KNR Construction Q2 Results Review - Muted Quarter; Order Inflow Must: Dolat Capital

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.KNR Construction Ltd. posted results above estimates, however Ebitda margin was in line. The company reported +11.1%/ -11.9%/ +0.1% YoY in revenue/ Ebitda/ adjusted profit after tax to Rs 9.4 billion/ Rs 1.7 billion/ Rs 1 billion in Q2 FY24. KNR Constructions' reported Ebitda margin/ core Ebitda margin down by 462 basis points/ 211 bps YoY to 17.7% primarily due to higher spreading and assortment expenses, material cost and other expenses, which was partially offset by lower sub-contract cost and employee cost. We expect revenue/ adjusted profit after tax compound annual growth rate of 6.8%/ 4% over FY23-26E, with Ebitda margin of 18.7%/ 18.2%/ 17.5% for FY24E/ FY25E/ FY26E. We increase EPS by 7.6% for FY24E factoring higher Ebitda margin and lower depreciation. However, maintain EPS for FY25E. We introduce FY26E. Current market price leaves limited upside. Thus, we maintain 'Accumulate' with a SOTP based revised target price of Rs 291 (14 times FY26E EPS and 1.2 times price/book for hybrid annuity model investment)..Click on the attachment to read the full report:.NCC Q2 Results Review - Rocking Performance; Ordering Could Again Surprise: IDBI Capital .DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

KNR Construction Q2 Results Review - Muted Quarter; Order Inflow Must: Dolat Capital

Order book of Rs 81.9 billion at 2.1 times trailing twelve months revenue

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KNR Construction Q2 Results Review - Muted Quarter; Order Inflow Must: Dolat Capital

Order book of Rs 81.9 billion at 2.1 times trailing twelve months revenue

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