DLF Ltd
DLF Ltd with its subsidiaries, associates and JVs is engaged in real estate development, from the identification and acquisition of land to planning, execution, construction and marketing of projects. It is also engaged in business of leasing, generation of power, provision of maintenance services, hospitality and recreational services which are related to the overall development of real estate business.[1]
- Market Cap ₹ 1,69,101 Cr.
- Current Price ₹ 683
- High / Low ₹ 931 / 622
- Stock P/E 353
- Book Value ₹ 113
- Dividend Yield 0.73 %
- ROCE 5.46 %
- ROE 4.16 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 65.8%
Cons
- Stock is trading at 6.03 times its book value
- The company has delivered a poor sales growth of -0.32% over past five years.
- Company has a low return on equity of 6.00% over last 3 years.
- Earnings include an other income of Rs.751 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Realty Industry: Construction
Part of Nifty India Consumption BSE Dollex 200 BSE Consumer Discretionary BSE 500 Nifty LargeMidcap 250
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2,150 | 2,386 | 3,017 | 3,622 | 3,703 | 3,056 | 3,295 | 2,370 | 3,929 | 4,054 | 3,979 | 3,243 | 3,155 | |
881 | 1,151 | 1,381 | 2,112 | 2,147 | 1,982 | 2,067 | 1,922 | 2,399 | 2,234 | 2,038 | 2,195 | 2,617 | |
Operating Profit | 1,269 | 1,235 | 1,636 | 1,509 | 1,556 | 1,074 | 1,228 | 448 | 1,530 | 1,819 | 1,941 | 1,048 | 538 |
OPM % | 59% | 52% | 54% | 42% | 42% | 35% | 37% | 19% | 39% | 45% | 49% | 32% | 17% |
1,273 | 1,037 | 1,041 | 1,700 | 659 | 627 | 403 | 3,705 | 505 | 368 | 1,194 | 835 | 751 | |
Interest | 1,710 | 1,667 | 1,403 | 1,385 | 1,236 | 1,023 | 740 | 590 | 575 | 436 | 321 | 286 | 324 |
Depreciation | 142 | 78 | 56 | 75 | 99 | 132 | 125 | 96 | 83 | 77 | 76 | 70 | 72 |
Profit before tax | 690 | 527 | 1,218 | 1,750 | 880 | 545 | 766 | 3,466 | 1,378 | 1,675 | 2,739 | 1,527 | 894 |
Tax % | 27% | 0% | 23% | 14% | 32% | 33% | 10% | 35% | 24% | 20% | 16% | 18% | |
502 | 527 | 940 | 1,497 | 597 | 365 | 688 | 2,264 | 1,053 | 1,335 | 2,311 | 1,251 | 473 | |
EPS in Rs | 2.95 | 2.96 | 5.28 | 8.39 | 3.34 | 2.05 | 3.12 | 9.15 | 4.26 | 5.39 | 9.34 | 5.05 | 1.92 |
Dividend Payout % | 68% | 68% | 38% | 24% | 60% | 98% | 64% | 22% | 47% | 56% | 43% | 99% |
Compounded Sales Growth | |
---|---|
10 Years: | 3% |
5 Years: | 0% |
3 Years: | -6% |
TTM: | -12% |
Compounded Profit Growth | |
---|---|
10 Years: | 3% |
5 Years: | 12% |
3 Years: | 4% |
TTM: | -74% |
Stock Price CAGR | |
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10 Years: | 15% |
5 Years: | 39% |
3 Years: | 21% |
1 Year: | -24% |
Return on Equity | |
---|---|
10 Years: | 5% |
5 Years: | 6% |
3 Years: | 6% |
Last Year: | 4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 340 | 356 | 356 | 357 | 357 | 357 | 441 | 495 | 495 | 495 | 495 | 495 | 495 |
Reserves | 14,274 | 16,287 | 16,873 | 13,761 | 14,347 | 23,078 | 22,638 | 26,310 | 25,894 | 26,735 | 28,309 | 28,570 | 27,526 |
15,737 | 13,900 | 12,058 | 9,381 | 9,083 | 5,707 | 4,332 | 6,123 | 5,431 | 3,762 | 3,116 | 3,358 | 3,425 | |
6,625 | 7,055 | 6,697 | 6,086 | 4,894 | 3,805 | 9,743 | 9,236 | 7,725 | 6,324 | 5,362 | 5,929 | 8,275 | |
Total Liabilities | 36,976 | 37,598 | 35,985 | 29,585 | 28,680 | 32,947 | 37,155 | 42,163 | 39,546 | 37,316 | 37,282 | 38,351 | 39,721 |
2,027 | 1,604 | 1,605 | 603 | 4,159 | 3,942 | 1,712 | 1,663 | 1,532 | 1,604 | 1,591 | 1,287 | 1,277 | |
CWIP | 2,543 | 1,805 | 2,491 | 28 | 28 | 15 | 19 | 0 | 1 | 0 | 0 | 3 | 0 |
Investments | 6,877 | 7,461 | 7,476 | 7,391 | 7,335 | 10,201 | 9,628 | 14,758 | 19,721 | 19,996 | 19,896 | 19,484 | 19,485 |
25,530 | 26,728 | 24,413 | 21,563 | 17,157 | 18,790 | 25,797 | 25,743 | 18,292 | 15,715 | 15,795 | 17,577 | 18,959 | |
Total Assets | 36,976 | 37,598 | 35,985 | 29,585 | 28,680 | 32,947 | 37,155 | 42,163 | 39,546 | 37,316 | 37,282 | 38,351 | 39,721 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-74 | 1,082 | -36 | 849 | -696 | 31 | 655 | 20 | 885 | 1,855 | 1,593 | 1,090 | |
2,757 | 1,418 | 4,489 | 3,901 | 2,103 | -3,939 | 1,192 | -4,849 | -256 | 210 | 31 | 180 | |
-2,723 | -2,355 | -4,002 | -4,720 | -1,536 | 3,992 | 803 | 2,617 | -1,345 | -2,547 | -1,715 | -1,029 | |
Net Cash Flow | -40 | 145 | 451 | 30 | -130 | 83 | 2,651 | -2,212 | -716 | -482 | -91 | 240 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 68 | 31 | 26 | 153 | 59 | 48 | 19 | 22 | 10 | 4 | 5 | 9 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 68 | 31 | 26 | 153 | 59 | 48 | 19 | 22 | 10 | 4 | 5 | 9 |
Working Capital Days | 2,092 | 1,926 | 1,568 | 711 | 742 | 1,153 | 770 | 1,505 | 651 | 611 | 712 | 937 |
ROCE % | 8% | 8% | 9% | 10% | 9% | 6% | 5% | 10% | 6% | 7% | 10% | 5% |
Documents
Announcements
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Closure of Trading Window
2d - Closure of trading window for designated persons.
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
27 Mar - Transcript of Analysts/Investors meet held on March 21, 2025.
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Credit Rating Update - DLF Cyber City Developers Limited, A Material Subsidiary
27 Mar - CRISIL upgrades DLF Cyber City's debentures to CRISIL AAA.
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Credit Rating Update - DLF Cyber City Developers Limited, A Material Subsidiary
26 Mar - CRISIL upgrades DLF Cyber City Developers' credit rating to CRISIL AAA.
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Announcement under Regulation 30 (LODR)-Acquisition
25 Mar - DLF acquires 49.997% stake in DLF Urban Private Limited.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Concalls
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Mar 2025Transcript PPT
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Oct 2024Transcript PPT REC
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Nov 2015TranscriptNotesPPT
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Business Segments
1) Development Business: The company is one of the largest domestic real estate developers, primarily engaged in the development and sale of residential properties like high-rise condominiums, low-rise independent floors, plotted development, Shop-cum-Offices, etc. As of Q2 FY25, it has developed over 180 real estate projects covering an area of over 351 million square feet (MSF). It is credited for developing many well-known urban colonies in Delhi, including South Extension, Greater Kailash, Kailash Colony, and Hauz Khas, and one of Asia’s largest private townships, DLF City, in Gurgaon, Haryana. [1] [2] [3]
The company’s new sales bookings grew by over 103% between FY22 and FY24, from Rs. 7,273 Cr to Rs. 14,778 Cr in FY24. New sales bookings and collections for Q2 FY25 stood at Rs 692 Cr and Rs. 2,370 Cr respectively. [4] [5]