Due to limited upside we maintain NEU with a NAV based TP of 315/sh. Kolte Patil Developers Ltd. (KPDL) had to adjust Rs 2.2bn (net) in retained earnings on transition to IND AS 115. 1QFY19 Revenue came in at Rs 3.9bn (+43.3 YoY, +78.9% QoQ). Due to IND AS 115, revenue is higher by Rs 1.1bn. Pre-Sales were majorly driven by Stargaze, Ivy Estate, Life Republic, Downtown and Bengaluru projects.