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ICICI Direct Report
Mahindra CIE Automotive Ltd.'s continued to outperform user industries in India as well as Europe.
Standalone revenues were higher by 22.5% QoQ to Rs 879 crore, with margins up 200 basis points QoQ to 14.1% despite ~230 bps gross margin decline.
Among geographies, India revenues jumped 22.3% QoQ to Rs 1,068 crore while Europe revenues were down 14.5% QoQ to Rs 912 crore partly on account of fewer working days in the quarter.
India margins rose 120 bps sequentially to 15.1% while Europe margins declined by 160 bps QoQ to 12.5%.
Mahindra CIE won an order of €20 million per annum in Metalcastello for electric vehicle parts. The business is expected to peak in CY25E.
It has also won an order for similar quantum in India for four-wheeler and two-wheeler transmission, driveline parts.
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