Company Update : DLF Ltd By Motilal Oswal Financial Services Ltd
Stellar performance of ‘The Dahlias’ drives a beat
Strong collections; robust pipeline
Residential performance
* In 4QFY25, DLF reported bookings of INR20b, up 39% YoY (25% below our estimate).
* This impressive performance was fueled by healthy sales from the superluxury project ‘The Dahlias’, launched in 3QFY25, which contributed a total of INR137b in FY25 (~65% of total pre-sales in FY25 of INR212b). Thus, FY25 exceeded the full-year pre-sales guidance.
* DLF also witnessed a strong uptick in collections, which increased 51%/7% YoY/QoQ to INR33b. Consequently, OCF jumped 127%/36% YoY/ QoQ to INR25b in 4QFY25. The net cash position was INR68b vs. INR45b in 3QFY25.
* The medium-term launch pipeline increased by INR35b and now stands at INR739b. The company guided >INR172b (15% of INR1.15tn) worth of launches in FY26.
Rental performance (DCCDL)
* The overall occupancy in DCCDL’s office portfolio was up 1% YoY and stood at 94% (Non-SEZ: 98% /SEZ: 88%).
* Rental income rose 10% YoY to INR48b, fueled by steady growth across the portfolio.
* Net debt increased 5% to INR175b from INR167b in 3QFY25, with the net debt-to-GAV ratio at 0.21x. The cost of debt stood at 8.06%.
P&L highlights
* In 4QFY25, DLF’s revenue came in at INR31.3b, up 47% YoY/2x QoQ (59% above our estimate). EBITDA jumped 30% YoY/2.5x QoQ to INR9.8b (2x above), while its margin stood at 31% (down 4pp YoY and up 5pp QoQ; 6pp above). PAT was INR12.9b, up 41% YoY and down 21% QoQ (5x above, including reversal of deferred tax liabilities (DTL)), while normalized PAT (exDTL) was at INR12.8b, up 39%/21% YoY/QoQ (5x above our estimate).
* In FY25, revenue came in at INR80b, up 24% YoY. EBITDA was flat YoY at INR21b, striking a lower margin of 26% (7pp below FY24). PAT was INR49.6b, up 82% YoY (including reversal of DTL), while normalized PAT (ex-DTL) was INR43.7b, up 60% YoY.
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