Motilal Oswal's research report on DLF
DLF reported a more than three-fold jump in pre-sales as it clocked bookings of INR64b, largely driven by the successful launch of the second phase of Privana West, Gurugram. The company continues to sustain momentum at its ultra-luxury project, The Camellias, in DLF 5, with bookings of INR2.5b. With the balance inventory of INR30b, launches will thus be the key to driving its pre-sales growth. DLF aims to launch INR420b worth of projects across its core markets (up INR60b vs. 4QFY24), which will lead to 22% YoY pre-sales growth in FY25. Beyond FY25, the company has set a project pipeline worth INR625b to be launched over 2-3 years.
Outlook
We estimate an 8-10% CAGR in prices across its key markets of Gurugram, New Gurugram, Delhi, and Chandigarh. Based on the above assumptions, we value the land at INR1,109b. The current valuation already implies INR1,060b of value for its land, indicating limited upside potential. Reiterate Neutral with a TP of INR850.
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