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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.

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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