Adjusted for exceptional, KNRC maintains good spell: KNR beats our expectations. The top four projects continue to deliver: Madurai-Ramanathpuram Section of NH-49; Thiruvananthapuram Bypass; Pollachi-Coimbatore; and Upgrading Arcot-Villupuram Road continues to surprises us. We estimated Revenue/EBITDA/Net Profit at Rs3.7bn/Rs535 mn/Rs361 mn. As against, company reported Rs3.8bn/Rs577mn/Rs307, excluding Rs108mn in exceptional item. True, EBITDA margins has lowered by 600 plus basis point to 15.1%. Working Capital days, however, is at six year low: 38. With arbitration institutionalized, we think this could be the trend forward. The pace of execution is happening even with the current ongoing uncertainty in Tamil Nadu. Further, with lowered interest outgo, jump in net profit was...