KNR Constructions (KNRC) reported a weak performance as top-line declined by ~26% yoy to ~Rs1.7bn mainly on account of unseasonal rains (led to revenue loss of ~Rs550mn), which we understand will improve in ensuing quarters along with revenue flow from fresh bagged projects. Operating profit declined by ~10% yoy to Rs280mn. However, EBITDA margin remains impressive at ~16% (up 291bps yoy) as KNRC has hardly compromised with operating margins while bidding for any new projects. Subdued revenue booking led to net profit de-growth of ~24% yoy to Rs150mn. We continue to maintain our positive stance on KNRC mainly...