Mahindra CIE spurts after Q3 PAT soars 173.73% YoY to Rs 166.32 cr

Mahindra CIE Automotive (MCIE) jumped 7.51% to Rs 269.70 after the company's consolidated net profit surged 173.73% to Rs 166.32 crore on 23.40% increase in net sales to Rs 2090.69 crore in Q3 September 2021 over Q3 September 2020.

Profit before tax jumped 91% to Rs 179.04 crore in Q3 September 2021 over Q3 September 2020.

EBITDA rose 43% to Rs 275.90 crore in Q3 September 2021 over Q3 September 2020. EBITDA margin rose 13.9% in Q3 September 2021 compared with 11.8% in Q3 September 2020.

"Despite automotive market challenging situation (semiconductor shortage, Covid impact and raw material and energy increases) MCIE is showing its resilience with a solid and sustainable EBITDA margin," the company said in a statement.

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

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