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Anand Rathi Report
Excepting new orders, KNR Construction Ltd.'s FY22 performance checks all boxes: good project execution, consistent operating profitability, sturdy balance sheet.
The missed orders was due to unwillingness to compromise on margins/returns profile (in a keenly contested FY22) only to increase assurance.
It hopes to add enough in FY23 to keep growth going. With progress at irrigation orders likely to follow payment cycles (discomfiting state finances), KNR Construction forecasts modest FY23 revenue growth, and cautious margin guidance takes into account inflation.
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