KNR Constructions Q4 Review - Robust Quarter, Fair Valuation: Dolat Capital
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Dolat Capital Report
KNR Constructions Ltd. posted revenue and adjusted profit after tax above estimates however, Ebitda margin was broadly inline.
The company posted 38.5%/24.0%/43.3% YoY growth in revenue/Ebitda/adjusted profit to Rs 9.4 billion/Rs 1.8 billion/Rs 963 million in Q4 FY21.
We broadly maintain our revenue and Ebitda margin estimates for FY22E/ FY23E factoring FY21 results.
However, we upgrade our adjusted profit after estimates by 10.0%/6.2% for FY22E/FY23E factoring lower depreciation and interest cost.
The company is currently working with 60-65% efficiency and expects it to improve once Covid-19 situation stabilises.
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