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ICICI Securities Report
Mahindra CIE Automotive Ltd.’s Q3 CY20 operating margins came in ahead of consensus estimates.
Consolidated sales declined 8.2% YoY to Rs 16.4 billion (India, Europe revenue share turns 50% each for the first time) with adjusted Ebitda margin up 30 basis points at 12.5%.
The company had one-time restructuring cost (approximately 140 basis points of margins).
India Ebitda margins surprised positively as it exceeded pre-Covid-19 margins (13.6%, up 60 basis points YoY).
European margins (adjusted) also reflected resilience (dropped only 20 basis points at 11.3%) even as revenues dropped approximately 12%.
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