We maintain NEU with a NAV-based TP of Rs 281/sh. Prestige Estates Projects Ltd. (PEPL) delivered 2QFY18 net profit beat of 13.3%. This was on account of lower minority share, depreciation and taxes. Despite no new launches, PEPL reported robust gross pre-sales of 1.16mn sq ft/Rs 8bn in value (realisation of Rs 6,934/sq ft). Volume/value improved 26.1/35% QoQ respectively.