ICICI Securities: AIA Engineering - Strong Underlying Fundamentals
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ICICI Securities Report
AIA Engineering Ltd. is one of the few domestic companies that recouped quickly with relaxation of the Covid-19 induced lockdown.
Global mining market leadership in high-chrome mill internals has been a key focus area for the company.
To tap into the price competitive iron ore market, the company is embarking on transformation as a total mill solutions provider with mill lining capability.
Factoring in the capping of export incentives under Merchandise Exports from India Scheme (MEIS) at Rs 20 million for Q3 FY21, we cut FY21E earnings marginally by 0.2%, however, expecting healthy growth recovery, we raise FY22E earnings by 8%.
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