Overview:
DLF Ltd, founded in 1946 by Chaudhary Raghvendra Singh, is primarily engaged in the business of real estate development. The company has a unique business model involving earnings from both development and rentals. Over the years, DLF has diversified into infrastructure, SEZ, and hotel businesses. They operate in all aspects of real estate development, from land acquisition, planning, execution, and construction to the marketing of projects. Additionally, the group is involved in power generation and transmission, maintenance services, hospitality, and recreational activities. DLF's business is organized on an SBU (Strategic Business Unit) basis, with the Homes SBU catering to three segments of the residential market: Super Luxury, Luxury, and Mid-Income, offering a variety of products including condominiums, duplexes, row houses, and apartments.
Development Potential: Strategically located land bank at low carrying cost to enable steady and sustainable growth.
Launch Calendar: Launched products to continue enhancing value with FY25 launch pipeline worth Rs 36,000 crore.
Product Mix: Launching products across multiple segments and tapping multiple micro- markets including Super Luxury, Luxury, Premium, and Commercial projects.
Financial Highlights:
Stock Performance:
- 52 Week H/L (Rs.): 462.3 / 967.6
- Market Cap (Cr): 203,408.74
- Share Out/Float (Cr): 248 / 61.45
- Dividend Yield (%): 0.59
- BSE Code: 532868
- NSE Code: DLF
Shareholding Pattern (March 2024):
| Category |
Percentage |
| Promoters |
74.08% |
| FIIs |
16.53% |
| DIIs |
4.77% |
| Public |
4.62% |
Financial Summary (in Cr):
| Particulars |
FY23 |
FY24 |
| Net Revenue |
6,012 |
6,958 |
| YoY Growth % |
(2.03) |
15.73 |
| EBITDA |
2,043 |
2,655 |
| EBITDA Margin % |
34% |
38% |
| PAT |
1,101 |
1,630 |
| YoY Growth % |
30.60% |
48.04% |
| ROE % |
4.43% |
5.43% |
| ROCE % |
5.40% |
6.91% |
| EPS (Rs.) |
8.22 |
11.02 |
| P/E |
15.52x |
34.6x |
| P/B |
2.34x |
5.64x |
Quarterly Results:
| Particulars |
Mar-23 |
Jun-23 |
Sep-23 |
Dec-23 |
Mar-24 |
| Revenue Growth (%) |
(2.59) |
(2.25) |
(5.3) |
12.88 |
40.33 |
| EBITDA |
518 |
495 |
591 |
633 |
936 |
| EBITDA Margin % |
35.57 |
34.78 |
43.87 |
41.61 |
43.84 |
| EBIT |
481 |
458 |
554 |
595 |
899 |
| EBIT Margin (%) |
33.03 |
32.18 |
41.12 |
39.11 |
42.1 |
| Net Profit |
284 |
272 |
351 |
376 |
630 |
| Net Profit Margin (%) |
19.5 |
19.11 |
26.05 |
24.72 |
29.5 |
| EPS |
2.3 |
2.13 |
2.52 |
2.65 |
3.72 |
Annual Result Snapshots:
Profit & Loss:
| Particulars |
FY 24 |
FY 23 |
% Change YoY |
| Revenue from Operation |
6,427 |
5,695 |
13% |
| Cost of Sales |
2,794 |
2,434 |
15% |
| Gross Margin |
3,634 |
3,261 |
11% |
| Gross Margin % |
57% |
57% |
- |
| Other Income |
531 |
317 |
67% |
| Staff Cost |
546 |
548 |
- |
| Other Expenses |
964 |
987 |
-2% |
| EBITDA |
2,655 |
2,043 |
30% |
| EBITDA % |
38% |
34% |
- |
| Finance Cost |
356 |
392 |
-9% |
| Depreciation |
148 |
149 |
-1% |
| PBT before Exceptional items |
2,151 |
1,502 |
43% |
| Tax (Deferred Tax) |
-520 |
-402 |
30% |
| PAT |
1,630 |
1,101 |
48% |
Balance Sheet:
| Particular |
As on March 2024 |
As on March 2023 |
| Non-Current Assets |
27,703 |
28,157 |
| Current Assets |
32,559 |
25,771 |
| Total Assets |
60,262 |
53,928 |
| Equity |
39,432 |
37,692 |
| Non-Current Liabilities |
6,690 |
5,051 |
| Current Liabilities |
14,141 |
11,185 |
| Total Liabilities |
60,262 |
53,928 |
Peer Comparison:
| Company |
Market Cap (Cr.) |
1Y Return TTM |
P/E |
ROE (%) |
ROCE (%) |
Net Profit (Cr.) |
Debt to Equity |
| DLF Ltd. |
2,03,408.74 |
78.18% |
74.59 |
6.91% |
5.43% |
1,630 |
0.12 |
| Godrej Properties Ltd. |
75,848.32 |
103.05% |
104.6 |
7.25% |
8.28% |
719 |
1.07 |
| Oberoi Realty Ltd. |
75,853.88 |
86.98% |
34.69 |
13.91% |
13.64% |
1,917 |
0.18 |
| Sobha Ltd. |
17,831.02 |
241.14% |
362.93 |
1.95% |
10.02% |
49 |
0.76 |
| Prestige Estates Projects Ltd. |
61,105.35 |
234.72% |
35.89 |
5.12% |
8.83% |
1,050 |
0.81 |
Conclusion:
DLF Ltd. continues to show robust growth across various financial metrics, with strong quarterly and yearly performance, a diversified product mix, and strategic development priorities positioning the company well for sustained future growth.
