CIE Automotive India (532756) Q4 2024 earnings summary

Executive summary

• Indian operations delivered strong growth and margin improvement in both Q4 and full year 2024, offsetting weak performance in Europe.

• Consolidated sales for Q4 CY 2024 were INR 20.3 billion, down 5% year-on-year, with EBITDA at INR 3.3 billion and PAT at INR 8.3 billion for the full year, reflecting resilience despite European market weakness.

• European business faced significant sales and margin contraction, driven by market declines and restructuring activities.

• Audited standalone and consolidated financial results for the year ended 31 December 2024 were approved by the Board on 20 February 2025, with unmodified audit opinions from statutory auditors.

• The company changed its name from Mahindra CIE Automotive Limited to CIE Automotive India Limited in 2023.

Financial highlights

• Q4 CY 2024 India sales: INR 14.5 billion, up 4% year-on-year; EBITDA margin at 17%.

• Q4 CY 2024 Europe sales: INR 5.8 billion, down 21% year-on-year; EBITDA margin at 15%.

• Full year consolidated sales: INR 86.3 billion, down 2% year-on-year; EBITDA margin at 17.3%.

• Consolidated profit after tax from continuing operations for FY24 was INR 8.2 billion, up from INR 8.0 billion in FY23.

• Final dividend of INR 7.00 per equity share recommended for FY24.

Outlook and guidance

• Indian business expected to continue growing, supported by market forecasts for passenger vehicles and two-wheelers.

• European markets expected to remain weak for the next two to three quarters, with possible recovery in commercial vehicles and off-highway in the second half of the year.

• Growth strategy is focused on India, aiming to offset European declines with ramp-up of new programs and capacity expansion.

• No formal revenue guidance provided, but management targets mid-single digit growth driven by India.

• Margins expected to remain range-bound at current levels, with potential for slight improvement in India.