CIE Automotive slips after Q4 PAT drops 9% YoY to Rs 177 cr

CIE Automotive India declined 2.11% to Rs 474.10 after the company's consolidated net profit from continuing operations fell 9.13% to Rs 177.04 crore in Q4 CY23 as compared with Rs 194.83 crore in Q4 CY22.

Revenue from operations fell 0.29% YoY to Rs 2,240.39 crore in Q4 CY23.

Profit before tax declined 9.31% to Rs 245.21 crore in Q4 CY23 as compared with Rs 270.38 crore in Q4 CY22.

EBITDA stood at Rs 353.9 crore in Q4 CY23, registering de-growth of 0.23% as compared with Rs 354.7 crore in Q4 CY22. EBITDA margin stood at 16.6% in Q4 CY23 as against 17.1% in Q4 CY22.

During the quarter, revenue from India jumped 3.85% YoY to Rs 1,393.4 crore and revenue from Europe rose marginally 0.04% YoY to Rs 732.5 crore from Rs 732.2 crore in Q4 CY22.

Meanwhile, the companys board has taken note of completion of the closure of operations by BF Precision (BFPPL) and has further considered and approved the proposal to launch a process of voluntary liquidation of BFPPL. The said process is expected to complete within a period of 12 months, subject to receipt of necessary approvals required under provisions of applicable laws.

Further, the board has declared final dividend of Rs 5 per share for the financial year ended 31st December 2023. The record date for the same will be 13th June 2024.

CIE Automotive 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.

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