Change in mix, drags EBITDA margins: Volumes were down 16% YoY (+65% QoQ) to 2,39,968sf in 1QFY20, primarily due to nil sales at the 360 West project (v/s 35,324sf in the year-ago period). Note that 360 West is a superluxury project, and sales are usually lumpy on a quarterly basis in such bigticket items. Overall booking value, thus, declined by 36% YoY to INR4,011m. Excluding the 360 West project, the sales performance was steady, in our view. Leasing revenue grew at a robust 28% to INR933m driven by Commerz II Phase I (+80% YoY) in 1QFY20. Overall revenue declined 32% YoY to INR6,033m (our estimate: INR7,106m) in the quarter. EBITDA margin shrank 1,300bp YoY to 39% (our estimate:...