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ICICI Securities Report
Along expected lines, DLF Ltd. clocked Q2 FY24 sales bookings of Rs 22.3 billion (up 9% YoY) driven by sales at its Camellias, Gurugram and existing inventory in new product launches.
DLF has retained its FY24 sales booking guidance of at least Rs 120-130 billion which largely hinges on 3.5 million square feet of Crest 2 luxury project launch in H2 FY24 having estimated sales value of over Rs 100 billion.
We retain our FY24E and FY25E Devco sales booking estimates of Rs 120 billion and Rs 129 billion, respectively.
For DLF Cyber City Developers Ltd. portfolio, office occupancy increased by 300 bps QoQ to 91%. Any positive development on special economic zone floor wise de-notification could pose an upside risk to SEZ space occupancy (85% as of September 2023).
We retain our 'Add' rating with a revised SoTP based target price of Rs 613/share (earlier Rs 532) as we now incorporate a 15% premium to net asset value considering new project additions and balance sheet adjustments.
Key risks are weakness in office leasing and residential demand.
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