External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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

<div><ul><li>In the EU, Metalcastello is fully booked and management expects it to deliver ~EUR80mn revenue in FY23 while the two CIE plants are expected to clock EUR250mn in CY22.</li><li>In India, PVs+CVs currently account for ~50% of revenue vs ~30% from 2Ws+tractors.</li><li>Company has no plans to add more CIE assets as of now though it is open to M&amp;A opportunities to bolster the EV and plastic part portfolios along with addition of new APAC customers.</li></ul></div>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.

In the EU, Metalcastello is fully booked and management expects it to deliver ~EUR80mn revenue in FY23 while the two CIE plants are expected to clock EUR250mn in CY22.In India, PVs+CVs currently account for ~50% of revenue vs ~30% from 2Ws+tractors.Company has no plans to add more CIE assets as of now though it is open to M&amp;A opportunities to bolster the EV and plastic part portfolios along with addition of new APAC customers.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.

Mahindra CIE Automotive - Strong India Operations Outweighing Weak EU