23 October 2018 OBERs sales volumes grew 38% YoY to 2,38,634 sq. ft. while sales value increased 61% YoY to INR5.7b in 2QFY19. Overall collections jumped over 300% YoY to INR5.6b. We expect OBER to deliver revenue/EBITDA/PAT growth of 62%/52%/44% in 2HFY19. Commerz II is expected to achieve ~97% occupancy over the next two quarters, as against 63% in 2QFY19. The company has maintained the rental agreement rates at Commerce II in a move to retain quality tenants and tie-up sales. Oberoi Mall average rentals, however, increased by 6% from INR220 per sq. per month in 1QFY19 to INR233 in 2QFY19. Separately, Commerz III construction is expected to commence soon. (a) Exquisite phase III and Sky City Tower 5 will be launched as scheduled this year.