Mahindra CIE Automotive Q4 PAT up 16-fold at Rs161.43cr on sharply lower tax outflow

25 Apr 2022 , 07:44 PM

Mahindra CIE Automotive Ltd reported 18.22% growth in sales revenues yoy for the Mar-22 quarter on consolidated basis at Rs2,588.36cr. On a sequential basis, revenues were higher for the quarter by 25.40%.

For the full year FY22, the revenues were higher by 161% at Rs2,189cr. For the Mar-22 quarter, the sales of the India business grew by 14.8% at Rs1.299cr while the Europe business grew by 21.6% at Rs1,307cr.

In 2018 it had disposed the UK forgings business. Board has declared a final dividend of Rs.2.50 per share for FY22.

The consolidated net profit for Q4 was up nearly 16-fold at Rs161.43cr while it doubled on a sequential basis.

The huge jump in profits yoy was due to sharply lower taxes as the company had to pay a huge deferred tax bill in the Mar-21 quarter, which led to this huge spike in profits on a yoy basis.

Europe operating profits fell while India operating profits were higher by 14.7% yoy. Net margins stood at 6.24% in Mar-22 quarter compared to -0.46% in Mar-21. The net profit margins were higher by 236 basis points sequentially.

Financial highlights for Mar-22 compared yoy and sequentially

	Mahindra CIE
Rs in Crore	Mar-22	Mar-21	YOY	Dec-21	QOQ
Total Income (Rs cr)	₹ 2,588.36	₹ 2,189.40	18.22%	₹ 2,064.15	25.40%
Net Profit (Rs cr)	₹ 161.43	₹ 10.10	1498.32%	₹ 80.14	101.43%
Diluted EPS (Rs)	₹ 4.26	₹ 0.27		₹ 2.11
Net Margins	6.24%	0.46%		3.88%