AIA Engineering Q4 Review - Canadian Issue To Impact Near-Term Growth: ICICI Securities
An employee grinds a section of turbine diaphragm. (Photographer Chris Ratcliffe/Bloomberg)

AIA Engineering Q4 Review - Canadian Issue To Impact Near-Term Growth: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

AIA Engineering Ltd. has reported stable volumes in Q4 FY21 despite demand headwinds, supported by healthy growth from the cement segment.

Increase in raw material prices has impacted gross margins and the company is taking price increases which will reflect with a lag in its financials.

New client engagement continues to be low due to travel restrictions.

The imposition of import duty in Canada will impact near-term growth till the outcome of the final adjudication by August 2021.

Factoring in near-term growth headwinds, we cut FY22E/FY23E earnings by 16%/6%, respectively.

Click on the attachment to read the full report:

ICICI Securities AIA Engineering Q4FY21 Result Update.pdf


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