Mahindra CIE falls 3% on muted December quarter results

The company said the general cost inflation affecting the business - especially raw materials, energy and logistic costs.

Shares of Mahindra CIE Automotive were down 3 per cent at Rs 193.40 on the BSE in Wednesday’s intra-day trade after the company reported a muted performance for the quarter ended December 2021 (Q4CY21).

On a consolidated basis, the company’s net sales stood at Rs 2,064 crore, down 1.3 per cent quarter-on-quarter (QoQ), up 4 per cent year-on-year (YoY). Earnings before interest tax and depreciation and amortization (EBITDA) margins declined 300 bps QoQ and YoY, due to higher raw material costs. Profit after tax (PAT) more-than-halved QoQ at Rs 80 crore from Rs 166 crore in September quarter (Q3CY21).