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Reliance Securities Report
Minda Industries Ltd. delivered a decent operating performance in Q3 FY22 with Ebitda margin coming in at 10.8% (down 294 basis points YoY/flat QoQ), versus our estimates of 11.2%, impacted by higher commodity prices.
Consolidated revenues increased by 7% YoY and 3% QoQ to Rs 21.8 billion, broadly in line with our estimate of Rs 21.7 billion due to value addition despite lower industry volume performance in passenger vehicles and two-wheeler.
Consolidated Ebitda stood at Rs 2.35 billion (down 15% YoY /up 3% QoQ), 3% below our estimate of Rs 2.42 billion due to higher raw material prices.
Minda Industries' profit after tax stood at Rs 1 billion (down 12% YoY/up 7% QoQ) versus our estimate of Rs 1.1 billion due to lower non-operating income.
We expect strong rebound in automobile production post semiconductor shortage easing out to act as a key driver for the company in H1 FY23E.
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