Mahindra CIE Automotive hit a lower circuit of 5% at Rs 77.65 after consolidated net profit slumped 86.4% to Rs 20.70 crore on 23.5% decline in net sales to Rs 1662.71 crore in Q1 March 2020 over Q1 March 2019.The company's consolidated EBITDA declined 37% to Rs 187.10 crore in Q1 March 2020 as against Rs 297.40 crore reported in the same period last year. EBITDA margin fell to 11.7% in Q1 March 2020 from 14.4% posted in Q1 March 2019. Business margins affected by sales drop mainly due to COVID-19. The result was announced after market hours yesterday, 23 April 2020.
The company's India plants shut from 23 March 2020 due to the fight against COVID-19 virus in accordance with directions from the state governments where they are located. Metalcastello (Italy) was also closed from 23 March 2020 as per orders of the Italian government. The company's other plants n Europe were also closed during the last week of March to adapt to reduced customer demand. CIE Automotive S.A. through its subsidiary acquired 121,002 shares of MCIE from the open market during the trading week ended 3 April 2020.
Mahindra CIE Automotive is an auto components supplier with presence in many technologies, which include forgings, castings, stampings, magnetic products and composites. It is focused on the automotive market, including cars, utility vehicles, commercial vehicles and tractors.
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