External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<p>DLF’s Residential business performance was at its best in last 5 years quarterly performance. Its pre-sales was at Rs1512 crore (up77% YoY &amp; 49% QoQ) while collection was at Rs1448 crore, which was highest in last 5 years. It generated cash surplus of Rs759 crore resulting into net debt reduction by Rs760 crore to Rs3985 crore. In the residential business, DLF to continue with its debt reduction path with another Rs900 crore debt reduction in H2FY22 through healthy collection with sale of completed inventory and strong launch pipeline. In the rental business, DCCDL revenues grew 9% QoQ to Rs1088 crore and management indicate that vacancy rate are bottoming out and leasing enquiries has picked to 75% of Pre-COVID level. DCCLD’s exit rentals are expected to be Rs4200/Rs4700 crore in FY22E/FY23E respectively. We reiterate our Tactical BUY rating with price target of Rs477.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

DLF’s Residential business performance was at its best in last 5 years quarterly performance. Its pre-sales was at Rs1512 crore (up77% YoY &amp; 49% QoQ) while collection was at Rs1448 crore, which was highest in last 5 years. It generated cash surplus of Rs759 crore resulting into net debt reduction by Rs760 crore to Rs3985 crore. In the residential business, DLF to continue with its debt reduction path with another Rs900 crore debt reduction in H2FY22 through healthy collection with sale of completed inventory and strong launch pipeline. In the rental business, DCCDL revenues grew 9% QoQ to Rs1088 crore and management indicate that vacancy rate are bottoming out and leasing enquiries has picked to 75% of Pre-COVID level. DCCLD’s exit rentals are expected to be Rs4200/Rs4700 crore in FY22E/FY23E respectively. We reiterate our Tactical BUY rating with price target of Rs477.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DLF Ltd: Best Residential Operating Matrix in Last 5 Years