KNRC delivered a stellar 4QFY17 net profit beat, 32.3% ahead of our estimates. This was achieved despite a loss of Rs 30mn from JV, and other income reversal of Rs 110mn. The B/S is healthy, with standalone net debt at Rs 1.21bn (net D/E at 0.13x, -0.01x adjusting for promoters? loan of Rs 1.2bn).