Mahindra CIE Automotive on February 22 reported an impressive 153 percent year-on-year (YoY) growth in its consolidated profit at Rs 195 crore for the quarter ended December 2022 (Q4), led by strong operating performance and exceptional gains.
The company follows the calendar year as its financial year.
Consolidated revenue for the quarter at Rs 2,247 crore grew by 35 percent over a year-ago period, the automotive components supplier said in its filing to exchanges.
The company further said its India business grew by 21.7 percent YoY to Rs 1,407 crore and its Europe business increased by 43 percent to Rs 1,323.1 crore during the quarter.
The operating numbers were also strong despite a sharp rise in input costs and other expenses. EBITDA (earnings before interest, tax, depreciation and amortisation) for the quarter came in at Rs 292.4 crore, increasing by 62.2 percent over the corresponding period last fiscal. The margin expanded by 221 bps for the quarter to 13.01 percent compared to the year-ago period.
Mahindra CIE posted an exceptional gain of Rs 37.87 crore for Q4CY22 against an exceptional loss of Rs 12.8 crore in the same period last year.
For the year ended December 2022, the company has registered an 80 percent growth in consolidated profit at Rs 711.3 crore and revenue increased by 29.4 percent to Rs 8,753 crore compared to the previous year.
Mahindra CIE Automotive is a subsidiary of the CIE automotive group of Spain. Mahindra & Mahindra holds a 9.25 percent stake in the company as of December 2022.
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