KNR delivered strong 4Q/FY19 financial performance beating its own guidance of FY19 muted Revenue growth. Owing to delay in ADs, we have cut our FY20E Revenue/EBIDTA/APAT estimates by 8/8/14%. For FY21E we have cut Revenue estimate by 3.5%, but due to an increase in EBIDTA margin estimate and lower depreciation, our EPS has gone up by 9.6%. Kerala/Muzaffarpur BOT collection per day stood at Rs 1.8/2.4mn vs. Rs 1.6/2mn QOQ. We maintain BUY. Key risks (1) Slowdown in government ordering (2) Higher crude and cement prices (3) Increase in interest rates and (4) Tightening liquidity in the financial sector. We maintain BUY on KNR with an increased SOTP-based TP of Rs 363 (valuing core EPC business 18x FY21EPS at Rs 303/sh, Subsidiaries Rs 60/sh). KNR delivered strong Revenue/EBIDTA/APAT beat of 30/36/55%.