AIA Engineering Ltd (AIAE), on a consolidated basis, for Q2FY18 reported weak numbers. Higher raw material prices, currency volatility and pricing strategy to acquire new clients led to margin contraction by 1,001bps YoY to 20.1%. Revenue grew by ~6% to 559 crore, on the back of volume growth of 5% to 54,573 tonne. Net profit declined by 23% to 87 crore. Net realisations stood at 99,489 per tonne (up 0.4% YoY, down 0.2% QoQ), impacted by new client additions and change in product mix. At present AIAE's net cash position stands at 1,119 crore. Management Guidance: The management has revised downwards the sales...