CIE Automotive India Limited

Basudeb Banerjee

ICICI SECURITIES

63.44%

ter, CIE has bought out some of M&M stake in MCIE. And consequently, CIE's stake has gone up from 63.44% to 65.71% while that of M&M has come down to 9.25% as against 11.43% earlier. This move, again, re

65.71%

as bought out some of M&M stake in MCIE. And consequently, CIE's stake has gone up from 63.44% to 65.71% while that of M&M has come down to 9.25% as against 11.43% earlier. This move, again, reiterates C

9.25%

And consequently, CIE's stake has gone up from 63.44% to 65.71% while that of M&M has come down to 9.25% as against 11.43% earlier. This move, again, reiterates CIE management's strong belief in the gro

11.43%

CIE's stake has gone up from 63.44% to 65.71% while that of M&M has come down to 9.25% as against 11.43% earlier. This move, again, reiterates CIE management's strong belief in the growth opportunities a

INR14,294 million

ults for MCIE, which is on Page 7 of our investor presentation. Q3 C 2022 sales for India were at INR14,294 million, which represents a 34% growth compared to Q3 C'21 and a 12% growth sequentially versus Q2 C'22.Li

34%

our investor presentation. Q3 C 2022 sales for India were at INR14,294 million, which represents a 34% growth compared to Q3 C'21 and a 12% growth sequentially versus Q2 C'22.Like the last few quarter

12%

ales for India were at INR14,294 million, which represents a 34% growth compared to Q3 C'21 and a 12% growth sequentially versus Q2 C'22.Like the last few quarters, the revenue growth rates are higher

rs,

% growth compared to Q3 C'21 and a 12% growth sequentially versus Q2 C'22.Like the last few quarters, the revenue growth rates are higher than the underlying market growth rates. MCIE India EBITDA marg

15%

h rates are higher than the underlying market growth rates. MCIE India EBITDA margin in Q3 C'22 is 15% despite the adverse impact of commodity prices, RM prices, as also an increase in the cost of ene

11.4%

increase in the cost of energy in Maharashtra, where many of our plants are located. EBIT was at 11.4%, which is better than both year-on-year 10.8% and sequentially 11.1%. In India, the month of Septe

10.8%

where many of our plants are located. EBIT was at 11.4%, which is better than both year-on-year 10.8% and sequentially 11.1%. In India, the month of September has seen good sales across all segments,

11.1%

ts are located. EBIT was at 11.4%, which is better than both year-on-year 10.8% and sequentially 11.1%. In India, the month of September has seen good sales across all segments, especially 4-wheelers,

“As a reminder, all participant lines will be in the listen only mode.”

“And there will be an opportunity for you to ask questions after the presentation concludes.”

“In India, the month of September has seen good sales across all segments, especially 4-wheelers, and we largely expect this trend to continue.”

“We are confident that just like the energy impact in Q1 C'22, we will be partially able to get some of these increases through our customers in the coming quarters.”

“Firstly, can you talk about the impact of energy prices in Europe in this quarter and what we expect in the coming quarter?”

“So you saw a certain impact on the Q3 margins, and we expect to recuperate, at least partially, in the next quarters.”

“My view is that probably there will be a certain slowdown on the economy until the final solution is reached.”

“And on the other side of the outlook for light vehicle production, which we have given from IHS that talks of decline in CY'22 as well as a sub-3% CAGR over the next 3, 4 years.”

“What is your sense with respect to what kind of a group can we expect in Europe, going forward?”

“So how do you see growth, going forward?”

Ander Alvarez

10

Vikas Sinha

9

K. Jayaprakash

7

Siddhant Dand

6

Nikhil Kale

4

Ankur

4

Moderator

3

Swapnil Soudagar

3

Jinesh Gandhi

1

Vikas SInha

1

Vikas Sinha

Ladies and gentlemen, good day, and welcome to Mahindra CIE Limited Q3 CY 2022 Post Results Conference Call, hosted by ICICI Securities. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Basudeb Banerjee from ICICI Securities. Thank you, and over to you, sir. Thanks to Mahindra CIE management for giving us the opportunity to host the call. We have with us Mr. Ander Alvarez, CEO of Mahindra CIE; Mr. K. Jayaprakash, CFO; Mr. Vikas Sinha, Senior Vice President, Strategy; Mr. Oroitz Lafuente, Business Controller; and Swapnil Soudagar, DGM Strategy. So over to you, Vikas, for your initial comments, and we'll take the call ahead accordingly. Yes. Thanks, Basudeb. Go