ICRA reaffirms rating of DLF Home Developers Ltd

ICRA Limited ('ICRA') has re-affirmed its rating as [ICRA]A1+ for Commercial Papers and has assigned rating of [ICRA]AA with Stable outlook for NonConvertible Debentures w.r.t DLF Home Developers Limited, a wholly-owned material subsidiary of DLF Ltd.

The brief rationale for the credit rating is as below:

The rating action has factored in the Group's healthy improvement in collections in FY2024, driven by the strong response to new launches and healthy construction progress in the ongoing projects. The Group's consolidated gross debt is estimated to increase in March 2024 for expansion purpose.

The ratings derive comfort from DLF's strong market position and established brand, particularly in the National Capital Region (NCR) and exceptional financial flexibility. The ratings consider the Group's low cost and fully paid-up land bank, which provides strong visibility of launches with healthy profitability.

Shares of DLF Limited was last trading in BSE at Rs. 915.90 as compared to the previous close of Rs. 903.10. The total number of shares traded during the day was 127533 in over 4686 trades.

The stock hit an intraday high of Rs. 918.05 and intraday low of 903.30. The net turnover during the day was Rs. 116524964.00.

Source : Equity Bulls

Keywords

DLF INE271C01023 Realty DLFHomeDevelopers NCDs RatingUpdate