ORL shrugged off the demonetisation effect in 4QFY17, with net profit beating est (49.9% ahead of estimates). Pre-sales grew 26.3% QoQ to ~0.14mn sq ft, and Rs 3.5bn in value terms ( 27.9% QoQ). Sales traction improved in Goregaon, Mulund and Worli. Organised players like ORL are expected to benefit from the implementation of RERA. We model pre-sales pickup from 2HFY18E, as new launches pan out.