Key Insights:

  1. DLF maintains sales momentum with pre-sales of Rs7.2 bn in 2QFY20, maintaining the ask rate to achieve sales of Rs27 bn for FY2020E.
  2. Unlike the preceding quarters, wherein pre-sales were dominated by Phase V in Gurugram, 75% of the sale in 2QFY20 came from ex-Phase V. Further, launch of Ultima Phase-II in 3QFY20 that has received an overwhelming response, lends credibility to sales target for the year.
  3. Management highlighted that EBITDA from sold and unsold inventory to be recognized stands at Rs102 bn (Rs54 bn from sold and Rs47 bn from unsold). Collections at Rs6.6 bn for 2QFY20 from residential sales were supplemented by rental stream of Rs450 mn.
  4. Operational cash outflow of Rs6 bn comprised Rs2.2 bn towards construction expenses, Rs1.9 bn towards finance cost and the balance towards taxes and corporate overheads, resulting in net cash flow of Rs1.1 bn in 2QFY20.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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