AIA Engineering posts subdued Q3FY18
AIA Engineering reported subdued performance in Q3FY18 due to declining revenues and contracted margins for the quarter. The consolidated revenue for the quarter declined by 5.7 per cent yoy and rose 2.3 per cent qoq to Rs. 572 crore for Q3FY18 as compared to Rs. 608 crore in previous year corresponding quarter.
Further, the operating margins for the quarter also contracted by 630 bps yoy and rose 200 bps to 22.2 per cent for Q3FY18 as compared to 28.5 per cent in Q3FY18 and 20 per cent in previous year. The operating profit for the quarter also declined by 26 per cent yoy to Rs. 127 crore largely on account of higher raw material costs and other expenses.
The bottom-line also declined by 3.2 per cent yoy, however it increased by 34 per cent qoq to Rs. 117 crore. This was largely on account of decline effective tax rate for the quarter to 16 per cent in Q3FY18 as compared to 31 per cent in previous year corresponding quarter.
The stock opened trading on Tuesday Rs. 1,405 per share and currently trading 1.6 per cent down at Rs. 1,424 per share.