Motilal Oswal Recommends DLF: 65% Upside, Target ₹974

• Motilal Oswal Financial Services has given a 'BUY' rating to DLF Limited, projecting a 65% upside with a target price of ₹974 per share.
• DLF's Q3 bookings were ₹400 crore, down significantly due to a temporary halt in 'The Dahlia' project sales for design changes.
• Despite booking challenges, DLF's collections surged by 52% YoY and 78% QoQ to ₹4,800 crore, exceeding brokerage estimates.
• The company achieved zero gross debt, with net cash reaching ₹11,660 crore in Q3, up from ₹7,720 crore.
• DLF management aims to meet its annual pre-sales guidance of ₹20,000-₹22,000 crore, with 55-60% of 'The Dahlia' already booked pre-launch.

Why It Matters: Motilal Oswal sees significant upside for DLF despite Q3 booking dip, citing strong collections and debt reduction.