Mahindra CIE Q4 Profit Rises 73% Rise On Robust Domestic, European Demand
Listen to This Article
Indian auto components supplier Mahindra CIE Automotive Ltd reported a nearly 73% surge in fourth-quarter profit on Tuesday, boosted by strong domestic and European demand.
A subsidiary of Spain's CIE Automotive, Mahindra CIE's consolidated profit was at Rs 279 crore ($34.06 million) in the quarter ended March 31, up from Rs 161 crore a year ago.
Lower commodity costs and pent-up demand supported sales in the Indian auto industry for the year. Pre-buying of vehicles ahead of the implementation of new fuel emission norms from April 1, and strong demand during the festival season also drove sales.
European business of the Mumbai-based company outperformed Indian business by 5.8%. Europe, a key market of the company, clocked revenue at Rs 1,553 crore for the quarter, constituting nearly 51.4% of total revenue.
The revenue from the India segment rose 13.3% to Rs 1,468 crore.
The automotive company, which counts Maruti, Tata- Jaguar Land Rover (JLR) and Renault among its customers, reported revenue at Rs 2,44 crore in the fourth quarter, up from Rs 2,061 crore a year earlier, while expenses jumped 16.7% Meanwhile, Mahindra & Mahindra, the second biggest stakeholder in the Mahindra CIE, sold over 6% stake in Mahindra CIE Automotive last month, bringing its stake in the company to 3.19% from 9.25%.
Shares of Mahindra CIE have risen 4.3% in 2023 versus a 3.2% drop in the Nifty 500 index. The stock closed 1.4% lower on the day ahead of the results.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more