DLF has reported 1QFY15 EBITDA at INR7.4b (v/s est of INR5.7b) on the back of sharp uptick in margin to 43% (v/s 35% in FY14). Revenue stood at INR17.3b (-25% YoY) v/s est of INR19.6b.

1. 1 August 2014
1QFY15 Results Update | Sector: Real Estate
DLF
Sandipan Pal (Sandipan.Pal@MotilalOswal.com); +91 22 3982 5436
BSE SENSEX S&P CNX
CMP: INR198 TP: INR252 Buy25,895 7,721
Bloomberg DLFU IN
Equity Shares (m) 1,781.6
M.Cap. (INR b) / (USD b) 353.5/5.8
52-Week Range (INR) 243/120
1, 6, 12 Rel. Per (%) -10/18/-1
Financials & Valuation (INR m)
Y/E March 2015E 2016E 2017E
Net Sales 87,309 92,027 107,645
EBITDA 29,445 71,922 87,137
Adj PAT 7,241 10,471 18,222
EPS (INR) 4.1 5.9 10.2
Gr (%) 12.1 44.6 74.0
BV/Sh (INR) 165.8 169.3 177.3
RoE (%) 2.0 16.2 19.6
RoCE (%) 4.5 12.7 15.3
P/E (x) 48.8 33.7 19.4
P/BV (X) 1.2 1.2 1.1
 P&L beat, margin bounce back; lower interest, tax boosts PAT: DLF has
reported 1QFY15 EBITDA at INR7.4b (v/s est of INR5.7b) on the back of sharp
uptick in margin to 43% (v/s 35% in FY14). Revenue stood at INR17.3b (-25%
YoY) v/s est of INR19.6b, while PAT stood at INR1.28b (ahead of estimate of
INR1.02b) on the back of lower interest cost (-11% QoQ) and lower tax (21%).
We believe CMBS of ~INR9b with average cost of debt of 10.9% to have partially
benefitted lower interest expense.
 Lowest presales continue, leasing momentum positive: 1QFY15 presales
remains lowest ever level of 0.38msf (INR3.1b) v/s 0.44msf (INR3.1b) in 4QFY14.
Luxury projects viz. Kings Court and Camellias contributed ~45% of presales,
while Hyderabad, Indore and Bhubaneswar were other key contributors.
Annuity vertical performed better with 0.71msf of leasing (v/s 0.6msf in 4Q,
1.7msf in FY14). Major leasing happened in Gurgaon, Chennai and Delhi malls.
Annuity income stood at INR5.25b (v/s INR4.95b in 3Q)
 Core FCFE negative INR7.7b; net debt up INR5.3b QoQ: Sustained weakness in
presales and lack of fresh launch has resulted in deterioration in core operating
cash flow. We calculate core FCFE negative at INR7.7b (post-dividend) v/s
negative INR13.1b in 4Q (-INR25b in FY14). DLF received ~INR2.4b of divestment
proceeds in 1QFY15, resulting into net increase in net debt by INR5.3b to
INR200b (0.7x), unadjusted for JV partners’ stakes.
 Guiding deferred recovery cycle: While concerns over gearing have moderated,
weakness in operations remains overhang. Management has been portraying a
cautious outlook for near-term with restrained strategy and likely torpidity in
cash flows in FY15. However, improving macro outlook and various positive
developments in policy front should offer big benefits to the stock on leverage
play. The stock trades at 1.2x FY16 BV and 33.7x FY16 EPS. Asset based
valuation keeps us Buy. We will revisit our estimates post further clarity in
Concall at 4pm on 1st
August 2014 dial in +91 22 3960 0641 .
Investors are advised to refer through disclosures made at the end of the Research Report.

2. 1 August 2014 2
DLF
P&L beat, margin bounce back; lower interest, tax boosts PAT
 DLF has reported 1QFY15 EBITDA at INR7.4b (v/s est of INR5.7b) on the back of
sharp uptick in margin to 43% (v/s 35% in FY14). While we await clarity on the
same from management, higher revenue mix from Rent co (lower POCM
booking) could be an attributable reason.
 Revenue stood at INR17.3b (-25% YoY) v/s est of INR19.6b, while PAT stood at
INR1.28b (ahead of estimate of INR1.02b) on the back of lower interest cost (-
11% QoQ) and lower tax (21%). We believe CMBS of ~INR9b with average cost
of debt of 10.9% to have partially benefitted lower interest expense.
Lowest presales continue, leasing momentum positive
 1QFY15 presales was at 0.38msf (INR3.1b) v/s 0.44msf (INR3.1b) in 4QFY14.
These are the lowest ever quarterly presales run-rate in foreseeable history. No
major new launches and torpidity in Gurgaon market were the key reasons.
 Luxury projects viz. Kings Court and Camellias contributed ~45% of presales,
while Hyderabad, Indore and Bhubaneswar were other key contributors.
 Management guidance was cautious for next couple of quarters, albeit amidst
incrementally improving outlook. It expects normalcy to revive only in FY16.
 Annuity vertical performed better with 0.71msf of leasing (v/s 0.6msf in 4Q,
1.7msf in FY14). Major leasing happened in Gurgaon, Chennai and Delhi malls.
 Annuity income stood at INR5.25b (v/s INR4.95b in 3Q) in line with management
guidance for FY15 was at INR21b (at par with est)
EBITDA margin posted sharp bounce back (%)
52
42
50 48
39
48
25
45 46
40
30
49
37
7
33
40
30 30
18
43
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
Source: Company, MOSL
Lowest ever quarterly presales continue
6.4
3.6
-
-
1.1
3.0
2.8
-
4.2
5.0
1.3
0.5
1.77
1.4
1.5
0
0
0
3.1
3.6
1.9
2.1
2.5
3.8
2.2
1.3
3.3
6.8
1.3
1.6
2.3
2.0
1.8
0.9
0.6
0.4
0.4
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
Launch(msf)
Sales volume (msf)
Source: Company, MOSL
Weak presales trend
5
14
20
18
15
1313
15
19
11
6
11
24
6 6
1313
24
7 6
3 3
0
4
8
12
16
0
8
16
24
32
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
Sales value (INR b) Average realization('000 INR/sf)
Source: Company, MOSL
Leasing velocity posted better trend
0.1
0.4
0.7
1.0
1.6
1.6
0.1
0.7
0.2
0.2
0.3
0.3
0.2
0.4
0.2
0.4
0.6
0.1
0.5
0.7
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
Source: Company, MOSL

3. 1 August 2014 3
DLF
Core FCFE negative INR7.7b; net debt up INR5.3b QoQ
 Sustained weakness in presales and lack of fresh launch has resulted in
deterioration in core operating cash flow. We calculate core FCFE negative at
INR7.7b (post-dividend) v/s negative INR13.1b in 4Q (-INR25b in FY14).
 DLF received ~INR2.4b of divestment proceeds in 1QFY15, leading to net rise in
net debt by INR5.3b to INR200b (0.7x), unadjusted for JV partners’ stakes.
Trend in divestments (INR b)
Source: Company, MOSL
Trend in net debt
131
136
145
162
198
208
220
226
227
237
237
236
235
240
221
227
214
208
211
195
200
199
200
0.6
0.6
0.6
0.5
0.8
0.8
0.9
0.9
0.9
0.9
0.9
0.92
0.91
0.92
0.84
0.88
0.77
0.74
0.76
0.70
0.71
0.72
0.67
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
FY15E
FY16E
Net debt (INR b) Net DER (x)
Source: Company, MOSL
FCFE remains negative, increasing the gearing once again (INR b)
-3.7 -5.6 -3.6 -5.8 -7.9
0.3
-5.9
-13.1
-7.7
3.7 5.6
22.3
0.0
20.7
6.6
2.5
29.5
2.40.0 0.0
18.7
-5.8
12.8
6.8
-3.4
16.3
-5.3
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15
Core FCFE Divestments Net debt reduction
Source: Company, MOSL
Valuation and views: Play on improvement in operating leverage
 Management has been portraying a cautious outlook over near-term with
expectation of operational normalcy over next 18 months. It believes
governments budgetary steps to benefits the real estate sector in broader way,
albeit the impact is likely to percolate gradually.
 On the back of adversity in NCR market and DLF’s strategy to go slow on fresh
launches (to focus more on selling mature inventories), we expect no major
uptick in operational cash flows in FY15 (over FY14).
 However with concerns on gearing subsiding coupled with improving macro
outlook and various positive developments in policy front (REIT, CMBS, possible
rate cut), we believe the stock to be biggest beneficiary on leverage play.
 We will revisit our estimates post further clarity from management. The stock
trades at 1.2x FY16 BV and 33.7x FY16 EPS. Asset based valuation keeps us Buy
on the stock with target price of INR252, albeit (a) delay in revival of operations,
and (b) unfavorable verdicts on CCI penalty, tax litigations etc remain overhangs.

4. 1 August 2014 4
DLF
DLF: an investment profile
Company description
DLF, one of the largest and most respected real estate
companies in India, has developed many well known
urban colonies in Gurgaon, Delhi including South
Extension, Greater Kailash, Kailash Colony and Hauz
Khas. Since inception, DLF has developed ~230msf,
including 22 urban colonies and an integrated 3,000-
acre township in Gurgaon, called DLF City.
Key investment arguments
 DLF is a major beneficiary of recent policy reforms
and favorable macro trends.
 Expect meaningful improvement in operating cash
deficit (break-even by FY14) on the back of (1)
realigning core operations to premium business
mix, (2) focus on margin protection, and (3)
execution ramp-up.
 Success in large divestments implies higher
potential to de-leverage, making DLF a strong play
on rate downcycle.
Key investment risks
 Monetization of high super luxury projects in
Gurgaon at desired pace.
 Negative development on ITA claims, CCI penalty
and subdued incremental leasing at commercial
vertical.
Recent developments
 Placed India's first Commercial Mortgage Backed
Security (CMBS) issuance of INR5.25b, with a
coupon rate of 10.90% p.a. and legal Maturity of
7.5 years, against DLF Emporio mall (0.3msf) in
New Delhi.
Valuation and view
 On the back of adversity in NCR market and DLF’s
strategy to go slow on fresh launches (to focus
more on selling mature inventories), we expect no
major uptick in operational cash flows in FY15 (over
FY14).
 However with concerns on gearing subsiding
coupled with improving macro outlook and various
positive developments in policy front (REIT, CMBS,
possible rate cut), we believe the stock to be
biggest beneficiary on leverage play.
 We will revisit our estimates post further clarity
from management. The stock trades at 1.2x FY16 BV
and 33.7x FY16 EPS. Asset based valuation keeps us
Buy on the stock with target price of INR252, albeit
(a) delay in revival of operations, and (b)
unfavorable verdicts on CCI penalty, tax litigations
etc remain overhangs.
.
Comparative valuations
DLF Prestige Oberoi
P/E (x) FY15E 48.8 21.1 20.3
FY16E 33.7 14.7 9.7
P/BV (x) FY15E 1.2 2.5 1.4
FY16E 1.2 2.2 1.3
EV/Sales (x) FY15E 6.2 3.6 7.6
FY16E 5.9 3.0 3.6
EV/EBITDA (x) FY15E 17.7 12.5 13.9
FY16E 16.0 9.5 6.0
EPS: MOSL forecast v/s consensus (INR)
MOSL
Forecast
Consensus
Forecast
Variation
(%)
FY15 4.1 5.4 -24.4
FY16 5.9 8.0 -26.4
Target price and recommendation
Current
Price (INR)
Target
Price (INR)
Upside
(%)
Reco
198 252 27.3 Buy
Shareholding pattern (%)
Jun-14 Mar-14 Jun-13
Promoter 74.9 74.9 75.0
DII 0.5 0.4 0.5
FII 19.9 19.9 19.7
Others 4.7 4.8 4.8
Notes: FII includes depository receipts
Stock performance (1-year)

5. 1 August 2014 5
DLF
Financials and valuation
Income statement (INR Million)
Y/E March 2014 2015E 2016E 2017E
Net Sales 82,980 87,309 92,027 107,645
Change (%) 6.8 5.2 5.4 17.0
EBITDA 24,852 29,445 71,922 87,137
EBITDA Margin (%) 29.9 33.7 78.2 80.9
Depreciation 6,629 6,075 6,599 6,731
EBIT 18,223 23,371 65,323 80,407
Interest 24,633 22,104 21,159 20,604
Other Income 14,916 7,000 8,000 8,000
Extraordinary items 0 0 0 0
PBT 8,506 8,266 52,164 67,803
Tax -836 2,367 3,978 7,344
Tax Rate (%) -9.8 28.6 7.6 10.8
Reported PAT 9,342 5,900 48,186 60,459
Adjusted PAT 6,462 7,241 10,471 18,222
Change (%) -9.2 12.1 44.6 74.0
Min. Int. & Assoc. Share 418 141 241 242
Adj Cons PAT 6,462 7,241 10,471 18,222
Balance sheet (INR Million)
Y/E March 2014 2015E 2016E 2017E
Share Capital 3,559 3,559 3,559 3,559
Reserves 270,386 273,462 279,769 293,933
Net Worth 291,939 295,016 301,322 315,486
Debt 223,340 216,550 215,260 213,983
Deferred Tax -10,178 0 0 0
Total Capital Employed 517,302 513,589 518,605 531,492
Gross Fixed Assets 193,955 197,955 201,955 205,955
Less: Acc Depreciation 38,319 44,393 50,992 57,723
Net Fixed Assets 155,636 153,561 150,963 148,232
Capital WIP 80,943 86,943 92,943 96,943
Investments 8,912 8,912 8,912 8,912
Current Assets 377,801 382,678 388,867 422,771
Inventory 184,886 193,754 197,921 207,621
Debtors 16,123 17,223 18,153 20,939
Cash & Bank 24,420 13,827 11,431 18,735
Loans & Adv, Others 152,371 157,874 161,362 175,475
Curr Liabs & Provns 127,722 140,651 145,226 167,513
Curr. Liabilities 121,904 133,954 138,671 160,730
Provisions 5,818 6,698 6,555 6,783
Net Current Assets 250,079 242,026 243,641 255,258
Total Assets 517,302 513,589 518,605 531,492
E: MOSL Estimates
Ratios
Y/E March 2014 2015E 2016E 2017E
Basic (INR)
EPS 3.6 4.1 5.9 10.2
Cash EPS 7.4 7.5 9.6 14.0
Book Value 164.0 165.8 169.3 177.3
DPS 2.0 2.0 2.0 2.0
Payout (incl. Div. Tax.) 64.4 57.5 39.8 22.3
Valuation(x)
P/E 54.6 48.8 33.7 19.4
Cash P/E 27.0 26.5 20.7 14.2
Price / Book Value 1.2 1.2 1.2 1.1
EV/Sales 6.8 6.5 6.2 5.2
EV/EBITDA 22.8 19.3 7.9 6.5
Dividend Yield (%) 1.0 1.0 1.0 1.0
Profitability Ratios (%)
RoE 3.3 2.0 16.2 19.6
RoCE 3.5 4.5 12.7 15.3
Turnover Ratios (%)
Asset Turnover (x) 0.2 0.2 0.2 0.2
Debtors (No. of Days) 70.9 72.0 72.0 71.0
Inventory (No. of Days) 813.2 810.0 785.0 704.0
Creditors (No. of Days) 0.0 0.0 0.0 0.0
Leverage Ratios (%)
Net Debt/Equity (x) 0.8 0.7 0.7 0.7
Cash flow statement (INR Million)
Y/E March 2014 2015E 2016E 2017E
OP/(Loss) before Tax 5,207 9,466 14,208 25,323
Depreciation 6,629 6,075 6,599 6,731
Others 0 0 0 0
Interest 24,633 22,104 21,159 20,604
Direct Taxes Paid -836 2,367 3,978 7,344
(Inc)/Dec in Wkg Cap -13,520 -2,541 -4,011 -4,313
CF from Op. Activity 22,245 32,879 34,217 41,242
(Inc)/Dec in FA & CWIP 18,414 -10,414 -10,000 -8,000
(Pur)/Sale of Invt 4,425 0 0 0
Others 0 0 0 0
CF from Inv. Activity 22,839 -10,414 -10,000 -8,000
Inc/(Dec) in Net Worth 14,363 0 0 0
Inc / (Dec) in Debt -24,673 -6,790 -1,290 -1,277
Interest Paid 24,633 22,104 21,159 20,604
Divd Paid (incl Tax) 4,165 4,165 4,165 4,058
CF from Fin. Activity -39,107 -33,059 -26,613 -25,939
Inc/(Dec) in Cash 5,977 -10,594 -2,396 7,304
Add: Opening Balance 18,443 24,420 13,827 11,431
Closing Balance 24,420 13,826 11,431 18,735

6. 1 August 2014 6
DLF
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Analyst ownership of the stock DLF
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