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Dolat Capital Report
DLF Ltd.'s Q1 FY23 presales of Rs 20.4 billion (our estimate: Rs 21 billion) increased 101% YoY; sustaining the quarterly runrate and guidance of Rs 20 billion.
Free cash flow of the development business remained healthy at Rs 4.2 billion but down 22% QoQ on account of higher scale related expenses and relatively lower collections. Notably collections and free cash generation at the DevCo are likely to inch higher by Q3 FY23 as the developer achieves some construction related milestones.
On the rental business, occupancies have stabilised with the RentCo reporting a profit after tax growth of 13% QoQ aided by a strong rebound in retail revenues. Notably both the growth assets of the RentCo are tracking delivery timelines, thus, set for exit rentals of Rs 44 billion / Rs 48 billion in F23 / F24.
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