India's KNR Constructions jumps as Q2 profit triples

KNR Constructions

13/11/2024 06:04

** KNR Constructions  KNRL.NS  gains ~10%, eyeing best
session since June 6, to 312 rupees
    ** Infra developer's Q2 consolidated net profit of 4.41 bln
rupees ($52 mln) triples from year-ago 1.47 bln rupees
    ** Rev from ops up ~87% y/y to 19.45 bln rupees
    ** Stock top gainer on Nifty 500  .NIFTY500  and Nifty
small-cap 250  .NISM250  indexes, which are down 1.1% and 2.2%,
respectively
    ** Rise in other income, including from arbitration claims
and reversal of provision, worth 545 mln rupees aided Q2 profit,
says Motilal Oswal; reiterates "buy"
    ** KNRL up 21% YTD, outperforming NIFTY500's 14% rise and
NISM250's 20% rise
    
($1 = 84.3940 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))