DLF 2025财年第四季度初步分析：季度表现强劲，预期增长指引

Abhinav Sinha * | Equity Analyst91 22 4224 6121 | abhinav.sinha@jefferies.comSource: Company, Jefferies Exhibit 3 - Consolidated quarterly P&L.(Rs m)Net SalesTotal ExpensesEBITDAEbitda Margin (%)DepreciationInterestOther IncomePBTTaxEffective Tax RatePATMinority and JVsPre-exceptional PATExceptionalsReported ProfitSource: Company, JefferiesExhibit 4 - Expenditure breakup.(Rs m)Operational costs% SalesStaff Cost% SalesOther Expenditure% SalesTotal ExpenditureSource: Company, JefferiesExhibit 5 - DCCDL quarterly P&L.(Rs m)RevenuesOp. ExpensesEbitdaEbitda margin (%)DepreciationInterestOther IncomePBTTaxTax rate (%)PATMinorities, JVsPre-ex PATSource: Company, JefferiesPlease see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Revenuerecognitionwasdrivenbydeliveries at One Midtown and IndependentfloorsMargins were driven by revenue mixDCCDL rentals and profit were inline withestimates2 We would like to thank Harish Mundada, employee of Evalueserve Inc., for providing research support services to our preparation of this report.Company DescriptionDLFDLF is among India's largest developers of offices and higher-end homes, particularly in the National Capital Region. The company follows anasset-heavy model of development with a large land bank.Company Valuation/RisksDLFWe value DLF based on NAV of Rs1,000. We set our price target at NAV on rising pricing and geographic expansion. Key risks include projectapproval delays, high exposure to NCR market and upper-end segment, and interest rate risks inherent to real estate business.Analyst Certification:I, Abhinav Sinha, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Abhinav Sinha is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or morewithin a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average securityprice consistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperformrated securities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less withina 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/orJefferies policies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions onthe investment merits of the company are provide