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Dolat Capital Report
KNR Construction Ltd. posted revenue in-line however, Ebitda margins and adjusted profit after tax above estimates.
KNR Construction posted 11.7%/ 17.5%/ 2.3% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 7.7 billion/ Rs 1.6 billion/ Rs 794 million in Q3 FY22.
We maintain revenue estimates for FY22E but increase Ebitda/adjusted profit after tax estimates by 6.6%/ 8.9%, considering higher Ebitda margin of nine months-FY22.
We broadly maintain our estimates for FY23E and FY24E. Execution on most of the projects progressing smoothly.
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