DLF Ltd., incorporated in the year 1963, is a Large Cap company (having a market cap of Rs 85064.09 Crore) operating in Real Estate sector.
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 1242.27 Crore, down -34.84 % from last quarter Total Income of Rs 1906.59 Crore and up 92.01 % from last year same quarter Total Income of Rs 646.98 Crore. Company reported net profit after tax of Rs 202.54 Crore in latest quarter.
Investment Rationale
DLF achieved strong operational performance in Q1FY22 in a challenging quarter with net residential sales bookings of Rs10.1bn (Rs10.6bn in Q4FY21 and Rs1.5bn in Q1FY21) driven by new product sales of Rs5.4bn. DCCDL’s Q1FY22 EBITDA declined just 4% QoQ in spite of mall rental waivers and a 2% QoQ fall in office occupancies to 86%. With 8.3msf of residential launches lined up in FY22E, DLF is targeting annual sales bookings of at least Rs40bn in FY22E. The brokerage expects DCCDL to clock rental EBITDA of Rs35.6bn in FY22E and Rs 40.7bn in FY23E. It maintains ADD rating on DLF with a revised FY22 SoTP based target price of Rs355/share (Rs339 earlier) factoring in balance sheet and land bank valuation adjustments. Key risks to the rating are continued weakness in office leasing and slowdown in residential demand.
Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of June 30, 2021, while FIIs held 17.2 per cent, DIIs 2.4 per cent and public and others 5.4 per cent.
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