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Dolat Capital Report
AIA Engineering Ltd. reported revenue of Rs 8.6 billion, flat YoY (up 19% versus our estimates) as sales volume dropped by 3% YoY while realisation improved by 6% YoY.
Ebitda dropped by 8% YoY to Rs 1.7 billion (up 5% versus our estimates) mainly due to higher raw material expense resulting in contraction of Ebitda margin by 189 basis points to 19.7% (our estimates of 22.5%).
Ebitda/kg has dropped by 5% YoY to Rs 21.3. Adjusted profit after tax declined by 5.6% YoY to Rs 1.3 billion (up 7.5% versus our estimates).
We believe company enjoys significant competitive advantage by having manufacturing base in India, which helps company price its products relatively cheaper to its competitors.
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