We maintain BUY with a TP of Rs 552/sh. After an impressive 1QFY19, ORL posted strong growth in certain pockets (Borivali /Worli) leading to 0.2mnsqft of sales vs (0.3mnsqft QoQ). Revenue came in at Rs 5.9bn in 2QFY19 (lower by Rs 1.1bn due to IND AS 115). During 2QFY19 Eternia project reached the profit recognition threshold while Enigma is pending. APAT came in at Rs 2.1bn in 2QFY19 (lower by Rs 78.6mn due to IND AS 115).