ORL witnessed a disappointing quarter with regards to presales with the Mulund projects continuing to be a pain point. However, the company expects the sales to improve in the Worli project during 2HFY20 with the company applying for an OC certificate which is expected to be received by 4QFY20/1QFY21. We believe ORL may have to offer discount schemes for its Mulund projects depending on the response in the coming quarters. Subvention scheme is here to stay as the banks continue to selectively provide this facility for projects with credible developers. ORL will continue to incur large capex over the next 2-3 years with simultaneous under-construction activity for its annuity portfolio with Worli mix development, Commerz-III, Worli and Borivali Malls all expected to become operational around FY21-23 which will put further pressure on the stock price and limit de-rating. We maintain NEU. ORL reported Rev/EBIDTA/APAT miss of 22/22/32%. We maintain NEU with a reduced SOTP-based TP of Rs 510/sh (vs Rs 525/sh earlier). We have not made any changes to our FY20/FY21E estimates.