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Motilal Oswal Report
While CIE Automootive India Ltd.'s Q1 CY24 operating performance was in line with our estimates, higher other income drove profit after tax beat. A delay in the ramp-up of orders from the customers’ end hurt revenue growth.
Europe demand remained muted due to overall weakness in the light vehicle market and U.S. off-highway markets.
The stock trades at 20 times/17 times CY24E/CY25E consolidated earnings per share.
Reiterate Buy with a target price of Rs 565 (based on ~18 times March-26E consolidated earnings per share).
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Also Read: Titan Q4 Results Review - Miss On Profitability; Sustaining Focus On Growth: Motilal Oswal
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