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Axis Securities Report
Minda Corporation Ltd. posted a robust set of results marginally exceeding our estimates on all fronts. It reported a record-high quarterly revenue in Q2 FY23 of Rs 1,147 crore (beat 3%), up 57%/13.5% YoY/QoQ respectively on account of new domestic business across all segments and an increase in the share of business from from Mechatronics division.
(The company consolidated Minda Industries Ltd. in January 2022 and hence YoY comparison is not meaningful. Excluding Minda Industries, the YoY growth stood at 28%). However, the exports were impacted due to geopolitical tensions and the energy crisis impacting the industry in Europe.
The Ebitda came in at Rs 124 crore (marginal beat 1%), up 13% QoQ led by easing commodity prices and operational efficiencies.
With premiums being paid to ensure unhindered semiconductor supplies, the company maintained a double-digit Ebitda margin of 10.8% in Q2 FY23, marginally up ~24 basis points QoQ.
Minda Corp reported profit after tax at Rs 63 crore (beat 4%), higher by 20% QoQ led by the increased topline.
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