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• India Operations Sales: INR14,707 million, 2.2% year-on-year growth.

• India Operations EBITDA: INR2,606 million, 8% year-on-year growth.

• India Operations EBIT: INR2,032 million, 9% year-on-year growth.

• India Operations EBT: INR1,997 million, 14% year-on-year growth.

• India Operations EBITDA Margin: 17.7% in Q3 C24.

• European Operations Sales: INR5,899 million, decreased from INR7,262 million in Q3 C23.

• European Operations EBITDA: INR942 million.

• European Operations EBIT: INR719 million.

• European Operations EBT: INR602 million.

• European Operations EBITDA Margin: 16.0% in Q3 C24.

• Consolidated Sales: INR20,606 million, 5% drop year-on-year.

• Consolidated EBITDA: INR3,548 million, 3% drop year-on-year.

• Consolidated EBIT: INR2,750 million, 4% drop year-on-year.

• Consolidated EBT: INR2,600 million, 2% growth year-on-year.

• Consolidated EBITDA Margin: 17.2% in Q3 C24.

• YTD India Operations Sales: INR43,558 million, 5% growth year-on-year.

• YTD India Operations PAT: INR4,503 million, 22% growth year-on-year.

• YTD European Operations Sales: INR22,445 million, 12% decrease year-on-year.

• YTD European Operations PAT: INR1,923 million.

• YTD Consolidated Sales: INR66,003 million.

• YTD Consolidated PAT: INR6,425 million, 3.5% growth year-on-year excluding discontinued operations.

• Warning! GuruFocus has detected 2 Warning Sign with BOM:532756.

Release Date: October 25, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• CIE Automotive India Ltd (BOM:532756) reported a healthy 14% growth in EBT despite a challenging market environment.

• The company achieved an EBITDA margin of 17.7% in Q3 C24, an improvement from 16.7% in Q3 C23.

• The Indian operations showed resilience with a 5% sales growth year-to-date, outperforming the weighted average market growth.

• Operational improvements and cost control measures have helped maintain strong margins in India.

• The company is optimistic about future growth, particularly in the two-wheeler and tractor segments in India, supported by festive demand and rural income recovery.

Negative Points

• Sales in the European operations fell significantly by 22% sequentially, impacted by a drop in the European light vehicle market and a slowdown in the US off-highway market.

• The European EBITDA margin decreased to 16.0% in Q3 C24 from 17.2% in Q3 C23, reflecting the challenging market conditions.

• The electrification of vehicles in Europe has slowed down, creating uncertainty and impacting the company's growth prospects in the region.

• The delay in ramping up certain export orders has negatively impacted sales growth in India.

• The company faces ongoing challenges in the European market due to the penetration of Chinese vehicles and the imposition of import duties.