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Mahindra CIE Automotive, the auto component supplier reported a standalone net profit at Rs 42.57 crore posting a 109.1% uprise for the quarter ended September 2018. The company reported the standalone net profit of Rs. 20.36 crores during the quarter ended in September 2017.
According to the Mahindra CIE Automotive regulatory filing, the company had registered a net standalone profit of Rs. 43.85 crores in the June-end quarter of the current fiscal.
Standalone revenue from operations of the company rose to Rs 652.4 crore during the quarter under review as compared to Rs 484.25 crores in the corresponding quarter of the year-ago period, whereas the standalone revenue during the June-end quarter stood at Rs. 649.96 crores.
Net profit for the first nine months of 2018 also jumped to Rs 124.9 crore as against Rs 58.7 crore for the same period of 2017. Mahindra CIE Automotive EPS also increased from Rs. 0.54 in the Q2 FY18 to Rs 1.12 in the quarter under review.
Earlier, during the month of September, the company announced its merger with Bill Forge to deliver innovative solutions in automobile space for the Indian market.
