Buy KNR Constructions, target price Rs 340: Axis Securities

Axis Securities has buy call on KNR Constructions with a target price of Rs 340. The current market price of KNR Constructions is Rs 229.85.
KNR Constructions, incorporated in the year 1995, is a mid cap company (having a market cap of Rs 6468.40 crore) operating in infrastructure sector.

Its key products/revenue segments include income from contracts and other operating revenue for the year ended March 31, 2021.

Financials
For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 990.57 crore, down 11.71 per cent from last quarter total income of Rs 1121.91 crore and up 21.98 per cent from last year same quarter total income of Rs 812.09 crore. Company has reported net profit after tax of Rs 92.26 crore in latest quarter.

The company’s top management includes Mr.B V Rama Rao, Mr.K Narasimha Reddy, Mr.K Jalandhar Reddy, Mrs.K Yashoda, Mr.L B Reddy, Mrs.G Chandra Rekha. Company has K P Rao & Co. as its auditors. As on June 30, 2022, the company has a total of 28 crore shares outstanding.

Promoter/FII Holdings
Promoters held 51.63 per cent stake in the company as of 30-Jun-2022, while FIIs owned 5.73 per cent, DIIs 33.29 per cent.