KPDL has shown resilience in face of sectoral headwinds. Subvention schemes are about Rs 800mn in value and not material. Launch pipeline in Pune looks strong, Mumbai projects are closing in on approvals, debt repayment is playing out and stake consolidation is adding to cashflows. KPDL is in sweet spot with near dominance in Pune market and strong project pipeline in Mumbai. We remain constructive and maintain BUY. Key Risks: (1) Aggressive competition, (2) High interest rates and (3) Debt bloat up. KPDL financial performance under POCM was below our estimates. Despite this strong pre-sales, robust collections and debt reduction are key positives. We maintain BUY with SOTP based TP of Rs 311/sh.