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KNR Constructions stock rallies 7% on robust Q4 results

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KNR Constructions stock rallies 7% on robust Q4 results
The stock of KNR Constructions has increased by more than 14% so far this year, outpacing the returns of 3.8 percent for the Nifty.

A day after KNR Constructions announced outstanding results for the quarter that ended in March 2024, the company’s shares surged by more than 7% on May 30.

During the reviewed quarter, KNR Constructions’ net sales increased 13.54 percent YoY to Rs 1,414 crore, while its net profit increased 140% YoY to Rs 353 crore.

The infrastructure development company’s net profit increased by 69.73 percent year over year to Rs 777.40 crore for the entire fiscal year (FY24), while sales increased by 9.04 percent to Rs 4,429.49 crore.

The company was awarded a Letter of Award (LoA) on March 12, 2024, for Water Supply Projects in 26 ULBs and Sewerage Projects in 04 ULBs under AMRUT 2.0, which falls under the jurisdiction of the Khammam and Nalgonda PH Divisions. The project is expected to cost approximately Rs 1,104 crore.

Furthermore, Package 13, which is a portion of the Bengaluru-Vijayawada economic corridor in the state of Andhra Pradesh, has been assigned a date of February 10 under the Hybrid Annuity Model (HAM) Mode under the Bharatmala Pariyojana Phase-1.

Engineering, Procurement, and Construction (EPC) services are offered by KNR Constructions. One of its main projects is building highways and roads. A number of Build-Operate-Transfer (BOT)/HAM projects are in the company’s portfolio.

At present, it has 668 lane kilometres of projects spread across Telangana, Karnataka, and Bihar; these projects are divided into 2 annuity-based, 1 toll-based, and 8 HAM-based projects, with a total bid project cost of Rs 9,618.8 crore.

On the National Stock Exchange (NSE), KNR Constructions shares were up more than 5% at Rs 295.80 a share as of 10:25 a.m. This year, The stock has increased by more than 14%, outpacing the Nifty’s 3.8 percent gains over the same time frame.

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