Company Update : KNR Construction Ltd By Motilal Oswal Financial Services Ltd
Dismal performance
Earnings snapshot: 4QFY25
* KNRC’s revenue declined 28% YoY to ~INR8.5b during 4QFY25 (20% below our estimate).
* EBITDA margin contracted 340bp YoY to 13.8% (vs. our estimate of 17.0%) in 4QFY25.
* EBITDA de-grew 42% YoY to INR1.2b (against our estimate of INR1.8b).
* In line with weak operating performance, APAT decreased 43% YoY to INR752m (39% below our estimate of INR 1.2b).
* There are certain adjustments in 4Q financials that we await more clarity on. We would incorporate the same post-earnings call.
* The current order book stands at ~INR50b.
* During FY25, revenue stood at INR32.3b (-18% YoY), EBITDA stood at INR5.1b (-26% YoY), EBITDA margin was 15.7%, and APAT stood at INR3.9 (-8% YoY).
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