Revenue from operations during the quarter increased by 18.2% YoY to Rs 2,588.4 crore.

On the segmental front, India revenue was Rs 1,299.4 crore (up 14.8% YoY) while that from Europe was Rs 1,307.3 crore (up 21.6% YoY) during the period under review.

Total expenses rose by 19% to Rs 2386.5 crore in Q1 CY2022 from Rs 2005 crore in Q1 CY2021, due to higher raw material costs (up 15% YoY) and higher other expenses (up 36.6% YoY).

EBITDA improved by 1% to Rs 3,079 crore in Q1 CY2022 from Rs 3,062 crore in Q1 CY2021. EBITDA margin was 12.6% in Q1 CY2022 as against 14.7% in Q1 CY2021.

Profit before tax in Q1 CY2022 stood at Rs 213 crore, up by 4.5% to Rs 203.7 crore in Q1 CY2021.

Current tax outgo during the period under review declined by 16.4% YoY to Rs 52.94 crore. The company wrote back deferred taxes amounting Rs 1.39 crore in Q1 CY2022. It had made a provision of Rs 130.31 crore for deferred taxes in Q1 CY2021.

Mahindra CIE 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.