BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Geojit Research Report
Mahindra CIE Automotive Ltd. is one of the top global forging players with a strong presence in both Europe and India. Currently two-third of the revenue comes from Europe, while the rest is from India.
We believe despite demand push back for short term, Mahindra CIE’s key customer’s are outperforming the industry growth. As a result, the current order remain strong for the company.
Increased business with existing customers owing to supplier consolidation and shifting the production to India, as primary hub for export is adding for the company.
Q1 CY22 revenue came at 18.2%YoY due to growth coming from both India and Europe business by 15% and 20% respectively.
Ebitda margin came at 11.5% YoY (down 170 basis points QoQ) with gross margin largely flat, despite input cost pressure.
We firmly believe that the strong cost control initiatives and positive order book will help Mahindra CIE to tide over the crisis.
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