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Axis Securities Report
Minda Corporation Ltd. reported revenue/Ebitda inline with our estimates while profit after tax was a beat. Revenue grew by 13%/4 YoY/QoQ respectively, led by increased production volumes in the three-wheeler/two-wheeler/passenger vehicle segment, partly offset by lower volumes in the commercial vehicle/tractor industry and subdued exports.
It reported Ebitda of Rs 139 crore, up 18%/7% YoY/ QoQ and Ebitda margins grew by 52 bps/26 bps in YoY/QoQ on the back of increasing efficiencies via low cost automation and component localisation initiatives.
Profit after tax was reported at Rs 71 crore (14% beat), up 52%/62% YoY/QoQ on account of higher other income.
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