Cie Automotive India Ltd · NSE:CIEINDIA
Cie Automotive India — H1 CY2024 Earnings Presentation
45 slides from Cie Automotive India's earnings presentation, Jul 18, 2024
Slide 1: Exchange filing cover letter
SEC/2024/105 18th July, 2024 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Corporate Relationship Department, P. J. Towers, Exchange Plaza, 5th Floor, Dalal Street, Fort, Plot No. C/1, G Block, Mumbai - 400 001. Bandra Kurla Complex, Bandra (E), Mumbai – 400
Slide 2: Q2 & H1 CY2024 Results Investor Update
Q2 & H1 CY2024 RESULTS INVESTOR UPDATE JULY 2024 1
Slide 3: Disclaimer
Disclaimer CIE Automotive India Limited, herein referred to as ‘CIE India’ provides a wide array of presentations and reports, with the contributions of various professionals. These presentations and reports are for informational purposes and private circulation only and do not constitute a prospect
Slide 4: Index
INDEX 1. OVERVIEW 2. Q2 CY2024 RESULTS 3. H1 CY2024 RESULTS 4. BALANCE SHEET & CASH FLOW 5. OTHER DETAILS 6. MARKET UPDATE 7. SEBI RESULTS 3
Slide 5: 1. Overview
1. OVERVIEW 4
Slide 6: Legal structure as on June 2024
1. OVERVIEW LEGAL STRUCTURE AS ON 30 JUNE 2024 CIE through it’s subsidiaries 65.71% 100% 100% 100% 100% BF CIE CIE Galfor Precision Aluminium CIE Hosur S.A. Private Casting India Limited Limited* Limited 100% 100% 99.96% 99.81% 100% Bill Forge CIE UAB ClE LT CIE Legazpi Metalcastello de Mexico Forgi
Slide 7: 2. Q2 CY2024 Results
2. Q2 CY2024 RESULTS 6
Slide 8: Q2 CY2024 India Results
Q2 CY2024 INDIA RESULTS FINANCIAL UPDATE MARKET UPDATE APR-JUN 2024 APR-JUN 2024 ₹ million APR-JUN 2024 APR-JUN 2023 JAN-MAR 2024 V/S APR-JUN 2023 V/S JAN-MAR 2024 Sales 14,463 +8% 13,442 14,388 <6T 3.7% -11.3% EBITDA 2,614 +16% 2,256 2,684 MHCV 12.5% -4.1% % EBITDA / Sales 18.1% 16.8% 18.7% Tractor
Slide 9: Q2 CY2024 Europe Results
Q2 CY2024 EUROPE RESULTS FINANCIAL UPDATE MARKET UPDATE APR-JUN 2024 APR-JUN 2024 ₹ million APR-JUN 2024 APR-JUN 2023 JAN-MAR 2024 V/S APR-JUN 2023 V/S JAN-MAR 2024 Sales 7,604 -11% 8,558 8,941 <6T -7.0% -5.0% EBITDA 1,292 -21% 1,644 1,435 Source: IHS Global (Europe without Russia) % EBITDA / Sales
Slide 10: Q2 CY2024 Consolidated Results
Q2 CY2024 CONSOLIDATED RESULTS FINANCIAL UPDATE ₹ million APR-JUN 2024 APR-JUN 2023 JAN-MAR 2024 Sales 22,068 0% 22,000 23,329 EBITDA 3,907 0% 3,900 4,119 % EBITDA / Sales 17.7% 17.7% 17.7% EBIT 3,070 0% 3,067 3,255 % EBIT / Sales 13.9% 13.9% 14.0% EBT 2,865 +1% 2,843 3,039 % EBT / Sales 13.0% 12.9%
Slide 11: 3. H1 CY2024 Results
3. H1 CY2024 RESULTS 10
Slide 12: H1 CY2024 India Results
H1 CY2024 INDIA RESULTS FINANCIAL UPDATE MARKET UPDATE ₹ million JAN-JUN 2024 JAN-JUN 2023 JAN-JUN 2024 V/S JAN-JUN 2023 Sales 28,851 +7% 26,983 <6T 6.8% EBITDA 5,298 +17% 4,523 MHCV 2.7% % EBITDA / Sales 18.4% 16.8% Tractors -7.0% EBIT 4,203 +22% 3,441 % EBIT / Sales 14.6% 12.8% 2 Wheelers 22.8% EB
Slide 13: H1 CY2024 Europe Results
H1 CY2024 EUROPE RESULTS FINANCIAL UPDATE MARKET UPDATE ₹ million JAN-JUN 2024 JAN-JUN 2023 JAN-JUN 2024 V/S JAN-JUN 2023 Sales 16,546 -9% 18,224 <6T -5.0% EBITDA 2,727 -18% 3,342 Source: IHS Global (Europe without Russia) % EBITDA / Sales 16.5% 18.3% From now on, we will be presenting Europe market
Slide 14: H1 CY2024 Consolidated Results
H1 CY2024 CONSOLIDATED RESULTS FINANCIAL UPDATE ₹ million JAN-JUN 2024 JAN-JUN 2023 Sales 45,397 0% 45,207 EBITDA 8,025 +2% 7,865 % EBITDA / Sales 17.7% 17.4% EBIT 6,326 +2% 6,208 % EBIT / Sales 13.9% 13.7% EBT 5,905 +3% 5,748 % EBT / Sales 13.0% 12.7% PAT 4,473 -23% 5,808 % PAT / Sales 9.9% 12.8% (
Slide 15: 4. Balance Sheet & Cash Flow
4. BALANCE SHEET & CASH FLOW 14
Slide 16: Consolidated Balance Sheet as on Jun 2024
CONSOLIDATED BALANCE SHEET AS ON 30 JUN 2024 ₹ million 30 JUN 2024 31 DEC 2023 Fixed assets 59,144 59,026 Net Working Capital 855 (3,467) TOTAL NET ASSETS 59,999 55,559 Equity 61,958 59,880 Net Financial Debt (6,406) (8,252) Others (net) 4,447 3,931 TOTAL EQUITY AND LIABILITIES 59,999 55,559 Non-Rec
Slide 17: Consolidated Cash Flow and NFD as on Jun 2024
CONSOLIDATED CASH FLOW AND NFD AS ON 30 JUN 2024 ₹ million 30 JUN 2024 EBITDA 8,025 Financial (361) Maintenance CAPEX (780) Tax Payment (762) OPERATING CASH FLOW 6,123 % EBITDA 76% Growing CAPEX (1,055) Working Capital Variation (4,771) Dividend Distribution (1,897) Others (245) FINANCIAL CASH FLOW
Slide 18: Other Details
4. OTHER DETAILS 17
Slide 19: Other Operating Revenue, Other Income and Exchange Rates
OTHER DETAILS OTHER OPERATING REVENUE, OTHER INCOME AND EXCHANGE RATES Q2 CY2024 H1 CY2024 ₹ million INDIA EUROPE CONSOLIDATED INDIA EUROPE CONSOLIDATED OTHER OPERATING REVENUE 584 275 859 1,262 536 1,798 OTHER INCOME 286 20 306 751 68 819 EXCHANGE RATES PERIOD ₹/€ Average for Q2 CY2024 89.81 Averag
Slide 20: Market Update
3. MARKET UPDATE 19
Slide 21: Market Production Numbers India
MARKET PRODUCTION NUMBERS INDIA MARKET: KEY SEGMENTS UPDATE - QUARTERLY <6T Vehicles** MHCV Tractors Two Wheelers PERIOD Million Units Δ% Units Δ% Units Δ% Units Δ% H1 CY2024 2.88 6.8 210,220 2.7 480,258 -7.0 11,384,079 22.8 Q2 CY2024 1.35 3.7 102,883 12.5 261,628 1.0 5,859,186 19.6 Q1 CY2024 1.52 9
Slide 22: Market Outlook - India
MARKET OUTLOOK- INDIA • Passenger Vehicles Light Vehicles (less than 6 Tons – European Classification) Short Term: IHS forecasts production growth at a 4.1% between CY2023- CY 2024 Long term: IHS forecasts production growth at a CAGR of 4.9% over a period of 2024-2029 • MHCVs: Short Term: IHS* forec
Slide 23: Market Production Numbers Europe
MARKET PRODUCTION NUMBERS EUROPE MARKET: KEY SEGMENT UPDATE - QUARTERLY <6T Vehicles PERIOD Million Units Δ% H1 CY2024 8.42 -5.0 Q2 CY2024 4.10 -7.0 Q1 CY2024 4.32 -3.0 Source: IHS Global – Europe (w/o Russia) Δ % - means comparison of Quarter volumes of this calendar year with that of the same quar
Slide 24: Market Outlook - Europe
MARKET OUTLOOK - EUROPE • EU(w/o Russia) – Light Vehicles: ‒ IHS Global has forecasted that the Light Vehicle production will increase in CY24 by -5.8% as compared to CY23 ‒ and will grow at CAGR of 1.4% between CY24 to CY29 23
Slide 25: SEBI Format
3. SEBI FORMAT 24
Slide 26: CIE India Standalone - Statement of Profit & Loss
Rs. in Million CIE INDIA STANDALAONE - STATEMENT OF PROFIT & LOSS Standalone Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2024 31 March, 2024 30 June, 2023 30 June, 2024 30 June, 2023 31 December, 2023 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Revenue from operatio
Slide 27: Standalone Profit & Loss (Cont'd)
CIE INDIA STANDALAONE - STATEMENT OF PROFIT & LOSS (CONT’D) Rs. in Million Standalone Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2024 31 March, 2024 30 June, 2023 30 June, 2024 30 June, 2023 31 December, 2023 Unaudited Unaudited Unaudited Unaudited Unaudited Audited V Profit befor
Slide 28: Standalone Balance Sheet
Rs. in M illion BALANCE SHEET CIE INDIA STANDALAONE - STATEMENT OF Standalone Particulars 30 June, 2024 31 December, 2023 Unaudited Audited I ASSETS 1 NON-CURRENT ASSETS (a) Property, Plant and Equipment 12,035.79 12,140.75 (b) Capital Work-in-Progress 1,122.11 371.63 (c) Right-of-use assets 816.62
Slide 29: Standalone Balance Sheet (Cont'd)
CIE INDIA STANDALAONE - STATEMENT OF Rs. in M illion BALANCE SHEET (CONT’D) Standalone Particulars 30 June, 2024 31 December, 2023 Unaudited Audited II EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 3,793.62 3,793.62 (b) Other Equity 47,147.88 45,605.76 50,941.50 49,399.38 LIABILITIES 2 NO
Slide 30: Standalone Cash Flow
CIE INDIA STANDALAONE - STATEMENT OF Rs. in Million CASH FLOW Particulars 30 June, 2024 30 June, 2023 Unaudited Unaudited I Cash flows from operating activities Profit before tax 4,300.64 4,021.10 Adjustments for: Finance costs 76.07 41.91 Interest Income on financial assets measured at amortised co
Slide 31: Standalone Cash Flow (Cont'd)
CIE INDIA STANDALAONE - STATEMENT OF Rs. in Million CASH FLOW (CONT’D) Particulars 30 June, 2024 30 June, 2023 Unaudited Unaudited II Cash flows from investing activities Purchase of Property, Plant and Equipment (1,008.67) (1,177.90) Proceeds from sale of Property, Plant and Equipment 14.65 26.90 S
Slide 32: Notes to Accounts - Standalone
NOTES TO ACCOUNTS - STANDALONE 1 The statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. 2 The above re
Slide 33: CIE India Consolidated - Statement of Profit & Loss
CIE INDIA CONSOLIDATED - STATEMENT OF PROFIT & LOSS Rs. in Million Consolidated Quarter ended Half Year ended Year ended Sr. No Particulars 30 June, 2024 31 M arch, 2024 30 June, 2023 30 June, 2024 30 June, 2023 31 December, 2023 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Continuing O
Slide 34: Consolidated Profit & Loss (Cont'd)
CIE INDIA CONSOLIDATED - STATEMENT OF Rs. in Million PROFIT & LOSS (CONT’D) Consolidated Quarter ended Half Year ended Year ended Sr. No Particulars 30 June, 2024 31 March, 2024 30 June, 2023 30 June, 2024 30 June, 2023 31 December, 2023 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Cont
Slide 35: Consolidated Profit & Loss (Cont'd)
Rs. in Million CIE INDIA CONSOLIDATED - STATEMENT OF PROFIT & LOSS (CONT’D) Consolidated Quarter ended Half Year ended Year ended Sr. No Particulars 30 June, 2024 31 M arch, 2024 30 June, 2023 30 June, 2024 30 June, 2023 31 December, 2023 Unaudited Unaudited Unaudited Unaudited Unaudited Audited XII
Slide 36: Consolidated Balance Sheet
Rs. in M illion BALANCE SHEET CIE INDIA CONSOLIDATED - STATEMENT OF Consolidated Particulars 30 June, 2024 31 December, 2023 Unaudited Audited I ASSETS 1 NON-CURRENT ASSETS (a) Property, Plant and Equipment 27,461.92 28,129.41 (b) Capital Work-in-Progress 1,549.61 536.67 (c ) Right-of-use assets 1,1
Slide 37: Consolidated Balance Sheet (Cont'd)
Consolidated CIE INDIA CONSOLIDATED - STATEMENT OF BALANCE SHEET (CONT’D) Particulars 30 June, 2024 31 December, 2023 Unaudited Audited II EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 3,793.62 3,793.62 (b) Other Equity 58,164.50 56,086.06 TOTAL EQUITY 61,958.12 59,879.68 LIABILITIES 2 NO
Slide 38: Consolidated Cash Flow
Rs. in M illion CIE INDIA CONSOLIDATED - STATEMENT OF CASH FLOW 30 June, 2024 30 June, 2023 Particulars Unaudited Unaudited I Cash flows from operating activities Profit before tax For c ontinuing operations 5,904.71 5,747.66 For disc ontinued operations 10.35 1,998.37 Adjustments for: Financ e c os
Slide 39: Consolidated Cash Flow (Cont'd)
Rs. in M illion CIE INDIA CONSOLIDATED - STATEMENT OF CASH FLOW (CONT’D) 30 June, 2024 30 June, 2023 Particulars Unaudited Unaudited II Cash flows from investing activities Proc eeds from sale of investments (net) 3,116.35 2,448.31 Interest rec eived 149.14 124.12 Grant rec eived 260.00 190.20 Proc
Slide 40: CIE India Consolidated - Segment Result
RESULT CIE INDIA CONSOLIDATED – SEGMENT Rs. in Million Consolidated Quarter ended Half Year ended Year ended Particulars 30 June, 2024 31 M arch, 2024 30 June, 2023 30 June, 2024 30 June, 2023 31 December, 2023 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Segment Revenue a) India 15,0
Slide 41: Consolidated Segment Assets and Liabilities
CIE INDIA CONSOLIDATED – SEGMENT ASSETS AND LIABILITIES Rs. in Million Consolidated Quarter ended Half Year ended Year ended Particulars 30 June, 2024 31 M arch, 2024 30 June, 2023 30 June, 2024 30 June, 2023 31 December, 2023 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 3 Segment Asset
Slide 42: Notes to Accounts - Consolidated
1 The statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other NOTES TO ACCOUNTS - CONSOLIDATED recognized accounting practices and policies to the extent applicable. 2 In Septemb
Slide 43: Notes to Accounts - Consolidated (Cont'd)
The Group had recognised further loss on fair valuation of disposal group of INR 1,332.66 million during quarter and half year ended June 30, 2023 and INR 1,536.45 million during the year ended on CONT’D … NOTES TO ACCOUNTS – CONSOLIDATED December 31, 2023. Brief details of the discontinuing operati
Slide 44: Annexure A - Subsidiaries and Associate Companies
NOTES CONT’D … Annexure A - Subsidiaries forming part of the CIE Automotive India Limited (CIE-India) Group (formerly known as M ahindra CIE Automotive Limited) and its Associate Companies S. No. Name of the entity Relationship % of Holding Country of Incorporation 30 June, 2024 1 Stokes Group Limit
Slide 45: Thank You
CIE India THANK YOU
CIE Automotive India — H1 CY2024 Earnings Presentation on 6ix