Mahindra CIE reports muted performance in Q4CY21CIEINDIA - 476 Change: -7.00 (-1.45 %)
News: Mahindra CIE reported a muted performance in Q4CY21. On consolidated basis, net sales for the quarter were at Rs.2064 crore, down 1.3% QoQ. EBITDA for Q4CY21 stood at Rs.202 crore with corresponding EBITDA margins at 9.8%, down 300 bps QoQ primarily tracking higher raw material costs. PAT for the quarter stood at Rs.80 crore, down 52% QoQ.
Views: PAT for full year basis i.e. CY21 was at Rs.393 crore with EPS at Rs.10.4/share. CFO for CY21 came in robust at ~Rs.1,050 crore with FCF also pegged at ~Rs.500 crore. Negative surprise for the quarter was persistent pressure on gross and consequent EBITDA margins. We expect the stock to open negative in opening trade today tracking sequential drop in profitability.