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ICICI Securities Report
DLF Ltd. has seen strong traction in its residential business with nine months-FY22 sales bookings of Rs 45.4 billion driven by the December 2021 launch of the One Midtown Delhi project.
Accordingly, DLF has revised its FY22E development business' sales guidance to Rs 60-65 billion (earlier Rs 40 billion). With the recent plotted development launch in Chennai, we model for Rs 66.4 billion of FY22E devco sales and over Rs 70 billion each in FY23-24E.
Further, with office re-openings and mall consumption picking up, we expect DLF Cyber City Developers Ltd.'s rental Ebitda to grow from Rs 34.0 billion in FY22E to Rs 40.5 billion in FY23E.
Key risks are weakness in office leasing and residential demand.
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