DLF Ltd

About

DLF Limited was Founded in 1946 by Chaudhary Raghvendra Singh. It is engaged primarily in real estate development. The operations of the company span all aspects of real estate development, from the identification and acquisition of land, to planning, execution, construction and marketing of projects. The Company is also engaged in the business of leasing, maintenance services and recreational activities which are related to the overall development of real estate business. The registered office is situated in Haryana.[1] [2]

  • Market Cap 92,775 Cr.
  • Current Price 375
  • High / Low 450 / 190
  • Stock P/E 56.3
  • Book Value 144
  • Dividend Yield 0.53 %
  • ROCE 4.29 %
  • ROE 3.13 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 28.99% CAGR over last 5 years

Cons

  • Stock is trading at 2.61 times its book value
  • The company has delivered a poor sales growth of -11.42% over past five years.
  • Company has a low return on equity of 2.54% for last 3 years.

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
2,219 2,500 1,331 1,716 1,342 1,694 549 1,610 1,543 1,713 1,140 1,481
1,579 1,967 1,092 1,365 1,114 1,378 547 1,147 1,044 1,259 744 1,023
Operating Profit 640 534 240 350 228 317 2 463 499 454 395 458
OPM % 29% 21% 18% 20% 17% 19% 0% 29% 32% 26% 35% 31%
Other Income 187 288 506 368 422 -151 98 17 125 194 103 76
Interest 533 535 536 418 238 235 237 226 198 191 175 176
Depreciation 56 57 51 45 45 60 42 40 39 38 38 37
Profit before tax 237 230 159 256 369 -130 -179 214 387 418 285 321
Tax % 53% 16% 6% 29% 38% -1,470% 1% 47% 27% 38% 29% 29%
Net Profit 335 437 415 446 414 -1,858 -71 232 451 481 337 379
EPS in Rs 1.88 1.98 1.68 1.80 1.67 -7.51 -0.29 0.94 1.82 1.94 1.36 1.53

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
7,423 9,561 9,576 7,773 8,298 7,649 9,926 8,221 6,707 8,366 6,083 5,414 5,876
3,992 5,789 5,935 5,140 5,805 4,635 5,960 4,775 4,329 6,218 4,937 3,945 4,069
Operating Profit 3,431 3,772 3,641 2,633 2,493 3,014 3,966 3,446 2,378 2,148 1,146 1,469 1,807
OPM % 46% 39% 38% 34% 30% 39% 40% 42% 35% 26% 19% 27% 31%
Other Income 494 565 836 1,279 1,133 503 506 1,135 9,722 784 1,135 383 498
Interest 1,110 1,706 2,246 2,314 2,463 2,304 2,680 2,980 2,951 2,062 1,427 853 741
Depreciation 326 631 689 796 663 545 766 572 534 225 200 159 153
Profit before tax 2,489 2,000 1,541 802 500 668 1,026 1,030 8,615 646 653 840 1,411
Tax % 31% 23% 24% 17% -16% 24% 55% 22% 50% 43% 326% 43%
Net Profit 1,720 1,542 1,201 712 646 540 306 715 4,464 1,319 -583 1,094 1,648
EPS in Rs 10.13 9.09 7.07 4.19 3.63 3.03 1.72 4.01 25.02 5.98 -2.36 4.42 6.65
Dividend Payout % 20% 22% 28% 48% 55% 66% 117% 50% 8% 33% -85% 45%
Compounded Sales Growth
10 Years: -6%
5 Years: -11%
3 Years: -7%
TTM: 13%
Compounded Profit Growth
10 Years: -2%
5 Years: 29%
3 Years: 50%
TTM: 158%
Stock Price CAGR
10 Years: 5%
5 Years: 27%
3 Years: 28%
1 Year: 100%
Return on Equity
10 Years: 2%
5 Years: 2%
3 Years: 3%
Last Year: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
6,259 2,150 2,139 2,139 2,155 356 357 357 357 441 495 595 495
Reserves 24,173 24,182 25,097 25,389 27,039 27,013 23,712 24,216 34,204 32,385 33,952 34,849 35,072
Borrowings 21,677 23,991 25,066 24,801 22,334 24,495 25,264 29,202 17,491 17,222 8,103 6,563 5,736
15,576 12,305 12,887 14,117 14,796 14,398 12,396 10,179 8,533 16,434 13,341 11,581 12,033
Total Liabilities 61,766 60,818 63,389 64,647 64,525 66,262 61,729 63,954 60,585 66,483 55,890 53,488 53,337
17,826 19,256 20,339 19,849 18,835 19,619 3,943 24,640 8,082 6,322 5,187 4,856 4,902
CWIP 11,129 10,234 8,993 7,834 5,979 5,901 1,779 153 137 103 89 95 80
Investments 5,505 996 1,127 1,334 891 623 21,310 1,209 20,832 21,005 18,566 19,746 19,356
27,306 30,331 32,931 35,630 38,820 40,119 34,697 37,952 31,533 39,053 32,049 28,791 29,000
Total Assets 61,766 60,818 63,389 64,647 64,525 66,262 61,729 63,954 60,585 66,483 55,890 53,488 53,337

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
8,624 2,776 2,520 2,009 1,468 2,037 2,957 -898 270 2,043 356 1,460
-16,302 3,834 -24 1,995 3,924 98 -818 872 -2,102 3 6,508 150
7,417 -6,403 -2,438 -3,951 -4,532 -1,547 -1,929 787 -232 875 -9,522 -2,184
Net Cash Flow -261 206 58 52 860 588 210 761 -2,064 2,921 -2,658 -573

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 80 60 67 78 69 76 126 63 70 36 43 39
Inventory Days
Days Payable
Cash Conversion Cycle 80 60 67 78 69 76 126 63 70 36 43 39
Working Capital Days 865 733 743 929 922 1,013 471 797 1,107 639 865 1,015
ROCE % 8% 7% 7% 4% 5% 6% 8% 7% 5% 5% 4% 4%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
74.95 71.91 74.95 74.95 74.95 74.95 74.95 74.95 74.95 74.95 74.95 74.95
16.77 21.27 16.93 16.61 18.40 18.33 18.54 18.33 18.28 17.39 16.99 17.00
1.29 1.16 2.20 2.83 1.68 1.76 1.76 1.67 1.80 2.21 2.56 3.00
7.00 5.66 5.92 5.61 4.97 4.96 4.75 5.06 4.97 5.45 5.50 5.05

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