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    ION Exchange: Earnings trajectory remains intact despite stress

    ION Exchange has been able to hold on to its margins and we believe that higher utilisation will only lead to better margins.

    Jitendra Kumar Gupta
    August 20, 2020 / 03:52 PM IST
    ION Exchange: Earnings trajectory remains intact despite stress

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Jitendra Kumar Gupta Moneycontrol Research Highlights - Covid-19 had a marginal impact in the June quarter - Engineering doing well as execution and margins remain better - Current fiscal revenue and earnings could remain stable - Expect strong recovery next year backed by orders, execution and better margins - Stock trades at attractive valuation ION Exchange (CMP: Rs 771: Mcap Rs 1131 crore), like most other companies in the engineering sector, had been badly bruised by the Covid pandemic during the first quarter of the current financial year. A leading player in...

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