德利豐(中國)有限公司DLF Limited市场前景及投资研究报告-培训课件外文版2024.6

COMPANIES

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PRODUCTSDLFLimitedCHAPTER

01RealestateoverviewMarketsizeoftherealestateindustryinIndiain2015to2022,withestimatesuntil2047(inbillionU.S.dollars)MarketsizeofrealestateindustryIndia2015-20477,0006,0005,0004,0003,0002,0001,0005,8001,00065047718012050020152017202020222025*2030*2047*3Description:ThemarketsizeoftherealestateindustryinIndiawasvaluedataround477billionU.S.dollarsin2022andisestimatedtoreachonetrilliondollarsby2030.Realestateindustryisforecastedtogrowexponentiallyuntil2047.

ReadmoreNote(s):India;2015to2022;*ForecastPreviousreportshavebeenaccessedforhistoricaldata.ReadmoreSource(s):Anarock;IndiaBrandEquityFoundationNumberofnewresidentialpropertylaunchesacrossIndiainthe1sthalfof2023,bymajormetropolitanarea(in1.000s)NumberofnewlaunchesinresidentialsectorinIndia2023,bymetropolitanareaNumberoflaunchesinthousands0102030405060MumbaimetropolitanregionNationalCapitalRegionBengaluru50.5529.7423.5422.8521.23ChennaiPuneHyderabad10.56AhmedabadKolkata8.126.784Description:Around50thousandnewresidentialpropertieswerelaunchedinMumbaimetropolitanregioninthefirsthalfof2023,oneofthemostexpensiveresidentialcitiesinIndia.Around21thousandnewpropertieswaslaunchedinPune.ReadmoreNote(s):India;H12023Source(s):KnightFrankPriceofresidentialpropertiesacrossIndiainH12023,bycity(inIndianrupeespersquarefeet)SquarefeetpriceofresidentialunitsinIndiaH12023,bycityPriceinIndianrupeespersquarefeet3,000

4,00001,0002,0005,0006,0007,0008,0007,593MumbaiBengaluru5,6435,410HyderabadNationalcapitalregionPune4,6384,3854,350ChennaiKolkata3,428Ahmedabad3,0075Description:Inthefirsthalfof2023,MumbairemainedIndia'smostexpensivecityontheresidentialmarketwithasquarefeetpriceof7593Indianrupeespersquarefeet.AmongtheeightbiggestmetropolitanareasofIndiaAhmedabadhasthelowestsquarefeetpriceataroundthreethousandIndianrupees.ReadmoreNote(s):India;H12023Source(s):KnightFrank(KnightFrankResearch)Valueofprivateequity(PE)investmentsinrealestateinIndiafrom2011tofirsthalfof2023(inmillionU.S.dollars)PrivateequityinvestmentsinrealestateinIndia2011-Q120239,0007,8038,0007,0006,0005,0004,0003,0002,0001,00007,6196,5816,1995,0824,5653,9452,5822,45120112,22220142,03020131,18020221,13320122015201620172018201920202021H120236Description:Asoffirsthalfof2023,theIndianrealestatemarketreceivedaround2.5billioninprivateequityinvestments.Intheyear2022,thevalueofPEinvestmentswereoverfivebillionU.S.dollarsdespitetheprolongedpandemic.Thiswasadeclinecomparedto2021,wheninvestmentshadalreadydroppedfromitshighestvaluein2018.ReadmoreNote(s):India;2011to2023Source(s):KnightFrankCumulativenumberofshoppingmallsinIndiafrom2012to2022CumulativenumberofshoppingmallsinIndia2012-20223002712552532462502001501005023221921220318802012201320142015201620172018201920227Description:In2022,therewere271shoppingmallsinIndia.NumberofmallsinIndiahasbeensteadilygrowingsince2012.Thenumberofshoppingmallsindicatesagrowthofthemiddleclass.ReadmoreNote(s):India;2012to2022Source(s):Anarock;Cushman&Wakefield;IndiaBrandEquityFoundation;JLLNumberofemployeesinrealestateandconstructionsectorinIndiafromfinancialyear2017tofinancialyear2023(inmillions)EmploymentinrealestateandconstructionsectorinIndiaFY2017-20238070.6770.9668.0670605040302010063.9861.3260.8957.41FY2017FY2018FY2019FY2020FY2021FY2022FY20238Description:Infinancialyear2023,employmentwithintherealestateandconstructionsectorinIndiastoodatnearly71million.Moreover,thenumberofemployeesacrosstherealestateandconstructionsectorwasthelowestinfiscalyear2021atjustabove57.4million.ReadmoreNote(s):India;FY2017toFY2023Source(s):CMIE;TheIndianExpressCHAPTER

02DLFLimitedConsolidatedrevenueofDelhiLandandFinance(DLF)Limitedfromfinancialyear2016to2023(inbillionIndianrupees)ConsolidatedrevenueofDLFLimitedFY2016-2023120105.9710090.2989.476.6380604020068.8861.3860.1259.45FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202310Description:Inthefinancialyear2023,DelhiLand&Finance(DLF)LimitedfromIndiareportedconsolidatedrevenuesofover60billionIndianrupees.Duringthelastfiveyears,therevenueshavebeenfluctuating.Duringthisperiodthehighestvaluehadbeen105.97billionIndianrupeesinfinancialyear2016.DLFisaDelhi-basedcommercialrealestatedeveloper.ItwasmostpopularforbeingthetitlesponsoroftheIndianPremierLeaguebetween2008and2012.

ReadmoreNote(s):India;FY2016toFY2023Source(s):DLFRevenuefromoperationsofDelhiLandandFinance(DLF)Limitedfromfinancialyear2019to2023(inbillionIndianrupees)RevenuefromoperationsofDLFLimitedFY2019-20239083.668070605040302010060.8357.1756.9554.14FY2019FY2020FY2021FY2022FY202311Description:Infinancialyear2023,theDelhiLand&Finance(DLF)Limitedreportedrevenuesfromoperationsworthover56.95billionIndianrupees.Revenueinthepreviousyearwascomparable.

ReadmoreNote(s):India;FY2019toFY2023;consolidatedfiguresSource(s):DLFConsolidatednetprofitofDelhiLandandFinance(DLF)Limitedfromfinancialyear2016to2023(inbillionIndianrupees)ConsolidatednetprofitofDLFLimitedFY2016-20232520.342014.97151510513.1610.945.973.650-5-5.83-10FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202312Description:Infinancialyear2023,theDelhiLand&Finance(DLF)LimitedfromIndiareportedaconsolidatednetprofitofover20billionIndianrupees.Thenetprofitvaluedippedduringthepandemicbutithasmadeastrongrecoveryinfiscalyear2023.DLFisaDelhi-basedcommercialrealestatedeveloper.ItwasmostpopularforbeingthetitlesponsoroftheIndianPremierLeaguebetween2008and2012.

ReadmoreNote(s):India;FY2016toFY2023Source(s):DLFOperatingprofitofDelhiLandandFinance(DLF)Limitedfromfinancialyear2019to2023(inbillionIndianrupees)OperatingprofitofDLFLimitedFY2019-20232523.02201510518.9818.5817.6114.620FY2019FY2020FY2021FY2022FY202313Description:Infinancialyear2023,theDelhiLand&Finance(DLF)LimitedinIndiareportedanoperatingprofitofnearly19billionIndianrupees.Thiswasaslightncreasecomparedtothepreviousyear.ReadmoreNote(s):India;FY2019toFY2023;consolidatedfiguresSource(s):DLFEarningsperequityshareofDelhiLandandFinance(DLF)Limitedfromfinancialyear2019to2023(inmillionIndianrupees)EarningsperequityshareofDLFLimitedFY2019-202310093.480604020073.853.944.2-20-40-24.1FY2019FY2020FY2021FY2022FY202314Description:Infinancialyear2023,theDelhiLand&Finance(DLF)Limitedreportedearningsperequityshareworthabout93.4millionIndianrupees.Thiswasasignificantincreasecomparedtothepreviousyear.

ReadmoreNote(s):India;FY2019toFY2023;NotannualizedSource(s):DLFTotalassetsofDelhiLandandFinance(DLF)Limitedfromfinancialyear2019to2023(inbillionIndianrupees)TotalassetsofDLFLimitedFY2019-20238007006005004003002001000669.22572.3548.1373.16372.82FY2019FY2020FY2021FY2022FY202315Description:Infinancialyear2023,theDelhiLand&Finance(DLF)Limitedreportedtotalassetsworthnearly372billionIndianrupees.Theassetvalueofthecompanywassameasthelastyear.

ReadmoreNote(s):India;FY2019toFY2023;consolidatedfiguresSource(s):DLFDevelopmentpotentialforDelhiLandandFinance(DLF)LimitedinIndiaasof2023,bycities(inmillionsquarefeet)DLFdevelopmentpotentialinIndia2023,bycitiesDevelopmentpotentialinmillionsquarefeet020406080100120GurugramChandigarh1041616Maharashtra(Mumbai,Pune,Nagpur)DelhiMetropolitanRegionChennai131211OthersCitiesBhuvaneshwar6Hyderabad3Kolkata2Gandhinagar216/statistics/1254592/dlf-ltd-development-potentialAsof2023,Gurugram-basedrealestatedeveloperDelhiLandandFinanceLimited(DLF)sawadevelopmentpotentialof187millionsquarefeetacrossIndia.ByfarthemostpotentialwasidentifiedinGurugramwithoverhundredmillionsquarefeet.ReadmoreNote(s):India;2023Source(s):DLFCHAPTER

03DLFCyberCityDevelopersTotalrevenueofDLFCyberCityDevelopersLimitedinIndiafromfinancialyear2020to2023(inbillionIndianrupees)DCCDLrevenueinIndiaFY2020-20236054.150.855045.3343.85403020100FY2020FY2021FY2022FY202318Description:Infinancialyear2023,DLFCyberCityDevelopersLimited(DCCDL)inIndiarecordedrevenuesworthnearly54.1billionIndianrupees.Thiswasasignificantincreasecomparedtothepreviousyear.

ReadmoreNote(s):India;FY2020toFY2023;consolidatedfiguresSource(s):DLFEBITDAofDLFCyberCityDevelopersLimitedinIndiafromfinancialyear2020to2023(inbillionIndianrupees)EBITDAofDCCDLinIndiaFY2020-2023454041.3937.2234.8834.1735302520151050FY2020FY2021FY2022FY202319Description:Infinancialyear2023,DLFCyberCityDevelopersLimited(DCCDL)inIndiareportedanEBITDAofover41billionIndianrupees.Thiswasasignificantincreasecomparedtopreviousyear.

ReadmoreNote(s):India;FY2020

toFY2023;consolidatedfiguresSource(s):DLFProfitsaftertaxesofDLFCyberCityDevelopersLimitedinIndiafromfinancialyear2020to2023(inbillionIndianrupees)PATofDCCDLinIndiaFY2020-20231413.171210811.311.279.136420FY2020FY2021FY2022FY202320Description:Infinancialyear2023,DLFCyberCityDevelopersLimited(DCCDL)inIndiareportedprofitsaftertaxesworthover11billionIndianrupees.Thiswasaslightdecreaseincomparisontothepreviousfinancialyear.In2022,profitaftertaxincreasedsignificantlyincomparisontothepreviousyear.ReadmoreNote(s):India;FY2020toFY2023;consolidatedfiguresSource(s):DLFRentalincomeofDLFCyberCityDevelopersLimitedinIndiafromfinancialyear2020to2023(inbillionIndianrupees)RentalincomeofDCCDLinIndiaFY2020-2023OfficespaceRetailspace454035302520151057.354.6128.692.765.1424.9232.3227.530FY2020FY2021FY2022FY202321Description:Infinancialyear2023,DLFCyberCityDevelopersLimited(DCCDL)inIndiareportedarentalincomeof32.32billionIndianrupeesfromofficespaces.Thiswasanincreasecomparedtothepreviousyear.Therentalincomefromretailspacesalsoincreasedto7.35billionrupeesduringthatperiod.ReadmoreNote(s):India;FY2020toFY2023;consolidatedfiguresSource(s):DLFOccupancyrateofofficeareadevelopedbyofDLFCyberCityDevelopersLimitedinIndiafromfinancialyear2018to2023OccupancyrateofofficeareadevelopedbyDCCDLinIndiaFY2018-2023100%90%80%70%60%50%40%30%20%10%0%95%94%94%89%88%FY2018FY2019FY2020FY2021FY202322Description:Infinancialyear2023,DLFCyberCityDevelopersLimited(DCCDL)reportedanoccupancyof89percentofitsofficespace.Inthepreviousyears,theoccupancyratehadbeenabove94percent.Thedecreasecanbeattributedtotheeconomicimpactofthecoronavirus(COVID-19)pandemic.ReadmoreNote(s):India;FY2018toFY2023Source(s):DLFCHAPTER

04CompetitorsLeadingresidentialandcommercialrealestatecompaniesasofMarch2024,bymarketcapitalization(inbillionIndianrupees)LeadingrealestatecompaniesbymarketcapitalizationMarch2024MarketcapitalizationinbillionIndianrupees05001,0001,5002,0002,500DLFMacrotechDevGodrejPropOberoiRealtyPhoenixMillsPrestigeEstateNBCC(India)BrigadeEntSobha2,080.871,019.23603.07481.99472.96429.6208.98195.22123.39116.89DBRealty24Description:AsofDecember6,2023,theDelhiLand&FinanceLimited(DLF)leadthelistofIndianrealestatecompaniesforresidentialandcommercialcomplexeswithamarketcapitalizationofover2,080billionIndianrupees.TheNationalStockExchange(NSE)inNewDelhiincludes43realestatedevelopersunderthiscategory.TherealestateindustryisoneofthefastestgrowingsectorsinIndiaandwasestimatedtoreachatotalvalueofonetrillionU.S.dollarsby2030.

ReadmoreNote(s):India;asofMarch13,2024;NSEfiguresSource(s):MoneycontrolConsolidatedrevenueGodrejPropertiesLimitedfromfinancialyear2016to2023(inbillionIndianrupees)ConsolidatedrevenueofGodrejPropertiesLimitedFY2016-202335302532.2230.3929.1525.8622.6821.02201510517.0113.330FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202325Description:Inthefinancialyear2023,theIndianrealestatecompanyGodrejPropertiesLimitedreportedaconsolidatedrevenueof30.39billionIndianrupees.Thiswasanincreasecomparedtothepreviousyear.Thedeclineinfinancialyear2021canbeattributedtotheimplicationsofthecoronavirus(COVID-19)pandemic.ReadmoreNote(s):India;FY2016toFY2023Source(s):GodrejPropertiesConsolidatedrevenueofSobhaLimitedfromfinancialyear2016to2023(inbillionIndianrupees)ConsolidatedrevenueofSobhaLimitedFY2016-20234540353038.2635.1634.2628.3726.3525201510522.8521.919.910FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202326Description:Infinancialyear2023,theIndianrealestatecompanySobhaLimitedreportedaconsolidatedrevenueof34.26billionIndianrupees.Thiswasastrongincreasecomparedtothepreviousyear.Thedeclineinoperatingrevenuesinfiscalyear2021canbeattributedtotheimplicationsofthecoronavirus(COVID-19)pandemic.ReadmoreNote(s):India;FY2016toFY2023Source(s):SobhaLtd.ConsolidatedrevenueofIndiabullsHomeLoansfromfinancialyear2018to2023(inbillionIndianrupees)ConsolidatedrevenueofIndiabullsHomeLoansFY2018-2023180170.216014012010080149.59132.23100.389.9487.266040200FY2018FY2019FY2020FY2021FY2022FY202327Description:Infinancialyear2023,IndiabullsHousingFinanceLimitedfromGurugraminIndiareportedconsolidatedrevenuesof87billionIndianrupees.Thiswasadecreasecomparedtothepreviousyears.

ReadmoreNote(s):India;FY2018toFY2023Source(s):IndiabullsGroupConsolidatedrevenueofBrigadeEnterprisesLimitedfromfinancialyear2016to2023(inbillionIndianrupees)ConsolidatedrevenueofBrigadeEnterprisesLimitedFY2016-2023403534.4530.2729.993026.822520.7120.5819.4619.520151050FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202328Description:Inthefinancialyear2023,theIndianrealestatecompanyBrigadeEnterprisesLimitedreportedconsolidatedrevenuesof34.45billionIndianrupees.Thiswasanincreasecomparedtothepreviousyearwhenaround30billionIndianrupeeswerereported.BrigadeEnterprisesisbasedinBengaluruandconcentratesitsbusinessesinresidential,commercial,retail,andhospitalityrealestatetosouthIndia.ReadmoreNote(s):India;FY2016toFY2023Source(s):BrigadeGroupConsolidatedoperationalrevenueofNBCCIndiaLimitedfromfinancialyear2014to2023(inbillionIndianrupees)ConsolidatedoperationalrevenueofNBCCIndiaLimitedFY2014-202312099.4310080604020086.4984.4780.8775.7574.2468.3258.3847.1140.98FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202329Description:Infinancialyear2023,theIndianrealestatecompanyNBCCIndiaLimitedreportedaconsolidatedoperationalrevenueofnearly86billionIndianrupees.Thiswasanincreasefromthepreviousyear,whenNBCCreportedaheightof75billionIndianrupees.NBCCwasformerlyknownasNationalBuildingsConstructionCorporationandisapublicsectorundertaking.ItsheadquarterislocatedinDelhiwithmorethan30regionalofficesacrossIndia.ReadmoreNote(s):India;FY2014toFY2023Source(s):Moneycontrol;NBCCNetsalesofOberoiRealtyfromfinancialyear2018to2023,withestimatesupto2025(inbillionIndianrupees)NetsalesOberoiRealtyFY2018-20256050403047.8744.241.9326.9425.8322.3820.532010012.65FY2018FY2019FY2020FY2021FY2022FY2023FY2024*FY2025*30Description:Inthefinancialyear2023,netsalesofOberoiRealtywasnearly42billionIndianrupees.Itwasestimatedtofurtherincreasetonearly48billionIndianrupeesby2025.OberoiRealtyisarealestatedeveloperbasedinMumbai,India.

ReadmoreNote(s):India;FY2018toFY2023;*estimates

India'sfinancialyearbeginsinAprilandendsinMarch.Forexample,FY2023startedinApril2022andendedinMarch2023.

OneIndianrupeeisequalto0.011eurosand0.012U.S.dollars(asof[...]

ReadmoreSource(s):HDFCSecurities;OberoiRealtyConsolidatedrevenueofMacrotechDevelopersLimited(formerLodhaDevelopers)fromfinancialyear2017to2023(inbillionIndianrupees)ConsolidatedrevenueofMacrotechDevelopersLimitedFY2017-2023140125.61119.3612010080604020097.8794.792.378.2154.6FY2017FY2018FY2019FY2020FY2021FY2022FY202331Description:Inthefinancialyear2023,theIndianrealestatecompanyMacrotechDevelopersLimitedreportedaconsolidatedrevenueof94.7billionIndianrupees.Thereby,thecompanywhichwasformerlyknownasLodhaDevelopersLimitedcontinuedtoincreaseitsconsolidatedrevenueonayear-to-yearbasis.ThecompanyisbasedinMumbaiandundertakesprojectsworldwide.ReadmoreNote(s):India;FY2017toFY2023Source(s):BSE(India);LodhaGroupCHAPTER

05InvestmentsPensionfundsandsovereignwealthfundsinvestmentsinIndiain2022,byleadingcompany(inbillionU.S.dollars)InvestmentsinvolvingpensionfundsandSWFinIndia2022,byleadingcompanyInvestmentvalueinbillionU.S.dollars0.4

0.6

0.80.00.21.01.21.41.61.81.812.0Viacom18MediaPrivateLimitedYesBankLimited1.1CitiusTechITSolutions0.96EightroadprojectsofL&T0.89VerSeInnovationPrivateLimited(Dailyhunt)IGTSolutionsPrivateLimitedSixoperatinghighwaytollroadprojectsEasternPeripheralExpresswaySuvenPharmaceuticals0.810.80.780.770.77MumbaiAirport(MIAL)0.7533Description:In2022,Viacom18MediaPrivateLimitedsecuredinvestmentsinvolvingpensionfundsandsovereignwealthfunds(SWF)inIndiaworthover1.8billionU.S.dollarsintotal.FollowedbyYesBankwithinvestmentdealsworthnearlyonebillionU.S.dollarsinthattimeperiod.ReadmoreNote(s):India;2022Source(s):EY;VCCEdgePrivateequityandventurecapital(PE/VC)investmentsintherealestatesectorinIndiain2022,bycompany(inmillionU.S.dollars)PE/VCinvestmentsinrealestatesectorinIndia2022,bycompanyInvestmentvalueinmillionU.S.dollars0100200300400500600700667800LodhaLogisticsPlatformCoreJV6003mnsq.ft.inBengaluru'sBharatiyaCityCommercialprojectbyBharatiyaCityTATARealtyandInfrastructureLimited,twoofficeparksBhartiEnterprisesLimited,fourcommercialprojectsTablespaceTechnologies373354343337300MindspaceBusinessParksREIT234220200MahagunMedalleo,residentialprojectEmbassyOfficeParksREIT34Description:In2022,LodhaLogisticsPlatformsecuredthebiggestprivateequityandventurecapital(PE/VC)investmentdealintherealestatesectorofIndiaat667millionU.S.dollars.Theinvestmentwasatthe