India business drives strong Q3 margin performance for Mahindra CIE

The management expects profitability to improve on the back of volumes, cost reduction

Led by the India business, auto component maker Mahindra CIE posted better than expected operating performance in the December quarter. New customer additions in India and recovery in the European market helped increase consolidated revenues by 14 per cent as compared to the year ago quarter. The faster growth in the domestic market also meant that revenues from India exceeded that from Europe for the first time.

The y-o-y growth has come after six consecutive quarters of decline. While the company ended the calendar year on a strong note, given the 65 per cent fall in revenues in the June quarter,