Maintain BUY with NAV- based TP of Rs 279/sh. DLFs reported 4QFY18 APAT of Rs 0.5bn (after adjusting for exceptional fair valuation and merger related items). DLF has achieved net pre-sales of Rs ~10/7.5bn in FY18/4QFY18 (sluggish offtake as RERA implementation resulted in sale freeze till Nov 17). Adjusted for valuation gains on DCCDL stake sale, DLF posted net loss of Rs 2.4bn in FY18.