Shares of Mahindra CIE Automotive were down 3 per cent at Rs 193.40 on the BSE in Wednesday’s intra-day trade after the company reported a muted performance for the quarter ended December 2021 (Q4CY21).

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On a consolidated basis, the company’s net sales stood at Rs 2,064 crore, down 1.3 per cent quarter-on-quarter (QoQ) up 4 per cent year-on-year (YoY). Earnings before interest tax and depreciation and amortisation (EBITDA) margins declined 300 bps QoQ and YoY due to higher raw material costs. Profit after tax (PAT) more-than-halved QoQ at Rs 80 crore from Rs 166 crore in the September quarter (Q3CY21). It was down 29 per cent YoY from Rs 112 crore in Q4CY20.