External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>KNR Constructions is one of the leading companies in the roads and highways sector having executed 6,000+ lane km of projects across 12 states in India</li><li>The company also has an established presence in irrigation and urban water infrastructure management.</li><li>Target Price and Valuation: We value KNR at Rs 360/share</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

KNR Constructions is one of the leading companies in the roads and highways sector having executed 6,000+ lane km of projects across 12 states in IndiaThe company also has an established presence in irrigation and urban water infrastructure management.Target Price and Valuation: We value KNR at Rs 360/shareContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KNR Constructions: Decent Performance; Healthy Outlook

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We value KNRCL EPC business at 17.5x FY24 EPS and HAM portfolio at 1x book value with a target price of Rs 360/share, implying an upside potential of 17% from CMP. We maintain our BUY rating on the stock.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We value KNRCL EPC business at 17.5x FY24 EPS and HAM portfolio at 1x book value with a target price of Rs 360/share, implying an upside potential of 17% from CMP. We maintain our BUY rating on the stock.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KNR Constructions: Well-Aligned To Capitalize On The Industry Tailwinds; Order Book Robust

<p>We initiate coverage with a BUY and value the EPC business at 17.5x FY24E EPS and HAM portfolio at 1x book value, to arrive at a target price of Rs.360/share, implying an upside potential of 17% from the current levels.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We initiate coverage with a BUY and value the EPC business at 17.5x FY24E EPS and HAM portfolio at 1x book value, to arrive at a target price of Rs.360/share, implying an upside potential of 17% from the current levels.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KNR Constructions: Well-Positioned to Reap Benefits of Infra Spending

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Q1FY22 revenue grew by 54% YoY driven by pick up in execution post ease in lockdown and increase in operational efficiency to 95% of pre-covid level. Order book stood at Rs11,679cr (incl. L1) which is 3.9x TTM revenue and adds revenue visibility for two to three years. EBITDA margin declined by 31bps YoY to 19.4% due to higher material cost and other expenses. The management expects an order inflow of ~Rs3,000cr in...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Q1FY22 revenue grew by 54% YoY driven by pick up in execution post ease in lockdown and increase in operational efficiency to 95% of pre-covid level. Order book stood at Rs11,679cr (incl. L1) which is 3.9x TTM revenue and adds revenue visibility for two to three years. EBITDA margin declined by 31bps YoY to 19.4% due to higher material cost and other expenses. The management expects an order inflow of ~Rs3,000cr in...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KNR Constructions: Steady Execution and Strong Order Book

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

Thematic (Sector/Industry)

<p>We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

India

KNR Constructions Limited operates an infrastructure project development company. The Company provides engineering procurement and construction services across various sectors, such as roads, bridges, flyovers, highways, and water infrastructure management.

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KNR Constructions (KNRC IN)

KNR Constructions: Decent Performance; Healthy Outlook

KNR Constructions is one of the leading companies in the roads and highways sector having executed 6,000+ lane km of projects across 12 states in...

ICICI Securities Limited

KNR Constructions: Well-Aligned To Capitalize On The Industry Tailwinds; Order Book Robust

We value KNRCL EPC business at 17.5x FY24 EPS and HAM portfolio at 1x book value with a target price of Rs 360/share, implying an upside potential...

Axis Direct

KNR Constructions: Well-Positioned to Reap Benefits of Infra Spending

We initiate coverage with a BUY and value the EPC business at 17.5x FY24E EPS and HAM portfolio at 1x book value, to arrive at a target price of...

Axis Direct

KNR Constructions: Steady Execution and Strong Order Book

Q1FY22 revenue grew by 54% YoY driven by pick up in execution post ease in lockdown and increase in operational efficiency to 95% of pre-covid...

Geojit

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

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