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Centrum Broking Report
AIA Engineering Ltd.'s consolidated sales in Q3 FY24 fell 5% YoY to Rs 11.7 billion, 9% below our estimate. Mining volumes grew 21% YoY to 53,395 million tonne on a low base, and has remained at similar levels in past three quarters. Other segment (cement plus power) volumes fell 24% YoY to 20,745 million tonne.
Realisation fell 9% YoY to Rs 154,669/million tonne amid varied product mix of alloys. On a very high base, Ebitda margin fell 320 points YoY to 26.6%, above our estimate of 25.3%, translating to Ebitda/kg of Rs 42, down 18% YoY.
Profit after tax fell 21% YoY to Rs 2.8 billion, however, it was 3% above our/consensus estimate of Rs 2.7 billion each, led by higher than expected other income at Rs 831 million.
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