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Dolat Capital Report
DLF Ltd.'s DevCo. recorded its highest surplus cash generation from operations for the quarter at Rs 11.5 billion and achieving its target of net debt zero.
This was aided by strong sales collections of Rs 23 billion (+55% QoQ; +98% YoY). Med-term cash generation is likely to remain strong on account of faster monetisation of landbank (at historical cost) β presales resetting to ~3-4 times FY21 levels. This offers the developer to expand aggressively outside core geographies.
Overall, DLF's presales of Rs 22.6 billion (estiamte: Rs 22 billion) was broad based with Camellias sustaining its strong momentum of double digit (14) unit sales amounting to Rs 7.2 billion (+29% QoQ).
FY24 presales guidance remains robust at Rs 130 billion plus aided by ~Rs 240 billion of ongoing and planned inventory.
RentCo. posted improving average occupancies with the office portfolio at 91% (+2% QoQ). This is a key enabler for the real estate investment trust conversion decision making process.
Notably the under construction office assets in Gurgaon / Chennai are near 100% pre-leased. Overall gross leasing activity increased to 2.3 million square feet (versus less than 2 msf in last four quarters).
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