Shares of the Auto component firm CIE Automotive Ltd hit a 52-week high of Rs 579.75 apiece on Wednesday, a day after the company reported a 59.7 percent year-on-year jump in consolidated net profit at Rs 301.7 crore for the second quarter that ended June 30, 2023.

In the corresponding quarter last year, the company posted a net profit of Rs 189 crore, the company said in a regulatory filing. The company follows January to December financial year.

In the quarter, total revenue stood at Rs 2,320.3 crore during the period under review, up 4.7 percent against Rs 2,216 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 14.7 percent to Rs 350.6 crore in the second quarter of this fiscal over Rs 305.8 crore in the corresponding period in the previous fiscal, CIE Automotive said.

EBITDA margin stood at 15.1 percent in the reporting quarter as compared to 13.8 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

CIE Automotive India is a multi-technology automotive components supplier and a subsidiary of the Spain-based CIE Automotive. The group specialises in supplying components and subassemblies for the automotive market. The company counts Maruti Suzuki, Hero MotoCorp, Mahindra and Mahindra, and Volkswagen among its customers.

Earlier in the June quarter, Mahindra divested its entire stake in the company. As a result, the name of the company was changed from Mahindra CIE Automotive to CIE Automotive India.

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First Published:Jul 18, 2023 9:31 PM IST