CIE Automotive India shares decline over 5%, know why

By Aditya Bhagchandani Published on July 19, 2024, 10:59 IST

Shares of CIE Automotive India fell over 5% on Friday after the company reported poor second-quarter results. The EBITDA was down 3%, with margins at 15.7% compared to 16% year-on-year.

The company reported sales of INR 22,926.87 million for the second quarter, compared to INR 23,203.4 million a year ago. Revenue stood at INR 23,233.23 million, down from INR 23,398.74 million last year. Net income dropped significantly to INR 2,168.25 million from INR 3,016.75 million a year ago.

For the six months ended June 30, 2024, sales were INR 47,194.9 million, slightly down from INR 47,605.43 million last year. Revenue was INR 48,014.38 million, marginally up from INR 47,960.36 million. However, net income decreased to INR 4,473.03 million from INR 5,807.97 million.

As of 10:40 AM, shares were trading 5.3% lower at ₹310.00 on the NSE.

CIE Automotive India

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.