Q2 2024 CIE Automotive India Ltd Earnings Call Transcript
Key Points
- Sales in the India business grew by 8% year-on-year, outperforming the weighted average market growth.
- EBITDA margin in India improved significantly, reaching 18.1% in Q2 C24, up from 17.2% in Q1 C24.
- Consolidated EBITDA margin for H1 C24 was 17.7%, showing an improvement from 17.4% in H1 C23.
- Return on net assets remained healthy, maintained above 20%, and return on equity was at 14.4%.
- The company generated operating cash flows amounting to 76% of consolidated EBITDA growth.
- Sales in the European operations decreased by 11% year-on-year due to a slowdown in the light vehicle market and Metalcastello.
- EBITDA margin for the European operations dropped to 17% in Q2 C24 from 19.2% in Q2 2020.
- Sales in H1 C24 for the Indian operations decreased by 7% compared to H1 C23.
- The European market is expected to remain weak, with H2 traditionally performing worse than H1.
- The company faces challenges in the European market due to the delay in EV orders and overall market uncertainty.
Ladies and gentlemen, good day. And welcome to CIE Automotive India Ltd Q2 and H1 FY24 results concall hosted by ICICI securities. (Operator Instructions)
Please note that this conference is being recorded.
Thanks, Sumit. Good evening, good afternoon, as per your location. Thanks to CIE Auto India management for giving us the opportunity towards the post Q2 CY 24. Does that call we have with us the management represented by Mr. Ander Alvarez, CEO; Mr. K. Jayaprakash, CFO; Mr. Vikas Sinha, Senior VP Strategy' Mr. Oroitz Lafuente, Business Controller; and Mr. Swapnil Soudagar, DGM strategy. So over to you, Vikas.
Yes. Thanks, Basudeb. I welcome all of you on this call. As also Ander and Iroquois, both of them have just experienced the effect of the global City outage. They're connecting flight was delayed and they barely made it on time. So we sincerely thank them for not taking, as
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