CIE Automotive India net profit falls 28% YoY to ₹216 crore in the June 2024 quarter

Shares of the company hit a low of ₹569.45 per share on NSE, down by 6% over the previous close. The stock closed 3.04% down at ₹588 apeice. More than 4 lakh shares of the company changed hands on the bourse.

Shares slide on flat revenue and fall in net profit

CIE Automotive shares slid after the company reported a marginal fall in consolidated revenue and a sharp 28% decline in profit after tax for the April-June quarter of FY25, compared to the year-ago period.

Revenue of the automotive components supplier, on a consolidated basis, was at ₹2,292 crore in April-June 2024 compared to ₹2,320 crore in the year-ago period.

The company’s sales in India rose 8% to ₹1446.3 crore in April-June 2024 compared to ₹1344.2 crore in April-June 2023. The growth was marginally higher than the market growth.

EBITDA for Indian operations improved by 16% to ₹261.4 crore in the first quarter of FY25 compared to ₹225.6 crore in the year-ago quarter.

Europe sales dropped by 11% to ₹760.4 crore in April-June 2024-25 compared to ₹855.88 crore in the year-ago period. EBITDA also declined 21% to ₹129.2 crore in the first quarter of FY25 compared to ₹164.4 crore in the year-ago period.

“Sales reduction due to low market performance (-7.0%) and Metalcastello’s drop (-32%) due to US Off-Road market Situation,” CIE Automotive noted in an investor presentation.

Profit after tax declined by 28% to ₹216.82 crore in the first quarter of FY25 against ₹301.67 crore in the year-ago quarter.