Sobha Developers (SDL) 4QFY17 net profit came in 30.6% ahead of estimates. This was led by contracting business, with 37% revenue contribution vs avg ~30% historically and two new projects hitting revenue threshold, adding Rs 630mn in realty segment. Net debt stood at Rs 20.7bn (0.78x net D/E), and with land/commercial assets? capex likely to remain low, debt may stabilise at current levels.