KNR Construction's (KNRC) sales rose 3.6% yoy to Rs4.5bn in Q3FY19 (our est. Rs4.6bn), mainly due to execution of irrigation and key road projects. EBITDAM at 20% was better than executed mainly due to execution of high margin irrigation projects. KNRC has entered into a SPA with Cube Investments to sell three HAM projects. The deal optically values the investment at about P/B 1.8x; however, factoring in the opportunity...