Rating Rationale
February 27, 2024 | Mumbai
DLF Limited
'CRISIL AA/Stable' assigned to Non Convertible Debentures
 
Rating Action
Total Bank Loan Facilities RatedRs.3183 Crore
Long Term RatingCRISIL AA/Stable (Reaffirmed)
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.1400 Crore Non Convertible DebenturesCRISIL AA/Stable (Assigned)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has assigned its ‘CRISIL AA/Stable’ rating to the non convertible debentures (NCD) of DLF Limited (DLF) and reaffirmed its ratings on the bank facilities at ‘CRISIL AA/Stable/CRISIL A1+.

 

The rating continues to reflect the strong sales booking and substantial increase in the cashflows on the back of healthy demand momentum, new launches, DLF’s strong market position and execution track record. Financial risk profile will remain healthy despite expected increase in the debt levels for strategic acquisitions, and will be aided by strong financial flexibility.

 

DLF registered sales of Rs. 13,316 crore (including JVs) in nine months of fiscal 2024 as against the sales booking of Rs 15,058 cr in full year FY2023. The strong performance is supported by highest ever quarterly sales of 9,047 crore in Q3FY2024 from the new launch of its luxury project - Privana, which was entirely sold within few days of launch resulting in Rs. ~7200 crore of sales. The collections remained robust and stood at Rs 6,449 crore in nine months of fiscal 2024 as against Rs 5,650 crore in full year 2023. It is further expected that the collections will remain robust in the medium term. 

 

Healthy sales have lead to significant quantum of committed receivables of ~Rs. 19,000 crore as on Dec, 2023 and healthy launch pipeline of ~10 million square feet (msf) in FY2025  that will provide further upside to cash flows and support construction cost over tenure of launched projects.

 

The company’s gross debt reduced to Rs. 2,948 crore in December 2023 as against Rs 3,068 crore in March 2023. However, it is expected that the debt levels will increase by end of fiscal 2024, exceeding CRISIL’s earlier estimates owing to company’s strategic acquisition plans. Consequently, the financial risk profile will be moderated as characterised by increase in the total debt to assets by end of fiscal 2024, though the same is expected to improve by fiscal 2025. The company emphasises to focus on debt reduction over the medium term. Any deviation from the debt reduction trajectory and any material debt funded acquisition will be key monitorable.

 

In the development business under DLF, liquidity is supported by cash and bank balance of Rs 4,194 crore (majority of which is earmarked for project development in RERA accounts) and committed receivables of Rs 19,000 crore against the pending construction outflow of Rs 9,757 crore as on December 31, 2023.

 

The cash flow of DLF would also continue to be supported by the dividend income received from DLF Cyber City Developers Ltd (DCCDL; rated ‘CRISIL AA/Positive’; joint venture [JV] of DLF with GIC; DLF has two-third stake in DCCDL), the rental arm of the group.

 

These strengths are partially offset by susceptibility to risks and cyclicality inherent in the real estate sector along with large contingent liabilities and pending litigation.

Analytical Approach

CRISIL Ratings has combined the business and financial risk profiles of DLF and its subsidiaries and associates because of their strong operational and financial linkages. Furthermore, CRISIL Ratings continues to moderately consolidate DCCDL to the extent of economic incentive it draws. With the settlement of assets and inter-party payables between the two entities in fiscal 2020, the debt and cash flow of DCCDL remain ring-fenced. Both the entities have an independent management, with no cross-guarantees/securities provided by either (except for a few specific assets, where the underlying land is with DLF); DLF and GIC have some affirmative rights for decisions taken at DCCDL. CRISIL Ratings continues to factor in the dividend that DLF would receive from DCCDL on account of its shareholding in DCCDL.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation..

Key Rating Drivers & Detailed Description

Strengths:

Substantial and sustained increase in the sales bookings and cash flows along with strong market position, aided by large, low-cost land bank and economies of scale

DLF registered sales of Rs. 13,316 crore (including JVs) in nine months of fiscal 2024 as against the sales booking of Rs 15,058 cr in full year FY2023, significantly exceeding earlier estimates. The strong performance is supported by highest ever quarterly sales of 9,047 crore in Q3FY2024 from the new launch of its luxury project – Privana, which was entirely sold at the time of launch resulting Rs. 7,200 crore of sales. The collections remained robust and stood at Rs 6,449 crore in nine months of fiscal 2024 as against Rs 5,650 crore in full year 2023.

 

DLF has an established track record in the domestic real estate sector across segments and regions. It is a well-recognised brand, with the most extensive track record among private developers. Its strong brand name has given it the ability to sell projects at an early stage of construction.

 

Additionally, the large, low-cost land bank, with a development potential of 187 million square feet (msf), spread across India out of which about 57 msf is already identified for development in prime locations, underpins the company’s strong market position, supports profitability and lends a significant competitive advantage over other real estate developers.

 

Healthy financial risk profile despite expected increase in the debt levels for strategic acquisitions

Healthy financial risk profile despite expected increase in the debt levels for strategic acquisitions. The company’s gross debt reduced to Rs. 2,948 crore in December 2023 as against Rs 3,068 crore in March 2023. However, it is expected that the debt levels will increase by end of fiscal 2024, exceeding CRISIL’s earlier estimates owing to company’s strategic acquisition plans. Consequently, the financial risk profile will be moderated as characterised by increase in the total debt to assets by end of fiscal 2024, though the same is expected to improve by fiscal 2025.The company emphasises to focus on debt reduction over the medium term.

 

Out of the outstanding gross debt of Rs. 2,945 crore as on December 31, 2023, ~34% is lease rental discounting (LRD) debt against its commercial assets’ portfolio, having a long tenure of 10 years and spread out repayment obligations thereby reducing burden on overall cash flows of DLF. In the development business under DLF, liquidity is supported by cash and bank balance of Rs 4,194 crore (majority of which is earmarked for project development in RERA accounts) and committed receivables of Rs 19,000 crore against the pending construction outflow of Rs 9,757 crore as on December 31, 2023. The company emphasises to focus on debt reduction over the medium term. Any deviation from the debt reduction trajectory and any material debt funded acquisition will be key monitorables.

 

Furthermore, gradual sales of the finished inventory will continue to support the cash flow over the medium term while the rental and hospitality portfolio would continue to contribute approximately Rs 250 crore annually. DLF also has certain projects under development in JV companies, debt for which is not consolidated. While these projects are expected to be incrementally funded out of their own collections and sanctioned debt limits, limited support from DLF is expected in the near term. Furthermore, the management has plans to launch some more projects in JVs over the medium term – of which some have already been launched.

 

Strong financial flexibility

Financial flexibility is driven by annual dividend expected from DCCDL which supports the cash flow of the company. DLF also has a track record of raising funds from national and international investors, banks and financial institutions further providing liquidity cushion. Cash flows are also supported by the portfolio of leased assets and large land bank. Rental income of DLF, including DCCDL, stood at Rs 4,200 crore in fiscal 2023 against Rs. 3,544 crore in fiscal 2022.

 

Weaknesses:

Exposure to inherent risks and cyclicality in the real estate industry and risk of geographical concentration in revenue profile

Cyclicality in the real estate segment causes fluctuations in cash inflow. As against this, cash outflow towards projects and debt obligation are relatively fixed, resulting in substantial cash flow mismatch. Any decline in the pace of sales in the could lower expected collections in the medium term. Furthermore, occupancy levels and rental rates remain susceptible to economic downturns, which could constrain the tenant's business risk profile and rental collections.

 

Additionally, DLF’s reliance on Gurgaon’s real estate market has been high and in case of any significant slowdown in demand or oversupply in the region, future revenues will be impacted. However, the company is slowly focusing on geographical diversification and has re-entered Chennai after 10 years also have planned launches across Goa, Gurgaon and Tricity. However, the extend of geographical diversification in the revenue profile will remain a key monitorable.

 

Large contingent liabilities and pending litigations

The group has significant contingent liabilities because of matters related to income tax and service tax along with indemnities provided to DCCDL and penalty imposed by the Competition Commission of India (CCI) in 2011 (for which DLF has already deposited Rs 630 crore with the Supreme Court towards the CCI penalty). Most of the matters are longstanding and have shown limited progress, and some amounts have been deposited pending resolution. While there has been no crystallisation of liabilities, the matters will be resolved in due course and, nonetheless, would remain closely monitored.

Liquidity: Strong

Liquidity is supported by cash and bank balance of around Rs 4,194 crore (majority of which is earmarked for project development in RERA accounts) and committed receivables of ~Rs 19000 crore against the pending construction outflow of Rs 9757 crore as on December 31, 2023. Utilisation of fund based bank lines (sanctioned limit of Rs 3878 crore) averaged 50% and non fund based limits (sanctioned limit of ~Rs. 1241 crore) averaged 60% during the 12 months ended December 31, 2023. Financial flexibility is supported by a track record of raising funds from national and international investors, banks and financial institutions and from a portfolio of leased assets and a large land bank. Cash accrual, cash and equivalents and unutilised bank lines should be sufficient to meet the debt obligation as well as incremental capital expenditure (capex) and working capital requirement. For the rental business under DCCDL, cash accrual is healthy, backed by a steady rental portfolio and amortised repayment structure of the debt. CRISIL Ratings continues to factor in the annual dividend that DLF will receive from DCCDL to further cushion liquidity.

 

ESG profile

The environment, social and governance (ESG) profile of DLF supports its strong credit risk profile.

The real estate sector has a significant impact on the environment as a result of high emissions, waste generation and impact on land and biodiversity. The impact on social factors is indicated by labour-intensive operations and safety issues on account of construction-related activities.

DLF has an ongoing focus on strengthening various aspects of its ESG profile.

 

Key ESG highlights:

  • DLF plans to reduce energy intensity in its rental assets (energy consumption per square foot of rental portfolio) by 15% by fiscal 2030 using fiscal 2020 as the baseline and increase renewable energy intensity in its rental assets by 20% by fiscal 2025 using fiscal 2020 as the baseline.
  • DLF also plans to ensure zero harm—that is, zero fatalities resulting from operations—each year. Its loss time injury frequency rate was nil in fiscal 2023.
  • The governance structure of DLF is characterised by 50% of its board comprising independent directors, split into the chairman and chief executive officer (CEO) positions, presence of an investor grievance redressal cell and extensive disclosures

 

There is growing importance of ESG among investors and lenders. The company’s commitment to ESG principles will play a key role in enhancing stakeholder confidence given its high foreign portfolio investor shareholding and access to capital markets.

Outlook: Stable

CRISIL Ratings expects DLF is likely to generate healthy cash flow through new launches, liquidation of inventory while continuing to benefit from its strong committed receivables of Rs 19,000 crore and strong market position.

Rating Sensitivity Factors

Upward factors

  • Substantial and sustained increase in the cash flow, driven by increase in scale of residential portfolio and improvement in geographic diversity
  • Strengthening of the financial risk profile, with improvement in debt metrics such as debt to cash flow from operations (CFO) improving on a sustained basis and debt to total assets sustaining under 10% and sustained build up in cash surplus

 

Downward factors

  • Sharp decline in the operating cash flow, triggered by slackened saleability of ongoing and proposed projects or delays in project execution
  • Weakening of the financial risk profile, driven by lower cash flow or higher capex leading to debt/total assets increasing above 20% on a sustained basis.

About the Company

DLF is one of the oldest and largest real estate companies in India. It has a diverse asset portfolio across the real estate segment and is further expanding its presence across the country. The company has experience in developing real estate projects across business and customer segments.

 

DLF, on a standalone basis, will continue to focus on luxury and premium housing (independent floors) and commercial projects in the near term, which are short gestation projects. The company has launched multiple such projects in the Gurugram market; these projects have been well received. A few commercial projects in a similar build-and-sell model would also be pursued.

 

For the nine months ended December 31, 2023, DLF reported profit after tax (PAT) of Rs 1,803 crore on operating income of Rs 4,641 crore against Rs 1,470 crore and Rs 4,436 crore, respectively, for the corresponding period of the previous fiscal.

Key Financial Indicators: DLF (Consolidated*)

As on/for the period ended March 31

Unit

2023

2022

Revenue

Rs crore

5731

5717

PAT

Rs crore

2034

1500

PAT margin

%

35.5

26.2

Adjusted debt/adjusted networth

Times

0.08

0.11

Interest coverage

Times

7.22

4.28

    *CRISIL Ratings adjusted numbers

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size
(Rs.Crore)

Complexity level

Rating assigned with outlook

NA

Non-convertible debentures*

NA

NA

NA

750

Simple

CRISIL AA/Stable

NA

Non-convertible debentures*

NA

NA

NA

650

Simple

CRISIL AA/Stable

NA

Proposed Term Loan

NA

NA

NA

26

NA

CRISIL AA/Stable

NA

Working Capital Facility

NA

NA

NA

1432

NA

CRISIL AA/Stable

NA

Non-Fund Based Limit

NA

NA

NA

625

NA

CRISIL A1+

NA

Working Capital Facility^

NA

NA

NA

1000

NA

CRISIL AA/Stable

NA

Non-Fund Based Limit&

NA

NA

NA

100

NA

CRISIL A1+

*Yet to be placed

&Total limit of SBI is Rs.415 crs (Fund Based Rs.315 Crs and Non Fund Based Rs.100 Crs). Non Fund Based limit is interchangeable with fund based limits

^Out of Rs.1000 Crs of ICICI WC limit, Rs.200 Crs is interchangeable with Non Fund Based Limits

Annexure - List of entities consolidated

  Names of Entities Consolidated

Extent of

Consolidation 

Rationale for

Consolidation 

  Subsidiaries     
1 Aaralyn Builders & Developers Private Limited Full Strong operational and financial linkages
2 Adana Builders & Developers Private Limited Full Strong operational and financial linkages
3 Adoncia Builders & Developers Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
4 Afaaf Builders & Developers Private Limited Full Strong operational and financial linkages
5 Akina Builders & Developers Private Limited Full Strong operational and financial linkages
6 Alankrit Estates Limited Full Strong operational and financial linkages
7 Amandla Builders & Developers Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
8 Amishi Builders & Developers Private Limited Full Strong operational and financial linkages
9 Amon Estates Private Limited Full Strong operational and financial linkages
10 Ananti Builders & Construction Private Limited Full Strong operational and financial linkages
11 Angelina Real Estates Private Limited  Full Strong operational and financial linkages
12 Arlie Builders & Developers Private Limited Full Strong operational and financial linkages
13 Atherol Builders & Developers Private Limited Full Strong operational and financial linkages
14 Ati Sunder Estates Developers Private Limited Full Strong operational and financial linkages
15 Baal Realtors Private Limited Full Strong operational and financial linkages
16 Berit Builders & Developers Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
17 Bhamini Real Estate Developers Private Limited Full Strong operational and financial linkages
18 Blanca Builders & Developers Private Limited Full Strong operational and financial linkages
19 Breeze Constructions Private Limited Full Strong operational and financial linkages
20 Cadence Builders & Constructions Private Limited Full Strong operational and financial linkages
21 Cadence Real Estates Private Limited Full Strong operational and financial linkages
22 Calista Real Estates Private Limited Full Strong operational and financial linkages
23 Chamundeswari Builders Private Limited Full Strong operational and financial linkages
24 Chandrajyoti Estate Developers Private Limited Full Strong operational and financial linkages
25 Chevalier Builders & Constructions Private Limited Full Strong operational and financial linkages
26 Cyrano Builders & Developers Private Limited Full Strong operational and financial linkages
27 Dalmia Promoters & Developers Private Limited Full Strong operational and financial linkages
28 Damalis Builders & Developers Private Limited Full Strong operational and financial linkages
29 Delanco Realtors Private Limited Full Strong operational and financial linkages
30 Deltaland Buildcon Private Limited  Full Strong operational and financial linkages
31 Demarco Developers And Constructions Private Limited Full Strong operational and financial linkages
32 DLF Aspinwal Hotels Private Limited  Full Strong operational and financial linkages
33 DLF Builders & Developers Private Limited Full Strong operational and financial linkages
34 DLF Cochin Hotels Private Limited  Full Strong operational and financial linkages
35 DLF Estate Developers Limited  Full Strong operational and financial linkages
36

DLF Exclusive Floors Private Limited (formerly known as

Delanco Home & Resorts Private Limited)

Full Strong operational and financial linkages
37 DLF Garden City Indore Private Limited Full Strong operational and financial linkages
38

DLF Golf Resorts Limited

(Merged with DLF Recreational Foundation Limited

w.e.f June 15, 2023)

Full Strong operational and financial linkages
39 DLF Home Developers Limited Full Strong operational and financial linkages
40 DLF Homes Goa Private Limited  Full Strong operational and financial linkages
41 DLF Homes Panchkula Private Limited Full Strong operational and financial linkages
42

DLF Homes Services Private Limited

(Merged with DLF Recreational Foundation Limited

w.e.f June 15, 2023)

Full Strong operational and financial linkages
43 DLF Info Park (Pune) Limited  Full Strong operational and financial linkages
44 DLF Info City Hyderabad Limited Full Strong operational and financial linkages
45 DLF IT Offices Chennai Private Limited Full Strong operational and financial linkages
46 DLF Luxury Homes Limited  Full Strong operational and financial linkages
47 DLF Office Developers Private Limited Full Strong operational and financial linkages
48 DLF Projects Limited  Full Strong operational and financial linkages
49

DLF Property Developers Limited

(formerly known as DLF Emporio Restaurants Limited)

Full Strong operational and financial linkages
50 DLF Recreational Foundation Limited Full Strong operational and financial linkages
51 DLF Residential Developers Limited Full Strong operational and financial linkages
52 DLF Residential Partners Limited Full Strong operational and financial linkages
53 DLF Southern Towns Private Limited Full Strong operational and financial linkages
54 DLF Universal Limited  Full Strong operational and financial linkages
55 DLF Utilities Limited  Full Strong operational and financial linkages
56 Domus Real Estates Private Limited  Full Strong operational and financial linkages
57 Edward Keventer (Successors) Private Limited Full Strong operational and financial linkages
58 Erasma Builders & Developers Private Limited Full Strong operational and financial linkages
59

DLF Wellco Private Limited

(formerly Ethan Estates Developers Private Limited)

Full Strong operational and financial linkages
60 First India Estates & Services Private Limited Full Strong operational and financial linkages
61 Galleria Property Management Services Private Limited Full Strong operational and financial linkages
62 Garv Developers Private Limited Full Strong operational and financial linkages
63

Gavel Builders & Constructions Private Limited

(Merged with DLF Homes Panchkula Private Limited

w.e.f August 25, 2023)

Full Strong operational and financial linkages
64 Gaynor Builders & Developers Private Limited Full Strong operational and financial linkages
65 Hathor Realtors Private Limited Full Strong operational and financial linkages
66 Hesper Builders & Developers Private Limited Full Strong operational and financial linkages
67 Hestia Realtors Private Limited Full Strong operational and financial linkages
68 Hoshi Builders & Developers Private Limited Full Strong operational and financial linkages
69 Hurley Builders & Developers Private Limited Full Strong operational and financial linkages
70 Invecon Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
71 Isabel Builders & Developers Private Limited Full Strong operational and financial linkages
72 Jayanti Real Estate Developers Private Limited Full Strong operational and financial linkages
73

Jesen Builders & Developers Private Limited

(Merged with DLF Homes Panchkula Private Limited

w.e.f August 25, 2023)

Full Strong operational and financial linkages
74

Jingle Builders & Developers Private Limited

(Merged with DLF Homes Panchkula Private Limited

w.e.f August 25, 2023)

Full Strong operational and financial linkages
75 Karida Real Estates Private Limited Full Strong operational and financial linkages
76 Ken Buildcon Private Limited Full Strong operational and financial linkages
77

Keyna Builders & Constructions Private Limited

(Merged with DLF Homes Panchkula Private Limited

w.e.f August 25, 2023)

Full Strong operational and financial linkages
78 Kirtimaan Builders Limited Full Strong operational and financial linkages
79 Kokolath Builders & Developers Private Limited Full Strong operational and financial linkages
80 Kolkata International Convention Centre Limited Full Strong operational and financial linkages
81 Laraine Builders & Constructions Private Limited Full Strong operational and financial linkages
82 Latona Builders & Constructions Private Limited Full Strong operational and financial linkages
83 Livana Builders & Developers Private Limited Full Strong operational and financial linkages
84 Lodhi Property Company Limited  Full Strong operational and financial linkages
85 Manini Real Estates Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
86 Milda Buildwell Private Limited Full Strong operational and financial linkages
87 Mohak Real Estate Private Limited Full Strong operational and financial linkages
88

Morgan Builders & Developers Private Limited

(Merged with DLF Homes Panchkula Private Limited

w.e.f August 25, 2023)

Full Strong operational and financial linkages
89

Morina Builders & Developers Private Limited

(Merged with DLF Homes Panchkula Private Limited

w.e.f August 25, 2023)

Full Strong operational and financial linkages
90

Morven Builders & Developers Private Limited

(Merged with DLF Homes Panchkula Private Limited

w.e.f August 25, 2023)

Full Strong operational and financial linkages
91 Mufallah Builders & Developers Private Limited Full Strong operational and financial linkages
92 Murdock Builders & Developers Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
93 Muriel Builders & Developers Private Limited Full Strong operational and financial linkages
94 Musetta Builders & Developers Private Limited Full Strong operational and financial linkages
95 Nadish Real Estate Private Limited Full Strong operational and financial linkages
96 Naja Builders & Developers Private Limited Full Strong operational and financial linkages
97 Naja Estates Developers Private Limited Full Strong operational and financial linkages
98 Nellis Builders & Developers Private Limited  Full Strong operational and financial linkages
99 Niabi Builders & Developers Private Limited Full Strong operational and financial linkages
100 Niobe Builders & Developers Private Limited  Full Strong operational and financial linkages
101 Ophira Builders & Developers Private Limited Full Strong operational and financial linkages
102 Oriel Real Estates Private Limited Full Strong operational and financial linkages
103 Paliwal Developers Limited Full Strong operational and financial linkages
104 Pegeen Builders & Developers Private Limited (till August 08, 2023) Full Strong operational and financial linkages
105 Prewitt Builders & Constructions Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
106 Qabil Builders & Developers Private Limited Full Strong operational and financial linkages
107 Raeks Estates Developers Private Limited Full Strong operational and financial linkages
108 Riveria Commercial Developers Limited  Full Strong operational and financial linkages
109 Rochelle Builders & Constructions Private Limited  Full Strong operational and financial linkages
110 Rujula Builders & Developers Private Limited Full Strong operational and financial linkages
111 Sagardutt Builders & Developers Private Limited Full Strong operational and financial linkages
112 Senymour Builders & Constructions Private Limited Full Strong operational and financial linkages
113 Shivaji Marg Maintenance Services Limited  Full Strong operational and financial linkages
114 Skyrise Home Developers Private Limited Full Strong operational and financial linkages
115 Snigdha Builders & Constructions Private Limited Full Strong operational and financial linkages
116 Sugreeva Builders & Developers Private Limited Full Strong operational and financial linkages
117 Talvi Builders & Developers Private Limited Full Strong operational and financial linkages
118 Tane Estates Private Limited Full Strong operational and financial linkages
119 Tatharaj Estates Private Limited Full Strong operational and financial linkages
120 Tiberias Developers Limited Full Strong operational and financial linkages
121 Ujagar Estates Limited Full Strong operational and financial linkages
122 Uncial Builders & Constructions Private Limited Full Strong operational and financial linkages
123 Unicorn Real Estate Developers Private Limited Full Strong operational and financial linkages
124 Uni International Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
125 Urvasi Infratech Private Limited  Full Strong operational and financial linkages
126 Vamil Builders & Developers Private Limited Full Strong operational and financial linkages
127 Verano Builders & Developers Private Limited Full Strong operational and financial linkages
128 Vikram Electric Equipment Private Limited (w.e.f. November 16, 2023) Full Strong operational and financial linkages
129 Zanobi Builders & Constructions Private Limited Full Strong operational and financial linkages
130 Zebina Real Estates Private Limited Full Strong operational and financial linkages
131 Zima Builders & Developers Private Limited Full Strong operational and financial linkages
       
  Partnership firms    
1 DLF Commercial Projects Corporation (Partnership Firm) Full Strong operational and financial linkages
2 DLF Gayatri Developers (Partnership Firm) Full Strong operational and financial linkages
3 DLF Green Valley (Partnership Firm) Full Strong operational and financial linkages
4 Rational Builders and Developers (Partnership Firm) Full Strong operational and financial linkages
       
  Associate    
1 Arizona Global Services Private Limited Equity Method Proportionate consolidation
       
  Joint ventures    
  DCCDL Group     
1 DLF Cyber City Developers Limited Equity Method Proportionate consolidation
2 DLF Promenade Limited  Equity Method Proportionate consolidation
3 DLF Assets Limited Equity Method Proportionate consolidation
4 DLF City Centre Limited Equity Method Proportionate consolidation
5 DLF Emporio Limited  Equity Method Proportionate consolidation
6 DLF Power & Services Limited Equity Method Proportionate consolidation
7 DLF Info City Developers (Chandigarh) Limited  Equity Method Proportionate consolidation
8 DLF Info City Developers (Kolkata) Limited Equity Method Proportionate consolidation
9 Fairleaf Real Estate Private Limited  Equity Method Proportionate consolidation
10 DLF Info Park Developers (Chennai) Limited Equity Method Proportionate consolidation
11 Paliwal Real Estate Limited Equity Method Proportionate consolidation
12 DLF Info City Chennai Limited Equity Method Proportionate consolidation
13 DLF Lands India Private Limited Equity Method Proportionate consolidation
14 Nambi Buildwell Limited  Equity Method Proportionate consolidation
       
  Other Joint ventures    
1 DLF Midtown Private Limited Equity Method Proportionate consolidation
2 DLF Urban Private Limited Equity Method Proportionate consolidation
3 Joyous Housing Limited (till August 19, 2023) Equity Method Proportionate consolidation
4 DLF SBPL Developer Private Limited Equity Method Proportionate consolidation
5

Atrium Place Developers Private Limited

(Formerly Aadarshini Real Estate Developers Private Limited)

Equity Method Proportionate consolidation
6 Pegeen Builders & Developers Private Limited (from August 09, 2023) Equity Method Proportionate consolidation
       
  Designplus Group    
1 Designplus Associates Service Private Limited  Equity Method Proportionate consolidation
2 Spazzio Projects and Interiors Private Limited Equity Method Proportionate consolidation
       
  Joint Operations    
1 Banjara Hills Hyderabad Complex (AOP) Limited consolidation Limited consolidation
2 GSG DRDL AOP Limited consolidation Limited consolidation
Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 2458.0 CRISIL AA/Stable   -- 18-04-23 CRISIL AA/Stable 16-09-22 CRISIL AA-/Positive 25-08-21 CRISIL A1+ / CRISIL AA-/Stable CRISIL A+/Stable / CRISIL A1
      --   -- 29-03-23 CRISIL AA/Stable 17-02-22 CRISIL A1+ / CRISIL AA-/Stable   -- Withdrawn
Non-Fund Based Facilities ST 725.0 CRISIL A1+   -- 18-04-23 CRISIL A1+ 16-09-22 CRISIL A1+ 25-08-21 CRISIL A1+ CRISIL A1
      --   -- 29-03-23 CRISIL A1+ 17-02-22 CRISIL A1+   -- --
Non Convertible Debentures LT 1400.0 CRISIL AA/Stable   --   --   --   -- Withdrawn
Short Term Debt ST   --   --   --   --   -- Withdrawn
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Non-Fund Based Limit& 100 State Bank of India CRISIL A1+
Non-Fund Based Limit 200 IDBI Bank Limited CRISIL A1+
Non-Fund Based Limit 150 ICICI Bank Limited CRISIL A1+
Non-Fund Based Limit 275 Punjab National Bank CRISIL A1+
Proposed Term Loan 26 Not Applicable CRISIL AA/Stable
Working Capital Facility 250 DBS Bank Limited CRISIL AA/Stable
Working Capital Facility 500 Axis Bank Limited CRISIL AA/Stable
Working Capital Facility^ 1000 ICICI Bank Limited CRISIL AA/Stable
Working Capital Facility 315 State Bank of India CRISIL AA/Stable
Working Capital Facility 367 Standard Chartered Bank Limited CRISIL AA/Stable

&Total limit of SBI is Rs.415 crs (Fund Based Rs.315 Crs and Non Fund Based Rs.100 Crs). Non Fund Based limit is interchangeable with fund based limits

^Out of Rs.1000 Crs of ICICI WC limit, Rs.200 Crs is interchangeable with Non Fund Based Limits

Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
CRISILs Rating criteria for Real Estate Developers
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.


About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
 
CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").
 
For more information, visit www.crisilratings.com 

 



About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better. 

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

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This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') that is provided by CRISIL Ratings Limited ('CRISIL Ratings'). To avoid doubt, the term 'report' includes the information, ratings and other content forming part of the report. The report is intended for the jurisdiction of India only. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as CRISIL Ratings providing or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or use of this report does not create a client relationship between CRISIL Ratings and the user.

We are not aware that any user intends to rely on the report or of the manner in which a user intends to use the report. In preparing our report we have not taken into consideration the objectives or particular needs of any particular user. It is made abundantly clear that the report is not intended to and does not constitute an investment advice. The report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

Ratings from CRISIL Ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. CRISIL Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL Ratings may disseminate its opinions and analysis. The rating contained in the report is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment or other business decisions. The recipients of the report should rely on their own judgment and take their own professional advice before acting on the report in any way. CRISIL Ratings or its associates may have other commercial transactions with the entity to which the report pertains.

Neither CRISIL Ratings nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively, 'CRISIL Ratings Parties') guarantee the accuracy, completeness or adequacy of the report, and no CRISIL Ratings Party shall have any liability for any errors, omissions or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the report. EACH CRISIL RATINGS PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Ratings Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.

CRISIL Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors. Public ratings and analysis by CRISIL Ratings, as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any), are made available on its website, www.crisilratings.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee - more details about ratings by CRISIL Ratings are available here: www.crisilratings.com.

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Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public website, www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL Ratings, you may contact the CRISIL Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 1301.

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CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html