JPM on DLF ; OW, TP Rs 800

2Q pre-sales came back to Rs38bn (+478% q/q, -12% y/y) after a weak 1Q Quarter was driven by the sold-out launch of Aureva, a luxury retirement-housing project (~Rs19bn), plus continued super-luxury sales at Dahlias/Camellias (~Rs19bn). Management said Dahlias realisations are now above Rs100k psf, with prices up 10% in quarter Cash engine held up well. Total collections rose 16% q/q and 4% y/y to Rs27.8bn, & net OCF (after interest and tax) rose 37% y/y to Rs18.6bn. Net FCF before dividends was Rs14.4bn (+27% y/y), even with higher land spend of Rs3.5bn. After paying a Rs19.8bn dividend, DevCo net cash was broadly stable at Rs151bn (vs. Rs152bn q/q).

DLF LIMITED

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