Mahindra CIE Automotive’s share rose 15.50% to Rs 229.90 after reporting a consolidated net profit of Rs 161.4 crore in Q1 CY2022 compared to Rs 10.1 crore in Q1 CY2021. The company follows a January-December financial year.

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During the quarter, revenue from operations climbed by 18.2% year on year (YoY) to Rs 2,588.4 crore. During the period under review, India’s revenue was Rs 1,299.4 crore (up 14.8% YoY), while revenue from Europe was Rs 1,307.3 crore (up 21.6% YoY).

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Due to higher raw material prices (up 15% YoY) and higher other expenditures (up 36.6% YoY), total expenses increased by 19% to Rs 2,386.5 crore in Q1 CY2022 from Rs 2,005 crore in Q1 CY2021.

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In Q1 CY2022, EBITDA increased by 1% to Rs 3,079 crore, up from Rs 3,062 crore in Q1 CY2021. In Q1 CY2022, the EBITDA margin was 12.6%, compared to 14.7% in Q1 CY2021.

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In Q1 CY2022, profit before tax was Rs 213 crore, up 4.5% from Rs 203.7 crore in Q1 CY2021. During the period under review, the current tax outgo decreased by 16.4% YoY to Rs 52.94 crore. In Q1 CY2022, the company wrote down Rs 1.39 crore in deferred taxes.

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The company’s board has also recommended a final dividend of Rs 2.5 per share of Rs 10 each for the financial year ended December 31, 2021.

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Mahindra CIE is a multi-technology automotive components supplier. It is a subsidiary of the CIE Automotive group of Spain; an industrial group specialising in supplying components and sub-assemblies for the automotive market, which has a presence across the globe.