With recent price correction we upgrade ORL to BUY from NEU with Rs 598/sh TP. We continue to assign a NAV premium of 30% to capture terminal value. After a muted 4QFY18, ORL had an impressive start to FY19 clocking in 0.3mn sqft in pre-sales and Rs 6.2bn in sales value. Revenue came in at Rs 8.9bn in 1QFY19 (lower by Rs 11.3bn due to IND AS 115). Since ORLs contracts dont have a termination clause, ORL can continue to follow percentage completion method for revenue recognition.