KNRC delivered strong 3QFY17 numbers, with APAT beat of ~9.7% (adjusted for Rs 108.6mn exceptional write off on annuity assets? monetisation and MAT credit of Rs 67.7mn). The balance sheet is healthy, with standalone net debt at Rs 1.5bn (Rs 340mn increase QoQ, net D/E at 0.17x, 0.03x adjusting for Rs 1,210mn promoter loan).