Neutral DLF; target of Rs 385: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on DLF

DLFU reported new sales bookings of INR20b, which, although down 25% QoQ (doubled YoY), was in line with the quarterly run-rate indicated by management and marginally higher than our estimate of INR18b. New products saw sustained strong demand, with sales of INR9.5b in 1QFY23, while there was an expected drop in sales from its Ultra-Luxury Camellias project to INR3.5b v/s INR6b in the preceding two quarters. The company remains on track to launch 6.6msf of projects, with a GDV of INR65b in the remainder of FY23, equally spread across the three quarters. The management reiterated its new sales guidance of INR80b for FY23 due to the uncertainty posed by rising interest rates. We expect the company to clock pre-sales of INR86b in FY23. Collections fell 17% QoQ to INR11b, which led to a decline in surplus cash flows to INR4.2b v/s INR5.4b in 4QFY22. Debt in DLFU’s Residential segment declined further to INR22.6b.

Outlook

We incorporate a lower debt in DCCDL’s portfolio and revise our TP to INR385, implying limited upside from its CMP. We reiterate our Neutral rating.

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DLF-310722 - moti