DLF share price: Investors' alert! Well poised for growth says ICICI Securities
DLF achieved strong operational improvement in Q3 FY21 across segments with Rs 10.2bn of net residential sales bookings and 14% QoQ increase in DCCDL rental income to Rs 8.2 bn on account of recovery in mall rentals. DLF’s net debt (ex-DCCDL) declined marginally by Rs 1.2 bn QoQ to Rs 51 bn on account of reduction in overheads and interest costs. DLF is comfortably positioned with Rs 13 bn of cash reserves and low net D/E of 0.2x.
ICICI Securities retain our BUY rating with a revised target price of Rs 303 / share (earlier Rs 240) as we assume faster monetisation of residential projects and roll forward our DCF based SOTP valuation to March 2022: Reuters