CIE Automotive India Ltd. share price target

Q3CY17 results were in line with estimates at operational level, as management continues to deliver at both India and Europe operations. Consolidated EBITDA margin, at 13.2%, benefitted from closure of Jeco (Germany) plant and merger of Bill Forge.

Mahindra CIE (MCIE) is among the top global forging players with a strong presence in both Europe and India. Currently 2/3 of the revenue comes from Europe (split btw CV's & PV's) while rest from India (PVs). Q3CY17 registered a revenue growth of 21%YoY led by 64% growth from India business and 16% from Europe business. Consolidated EBITDA margin improved by 160bps led by superior geographical mix and cost control initiatives. EBITDA margin to improve by 360bps over CY16-18E led by cost...

ICICI Securities Ltd | Retail Equity Research Mahindra CIE's Q3CY17 consolidated revenue was at | 1590 crore (up 34% YoY) vs. our estimate of | 1,424 crore. Revenue from Indian operation (standalone + Bill Forge (BFL) + gears business) grew 64% YoY to | 682 crore mainly due to integration of the Bill Forge business, higher steel price & higher production from its key customers. Revenue from European operation increased 16% YoY to | 915 crore mainly due to 1) higher revenue from Metalcastello (as MCI started catering to...

Q2CY17 results were 6% ahead of estimates at operational level driven by margin improvement in Bill Forge (BFL) and Europe. Consolidated EBITDA margin at 13.2% benefitted from closure of the Jeco (Germany) plant and merger of Bill Forge. The management maintained its guidance of further improvement ..

Consolidated EBITDA Margins Expanded By 219bps to 13.5% During the quarter the Company reported domestic EBITDA margins of 13.8% (up 384bps) and international business EBITDA margins of 13.2% (Vs 12.30% in Q2CY16). Domestic margins improved because of consolidation of BFL which has higher margins compared to the Company. International business continues to exhibit improvement on account of...

Mahindra CIE's Q2CY17 consolidated net sales were at | 1449 crore (up 13.3% YoY) vs. our estimate of | 1,532 crore. The revenue is not comparable YoY as it includes integration of Bill Forge (BFL). Revenue from Indian operation (standalone + BFL + gears business) grew 50.6% YoY to | 636 crore supported by production growth in UVs, tractors and 2-W. Revenue from European operation declined 2.1% YoY to | 894 crore mainly due to currency translation Consolidated EBITDA margins came in at 14.2% (up 248 bps YoY & 81...

Mahindra CIE (MCIE) is among the top global forging players with a strong presence in both Europe and India. Currently 2/3 of the revenue comes from Europe (split btw CV's & PV's) while rest from India (PVs). Diversified product portfolio, broad based customer profile and strong geographical presence establish MCIE a preferred choice for the OEMs. Scaling up new product line to drive growth in two wheeler business will paint positive outlook to the company. We expect EBITDA margin to improve by 350bps over CY16-18E led by...

Mahindra CIE Automotive Ltd (MCAL) is head quartered in Mumbai and is amalgamated entity between Mahindra group and CIE Automotive after combining their forging and other automotive component businesses. The Company offers forging and casting components to passenger vehicles in India and Supply forging components to commercial and passenger vehicles in international market....

Consolidated EBITDA margins improved to 12.8%, up 165bps YoY Consolidated PBT for Q1CY17 increased to `1.2bn Vs `785mn in Q1CY16. Consolidated Sales Up By 19.4% To `15.2Bn MHCIE's India sales (41%of consolidated sales) increased by 52.6% yoy mainly on account of consolidation of newly acquired company Bill Forge (BFL) during the quarter. During Q1CY17, its international sales increased by 3.8% Consolidated EBITDA Margins Expanded By 165bps To 12.8% During the quarter the Company reported domestic EBITDA margins of 12.7% (up 215bps YoY) and...