Prestige Estates Projects Ltd. (PEPL) delivered 2QFY17 Revenue, EBIDTA & Net Profit, 10.6/6.2/15.6% ahead of our estimate. Prestige Falcon City (26.6% of revenue) and Lakeside Habitat (10.2% of revenue) were key revenue drivers. The impact of demonetization would reflect in 2HFY17E. Accordingly, we have re-calibrated our pre-sales and FY17-18E EPS estimate 19-31% lower.