We maintain BUY with an increased SOTP valuation of Rs 331/sh. KNR delivered Rev/EBIDTA/PAT beat of 3/18/9%. We continue to believe that KNR will deliver YoY muted growth revenue, guidance beat. 1HFY19 already achieved 50% revenue and with stronger 2HFY18 we are building in 5.6% revenue growth. 2QFY19 EBIDTA margin stood at 20%, we estimate sustainable margins to be around 16-17% and have upgraded our FY19/20E APAT by 21/10% to reflect the same.