Correct option is D
Given: 7D, 15H, 23L, ?

Logic: Number is increasing + 8 and letter is increasing + 4place.
For, number
7 + 8 = 15, 15 + 8 = 23, 23 + 8 = 31
For, letter
D + 4 = H, H + 4 = L, L + 4 = P
So, the missing term is 31P.
Thus, correct option is (d).