KNR Constructions (KNRC) reported an impressive performance as top-line grew by ~25% yoy to ~Rs2.1bn (above our estimate of Rs1.7bn) mainly on account of healthy execution and revenue flow from new bagged projects. Operating profit surged by ~16% yoy to Rs349mn. EBITDA margin stood strong at ~16.4% as KNRC has hardly compromised on operating margins while bidding for any new projects. Further, strong operating profit and low tax expenditures led reported net profit to grow 3 times on yearly comparison to Rs554mn. We continue to maintain our positive stance on KNRC mainly on account of its healthy and quality order...