Mahindra CIE Q2 Review - Revenue Beat In Both India, Europe; Lower Tax Boosts Profitability: Motilal Oswal
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Motilal Oswal Report
Mahindra CIE Automotive Ltd.’s strong performance in Q2 CY21 was driven by strong revenue trajectory in India and the Europe, and benefit of cost cutting in the Europe.
Consolidated revenue declined by 6.7% QoQ (up 178% YoY) to ~Rs 20.4 billion in Q2 CY21 (estimate- Rs 18.2 billion), led by a beat in both geographies as there was a 6% QoQ benefit of steel price pass through.
Ebitda margin contracted by 40 basis point QoQ to 12.7% (estimate 12.5%).
India business revenue declined by ~16% QoQ (253% YoY) to ~Rs 9.3 billion (estimate ~Rs 7.8 billion).
Mahindra CIE's revenue from the Europe business grew ~3% QoQ (136% YoY) to ~Rs 11.1 billion (estimate- ~Rs 10.3 billion).
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