Mahindra CIE Automotive Limited (MCAL) erstwhile Mahindra Forgings Limited is in the business of manufacture and supply of engine and chassis forged components for commercial and passenger vehicles such as crankshafts steering knuckles stabilizer bars gear blanks front axle beams levers flanges control arms camshafts connecting rods pitman arms and piston rods and other non-automotive products. The company posted its Q4FY22 and year ended financial results today; the details are below :
(I) Audited Consolidated Financial Results for Quarter Ended (YoY comparison):
The company has reported, a consolidated Total Income of ₹2,599.10 crore in the quarter ended on March 31, 2022 as against ₹2,208.75 crore in the corresponding quarter ended last year on Mar 31, 2021, increased by 17.67%.
The company has posted a consolidated Net Profit of ₹161.42 crore in the quarter ended on March 31, 2022 as against ₹10.09 crore in the corresponding quarter ended in last year on Mar 31, 2021. The PAT surges up by 1499.80%.
The status of the EPS of the company stood at ₹4.26 as on March 31, 2022 compared to the previous quarter ended on Mar 31, 2021 which was ₹0.27, up by 1477.78%.
|₹*||Mar 31, 2022||Dec 31, 21||Mar 31, 21|
|Total Tax /(credit)||51.54||32.31||193.63|
(II) Audited Consolidated Financial Result details for the Year Ended :
The company has reported, a consolidated Total Income of ₹8,442.22 crore for the financial year ended on Mar 31, 2021 (FY21).
The company has posted a consolidated Net Profit of ₹392.84 crore in the financial year ended on March 31, 2021 (FY21).
The status of the EPS of the company stood at ₹10.36 as on March 31, 2021, (FY21).
|₹*||Mar 31, 2022 (FY22)||Mar 31, 2021 (FY21)|
|Total Income||not reported yet||8,442.22|
|Total Expenses||not reported yet||7765.70|
|PBT /(Loss)||not reported yet||677.78|
|Total Tax /(credit)||not reported yet||272.14|
|PAT /(Loss)||not reported yet||392.84|
(III) Key Highlights about the Performance :
- EBITDA margin above 15% despite raw material increase effect (passed through without margin) : 15% sales growth YoY mainly based on raw material price increase.
- Despite weak 2W and tractor segments evolution in last quarter, all verticals are showing good performance and positive expectations
- Sales grew 17% YoY, in India and around 20% in Europe. Strong sales growth mainly due to steel price increase, passed trough without margin
Passenger Vehicles Production expectations :
- Light Vehicles (less than 6 Tons – European Classification)
- Short Term: IHS forecasts production growth at a 7.7% between CY2021-CY 2022
- Long term: IHS forecasts production growth at a CAGR of 4.7% over a period of 2021-2026
MHCVs Production expectations:
- Short Term: IHS forecasts production growth at 7% between CY2021-CY 2022
- Long term: IHS forecasts production growth at a CAGR of 4.8% over a period of 2021-2026
Tractors Production expectations:
- “CRISIL Research expects domestic tractor industry to grow by 0-2% in fiscal 2023”…”.. domestic tractor sales to expand at 3-5% compound annual growth rate (CAGR) during FY2022 to FY2027” … CRISIL Research report
Two Wheelers Production expectations:
- “CRISIL Research expects the two-wheeler industry to grow 6-8% in fiscal 2023”…expects domestic two-wheeler sales to record a compound annual growth rate (CAGR) of 3-5% from FY 2021 to FY 2026” … CRISIL Research report
The stock of Mahindra CIE Automotive last hit in BSE,
- Intraday High of ₹ 208.75
- Intraday low of ₹ 191.35