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Company Update - Minda Corporation - Q1FY22 - ICICI Direct

Posted On: 2021-09-15 18:15:52 (Time Zone: IST)


The company posted soft Q1FY22 results.

- Consolidated revenues at Rs. 559 crore were down by 29.7% QoQ
- EBITDA margins declined 570 bps sequentially to 5.5%
- Consequent consolidated PAT was lower by ~45% QoQ to Rs. 7.1 crore

Key triggers for future price performance

- OEM rebound, going forward, would aid volume recovery across MCH and ICS in medium term, with significant new orders won (Rs. 2,490 crore lifetime orders in FY21) imparting healthy revenue visibility beyond FY23E

- Product profile is largely immune to EV risk; actively working on EV-specific products like DC-DC convertors, BMS, motor controllers etc. It has orders from incumbent and new age EV OEMs including Ola Electric

- Expect 15.1% net sales CAGR over FY21-23E; FY23E margins seen at 11%

For details, click on the link below: Link to the report

Shares of Minda Corporation Limited was last trading in BSE at Rs. 128.65 as compared to the previous close of Rs. 126.75. The total number of shares traded during the day was 39860 in over 952 trades.

The stock hit an intraday high of Rs. 129.8 and intraday low of 127. The net turnover during the day was Rs. 5113877.


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