InCred Equities - KNR Constructions Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	42,943	36,012	28,622	35,747
Operating EBITDA (Rsm)	9,395	8,335	6,389	8,326
Net Profit (Rsm)	7,772	5,470	2,828	4,067
Core EPS (Rs)	22.3	19.4	10.1	14.5
Core EPS Growth	58.2%	(12.7%)	(48.3%)	43.8%
FD Core P/E (x)	8.79	10.08	19.49	13.55
DPS (Rs)	0.5	0.5	0.5	0.5
Dividend Yield	0.29%	0.32%	0.32%	0.32%
EV/EBITDA (x)	6.64	11.32	13.88	9.94
P/FCFE (x)	41.46	(32.07)	(53.98)	17.48
Net Gearing	23.5%	99.0%	79.8%	60.9%
P/BV (x)	1.55	1.35	1.27	1.16
ROE	19.8%	14.3%	6.7%	9.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	42,943	36,012	28,622	35,747
Gross Profit	12,043	12,604	10,018	12,511
Operating EBITDA	9,395	8,335	6,389	8,326
Depreciation And Amortisation	(1,568)	(1,200)	(1,245)	(1,340)
Operating EBIT	7,826	7,135	5,145	6,986
Financial Income/(Expense)	(1,015)	(1,486)	(1,621)	(1,766)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	352	1,400	500	500
Profit Before Tax (pre-EI)	7,163	7,049	4,023	5,721
Exceptional Items
Pre-tax Profit	7,163	7,049	4,023	5,721
Taxation	(1,330)	(1,539)	(1,120)	(1,540)
Exceptional Income - post-tax	1,503
Profit After Tax	7,336	5,511	2,904	4,181
Minority Interests	436	(41)	(76)	(114)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,772	5,470	2,828	4,067
Recurring Net Profit	6,269	5,470	2,828	4,067
Fully Diluted Recurring Net Profit	6,269	5,470	2,828	4,067

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	9,395	8,335	6,389	8,326
Cash Flow from Invt. & Assoc.
Change In Working Capital	(11,954)	(38,202)	3,330	2,133
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(1,015)	(1,486)	(1,621)	(1,766)
Tax Paid	(1,330)	(1,539)	(1,120)	(1,540)
Cashflow From Operations	(4,905)	(32,892)	6,979	7,153
Capex	(1,139)	(227)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(429)
Other Investing Cashflow	1,855	1,400	500	500
Cash Flow From Investing	287	1,173	(1,000)	(1,000)
Debt Raised/(repaid)	5,948	30,000	(7,000)	(3,000)
Proceeds From Issue Of Shares	(112)		0	0
Shares Repurchased
Dividends Paid	(162)	(176)	(176)	(176)
Preferred Dividends
Other Financing Cashflow	851	(161)	(76)	(76)
Cash Flow From Financing	6,525	29,663	(7,252)	(3,252)
Total Cash Generated	1,907	(2,055)	(1,273)	2,902
Free Cashflow To Equity	1,329	(1,719)	(1,021)	3,153
Free Cashflow To Firm	(3,603)	(30,233)	7,600	7,919

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	4,109	2,053	780	3,644
Total Debtors	6,740	5,548	2,428	2,147
Inventories	2,209	1,605	1,515	1,941
Total Other Current Assets	35,743	76,380	78,753	77,004
Total Current Assets	48,801	85,586	83,477	84,736
Fixed Assets	5,473	4,797	5,349	5,806
Total Investments	1,152	1,152	1,152	1,152
Intangible Assets	2,613	2,437	2,140	1,843
Total Other Non-Current Assets
Total Non-current Assets	9,237	8,385	8,640	8,801
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	10,021	10,660	13,154	13,682
Total Current Liabilities	10,021	10,660	13,154	13,682
Total Long-term Debt	12,475	42,475	35,475	32,475
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	12,475	42,475	35,475	32,475
Total Provisions
Total Liabilities	22,496	53,135	48,629	46,157
Shareholders Equity	35,541	40,836	43,488	47,379
Minority Interests
Total Equity	35,541	40,836	43,488	47,379

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	5.7%	(16.1%)	(20.5%)	24.9%
Operating EBITDA Growth	2.4%	(11.3%)	(23.3%)	30.3%
Operating EBITDA Margin	21.9%	23.1%	22.3%	23.3%
Net Cash Per Share (Rs)	(29.75)	(143.73)	(123.37)	(102.52)
BVPS (Rs)	126.38	145.20	154.63	168.47
Gross Interest Cover	7.71	4.80	3.17	3.96
Effective Tax Rate	18.6%	21.8%	27.8%	26.9%
Net Dividend Payout Ratio	2.1%	2.5%	4.5%	3.1%
Accounts Receivables Days	55.12	62.27	50.86	23.36
Inventory Days	26.88	29.73	30.60	27.14
Accounts Payables Days
ROIC (%)	24.7%	16.7%	6.4%	9.1%
ROCE (%)	19.0%	10.9%	6.3%	8.8%
Return On Average Assets	16.2%	11.2%	6.1%	8.1%

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

More Reports

Market Data

Source: Bloomberg