KNR Constructions (KNRC) has reported an above par performance in 3QFY17 marked by better-than-expected revenue booking (revenue surged by ~87% YoY to Rs3.80bn). A healthy order inflow in 1HFY17 and execution ramp-up in new projects led to better revenue booking. Whilst EBITDA rose by strong 77% YoY and 22% QoQ to Rs560mn, EBITDA margins stood at 14.7% (-83bps YoY and +212bps QoQ). Adjusted PAT grew by 11% YoY to Rs379mn on better operational profit. While we downwardly revise our revenue and earnings estimates by 11% and 5%, respectively for FY18E due to delay in certain projects and no order inflow in 3QFY17, we continue...