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Systematix Report
Minda Corp.'s Q2 FY22 consolidated revenue grew 12% quarter-on-quarter to Rs 7.3 billion against an industry decline of 3%, driven by higher content per vehicle (recovery in commercial vehicles) and increased aftermarket sales.
Ebitda margin at 10.6% was ahead of estimate and 500 basis points higher quarter-on-quarter on operating leverage benefits and improved product mix.
Minda has developed several next-gen electric vehicle components and has strong order wins worth Rs 7.3 billion from Ola Electric, Bajaj Auto Ltd., etc. during year-to-date FY22 (Rs 10 billion in total).
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