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Mahindra CIE Automotive tumbles after weak Q2 results

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Mahindra CIE Automotive fell 7.24% to Rs 191.60 at 11:47 IST on BSE after consolidated net profit fell 9.1% to Rs 126.22 crore on a 3% increase in net sales to Rs 2,141.99 crore in Q2 June 2019 over Q2 June 2018.

The announcement was made after trading hours on Friday, 19 July 2019.

Meanwhile, S&P BSE Sensex was down 301.31 points or 0.79% at 38,035.70.

On BSE, 43,000 shares were traded in Mahindra CIE Automotive counter, compared to a 2-week average of 5,373 shares. The share price hit an intraday high of Rs 201 and an intraday low of Rs 183.70. It hit a 52-week high of Rs 301.80 on 11 September 2018 and a 52-week low of Rs 183.70 on 22 July 2019.

Mahindra CIE Automotive's consolidated EBITDA fell 3.34% to Rs 1,214 crore in Q2 June 2019 over Q2 June 2018. EBITDA margin reduced to 13.1% in Q2 June 2019 compared with 15.7% in Q2 June 2018. EBITDA margin reduced due to sales drop and AEL acquisition with lower EBITDA margin than average.

Mahindra CIE Automotive is a multi-technology automotive components supplier. It is a subsidiary of the CIE Automotive group of Spain, an industrial group involved in supplying components and sub-assemblies for the automotive market, which has global presence and is listed on the stock exchanges in Madrid and Bilbao.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 22 2019. 12:23 IST