MLD's sales volume de-grew 12.9% YoY to 0.22 msf in Q2FY18 owing to a challenging demand environment. Furthermore, it has inventory of 225 units in completed projects, which it plans to sell completely in FY18E. MLD has a strong pipeline of forthcoming projects of 4.9 msf. However, launches may get delayed as there are approval related issues at several forthcoming projects. For example, Kandivali & Vivante Phase II (height approvals also awaited) in Mumbai is facing dumping ground issue while Palghar project is facing environment clearance issue. Consequently, we...