We maintain BUY with a NAV based TP of Rs 314/sh. Adjusting for IND AS 115 effects (Revenue/APAT is lower by Rs 2.1/0.5bn vs. POCM), 3QFY19 Revenue/EBITDA/ PAT beat/(miss) stood (19.3)/5.2/(31.5)% vs. our est. High share of affordable Ivy Estate (38% vs 16/14% YoY/QoQ) and Life Republic (~25% share in volume) brought down pre-sales realization to Rs 5,196/sqft.