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Motilal Oswal Report
CIE Automotive Ltd. reported a muted performance in Q4 CY23 due to lower-than estimated growth in both India and Europe. The demand outlook for Europe remains weak as the production of light-vehicles is expected to decline ~3% YoY in CY24, along with an anticipation of muted growth in Metalcastello for the next few quarters.
We cut our CY24E/CY25E earnings per share by 4%/3% to factor in weakness in the underlying markets. Reiterate 'Buy' with a target price of Rs 540 (based on ~18 times CY25E consolidated earnings per share).
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