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Axis Securities Report
Minda Corporation Ltd.'s reported revenue/Ebitda/profit before tax largely inline with our estimates while profit after tax was a miss. Revenue (4% miss) grew by 9% YoY, led by increased production volumes in the two-wheelers/commercial vehicle segment, partly offset by lower volumes in the private vehicle/Tractor industry and weak exports.
It reported Ebitda of Rs 130 crore (4% miss), up 14% YoY but down 1% QoQ and Ebitda margins (inline) grew by 48 basis points/16 bps in YoY/QoQ.
PAT was reported at Rs 52 crore (12% miss), flat YoY but down 12% QoQ on account of higher effective tax rates at 33% (26.3% in Q3 FY23 and 24.3% in Q2 FY24).
Key risks to our estimates and TP
Lower than expected private vehicle/commercial vehicle Industry demand.
Macroeconomic Headwinds on global demand.
Government Regulations on electric vehicle.
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