Q3 2024 CIE Automotive India Ltd Earnings Call Transcript

Oct 25, 2024 / 07:00AM GMT

Release Date Price: ₹496.05 (-1.30%)

Transcript

Key Points

Positve

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

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.

Operator

Ladies and gentlemen, good day. And welcome to CIE India, Q3 and NMCY 2024 conference call hosted by ICICI Securities. (Operator Instructions)

Please note that this conference is being recorded. I now hand the conference over to Ms. Vishakha from ICICI Security. Thank you and over to you, ma'am.

Unidentified Participant

Thanks. Good afternoon, everyone. Thanks to CIE India Auto Limited management for giving us the opportunity to host the call. We have here in the call the senior 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 the management to take this ahead.

Vikas Chandra Sinha

CIE Automotive India Ltd - Senior Vice President of Strategy

Thanks Vishaka. This is Vikas. I welcome all of you on this call. As also under our CEO, we'll go through the Q3 C24 results of CIE Automotive India Limited.

First up on page 5, we have an overview of the simplified

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