Maintain BUY with an increased NAV of Rs 572/share Sobha Developers (SDL) 2QFY18 net profit came in at Rs 503mn. Adjusted for MAT credit of Rs 103mn, PAT is Rs 400mn, in-line with our estimate of Rs 432mn. SDL recorded 0.86mn sq ft of pre-sales for 2QFY18, with pre-sales value at Rs 7.8bn (SDL share Rs 5.9bn). Cost of funds reduced to 9.88% QoQ.