SDL has ~16.2mn sqft of unsold area in ongoing projects and expects to add 10.5mn sqft from new projects in the pipeline, over the coming quarters. Whilst SDL has only 0.22 mnsqft of unsold completed inventory worth Rs 1.2bn we remain cautious on land bank addition of Rs 1.8bn during 1HFY20 (given SDL already has a high unsold under construction inventory, 4yrs). Net D/E is expected to reduce to 1.1x by FY20E as the collections from two projects where issue of delay in registration was resolved is expected to see improved collections coupled with 2mn sqft of planned launches in 2HFY20. The contracting business is seeing good growth with an order book of Rs 21.7bn. We maintain BUY. Key risks: (1) Weak order inflow in the contracting business, (2) Dip in collection momentum and (3) Aggressive incremental land bank addition. Sobha delivered a Rev/EBITDA/PAT miss of 34/30/31% respectively on the back of 49% QoQ revenue dip in the Real Estate segment with Contracts and Manufacturing segment holding steady. We maintain BUY with a reduced TP of Rs 647/sh.