KNR Constructions (KNRC) has reported a better-than-expected performance as execution ramp up, especially from new projects, along with favourable cost environment led to ~24% yoy growth in EBITDA to Rs436mn marginally ahead of our estimate (Rs417mn). Revenue stood at Rs2.94bn (+15% yoy & +45% qoq) v/s our estimate of Rs2.89bn. EBITDA margin continued to remain healthy ~14.8% (+106bps). Reported PAT grew by 138% yoy to Rs580mn v/s our estimate of Rs260mn mainly owing to Rs58.6mn incremental other income accounted from interest on I-T refunds and Rs156mn for reversal of excess tax paid for prior...