Multibagger Stocks: KNR Constructions Shares Gain Despite Weak Market Sentiment
– KNR Constructions shares closed strong on Wednesday despite weak market sentiment.
– The company has turned a ₹95,000 investment into a crorepati in just 15 years.
– Brokers are optimistic about the company’s prospects and believe it could rise by as much as 29% from current levels.
– KNR Constructions’ revenue, EBITDA, and net profit showed strong growth in the March quarter.
– The company is targeting revenue of over ₹4,000 crore by 2024.
KNR Constructions, a leading infrastructure and construction company known for building highways, flyovers and bridges, saw its shares close strong on Wednesday despite weak market sentiment. In the long-term, KNR Constructions has turned a ₹95,000 investment into a crorepati in just 15 years.
Brokers are optimistic about the company’s prospects and believe it could rise by as much as 29% from current levels. The stock closed at ₹247.05 on Wednesday, up 1.37% from the previous day, while the BSE Sensex fell 0.55% to close at 62,622.24.
In the March quarter, KNR Constructions’ operational revenue, EBITDA, and net profit showed strong growth. Its operational revenue was ₹1,176 crore, EBITDA was ₹210 crore, and net profit was ₹129 crore. The company is targeting revenue of over ₹4,000 crore by 2024.
KNR Constructions has been focused on winning projects in different segments such as highways, metro, railways and irrigation. At the standalone level, the company is in a strong net cash position. Despite lower earnings and margins, brokers have maintained their buy rating on the stock, though they have lowered their target price to ₹318 due to lower revenue and margins.
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