Anand Rathi's research report on KNR Construction
On healthy recoveries from Telangana irrigation orders and as the monetisation of three hybrid annuities was consummated in entirety, KNR regained its net-cash status. Irrigation receipts mean execution stabilises at such orders, and the recent appointment of Chittor-Thatchur mean the project is set to start contributing. These augur well, but order additions remain an area of concern, and need to be addressed at the earliest. A general trend of year-end surge in awarding, and openness to explore new segments could work to KNR’s benefit, but it is not willing to compromise on margins. Though near-term challenges persist, KNR has its priorities right.
Outlook
We retain our Buy rating, with a slightly lower TP of Rs322 (from Rs328 earlier).
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