Review

MAHINDRA CIE AUTOMOTIVE LTD

Ticker : 532756
FV: Rs10
52-Week H/L: Rs311.65/148.30

We recommended Mahindra CIE in volume no. 38, issue no. 01 (dated October 25, 2021) when the scrip was trading at Rs 279.50. Mahindra CIE is a multi-technology auto-motive components supplier, which is a subsidiary of CIE Automotive Group of Spain. On the consolidated quarterly front, the company recorded a 41.53 per cent increase in the net sales and operating income, which stood at Rs 2,090.69 crore for Q3CY21 as compared to Rs 1,694.30 crore reported for Q3CY20. The quarter recorded an operating profit of Rs 275.91 crore in Q3CY21 as compared to Rs 192.86 crore posted in Q3CY20. It reported a net profit of Rs 166.32 crore in Q3CY21, robustly zooming from Rs 60.76 crore recorded in Q3CY20. The upside momentum has strengthened in this stock. Hence, we recommend our investor-readers to BOOK PROFIT at Rs 310.90 per share as of November 16, 2021, with a gain of 11.23 per cent.