India revenue growth was 4% YoY, owing to delay in ramp-up of fresh orders under AEL and Billforge. CIE Automotive remains confident of growth from these orders during CY25.
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ICICI Securities Report
CIE Automotive India Ltd.'s Q4 CY24 consolidated PAT of Rs 1.8 billion was lower than consensus estimate of Rs 1.9 billion, with ~4% miss in revenue and ~100 basis points miss in Ebitda margin. EU revenue continued to be weak and was down 2% QoQ, at Rs 5.8 billion, on the back of continued slowdown in Metalcastello and Europe CV segment.
India revenue was down 1% QoQ at ~Rs 15 billion, in line with industry growth. CIE Automotive expects strong growth in India business led by ramp-up of new programmes to offset muted growth in Europe business.
We cut CY25E earnings per share by ~10% to account for continued slowdown in Europe business and delay in ramp-up of fresh projects. Maintain Buy with a DCF-based revised target price of Rs 560 (earlier: Rs 675), implying 20 times CY26E EPS.
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