InCred Equities - KNR Constructions Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	40,624	44,847	40,769	44,458
Operating EBITDA (Rsm)	9,173	9,822	9,471	10,152
Net Profit (Rsm)	4,580	5,507	5,265	5,807
Core EPS (Rs)	14.1	19.6	18.7	20.6
Core EPS Growth	14.8%	39.0%	(4.4%)	10.3%
FD Core P/E (x)	22.14	15.93	16.66	15.10
DPS (Rs)	0.3	0.5	0.5	0.5
Dividend Yield	0.09%	0.20%	0.20%	0.20%
EV/EBITDA (x)	9.98	15.92	16.21	13.56
P/FCFE (x)	36.47	16.36	9.65	3.96
Net Gearing	16.5%	209.5%	174.1%	115.5%
P/BV (x)	3.16	2.65	2.30	2.00
ROE	15.5%	18.1%	14.8%	14.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	40,624	44,847	40,769	44,458
Gross Profit	11,964	15,696	14,269	15,560
Operating EBITDA	9,173	9,822	9,471	10,152
Depreciation And Amortisation	(1,807)	(1,771)	(1,771)	(1,918)
Operating EBIT	7,366	8,051	7,700	8,234
Financial Income/(Expense)	(1,531)	(1,367)	(1,342)	(1,146)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	367	367	367	367
Profit Before Tax (pre-EI)	6,202	7,050	6,725	7,455
Exceptional Items
Pre-tax Profit	6,202	7,050	6,725	7,455
Taxation	(2,418)	(1,536)	(1,419)	(1,572)
Exceptional Income - post-tax	618
Profit After Tax	4,402	5,514	5,305	5,883
Minority Interests	178	(8)	(41)	(76)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,580	5,507	5,265	5,807
Recurring Net Profit	3,962	5,507	5,265	5,807
Fully Diluted Recurring Net Profit	3,962	5,507	5,265	5,807

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	9,173	9,822	9,471	10,152
Cash Flow from Invt. & Assoc.
Change In Working Capital	7,033	(69,924)	(2,487)	9,832
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(1,531)	(1,367)	(1,342)	(1,146)
Tax Paid	(2,418)	(1,536)	(1,419)	(1,572)
Cashflow From Operations	12,257	(63,005)	4,222	17,266
Capex	(1,351)	(2,000)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	10
Other Investing Cashflow	985	367	367	367
Cash Flow From Investing	(357)	(1,633)	(1,133)	(1,133)
Debt Raised/(repaid)	(9,495)	70,000	6,000	6,000
Proceeds From Issue Of Shares	(2,612)	0	0	0
Shares Repurchased
Dividends Paid	(81)	(176)	(176)	(176)
Preferred Dividends
Other Financing Cashflow	(102)	(10)	(41)	(76)
Cash Flow From Financing	(12,290)	69,814	5,784	5,748
Total Cash Generated	(390)	5,175	8,872	21,881
Free Cashflow To Equity	2,405	5,361	9,089	22,133
Free Cashflow To Firm	13,431	(63,271)	4,430	17,279

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	2,202	7,377	16,250	38,131
Total Debtors	6,229	7,011	5,949	6,905
Inventories	2,342	2,859	2,574	2,831
Total Other Current Assets	22,698	104,350	112,587	94,869
Total Current Assets	33,471	121,598	137,360	142,736
Fixed Assets	5,902	6,428	6,454	6,332
Total Investments	723	723	723	723
Intangible Assets	3,028	2,733	2,437	2,140
Total Other Non-Current Assets
Total Non-current Assets	9,653	9,884	9,614	9,195
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	8,553	21,581	25,983	19,309
Total Current Liabilities	8,553	21,581	25,983	19,309
Total Long-term Debt	6,779	76,779	82,779	88,779
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	6,779	76,779	82,779	88,779
Total Provisions
Total Liabilities	15,332	98,360	108,761	108,088
Shareholders Equity	27,792	33,123	38,212	43,843
Minority Interests
Total Equity	27,792	33,123	38,212	43,843

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	12.7%	10.4%	(9.1%)	9.0%
Operating EBITDA Growth	14.9%	7.1%	(3.6%)	7.2%
Operating EBITDA Margin	22.6%	21.9%	23.2%	22.8%
Net Cash Per Share (Rs)	(16.27)	(246.77)	(236.56)	(180.09)
BVPS (Rs)	98.82	117.78	135.87	155.89
Gross Interest Cover	4.81	5.89	5.74	7.18
Effective Tax Rate	39.0%	21.8%	21.1%	21.1%
Net Dividend Payout Ratio	1.3%	2.5%	2.6%	2.4%
Accounts Receivables Days	54.87	53.88	58.02	52.77
Inventory Days	29.40	32.57	37.42	34.13
Accounts Payables Days
ROIC (%)	19.0%	25.4%	7.6%	7.9%
ROCE (%)	19.2%	11.1%	6.7%	6.5%
Return On Average Assets	16.1%	9.6%	5.8%	5.8%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

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Market Data

Source: Bloomberg