External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Mahindra Cie Automotive / Equity Bottom-Up

<ul><li>Motilal Oswal's research report onCIE Automotive 1QCY24 consol. revenue remained flat YoY at ~INR24.3b (vs. est. INR23.6b), due to lower-than-est. growth in India (6% YoY vs. est. 7%), while EU declined 8% YoY (vs. est. decline of 18%). EBITDA stood at INR3.6b (vs. est. INR3.5b), down 5% YoY.</li><li>EBITDA margins stood at 14.9% (in line). There was a one-off item in other income related to INR220m in subsidy received by its subsidiary, Aurangabad Electricals.</li><li>Thanks to higher other income, adj. PAT grew 4.5% YoY to INR2.3b (vs. est. INR1.9b). Outlook The India business is expected to be the key growth driver for the company in CY24 and the bulk of its capex is currently in the India business to expand for new customer orders. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Motilal Oswal's research report onCIE Automotive 1QCY24 consol. revenue remained flat YoY at ~INR24.3b (vs. est. INR23.6b), due to lower-than-est. growth in India (6% YoY vs. est. 7%), while EU declined 8% YoY (vs. est. decline of 18%). EBITDA stood at INR3.6b (vs. est. INR3.5b), down 5% YoY.EBITDA margins stood at 14.9% (in line). There was a one-off item in other income related to INR220m in subsidy received by its subsidiary, Aurangabad Electricals.Thanks to higher other income, adj. PAT grew 4.5% YoY to INR2.3b (vs. est. INR1.9b). Outlook The India business is expected to be the key growth driver for the company in CY24 and the bulk of its capex is currently in the India business to expand for new customer orders. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIE Automotive - In-Line Operating Performance; High Other Income Drives PAT Beat