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ICICI Securities Report
DLF Ltd. continues to see strong traction in its residential business with Q3 FY23 sales bookings of Rs 25.1 billion (inline with our estimate of Rs 25 billion) with Rs 15.7 billion of the quarter’s sales bookings coming from the fully sold Grove, Gurugram project (launched in last week of Sep-22) along with Panchkula (Rs 5.4 billion).
With DLF having already clocked nine months-FY23 sales bookings worth Rs 66.0 billion and having another 3.1 million square feet of launches in Q4 FY23, we expect the company to comfortably exceed its FY23 sales booking guidance of Rs 80 billion and clock FY23 sales bookings of Rs 88.1 billion versus Rs 73 billion achieved in FY22.
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