Minda Corporation Q3 Results Review - Ebitda Inline; Orderbook Remains Strong: Axis Securities

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.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.