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CIE Automotive challenges the sector with a record profit of 326 million euros in 2024

27/02/2025

Increases sales and results with a high level of cash generation that brings debt to historic lows

Bilbao, 27.2.2025 – CIE Automotive has presented today the results for the 2024 financial year, challenging with significant growth an Automotive industry weakened by uncertainties.

Sales have exceeded 3.96 billion euros, which represents a growth of 1.1%, outperforming by more than 2 basic points the decrease in global vehicle production.

In terms of operating margins, an EBITDA – gross operating profit – of 728 million has been reached, and an EBIT – net operating profit – of 538 million euros, which represents margins of 18.4% and 13.6% respectively, significantly higher than the average margins of the sector.

All of the above results in a record net profit of 326 million which, on a comparable perimeter, represents a growth of almost 5% compared to 2023.

According to Jesús María Herrera, CEO of CIE Automotive, “We continue growing above the market, improving our results, and above all, we continue with an extremely high cash generation that has brought our leverage to historic lows, which, in the current sectoral context, highlights the value of our management model and our positioning as a reference supplier in the global Automotive industry”.

And he adds: “For all these reasons and due to our expectations for the current year, we are in a position to reconfirm that the commitments of the 2025 Strategic Plan will be fulfilled.”

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null CIE Automotive’s Indian Arm, Mahindra CIE Automotive Limited (“MCIE”) to acquire BillForge Private Limited (“BFPL”)

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CIE Automotive’s Indian Arm, Mahindra CIE Automotive Limited (“MCIE”) to acquire BillForge Private Limited (“BFPL”)

11/09/2016

MCIE Board of Directors today resolved to acquire 100% of equity shares of BFPL for INR 13,312mn.

Further MCIE Board resolved to issue 54.49 mn shares to CIE Automotive SA (“CIE”) and BFPL shareholders, including the Haridass Family and Kedaara Capital at INR 200/share.

Founded in 1982, BFPL is a market-leading precision forging company based in Bangalore, India with 6 manufacturing facilities in India across Bangalore, Coimbatore and Haridwar and an upcoming plant in Celaya, Mexico. Kedaara Capital invested in BFPL in 2015 to support the growth of the company. BFPL is a crucial supplier to a number of domestic and global two-wheeler and passenger car OEMs and Tier 1 auto component companies. It manufactures a variety of cold, warm, hot forged and machined components primarily for steering, transmission and wheel-related assemblies.

This acquisition increases MCIE’s operations in the high growth Asian markets and reinforces CIE group’s / MCIE’s position as a leading global forgings player. BFPL’s complementary product and customer mix leads to a significant diversification in the business portfolio of MCIE India.

According to JesúsMaría Herrera, CEO of CIE Automotive, “We welcome BFPL and Anil Haridass and team to the CIE family. We are impressed with the high growth and profitable business built by them. We believe that their integration with MCIE, will provide further opportunities for growth for both MCIE and BFPL.”

Hemant Luthra, chairman of MCIE, says “BFPL has a unique business combining complex products and brings many new customers to MCIE’s current portfolio. The global alliance between CIE and M&M created excellent value for all stakeholders. This partnership bears the same hallmark of a mutual faith in each other and a common ambition based on excellent team chemistry. It reinforces CIE’s commitment to India and the region and is a big step forward in creating both a global leader in forgings and a leader among Asian auto components firms.”

Anil Haridass, Managing Director, BFPL says “We see a strong cultural and value fit between the CIE group and our company. We believe that the combination with MCIE will be beneficial for all stakeholders – customers, suppliers and employees” Manish Kejriwal and Sunish Sharma,of Kedaara Capital Advisors LLP, noted “The combination of BFPL with MCIE reaffirms the attractive opportunity that exists in the Indian auto component sector. We have enthusiastically supported the dramatic growth story at BFPL, and are now very happy to partner and invest with the CIE team.”

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