Robust Q4 beat HAM projects to spur growth KNR Constructions' (KNRC) Q4FY19 revenue growth remained robust at 15% YoY led by faster execution of a HAM project. EBITDA margins held strong at 20.1% on the back of high-margin irrigation projects. Order backlog expanded 2.6x QoQ to Rs 40.2bn (1.9x FY19 revenue) led by the award of appointed dates (AD). Gross toll collection at Muzaffarpur/Walayar BOT projects rose to Rs 2.4mn/Rs 1.8mn per day. We raise earnings estimates and...