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Change Change %
2.55 0.78%

Updated:19 Apr, 2018, 15:51 PM IST

Change Change %
1.85 0.57%

Updated:19 Apr, 2018, 16:00 PM IST

Research Report Detail

Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
HDFC Securities
17-08-2017 Hold 220.40 228.00
Target Hit Long (1Y)

HDFC Securities downgrades KNR Construction to neutral

KNRC delivered Revenue/EBIDTA beat 21.8/20.1% led by strong order book execution. Despite robust headline numbers, higher depreciation and lower adjusted other income/higher claims award/MAT credit led to 5.7% APAT beat. The B/S is healthy, with standalone net debt at Rs 1.1bn (net D/E at 0.1x, -0.01x adjusting for promoters' loan of Rs 1.2bn). Order intake remains muted with no new orders during 1QFY18. KNRC has submitted bids for Telangana irrigation orders and is evaluating upcoming HAM projects. Whilst NHAI has slowed new awards during 1QFY18 on account of GST/land acquisition issues, bidding is expected to pick up from 2HFY18E. KNRC has maintained Rs 20-25bn of new order inflows during FY18E. Debtor's days remain the best in the industry at 35 days. With recent price outperformance we downgrade KNRC to NEUTRAL from BUY. Maintain SOTP of Rs 228/sh.

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