Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

Equity Bottom-Up

Q3-FY18 &amp; 9M-FY18 Performance Summary<table class="table table-striped"><tbody>
<tr>
<td>
Minda Corp
Consolidated (Rs. Mn.)
</td>
<td>Q3FY17</td>
<td>Q4FY17</td>
<td>Q1FY18</td>
<td>Q2FY18</td>
<td>Q3FY18</td>
<td>9MFY 17</td>
<td>9MFY 18</td>
</tr>
<tr>
<td> Net Sales </td>
<td>    5,083 </td>
<td>    7,614 </td>
<td>    5,817 </td>
<td>    6,550 </td>
<td>    6,362 </td>
<td>   15,447 </td>
<td>   18,729 </td>
</tr>
<tr>
<td>YoY (%)</td>
<td>-22.6%</td>
<td>18.1%</td>
<td>19.0%</td>
<td>19.6%</td>
<td>25.2%</td>
<td>-14.2%</td>
<td>21.2%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>-7.2%</td>
<td>49.8%</td>
<td>-23.6%</td>
<td>12.6%</td>
<td>-2.9%</td>
<td> </td>
<td> </td>
</tr>
<tr>
<td> Raw Material</td>
<td>    2,938</td>
<td>    4,999</td>
<td>    3,561</td>
<td>    3,941</td>
<td>    3,727</td>
<td>     9,104</td>
<td>   11,229</td>
</tr>
<tr>
<td>as % of net sales</td>
<td>57.8%</td>
<td>65.7%</td>
<td>61.2%</td>
<td>60.2%</td>
<td>58.6%</td>
<td>58.9%</td>
<td>60.0%</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>-26.0%</td>
<td>27.9%</td>
<td>24.5%</td>
<td>19.2%</td>
<td>26.9%</td>
<td>-17.8%</td>
<td>23.3%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>-11.1%</td>
<td>70.2%</td>
<td>-28.8%</td>
<td>10.7%</td>
<td>-5.4%</td>
<td> </td>
<td> </td>
</tr>
<tr>
<td> Employee Expenses</td>
</tr>
</tbody></table>…

Q3-FY18 &amp; 9M-FY18 Performance Summary


Minda Corp
Consolidated (Rs. Mn.)

Q3FY17
Q4FY17
Q1FY18
Q2FY18
Q3FY18
9MFY 17
9MFY 18


 Net Sales 
    5,083 
    7,614 
    5,817 
    6,550 
    6,362 
   15,447 
   18,729 


YoY (%)
-22.6%
18.1%
19.0%
19.6%
25.2%
-14.2%
21.2%


QoQ (%)
-7.2%
49.8%
-23.6%
12.6%
-2.9%
 
 


 Raw Material
    2,938
    4,999
    3,561
    3,941
    3,727
     9,104
   11,229


as % of net sales
57.8%
65.7%
61.2%
60.2%
58.6%
58.9%
60.0%


YoY (%)
-26.0%
27.9%
24.5%
19.2%
26.9%
-17.8%
23.3%


QoQ (%)
-11.1%
70.2%
-28.8%
10.7%
-5.4%
 
 


 Employee Expenses

…

Minda Corp – Strong Q3-FY18 with Div. Rev. Growth, Steady Margin Exp. Re-Iterate Inv. Thesis

Q2-FY18 Results – Topline - Consolidated revenue came in at Rs. 6.55bn, a strong growth of 20% YoY with standalone revenue increasing 21% YoY at Rs. 2.4bn. Ex-standalone revenue jumped 19% YoY at Rs. 4.14bn. Revenue Mix - India contributed ~69% to the total consolidated revenue while SE Asia and Europe contributed ~6% and ~25% respectively to the consolidated revenue. Safety &amp; security systems division continued to be the biggest contributor to the overall business with 45% share in the…

Q2-FY18 Results – Topline - Consolidated revenue came in at Rs. 6.55bn, a strong growth of 20% YoY with standalone revenue increasing 21% YoY at Rs. 2.4bn. Ex-standalone revenue jumped 19% YoY at Rs. 4.14bn. Revenue Mix - India contributed ~69% to the total consolidated revenue while SE Asia and Europe contributed ~6% and ~25% respectively to the consolidated revenue. Safety &amp; security systems division continued to be the biggest contributor to the overall business with 45% share in the…

Minda Corp-Q2FY18 : Strong Beat in EBITDA Margins, Across the Board Performance.

Minda Corp : Cusp of New Growth Cycle; Diversified Revenue &amp; Customer Base with Strong Biz. Traction led by new product addition, new customer additions &amp; robust export order book; Margin Levers intact led by Furukawa Turnaround on course + Employee Cost Rationalisation + Operational scale up; Healthy balance sheet &amp; Improving RoCE to support steady multiple re-rating. <ul><li>Background</li></ul>Minda Corp, flagship company of the Ashok Kumar (AK) Minda Group, founded in 1958 by Late Shr. S.L. Minda, is amongst…

Minda Corp : Cusp of New Growth Cycle; Diversified Revenue &amp; Customer Base with Strong Biz. Traction led by new product addition, new customer additions &amp; robust export order book; Margin Levers intact led by Furukawa Turnaround on course + Employee Cost Rationalisation + Operational scale up; Healthy balance sheet &amp; Improving RoCE to support steady multiple re-rating. BackgroundMinda Corp, flagship company of the Ashok Kumar (AK) Minda Group, founded in 1958 by Late Shr. S.L. Minda, is amongst…

Minda Corp - Cusp of New Growth Cycle; Play on Twin Benefits of Sharp Earnings & Multiple Expansion

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)

Minda Corp – Strong Q3-FY18 with Div. Rev. Growth, Steady Margin Exp. Re-Iterate Inv. Thesis

Q3-FY18 & 9M-FY18 Performance Summary Con-Call Highlights Outlook –Management continues to focus on Exports. Total group exports are expected...

DC India Research

Minda Corp-Q2FY18 : Strong Beat in EBITDA Margins, Across the Board Performance.

Q2-FY18 Results – Topline - Consolidated revenue came in at Rs. 6.55bn, a strong growth of 20% YoY with standalone revenue increasing 21% YoY at...

DC India Research

Minda Corp - Cusp of New Growth Cycle; Play on Twin Benefits of Sharp Earnings & Multiple Expansion

Minda Corp : Cusp of New Growth Cycle; Diversified Revenue & Customer Base with Strong Biz. Traction led by new product addition, new customer...

DC India Research

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