Maintain NEUTRAL with a TP of Rs 487/sh. ORLs reported marginal beat with net profit coming in 6.5% above our estimates. Management commentary was bit muted and guarded on real estate outlook. This is also reflected in development portfolio witnessing muted sales in Goregaon and Mulund. Sluggish pre-sales has also resulted in postponement of revenue recognition in key projects Worli, Mulund and Borivali to FY19E.