Cie Automotive India Ltd · NSE:CIEINDIA
Cie Automotive India — Mahindra CIE Automotive — H1 CY2022 Earnings Presentation
43 slides from Cie Automotive India's earnings presentation, Jul 22, 2022
Slide 1: Corrigendum to Investor Presentation on Q2 & H1 CY22 Results
rnahlndra C / E Mahindra CIE Automotive Limited Suite F9D, Grand Hyatt Plaza (Lobby Level), Off Western, Express Highway, Santacruz (E), Mumbai - 400 055 , India Tel : +91 22 62411031 Fax: +91 22 62411030 www.mahindracie.com mc1e_investors@c1e-India.com SEC/2022/94 22nd July, 2022 BSE Limited Nation
Slide 2: Q2 & Half Year CY2022 Results
mahlndra CI E Q2 & Half Year CY2022 Results 22 JULY 2022 I MUMBAI ~ ( '.I . CIE Automotive
Slide 3: Disclaimer
mahindr-a c / E msclaimer M ahindra Cl E Aut omot ive Lim it ed, here in ref erred to as MCAL provides a wiid e array of presentations and reports, w ith t he cont ri but:ions of various professfonals. These present at ions and reports are for i nfo rmat1 i onal purposes and private drou llat ion on
Slide 4: Index
mahindr-a c / E Index 1 OVERVIEW 2 Q2 CY2022 RESULTS 3 H1 CY2022 RESULTS 4 BALANCE SHEET, CASHFLOW AND OTHER DETAILS 5 MARKET UPDATE 6 SEBI RESULTS 3 (~ CIE Automotive '_I
Slide 5: Overview
mahindr-a c / E 1 OVERVIEW ~ ( '.I . CIE Automotive
Slide 6: Legal Structure
mahindr-a c / E OVERVIEW LEGAL STRUCTURE CIE through it’s subsidiaries M&M 11.43% mahindra CI E 63.44% I I100% 100% I 100% 100% I 100% I100% BF Bill Forge Stokes Aurangabad CIE Galfor Precision de Mexico CIE Hosur Group Electricals S.A. Private S de RL de Limited Limited Limited* Limited CV I I100%
Slide 7: Q2 CY2022 Results
mahindr-a c / E 2 Q2 CY2022 RESULTS ~ ( '.I . CIE Automotive
Slide 8: MCIE India Q2 CY2022 Results
mahindr-a c / E MCIE INDIA Q2 CY2022 RESULTS FINANCIAL UPDATE MARKET UPDATE (₹ MIO) APR-JUN 2022 CHANGE APR-JUN 2021 JAN-MAR 2022 APR-JUN 2022 APR-JUN 2022 v/s v/s SALES 12,794 46% 8,734 12,022 APR-JUN 2021 JAN-MAR 2022 <6T 31.7% -6.5% EBITDA* 1,911 57% 1,213 1,815 MHCV 68.5% -20.9% EBITDA% 14.9% 13
Slide 9: MCIE Europe Q2 CY2022 Results
mahindr-a c / E MCIE EUROPE Q2 CY2022 RESULTS FINANCIAL UPDATE MARKET UPDATE (₹ MIO) APR-JUN 2022 CHANGE APR-JUN 2021 JAN-MAR 2022 APR-JUN 2022 APR-JUN 2022 SALES 12,816 20% 10,670 12,423 v/s v/s APR-JUN 2021 JAN-MAR 2022 EBITDA* 1,487 -1% 1,501 1,264 <6T -5.4% 0.8% MHCV* -19.8% -10.8% EBITDA% 11.6%
Slide 10: MCIE Consolidated Q2 CY2022 Results
mahindr-a c / E MCIE CONSOLIDATED Q2 CY2022 RESULTS FINANCIAL UPDATE (₹ MIO) APR-JUN 2022 CHANGE APR-JUN 2021 JAN-MAR 2022 SALES 25,609 32% 19,404 24,444 EBITDA* 3,398 25% 2,714 3,079 EBITDA% 13.3% 14.0% 12.6% EBIT* 2,505 37% 1,828 2,213 EBIT% 9.8% 9.4% 9.1% EBT* 2,475 46% 1,698 2,130 EBT% 9.7% 8.7%
Slide 11: H1 CY2022 Results
mahindr-a c / E 3 H1 CY2022 RESULTS ~ ( '.I . CIE Automotive
Slide 12: MCIE India H1 CY2022 Results
mahindr-a c / E MCIE INDIA H1 CY2022 RESULTS FINANCIAL UPDATE MARKET UPDATE (₹ MIO) JAN-JUN 2022 CHANGE JAN-JUN 2021 JAN-JUN 2022 v/s SALES 24,815 29% 19,222 JAN-JUN 2021 <6T 16.4% EBITDA* 3,726 31% 2,834 MHCV 22.6% EBITDA% 15.0% 14.7% Tractors -12.6% Two Wheelers 1.6% EBIT* 2,761 42% 1,941 Source:
Slide 13: MCIE Europe H1 CY2022 Results
mahindr-a c / E MCIE EUROPE H1 CY2022 RESULTS FINANCIAL UPDATE MARKET UPDATE (₹ MIO) JAN-JUN 2022 CHANGE JAN-JUN 2021 JAN-JUN 2022 SALES 25,238 20% 21,045 v/s JAN-JUN 2021 EBITDA* 2,752 -6% 2,942 <6T -12.5% MHCV* -15.0% EBITDA% 10.9% 14.0% EBIT* 1,957 -5% 2,066 Source: IHS Global EBIT% 7.8% 9.8% * M
Slide 14: MCIE Consolidated H1 CY2022 Results
mahindr-a c / E MCIE CONSOLIDATED H1 CY2022 RESULTS FINANCIAL UPDATE (₹ MIO) JAN-JUN 2022 CHANGE JAN-JUN 2021 SALES 50,054 24% 40,267 EBITDA* 6,478 12% 5,776 EBITDA% 12.9% 14.3% EBIT* 4,718 18% 4,008 EBIT% 9.4% 10.0% EBT* 4,605 23% 3,735 EBT% 9.2% 9.3% (*) EBITDA: Net Operating Income + Depreciation
Slide 15: Balance Sheet, Cashflow and Other Details
mahindr-a c / E 4 BALANCE SHEET, CASHFLOW AND OTHER DETAILS ~ ( '.I . CIE Automotive
Slide 16: Consolidated Balance Sheet as on Jun 2022
mahindr-a c / E MCIE CONSOLIDATED BALANCE SHEET AS ON 30 JUN 2022 Million ₹ 30 JUN 2022 31 DEC 2021 Fixed Assets 67,693 67,357 Net Working Capital 793 -1,854 Total Net Assets 68,486 65,502 Equity 53,993 51,966 Net Financial Debt (*) 8,737 7,813 Others (Net) (#) 5,756 5,724 Total Equity and Liabiliti
Slide 17: Consolidated Cash Flow and NFD as on Jun 2022
mahindr-a c / E MCIE CONSOLIDATED - CASH FLOW AND NFD AS ON 30 JUN2022 (Mn ₹) MCIE EBITDA 6,478 Financial (215) Maintenance CAPEX (847) Tax Payment (728) OPERATING CASH FLOW 4,688 % EBITDA 72% Growing Capex (1,732) Working Capital Variation (2,647) Dividend (948) Others (284) FINANCIAL CASH FLOW (92
Slide 18: Other Operating Revenue, Other Income and Exchange Rates
mahindr-a c / E OTHER DETAILS OTHER OPERATING REVENUE, OTHER INCOME AND EXCHANGE RATES For Q2 CY2022 For H1 CY2022 (₹ Mio) INDIA EUROPE CONSOLIDATED INDIA EUROPE CONSOLIDATED Other Operating Revenue 984 478 1,463 1,774 953 2,727 Other Income 72 285 357 168 471 639 EXCHANGE RATES PERIOD ₹/€ Average f
Slide 19: Market Update
mahindr-a c / E 5 MARKET UPDATE ~ ( '.I . CIE Automotive
Slide 20: India Market: Key Segments Update - Quarterly
mahindr-a c / E INDIA MARKET: KEY SEGMENTS UPDATE - QUARTERLY MARKET PRODUCTION NUMBERS <6T Vehicles** MHCV Tractors Two Wheelers PERIOD Million Units Δ% Units Δ% Units Δ% Units Δ% H1 CY2022 2.44 16.4 178,690 22.6 475,441 -12.6 9,282,261 1.6 Q2 CY2022 1.18 31.7 78,901 68.5 284,320 14.4 4,820,657 38.
Slide 21: Market Outlook - India
mahindr-a c / E MARKET OUTLOOK - INDIA • Passenger Vehicles ₋ Light Vehicles (less than 6 Tons – European Classification) Short Term: IHS forecasts production growth at a 16.8% between CY2021-CY 2022 Long term: IHS forecasts production growth at a CAGR of 3.8% over a period of 2021-2026 • MHCVs: Sho
Slide 22: Europe Market: Key Segments Update - Quarterly
mahindr-a c / E EUROPE MARKET: KEY SEGMENTS UPDATE - QUARTERLY MARKET PRODUCTION NUMBERS <6T Vehicles MHCV PERIOD Million Units Δ% Units Δ% H1 CY2022 7.64 -12.5 234,781* -15.0 Q2 CY2022 3.84 -5.4 110,717 -19.8 Q1 CY2022 3.81 -18.6 124,064 -10.2 Source: IHS Global Δ % - means comparison of Quarter vo
Slide 23: Market Outlook - Europe
mahindr-a c / E MARKET OUTLOOK - EUROPE • EU – Light Vehicles: ‒ IHS Global has forecasted that the Light Vehicle production will grow in CY22 by 2.4% as compared to CY21 ‒ and will grow at CAGR of 3.2% between CY21 to CY26. • EU – MHCV’s: ‒ IHS Global has forecasted* that the Europe MHCV production
Slide 24: SEBI Results
mahindr-a c / E 6 SEBI RESULTS ~ ( '.I . CIE Automotive
Slide 25: Standalone - Statement of Profit & Loss
mahindr-a c / E MCIE STANDALAONE - STATEMENT OF PROFIT & LOSS STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 JUNE, 2022 Rs. in Million Standalone Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2022 31 March, 2022 30 June, 2021 30 June, 2022 30 June, 2
Slide 26: Standalone - Statement of Profit & Loss (Cont'd)
mahindr-a c / E MCIE STANDALAONE - STATEMENT OF PROFIT & LOSS (CONT’D) Rs. in Million Standalone Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2022 31 M arch, 2022 30 June, 2021 30 June, 2022 30 June, 2021 31 December, 2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited VI
Slide 27: Standalone Balance Sheet as on Jun 2022
mahindr-a c / E MCIE STANDALONE BALANCE SHEET as on 30 Jun 2022 Rs. in M illion STANDALONE Particulars 30 June, 2022 31 December, 2021 Unaudited Audited I ASSETS 1 NON-CURRENT ASSETS (a) Property, Plant and Equipment 11,513.19 10,863.69 (b) Capital Work-in-Progress 212.82 587.16 (c ) Right-of-use as
Slide 28: Standalone Balance Sheet as on Jun 2022 - Cont'd
mahindr-a c / E MCIE STANDALONE BALANCE SHEET as on 30 Jun 2022 – CONT’D Rs. in M illion STANDALONE Particulars 30 June, 2022 31 December, 2021 Unaudited Audited II EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 3,791.34 3,790.76 (b) Other Equity 38,437.17 36,712.44 42,228.51 40,503.20 LIA
Slide 29: Standalone - Cash Flow
mahindr-a c / E MCIE STANDALONE – CASH FLOW Rs. in Million Particulars 30 June, 2022 30 June, 2021 Unaudited Unaudited I Cash flows from operating activities Profit before tax 3,266.45 1,505.18 Adjustments for: Finance costs recognised in profit or loss 55.42 53.28 Interest income recognised in prof
Slide 30: Standalone - Cash Flow (Cont'd)
mahindr-a c / E MCIE STANDALONE – CASH FLOW (CONT’D) Rs. in Million Particulars 30 June, 2022 30 June, 2021 Unaudited Unaudited Net cash used in operating activities (601.86) (732.18) II Cash flows from investing activities Purchase of Property, Plant and Equipment (1,141.08) (1,057.86) Sale of curr
Slide 31: Notes to Accounts - Standalone
mahindr-a c / E 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
Slide 32: Consolidated Statement of Profit & Loss
mahindr-a c / E MCIE CONSOLIDATED STATEMENT OF PROFIT & LOSS Rs. in Million Consolidated Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2022 31 M arch, 2022 30 June, 2021 30 June, 2022 30 June, 2021 31 December, 2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Revenue
Slide 33: Consolidated Statement of Profit & Loss - Cont'd
mahindr-a c / E MCIE CONSOLIDATED STATEMENT OF PROFIT & LOSS - CONT’D Rs. in Million Consolidated Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2022 31 M arch, 2022 30 June, 2021 30 June, 2022 30 June, 2021 31 December, 2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I
Slide 34: Consolidated Statement of Profit & Loss - Cont'd
mahindr-a c / E MCIE CONSOLIDATED STATEMENT OF PROFIT & LOSS - CONT’D Rs. in Million Consolidated Quarter Ended Half Year Ended Year Ended Particulars 30 June, 2022 31 March, 2022 30 June, 2021 30 June, 2022 30 June, 2021 31 December, 2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited XV
Slide 35: Consolidated Balance Sheet as on Jun 2022
mahindr-a c / E MCIE CONSOLIDATED BALANCE SHEET as on 30 Jun 2022 Rs. in M illion Consolidated Particulars 30 June, 2022 31 December, 2021 Unaudited Audited I ASSETS 1 NON-CURRENT ASSETS (a) Property, Plant and Equipment 27,517.33 26,771.65 (b) Capital Work-in-Progress 1,207.40 1,247.20 (c ) Right-o
Slide 36: Consolidated Balance Sheet as on Jun 2022 - Cont'd
mahindr-a c / E MCIE CONSOLIDATED BALANCE SHEET as on 30 Jun 2022 – CONT’D Rs. in M illion Consolidated Particulars 30 June, 2022 31 December, 2021 Unaudited Audited II EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 3,791.34 3,790.75 (b) Other Equity 50,202.04 48,175.12 TOTAL EQUITY 53,993
Slide 37: Consolidated - Cash Flow
mahindr-a c / E MCIE CONSOLIDATED – CASH FLOW Rs. in Million Particulars 30 June, 2022 30 June, 2021 Unaudited Unaudited I Cash flows from operating activities Profit before tax 4,604.58 3,734.02 Adjustments for: Finance costs recognised in profit or loss 214.78 272.64 Foreign Exchange gain (85.99)
Slide 38: Consolidated - Cash Flow (Cont'd)
mahindr-a c / E MCIE CONSOLIDATED – CASH FLOW (CONT’D) Rs. in Million Particulars 30 June, 2022 30 June, 2021 Unaudited Unaudited Net cash used in operating activities 2,400.10 3,852.02 II Cash flows from investing activities (Purchase)/Sale of current and non-current investments 3,920.48 1,364.76 T
Slide 39: Consolidated - Segment Result
mahindr-a c / E MCIE CONSOLIDATED – SEGMENT RESULT Rs. in Million CONSOLIDATED Quarter Ended Half Year Ended Year Ended 31 December, 30 June, 2022 31 M arch, 2022 30 June, 2021 30 June, 2022 30 June, 2021 2021 Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Segment Revenue a)
Slide 40: Consolidated - Segment Assets & Liabilities
mahindr-a c / E MCIE CONSOLIDATED – SEGMENT ASSETS & LIABILITIES Rs. in Million CONSOLIDATED Quarter Ended Half Year Ended Year Ended 30 June, 2022 31 March, 2022 30 June, 2021 30 June, 2022 30 June, 2021 31 December, 2021 Particulars Unaudited Unaudited Unaudited Unaudited Audited Unaudited 3 Segme
Slide 41: Notes to Accounts - Consolidated
STATEM ENT OF CONSOLIDATED UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 JUNE, 2022 mahindr-a c / E NOTES TO ACCOUNTS - CONSOLIDATED Notes: 1 The statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of
Slide 42: Notes Cont'd - Subsidiaries and Associate Companies
mahindr-a c / E NOTES CONT’D … Annexure A - Subsidiaries forming part of the M ahindra CIE Automotive Limited (M CIE) Group and its Associate Companies S. No. Name of the entity Relationship % of Holding Country of Incorporation 30 June, 2022 1 Stokes Group Limited (SGL) Subsidiary of M CIE 100% UK
Slide 43: Thank You
mahlndra CI E Thank You mahindracie.com ~ ( '.I . CIE Automotive
Mahindra CIE Automotive — H1 CY2022 Earnings Presentation on 6ix