External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Our Pick: From the auto component stocks under our coverage, we expect Minda Industries and Minda Corp to benefit from this scheme.The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives (PLI) to encourage domestic production of automobiles and drones and their components to enhance India’s manufacturing capabilities.<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Our Pick: From the auto component stocks under our coverage, we expect Minda Industries and Minda Corp to benefit from this scheme.The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives (PLI) to encourage domestic production of automobiles and drones and their components to enhance India’s manufacturing capabilities.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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Equity Bottom-Up

<ul><li>Minda Corp reported Q2FY24 numbers largely in line with our estimates.</li><li>Revenue (inline) grew by 4%/11% YoY/QoQ, led by increased production volumes in the PV/3W/CV segment, partly offset by lower volumes in the 2W/Tractor industry and weak exports.</li><li>It reported EBITDA of Rs 131 Cr (inline), up 6%/15% YoY/QoQ and EBITDA margins (inline) grew by 18bps/31bps in YoY/QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corp reported Q2FY24 numbers largely in line with our estimates.Revenue (inline) grew by 4%/11% YoY/QoQ, led by increased production volumes in the PV/3W/CV segment, partly offset by lower volumes in the 2W/Tractor industry and weak exports.It reported EBITDA of Rs 131 Cr (inline), up 6%/15% YoY/QoQ and EBITDA margins (inline) grew by 18bps/31bps in YoY/QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corporation Ltd - EBITDA Inline; Orderbook Remains Strong

<ul><li>Minda Corporation is one of the India's leading manufacturers of automotive components – Electronic &amp; Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS &amp; IoT, Wiring Harnesses, SRC’s, Components, Instrument Clusters, Sensors, Interior Plastics that caters to the leading Passenger Vehicle, Commercial Vehicle, Motorcycle &amp; Scooter, Off-road Vehicle &amp; Tier 1 Manufacturers in India with presence in Germany, Poland, Czech Republic, Mexico, China, Indonesia, Vietnam, Uzbekistan and Japan.</li><li>The US $539 Million Group, with a workforce of more than 16,000 has several JVs with leading companies from USA, Japan, Italy, Uzbekistan &amp; China.</li><li>New order wins: The company has won lifetime orders of more than Rs 3,000 Cr during the quarter ended Mar’23, out of which 50% is for the EV business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corporation is one of the India's leading manufacturers of automotive components – Electronic &amp; Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS &amp; IoT, Wiring Harnesses, SRC’s, Components, Instrument Clusters, Sensors, Interior Plastics that caters to the leading Passenger Vehicle, Commercial Vehicle, Motorcycle &amp; Scooter, Off-road Vehicle &amp; Tier 1 Manufacturers in India with presence in Germany, Poland, Czech Republic, Mexico, China, Indonesia, Vietnam, Uzbekistan and Japan.The US $539 Million Group, with a workforce of more than 16,000 has several JVs with leading companies from USA, Japan, Italy, Uzbekistan &amp; China.New order wins: The company has won lifetime orders of more than Rs 3,000 Cr during the quarter ended Mar’23, out of which 50% is for the EV business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week - Minda Corporation Ltd - 16 October 2023

<ul><li>Minda Corp. reported a mixed set of numbers in Q1FY24. Revenue grew by 6% YoY (flat QoQ, 8% miss), led by increased domestic demand in the PV/3W/2W segment but was partly offset by lower volumes in the CV/Tractor industry and weak exports.</li><li>It reported EBITDA of Rs 115 Cr, up 8% YoY (flat QoQ, 13% miss) and EBITDA margins grew by 12bps YoY (declined 21bps QoQ, 71 bps miss).</li><li>The miss in margins was largely due to poor product mix (greater 2W mix in total sales), increased personnel expenses, and time taken to ramp up volumes at the new ICS plant in Pune. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corp. reported a mixed set of numbers in Q1FY24. Revenue grew by 6% YoY (flat QoQ, 8% miss), led by increased domestic demand in the PV/3W/2W segment but was partly offset by lower volumes in the CV/Tractor industry and weak exports.It reported EBITDA of Rs 115 Cr, up 8% YoY (flat QoQ, 13% miss) and EBITDA margins grew by 12bps YoY (declined 21bps QoQ, 71 bps miss).The miss in margins was largely due to poor product mix (greater 2W mix in total sales), increased personnel expenses, and time taken to ramp up volumes at the new ICS plant in Pune. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corporation Ltd - Mixed Results; Orderbook Remains Strong

<ul><li>Minda Corp. results slightly missed our estimates.</li><li>Revenue grew by 13% YoY (flat QoQ, 7% miss) beating the auto industry growth which grew by 1.7% YoY.</li><li>The company continued its outperformance against the industry, driven by the addition of new customers and products, and premiumization across products, leading to an increase in kit value.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corp. results slightly missed our estimates.Revenue grew by 13% YoY (flat QoQ, 7% miss) beating the auto industry growth which grew by 1.7% YoY.The company continued its outperformance against the industry, driven by the addition of new customers and products, and premiumization across products, leading to an increase in kit value.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corporation Ltd - Riding on the Premiumisation Wave; Maintain Buy

India

Minda Corporation Limited is a leading Indian automotive component manufacturer, specializing in advanced mechatronics, electronic, and mechanical solutions. The company supplies Original Equipment Manufacturers (OEMs) and the aftermarket across two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and off-roaders. Its diverse product range includes vehicle access systems, wiring harnesses, die-casting parts, and information and connected systems. Headquartered in Noida, Uttar Pradesh, India, the company was incorporated in 1985.

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Minda Corporation (MDA IN)

PLI Scheme - EV Advantage Continues

We expect Minda Industries and Minda Corp to benefit from this scheme. The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives...

Axis Direct

Minda Corporation Ltd - EBITDA Inline; Orderbook Remains Strong

Revenue (inline) grew by 4%/11% YoY/QoQ, led by increased production volumes in the PV/3W/CV segment, partly offset by lower volumes in the 2W...

Axis Direct

Pick of the Week - Minda Corporation Ltd - 16 October 2023

The US $539 Million Group, with a workforce of more than 16,000 has several JVs with leading companies from USA, Japan, Italy, Uzbekistan & China.

Axis Direct

Minda Corporation Ltd - Mixed Results; Orderbook Remains Strong

It reported EBITDA of Rs 115 Cr, up 8% YoY (flat QoQ, 13% miss) and EBITDA margins grew by 12bps YoY (declined 21bps QoQ, 71 bps miss).

Axis Direct

Minda Corporation Ltd - Riding on the Premiumisation Wave; Maintain Buy

Minda Corp. results slightly missed our estimates. Revenue grew by 13% YoY (flat QoQ, 7% miss) beating the auto industry growth which grew by 1.7%...

Axis Direct

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