CIE Automotive posts 48% y-o-y decline in Q2 profit

25 Oct 2024 , 12:30 PM

CIE Automotive’s net profit fell sharply by 48% in the fiscal year’s second quarter. The company’s net profit decreased to ₹195.2 Crore from ₹375.4 Crore in the same quarter previous year. This was due to growing input costs, supply chain constraints, and uncertain market demand.

CIE Automotive’s revenue decreased by 6.4% to ₹2,134.6 Crore, compared to ₹2,279.4 Crore last year. The company’s EBITDA decreased by 4.5% to ₹329.7 Crore, down from ₹345.4 Crore the previous year. However, the margin increased marginally to 15.5% from 15.2%.

The stock price has dropped by more than 15% in the last three months, with a one-year return of approximately 12%.

Mahindra CIE Automotive Limited is a subsidiary of CIE Automotive S.A. in Spain. Mahindra Vehicle Manufacturing Ltd. is a major shareholder in the company. The company manufactures and sells automobile components to OEMs and other clients in India and abroad.

At around 11.42 AM, CIE Automotive was trading 0.47% lower at ₹500.25, against the previous close of ₹502.60 on NSE. The counter touched an intraday high and low of ₹503, and ₹487.25, respectively.

For feedback and suggestions, write to us at [e-mail]