On July 19, CIE Automotive India Limited shares traded 7% up at Rs 565 after 16 lakh shares changed hands on the NSE. The auto mechanisms supplier reported a 60% jump in consolidated net profit at Rs 301.7 crore for Q2 June 30, 2023. The company operates on a January to December financial year cycle.

During Q2, CIE achieved total revenue of Rs 2,320 crore, up 4.7% from Rs 2,216 crore in the same period last year.
At the operating level, EBITDA jumped 14.7% to Rs 350.6 crore in Q2 this fiscal over Rs 305.8 crore a year back.
Its EBITDA margin stood at 15.1% in the reporting quarter versus 13.8% a year ago.

Earlier, promoter Mahindra and Mahindra sold their entire stake in the subsidiary. The automobile major divested about 3.2% stake through open market dealings. This resulted in the company’s name change from Mahindra CIE Automotive to CIE Automotive India.

The company is a subsidiary of the CIE Automotive group of Spain, an industrial group with expertise in supplying mechanisms and subassemblies for the automotive market. It caters to prominent players like Maruti Suzuki, Mahindra and Mahindra, Hero MotoCorp, and Volkswagen.