Mahindra CIE Automotive slips over 8% post December quarter results

Shares of Mahindra CIE Automotive, the automotive components supplier, declined 8.5 per cent to Rs 129 apiece on the BSE on Thursday after the company reported 91 per cent year-on-year (YoY) fall in its consolidated net profit at Rs 12.6 crore for the quarter ended December 31, 2019 (Q3FY19). The company had posted profit of Rs 142 crore in the year-ago period. 

Profit before tax (PBT) for the quarter under review stood at Rs 121.5 crore, down 33 per cent against Rs 182 crore logged in the corresponding quarter of the previous fiscal. 

Total consolidated revenue slipped 13 per cent to Rs 1,729 crore YoY.

Basic earnings per share (EPS) stood at Rs 0.33 against Rs 3.75 in the year-ago quarter. 

At 10:06 am, the stock was trading nearly 6.5 per cent lower at Rs 132 on the BSE. In comparison, the benchmark S&P BSE Sensex was trading 359 points or around a per cent down at Rs 39,529.54 levels.