We maintain NEU with a NAV-based TP of Rs 316/sh. Prestige Estates Projects Ltd. (PEPL) delivered inline 3QFY18 performance with revenues/EBIDTA/PAT coming in 8.1/1.7/4.2% ahead of our estimate. Despite no new project launch, PEPL reported gross pre-sales of 1.0mn sq ft/Rs 6.7bn in value (realisation of Rs 6,869/sq ft). Gross Volume/value declined 15.5/16.4% QoQ respectively.