DLF continues to enhance its growth visibility as it replenishes its launches with its existing vast land reserves. However, our assumption of a 12-13-year monetization timeline for its remaining 160msf of land bank (including TOD potential) adequately incorporates this growth.
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Motilal Oswal Report
DLF Ltd. reported pre-sales of Rs 121 billion in Q3 FY25, up 34% YoY/17x QoQ (2.4x our estimate; exceeds FY25 pre-sales guidance). This strong performance was backed by healthy sales from its super-luxury project, ‘The Dahlias,' which recorded pre-sales of Rs 118 billion (98%). DLF sold 173 units with a total area of 1.85 msf at an average realization of Rs 0.7b/residence. By 9M FY25, the company exceeded its full-year pre-sales guidance. Hence, we now estimate FY25 pre-sales to increase to Rs 238 billion (previously Rs 181 billion).
The launch pipeline for FY25 has further increased by Rs 31 billion to Rs 441 billion, which is Rs 146 billion higher than the initial guidance of Rs 295 billion announced in Q3 FY24. The pipeline beyond FY25 now stands at Rs 704 billion versus Rs 635 billion in Q2 FY25.
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