September 24, 2023


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Mahindra CIE Automotive approves dividend, Q4 revenue up 153%

3 min read

With a sector valuation of 17,018.07 Cr, Mahindra CIE Automotive Restricted is a mid-sizing firm with operations in the shopper discretionary marketplace. The company is a main company of magnets for automated apps, as very well as India’s major maker of specialised axle and motor ductile iron castings. In India, Mahindra CIE Automotive is the marketplace chief in engine valves and steering races for two-wheelers.

The firm has stated in a inventory exchange submitting that the Board of Administrators “has advisable dividend of Rs. 2.50/- (Two Rupees Fifty Paisa only) for each everyday fairness share of experience benefit of Rs. 10/- each and every for the financial calendar year ended 31st December 2022. The payment of dividend is issue to approval of the associates of the Firm at the ensuing 24th Annual General Conference (AGM) of the Company, the date of which shall be fastened by the Board and communicated independently in due training course of time. Additional, the Dividend shall be payable, inside of 30 times from the date of the AGM to those people users whose title seem in the Register of Users or record of Beneficial Holders as obtained from Depositories as on the file day, which shall be made a decision by the Board.”

The company recorded a 152.63 per cent YoY growth in consolidated net profit for the fourth quarter or Q4 CY2022, coming in at 194.83 crore vs 77.12 crore in the exact quarter earlier calendar year. Earnings for the quarter climbed to 2,246.83 crore from 1,169.24 crore in the corresponding quarter last yr. The enterprise said its Ebitda was up 62.19% at 292.40 crore and Ebitda Margin at 13.01%. “4QCY22 was the 1st quarter devoid of MFE Germany and MACA’s overall overall performance in the quarter was in line with our estimates. The India small business outperformed the European business, pushed by sturdy domestic need, while Europe demand from customers showed signals of improvement, on the again of cost move as a result of and easing chip shortages. Offered the moderation in commodity fees and partial pass-by means of of vitality prices, we hope margins in both equally geographies to enhance from in this article on,” stated Motilal Oswal.

“MCI inventory value has grown ~11% CAGR earlier 5 many years (from ~ 230 degrees in Feb 2018), outperforming the Nifty Automobile index in that time. We keep Purchase, monitoring wholesome need outlook, worth accretion publish marketing of its German forging functions improved financials buy wins in EV house, powerful CFO yields (~7%) & balanced double digit return ratios. Rolling around our valuations & switching to PE valuation methodology, we now value MCI at 500 i.e., 20x PE on CY24E EPS of 25/share.” reported ICICI Securities in a notice.

On Friday the shares of Mahindra CIE Automotive closed on the NSE at a refreshing 52-7 days-higher level 448.20 apiece, up by 15.65% from the earlier shut of 387.55. The stock recorded NSE + BSE volume ordinary of 10,378,737 shares and a deliverable volume average of 100,362,387 shares or 9.67%.

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