In Q3FY18, DLF reported a revenue of Rs1,694cr (down 17.7% YoY, up 6.7% QoQ). EBITDA margin fell 510bps YoY to 41.4%. Aided by an exceptional gain of Rs8,569cr the company managed to report a PAT of RsRs4,091cr in Q3FY18. DLF opened sales across projects from Nov 2017 post RERA compliance, which may result in improved pre-sales traction on Rs150bn of inventory. DLF's promoters had infused fund worth Rs90bn via subscription to CCDs and Warrants of DLF Ltd. Till date Rs 71bn of loans have been repaid post the fund infusion. The management expects Devco to become debt free by FY19 end. We expect DLF's revenue to be de-grow over FY17-20E due to weak residential segment in NCR region. However, debt reduction and higher inventory worth Rs150bn are near term positive for the company....