AIA Engineering Q1 Review - Structural Story Intact: Dolat Capital
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Dolat Capital Report
AIA Engineering Ltd. delivered a robust revenue growth of 27.5% YoY due to 15%/13% increase in realisations/ volumes.
Mining volumes declined 10% YoY as share of Canada business dropped to nil owing to ongoing anti-dumping investigation.
However, non-mining volumes grew 93% YoY on a lower base as AIA Engineering benefitted by demand uptick majorly from cement customers.
Despite commodity prices headwinds, the company’s Ebitda grew 39% YoY (up 20%/ 11% versus our/consensus estimate) with margin of 23.2% (up 195 basis points YoY) on the account of favorable sales mix and better pricing power derived from strong business model.
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