We maintain BUY with SOTP-based TP of Rs 299/sh. Adoption of IND AS 115 had a negative impact on reserves of Rs 4.1bn. Revenue for 1QFY19 came in at Rs 7.0bn. Due to IND AS 115, revenue was higher by Rs 1.2bn. EBIDTA margins increased 293bps YoY to 25.7%. Interest cost increased 3.4% YoY to Rs 628mn. APAT came in at Rs 631mn. During 1QFY19, 2 real estate projects of 0.7mn sqft (BEL 0.6mn sqft share) were launched.