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Systematix Research Report
Minda Corporation Ltd.'s Q3 FY22 consolidated revenue was flat QoQ to Rs 7.3 billion against an industry decline of 20%, driven by higher content per vehicle, recovery in commercial vehicles and improved performance in the aftermarket segment.
Ebitda margin at 10.7% was in-line with our estimate. Minda Corp continues to win new orders across segments for higher value-added products like smart keys, sensors, digital clusters which should improve product mix and profitability.
It has also developed several next-gen electric vehicle components and has a strong order book of Rs 11 billion from Ola Electric, Bajaj Auto Ltd.; this should drive revenues from EVs to Rs 1.5 billion in FY23 versus Rs 0.3 billion currently.
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