DLF reporting ₹2,507 crore worth of sales bookings from its residential business in this quarter — its second-highest quarterly presales — has impressed the analysts at ICICI Securities and HDFC Securities.
The DLF Analysts: Adhidev Chattopadhyay at ICICI Securities maintained the ‘buy' rating on the stock with an unchanged price target of ₹450.
Analysts at HDFC Securities led by Parikshit D Kandpal, held a similar view, maintaining their ‘buy' rating and the price target at ₹450.
The DLF Thesis: The company's sales booking numbers caught the eye of the brokerage firms. Analysts at HDFC securities noted that the number beat their estimation of ₹2,100 crore. The real estate giant's sales booking numbers were accelerated by the fully booked luxury project The Grove (in Gurugram) which clocked in ₹1,570 crore.
Talking about the sales booking, ICICI Securities said that the company's numbers were in line with its estimates, and it expects the company to "comfortably exceed its FY23 sales booking guidance of ₹8,000 crore."
HDFC Securities sees the strong presales momentum being supported by price hikes, robust launches and expects an increase in office occupancy levels.
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Analysts at ICICI Securities warn that a slowdown in residential demand in the NCR region and the impact of work-from-home on the leasing business can dampen the company's financials.
Price Action: DLF's shares dropped around 1% to ₹353.05 as the markets closed on Monday.
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