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In 3QFY25, KNR Constructions (KNRC) received certain arbitration claims. For a like-to-like comparison, we have adjusted the same in revenue, other income, other expenses, and total taxes for 3QFY25 and have shown them as exceptional items.
Kalpataru Projects (KPIL) reported a broadly in-line revenue growth of 16% YoY, while its EBITDA/PAT grew 17%/9% YoY. PAT was hit by higher-than-expected interest expenses, as the collections from Water projects continued to be delayed.
Surpassing our Rs11.3bn estimate on more-than-expected revenue and less-than-anticipated other expenses, Ashok Leyland’s Q3 EBITDA grew 9% y/y to Rs12.1bn.