External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.</li><li>The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.</li><li>New Orders<strong>:</strong> During the quarter, the company has won (1) Incremental orders with an annual peak value of ~Rs 300 Cr comprising of Off-board chargers, Motor controllers, BMS and DC- DC Converters, (2) New orders from a Korean customer for 4W switches, with an annual value of ~Rs 40 Cr, (3) Incremental orders from an American 2W OEM for switches as well as heated grips</li></ul><p><em>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.</em></p>

In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.New Orders: During the quarter, the company has won (1) Incremental orders with an annual peak value of ~Rs 300 Cr comprising of Off-board chargers, Motor controllers, BMS and DC- DC Converters, (2) New orders from a Korean customer for 4W switches, with an annual value of ~Rs 40 Cr, (3) Incremental orders from an American 2W OEM for switches as well as heated gripsContent 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.

Uno Minda -Strong Show Across Numbers; Valuations Attractive

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We interacted with Chairman Nirmal Minda and visited Minda company plants.</li><li>Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market-share gains and EV adoption.</li><li>Minda expects to do well in both, core segments and new products, supported by a strong order-book.</li></ul><p><em>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.</em></p>

We interacted with Chairman Nirmal Minda and visited Minda company plants.Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market-share gains and EV adoption.Minda expects to do well in both, core segments and new products, supported by a strong order-book.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.

UNO Minda - Robust Outlook; Wallet-Share Gain to Drive Outperformance

<ul><li>Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of strong YoY/QoQ growth across all the divisions.</li><li>The EBITDA grew by 40%/20% YoY/QoQ to ~Rs 318 Cr (inline) due to operating leverage driven by strong volumes (which were only partially offset by high energy and administrative expenses).</li><li>The company’s EBITDA margin expanded to 11.1% (43bps below estimates), up from 10.4%/10.8% in Q1FY23/Q2FY22 respectively.</li></ul><p><em>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.</em></p>

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of strong YoY/QoQ growth across all the divisions.The EBITDA grew by 40%/20% YoY/QoQ to ~Rs 318 Cr (inline) due to operating leverage driven by strong volumes (which were only partially offset by high energy and administrative expenses).The company’s EBITDA margin expanded to 11.1% (43bps below estimates), up from 10.4%/10.8% in Q1FY23/Q2FY22 respectively.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.

Uno Minda -JVs and Capacity Expansions to Drive Growth; Outlook Positive

<div><div><div><div><ul><li>Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of Rs 2,555 Cr, registering a strong growth of 59%/6% YoY/QoQ, largely in line with our estimate while EBITDA at Rs 266 Cr (down 3% QoQ/up 81% YoY) missed our estimate mainly due to higher RM costs.</li><li>Revenue growth YoY is led by growth across divisions, casting up 2x, lighting, and switches up 70% and 60% respectively.</li><li>EBITDA margin contracted to 10.4% from 11.4% in Q4 (on higher other expenses), but improved from 9.2% in Q1FY22. Adj PAT stood at Rs 150 Cr, (down 4% QoQ/up 500% YoY on a low base) and stood below our estimate by 16%.</li></ul></div></div></div></div><p><em>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.</em></p>

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of Rs 2,555 Cr, registering a strong growth of 59%/6% YoY/QoQ, largely in line with our estimate while EBITDA at Rs 266 Cr (down 3% QoQ/up 81% YoY) missed our estimate mainly due to higher RM costs.Revenue growth YoY is led by growth across divisions, casting up 2x, lighting, and switches up 70% and 60% respectively.EBITDA margin contracted to 10.4% from 11.4% in Q4 (on higher other expenses), but improved from 9.2% in Q1FY22. Adj PAT stood at Rs 150 Cr, (down 4% QoQ/up 500% YoY on a low base) and stood below our estimate by 16%.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.

Uno Minda - Robust Q1; Growth Outlook Positive

<div><div><div><div><ul><li>EBITDA tops estimates: Revenue grew by 8% yoy to Rs24.2bn (est.: Rs23.7bn), slightly above estimates.</li></ul><div><div><div><div><ul><li>Order wins continued in Q4FY22: 1) Received orders for new generation switches for sunroof, cruise control, paddle and vehicle stability from PV OEM and export orders from an Italian 2W OEM;</li></ul><div><div><div><div><ul><li>Retain Buy with a TP of Rs1,135. MNDA is focusing on strengthening its own R&amp;D capabilities and exploring tie-ups and acquisitions with a focus on PACE opportunities (Personalization, Autonomous, Connected and Electrification).</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

EBITDA tops estimates: Revenue grew by 8% yoy to Rs24.2bn (est.: Rs23.7bn), slightly above estimates.Order wins continued in Q4FY22: 1) Received orders for new generation switches for sunroof, cruise control, paddle and vehicle stability from PV OEM and export orders from an Italian 2W OEM;Retain Buy with a TP of Rs1,135. MNDA is focusing on strengthening its own R&amp;D capabilities and exploring tie-ups and acquisitions with a focus on PACE opportunities (Personalization, Autonomous, Connected and Electrification).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 Industries - EBITDA Tops Estimates; Outlook Remains Intact

India

Uno Minda is a leading Indian manufacturer and global supplier of innovative automotive components and systems for original equipment manufacturers (OEMs). The company specializes in products such as lighting systems, alloy wheels, switches, seating systems, and acoustic products, serving passenger cars, commercial vehicles, and two- and three-wheelers, including electric and hybrid platforms. Uno Minda is headquartered in Gurugram, Haryana, India, and was founded in 1958.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Uno Minda (UNOMINDA IN)

Uno Minda -Strong Show Across Numbers; Valuations Attractive

The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.

Axis Direct

Uno Minda -JVs and Capacity Expansions to Drive Growth; Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of...

Axis Direct

Uno Minda - Robust Q1; Growth Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of Rs 2,555 Cr, registering a strong growth of 59%/6% YoY/QoQ

Axis Direct

Minda Industries - EBITDA Tops Estimates; Outlook Remains Intact

Q4 EBITDA declined by 9% yoy to Rs2.8bn, 5% above our estimates owing to a higher- than-expected gross margin. Revenue grew by 8% to Rs24.2bn,...

Emkay

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Uno Minda -Strong Show Across Numbers; Valuations Attractive

The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.

Axis Direct

UNO Minda - Robust Outlook; Wallet-Share Gain to Drive Outperformance

Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market...

Emkay

Uno Minda -JVs and Capacity Expansions to Drive Growth; Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of...

Axis Direct

Uno Minda - Robust Q1; Growth Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of Rs 2,555 Cr, registering a strong growth of 59%/6% YoY/QoQ

Axis Direct

Minda Industries - EBITDA Tops Estimates; Outlook Remains Intact

Q4 EBITDA declined by 9% yoy to Rs2.8bn, 5% above our estimates owing to a higher- than-expected gross margin. Revenue grew by 8% to Rs24.2bn,...

Emkay