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DLF Limited announced its second-quarter earnings for 2025, revealing a notable earnings per share (EPS) beat but a significant revenue miss. The company reported an EPS of 4.86, surpassing the forecasted 4.31 by 12.76%. However, revenue came in at 20.21 billion, falling short of the anticipated 23.97 billion by 15.69%. This mixed performance led to a 2.42% decline in DLF’s stock price, closing at 776.55, as investors weighed the earnings beat against the revenue shortfall.
Key Takeaways
- DLF’s EPS exceeded expectations by 12.76%, marking a significant beat.
- Revenue missed forecasts by 15.69%, contributing to a negative market reaction.
- Stock price fell by 2.42% post-earnings release, reflecting investor concerns.
- Operational rental portfolio and occupancy rates showed strong performance.
- Credit rating upgraded to AA+ with a stable outlook, indicating financial health.
Company Performance
DLF Limited demonstrated strong earnings growth with an EPS of 4.86, surpassing expectations and highlighting effective cost management and operational efficiency. However, the revenue miss, with actuals at 20.21 billion compared to a forecast of 23.97 billion, suggests challenges in achieving top-line growth. The company’s performance is mixed, with a significant earnings beat countered by a substantial revenue shortfall.
Financial Highlights
- Revenue: 20.21 billion, down from the forecasted 23.97 billion
- Earnings per share: 4.86, exceeding the forecast of 4.31
- Consolidated EBITDA: INR 902 crores
- Consolidated PAT: INR 1,171 crores
- One-time settlement impact: INR 600 crores on Jutulsiwadi project
Earnings vs. Forecast
DLF reported an EPS of 4.86, significantly beating the forecast of 4.31 by 12.76%. However, revenue was 20.21 billion, missing the expected 23.97 billion by 15.69%. This divergence between earnings and revenue performance is notable, as the EPS beat is overshadowed by the revenue miss.
Market Reaction
Following the earnings announcement, DLF’s stock price fell by 2.42%, closing at 776.55. This decline reflects investor concerns over the revenue miss, despite the strong EPS performance. The stock’s movement is within its 52-week range, indicating a cautious market response.
Outlook & Guidance
DLF provided forward guidance, with a pre-sales target for FY26 set at INR 200-210 billion, having already achieved INR 150-170 billion in the first half. The company plans to launch several projects over the next 18 months, including developments in Goa and Panchkula. The expected collection run rate is projected at INR 13,000-14,000 crores for the next year.
Executive Commentary
Senior Executive Akash stated, "For me, the world is my playing stage," reflecting the company’s ambitious growth plans. He also emphasized the strength of DLF as a preferred asset class, saying, "We continue to mine DLF as one of the most prominent and most preferred asset class." Management highlighted high collection efficiency across projects, underscoring operational effectiveness.
Risks and Challenges
- Revenue miss raises concerns about top-line growth sustainability.
- High net debt to EBITDA ratio of 3.1x could indicate financial leverage risk.
- One-time settlement impacts profitability, requiring careful management.
- Market saturation in luxury real estate may challenge future growth.
- Macroeconomic pressures could affect demand in key markets.
DLF’s Q2 2025 earnings reveal a complex picture, with strong EPS overshadowed by revenue challenges, impacting investor sentiment and stock performance.
Full transcript - DLF Ltd (DLF) Q2 2026:
Conference Operator: Conference is now being recorded.
Senior Management, DLF Limited: EBITDA at INR902 crores and PAT of INR1171 crores on a consolidated basis. This includes a onetime impact of approximately INR600 crores on account of the settlement done on the Jutulsiwadi project, which was entered into in the previous quarter in the month of July. This has been accounted partly in other income and exceptional item. Bristol has upgraded the credit rating of DLF Limited, and it stands at AA plus with a stable outlook, which reflects of our strong balance sheet, our healthy cash flow generation and sustained business performance. As we have highlighted in the past, apart from free sales, our focus area continues to be gross margins and surplus cash generation.
At the end of this quarter, as of thirtieth September, our gross margin potential stood at over INR 40,000 crores and surplus cash potential stood at over INR 44,000 crores. On the annuity business, our operating operational rental portfolio stands at 49,000,000 square feet, which is one of the largest organically grown business. We continue to maintain extremely high levels of occupancy. On a value basis, it’s around 96% and work area basis, almost 94%. Non HCZ office is over 98% and still continues to be at 97%, 98%.
Over DCCDL rental income grew to INR1352 crores, which reflects a 15% growth year over year. PAC grew by 33% for the same period. GCCDL net debt stood at INR1735 crores as on September, and net debt to EBITDA on an average basis stood at a healthy 3.1x. DCCDL has been awarded five star rating by GRESBI for its ESG initiatives and has been awarded as the global sector leader in this space. Our pre sales continues to be very, very strong.
Atrium goes down, which is a 3,100,000 square feet, our pre sales levels are all at 93%. Midtown Plaza, where we have received the OC, the pre sales pre leasing has been at 85%. With this, I’ll hand over to Michelle for Q and A.
Conference Operator: Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Please click on the ask a question tab to ask questions about people who are connected on webcast. You may also ask audio questions by clicking star and one on your touch tone phone.
Senior Management, DLF Limited: So, it is preleasing, not prehealing. Yes. That’s just a little bit of
Conference Operator: The first question is from the line of Akash Gupta from Nomura. Please go ahead.
Akash, Senior Executive, DLF Limited: Hi, am I audible?
Conference Operator: Yes, sir. Please proceed.
Akash, Senior Executive, DLF Limited: Hi, sir. Congratulations on good performance, this quarter. My question was on your launch pipeline, in the second half. Where are we on the Goa project? And then we saw a pickup in the Dalia sales this quarter.
How should we think about the Dalia sales for the rest of the quarter? That’s my first question. And then my second question is on the FY twenty twenty seven launch pipeline. What projects are we looking at for launches there? You.
Akash, do you want to take it? Yes, I’ll take it. So thanks, Akash. First of all, the your question on the present status of Goa is all approvals are received where there is a court case that is going on in Goa, which is not related to us. But I think as far as we are concerned, we are getting launch ready in Goa, which we hope to bring hopefully in this quarter, otherwise definitely next quarter.
That’s Goa. The your question on Dalia, Delius has done well for this quarter. You may have heard the news yesterday about this big sale also that happened. Delius is on its track, but Delius is not a mass product. We take Dalyas on an invitation basis only, and that will continue.
So far, so good. We’ve done over 50% of sales in Dalyas, and we continue our kind of a score there. With regard to launch pipeline for 2027, we’ve got good things happening then as well. We’ve got the Hamilton two project lined up. We’ve got another Tibana.
We’ve got some investments in Panchkula. So we’ve got the next eighteen months of clear visibility of what we want to do and how we want to do it. Right now, as Badul was saying that our main focus right now is making sure that our construction capabilities are strengthened so that our customer commitments are on track. Akash, does that answer it? Yes, sir.
Just a follow-up question on the pre sales guidance. I think we have a guidance of 200,000,000,000 to $210,000,000,000 for FY ’twenty six. We’ve already done 150,000,000,000 to $170,000,000,000 in the first half. Is there any upside risk to the guidance for FY ’twenty six? No.
I think as far as we are concerned, we are going to be working on that particular commitment as of now. I don’t think at this point in time, we’d like to over commit ourselves. But as you know, we are focusing our main focus has always been on margins and you’ve seen the report and we’d like to maintain that trajectory. Okay. And sir, one final question on the IREO land parcel.
Is that coming in FY twenty twenty seven? IREO will I don’t I mean, not FY twenty twenty seven, maybe end of it. But at this point in time, we’ve got I mean, the sequence that I’ve kind of mentioned to you first is how it is going to play out. Understood, that it will come sometime, hopefully, the next eighteen months. But obviously, there are some things that still need to be there to make it completely The
Conference Operator: next question is from the line of Parikshit Kanpai from HDFC Securities.
Parikshit Kanpai, Analyst, HDFC Securities: Congratulations on very, very strong numbers on pre sales. Akash, my question, so I quite didn’t get what is the launch pipeline for rest of the year. So what I could gather is that Goa is the next launch. So after that, any other launch for the rest of the
Akash, Senior Executive, DLF Limited: Yes. We’ve got the Arbor II, the senior launch that is pending. We’ve got some things in Panchkula that’s going to happen. Obviously, Delia is the next phase before we formally launch it sometime in Q1 in the main launch. But definitely in Q4, we’d be doing some more, I’d say, invitations in the areas.
So we’ve got our hands full right now for at least the next quarter and a half. So we’ve got these two, three things lined up.
Parikshit Kanpai, Analyst, HDFC Securities: Okay. And sequencing wise, you said Q3 is the Goa. So Goa will be like upwards of like 3,000. So what will be the gross development value of Goa? And also if you can highlight, are there two tentatively, what is the timing and what kind of GDV you’re expecting to release there?
Akash, Senior Executive, DLF Limited: So, I’m sorry, you are breaking by this step in. Across the next eighteen months cycle, we have Goa lined up. We have this Ahabasuya Levin lined up. We have hopefully one round of Piranha lined up. We have one and the underlying demand in those places.
We are a business which goes which frankly does not which forecast disproportionately on the DevCo side into how a particular quarter is looking or not looking frankly. It’s a long cycle business.
Parikshit Kanpai, Analyst, HDFC Securities: Understood, sir. So second question is like, I mean, for the last many series of launches, we have been seeing a complete sellout, including the Navy West. So Sarkash, can you give us some flavor on the demand now, some subsequent launches? So are you seeing similar kind of trend? Or do you think that now the thing is of past and maybe the velocity will slow down and as the realizations have gone up and will be more distributed now with the construction of the project?
Akash, Senior Executive, DLF Limited: So are you talking about new going forward? What are
Parikshit Kanpai, Analyst, HDFC Securities: talking about? Yeah. New projects. There many projects which are lined up on a month. Yeah.
Akash, Senior Executive, DLF Limited: So so as you know, every time there is there are doubts and all that, and there are certain markets which operate differently. But at DRS, we operate differently. So for us, as far as we are concerned, I think I’ve said it before also, for me, the world is my playing stage. So it is not concentrating on any particular geography of what I mine. Wherever there is an Indian outside, wherever there is, let’s say, an investor within the country, stroke person who’s keen.
For me, it’s like a continuum. Every we continue to market brand DLF. So as far as we are concerned, yes, we kind of get into this first day for sure mostly. But again, to prepare for that, it takes time. But Mumbai has been an overwhelming response.
We just did our brokers reward recognition yesterday. It was again a full house. So all that will continue to happen. But I think, yes, if you ask me that right now going forward, we’d like to keep each launch as take it a onetime launch. And I think we’ll prepare for them as we do regularly in how our processes work.
I don’t think we can take any launch for granted or any individual. But for us, as I said, we continue to mine DLF as one of the most prominent and most preferred asset class, especially in the residential offering. One thing that I can just answer this question for you is that today, my demand for TLF is not geography specific. I am getting responses from across the country, and that is my policy of one BLF. It doesn’t really matter where you are as long as it’s an asset, as long as it’s something that is giving you great returns and fantastic living value.
I think that is what is driven home. That is where I have investments from every potential investor coming into a DLF property launch, whether it is in Mumbai, whether it is in Panchukula, whether it’s in Gurgaon or Delhi.
Parikshit Kanpai, Analyst, HDFC Securities: Okay. Ricky, my question was, are you seeing any slowdown in demand? What I could gather is that you continue to see the strong demand and the velocities which we have seen in the past may continue to happen project by project. Is that the right assumption?
Akash, Senior Executive, DLF Limited: Yes. DLF, I only speak for DLF right now.
Parikshit Kanpai, Analyst, HDFC Securities: Yes. Yes.
Akash, Senior Executive, DLF Limited: So I just feel that we have a certain set of people we’ve created or have worked with for over years. And I’d like to believe that, look, we will go back to them and their kit and kin and our extended relationships. And I feel that CLF today is a very strong brand to reckon with and it’s become a good source of investment. I’m happy to tell you that the top equity brokers have also invested in the super luxury real estate today. So I think that itself is a fantastic validation of what the residential business is doing today of BLF.
Parikshit Kanpai, Analyst, HDFC Securities: Okay. Just last question, Akash. So now NOIDA’s prices have come in line with what goes on or is it coming closer to that? And also in MMR after the successful West Park, so how are you looking at business development in these two locations going ahead to get incremental market share and growth on presales?
Akash, Senior Executive, DLF Limited: In Noida, I think we’re as and when we get a good deal in Noida, we will be there. Noida is something which has been also calling us for some time. Mr. Taghi sitting here is also listening. So as far as Noida is concerned, yes, we
Senior Management, DLF Limited: are
Akash, Senior Executive, DLF Limited: if you ask me whether I’m prepared for Noida, the answer is yes. And we will come into Noida as soon as we get a good deal. We just want to make sure that for us, it’s an opportunity cost of time and money and energy. Either you continue to spend time to clean up a land parcel or you get something which is reasonably clean so that we can get involved, we’d go with the letter. And Mumbai, same.
I think we’re right now going to be busy with our Phase II launch. The first launch has been a very humbling experience. So we will continue to keep our head down and do our job there. And yes, as and when there are other opportunities in Mumbai, we are going to be doing that. In fact, as I speak to you, I’m in Mumbai meeting a lot of new Thank you, sir.
That answers my question. We are excited to close the month. Thank you.
Conference Operator: Thank you. The next question is from the line of Murtusa Arciwala from Kotak. Mr. Arcivala, we are unable to hear you right now. Please unmute yourself and speak, please.
As there is no response, we will move on to the next question, which is from the line of Pritesh Seth from Axis Capital. Hello,
Akash, Senior Executive, DLF Limited: am I audible?
Conference Operator: Yes, sir. Please proceed.
Akash, Senior Executive, DLF Limited: Hello. Am I audible?
Conference Operator: Yes, You are audible.
Akash, Senior Executive, DLF Limited: Yes. Okay. So first question is on the areas when you mentioned that we’ll have another phase of opening before the official launch. What sort of phasing out that we would want to do in terms of our inventory? Will it be like similar to what we have done this quarter?
Or more than that, how are we looking to phase out the rest of the inventory in That’s my first. Yes. So, this Dalia, as you know, is like INR100 crore plus kind of an investment. So again, there’s one thing that I want to say, it’s not going to be a modest thing, but we are getting reasonable traction and pull even yesterday’s news, we were trending number one in Twitter and everywhere else. So there’s a good amount of attraction we’ve got and attention we’ve got actually for Delia’s across the country actually.
What is happening, the top five, ten families in every big city is now reaching out to us, which is again something that we’re working very hard on. So yes, we’d like to kind of maintain what we did for one more chance of whatever placements that we want to do. But our process of kind of meeting people and all that is continuing. And I feel we should be able to we are already over 50%, 55 odd percent already sold. I think our main game is going to begin after the Experience Center is ready and the whole show and tell starts, which is post April.
And then of course, the price points will substantially go up from there. So I think, let me put it this way, what we had to do for dayliars, we’ve been done. And right now, we have to kind of play its own game. And I feel that the game has just begun in Dalia’s. Please keep watching this space, but I think we are not going to be in any hurry and kind of just offloading nor is it a product which will it’s not that kind of also affordability and all that, that is going to play a big aspect there.
Sure. Sure. And yes, I’m here. And just for clarification, how many units were sold this quarter and in terms of average utilization where we are in Delhi? Delhi is where we’re about, I think we are about close to 16,000 plus am there and
Senior Management, DLF Limited: we sold 18 units this quarter, Pritesh, okay? On a cumulative basis, we have sold two twenty one units.
Akash, Senior Executive, DLF Limited: Yes. And pricing? Pricing in terms of what, per unit? Yes, per square feet. Yes, per square feet is now about it’s over 1 lakh.
Abhinav Sena, Analyst, Jefferies: Great. Okay.
Akash, Senior Executive, DLF Limited: And on corporate, it is about now almost about 1.25 to 1.5 depending on where you are, where you’re located. So almost a camellia’s kind of a pricing. Okay. Second question on the collections. I’m sort of like just trying to figure out how should I look at it.
INR 2,500 crore annualized run rate of INR 10,000 crore. We have sold almost 15,000 crore, 20,000 crore every year in the last three years, right? Ideally, I would want the collection to catch up to that number. But alternatively, I look at what we have sold in terms of major projects, right, Tijuana, Arbor and Delhi, cumulatively, is around INR46000 crores. If that’s supposed to be realized in next four to five years, then this INR10000 INR11000 crores collection run rate is kind of enough, right?
So do you expect this collection to scale up? Or I think this INR10000 INR11000 INR12000 crores annualized run rate should be a good number to look at, at least from the sales that we have done and probably incrementally, once we add up more in terms of sales, then there would be growth in that collection. So just some thoughts on that. Collection is as much a view.
Senior Management, DLF Limited: Pritesh, I think as you rightly pointed out, our average collection for the last two quarters have been in the range of INR2700 crores to INR3000 crores. As I also mentioned in my opening commentary that the collection is dependent on the timing of the construction, how the construction develops, and it’s all payment linked. Our collection efficiency remains extremely high across all our projects. In the second half, many of the milestones will come in, and you should expect uptick in the overall collections in this in the H2 of this financial year. On an average, I would say INR13000 to INR14000 crores is the number broadly going forward, I think you can work on.
Next year. For next year.
Akash, Senior Executive, DLF Limited: Perfect, perfect. That’s helpful. And lastly, on Atrium Place, how are you going to recognize the rentals coming from that asset into the cash flows? I think in P and L, we’ll do in that one line JV item. But just in terms of cash flows, how where should we look at for that number?
Senior Management, DLF Limited: So, no. So, Pritesh, I think, as it is a JV, I think the cash flow is going to come only through either interest payout or dividend payout in the parent company. Okay. So as of now, no cash flow has been included from Atrium. The profit will also come as a one line pickup as we see in BCCDL
Akash, Senior Executive, DLF Limited: as far as
Senior Management, DLF Limited: VLS console is concerned.
Akash, Senior Executive, DLF Limited: What we can do, Prateish, is that as a management Got it. Got it. Perfect. Thanks. That’s it from my side and all the best.
Thank
Conference Operator: you. Participants are requested to click on the raise hand button available on their Zoom screen. You may please raise your hand to ask questions. The next question is from the line of Abhinav Sena from Jefferies. Please go ahead.
Abhinav Sena, Analyst, Jefferies: Hi. So just following up on the previous question on the rental income. So the three retail assets that we have completing this year, when do you expect them to start contributing to the P and L as well as the cash flow? And what should be that number? So rental income should Okay.
So that should be the exit run rate in f y twenty seven. Right? 400 to $4.50? Yes. Yes.
Can definitely. Okay. And, Yahweh, I mean, have we started thinking about which assets to start working on? Because, you know, we we are almost done with this round of CapEx in DLS Limited. Okay.
So in DLS Limited, we are looking at I will define with mister Kastir and his team the potential assets that we can take on once we see Platter Okay. Kagita, on just continuing a little bit here. So, you know, we now have REITs being classified as equity very soon, and there has been a bit of a run up. So any thoughts again on considering a read of DCCDL? So, as I said, it’s our strategy also.
Right. Sir, just one last bit on the Kolkata IT asset. I think that revenue recognition is still pending. Right? So should it will it conclude this year?
Okay. Thanks, and all the best.
Akash, Senior Executive, DLF Limited: Thank you.
Conference Operator: Thank you. We take the next question from the line of Praveen Chatri from Morgan Stanley. Please go ahead. As the current participant is not answering, we will move on to the next question, which is from the line of. Please introduce yourself and proceed with your question, sir.
Akash, Senior Executive, DLF Limited: Yeah. Hi. Thank you so much. This is Puneet from HSBC. My first question is if you can talk a bit about, you know, the cost of construction for Atrium Place, Summit Plaza.
How much has it really costed you to build Atrium?
Abhinav Sena, Analyst, Jefferies: Yeah. So we always calculate our cost of construction based on the the gross. So Atrium Place, including the cost of And and if you add the land cost, etcetera, then how much would have it totally costed
Akash, Senior Executive, DLF Limited: the JV entity?
Abhinav Sena, Analyst, Jefferies: So so if you want me to give the land, the total cost, including also the pool and the opportunity Yes. That’s correct.
Akash, Senior Executive, DLF Limited: On the debt side, while we don’t really worry about debt, and is there an endeavor to bring down gross debt to zero? Or you think because of Atrium place now, you’ll always have a NRD kind of debt, which will keep sitting here?
Abhinav Sena, Analyst, Jefferies: DNF.
Senior Management, DLF Limited: So so in in DLF, I think, Puneet, our endeavor is to kind
Praveen, Analyst, Nuvama Group: of go to gross debt zero.
Akash, Senior Executive, DLF Limited: Mhmm.
Senior Management, DLF Limited: So we are already at forty eighty seven code, as I mentioned earlier, and we are working towards making, at least at the DLF level, the gross debt to be zero. In DCCDL and ATM kind of place, we’ll always have long term loans because that’s the most efficient way to operate those assets as well.
Akash, Senior Executive, DLF Limited: Great. That’s helpful. And lastly, on the Westpac, like you talked about disclosing on the Atrium details, it will be great if you can disclose the Westpac as well because that’s also separate collections which investors should know and the construction spend, which is happening there. Sure. Absolutely.
Thank you so much and all the best.
Conference Operator: Thank you. The next question is from the line of Parviz from Nuvama Group. Please go ahead.
Praveen, Analyst, Nuvama Group: Yeah. Hi. Good afternoon and thanks for taking my question. So one question from my side. When we talked about potential launches over the next eighteen months and this includes Goa, Barclays, fifty one, etcetera.
What would be the total GDV of all these topics?
Senior Management, DLF Limited: So, Praveen, the way we would like to look at this is that if you look at our analyst presentation, which we had made, and this is also included in our quarterly presentation, we have a road map of a launch total launch of 1 lakh 15,000 crores in the next four to five years or so. And we are tracking against that. It is, again, that we have already launched short of 50,000 crores, almost 48,000 crores of products have already been launched between last year and this year. And we benchmark ourselves to that number. Depending on government approvals and the market situation and the demand, I think we are product ready, and
Abhinav Sena, Analyst, Jefferies: we will be product ready. Depending on
Senior Management, DLF Limited: the market situation over the next two to three years or so, these will get certified and these will get launched.
Praveen, Analyst, Nuvama Group: Sure, sir. The second question is some status of the under construction project, largely the downtown and Gurgaon and Chennai would be great. Thank you.
Abhinav Sena, Analyst, Jefferies: No problem. So would you like to go for that? What what’s
Praveen, Analyst, Nuvama Group: the status of construction and then likely timelines for completion? Yeah. Both in Gurgaon and Chennai.
Abhinav Sena, Analyst, Jefferies: Yeah. So we should finish the construction of that by the ’28.
Praveen, Analyst, Nuvama Group: Sure, sir. Thanks, and all the best.
Abhinav Sena, Analyst, Jefferies: Thank you.
Conference Operator: Thank you. The next question is from the line of. Kindly introduce yourself and proceed with your question, sir.
Akash, Senior Executive, DLF Limited: Yeah. Thank you for the opportunity. This is from SSS Securities. Sir, I just wanted to understand on the cancellations part, like, we had seen this quarter also, you know, one of the project getting higher cancellations then sold. So at what point of time, you know, the contractual terms do not allow cancellation?
Because I believe there is an interest component also addressed with respect to cancellations. So at what point point of time for the agreement or the construction time plan does the project or does the unit doesn’t get canceled?
Abhinav Sena, Analyst, Jefferies: Our customer is not happy with the, you know, with staying a particular project. We don’t create any artificial impediments in retaining him with the with any, you know, unnecessary and comprehensive. Including at times to what they expect they will get, and they’re they’re going to require it may have evolved in the in the three or four years of consumption. And so I don’t get anything to to be alarmed about or And it is certainly why we obviously want everybody to abide by the project. We don’t use the contract, you know, to basically and and then we obviously recover to the other three d contract system, but we No.
Akash, Senior Executive, DLF Limited: There’s a couple of things. So, Ronald, first of all, this is not a cancellation. This is actually an upgrade towards the strategic. This is the product actually, as the product evolved and people it came to institution and handover started to happen, people realized that they needed larger and bigger apartments. So first, that is a very healthy sign, actually.
So we, in fact, we can model going forward also, I think we can say cancellations, stroke, upgradation, whatever kind of clarifies further. So even if you look at the scheme of things with 16,000 crores of sales and all, it’s a very minor kind of a thing. But these are good problems to have because people have upgraded from
Abhinav Sena, Analyst, Jefferies: a two to a four or a three to
Akash, Senior Executive, DLF Limited: a four bedroom, actually, and then have released their stock, which we happily take back and select present price points. The other thing what Mr. Chagi was saying that we when the other part, which is a very important part of the retaining customers, is also it directly impacts our collections. So we have a very robust system where a third party tracks it within our system, and they’re responsible for collections. And should we find any red flags there, you know, it’s independent systems checking each other, which flag such things, then generally, we avoid taking laggards and all.
Generally, we we give people enough time, but at no point in time do we penalize anybody. In fact, even deposits and all that. So I think that’s how we go about it. So collections is a very important factor of thing. And if you feel, you know, they’re healthy because they’re on good sales.
But there will always be these times where, you know, people will want to, for whatever reasons, bail out. And I think it gives in our part, I think it is we report these things not only, but also it gives and show the customer an overall market gets strength from how we practice this particular process because at no point in time, we we hold on to people who don’t want to be part of our system. Okay. That’s very clear. Thank you very much for the response.
Best of luck to you. Thank you.
Conference Operator: Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to mister Ashok Yagi for closing comments. Thank you, and over to you, sir.
Abhinav Sena, Analyst, Jefferies: So thank you so much, dear gentlemen, for and JD for joining this. I mean, I think as Madhur, Mr. Khattar and Akash all took you through the various aspects of our performance, not only for the quarter, but also the the coming medium term. I think this continues to be a good space for us as a company and possibly for the industry as a whole. I mean, residential, retail and the common end, the office building, all the three verticals are continuing to do well.
We continue to stay focused on responsible launches and selling, constructing as the utmost quality and with the utmost compliances and trying our best to come up to the maximum expectations of our customers, be it in the commercial business or the residential business. Our own internal standards of governance, etcetera, continue to be we keep on trying to improve those quarter on quarter year on year. And I think, you know, frankly, hopefully, with all this, look forward to reconnecting that with all of you with the new VLC.
Akash, Senior Executive, DLF Limited: Thank you. Thank you, Arun.
Conference Operator: Thank you. Thank you, members of the management team. On behalf of DLF Limited, that concludes this conference. Thank you for joining us and you may now exit the meeting. Thank you.
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