View: Spike in execution in H2FY20E, maintain Buy KNR's revenue is down 16.5% YoY to 4.6 bn in Q1FY20 (33.5% below estimates), due to delay in receiving appointed date for HAM projects coupled with 400-500 mn worth of execution not billed in Q1FY20. The EBITDA margin fell 37 bps YoY to 19.4% (287 bps above estimates), due to higher construction and employee cost which was partially offset by lower other expense. EBITDA margins are on the higher side led by lower sub contraction cost and various irrigation projects are on the verge of...