KNR delivered yet again another robust quarterly performance. Kerala/Muzaffarpur BOT collection per day stood at Rs 1.8/2.2mn vs. Rs 1.9/2.7mn QoQ. KNR is in advance stage of selling Kerala BOT. For 3 HAM projects Rs 1.7bn investment, KNR expects to receive Rs 3.3bn over the next 4yrs. Strong balance sheet, periodic BOT/HAM equity churn and robust execution capability reinforces our positive stance on KNR. We maintain BUY. Key risks (1) Slowdown in government ordering (2) Higher crude and cement prices (3) Increase in interest rates and (4) Further liquidity tightening in the financial sector. We maintain BUY on KNR with SOTP-based TP of Rs 378/sh (valuing core EPC business 18x FY21EPS at Rs 319/sh, Subsidiaries Rs 60/sh). KNR delivered yet another robust quarter with Revenue/EBIDTA/APAT beat of 10/20/35% respectively.