Mahindra CIE Automotive - Q3CY20 Results - Angel Broking

Mr. Jyoti Roy, DVP - Equity Strategist, Angel Broking Ltd

"Mahindra CIE Automotive reported a 9.3% YoY de-growth in consolidated revenues to ₹1,694.3 crore for Q3CY20, as compared to revenues of ₹1,868.5 crore for Q2FY20. EBIDTA for the quarter stood at ₹150.8 crore down by 27.9% YoY while EBIDTA margins contracted by 230bps to 8.9%. Net profit for the quarter stood at ₹60.7 crore as compared to profit of ₹61.1 crore in the corresponding quarter previous year. Profits were largely at last year's level due to increase in other income to ₹42 crore as compared to ₹4.2 crore. While revenues were down YoY they were up by 130.5% QoQ. Gradual opening up of the economy led to the strong sequential rebound in revenues though the drop in operating margins were a bit disappointing as most of the auto ancillary companies have reported the same or slight improvement in margins so far."

Shares of Mahindra CIE Automotive Limited was last trading in BSE at Rs.137 as compared to the previous close of Rs. 135.45. The total number of shares traded during the day was 25143 in over 936 trades.

The stock hit an intraday high of Rs. 140.15 and intraday low of 133.5. The net turnover during the day was Rs. 3439621.

Source : Equity Bulls

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