DLF Limited has informed the Exchange regarding Board meeting held on May 19, 2025.
DLF · price
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On the reaction day the stock moved 3.8 pts more than Nifty 100 and 3.5 pts more than its Residential Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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DLF's board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025, with auditors issuing an unmodified (clean) opinion. The board recommended a dividend of ₹6 per equity share (300% on face value of ₹2), subject to shareholder approval. Standalone revenue from operations for FY25 was approximately ₹4,482 crores versus ₹3,624 crores in FY24, a growth of about 24%. The auditor's report carries an 'Emphasis of Matter' on ongoing legal disputes, including a CCI penalty of ₹630 crores (deposited, appeal pending in Supreme Court), land/IT SEZ cancellation cases in Gurugram, SEBI proceedings, and disputes around a former joint venture (JHL) where DLF has ₹636.61 crores of exposure. Exceptional items of ₹1,302 crores relate to tax indemnity for a JV (DCCDL) under the Vivad se Vishwas scheme, while earlier-year tax adjustments of ₹1,236 crores were also settled under the same scheme. CRISIL and ICRA reaffirmed DLF's long-term rating at AA and revised the outlook to 'Positive'.
Strong dividend yield and rating outlook upgrade are positive for shareholders, while the clean audit opinion and revenue growth signal healthy operations. However, the multiple ongoing legal cases (CCI, SEBI, land disputes, JHL JV) remain overhangs, though the company believes these will not require financial adjustments.