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KNRC reported strong revenues in line with our estimates owing to pick up in execution in HAM and irrigation projects resulting into healthy margins for 4QFY22 at 20.6%.
Tendering pipeline continues to remain strong with NHAI and management expects order inflows of Rs 40‐50bn in FY23E. Despite these headwinds, the company continues to maintain strong liquidity position with Rs 2.2bn net cash position.
Going forward, management observes delay in receiving payments for irrigation projects (Rs 5.6bn due as on Mar '22) primarily from State Authorities as funds are being diverted towards welfare services. On the back of this development, management has guided for 10% revenue growth for FY23E.
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