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Dolat Capital Report
KNR Construction Ltd. posted revenue in line, however, Ebitda margins and profit after tax were above estimates.
The company posted 3.2%, 4.8% and -16.6% YoY growth in revenue, Ebitda and adjusted profit after tax to Rs 4.8 billion, Rs 943 million and Rs 398 million in Q1 FY21.
We broadly maintain our revenue estimates, however, we increase our Ebitda margin estimates by 48 basis points for FY21E and 50 basis points for FY22E factoring in Q1 FY21 results.
We have sizably lowered our depreciation estimates and increased our tax rate and accordingly increased our profit after tax estimates by 10.9% and 10.4% for FY21E and FY22E.
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