ICICI Direct's research report on AIA Engineering
Revenues were at Rs 647.6 crore vs. our estimate of Rs 562.8 crore. Volumes at 58090 tonnes were ahead of our estimate of 54500 tonnes. However, mining segment delivered muted 3% YoY growth whereas majority of growth came in at cement & utility segment at 28150 tonnes. Realisations were above our estimate at Rs 104000 per tonne.
Outlook
Strong market position, pristine balance sheet and a foresighted management make it a portfolio stock. We maintain our BUY rating on the stock with a target price of Rs 1533/share (25x FY19E EPS).
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