KNR construction LTD (KNRC) revenue was better than estimate and company reported revenue growth of 3% YoY in Q1FY21. This was driven by improved execution and lower base of last year. KNRC has achieved an execution efficiency of 70% for irrigation projects, 60% for highways. Labour availability at the site stands at 55-60% and is expected to improve to 80-85% post monsoon. However, NWC (net-working capital) in Q1, has increased by 13 days QoQ due to delay in payment from State government. KNRC has guided to match its FY20 execution (revenue) in FY21. Post the result; we have increased our EPS for FY21E/22E by 12/15%. We have modeled flat revenue growth in FY21E and 22%...