Motilal Oswal's research report on DLF
DLF reported pre-sales of INR121b in 3QFY25, up 34% YoY/17x QoQ (2.4x our estimate; exceeds FY25 pre-sales guidance). This strong performance was backed by healthy sales from its super-luxury project, ‘The Dahlias,’ which recorded pre-sales of INR118b (98%). DLF sold 173 units with a total area of 1.85msf at an average realization of INR0.7b/residence. By 9MFY25, the company exceeded its full-year pre-sales guidance. Hence, we now estimate FY25 pre-sales to increase to INR238b (previously INR181b). The launch pipeline for FY25 has further increased by INR31b to INR441b, which is INR146b higher than the initial guidance of INR295b announced in 3QFY24. The pipeline beyond FY25 now stands at INR704b vs. INR635b in 2QFY25.
Outlook
DLF (Devco and DLF commercial) business is valued at INR1,731b, wherein land contributes INR1,304b. DCCDL is valued at INR708b. Gross NAV comes out to be INR2,439b, which, after net debt of INR78bn (incl. DCCDL), comes out to be INR2,361b. We maintain BUY with a revised TP of INR954 (earlier INR925).
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