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Mahindra CIE Q2 CY20: Recovery in business, buy for long term

Mahindra CIE expects operating margin to hit the peak level by the December quarter

September 30, 2020 / 09:15 AM IST
Mahindra CIE Q2 CY20: Recovery in business, buy for long term

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Mahindra CIE (CMP: Rs 138.75, Mcap: Rs 5,227 crore), an auto component manufacturer, posted a weak set of numbers during the June quarter due to the pandemic-led disruptions across geographies. The company’s revenues fell sharply and the operating margin turned negative. Quarter snapshot (image) On a consolidated basis, the company saw a year-on-year (YoY) decline of 65.3 percent in net sales, led by significant weakness both in the Europe and India businesses, which fell 59.4 percent and 72.5 percent, respectively. The decline...

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