BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Mahindra CIE Automotive Ltd.’s Q2 CY21 results were a beat on consensus expectations driven by strong European performance (ten-quarter high margins:14.1%) even as India business was impacted (revenue down ~17% QoQ) due to Covid-19 lockdowns.
Consolidated sales dropped only ~7% QoQ to Rs 20.4 billion while margins remained resilient at ~14% (down 69 bps QoQ).
Mahindra CIE continues to deliver on its targets which is well reflected in free cash flow improvement trajectory (CY20/H1 CY21: ~Rs 2 billion/1.7 billion respectively), we expect it to clock cumulative FCF of ~Rs 12.5 billion over CY21/22E.
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