Mahindra CIE’s Above Estimate Q4 Results Led By Strong Europe Performance: Motilal Oswal
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Motilal Oswal Report
Mahindra CIE Automotive Ltd.’s strong operating performance in Q4 CY20 was driven by a robust performance from the Europe business (despite the restructuring cost impact) and a good performance from the India business.
While it is focusing on new orders/exports in India, it is also cutting costs to reduce breakeven points for the EU business.
We upgrade our CY21/CY22E earnings per share by 5%/9%, factoring in stronger growth in India as well as cost-cutting in the EU.
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