Published 14:46 IST, January 28th 2025
DLF Share Price Target 2025: 'Buy' Says Motilal Oswal - See Details
DLF reported pre-sales of INR121b in 3QFY25, up 34 per centYoY/17x QoQ (2.4x our estimate; exceeds FY25 pre-sales guidance).

Motilal Oswal is bullish on DLF, and has given it a ‘buy’ rating on the stock with a target price of Rs 954 in its research report made public on January 28, 2025.
Motilal Oswal Gives DLF A Buy Rating : Details
DLF reported pre-sales of INR121b in 3QFY25, up 34 per centYoY/17x QoQ (2.4x our estimate; exceeds FY25 pre-sales guidance).
This strong performance was backed by healthy sales from its super-luxury project, ‘The Dahlias,’
which recorded pre-sales of INR118b (98%). DLF sold 173 units with a total area of 1.85msf at an average realization of INR0.7b/residence. By 9MFY25, the company exceeded its full-year pre-sales guidance. Hence, we now
estimate FY25 pre-sales to increase to INR238b (previously INR181b).
The launch pipeline for FY25 has further increased by INR31b to INR441b, which is INR146b higher than the initial guidance of INR295b announced in 3QFY24. The pipeline beyond FY25 now stands at INR704b vs. INR635b in
2QFY25.
Cash flow performance
Collections improved significantly by 23 per cent YoY/31 per cent QoQ to INR31b. Consequently, OCF jumped 67 per cent YoY/53 per cent QoQ to INR19b.
The net cash position stood at INR45b vs. INR28b in 2QFY25. We estimate FY25 net cash flow from operations at INR56b (previously INR63b) due to the one-off impact of tax indemnity of INR9b for JV in FY25 (o/w INR3b charged to P&L in 3QFY25 and the remaining to be charged in 4Q).
P&L performance: In 3QFY25, revenue came in at INR15.3b, flat YoY/down 23% QoQ (10 per cent below estimate). EBITDA dipped 22 per cent YoY/20 per cent. QoQ to INR4.0b (13 per cent above estimate), while margin stood at 26 per cent (flat QoQ; 5pp above estimate). PAT stood at INR16.3b, up 149 per cent YoY/18 per cent QoQ (103 per cent above estimate, including the reversal of deferred tax liabilities or DTL), while adj. PAT (excl. DTL) was INR10.6b, up 61% YoY/37 per cent QoQ (32% beat).
In 4QFY25, although we estimate EBITDA of INR4b, DLF is estimated to report a net loss of INR9.9b due to the impact of DTL reversal and one-off tax indemnity in 2Q and 3QFY25. Excluding these impacts, PAT in 4QFY25 would be at INR7b.
In 9MFY25, revenue came in at INR48.7b, up 13% YoY. EBITDA decreased 17% YoY to INR11.3b, with a lower margin of 23 per cent (9pp below 9MFY24).
Profit After Tax (PAT) was Rs 36.6b, up 103% YoY (including reversal of DTL), while adj. PAT (excl. DTL) was Rs 24.8b, up 37 per cent YoY.
Updated 14:46 IST, January 28th 2025