KNR Constructions (KNRC) continued to report an above par performance in 4QFY17 on the back of better-than-expected revenue booking. Its revenue surged by ~65% YoY to Rs4.9bn. A healthy order inflow especially in 1HFY17 and execution ramp-up in new projects led to better revenue booking. Whilst EBITDA rose by strong 82% YoY and 35% QoQ to Rs752mn, EBITDA margins stood at 15.5% (+147bps YoY and +80bps QoQ). Despite other operating loss of Rs30mn, KNRC's reported PAT came in at Rs524mn (vs. our estimate of Rs475mn) owing to better operating performance and negative tax. KNRC which has consistently been beating its own guidance over the years on the back of superior execution skill expects revenue...