KNR Construction (KNRC) continued its steady performance with revenue growth of 39% YoY, surpassing our expectations by 19%. The company ended FY21 with revenue growth of 22% (despite the lockdowns). The order book (OB) was strong at INR71.2b, and including L1 orders worth INR43b, the OB-to-revenue ratio stood at 4.2x. The pending receivables from the Telangana government now stand at INR5b (including unbilled revenue), with some amount of delay attributable to the ongoing pandemic. Gross debt was negligible at INR7m at the end of...