We maintain BUY with a NAV based TP of 314/sh. Due to IND AS 115, 2QFY19 revenue of Rs 2.1bn is lower by Rs 419.8mn (higher by Rs 693.6bn for 1HFY19). Revenue de-grew 7% YoY after adjustment for Wakad land sale and came in at 31% below estimate. High share of MIG/ Township (32/55%) bought down realizations to Rs 5,223/sqft.