KPP beats our estimates. Contrast to our expectations, the revenue was bleak. Yet we are positive on multiple counts: First, KPP maintains the 20-25% growth in revenue guidance. Second, it takes six months to convert order backlog to full-stream revenue. Case-in-point: In the initial phase of EPC contract where design and approval is due, the time-line ostensibly spoils the show. However, that will not be the case in quarters to come by. Faced by labor issues, the revenue from JMC were down. With team building in place, Shree Subham, hopefully, will be back in green. We upgrade our recommendation to HOLD from REDUCE....