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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.
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