DLF Q4 Results Review - Muted Bookings; Pipeline Remains Strong: Motilal Oswal

Motilal Oswal Report

DLF Ltd. witnessed moderation in pre-sales to Rs 14.6 billion in Q4 FY24, down 83% YoY/84% QoQ (48% below estimate) due to the lack of key project launches. In FY24, the company achieved bookings of Rs 148 billion, flat YoY.

The management plans to launch Rs 360 billion worth of projects across the super luxury/premium segments in FY25 and has guided for Rs 170 billion of bookings. Moreover, the company has identified a pipeline of over Rs 950 billion for the next three-four years. Hence, we expect DLF to report a 25% CAGR in pre-sales over FY24-26 to Rs 230 billion.

Cash flow performance – Collections increased 14% YoY to Rs 22 billion, while operating cash flow was flat at Rs 11 billion due to higher construction spending. In FY24, DLF collected Rs 83 billion and generated OCF of Rs 42 billion.

P&L performance – Q4 revenue came in at Rs 21 billion, up 47% YoY (in line). Ebitda increased 89% YoY to Rs 7.5 billion (in line) as margin expanded 800 bp to 35%. DLF reported PAT of Rs 9.2 billion, up 62% YoY and 11% above our estimate, largely driven by higher other income.

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