We maintain SELL on KPDL with NAV based TP to Rs 312/sh. Kolte Patil Developers Ltd. (KPDL) delivered strong 3QFY18 revenue growth of 17.8% YoY, lead by year end sales promotions in key projects viz. Life Republic, Ivy Estate, Western Avenue & Downtown. KPDL has achieved 0.6mn sqft of pre-sales during 3QFY18 and guided for sustaining the pre-sales momentum in Q4FY18E.