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AIA Engineering - Q1FY21 Result Update - ICICI Securities

Posted On: 2020-08-12 09:14:14

AIA Engineering (AIA) reported consolidated revenues at Rs. 580.3 crore (above our estimate of Rs. 460.2 crore), down 20.9% YoY amid economic challenges. EBITDA was at Rs. 184.7 crore, down 3.1% YoY (vs. our estimate of Rs. 147 crore). EBITDA was at Rs. 123.5 crore, down 26.8% YoY (vs. our estimates of Rs. 71.8 crore). EBITDA margins fell marginally by 170 bps YoY to 21.3% (above our estimate of 15.6%) due to sustained gross margins of 60.6% on a YoY basis. PAT came in at Rs. 129.6 crore (above our estimate of Rs. 62.1 crore), declining 7.1% YoY supported by a substantial increase in other income to Rs. 74.8 crore, which grew 93.6% YoY.

Valuation & Outlook

Despite challenging conditions, AIA reported reasonable volumes in Q1FY21. Concerns remain on how fast developmental customers can return for AIA to gain incremental volume growth in coming years. However, its strong balance sheet, decent cash balance and efficient working capital management would support long term growth. We expect overall revenues to grow at 4.3% CAGR with EBITDA growing at 2.5% CAGR in FY20-22E, amid challenging environment. We believe penetration in the mining segment and volume ramp-up with repeat and loyal customers would aid growth in the medium term. We remain cautiously optimistic and revise our target price to Rs. 1765/ share (29x FY22E EPS). We maintain HOLD rating.

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Shares of AIA ENGINEERING LTD. was last trading in BSE at Rs.1643 as compared to the previous close of Rs. 1602.5. The total number of shares traded during the day was 1878 in over 411 trades.

The stock hit an intraday high of Rs. 1648.15 and intraday low of 1605. The net turnover during the day was Rs. 3065785.

Source: Equity Bulls

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