DLF Ltd. share price target

In line performance with a steady margin

Along expected lines, DLF clocked Q1FY24 sales bookings of INR20.4bn (flat YoY) driven by sales at its Camellias, Gurugram and One Midtown, Delhi project. The company has retained its FY24E sales booking guidance of at least INR120-130bn which largely hinges on 3.5msf of Crest 2 luxury project launch in H2FY24 having estimated sales value of over INR100bn.

Along expected lines, DLF clocked record FY23 devco sales bookings of Rs151bn driven by the stellar response to the Arbour residential project in Gurugram in Q4FY23 which contributed Rs80bn of sales bookings. Given the strong FY23 performance, the company has enhanced its launch pipeline to 41msf from 35msf and has given guidance of at least Rs110-120bn of sales bookings in FY24E which largely hinges on 3.5msf of Crest 2 luxury project launch in H2FY24 having estimated sales value of over Rs100bn.

DLF has launched its Sector 63, Gurugram project christened “The Arbour” in Feb’23 across 4.4msf having a total potential sale value of Rs80-90bn (company guidance was for 3.1msf of launches in Q4FY23). Our channel checks indicate significant buyer interest from customers for the project.