This stock shot up more than 9 per cent despite a tough morning session

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by 5paisa Research Team Last Updated: 2022-05-26T17:21:54+05:30

AIA Engineering was up more than 9% thanks to excellent Q4 results.  

Today's session was very volatile. S&P BSE 500 was down more than 0.4% during the first half of the day. However, later at the end of the day, S&P BSE 500 rallied strongly to close on a positive note at 54,252.53, 0.94% higher for the day. 

AIA Engineering (AIAENG) went up 9.63% to close at Rs 2056.1. The stock traded as high as Rs 2079.65 in the morning session. The stock rallied today on the back of strong Q4 results which were announced yesterday.  

AIA Engineering’s quarterly revenue stood at Rs 1093 crore, up 27.11% on a YOY basis, and 1.5% on a sequential basis. The company has a ROCE of 17% for the FY22 period ending. The company’s Q4 FY22 operating margin was reported at 21%. Q4 FY22 net profit for the company was Rs 195 crore, 45.5% higher than Q4 FY21, and 42.22% up on a sequential basis. However, management expressed continuation of cost pressure on raw materials & freight in 4Q, and also highlighted the likelihood of facing the same issue over the next two quarters. 

During FY21-22, the company reduced its borrowings from Rs 193 crore to Rs 10 crore. The company has also announced a dividend of Rs 9 per share on 12 May 2022. Talking about valuations, the company’s PE and PB is trading at 34.51x and 4.55x, respectively. The stock belongs to S&P BSE 200 and has a market capitalization of Rs 19292 crore. 

AIA Engineering was incorporated in 1979. It designs, develops, manufactures, installs, and provides servicing of high chromium wear, corrosion and abrasion-resistant castings used in the cement, mining, and thermal power generation industries. The company is the second-largest Hi-chrome casting producer in the world. The company's stock has 52-week high of Rs 2,222 and a 52-week low of Rs 1475.05. 

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