Q1 2024 CIE Automotive India Ltd Earnings Call Transcript

May 03, 2024 / 07:00AM GMT

Release Date Price: ₹490.35 (+0.70%)

Transcript

Key Points

Positve

Sales grew by 6% year-on-year to INR 14,388 million in Q1 CY24.
EBITDA increased by 18% year-on-year to INR 2,684 million.
EBIT grew by 24% year-on-year to INR 2,126 million.
EBT rose by 25% year-on-year to INR 253 million.
EBITDA margin improved to 17.2% (excluding one-off subsidy), higher than both Q1 CY23 and Q4 CY23.

Negative

European operations saw a 7% year-on-year drop in sales due to a high base effect from Q1 CY23.
EBITDA margin in European operations was adversely affected by lower sales and stock reduction.
The tractor and MHCV markets in India shrunk in Q1 CY24.
Delays in ramping up new orders, especially in the EV space, are affecting growth.
The slowdown in the US construction equipment market is expected to impact sales in Metalcastello.

Operator

Ladies and gentlemen, good day, and welcome to CIE Automotive India Limited Q1 CY24 earnings conference call hosted by ICICI Securities. (Operator Instructions) Please note that this conference is being recorded.

I now hand the conference over to Mr. Basudeb Banerjee. Thank you, and over to you, sir.

Basudeb Banerjee ICICI Limited;Analyst

Thanks to you. Good afternoon, good morning to the participants as per their locations and thanks to our management of CIE Automotive India Limited for giving us the opportunity to host the call.

We have with us Mr. Ander Alvarez, CEO; Mr. K. Jayaprakash, CFO; Mr. Vikas Sinha, Senior VP, Strategy; and Mr. Oroitz Lafuente, Business Controller, representing the senior management. Without wasting any time, over to the management for their initial comments. Thanks.

Vikas Sinha CIE Automotive India Ltd;Senior Vice President Strategy and Chief Investors Relations Officer

Thanks, Basudeb. I hope I am audible. Good day, friends. I welcome all of you on

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