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 Q4 CY20 operating margins were ahead of consensus estimates.
Consolidated sales rose ~14% YoY to Rs 16.4 billion.
India revenue share in Q4 (52%) surpassed Europe (48%) while India PBT contribution rose to ~64%. India business clocked six-quarter high margins at ~15.3% (up ~271 basis points Year on Year) while clocking ~17% revenue growth.
MACA incurred incremental costs to streamline Europe operations, which restricted margins (down 86 basis points at 11.9%).
Company registered healthy FCF of ~Rs 2 billion in CY20, and we expect cumulative FCF of ~Rs 11.8 billion over CY21 E-CY22 E.
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