KNR Constructions (KNRC) continued to report healthy performance in 4QFY18, led by superior execution and strong margins. Its reported revenue grew by 30% YoY and 44% QoQ to Rs6.2bn, while EBITDA surged by 67% YoY and 23% QoQ to Rs1.2bn. Order inflow from EPC remained muted during FY18 as EPC order intake (barring HAM) stood at Rs5.6bn during the year, taking order backlog to Rs23bn (1.2x FY18 revenue) as of FY18-end. Considering the recently won HAM projects (5 projects with an aggregate value of Rs56bn), KNRC can add Rs39.8bn to its EPC order book out of these HAM projects, which is likely to ensure sustainable growth for standalone business. KNRC expects EPC revenue flow from these HAM projects to start from 3QFY19...