Mahindra CIE Automotive reported a consolidated net loss of Rs 657.81 crore in Q4 CY22 as against a consolidated net profit of Rs 80.23 crore in Q4 CY21.
However, revenue from operations rose 34.6% to Rs 2,246.84 crore in Q4 calender year (CY) 2022 over Q4 CY 2021.Profit before exceptional items and tax in Q4 CY2022 stood at Rs 232.5 crore, up by 47.3% from Rs 122.6 crore in Q4 CY2021.
The company reported an exceptional profit of Rs 37.9 crore in current quarter pertaining to sale of freehold land situated in Kanhe, Pune.
The company's India revenue was Rs 1,406.9 crore (up 21.71% YoY) while that from Europe was Rs 1,323.1 crore (up 43.08% YoY) during the period under review.
Total expenses rose by 30.37% to Rs 2,039.1 crore in Q4 CY2022 from Rs 1,564.1 crore in Q4 CY2021, due to higher raw material costs (up 44.71% YoY) and higher other expenses (up 37.74% YoY).
EBITDA jumped by 92% to Rs 354.7 crore in Q4 CY2022 from Rs 184.3 crore in Q4 CY2021. EBITDA margin improved to 17.1% in Q4 CY2022 as against 11.7% in Q4 CY2021.
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The company said that its overall positive performance was supported by growth and solid profitability in India and big commercial efforts in Europe to offset huge cost increases (inflation, energy, transport).
Meanwhile, the board of directors recommended dividend of Rs 2.50 per equity share for the financial year ended 31 December 2022. The payment of dividend is subject to approval of the members of the company.
Mahindra CIE Automotive is a multi-technology automotive components supplier. It is a subsidiary of the CIE Automotive group of Spain; an industrial group specialised in supplying components and sub-assemblies for the automotive market, which has presence across the globe.
The scrip advanced 2.01% to currently trade at Rs 393.55 on the BSE.
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