ORL delivered stellar 2QFY17 performance, net profit 6.5% ahead of our estimates. 2QFY17 Pre-sales of ~0.18mn sqft was driven by Worli project (Three Sixty West) which clocked 68,288sqft in presale and Rs 3bn in pre-sale value. Pre-sale was muted in Exquisite whilst Esquire, Eternia and Skycity saw marginal pickup.