We maintain NEU, increase NAV-based TP to Rs 253/sh (vs Rs 195/sh earlier) Aided by the revenue mix tilting towards high-margin projects, Kolte Patil Developers Ltd (KPDL) delivered strong EBIDTA margin of 31.2%(+593bps YoY). This led to 53.2% APAT. KPDLs pre-sales rebounded 44% QoQ to 0.59mn sqft, in-line with the last 12 quarters average run-rate of 0.58mn sqft. We have excluded the Wakad land sale consideration of Rs 1.6bn from revenue and costs. KPDL received Rs 0.4bn and the balance Rs 1.2bn was used for the repayment of structured loans availed for the Wakad land purchase. Hence, no meaningful debt reduction is reflected in the BS.