KNR Constructions up 6% after co's unit receives sanction for HAM projects

Shares of KNR Constructions rallied 6 per cent in the intraday trade on Friday after the company's subsidiary KNR Shankarampet Projects received sanction from bank to finance its Hybrid Annuity Mode (HAM) Projects. 

At 11:30 am, the stock was trading at Rs 207 apiece on BSE, up 3.04 per cent.

The construction company has given multibagger returns in the last five years. On September 16, 2018, the stock stood at Rs 13.61 apiece. Five years on, the price has zoomed 1,376 per cent to Rs 200.9 (as of Wednesday's close). However, the stock has lost 59 per cent since January this year. 

The construction player had reported a better-than-expected results for April-June period of FY19. Revenue in the quarter grew 15.8 per cent YoY to Rs 556.4 crore. EBITDA for the quarter grew 30.1 per cent YoY to Rs 109.9 cr against Rs 84.5 crore. Net profit for the quarter grew 9.5 per cent YoY to Rs 74 crore, according to an IIFL report. 

The company's order book as on June 30, 2018, stood at Rs 1,980 crore, comprising Rs 1,544.6 crore in roads sector, Rs 433.7 crore in irrigation, and Rs 1.7 crore in others.