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Dolat Capital Report
Minda Corporation Ltd. exhibited a stable performance in Q1. Consolidated revenue grew 6.6 % QoQ to Rs 10.1 billion led by uptick in revenue from wiring harness business, led by strong growth in commercial vehicle segment.
Ebitda margin stood at 10.6% at 1.06 billion (down 82 basis points QoQ).
Minda Corp is confident of outperforming the industry growth aided by strong aftermarket, rise in export, increasing revenue from commercial vehicles, incremental revenue from new products (electric vehicle) along with new customer wins.
Wiring harness margin is expected to improve 100-150 bps in medium term due to localisation, change in product mix, slight improvement in labour productivity and strict monitoring on fixed cost. Current localisation for wiring harness is only 20%.
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