Mahindra CIE Automotive Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 5177.29 Crore) operating in Auto Ancillaries sector.
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1694.30 Crore, up 130.37 % from last quarter Sales of Rs 735.47 Crore and down -9.32 % from last year same quarter Sales of Rs 1868.50 Crore. Company reported net profit after tax of Rs 60.72 Crore in latest quarter.
The brokerage believes MACA is a well-diversified MNC supplier with products and technologies across end-segments. It raises estimates (up ~15% in CY21) factoring-in higher margin resilience from MACA, roll forward in CY22 as it introduces CY22E estimates. It has pruned target multiple factoring in mid-cycle growth to 13.0x (earlier: 16.0x) Sep’22E EPS of Rs15.4. It maintains BUY rating on the stock with a revised target price of Rs200/share (earlier: Rs151).
Promoters held 71.6 per cent stake in the company as of Sept 30, 2020 while FIIs held 14.5 per cent, DIIs 3.3 per cent and public and others 10.6 per cent.