AIA Engineering reported revenues of | 726.4 crore (below our estimate of | 757.5 crore), posting strong growth of 27% YoY. Sales volumes were at 59235 MT, up 15.3% YoY while production volumes grew 34.4% to 74619MT YoY. Net realisation per tonne grew 9.3% YoY to | 118.2 per kg owning to foreign exchange gains EBITDA came in at | 165.2 crore, above our estimate of |158.3 crore. However, EBITDA margins came in at 22.7% with an improvement of 70 bps YoY (above our estimate of 20.9%) on account of lower-thanexpected increase in raw material expenses and employee expenses...