CIE Automotive India Ltd., the Indian arm of the global automotive major, recorded a 48% decline in its net profit for the quarter ended Sept. 30, as per the consolidated financial results declared on Thursday.
The profit came in at Rs 195 crore in the third quarter of the current financial year as compared to Rs 375 crore in the year-ago period. The company follows the January–December fiscal calendar.
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Revenue from operations slipped 6.4% to Rs 2,135 crore from Rs 2,279 crore in the same quarter of the preceding fiscal year.
CIE Automotive's earnings before interest, taxes, depreciation and amortisation declined 4% to Rs 331 crore from Rs 345 crore in the year-ago quarter. The Ebitda margin contracted 40 basis points to 15.5% from 15.1% in the September 2023 quarter.
In an investor presentation, the company said its overall sales in the July–September period of this fiscal declined 5% year-on-year.
The slip was on account of the "European market drop". The sales growth in India is expected to pick up, but the same is likely to "remain weak" in Europe over the next few quarters, it added.
For the nine-month period ended Sept. 30, CIE Automotive clocked a net profit of Rs 642.5 crore, which is lower by 33% from Rs 956.2 crore in the year-ago period.
The company's revenue from operations in the January–September period stood at Rs 6,854 crore, down 2.6% as compared to Rs 7,040 crore in the corresponding period of the previous year.
Shares of CIE Automotive closed 2.22% lower at Rs 502.6 apiece on the NSE, as compared to 0.15% decline in the benchmark Nifty 50. The financial results were declared after market hours.
Four out of the seven analysts tracking the company have a 'buy' rating on the stock, two suggest 'hold' and one recommends a 'sell', as per Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 14.4%.
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