DLF shares have gained 44% in one year and risen 22.27% since the beginning of this year. In a month, the realty share has risen 11%. Shares of real estate major DLF gained over 4% in early trade today after DLF reported a 41% rise in consolidated net profit to Rs 570 crore in the March 2023 quarter against Rs 405 crore in the same period last year. DLF stock touched a fresh 52-week high of Rs 459.65, rising 5.45 % on BSE. Market cap of the firm rose to Rs 1.13 lakh crore on BSE. The realty stock opened higher at Rs 442 against the previous close of Rs 435.90 on BSE. The share has gained 44% in one year and risen 22.27% since the beginning of this year. In a month, the realty share has risen 11%.
In terms of technicals, the relative strength index (RSI) of the stock stands at 69.5, signaling it's trading neither in the overbought zone nor in the oversold zone. DLF shares have a beta of 1.4, indicating high volatility in a year. DLF shares are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The board of DLF also recommended a dividend of Rs 4 per equity share, which is 200% on the face value of Rs 2 each for FY23.
However, revenue from operations fell 6% to Rs 1,456 crore in the March 2023 quarter as against Rs 1,547 crore in the same quarter of the last year.
On a sequential basis, net profit jumped 10% from Rs 517 crore reported in the preceding December quarter. Operating profit or EBITDA (earnings before interest, tax, depreciation and amortisation) climbed 8% to Rs 397 crore for the fourth quarter. Margins stood at 27.4% in the reporting period.
The company said that the date of the annual general meeting and further information on the dividend payment will be will be intimated in due course.
Motilal Oswal has a neutral stance on the stock post Q4 earnings.
“We bake in the cash flows from revised project pipeline and roll forward our estimates, resulting in revised TP of Rs 440 (v/s Rs 415 earlier). Our monetization based land valuation method values DLF/DCCDL’s 147msf/25msf land at Rs 490b v/s the current implied value of Rs 485 b, indicating a fair valuation with no upside potential,” said the brokerage.
Nuvama gave a buy call to the stock with a target price of Rs 550.
"The uptick in housing demand bodes well for DLF, and we believe DLF’s launches and pre-sales trajectory along with collections would be a key stock catalyst. We maintain ‘BUY/SN’ with a TP of Ts 550/share (on a par with a rollover to Q4FY25E NAV of Rs 550/share)," said Nuvama.
"DLF clocked Rs 84.6 bn in pre-sales (up 110% YoY) in Q4FY23, aided by Rs 80 bn bookings in ‘The Arbour’ project. It closed FY23 with ~Rs 151 bn in bookings (up 107% YoY). The company has a robust launch trajectory of ~11msf in FY24 (worth ~Rs 197bn) and expects to garner Rs 110–120 bn of pre-sales in FY24 (our estimate: Rs 150 bn)," added Nuvama