KNR Constructions Q2 net profit down 22.25% to Rs 44 cr

KNR Constructions today reported 22.25 per cent decline in net profit to Rs 43.92 crore for the quarter ended on September 30, 2016.
The company had reported a net profit of Rs 56.49 crore for July-September quarter of 2015-16, the company said in a BSE filing.
Its total income from operations during the quarter stood at Rs 373.49 crore as against Rs 216.94 crore in the year-ago period.
However, total expenses of the company rose to Rs 332.15 crore during the second quarter of the current fiscal as against Rs 188.28 crore in the corresponding quarter of the previous fiscal.

Last week, KNR Constructions and Patel Engineering had inked a share purchase pact with an Essel Group company to sell their entire equity stake in two highway assets for Rs 850 crore.
The agreement was to sell their entire equity stake in two Road BOT (build, operate and transfer) assets viz Patel KNR Infrastructure Ltd (PKIL) and Patel KNR Heavy Infrastructure Ltd (PKHIL), to an Essel group company.
Both are operational annuity-based BOT assets awarded by NHAI and the transaction is likely to close within the next 2-3 months.