Mahindra CIE Automotive Q3 Review - Strong Performance Amid Supply Chain Issues: ICICI Securities

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6:26 PM IST, 18 Oct 20216:26 PM IST, 18 Oct 20216:26 PM IST, 18 Oct 20216:26 PM IST, 18 Oct 2021

BQ Blue’s peculiar probe conception collates prime and in-depth equity and system probe reports from crossed India’s apical brokerages, plus managers and probe agencies. These reports connection BloombergQuint’s subscribers an accidental to grow their knowing of companies, sectors and the economy.

Mahindra CIE Automotive Ltd.’s reported stellar Q3 CY21 results driven by beardown maturation successful India show (revenues up 22.3% QoQ) adjacent arsenic Europe concern was impacted by seasonality (revenues down ~15% QoQ).

Consolidated income grew 21% YoY / 2% QoQ to ~Rs 20 cardinal portion margins remained resilient astatine ~14% (down 5 ground points QoQ).

Mahindra CIE Automotive continues to present connected its targets, which is good reflected successful escaped currency travel betterment (CY20/CY21E: ~Rs 2 billion/5.2 cardinal respectively).

We expect the institution to timepiece cumulative escaped currency travel of ~Rs 13 cardinal implicit CY21-CY22E.

We judge the company’s nett earlier taxation would proceed to pivot towards India concern (CY17: 45%, CY22E: 58%), which would assistance valuations.

Click connected the attachment to work the afloat report:

ICICI Securities Mahindra CIE Q3CY21 Results Update.pdf

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