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ICICI Securities Report
Mahindra CIE Automotive Ltd. reported resilient performance in an adverse environment with its Q3 CY22 Ebitda margin at 12.8% (mere 51 basis points down QoQ due to elevated energy and input costs in the Europe).
Consolidated revenues were up 31% YoY driven by 33%/28% YoY growth in India/Europe sales with raw material inflation pass-on benefit of 6%/15% in India/Europe respectively, as Mahindra CIE was able to pass-on 60-70% of raw material cost inflation to customers.
Demand in India continued to be robust driven by key customers (Mahindra and Mahindra Ltd., Tata Motors Ltd.).
We expect Ebitda margin for India operations to exceed ~15% levels in the coming quarters.
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