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DLF Ltd.| Q1FY14 Result Update




IndiaNivesh Securities Pvt Ltd


13 Aug 2013





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DLF Ltd.| Q1FY14 Result Update Better Operational numbers, numbers ahead of street expectations….. In a tough macro environment, DLF reported good set of numbers, both at the top-line and at bottom-line. The reported numbers were ahead of street expectations. Valuation: At CMP of Rs 139, DLF is trading at FY14E and FY15E, EV/EBITDA multiple of 14.2x and 11.4x, respectively. Earlier in our Q4FY13 results note, we expected the stock to be under pressure at the then levels of Rs 195, owing to a gamut of reasons. Over the last 1 month, DLF stock has corrected by ~22.0% (vs. a correction of 5% seen across Sensex). On the back of all above mentioned negatives surrounding the stock, despite new project launches, initiatives to reduce debt and attractive valuations, we do not expect the stock to get re-rated upwards from here-on. We currently do not have any formal rating on the stock.

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