Oberoi Realty (ORL) came out with weak set of numbers which were below our estimates. Q1FY20 results also look weak due to high base of last year, though on QoQ basis numbers were mostly flat. Revenue for the quarter fell 32.1% YoY to Rs 6033 mn against our estimate of Rs 6833 mn, EBITDA fell 49.1% YoY to Rs 2352 mn, below our estimate of Rs 2870 mn, while PAT declined 50.9% YoY to Rs 1521 mn, below our estimate of Rs 2187 mn. EBITDA margin stood at 39% against our estimate of 42%, a decline of 1300bps YoY mainly due to subdued margin of residential segment as...