Consistently UNIQUE

AIA Engineering Limited
34th Annual Report 2023-24

Consistently
Unique

At AIA Engineering, we embody the ethos of being ‘Consistently Unique,’ blending tradition with modernity to redefine industry standards. At the heart of our Company’s ethos lies a consistent commitment to quality and reliability, principles that have garnered the trust and respect of our customers and stakeholders through the years. This enduring dedication ensures we deliver superior products and services to a varied client base.

Our distinction also lies in our unyielding drive for innovation. We maintain a high standard of excellence while continuously seeking new growth opportunities. Strategic investments and forward-thinking initiatives empower us to expand the frontiers of industrial engineering.

Our endeavours towards maintaining sustainability further underscore our unique approach. We consistently invest in renewable energy projects and adopt eco-friendly practices, thereby aligning with contemporary values and global sustainability goals.

Today, AIA Engineering stands as a paragon of ‘Consistently Unique’, harmonising tradition with innovation and reliability with creativity. Our commitment to excellence and a pioneering spirit propels us as a leader in the industrial engineering landscape, ensuring our alignment with India’s ambitious infrastructure goals and securing a prosperous future as part of this vibrant growth trajectory.

Report Card

Consistently Progressing
with Sound Metrics

  • Financial
  • Sales and Distribution
  • People
  • Governance
Financial

At AIA, we adeptly navigate dynamic business environments, consistently delivering exceptional outcomes. This approach is evident in our strong financial performance for the fiscal year 2023-24, and demonstrates our ability to thrive amid challenges and seize growth opportunities.

₹ 4,85,376 Lakhs
Revenue from operations
₹ 1,61,667 Lakhs
EBITDA
33%
EBITDA margin
₹ 1,13,699 Lakhs
PAT
23%
PAT margin
Sales and Distribution

At AIA, we are comprehensively widening our distribution network to improve accessibility for consumers across diverse markets. These efforts are aimed at ensuring unparalleled quality of service.

A Focused
Team of experienced personnel
5
Manufacturing clusters
10+
Warehouses
People

We value our employees as the driving force behind our success, prioritising their professional growth and well-being throughout. With a commitment to diversity and inclusiveness, we foster a culture that embraces differences and ensures equal opportunities for all.

1,355
Permanent employees
Governance

We recognise the vital importance of a strong governance framework for steering our success. With a meticulously designed governance structure, our Company upholds accountability and ethical standards, adhering to strict guidelines to achieve our objectives.

~ 38
Average experience of Directors
5
Independent Directors on the Board
Corporate Snapshot

Consistently Thriving
for Excellence

Established in 1991, AIA Engineering has earned a distinguished name in designing, developing, producing, installing, and servicing high-chromium castings resistant to wear, corrosion, and abrasion. Our high-quality products are tailored to meet the specific needs of industries such as cement, mining, and thermal power generation. This versatility mirrors AIA’s ability to address a wide range of market requirements effectively.

Read More

Industries Served

Mining
Cement
Thermal
Quarry
Our Differentiators

WE ARE CONSISTENTLY …

…Optimising

Conducting pilot-scale mill test work to determine the optimal ball size for each specific application, resulting in enhanced energy efficiency.

…Auditing

Conducting routine mill audits to identify opportunities for enhancing grinding efficiency and optimising operating parameters.

…Improving

Enhancing flotation performance through extensive research and testing to identify the ideal high-chrome alloy, under customised operational conditions, to maximise metal recovery.

…Supporting

Providing on-site assistance from seasoned engineers at every location to ensure timely installation.

…Researching

Utilising Bond’s Work Index Mill to ascertain the Bond Work Index (BWI) and estimate pertinent parameters associated with grinding mills.

…Monitoring

Scanning regularly to monitor wear profiles, promoting maintenance schedule planning and design adjustments aimed at enhancing liner lifespan.

Message from the Managing Director

Consistently Thriving
through Resilient Action

It has been a record-breaking year for us, demonstrating our firm commitment to growth and financial excellence.
Bhadresh K. Shah

Managing Director, AIA Engineering Limited

Read More
Financial Highlights

CONSISTENTLY ACHIEVING VALUE-ACCRETIVE GROWTH

AIA’s robust business model has consistently delivered remarkable financial outcomes, showcasing our proficiency in risk management and sustainable profit generation. Our careful investment strategies and rigorous risk management practices enhance our financial resilience. Ultimately, this diligent approach ensures we meet our commitments and provide enduring value to our stakeholders in the engineering sector.

Net Sales (₹ in Lakhs)
EBITDA (₹ in Lakhs)
Profit after Tax (After Minority Interest) (₹ in Lakhs)
EBITDA Margin (%)
Operating Profit Margin (%)
Profit after Tax (After Minority Interest) Margin (%)
Net Worth (₹ in Lakhs)
Production Volume (in MT)
Case Studies

EXPLORING CASE STUDIES WITH STEADY INSIGHTS

Business Case Study and Report - 1

Project Name: Copper Mine in South America

Challenges (faced by customer)
  • Improvement in recovery and concentrate specifications
  • Reduction in Grinding Media Wear Rate
  • Reduction in Flotation Reagent consumption
Mitigation

Implementation of MillART technology through

  • Tailor made hichrome grinding media
  • Optimised reagent scheme for enhanced hichrome performance
Benefits Achieved
  • Reduction in Grinding Media wear rate by 41% in comparison to forged steel
  • Improvement in Cu recovery by 2.34%
  • Improvement in concentrate grade by 0.84%
  • Elimination of lime consumption in flotation
Project Snapshot
6 MTPA
Plant capacity
Iron oxide copper-gold
Type of ore
Financial realisation
(Annualised) in Million USD
~ 8.75
Business Case Study and Report – 2

Project Name: Iron ore mine in Asia

Challenges (faced by customer)
  • Reduction in specific power consumption
  • Target for production increase
Mitigation

Conversion of Overflow Ball Mill to Grate discharge Ball Mill

  • Introduction of energy efficient pulp lifter
  • Redesign of shell liners
  • Optimization of ball charge and ball size
Benefits Achieved
  • Increase in mill throughput by 24%
  • Reduction in grinding specific power consumption by whopping 46%
  • Fulfilling business requirement with lesser number of mills in operation (from 4 to 3 mills)
  • Optimisation in ball size and ball charge
Project Snapshot
1.03 MTPA
Plant capacity
Iron
Type of ore
Opportunity realisation (Annualised) in Million USD
~ 9.46+
financial benefit due to reduced number of mills in operation
Business Case Study and Report – 3

Project Name: A Gold Mine in Africa

Challenges (faced by customer)
  • Targeting for a production increase
  • Improvement in wear life of mill internals
  • Elimination of SAG Liner Breakage
  • Reduction in installation time
Mitigation
  • Design conversion for increased production: Energy-efficient pulp lifters
  • Design modification of liners
  • Modification in metallurgy of liners
Benefits Achieved
  • Consistency in throughput despite significant increase in ore hardnessm—Which could have resulted into decrease in throughput by 18% if customer design was continued)
  • Increase in liner life by 50% to 80%
  • Elimination of shell liners breakage
Project Snapshot
14 MTPA
Plant capacity
Gold
Type of ore
Opportunity realisation (Annualised) in Million USD
~ 160.83
Business Case Study and Report - 4

Project Name: Lead Zinc Mine in Asia

Challenges (faced by customer)
  • Reduction in specific power consumption
Mitigation

Conversion of Overflow Ball Mill to Grate discharge Ball Mill

  • Introduction of energy efficient pulp lifter
  • Redesign of shell liners
  • Optimisation of ball charge and ball size
Benefits Achieved
  • Reduction in specific power consumption by 25%
Project Snapshot
1.6 MTPA
Plant capacity
Lead Zinc Sulphide
Type of ore
Opportunity realisation (Annualised) in Million USD
~ 0.47
Business Case Study and Report - 5

Project Name: A Gold Mine in Africa

Challenges (faced by customer)
  • Reduction in specific power consumption
  • Target for production increase
Mitigation

Conversion of Grate Discharge Ball Mill with Radial Pulp Lifter to Grate Discharge Ball Mill with Energy Efficient Pulp Lifter

  • Introduction of energy efficient pulp lifter
  • Redesign of shell liners
  • Optimisation of ball charge and ball size
Benefits Achieved
  • Reduction in specific power consumption by 22.45 %
  • Increase in mill throughput by 2.1 % (Opportunity for mill throughput increase upto 5%)
Project Snapshot
3.8 MTPA
Plant capacity
Gold
Type of ore
Opportunity realisation (Annualised) in Million USD
~ 8.96
Environmental Commitment

CONSISTENTLY STRIVING FOR
MINIMAL ENVIRONMENTAL IMPACT

At AIA, we operate with strict adherence to the principles of conservation: Reduce, Reuse, and Recycle. Our objective
is to optimise efficiency by minimising the dependence on fossil fuels and embracing a circular economy mindset.

Read More
CSR Initiatives

Consistently Empowering
Communities for Progress

At AIA, our CSR commitment is fuelled by corporate citizenship and the understanding that sustainable practices are vital for long-term prosperity. While securing a resilient future for our Company, we also aim to safeguard the future of the communities we serve.

During the year, we contributed Rs 1,652.10 Lakhs in various fields including:

Read More
Education: ₹ 647.34 Lakhs
  • Gyan Deep Programme
  • Scholarship Programme
  • Jan Jagrati Sevarth Sansthan
  • IIT, Kanpur
  • Jeevantirth
  • Chetana Empowerment Foundation
Promotion of Sports:
₹ 53.04 Lakhs

Foundation for Promotion of
Sports and Games

Environment:
₹ 291.72 Lakhs
  • ARC Foundation
  • Aajinkya D Y Patil University
Healthcare: ₹ 385 Lakhs
  • Marengo Asia Foundation (Earlier known CIMS)
  • Dr. Jivraj Mehta Smarak Health Foundation
  • Gujarat Cancer Society
  • Nihar Charitable Trust
  • Sadvichar Parivar
National Heritage/Art/
Culture: ₹ 95 Lakhs
  • Karmakshetra Educational
    Foundation (DARPANA)
  • Brahmanand Saraswati Ved
    Vidya Trust
Eradicating Hunger:
₹ 180 Lakhs
  • Tulsi Vallabh Nidhi
  • Akshay Patra Foundation

BUSINESS
RESPONSIBILITY & SUSTAINABILITY REPORT

Read More

Consistently UNIQUE

AIA Engineering Limited
34th Annual Report 2023-24 2023-24

Consistently
Unique

At AIA Engineering, we embody the ethos of being ‘Consistently Unique,’ blending tradition with modernity to redefine industry standards. At the heart of our Company’s ethos lies a consistent commitment to quality and reliability, principles that have garnered the trust and respect of our customers and stakeholders through the years. This enduring dedication ensures we deliver superior products and services to a varied client base.

Our distinction also lies in our unyielding drive for innovation. We maintain a high standard of excellence while continuously seeking new growth opportunities. Strategic investments and forward-thinking initiatives empower us to expand the frontiers of industrial engineering.

Our endeavours towards maintaining sustainability further underscore our unique approach. We consistently invest in renewable energy projects and adopt eco-friendly practices, thereby aligning with contemporary values and global sustainability goals.

Today, AIA Engineering stands as a paragon of ‘Consistently Unique’, harmonising tradition with innovation and reliability with creativity. Our commitment to excellence and a pioneering spirit propels us as a leader in the industrial engineering landscape, ensuring our alignment with India’s ambitious infrastructure goals and securing a prosperous future as part of this vibrant growth trajectory.

Report Card

Consistently Progressing
with Sound Metrics

  • Financial
    Financial

    At AIA, we adeptly navigate dynamic business environments, consistently delivering exceptional outcomes. This approach is evident in our strong financial performance for the fiscal year 2023-24, and demonstrates our ability to thrive amid challenges and seize growth opportunities.

    ₹ 4,85,376 Lakhs
    Revenue from operations
    ₹ 1,61,667 Lakhs
    EBITDA
    33 %
    EBITDA margin
    ₹ 1,13,699 Lakhs
    PAT
    23 %
    PAT margin
  • Sales and Distribution
    Sales and Distribution

    At AIA, we are comprehensively widening our distribution network to improve accessibility for consumers across diverse markets. These efforts are aimed at ensuring unparalleled quality of service.

    A Focused
    Team of experienced personnel
    5
    Manufacturing clusters
    10 +
    Warehouses
  • People
    People

    We value our employees as the driving force behind our success, prioritising their professional growth and well-being throughout. With a commitment to diversity and inclusiveness, we foster a culture that embraces differences and ensures equal opportunities for all.

    1,355
    Permanent employees
  • Governance
    Governance

    We recognise the vital importance of a strong governance framework for steering our success. With a meticulously designed governance structure, our Company upholds accountability and ethical standards, adhering to strict guidelines to achieve our objectives.

    ~ 38
    Average experience of Directors
    5
    Independent Directors on the Board
Financial

At AIA, we adeptly navigate dynamic business environments, consistently delivering exceptional outcomes. This approach is evident in our strong financial performance for the fiscal year 2023-24, and demonstrates our ability to thrive amid challenges and seize growth opportunities.

4,85,376 Lakhs
Revenue from operations
₹ 1,61,667 Lakhs
EBITDA
33 %
EBITDA margin
₹ 1,13,699 Lakhs
PAT
23 %
PAT margin
Sales and Distribution

At AIA, we are comprehensively widening our distribution network to improve accessibility for consumers across diverse markets. These efforts are aimed at ensuring unparalleled quality of service.

A Focused
Team of experienced personnel
5
Manufacturing clusters
10 +
Warehouses
People

We value our employees as the driving force behind our success, prioritising their professional growth and well-being throughout. With a commitment to diversity and inclusiveness, we foster a culture that embraces differences and ensures equal opportunities for all.

1,355
Permanent employees
Governance

We recognise the vital importance of a strong governance framework for steering our success. With a meticulously designed governance structure, our Company upholds accountability and ethical standards, adhering to strict guidelines to achieve our objectives.

~ 38
Average experience of Directors
5
Independent Directors on the Board
Corporate Snapshot

Consistently Thriving
for Excellence

Established in 1991, AIA Engineering has earned a distinguished name in designing, developing, producing, installing, and servicing high-chromium castings resistant to wear, corrosion, and abrasion. Our high-quality products are tailored to meet the specific needs of industries such as cement, mining, and thermal power generation. This versatility mirrors AIA’s ability to address a wide range of market requirements effectively.

Read More

Industries Served

Mining
Cement
Thermal
Quarry
Our Differentiators

WE ARE CONSISTENTLY …

…Optimising

Conducting pilot-scale mill test work to determine the optimal ball size for each specific application, resulting in enhanced energy efficiency.

…Auditing

Conducting routine mill audits to identify opportunities for enhancing grinding efficiency and optimising operating parameters.

…Improving

Enhancing flotation performance through extensive research and testing to identify the ideal high-chrome alloy, under customised operational conditions, to maximise metal recovery.

…Supporting

Providing on-site assistance from seasoned engineers at every location to ensure timely installation.

…Researching

Utilising Bond’s Work Index Mill to ascertain the Bond Work Index (BWI) and estimate pertinent parameters associated with grinding mills.

…Monitoring

Scanning regularly to monitor wear profiles, promoting maintenance schedule planning and design adjustments aimed at enhancing liner lifespan.

Message from the Managing Director

Consistently Thriving
through Resilient Action

It has been a record-breaking year for us, demonstrating our firm commitment to growth and financial excellence.
Bhadresh K. Shah

Managing Director, AIA Engineering Limited

Read More
Message from the Managing Director

Consistently Thriving
through Resilient Action

Financial Highlights

CONSISTENTLY ACHIEVING VALUE-ACCRETIVE GROWTH

AIA’s robust business model has consistently delivered remarkable financial outcomes, showcasing our proficiency in risk management and sustainable profit generation. Our careful investment strategies and rigorous risk management practices enhance our financial resilience. Ultimately, this diligent approach ensures we meet our commitments and provide enduring value to our stakeholders in the engineering sector.

Net Sales (₹ in Lakhs)
EBITDA (₹ in Lakhs)
Profit after Tax (After Minority Interest) (₹ in Lakhs)
EBITDA Margin (%)
Operating Profit Margin (%)
Profit after Tax (After Minority Interest) Margin (%)
Net Worth (₹ in Lakhs)
Production Volume (in MT)
Case Studies

EXPLORING CASE STUDIES WITH STEADY INSIGHTS

Business Case Study and Report - 1

Project Name: Copper Mine in South America

Challenges (faced by customer)
  • Improvement in recovery and concentrate specifications
  • Reduction in Grinding Media Wear Rate
  • Reduction in Flotation Reagent consumption
Mitigation

Implementation of MillART technology through

  • Tailor made hichrome grinding media
  • Optimised reagent scheme for enhanced hichrome performance
Benefits Achieved
  • Reduction in Grinding Media wear rate by 41% in comparison to forged steel
  • Improvement in Cu recovery by 2.34%
  • Improvement in concentrate grade by 0.84%
  • Elimination of lime consumption in flotation
Project Snapshot
6 MTPA
Plant capacity
Iron oxide copper-gold
Type of ore
Financial realisation
(Annualised) in Million USD
~ 8.75
Business Case Study and Report – 2

Project Name: Iron ore mine in Asia

Challenges (faced by customer)
  • Reduction in specific power consumption
  • Target for production increase
Mitigation

Conversion of Overflow Ball Mill to Grate discharge Ball Mill

  • Introduction of energy efficient pulp lifter
  • Redesign of shell liners
  • Optimization of ball charge and ball size
Benefits Achieved
  • Increase in mill throughput by 24%
  • Reduction in grinding specific power consumption by whopping 46%
  • Fulfilling business requirement with lesser number of mills in operation (from 4 to 3 mills)
  • Optimisation in ball size and ball charge
Project Snapshot
1.03 MTPA
Plant capacity
Iron
Type of ore
Opportunity realisation (Annualised) in Million USD
~ 9.46+
financial benefit due to reduced number of mills in operation
Business Case Study and Report – 3

Project Name: A Gold Mine in Africa

Challenges (faced by customer)
  • Targeting for a production increase
  • Improvement in wear life of mill internals
  • Elimination of SAG Liner Breakage
  • Reduction in installation time
Mitigation
  • Design conversion for increased production: Energy-efficient pulp lifters
  • Design modification of liners
  • Modification in metallurgy of liners
Benefits Achieved
  • Consistency in throughput despite significant increase in ore hardnessm—Which could have resulted into decrease in throughput by 18% if customer design was continued)
  • Increase in liner life by 50% to 80%
  • Elimination of shell liners breakage
Project Snapshot
14 MTPA
Plant capacity
Gold
Type of ore
Opportunity realisation (Annualised) in Million USD
~ 160.83
Business Case Study and Report - 4

Project Name: Iron Ore Mine in Asia

Challenges (faced by customer)
  • Reduction in specific power consumption
Mitigation

Conversion of Overflow Ball Mill to Grate discharge Ball Mill

  • Introduction of energy efficient pulp lifter
  • Redesign of shell liners
  • Optimisation of ball charge and ball size
Benefits Achieved
  • Reduction in specific power consumption by 25%
Project Snapshot
1.6 MTPA
Plant capacity
Lead Zinc Sulphide
Type of ore
Opportunity realisation (Annualised) in Million USD
~ 0.47
Business Case Study and Report - 5

Project Name: A Gold Mine in Africa

Challenges (faced by customer)
  • Reduction in specific power consumption
  • Target for production increase
Mitigation

Conversion of Grate Discharge Ball Mill with Radial Pulp Lifter to Grate Discharge Ball Mill with Energy Efficient Pulp Lifter

  • Introduction of energy efficient pulp lifter
  • Redesign of shell liners
  • Optimisation of ball charge and ball size
Benefits Achieved
  • Reduction in specific power consumption by 22.45 %
  • Increase in mill throughput by 2.1 % (Opportunity for mill throughput increase upto 5%)
Project Snapshot
3.8 MTPA
Plant capacity
Gold
Type of ore
Opportunity realisation (Annualised) in Million USD
~ 8.96
Environmental Commitment

CONSISTENTLY STRIVING FOR
MINIMAL ENVIRONMENTAL IMPACT

At AIA, we operate with strict adherence to the principles of conservation: Reduce, Reuse, and Recycle. Our objective
is to optimise efficiency by minimising the dependence on fossil fuels and embracing a circular economy mindset.

Read More
CSR Initiatives

Consistently Empowering
Communities for Progress

At AIA, our CSR commitment is fuelled by corporate citizenship and the understanding that sustainable practices are vital for long-term prosperity. While securing a resilient future for our Company, we also aim to safeguard the future of the communities we serve.

During the year, we contributed Rs 1,652.10 Lakhs in various fields including:

Read More
Education: ₹ 647.34 Lakhs
  • Gyan Deep Programme
  • Scholarship Programme
  • Jan Jagrati Sevarth Sansthan
  • IIT, Kanpur
  • Jeevantirth
  • Chetana Empowerment Foundation
Promotion of Sports:
₹ 53.04 Lakhs

Foundation for Promotion of
Sports and Games

Environment:
₹ 291.72 Lakhs
  • ARC Foundation
  • Aajinkya D Y Patil University
Healthcare: ₹ 385 Lakhs
  • Marengo Asia Foundation (Earlier known CIMS)
  • Dr. Jivraj Mehta Smarak Health Foundation
  • Gujarat Cancer Society
  • Nihar Charitable Trust
  • Sadvichar Parivar
National Heritage/Art/
Culture: ₹ 95 Lakhs
  • Karmakshetra Educational
    Foundation (DARPANA)
  • Brahmanand Saraswati Ved
    Vidya Trust
Eradicating Hunger:
₹ 180 Lakhs
  • Tulsi Vallabh Nidhi
  • Akshay Patra Foundation

BUSINESS
RESPONSIBILITY & SUSTAINABILITY REPORT

Read More