Views on Minda Industries Ltd 1QFY2016 Results - Angel Broking

Views of Mr. Bharat Gianani (Sr. Research Analyst - Automobile, Angel Broking) on Minda Industries Ltd 1QFY2016 Results:

"Minda Industries Ltd (MIL) 1QFY2016 results were ahead of estimates on account of lower depreciation and higher profits from associate companies even as the operating performance met expectations. Minda continued to outpace the automotive industry growth, registering a healthy topline growth of 9%. Building on the strategy of new product development and higher sourcing to existing clients, MIL was successful in beating the industry growth. Operating margins at 6.4% were slightly below estimates due to pricing pressures by OEM's. However, lower depreciation expenditure and improved performance of associate companies led to higher profitability. Net Profit at INR 13.7 cr was ahead of our estimates of INR 11.4 cr. We maintain our positive view on the stock with a price target of INR 652."

Shares of MINDA INDUSTRIES LTD. was last trading in BSE at Rs.584.5 as compared to the previous close of Rs. 580.75. The total number of shares traded during the day was 5062 in over 344 trades.

The stock hit an intraday high of Rs. 590 and intraday low of 555.5. The net turnover during the day was Rs. 2949832.

Source : Equity Bulls

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