We maintain BUY with SOTP based valuation of Rs 337/sh. KNR delivered Revenue/PAT beat of 7.6/3% led by execution of Rs 0.9bn in irrigation projects. EBIDTA margins came in at 20% aided by 20% revenue from high margin irrigation segment. Order book is now Rs 55.2bn with Rs 1.5bn new orders, largely from existing projects increase in scope of work. Bid pipeline remain strong and KNR expects to take Rs 20bn new orders in 4QFY19E, largely driven by 1 HAM (Rs 10bn) and balance from Irrigation, bridges and flyovers.