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AIA Engineering Ltd. has reported stable volumes in Q4 FY21 despite demand headwinds, supported by healthy growth from the cement segment.
Increase in raw material prices has impacted gross margins and the company is taking price increases which will reflect with a lag in its financials.
New client engagement continues to be low due to travel restrictions.
The imposition of import duty in Canada will impact near-term growth till the outcome of the final adjudication by August 2021.
Factoring in near-term growth headwinds, we cut FY22E/FY23E earnings by 16%/6%, respectively.
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