- 19 Oct 2022
- ICICIdirect Research
Mahindra CIE reports steady set of Q3CY22 numbersMAHINDCIE - 345 Change: -9.30 (-2.62 %)
Mahindra CIE reported a steady set of numbers in Q3CY22. Consolidated revenue came in at Rs2,731 crore, flat QoQ. EBITDA for the quarter was at Rs 316.9 crore, up 4% QoQ with corresponding EBITDA margins at 11.6% up 36 bps QoQ. PAT for the quarter came in at Rs 171 crore, down 9.4% QoQ (decline aided by higher other income in base quarter).
The company posted a steady set of numbers broadly on expected lines. Revenues from Indian operations grew 12% QoQ with steady state 15% EBITDA margin profile while revenues from European operations de-grew 9% with 160 bps decline in EBITDA margins at 10%. With a rise in share of revenues from India (55% for the quarter vs. 50% in Q2CY22), blended margins witnessed ~40 bps expansion to 11.6%. Margins at European operating came in muted due to high energy prices. Management commentary on demand outlook was robust with intent to grow ahead of industry, going forward.