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View Promises →DLF Limited — Q2 FY25
DLF reported a strong Q2 FY25 with PAT of ₹781 crore from operations, plus a one-time deferred tax reversal of ~₹600 crore.
bullish
high
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DLF reported a strong Q2 FY25 with PAT of ₹781 crore from operations, plus a one-time deferred tax reversal of ~₹600 crore. New sales pre-sales for H1 stood at ₹7,000 crore, recovering from a weak Q1, and management reaffirmed the full-year guidance of ₹17,000 crore. The Dahlias super-luxury project (RERA revenue ₹26,000 crore, 70%+ margin) has seen overwhelming initial response with 9% money-down EOIs, and formal launches are underway. The rental business is on track to achieve ₹5,300 crore total rental EBITDA by FY25 exit, driven by Downtown Gurgaon/Chennai and Atrium Place. Key risks include potential delays in Mumbai/Goa approvals due to state elections and the impact of rising competition in NCR on pricing power.
DLF ने दूसरी तिमाही (Q2 FY25) में 781 करोड़ रुपये का शुद्ध लाभ कमाया। साथ ही, एक बार का 600 करोड़ रुपये का टैक्स रिफंड भी मिला। पहली छमाही (H1) में नई बिक्री 7,000 करोड़ रुपये रही, जो कमजोर पहली तिमाही के बाद सुधार है। कंपनी ने पूरे साल 17,000 करोड़ रुपये की बिक्री का लक्ष्य दोहराया है। 'द डहलियास' नामक सुपर-लक्ज़री प्रोजेक्ट (26,000 करोड़ रुपये की आय, 70% से अधिक मुनाफा) को शुरुआती दिलचस्पी मिली है। किराये का कारोबार साल के अंत तक 5,300 करोड़ रुपये का EBITDA हासिल करने की राह पर है। मुंबई और गोवा में चुनावों के कारण मंजूरी में देरी और NCR में बढ़ती प्रतिस्पर्धा से कीमतों पर दबाव मुख्य जोखिम हैं।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Approval delays for Mumbai and Goa projects
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Read Transcript →Quarter Snapshot
New Sales Pre-sales H1 FY25
₹7,000 crore
+0% vs guidance run-rate
First half pre-sales of ₹7,000 crore, recovering from a weak Q1 of ₹690 crore, keeping full-year guidance of ₹17,000 crore on track.
Dahlias RERA Revenue
₹26,000 crore
N/A (new launch)
RERA filing for Dahlias shows total revenue of ₹26,000 crore at pre-launch prices, with 70%+ margins, and management expects prices to rise.
Rental EBITDA Exit FY25
₹5,300 crore
+6% vs prior guidance
Total rental EBITDA (DCCDL + DLF) guided at ₹5,300 crore for FY25 exit, with FY26 target of ₹6,800 crore.
NRI Sales Share
28%
+20pp vs 3% earlier
NRI contribution to sales has grown from 3% to 28% this year, reflecting strong global demand for DLF's luxury products.
What Changed vs Last Quarter
NEW
Rental EBITDA exit FY25 at ₹5,300 crore, FY26 at ₹6,800 crore
DCCDL rental EBITDA guided at ₹5,000 crore for FY25 and ₹5,800 crore for FY26; DLF rental EBITDA at ₹300 crore for FY25 and ₹1,000 crore for FY26.
NEW
Dahlias launch in Q3 with phased price increases
Dahlias will be launched in batches of 50 units with step-up pricing; initial response has been strong with 9% money-down EOIs.
NEW
Mumbai launch expected in Q4 FY25
Approvals for the Mumbai project are in advanced stages; launch is targeted for Q4, subject to no unforeseen delays.
UPDATED
Full-year pre-sales guidance of ₹17,000 crore reaffirmed
Management confirmed the ₹17,000 crore pre-sales target for FY25, driven by Dahlias and Privana launches in H2.
DROPPED
Office vacancy target of 6-7% by end of FY25
Current vacancy at 8.8%; SEZ de-notification and strong leasing demand expected to drive reduction.
DROPPED
DCCDL rental income to reach INR 5,800-6,000 crore in FY26
Driven by completion of Downtown 4 (Gurgaon) and Downtown 3 (Chennai), plus full-year contribution from Downtown 1 & 2.
DROPPED
Construction outflow on DevCo to exceed INR 800 crore per quarter from Q3 FY25
Full throttle construction for Arbour, Privana South, and Privana West will drive higher spend.
NEW RISK
Approval delays for Mumbai and Goa projects
Management acknowledged that non-Gurgaon approvals are difficult to predict; state elections could cause delays.
NEW RISK
Rising competition in NCR from peers raising equity
Analyst raised concern about peers aggressively buying land in NCR; management downplayed but acknowledged competition.
NEW RISK
Margin mismatch in reported financials vs embedded margins
Management noted that reported margins are depressed due to old project revenue recognition with current cost structures, which may take 18-24 months to align.
NEW RISK
Concentration risk in NCR market
Despite management's confidence, the business remains heavily reliant on NCR, with limited diversification outside the region.
RISK GONE
Potential slowdown in high-ticket demand in Gurgaon
Analyst raised concern about slower sales in INR 7 crore+ category; management denied seeing any slowdown but acknowledged market noise.
RISK GONE
Execution delays in new project launches
Mumbai project launch pushed to December; Lux 5 and Goa launches dependent on approvals; any delay could impact FY25 pre-sales.
RISK GONE
Margin volatility due to product mix in reported numbers
Reported margins impacted by mix of older projects (e.g., Camellias); embedded margins on new launches remain healthy but reported margins may fluctuate.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24, Q3 FY24
Intensive litigation with lenders and ARC delays monetization of prime Mumbai land; no near-term resolution expected.
Mentioned in Q1 FY24, Q4 FY24
INR 4,000 crore of cash is locked in RERA escrow accounts, limiting flexibility for land acquisitions or debt reduction.
Mentioned in Q1 FY24, Q3 FY24
Rental income for DCCDL expected to stabilize at that level, excluding Atrium Place.
Mentioned in Q1 FY25, Q4 FY24
Analyst raised concern about slower sales in INR 7 crore+ category; management denied seeing any slowdown but acknowledged market noise.
Fast read
Guidance and risk preview
Management confirmed the ₹17,000 crore pre-sales target for FY25, driven by Dahlias and Privana launches in H2.
Management acknowledged that non-Gurgaon approvals are difficult to predict; state elections could cause delays.
View Risks →