Buy CIE Automotive; target of Rs 565: Motilal Oswal
Mon, May 6, 2024 1:54 PM

Buy CIE Automotive; target of Rs 565: Motilal Oswal

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Motilal Oswal's research report on CIE Automotive1QCY24 consol. revenue remained flat YoY at ~INR24.3b (vs. est. INR23.6b), due to lower-than-est. growth in India (6% YoY vs. est. 7%), while EU declined 8% YoY (vs. est. decline of 18%). EBITDA stood at INR3.6b (vs. est. INR3.5b), down 5% YoY. EBITDA margins stood at 14.9% (in line). There was a one-off item in other income related to INR220m.

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