CIE Automotive India results: Profit up 11%, revenue low in Europe segment


Auto components maker CIE Automotive India on Tuesday reported a 11.4 per cent rise in third-quarter profit – its slowest growth in four quarters – hurt by a sharp slide in its European segment revenue.

The unit of Spain’s CIE Automotive reported a consolidated profit from continuing operations of Rs 200 crore for the three months to Sept 30, compared with Rs 168 crore a year earlier.

Weak demand for cars in CIE’s key Europe market, which analysts say brings higher margins, also saw overall revenue rise just 2.2 per cent – its slowest growth in five quarters.

Revenue from the European segment – which fell for a second-straight quarter – declined around 38 per cent . Revenue from CIE’s domestic business dropped 0.4 per cent .

The company, which makes gear boxes and engine parts among other things and counts Maruti Suzuki and Hero MotoCorp among its customers also named Shriprakash Shukla as its chairman.

Shares of the company ended 3.7 per cent lower ahead of the results. CIE shares are up 43.5 per cent so far this year, outperforming the Nifty Auto index’s 31 per cent rise.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 17 2023 | 7:52 PM IST


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