CIE Automotives India Limited experienced a marginal decrease of just over 1% in its stock value, despite an impressive second-quarter performance. The company announced a notable surge in net profit, reaching Rs 375 crore, marking an impressive 119% increase compared to the previous year. Additionally, its revenue from operations climbed to Rs 2,279.41 crore, showing a growth of 2.24% from Rs 2,229.42 crore in the corresponding period last year.
On the operational front, the company exhibited robust growth, with EBITDA surging by 18% to reach Rs 345.3 crore in the third quarter of the fiscal year, compared to the previous year’s Rs 293.4 crore. Notably, the EBITDA margin stood at 15.2% in the reporting quarter, a significant improvement from the 13.2% recorded in the same quarter the previous year. EBITDA represents earnings before interest, tax, depreciation, and amortization.
In an official filing on October 17, the company’s management expressed optimism, stating that all business verticals in India are performing exceptionally well, aligning with positive market expectations. Furthermore, the verticals are well-positioned for substantial growth in 2024, driven by new project ramp-ups and promising market prospects.
As of 12:40, the company’s shares were trading at ₹486.75, experiencing a marginal decline of 1.44%.
