Yet another quarter, KNRC surprises us. Dry spells in Tamil Nadu monsoons helps faster execution. Further, with green-shoots for residual tranche land acquisition problems, KNRC, one of the few clean E&C; players, is set to reap all benefit. Despite a strong visibility in order book of Rs46 bn, translating into a stellar book-bill of 3.5x FY17E revenues, we moderated our forecasts. We fear...