KNR Q2FY17 performance was better than estimates on account of better execution in the recently won orders. Revenue of Rs 3.73bn (+72% YoY) and EBITDA of Rs 560mn (+43% YoY) came higher than consensus estimates of Rs 2.8bn/Rs 395mn. EBITDA margin stood at 15% (-300 bps YoY), was also better than estimate of 14%. Reported PAT declined by 21% YoY to Rs439 mn (much higher than estimate of Rs 240mn) as higher depreciation, interest and tax write-back in Q2FY16 negated the impact of better operating performance.