J. Kumar Infraprojects (JKIL) has reported soft performance in 1QFY20 with revenue growing by 8% YoY to Rs6.7bn lower than our estimate of Rs7.4bn, mainly due to labour shortage in its key projects on the backdrop of general elections. EBITDA grew by 11% YoY (-17% QoQ) to Rs1.11bn vs. our estimate of Rs1.14bn, while EBITDA margin stood at 16.7% (+51bps YoY and +15bps QoQ). Net profit marginally grew by 2% YoY to Rs409mn below our estimate of Rs443mn. Order Book as on 30th June 2019 stood at Rs96bn (3.4x FY19 revenue). JKIL added a single project worth Rs15.4bn in Aug'19 and thereby taking total order backlog to Rs112bn as on date. Whilst the SEBI issue continues to be a overhang on the stock performance, it has neither impacted...