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Motilal Oswal Report
Mahindra CIE Automotive Ltd.'s overall performance in Q3 CY22 was in line.
The India business outperformed the European business, led by strong domestic demand. Given the moderation in commodity costs and partial pass-through of energy cost, we expect margin in both geographies to improve from here on.
We change our CY22/CY23 estimate of Mahindra CIE by -1%/+4% to reflect strong passenger vehicle demand for its key customers in India and adverse forex impact.
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