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Motilal Oswal Report
KNR Construction Ltd. continued its robust performance with revenue growth of 26% YoY, surpassing our expectations by 8%.
The order book was strong at Rs 116 billion (including recently won projects), with the order book/revenue ratio at 3.7 times.
Total pending receivables from Irrigation stood at Rs 7 billion, which the management expects to recover by end-FY22.
KNR Construction is debt-free at the standalone level. The credit rating for long-term facilities was recently upgraded from IND AA- to IND AA, with a stable outlook.
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