Hon'ble SAT's judgment dated 13 March 2015. The matters are pending for
final outcome.

Based on the grounds of the appeals and advice of the independent legal counsels, management
believes that thete is strong likelihood of succeeding in respect of above matters. Pending the final
decisions on the above matters, no adjustrnent is requfued to be made in these standalone Frnancial
results.

d) In eadier years, one of the joint venture company, Twenty Five Downtown Redity Limited
[fomerlyJoyous Housing Limited [HL)] defaulted in meeting its debt obligation to a housing
finance company (HFC or Irender). Disputes arose between the shareholders ofJHL, and an
arbiftation for repayment of the Company's entfue outstanding dues, inclusive of intetest, from
JHL is ongoing between the shareholders.

Meanwhile, the Lender assigned the loan to Omkara Asset Reconstruction Company Limited
(ARC) and also invoked the pledge of shares, despite the Company's acceptance of Lender's
offer to purchase 1007o shares ofJHL (at a price highet than the reserve price) and repay the
outstanding dues of the Lender. The ARC thereafter sold 75% shares ofJHL (including 37.5%
shares held by the Company) to a third party.

The aforesaid assignment of loan as well as the sale of shares has been challenged by the
Company before the Hon'ble High Court of Delhi (Hon'ble Cout), and the Hon'ble Court
has referred the said disputes betrveen all parties involved to arbitration before a sole arbitrator
i.e. a Retired FormerJudge, Supreme Court of India.

Consequently, the aforesaid Arbitration shall proceed as per law.

Further, the Company has filed a petition under SectionT of the Insolvency and Bankruptcy
Code,2076 against JHL before the National Company Law Tribunal, Mumbai for initiation
of corporate insolvency proceedings against JHL on basis of admission of liability in its
audited balance sheets. The Company has also Frled a complaint before MahaRERA
challenging the registration of the project by JHL inter alia on the grounds of improper
disclosure and misrepresentation.

Owing to the ongoing actions and circumstances, which are challenged bl the Colnanf,]Hl
pr"i.rrt is not a joint.renture of the Company, only in accordance with Ind AS 111 Joint
"t
Ariangement" read with Ind AS 110 'Consolidated Financial Statements'.

t
'lt
\
\-

ltEti/

n
 Notes to the Standalone Financial Results

At present the total loan and investments of the Company inJHL arc{ 636.61, crotes. Further,
based on the legal advice, maflagement believes that it has a strong likelihood of successful
outcome in its favour. Still, due to ongoing dispute and uncertainties involved w.r.t. outcome
of litigation /arbittaion and consequential impact on recoverability of the Company's
investment/loan, the provision recognised against such investrnent/loan is consideted to be
adequate.

The above litigations as mentioned in point 5 (r), (b), (c) and (d) are subject matter of 'Emphasis
of Matter'in Independent Auditor's Audit Report.

6. Tax relating to earlier years for the yeat ended 31 March 2025 includes 1.235.71, cores in resPect
of Income-tax litigations for past assessment years for which the Company has opted to setde
under Vivad se Vishwas (Vs$ Scheme. Similady, Exceptional items includes a srun of 1.302.39
Crores indemnified by the Company, pursuant to share purchase and shareholders agteement in
respect of the Income-tax liability being settled in respect of past assessment years by it's joint
venture Company namely DLF Cybet City Dwelopers Limited under VsV scheme.

7 The Board of Directors have recommended a dividend of t 6 per share (300%) on equity shares
of { 2 each, for the financial year ended 31 March 2025 for the approval of shareholders.

8. Subsequent to the quafter, the Company has entered into a definitive Master Framework
Agreement (WFA) for sale of its IT/ITeS SEZ comprising fteehold land parcel admeasuring
-25.90 affes, situated in Kolkata along with constructed building namely DLF Tech Patk ('Kolkata
SEZ Business). Accordingly, corresponding assets and liabilities have been classiFred as held for
sale by the Company.

9. During the quarter, CRISIL Ratings Limited re-afftmed the long-term rating of the Company as
AA and revised the outlook to "Positive". The short-term rating was re-affrtmed as A1+.
Subsequent to the quarter, ICRA Limited also re-affirmed the long-term rating of the Company as
AA, revised the outlook to '?ositive" and re-affrrmed short-term rating as A1*.

10. The figures for the coffesponding previous peiod/year have been regrouped/reclassified,
wherevet necessary.

On behalf of the Board of Directots of DLF Limited

ilirt/ 0 \'b NJr[Tyrdw

I
Ashok Kumat
Place: New Delhi Devindet Singh
Date: 19 May 2025 Managing Director Managing Director
DIN:02569464 DIN:00254161

n
S.R Berusot&Co.
chartered Account.nts
LLP fl,'l,.iJiii;Plil'^i3i*"..
|,.Jf[Bi,f i"r'S'31]],?1,1,J'.,,Aerocitv
Tel : +91 11 4581 9500
Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the
Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended

To
The Board of Directors of
DLF Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of DLF
Limited ("the Holding Company" or "the Company") and its subsidiaries (including parhership firms) (the
Holding Company, its subsidiaries and partnership firms together referred to as "the Group"), its associates, joint
ventures and joint operations for the quarter ended March 31, 2025 and for the year ended March 31, 2025
("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
("Listing Regulations")

In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of the reports of the other auditors on separate audited financial statements/ financial information
of the subsidiaries/ partrership firms/ associates/ joint ventures and joint operations, the Statement:

i. includes the results of the entities enumerated in Annexure l;

ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the applicable accounting standards, and other
accounting principles generally accepted in India, of the consolidated net profit and other
comprehensive income and other financial information of the Group for the quarter ended
March 31,2025 and for the year ended March 31,2025.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10)
of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further
described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our
report. We are independent of the Group, its associates, joint ventures and joint operations in accordance with the
'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements
that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to
in "Other Matter" paragraph below, is suffrcient and appropriate to provide a basis for our opinion.

Emphasis of Matters paragraph

D We draw attention to Note no. 6 (a), O), (c) and (d) of the Statement which describes the uncertainty relating
to outcome of following lawsuits filed against the Company:

a. ln 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
whicir 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 underprotest
as per dirictio, of th. 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 penalty 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 two lT SEZI IT Park Projects in Gurugram. The Company, its subsidiary and

S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP ldentity No. AAB'4294
Regd. Office : 22, Camac Street. Elock'8 , 3rd Floor, Kolkata-7oo 016
S.R. Bnrusot &Co. LLP
Chartered Accountants
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 judgments till further orders in both the cases.

c. Securities and Exchange Board of India (SEBD, 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 Company has outstanding trade receivables of Rs. 396.86
crores from customers, which is currently sub-judice. Pending 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 adjustrnent has been considered in the Statement by the
management in respect of above matters. Our opinion is not modified in respect of these matters.

ii) We draw attention to Note no. 6(e) to the statement regarding ongoing dispute w.r.t an erstwhile Joint Venture
Company and uncertainties involved relating to outcome of legal disputes and consequential impact on
recoverability of the Group's invesfrnenV loan and adequacy of provision already recognised against such
investnent/ loan in the financial results.

Based on the advice of the external legal counsels, no further adjustnent has been considered in these
consolidated Ind AS financial results by the management in respect of above matter and the net carrying value
of loan is considered to be recoverable. Our opinion is not modified in respect of this maffer.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding
Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a
true and fair view of the net profit and other comprehensive income and other financial information of the Group
including its associates,joint ventures andjoint operations in accordance with the applicable accounting standards
prescribed under section 133 of the Act 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 respective
Board of Directors ofthe companies included in the Group and of its associates, joint operations andjoint ventures
are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of their respective companies and for preventing and detecting frauds and other
inegularities; selection and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the
Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directon of the companies included in the Group and of its
associates, joint ventures and joint operations are responsible for assessing the ability of their respective
companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative bui to do so.

The respective Board of Directors of the companies included in the Group and of its associates, joint ventures and
joint opirations are also responsible for overseeing the financial reporting process oftheir respective companies'

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material
misstatement, whether due to fraud or elror, and to issue an auditor's report that includes our oplnlon. Reasonable

q
S.R. Berusot &Co. LLP
Chartered Accountants
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will
assurance is a high
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

o Identig and assess the risks of material misstatement of the Statement, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under Section 143(3Xi) of the Act,
we are also responsible for expressing our opinion on whether the company has adequate internal
financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
o Evaluate the appropriateness ofaccounting policies used and the reasonableness ofaccounting estimates
and related disclosures made by the Board of Directors.
r Conclude on the appropriateness of the Board of Directors' use of the going concem basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the ability of the Group and its associates, joint ventures
and joint operations to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such
disclosures are inadequate, to modift our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions may cause the Group
and its associates,joint ventures andjoint operations to cease to continue as a going concern.
o Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and
whether the Statement represent the underlying transactions and events in a manner that achieves fair
presentation.
o Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the
entities within the Group and its associates, joint ventures and joint operations of which we are the
independent auditors to express an opinion on the Statement. We are responsible for the direction,
supervision and performance of the audit of the financial information of such entities included in the
Statement of which we are the independent auditors. For the other entities included in the Statement,
which have been audited by other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely responsible for our
audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included
in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identiff during our audit. We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

We also performed procedures in accordance with the Master Circular issued by the Securities Exchange Board
of lndia under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial statements and financial information, in respect of:
o 96 subsidiaries and I partnership firm, whose furancial statements include total assets of Rs. 10,407.42
crores as at March 31,2025,total revenues of Rs. 782.63 crores and Rs. 1,748.60 crores' total net profit
after tax of Rs. I 0 I .24 crores and Rs. 233.47 crores, total comprehensive income of Rs. l0 I .72 crores
and Rs. 233.62 crores for the quarter and the year ended on that date respectively, and net cash outflows
of Rs. 35.94 crores for the year ended March 31,2025, as considered in the Statement which been
audited by their respective independent auditors.
S.R. Barusot & Co. LLP
Chartered Accountants
. 2 joint ventures, whose financial statements include Group's share of netprofit of Rs.0.30 crores and
Rs. 0.09 crores and Group's share of total comprehensive income of Rs. 0.30 crores and Rs. 0.09 crores
for the quarter and for the year ended March 31,2025 respectively, as considered in the Statement whose
financial statements, other financial information have been audited by their respective independent
auditors.

The independent auditor's report on the financial statements /financial information of these entities have been
fumished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries, partnership firm and joint ventures is based solely on the
reports ofsuch auditors and the procedures performed by us as stated in paragraph above.

The accompanying Statement includes unaudited financial statements and other unaudited financial information
in respect of:
. I partnership firm, whose financial statements and other financial information reflect total assets of Rs.
63.25 crores as at March 31,2025, total revenue of Rs Nil and Rs Nil, total net loss after tax of Rs. 1.86
crores and Rs. 7.55 crores, total comprehensive loss of Rs. 1.86 crores and Rs. 7.55 crores, for the quarter
and the year ended on that date respectively and net cash inflow of Rs. Nil for the year ended March 31,
2025, whose financial statements and other financial information have not been audited by any auditor;
. 2 joint operations, whose financial statements and other financial information reflect total assets of Rs.
10.84 crores as at March 31,2025, 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 and the year ended
on that date respectively, and net cash inflow of Rs. Nil for the year ended March 31,2025, whose
financial statements and other financial information have not been audited by any auditor;
o 2 associate and I joint venture, whose financial statements includes the Group's share of net profit of
Rs. 0.08 crores and Group's share ofnet loss of Rs. 0.01 crores and Group's share of total comprehensive
profit of Rs. 0.08 crores and total comprehensive loss of Rs. 0.01 crores for the quarter and for the year
ended March 31,2025 respectively, as considered in the Statement whose financial statements and other
financial information have not been audited by any auditor.

These unaudited financial statements/ financial information have been approved and furnished to us by the
Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in
respect ofthese partnership firm,joint venture,joint operations and associates, is based solely on such unaudited
financial statements/ financial information. In our opinion and according to the information and explanations
given to us by the Management, these financial statements/ financial information are not material to the Group.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the
work done and the reports of the other auditors and the financial statements/ financial information certified by the
Management.

The Statement includes the results for the quarter ended March 31,2025 being the balancing figures between the
audited figures in respect of ttre full financial year ended March 31, 2025 and the published unaudited year-to-
date figures up to the end of the third quarter of the cunent financial year, which were subjected to a limited
review by us, as required under the Listing Regulations.

For S.R. Batliboi & Co. LLP

Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005

[,tdY"
p"rri;rKu
Partner
Membership No.: 094421

UDrN: 2-soq q t, z t Em Oq N B qS 56
Place:New Delhi
Date:May 19,2025
S.R. Bnrusot &Co. LLP
Chartered Accountants
Statement ofsubsidiaries (including partnership firms), associate, joint ventures and joint operations included in the results ofDLF Limited

Annexure I
S. No. Company Name S. No. Company Name
S u bs idiaries and part nerc h ip lirns 36 DLF Estate Developers Limited (Merged with DLF Utilities
Limited w.e.f April 16, 2024)
I Aaralyn Builders & Developers Private Limited 37 DLF Exclusive Floors Private Limited
2 Adana Builders & Developers Private Limited 38 DLF Garden City Indore Private Limited (Merged with DLF
Home Developers Limited w.e.f November 20, 2024)
3 Adoncia Builders & Developers Private Limited 39 DLF Gayatri Developers (Parhership Firm)
4 Afaaf Builders & Developers Private Limited 40 DLF Green Valley (Partnership Firm)
5 Akina Builders & Developers Private Limited 4l DLF Home Developers Limited
6 Alankrit Estates Limited (Merged with DLF Utilities Limited w.e.f 42 DLF Homes Goa Private Limited
April 16,2024)
7 Amandla Builders & Developers Private Limited 43 DLF Homes Panchkula Private Limited
8 Amishi Builders & Developers Private Limited 44 DLF Info Park (Pune) Limited
9 Amon Estates Private Limited (Merged with DLF Southem Towns 45 DLF Info City Hyderabad Limited
Private Limited w.e.f January 17,2025)
10 Ananti Builders & Construction Private Limited 46 DLF IT Offices Cherurai Private Limited (Merged with DLF
Home Developers Limited w.e.f November 20, 2024)
tl Angelina Real Estates Private Limited 47 DLF Luxury Homes Limited
12 Arlie Builders & Developers Private Limited 48 DLF Oflice Developers Private Limited
t3 Atherol Builders & Developers Private Limited 49 DLF Projects Limited
14 Ati Sunder Estates Developers Private Limited 50 DLF Property Developers Limited
t5 Baal Realtors Private Limited 5l DLF Clubs and Hospitality Limited (formerly DLF
Recreational Foundation Limited)
t6 Berit Builders & Developers Private Limited 52 DLF Residential Developers Limited (Merged with DLF
Home Developers Limited w.e.f November 20, 2024)
17 Bhamini Real Estate Developers Private Limited 53 DLF Residential Partners Limited
t8 Blanca Builders & Developers Private Limited 54 DLF Southern Towns Private Limited
l9 Breeze Constructions Private Limited 55 DLF Universal Limited
20 Cadence Builders & Constructions Private Limited 56 DLF Utilities Limited
2t Cadence Real Estates Private Limited 57 DLF Urban Private Limited (oint venture till March 25,
202s)
22 Calista Real Estates Private Limited (Merged with DLF Southem 58 Domus Real Estate Private Limited
Towns Private Limited w.e.f Jarnnry 17,2025)
23 Chamundeswari Builders Private Limited (Merged with DLF Home 59 Edward Keventer (Successors) Private Limited
Developers Limited w.e.f November 20, 2024)
24 Chandrajyoti Estate Developers Private Limited 60 Erasma Builders & Developers Private Limited (Merged
with DLF Southem Towns Private Limited w.e.f January 17,
2025)
25 Chevalier Builders & Constructions Private Limited (Merged with 6t DLF Wellco Private Limited (formerly Ethan Estates
DLF Southern Towns Private Limited w.e.f Jaruuy 17,2025) Developers Private Limited)
26 Cyrano Builders & Developers Private Limited 62 First India Estates & Services Private Limited
27 Dalmia Promoters & Developers Private Limited 63 Galleria Property Management Services Private Limited
28 Damalis Builders & Developers Private Limited 64 Garv Developers Private Limited
29 Delanco Realtors Private Limited 65 Gaynor Builders & Developers Private Limited
30 Deltaland Buildcon Private Limited 66 Hathor Realtors Private Limited
3t Demarco Developers And Constructions Private Limited 67 Hesper Builders & Developers Private Limited
32 DLF Aspinwal Hotels Private Limited 68 Hestia Realtors Private Limited (Merged witlt DLF Southem
Towns Private Limited w.e.f Jamary 17,2025)
33 DLF Builders & Developers Private Limited 69 Hoshi Builders & Developers Private Limited
34 DLF Cochin Hotels Private Limited 70 Hurley Builders & Developers Private Limited
35 DLF Commercial Projects Corporation (Partnership Firm) 7t Invecon Private Limited
S.R. Bnruaor &Co. LLP
Chartered Accountants Annexure I contd...
S. No, Company Name S. No. Company Name
72 Isabel Builders & Developers Private Limited ll5 Tiberias Developers Limited (Merged with DLF Utilities
Limited w.e.f April 16,2024)
73 Jayanti Real Estate Developers Private Limited ll6 Ujagar Estates Limited (Merged with DLF Utilities Limited
w.e.f April 16,2024)
74 Karida Real Estates Private Limited tt7 Uncial Builders & Constructions Private Limited
75 ll8 Unicorn Real Estate Developers Private Limited
76 Kirtimaan Builders Limited (Merged with DLF Utilities Limited 119 Uni International Private Limited
w.e.f April 16,2024)
77 Kokolath Builders & Developers Private Limited r20
78 Kolkata International Convention Centre Limited t2t Vamil Builders & Developers Private Limited
79 Laraine Builders & Constructions Private Limited (Merged with 122 Verano Builders & Developers Private Limited
DLF Southem Towns Private Limited w.e.f Jamary 17,2025)
80 Latona Builders & Constructions Private Limited (Merged with DLF t23 Highvista Buildcon Private Limited (formerly known as
Home Developers Limited w.e.f Novernber 20, 2024) Vikram Electric Equipment Private Limited)
8I Livana Builders & Developers Private Limited (Merged with DLF 124 Zanobi Builders & Constructions Private Limited
Home Developers Limited w.e.f November 20, 2024)
82 Lodhi Propefi Company Limited r25 Real Estates Limited
83 Manini Real Estates Private Limited 126 Zima Builders & Developers Private Limited
84 Milda Buildwell Private Limited Associate
8J Mohak Real Estate Private Limited 127 Arizona Global Services Private Limited
& Private Limited 128 GHL Hospital Limited
87 Murdock Builders & Developers Private Limited Ioint ventures
88 Muriel Builders & Developers Private Limited DCCDL Group
89 Musetta Builders & Developers Private Limited 129 DLF Cyber City Developers Limited
90 Nadish Real Estate Private Limited r30 DLF Promenade Limited
9t Naia Builders & Developers Private Limited t3t DLF Assets Limited
92 Naja Estates Developers Private Limited 132 DLF City Centre Limited (Merged with DLF Cyber City
Developers Limited w.e.f February 19,2025)
93 Nellis Builders & Developers Private Limited 133 DLF Emporio Limited (Merged with DLF Cyber City
Developers Limited w.e.f February 19,2025)
94 Niabi Builders & Developers Private Limited 134 DLF Power & Services Limited
95 Niobe Builders & Developers Private Limited t35 DLF Info City Developers (Chandiearh) Limited
96 Ophira Builders & Developers Private Limited 136 DLF Info City Developers (Kolkata) Limited (Merged with
DLF Cyber City Developers Limited w.e.f February 19,
202s)
97 Oriel Real Estates Private Limited 137 Fairleaf Real Estate Private Limited
98 Paliwal Developers Limited 138 DLF Info Park Developers (Chennai) Limited
99 Prewitt Builders & Constructions Private 139 Paliwal Real Estate Limited
Limited
100 Qabil Builders & Developers Private Limited t40
t0t Raeks Estates Developers Private Limited t41 DLF Lands India Private Limited (Merged with DLF Cyber
City Developers Limited we.f February 19,2025)
t02 Rational Builders and Developers (Partnership Firm) t42 Nambi Buildwell Limited
103 Commercial Developers Limited Other Joint ventures
104 Rochelle Builders & Constructions Private Limited 143 DLF Midtown Private Limited
Builders & Private Limited 144 DLF SBPL Developer Private Limited
106 Sagardutt Builders & Developers Private Limited 145 Peseen Builders& Developers Private Limited
t07 Senymour Builders & Constructions Private Limited 146 Atrium Place Developers Private Limited
108 Shivaii Marg Maintenance Services Limited Desisnplus Group
109 Home Limited 147 Associates Service Private Limited
il0 Builders & Constructions Private with 148 Spazzio Projects and Interiors Private Limited
Southem Towns Private Limited w.e.f January 17,2025)
111 Builders & ueveropers Private Limited Ioint Operations
112 Talvi Builders & Developers Private Limited 149 Baniara Hills Hyderabad Complex (AOP)
il3 Estates Private t50 GSG DRDL AOP
il4 Estates Private
 DLF Limited
Regd. Office: Shopping Mall,3d Flmr, Arjun Marg, DLF City, Pha* I, Gurugram - 122 fl)2 (Haryana), India.
CIN - L70l01HRl!l63PLCl[24Bf, Website : w.dlf.in
Tel,: +91-l2A43342lX), Emait investor-rclations@dlf.in

in crcrcs unless othemisc

SLNO. PARTICUI.A.RS QUARTER ENDED YEARENDED
tto3.z0z5 311:2.2024 rtI^tt*ltyrt 3L0B.m25 3t.03.2024
(Audited) (Unaudited) (Audited) (Audited) (Audited)
[refer note 2l
1 Income
a) Revmue frcm opentions 3,127.58 7,528.71 2,734.84 7993.66 6,427.00
b) Other income 220.19 208.76 181.86 1902.23 531.34
Total income 3$47.77 t:t37.47 2316.10 8,95.89 5,958.34
2 Expenscs
a) Cost of lmd, plots, constructed prcperties, dwelopmmt rights md othes 1,651.60 738.26 861.66 4,137.58 2,793.76
b) Employee benefits expmse 728.96 1r3.54 123.52 591.96 545.95
c) Finmce costs 108.60 93.90 97.70 397.20 356.45
d) Depreciatioo md mortisation expmse 36.91 38.74 36.68 150.66 147.95
e) Other expmses 369.03 256.92 395.55 1,161.€ 963.69
Total expenscs 4295.10 1"261.X t,5l5.tt 6,432.88 4,807.80
J Prcfit before exceptional items, t*, shrc of profit in asmciates and ioint 1,052.67 4?6.11 801.59 2,563.01 2,r50.1i4
renturcs (l-2)
4 Exaptional itms [tu indemnity ofJoint Ventwe Compmy] (refer note 10) Q02.3e) (302.3e)
5 Profit before tu and share ofprcfit in associates and ioint venturcs (3+4) 15052.67 n3.72 801.59 2,260.62 2,150.*
6 Tu expenses for the pcriod/yeer
(a) Cumtta 22.87 (1e.ss) 54.49 89.45 124.67
@) Tu relating to ealier years (refer note 10) 14.65 572.90 11.42 587.55 11.42
(c)Defercd tu (refer note 9) 143.73 (820.03) 105.57 0,1 10.8e) 384.05
Total tu expenses for the period/yeer 18r.25 (266.68) fi1.48 (433.8e) 5mJ4
7 Profit after cxceptional itcms, tax and before sharc of prcfit in assmiates and 871.42 u0.40 530.11 2,69tt.51 !6:m.40
joint ventres (15)
8 Shue of proFrt in associates md ioint ventures (net) 410.78 618.33 289.71 1,672.31 1p93.13
9 Net prcfit for the period/ycar (/+8) \282.m ,,058.73 919.82 4,t66.82 2J23.s3
r0 Other comprchensivc income/(oss)
a) Items that will not be reclassifred to prcfrt md loss 05.66) (4.e4) 6.94 (16.42) 6.81
b) Income tu relating to itms that will not be reclassified to prcfit md loss 7.61 0.95 (0.s3) 5.86 (0.s1)
Total other comprehensive income/(loss) (14.0s) (3.99) 6.41 o0.s5) 5.:Xt
11 Total comprchensive income for the period/year (9+10) 15268.15 10il.?4 gAi.2i 4)#.26 2,7D.83
12 Net prcfit for the period/year attributable to:
Orrnes of the holding compmy 1282.20 1ps8.73 920.71 4367.62 2J27.O9
Non-contdling interests (0.8e) (0.80) (3.s6)
1282.20 r,058.73 919.82 4366.U 2,723.53
13 Other comprchensive income attributable to:
Ownes of the holding compmy 04.0s) (3.ee) 6.41 no-*, 6.30
Non-contdling interests
(14.05) (3.99) 6.41 (10.50 6.:m
14 Total comprehensive income atributable to:
Ownen of the holding compmy 1268.15 1,054.14 927.12 4,357.06 2,733.39
Non-controlling interests (0.8e) (0.80) (3.s6)
1,268.15 1,0*.74 926.23 4356.26 2,729.83
15 Paid-up equity share capital (face valw of { 2 per shre) 495.06 495.06 495.06 495.06 495.06
16 Other equity 42,055.16 38,935.75
11 Eamings per equity share (frce value of{ 2 per share) (not annualised)
Basic S) 5.18 4.28 3.72 17.64 11.02
Diluted ('O 5.18 4.28 3.72 17.64 17.02

f'
 DLF Limited
Regd. Office: Shopping Me[ 3d Floor, Arim Merg, DLF City, Phese I, Gurugnm - 122 OO2 (Fleryena), India.
CIN - L70101HR1963PLrC002484, Websitc : w.dlf.in
T el; +91-124-4334200, Emeit iavestonreletiom@dlf.in

Statement of Audited Consolidated Assers and Liabilities:

m
at at
Perticulars 3lMreh?.0?5 31lil'(trch2024
(Audited) (Audited)
ASSETS
Non-current assets
Prcperty, plant and equipment 629.76 690.76
Capital work-in-prcgress 77.14 68.10
lnvestment property 1,706.49 2,025.67
Goodwill 944.25 944.25
Cther intangible assets 130.23 136.35
lnangible assets under development 8.55 2.60
Right-of-use assets 91.55 82.99
lnvestmens in ioint ventures and assciates 20966.74 19,313.07
Financid essets
Investments 914.46 443.81
Ioans 190.14 204.67
Other Enancial assets 150.96 140.51
Defered tu assets (net) 1,002.97 r,193.47
\on-cunent tx assets (net) 849.16 1p00.0s
Jt-her non-current csets 1.508.28 1,459.36
fotel non-current asscts 2E,270.08 n,705.61
Curent essets
lnventories 24,621.48 21,154.73
Finencid essets
Investments 355.00 380.81
Trade receivables 802.21 538.07
Creh and cmh equivalents 752.53 1,393.83
Other bank balances 3,585.56 2,990.57
hms 676.69 957.58
Other financial assets [ncludes bmk deposits of { 6,304.55 crcres (31 Mtch 2024: { 1,837.76 crores)] 7238.69 3,274.93
Jther crcot assets 2,339.03 1.328.53
fotal current assets fi371.19 32,018.39

Assets clxsiEed as held for sale 834.10 53A34

fotel assets 69.475.37 60,262.39

EQUITYAND LIABILITIES
Equity
Equity shrc capital 495.06 495.06
Other equity 42,055.16 38,935.75
Equity ettributeble to omes of Holding Compmv 42,550.2:2 39.4:m.8'
),lon-controllins interests 0.80
Iotel equity 42,550.22 39,431.61
Non-current liebilities
Financid liebilities
Borcwings 1,672.07 2,438.99
l.ease liabilities 238.56 228.00
Trade payables
(a) total outstanding dues of micrc enterprises and small enterprises
@) total outstanding dues of creditors other than micro enterprises and small enterprises 794.19 794.19
Other non-cunent financial liabilities 296.34 249.66
Provisions 52.89 54.00
Defered tax liabilities (net) 1,514.78 2,790.19
Other non-current liabi.lities 123.33 134.70
Total non-curent liabilities 4,692.16 6.689.73

liabilities
Bonouings 2,181.96 2,159.73
Iease liabilities 10.15 7.15
Tnde payables
(a) total outstanding dues of micro enterprises and small enterprises 599.63 408.43

@) total outstanding dues of creditors othcr than micro entcrprises and small enterpriscs 1,661.40 1,246.78
Other current Ftnancial liabilities 401.95 385.92
current liabilities 17,059.51 9,853.92
41.37 33.21
tax liabilities 244.16 47.47

cunent liebilities 22,200.13 t4,li6.6l

relatcd to assets hcld for salc * 32.86 4.44

69,475.37 60,262.39

fr
 DLF Limited
Regd. Ofiice: Shopping Mall, 3rd Floor, Ariun Marg, DLF City, Phase I, Gurugftrm - llX2022 (H,aryarz)'lniliz.
CIN - L70101HR1963PLC002484, Website : w.dlf.in
T el.z +91-124-4334200, Emaih investor-relations@dlf.in
O[FA
Statement of Audited Consolidated Cash Flow: (t in crorcs)

Particulars 3l March 2025 3llil,darch?.O24

(Audited) (Audited)
A CASHFLOVSFROM
Profit beforc tax and share of pmfit in associates and ioint ventures 22fi.62 2,150.54
Adiustments fon
Depreciation and amortisation expense 150.66 147.95

Profit on ofproperty, plant and equipment and investment proPerty (neq

sale (0.33) 075.83)
Rental income on account of discounting of security deposits and straight lining effect (38.76) @.36)
Interest income (including fair value change in financial instruments) (83s.7e) (406.30)

I-oss/ (gain) on fair valuation of financial instruments (net) 13.43 (e.01)

Dividend income (0.71)

Ilss on foreign currency ttrrsactions (net) 0.31

Finance costs 397.n 356.45

Profit on disposal ofinvestments (net) (0.18)

Allowance / write ofPs of financial and non-financial assets and prcvisions 27.00 47.89

Amount forfeited on prcperties (e.17)

Unclaimed balances and excess provisions written back (r34.82)
Exceptional items (net) 302.39

Operating profit before working capial changes \t31.96 2,005.m

Working capial adiusments:

Increase in inventories (1,s32.

Decrease in other financizl assets and loans 38r'.93 713.q

Increase in other non-financial assets (u2.26) (6se.es)
36.13
(Increase) / decrease in tmde receivables Q31.s7)
Decrease in other Frnancial liabilities (243.43) (n2.71)
Increase in other non-financial liabilities 4,689.48 2,962.55
1.87 (0.33)
Increase / (decrease) in provisions
Increase in trade payables 546.54 174.59

Cash flow from operating activities post working capial changes 5,357.09 2,795.97

Income tax (paid) / refunded, net (121.8s) Qsl

Net caeh flow genetated from oPsrating activities (A) 523s.24 2,5fi.82

B CASH FLOVS FROM ITIVESTINGACTMTIES

Purchase of property, planr and equipment, investment property, intangible assets and capital work-in-progress 01
o.72 743.08
Proceeds frcm sale of property, plant and equipment and invesurent Property
Purchase of investments (1,132.98)
55.81 115.07
Proceeds from disposal / redemption ofinvestments
65.39 1,627.90
Proceeds from disposal ofmutual funds
(64.80) (1,46e.22)
Purchase of investment in mutual funds
han given (102.41) 034.04)
427.53
han receircd back
Imrstment in fixed deposits with maturity more than 3 months (net) $,ng.n) @646.4e)
602.75 180.14
Interest received
999.15 583.30
Dividend received
Net cash flow used in investing activities (B)

C CASH FLOVS FROM FINANCING ACTTVITIES

598.01
Proceeds from debentures (including current maturities)
284.00 1,239.99
Proceeds from non-curent borowings (including current maturities)
(6e.10) (4s6.8s)
Repayment of non-current borrowings (including current maturities)
net (e65.e2) 104.45
@epayment of) / proceeds from current borrorvings,
(384.3s) Qer.44)
Finance cost paid
Repayment of leasc liabilities Qe.s4) Q7.43)
(4.06)
Decrease in restricted bank balances (net)
(1
Diridend paid
fl6.61
Net cash flow (used in) / generated from financing activities (C)

(?10.38) 1,186.75
Net (decrease) / inctcase in cash and cash equivalents (A+B+C)
1,393.83 20735
Cash and cash equivalcnts at thc bcginning of the year
68.06 (0.21
Acld: Cash and cash equivalcnts classified to held for sale or relating to acquisition/ disposals
751.51 1,393.83
Cash and cash equivalents at year end (net ofoverdraft)

Components of cash and cash equivalents at year end comprises of:

752.53 1,393.83
Cash and cash equiralents \?
Lcss: Ilook ovcrdraft
ii
--i i l.r!:lv DELHI
t
* (1.02)
751.51 1,393.83

f,
 Notes to the Consolidated Financial Results

I The above consolidated financial results of DLF Limited ("the Company'), its subsidiaries,
partnership firms (together referred as "the Group') and its joint ventures, joint operations and
associates have been reviewed by the Audit Committee and approved by the Board of Dfuectors at
its meeting held on 19 May 2025 andhave been audited by the Statutory Auditors of the Company.

2. The frgures for the last quarter i.e. quarter ended 31 March 2025 are the balancing figues between
the audited figures in respect of the fuIl financial year up to 31 March 2025 and the unaudited
published year-to-date figures up to 31 December 2O24,bang the date of the end of the thfud
quarter of the financid,year which were subject to limited review by the statutory auditors.

3. These consolidated financial results have been ptepared in accordance with the recognition and
measurement principles of Indian Accounting Standatds (Ind AS) as notified undet SectionT33 ot
the Companies Act, 2073 retdwith the Companies Qndian Accounting Standards) Rules, 2075 as
amended. The said consolidated financial results represent the results of DLF Limited ('the
Company'), its subsidiaries, partnership Frrms (together teferred as "the Group'), its joint
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 -'Investrnent in
Associates and Joint Ventures'.

4. The Group's business activities which are primarily real estate development and related activities
falls within a single reportable segment as the management of the Group views the entire business
activities as real estate development. Accordingly, there are no additional disclosues to be
fumished in accordance with the requirement of Ind AS 108 - 'Operating Segments'with respect
to single reportable segment. Further, the operations of the Group is domiciled in India and
therefore thete ate no reportable geographical segment.

5. The standalone financial results of the Company for the quarter and year ended 31 March 2025 ate
available on the Company's Website https: / /www. dlf.in /inves tor.Php.

standalone financial infotmation is below: ln croles

Particulars Quaftet ended Yeat ended
31.03.2025 31.t2.mVl 3103.2024 31.03.2024 31.$.m24
(Audited) (Unaudited) (Audited) (Audited) (Audited)
[refet note
2 abovel
Total income 6,001.40 4,077.52
3,056.68 1,253.75 1,264.12
Profit before exceptional 2,377.42 1,527.03
7,771,.99 432.12 530.61
items and tax
Exceptional items (302.3e) (302.39],

Profit before tax 2,075.03 7,527.03

1,7tl.99 t29.73 530.61
Net profit/(oss) for the i,580.00 1,257.21
1,549.94 (166.0e) 442.93
period/year
Other comprehensive (0.46) 0.11
2.47 (0.e8) 0.63
income/0oss)
Total comprehensive 7,579.54 7,251.32
1,552.47 (167.01) 443.56
income/(oss) for the
pedod/year
r'' .':''

i,)[i-Hl] -/ i]

,';'
i.' .r,

fl
 Notes to the Consolidated Financial Results
D TA

6. Key litigations:

,) (, In a complaint filed by Belaire/Magnoha/Pxk Place ownets association against the

Company ,l1.Srg 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 Tribunal (COMPAT). The Company had filed aa appeal befote Hon'ble Supreme
Court of India (Hon'ble Court) against the said order which the Hon'ble Cout admitted
vide its order dated 27 August 2074 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 corrse.

(ii) CCI vide its order dated 74 May 2015 had directed one of the subsidiary comPany relating
to New Town Heights Project, to cease and desist in implementation of the terms and
conditions of Apartment Buyer Agteement which is found to be unfair and abusive. No
penalty has been imposed by CCI. Appeals filed by the Company were dismissed by
COMPAT and the order of the COMPAT was challenged by the Company, befote 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 final outcome.

b) In a matter, the Hon'ble High Court of Punjab and Haryana passed order against tlre
Company, one of its subsidiaries and a joint venture company cancelling the sale deeds of
land/removal of construction relating to two IT SEZ/ IT Park Ptojects 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 otders.

.) The Securities and Exchange Board of India (SEBI) issued a Show Cause Notice (SCN)
dated 25 Jun e 2Ol3 to the Comp any for non-disclosure of material information at the time of
filing Red Herring Prospectus tn 2007. The Securities and Exchange Board of India (SEBD
vide order dated 10 October 2014 restrained the Company and its Officers/certain directors
from accessing the secudties market and prohibited them from buying, selling ot otherwise
dealing in securities, direcdy or indirecdy, in any manner, whatsoever, for a period of three
years. The Company and the said Directors filed appeals before the Securities Appellate
Tribunal (SAT) aginst the aforesaid Order dated 10 October 20l4.The SAT vide its otder
dated 13 March 2015 quashed and set aside the order passed by SEBL Against SAT's order,
SEBI filed an appeal with the Hon'ble Supreme Court of India (Hon'ble Court), which stood
admitted vide order dated24April 2015 without gtanting any interim stay in favout of SEBI.
In October 2015, SEBI filed applications before the Hon'ble Cout seeking, restraint on the
Company, its promoters and/or directors ftom proceeding with the sale of 759,699,999
Cumulative Compulsorily Convertible Preference Shares of DLF Cyber City Developers
Limited held by the promoter group companies to third party institutional 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 simply directed that the
said applications be listed along with the earlier appeal.

SEBI issued a SCN making allegations similar to the SCN dated 25 Jun e 2013. Similar SCNs
were also issued to three subsidiaries, their directors and ceftain other entities. By way of order
dated 26 February 2015, the Adjudicating Officer, SEBI imposed monetary penalties upon
Company, some of its Directors, its erstwhile CFO, its three subsidiaries and their Directors.
The Company and other parties aggrieved by the aforesaid order Frled appeals before the
Hon'ble SAT against the order dated26 February 2015. When these appeals were listed
Hon'ble SAT on 15 April 2015, SEBI's counsel under instructions stated that dudng
il pendency of the said appeals, the Ordet dated 26 February 2015 would not be enfotced.

n
 Notes to the Consolidated Financial Results

Hon'ble SAT vide its order passed on 25 April 2018 held that in view of Hon'ble SAT's
majonty decision dated 13 March 2015, the SEBI Otder dated 26 February 2015 cannot be
sustained.

Accordingly, the Hon'ble SAT disposed off the appeals with a direction that tlese appeals,
shall stand automatically revived once the Hon'ble Court disposes of the civil appeals filed by
SEBI against the Hon'ble SAT's judgment dated 13 March 2015.
The matters ate pending for final outcome.

d) A subsidiary company has total outstanding ftade teceivables from Coal India Limited and its
subsidiaries (together referred to as "CIL') amounting to t 259.68 crores. The subsidiary
company and CIL had approached Jharkhand State Electricity Regulatory Commission
ISERC) for fixation of tanff, uzho passed the order in favor of the subsidiary company and
the same was upheld by Appellate Tribunal. CIL frled appeal before the Hon'ble Supreme
Court of India (Hon'ble Coutt) which issued ordet dated 14 Septembet 201.2 dlrecingCll- to
pay taiff fixed byJSERC as confirmed by Appellate Tdbunal, however, the said amount is
still pending recoveryr. The subsidiary company believes that pending final disposal of the
matter and keeping in view the interim relief granted by the Hon'ble Court the amounts due
from CIL are fully recoverable. In addition, there are othet similat cases from other customers
wherein amount involved is t 137.18 crores and the subsidiary company is confident of its
recovery based on the Coutt decisions till date and legl advice.

Based on the grounds of the appeds 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 consolidated financial
results.

.) In eadier years, one of the joint ventrre company, Twenty Five Downtown Reality Limited
[formerlyJoyous Housing Limited 0FIL)1 defaulted in meeting its debt obligtion to a housing
Frnance company (HFC or knder). Disputes atose between the shareholders ofJHL, and an
arbitration for repayment of the Company's entite outstanding dues, inclusive of interest, ftom
JHL ir ongoing between the shareholdets.

Meanwhile, the Lender assigred the loan to Omkara Asset Reconstruction Company Limited
(ARC) and also invoked the pledge of shares, despite the Company's acceptance of Lendet's
offer to purchase 100%o shares ofJHL (at a pdce higher than the reserve price) and rePay the
outstanding dues of the Lender. The ARC thereafter sold 75% shares ofJHL (including 37.5%
shares held by the Company) to a third party.

The aforesaid assignment of loan as well as the sale of shares has been challenged by the
Company before the Hon'ble High Court of Delhi (Hon'ble Court), and the Hon'ble Court
has referred the said disputes between all parties involved to arbitration before a sole arbitrator
i.e. a Retired FormerJudge, Supreme Court of India.

Consequently, the aforesaid Arbitration shall ptoceed as per law.

Further, the Company has f,rled a petition under SectionT of the Insolvency and Bankruptcy
Code, 2016 againit JHL before the National Company Law Tribunal, Mumbai for initiation
of corpotate insolvency proceedings against JHL on basis of admission of liability in its
audited balance sheets. The Company has also Frled a complaint before MahaRERA
challenging the registration of the project by JHL inter alia on the grounds of improper
disclosure and misrepresentation.
,,,.
iivj Owing to the ongoing actions and circumstances, which are challenged by the Company ,JHL
,t pr"r.t t is not a joint venture of the Company, only in accordance with Ind AS 1 11
iillLw
Arrangement" read with Ind AS 110 'Consolidated Financial Statements'.

h
 Notes to the Consolidated Financial Results

At present the total loan and investments of the Company inJHL are < 636.67 ctotes. Further,
based on the legal advice, management believes that it has a strong likelihood of successful
outcome in its favour. Still, due to ongoing dispute and uncertainties involved w.r.t. outcome
of litigation/arbitation and consequential impact on recoverability of the Company's
investment/loan, the provision recognised against such investrnentfloan is considered to be
adequate.

The above litigations as mentioned in point 6 (r), (b), (.), (d) and (e) are subject matter of 'Emphasis
of Matter'in Independent Auditor's Audit Report.

7 During the previous year, DLF Home Developers Limited (DHDL), a wholly-owned material
subsidiary, has allotted 60,000 8.50% Senior, Secured, Rated, Listed, Redeemable, Guaranteed,
-
Rupee Denominated Non-Convertible Debentures (NCDs) of the face value of 100,000 each {
itpar,amounting to { 600.00 crores by way of private placement. The NCDs ate secuted by way
of pari-passu charge on immovable ptoperty situated in New Delhi, owned by another wholly-
owned subsidiary of the Company.

In accordance with the terms of the Debenture Trust Deed, the security is sufficient to cover mofe
than one hundred and fifty petcent of principal and interest outstanding in respect of these NCDs.

Out of the total proceeds of t 600.00 crores from issuance of said non-convettible debentures,
DHDL has utilized proceeds of t 400.00 crores till 31 Match 2025 in accotdance with the
Debenture Trust Deed and the remaining proceeds of t 200.00 crores ate invested in fxed deposits
as *31March2025.

8. The Board of Directors have recommended a dividend of { 6 per share (30070) on equity shares
of { 2 each, for the financial year ended 31 Match 2025 for the approval of shareholders.

9. { 1,538.55 cotes dudng t}re year ended

Deferred tax includes reversal of defered tax liability of
31 March 2025 respectively on account of change in effective tax rate on long-term capital gain'

10. Tax relating to eadier years for the year ended 31 Match 2025 includes t 675.20 crores in resPect
of Income-iax litigations for past assessment years fot which the Gtoup has opted to setde under
Vivad se Vishwas 1Vs! Scheme. Similady, Exceptional items includes a sum of 7 302.39 Ctores
indemnifred by the Company, pursuant to share purchase and shareholders agteement in respect
of the Income-tax Iiability being settled in respect of past assessment years by it's joint venture
Company namely DLF Cyber City Developers Limited under VsV scheme.

1l Restructuring:

During the quarter, on the recommendations of the Audit and Compliance Committee, the
") Board of Directors of DLF Home Developers Limited (DHDL), wholly-owned material
subsidiary of the Company in its meeting held on 19 March 2025, approved acquisition of
49.997o/o of the total paid-up equity capital and compulsorily convertible debentures of DLF
Urban Private Limited, (hereinafter referred to 'DUPL) from Reco Greens Pte' Limited, an
affilrateof GIC Singapore. DUPL is engaged in the business of construction, development and
sale of integrated townships and residential houses and apartments.

Pursuant to above acqulslflon, DUPL has become a Wholly-owned Subsidiary company in

terms of the provisions of Section 2(87) of the Companies Act,2013. The Group has gained
-:--:=l:, comPlete control of DUPL in accotdance with Ind AS 110 'Consolidated Financial Statements',
,,.-tlyi;'1.1,
.
-i. /'\.
\ r'{1 \r
j:l1rt)r ,,lf-l;'
| ; J :l:ili .- ;i
,,i i/,

h
 Notes to the Consolidated Financial Results
DLFA
b) The Board of Directors of Bhamini Real Estate Developers Private Limited and DLF Urban
Private Limited (fransferor Companies) have accorded their consent for approving the Scheme
of Amalgamation with DLF Home Developers Limited (fransferee Company) in theit
respective meetings held on 27 March2025.

12. Subsequent to the quarter, the Company has entered into a definitive Master Framewotk
Agreement (aIFA) for of its IT/ITeS SEZ comprising freehold land parcel admeasuring
sale
-2590 acres, situated in Kolkata alongwith constructed building namely DLF Tech Park ('Kolkata
SEZ Business). Accordingly, corresponding assets and liabilities have been classified as held for
sale by the Gtoup.

13. During the quarter, CRISIL Ratings Limited re-affitmed the long-term rating of the Company as
AA and revised the oudook to "Positive". The short-term rating was re-affrrmed as A1*.
Subsequent to the quarter, ICRA Limited also re-affirmed the long-term rating of the Company as
AA, revised the oudook to '?ositive" and te-affi.rmed short-tetm rating as A1*.

14. The figures for the corresponding previous peiod/year have been regtouped/reclassif,red,
whetever necessafy.

On behalf of the Board of Directots of DLF Limited

l\4

;f
i\JEW DELHI
o b# AJJ t-\
Place: NewDelhi Devindet Singh Ashok Kumat Ty^g'
Date: 19 May 2025 Managing Director Managing Directot
DIN:02569464 DIN:00254161

f1