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Systematix Research Report
Minda Industries Ltd.'s Q2 FY22 operating performance was 7% ahead of consensus and our estimates on a strong topline show.
Lower production by original equipment manufacturers due to the on-going semiconductor chip shortage impacted Ebitda margins.
The constraints should ease in H2 FY22 and lead to a recovery in profitability.
Minda Industries has added three new components in production and two under development for the electric-two-wheeler/electric-three-wheeler segments, which increases its target content per vehicle to Rs 19,000 (versus Rs 7,300 in internal combustion engines).
While we remain enthused by the new product development (especially electronics) in the electric vehicle space, the sharp run-up in the stock price provides limited upside.
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