Mahindra CIE Automotive Q4 CY20 Result Review – Performance Closes On A Strong Note: ICICI Securities

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Mahindra CIE Automotive Ltd.’s Q4 CY20 operating margins were ahead of consensus estimates.

Consolidated sales rose ~14% YoY to Rs 16.4 billion.

India revenue share in Q4 (52%) surpassed Europe (48%) while India PBT contribution rose to ~64%. India business clocked six-quarter high margins at ~15.3% (up ~271 basis points Year on Year) while clocking ~17% revenue growth.

MACA incurred incremental costs to streamline Europe operations, which restricted margins (down 86 basis points at 11.9%).

Company registered healthy FCF of ~Rs 2 billion in CY20, and we expect cumulative FCF of ~Rs 11.8 billion over CY21 E-CY22 E.

Click on the attachment to read the full report:

ICICI Securities Mahindra CIE Q4 CY20 Result Review.pdf


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