KNR Constructions Ltd. received Rs 317.69 crore as part of an agreement made with the National Highways Authority of India or NHAI on Sept. 30, 2024.
The payment is part of the agreement signed between the company's special purpose vehicle — KNR Muzaffarpur Barauni Tollway Pvt. Ltd. and NHAI, according to an exchange filing on Thursday.
The total amount garnered includes Rs 175.83 crore owed to the infrastructure company and an interest of Rs 141.86 crore.
Additionally, the SPV paid all its outstanding debts to its lenders followed by the closure of the project, the filings said. Also, NHAI will take over the toll collections of Muzaffarpur Barauni toll project from Nov. 1 2024.
KNR Construction reported a 25% rise in the net profit in the first quarter of the financial year ending March 2025. The construction firm posted a profit of Rs 166 crore for the quarter ended June, compared to Rs 133 crore in the same quarter of the previous fiscal.
Revenue increased 0.4% year-on-year to Rs 985 crore as compared to Rs 981 crore in the same period of financial year 2024.
Shares of KNR Construction closed 1.43% lower at Rs 805.70 apiece, compared to a 2.12% fall in the benchmark NSE Nifty.
The stock has risen 17.77% in the last 12 months and 30.01% year-to-date. The relative strength index was 46.13
Out of 19 analysts tracking the company, seven maintain a 'buy', seven suggest a 'hold' and five recommend a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 1.0%.
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