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Buy AIA Engineering; target of Rs 2200: ICICI Direct

ICICI Direct is bullish on AIA Engineering has recommended buy rating on the stock with a target price of Rs 2200 in its research report dated May 26, 2021.

June 10, 2021 / 11:43 AM IST
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ICICI Direct's research report on AIA Engineering

AIA Engineering reported consolidated revenues at Rs 860.2 crore (in line with our estimate of Rs 859.6 crore), up marginally by 0.4% YoY owing to decline of 3.3% in volumes YoY. Realisations grew 6% to Rs 107.1/kg YoY. EBITDA came in at Rs 169.2 crore, down 8.4% YoY (vs. our estimate of Rs 190.8 crore). EBITDA margins fell 190 bps YoY to 19.7% (below our estimate of 22.2%) impacted by commodity prices. PAT came in at Rs 133.1 crore (below our estimate of Rs 158.6 crore), declining 6.5% YoY partly impacted by lower other income, which declined 20.4% YoY to Rs 23.2 crore.


We expect overall revenues, EBITDA to grow at 6.5%, 6.2%, respectively, in FY20-23E. We revise our target price to Rs 2200/ share (earlier Rs 2350), 31x FY23E EPS and maintain our BUY rating.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Jun 1, 2021 10:12 am

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