Agencies Securities has buy call on DLF with a target price of Rs 450. The current market price of . is Rs 368.
Time period given by analyst is one year when Ltd. price can reach defined target.
DLF Ltd., incorporated in the year 1963, is a Large Cap company (having a market cap of Rs 91339.00 Crore) operating in Real Estate sector.
DLF Ltd. key Products/Revenue Segments include Property Development, Rental Income, Other Operating Revenue and Royalty Income for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 1360.50 Crore, down -10.27 % from last quarter Total Income of Rs 1516.28 Crore and down -12.59 % from last year same quarter Total Income of Rs 1556.53 Crore. Company reported net profit after tax of Rs 260.27 Crore in latest quarter.
Investment Rationale
During Q2FY23, DLF booked robust presales of INR 20.5bn (+36%/+1% YoY/QoQ) and maintained FY23 presales guidance of INR 80bn. For H1FY23, presales stand at INR 41bn (vs 25bn in H1FY22 and INR 73bn in FY22). During the quarter, it launched 3.8msf, with 3.1msf planned for H2FY23 (6msf launched in FY22). In value terms, INR 35bn worth of launches are planned for H2FY23 across Gurugram and Panchkula. Also, DLF has INR 88bn of inventory available. With the commencement of operation in Downtown, Gurugram (ph-1), DCCDL, rental income improved to INR 9.9bn (+20%/+7% YoY/QoQ), with improving occupancy at 90%. Given (1) strong presales momentum supported by price hikes; (2) robust launch plans; and (3) an expected increase in office occupancy levels, it maintains BUY on DLF, with an unchanged TP of INR 450/share.
Promoter/FII Holdings
Promoters held 74.95 per cent stake in the company as of 30-Sep-2022, while FIIs owned 16.13 per cent, DIIs 4.67 per cent.
Time period given by analyst is one year when Ltd. price can reach defined target.
DLF Ltd., incorporated in the year 1963, is a Large Cap company (having a market cap of Rs 91339.00 Crore) operating in Real Estate sector.
DLF Ltd. key Products/Revenue Segments include Property Development, Rental Income, Other Operating Revenue and Royalty Income for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 1360.50 Crore, down -10.27 % from last quarter Total Income of Rs 1516.28 Crore and down -12.59 % from last year same quarter Total Income of Rs 1556.53 Crore. Company reported net profit after tax of Rs 260.27 Crore in latest quarter.
Investment Rationale
During Q2FY23, DLF booked robust presales of INR 20.5bn (+36%/+1% YoY/QoQ) and maintained FY23 presales guidance of INR 80bn. For H1FY23, presales stand at INR 41bn (vs 25bn in H1FY22 and INR 73bn in FY22). During the quarter, it launched 3.8msf, with 3.1msf planned for H2FY23 (6msf launched in FY22). In value terms, INR 35bn worth of launches are planned for H2FY23 across Gurugram and Panchkula. Also, DLF has INR 88bn of inventory available. With the commencement of operation in Downtown, Gurugram (ph-1), DCCDL, rental income improved to INR 9.9bn (+20%/+7% YoY/QoQ), with improving occupancy at 90%. Given (1) strong presales momentum supported by price hikes; (2) robust launch plans; and (3) an expected increase in office occupancy levels, it maintains BUY on DLF, with an unchanged TP of INR 450/share.
Promoter/FII Holdings
Promoters held 74.95 per cent stake in the company as of 30-Sep-2022, while FIIs owned 16.13 per cent, DIIs 4.67 per cent.
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