CIE Automotive India shares rally 7% on block deal, robust Q2 numbers
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The company also announced the resignation of Shriprakash Shuklaa as Director and Non-Executive Chairman with effect from the close of business on July 18 2023.
The share price of CIE Automotive India Limited traded 7 percent up at Rs 565 around 9:16am on July 19 after 16 lakh shares changed hands on the NSE. The auto components supplier reported a 60 percent jump in consolidated net profit at Rs 301.7 crore for the second quarter ended June 30, 2023.
The company operates on a January to December financial year cycle.
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During the same quarter, CIE achieved a total revenue of Rs 2,320 crore, marking a growth of 4.7 percent from Rs 2,216 crore in the corresponding period last year.
At the operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) jumped 14.7 percent to Rs 350.6 crore in the second quarter of this fiscal over Rs 305.8 crore a year back, CIE Automotive said.
Its EBITDA margin stood at 15.1 percent in the reporting quarter as against 13.8 percent a year ago.
Earlier in the quarter, promoter Mahindra and Mahindra sold their entire stake in the subsidiary. The automobile major offloaded about 3.2 percent stake through open market transactions. This resulted in a change in the name of the company from Mahindra CIE Automotive to CIE Automotive India.
The company is a subsidiary of the CIE Automotive group of Spain, an industrial group specialised in supplying components and subassemblies for the automotive market. It caters to prominent players like Maruti Suzuki, Hero MotoCorp, Mahindra and Mahindra, and Volkswagen.
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