CIE Automotive India stock sank two percent in trade on February 20 after the net profit for the December quarter fell 9.1 percent on-year.
The automotive ancillary company recorded a consolidated net profit of Rs 177 crore for the quarter ended December 2023, falling 9.1 percent compared to the year-ago period despite healthy operating numbers.
At 11.30 am, shares of the company were trading at Rs 474.5 on the NSE, lower by 1.8 percent compared to the closing price during the previous session.
Revenue from operations for the quarter fell 0.3 percent to Rs 2,240.4 crore compared to the year-ago period. The fall in topline and high base due to exceptional gains in Q4CY22 impacted profitability.
The company noted that all businesses in India were performing well with positive expectations and the company’s verticals are ready to grow in 2024 according to market expectations and new project ramp up.
M&M, Bajaj Auto, Maruti Suzuki, Tata Motors, and Hero MotoCorp are among the company’s top customers.
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The board of directors recommended a final dividend of Rs 5 per equity share with a face value of Rs 10 each. The record date for the dividend is June 13, 2024.
Over the past six months, the CIE Automotive's shares have fallen more than 5 percent. In comparison, the frontline index Nifty 50 has clocked gains of around 14 percent during the same time period.
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