ICICI Securities has add call on

with a target price of Rs 339. The current market price of DLF Ltd. is Rs 299.5 Time period given by analyst is one year when DLF Ltd. price can reach defined target.

DLF Ltd., incorporated in the year 1963, is a Large Cap company (having a market cap of Rs 74308.86 Crore) operating in Real Estate sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 1906.59 Crore, up 14.29 % from last quarter Total Income of Rs 1668.22 Crore and up 1.75 % from last year same quarter Total Income of Rs 1873.80 Crore. Company reported net profit after tax of Rs 258.72 Crore in latest quarter.

Investment Rationale
DLF achieved strong operational improvement in FY21 across segments with net residential sales bookings growing 24% YoY to Rs30.8bn and DCCDL clocking flattish rental income of Rs30.3bn in spite of a 7% YoY fall in office occupancies and mall rental waivers. While the second Covid wave has impacted Q1FY22 operations, with 8.3msf of residential launches lined up in FY22E, DLF is targeting annual sales bookings of at least Rs40bn in FY22E. The brokerage expects DCCDL to clock rental EBITDA of Rs35.6bn in FY22E and Rs 40.7bn in FY23E. It revises FY22E NAV based target price on DLF to Rs339/share (Rs303 earlier) building in faster pace of devco sales and land bank valuation adjustments. However, the brokerage cuts rating to ADD from Buy post the recent run up in stock price. Key risks to the rating are continued weakness in office leasing and slowdown in residential demand.

Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of March 31, 2021, while FIIs held 17.4 per cent, DIIs 2.2 per cent and public and others 5.4 per cent.

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