We Maintain BUY with NAV- based TP of Rs 264/sh. DLF posted Revenue/PAT of Rs 22.2/3.4bn (Rs 13.5/2.9bn higher on IND AS 115). Profits from Associates (incl. DCCDL) dipped 7% QoQ to Rs 2.2bn. DLF has achieved net presales of Rs 5.6bn (vs gross presales of Rs 8.0bn) with 9MFY19 net presales now at Rs 17.9bn (vs. management guidance of ~Rs 22.5bn for full year FY19E).