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Mahindra CIE Automotive
15-Oct-21   16:26 Hrs IST

For quarter ended Sept 2021, Consolidated Net sales (including other operating income) of Mahindra CIE Automotive has increased 23.40% to Rs 2090.69 crore compared to quarter ending Sept 2020.  Sales of India segment has gone up 33.28% to Rs 1,157.36 crore (accounting for 54.89% of total sales).  Sales of Europe segment has gone up 13.47% to Rs 951.17 crore (accounting for 45.11% of total sales).  Inter-segment sales rose Rs 12.34 crore to Rs 17.84 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 78.30% to Rs 192.44 crore.  PBIT of India segment rose 81.12% to Rs 115.69 crore (accounting for 60.12% of total PBIT).  PBIT of Europe segment rose 74.21% to Rs 76.75 crore (accounting for 39.88% of total PBIT).  

PBIT margin of India segment rose from 7.36% to 10.00%.  PBIT margin of Europe segment rose from 5.26% to 8.07%.  Overall PBIT margin rose from 6.32% to 9.13%.  

Operating profit margin has jumped from 8.90% to 12.84%, leading to 78.04% rise in operating profit to Rs 268.50 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 44.46% to 50.37%.   Employee cost decreased from 20.11% to 14.74%.   Other expenses fell from 26.06% to 22.64%.   

Other income fell 82.36% to Rs 7.41 crore.  PBIDT rose 43.09% to Rs 275.91 crore.  Provision for interest fell 6.22% to Rs 13.31 crore.  

PBDT rose 47.01% to Rs 262.6 crore.  Provision for depreciation fell 1.72% to Rs 83.47 crore.  

Profit before tax grew 91.09% to Rs 179.13 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 12.72 crore, compared to Rs 32.98 crore.  Effective tax rate was 7.10% compared to 35.18%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 173.86% to Rs 166.42 crore.  

Promoters' stake was 72.19% as of 30 September 2021 ,compared to 71.61% as of 30 September 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Mahindra CIE Automotive has increased 54.49% to Rs 6322.56 crore.  Sales of India segment has gone up 67.63% to Rs 3,238.59 crore (accounting for 50.82% of total sales).  Sales of Europe segment has gone up 43.15% to Rs 3,134.26 crore (accounting for 49.18% of total sales).  Inter-segment sales rose Rs 29.03 crore to Rs 50.28 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 611.74% to Rs 593.11 crore.  PBIT of India segment rose 467.10% to Rs 309.75 crore (accounting for 52.22% of total PBIT).  PBIT of Europe segment rose 886.86% to Rs 283.36 crore (accounting for 47.78% of total PBIT).  

PBIT margin of India segment rose from 2.83% to 9.56%.  PBIT margin of Europe segment rose from 1.31% to 9.04%.  Overall PBIT margin rose from 2.02% to 9.31%.  

Operating profit margin has jumped from 5.78% to 12.89%, leading to 244.35% rise in operating profit to Rs 815.14 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 44.62% to 48.73%.   Employee cost decreased from 23.40% to 15.90%.   Other expenses fell from 25.98% to 22.97%.   

Other income fell 40.89% to Rs 38.33 crore.  PBIDT rose 183.02% to Rs 853.47 crore.  Provision for interest fell 17.49% to Rs 40.57 crore.  

PBDT rose 222.08% to Rs 812.9 crore.  Provision for depreciation rose 19.31% to Rs 260.36 crore.  

Profit before tax grew 1,517.51% to Rs 552.54 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 97.33 crore, compared to Rs 39.39 crore.  Effective tax rate was 17.61% compared to 115.31%. Extraordinary item was Rs 142.5 crore compared to nil in 9M CY20.

Minority interest was nil in both the periods. Net profit attributable to owners of the company was Rs 312.62 crore compared to loss of Rs 5.23 crore. 

Promoters' stake was 72.19% as of 30 September 2021 ,compared to 71.61% as of 30 September 2020 .  

Full year results analysis.

Net sales (including other operating income) of Mahindra CIE Automotive has declined 23.49% to Rs 6050.11 crore.  Sales of India segment has gone down 18.64% to Rs 2,970.43 crore (accounting for 48.77% of total sales).  Sales of Europe segment has gone down 27.65% to Rs 3,120.01 crore (accounting for 51.23% of total sales).  Inter-segment sales came down from Rs 55.30 crore to Rs 40.33 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 63.22% to Rs 250.12 crore.  PBIT of India segment fell 48.24% to Rs 157.72 crore (accounting for 63.06% of total PBIT).  PBIT of Europe segment fell 75.38% to Rs 92.40 crore (accounting for 36.94% of total PBIT).  

PBIT margin of India segment fell from 8.35% to 5.31%.  PBIT margin of Europe segment fell from 8.70% to 2.96%.  Overall PBIT margin fell from 8.54% to 4.11%.  

Operating profit margin has declined from 12.24% to 8.29%, leading to 48.16% decline in operating profit to Rs 501.63 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.80% to 45.23%.   Employee cost increased from 16.73% to 21.30%.   Other expenses rose from 24.09% to 24.99%.   

Other income rose 65.88% to Rs 54.89 crore.  PBIDT fell 44.39% to Rs 556.52 crore.  Provision for interest rose 4.94% to Rs 54.85 crore.  Loan funds rose to Rs 1,647.60 crore as of 31 December 2020 from Rs 1,469.12 crore as of 31 December 2019.  Inventories declined from Rs 1,056.57 crore as of 31 December 2019 to Rs 1,006.16 crore as of 31 December 2020.  Sundry debtors were lower at Rs 706.44 crore as of 31 December 2020 compared to Rs 736.81 crore as of 31 December 2019.  Cash and bank balance rose to Rs 238.01 crore as of 31 December 2020 from Rs 149.92 crore as of 31 December 2019.  Investments rose to Rs 233.98 crore as of 31 December 2020 from Rs 95.50 crore as of 31 December 2019 .  

PBDT fell 47.11% to Rs 501.67 crore.  Provision for depreciation fell 3.07% to Rs 306.4 crore.  Fixed assets increased to Rs 2,970.95 crore as of 31 December 2020 from Rs 2,540.40 crore as of 31 December 2019.  Intangible assets increased from Rs 3,557.36 crore to Rs 3,782.68 crore.  

Profit before tax down 69.12% to Rs 195.27 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 88.64 crore, compared to Rs 274.06 crore.  Effective tax rate was 45.39% compared to 43.65%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 69.86% to Rs 106.63 crore.  

Equity capital stood at Rs 379.01 crore as of 31 December 2020 to Rs 379.01 crore as of 31 December 2019.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 71.61% as of 31 December 2020 ,compared to 67.69% as of 31 December 2019 .  

Cash flow from operating activities decreased to Rs 539.38 crore for year ended December 2020 from Rs 1,027.22 crore for year ended December 2019.  Cash flow used in acquiring fixed assets during the year ended December 2020 stood at Rs 334.30 crore, compared to Rs 423.80 crore during the year ended December 2019.

Other Highlights

In India, MHCV sales during Q3CY21 grew by 98.7%, tractors sales grew by 16.4%, two wheelers sales fell by 6.2% and <6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) grew by 0.2% compared to Q3CY20.

In India, MHCV sales during 9M CY21 grew by 132.6%, tractors sales grew by 49.3%, two wheelers sales grew by 28.2% and <6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) grew by 47.3% compared to 9M FY20.

Europe Highlights

In Q3CY21, MHCV sales grew by 9.4% and <6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) fell by 21.7% compared to Q3CY20.

In 9M CY21, MHCV sales grew by 31.5% and <6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) grew by 9.3% compared to 9M FY20.

Mahindra CIE Automotive : Consolidated Results

 

2109 (3)2009 (3)Var (%)2109 (9)2009 (9)Var (%)2012 (12)1912 (12)Var (%)
Sales2090.6881694.3023.40%6322.5644092.4854.49%6050.117907.82-23.49%
OPM (%)12.84%8.90%394 bps12.89%5.79%710 bps8.29%12.24%-395 bps
OP268.507150.82 78.04%815.138236.76 244.29%501.633967.71 -48.16%
Other inc.7.4142.01-82.37%38.3364.84-40.89%54.8933.09 65.88%
PBIDT275.91192.8243.09%853.46301.60182.98%556.5231,000.80 -44.39%
Interest13.3114.19-6.22%40.5749.17-17.49%54.8552.27 4.94%
PBDT262.61178.6347.01%812.89252.43222.03%501.673948.53 -47.11%
Dep.83.4784.93-1.72%260.36218.2319.31%306.4316.10 -3.07%
PBT179.1393.7091.17%552.5334.201515.74%195.273632.43 -69.12%
Share of profit/loss from JV0.000.04-100.00%0.00-0.04-100.00%0- 0.00%
PBT Befor EO179.1393.7491.09%552.5334.161517.53%195.273632.43 -69.12%
Execptional items0.000.000.00%0.000.000.00%04.58 -100.00%
PBT After EO179.1393.7491.09%552.5334.161517.53%195.27627.85 -68.90%
Total Tax12.7232.98-61.44%97.3339.39147.06%88.64274.06 -67.66%
PAT166.4260.77173.86%455.21(5.23)LP106.633353.79 -69.86%
EO0.000.000.00%142.500.00PL0.00- 0.00%
PAT after EO166.4260.77173.86%312.71-5.23LP106.63353.79 -69.86%
Minority Interest0.000.000.00%0.000.000.00%0- 0.00%
Net Profit166.4260.77173.86%312.71(5.23)LP106.633353.79 -69.86%
P/L from discontinued operations0.090.000.00%0.090.00PL0.20PL
Net profit after discontinued operations166.3360.77173.70%312.62-5.23LP106.43353.79-69.92%
EPS (Rs)*####2.819.40
* EPS is on current equity of Rs 379.03 crore, Face value of Rs. 10 Each
# EPS is not annualised due to seasonality of business
EO: Extraordinary items. EPS is calculated after excluding EO and relevant tax
BPS- Basis points
LP: Loss to profit
PL: Profit to Loss
Figures in Rs crore
Source: Capitaline Corporate Database

Mahindra CIE Automotive : Consolidated Segment results

 

Sales% of Total 2106(3)2109 (3)2009 (3)Var. (%)% of Total 2106(6)2109 (9)2009(9)Var. (%)% of Total 2012(12)2012 (12)1912(12)Var. (%)
India54.89%1157.36868.3833.28%50.82%3238.591931.9968%48.77%2970.433650.78-18.64%
Europe45.11%951.17838.2713.47%49.18%3134.262189.5243%51.23%3120.014312.34-27.65%
Total Reportable Segment2108.531706.6423.55%6372.854121.5155%6090.447963.12-23.52%
Un allocated0.000.000.00%000%0.000.000.00%
Total2108.531706.6423.55%6372.854121.5155%6090.447963.12-23.52%
Less: Inter segment revenues17.8412.3444.59%50.28329.03273%40.3355.300.00%
Net sales2090.691694.3023.40%6322.574092.4854%6050.117907.82-23.49%
PBIT
India60.12%115.6963.8881.12%52.22%309.74754.619467%63.06%157.72304.74-48.24%
Europe39.88%76.7544.0574.21%47.78%283.35828.713887%36.94%92.40375.36-75.38%
Total192.44107.9378.30%593.10583.332612%250.12680.10-63.22%
(Less): Interest13.3114.19-6.22%40.57249.174-17%54.8552.274.94%
Add: unallocable0.000.000.00%000%0.000.000.00%
PBT179.1393.7491.09%552.5334.161518%195.27627.83-68.90%
LP: Loss to profit
PL: Profit to Loss
Figures in Rs crore
Source: Capitaline Corporate Database

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