2025-05-19-Jefferies-DLF（DLFU）_2025财年第四季度初步分析季度表现强劲_预期增长指引_8页_318kb

报告摘要

Executive Summary

Jefferies maintains a "Buy" rating on DLF (DLFU IN) with a price target of INR 1,000 per share, a 40% increase from the prior closing price. DLF delivered a strong quarterly performance, with a net profit of INR 12.8 billion, beating expectations and reaching a 15-year high, driven by revenue recognition from projects like One-Midtown and early delivery in Gurgaon.

Financial Highlights

4Q Performance: Net profit rose 39% YoY to INR 12.8 billion, well exceeded estimates. Revenue for Devco was INR 31.3 billion (+47% YoY), Ebitda reached INR 9.8 billion (+30% YoY), and Free Cash Flow was a robust INR 23.1 billion.
EBITDA Margin: Increased to 31.3%, a quarter-on-quarter recovery from previous levels.
Rentco (DCCDL): Performance aligned with estimates; office revenues grew +10% YoY, while mall rentals saw a seasonal dip.

Key Operational Developments

Pre-sales and Pipeline: DLF achieved strong pre-sales of INR 20.4 billion in Q4 (+39% YoY), bolstered by the luxury Dahlias project selling INR 19.3 billion. Full-year FY25 pre-sales hit INR 212 billion, surpassing guidance, with an FY26 pipeline of INR 739 billion, including INR 110 billion in planned launches.
Strong Cash Flow Generation: Customer collections increased 54% YoY to INR 32.7 billion, leading to record operating cash flow and net cash balances reaching INR 68.5 billion.

Valuation Update

Rating: BUY, with a 12-month price target of INR 1,000.
Justification: Based on Net Asset Value (NAV) growth from pricing improvements and geographic expansion, despite risks like project delays and market concentration.