AIA reports strong Q1FY23 numbersAIAENG - 3698 Change: -45.30 (-1.21 %)
News: AIA Engineering reported strong numbers in Q1FY23. Revenues grew 45.9% YoY at Rs 1079.7 crore (above our estimate of Rs 1049.4 crore). Absolute EBITDA came in at Rs 246.6 crore, grew by 43.5% YoY (above our estimates of Rs 219.3 crore). EBITDA margins declined marginally by 39 bps YoY to 22.8% (above our estimate of 20.9%), despite decline in gross margins to 56.5% (vs. 61.8% in Q1FY22). AIA reported PAT at Rs 190.9 crore (above our estimate of Rs 184 crore), up by 28%YoY.
View: AIA reported a steady performance. The management is confident that additional 30,000 tonnes of volume may come for FY23E and incremental 25000-35000 tonnes volumes may come going forward for next few years. Net realisation per tonne increased by 29.5% to Rs 156.8 per kg YoY and 6% QoQ, owing to product mix and price increases to pass through higher input cost.