Buy DLF, target price Rs 450: ICICI Securities

ICICI Securities has buy call on DLF with a target price of Rs 450. The current market price of DLF is Rs 349.5.


DLF, incorporated in the year 1963, is a Large Cap company (having a market cap of Rs 87143.35 Crore) operating in Real Estate sector.


DLF key Products/Revenue Segments include Property Development, Rental Income, Other Operating Revenue and Royalty Income for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 1559.66 Crore, up 14.64 % from last quarter Total Income of Rs 1360.50 Crore and down -7.54 % from last year same quarter Total Income of Rs 1686.92 Crore. Company has reported net profit after tax of Rs 297.65 Crore in latest quarter.

The company’s top management includes Lt. Gen. (Retd.)Aditya Singh, Mr.Rajiv Krishan Luthra, Mr.Pramod Bhasin, Mr.Devinder Singh, Mr.Ashok Kumar Tyagi, Ms.Anushka Singh, Ms.Savitri Devi Singh, Mr.Rajiv Singh, Dr.K P Singh, Ms.Priya Paul, Mr.Vivek Mehra, Ms.Pia Singh, Mr.A S Minocha, Mr.Ved Kumar Jain. Company has S R Batliboi & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 248 Crore shares outstanding.

Investment Rationale
ICICI Securities' retains its BUY rating with an unchanged SoTP based target price of Rs450/share based on 1xMar23E NAV as it retains its FY23E and FY24E residential sales estimates of Rs 88.1bn and Rs 91.8bn, respectively while retaining its FY23-24 DCCDL rental income estimates of over Rs40bn each.