Revenue from operations in the first quarter increased by 18% YoY to Rs 2440.2 crore.

Total expenses rose by 17% to Rs 2,166 crore during the period under review as compared with the same period last year. This was primarily on account of higher raw material costs (up 11% YoY), higher employee expenses (up 17% YoY), higher finance costs (up 6x YoY) and higher other expenses (up 14% YoY).

EBITDA improved by 36% to Rs 396.6 crore in Q1 CY2023 from Rs 291.2 crore in Q1 CY2022. EBITDA margin was at 17.1% in Q1 CY2023 as against 14.9% in Q1 CY2022.

Profit before tax from continuing operations in Q1 CY2023 stood at Rs 290.4 crore, up by 35% from Rs 215.9 crore in Q1 CY2022.

During the period under consideration, Mahindra CIE recorded a net profit of Rs 58.9 crore from discontinued operations.

The company said that its overall positive performance was supported by growth and solid profitability in India and sales and margin recovery in Europe.

Mahindra CIE Automotive is a multi-technology automotive components supplier. It is a subsidiary of the CIE Automotive group of Spain; an industrial group specialised in supplying components and sub-assemblies for the automotive market, which has presence across the globe.