CIE Automotive India trades in green after Q2 net profit zooms 119%

The management highlighted that all businesses in India are performing well with positive expectations.

Shares of CIE Automotives India Limited advanced over 1 percent to Rs 500 in early trade on October 18 after the company reported a net profit of Rs 375 crore in the second quarter, marking a jump of 119 percent over the last year.

Its revenue from operations increased to Rs 2,279.41 crore, up 2.24 percent from Rs 2,229.42 crore a year back.

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At the operating level, EBITDA jumped 18 percent to Rs 345.3 crore in the third quarter of this fiscal over Rs 293.4 crore in the corresponding period last fiscal.

The EBITDA margin stood at 15.2 percent in the reporting quarter compared to the 13.2 percent posted in the same quarter last year. EBITDA is earnings before interest, tax, depreciation, and amortisation.

In an exchange filing on October 17, the management highlighted that all businesses in India are performing well with positive expectations. Furthermore, verticals are ready to grow in 2024 according to market expectations and new project ramp-up.

CIE Automotive India is an auto ancillary supplier. It is a subsidiary of the CIE Automotive Group of Spain, which specialises in supplying components and subassemblies to the automotive market. It has a global presence and is listed on the stock exchange in Madrid.

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