DLF reported weak pre-sales bookings of INR7b in 2QFY25 due to the lack of launches amid approval delays. The company sustains momentum in its ultra-luxury project, The Camellias, in DLF 5, with bookings of INR1.8b. With the balance inventory of INR21b, launches will be key to driving its pre-sales growth. DLF received approvals for ‘The Dahlias’ in the first week of Oct’24 and is in the pre-launch stage. DLF aims to launch INR410b worth of projects across its core markets (up INR50b vs. 4QFY24), which would lead to 23% YoY pre-sales growth in FY25. Beyond FY25, the company has set a project pipeline worth INR635b to be launched over 2-3 years.
OutlookWherein land contributes INR1,233b, andDCCDL valued at INR708b. Gross NAV comes out to be INR2,349b, which afternet debt of INR63b (incl. DCCDL), comes out to be INR2,285b. We upgrade toBUY with a revised TP of INR925.
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