OBER delivered a stellar 3QFY16, with revenue coming 13.5% ahead of estimates. Net profit was subpar and came in 18.9% below expectations. The Esquire project area recognized was at FY11 realization, resulting in project contributing EBIDTA margins of 38% vs. 58% historically for other projects. Excluding Borivali, OBER achieved Rs 2bn of pre-sales vs. Rs 1.1bn during 2QFY16.