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

My thoughts or hunch on probable direction of Indian markets and investing strategy -To my mind, investors - have mostly adjusted themselves to the new norms -<ol>
<li>Trade tensions and erratic commentary by D. Trump and counter-reactions by China. In all likelihood, this will linger on and keep swinging either ways. India as a market is full of domestic consumption-focused growth stocks and hence this should be supportive for investments. Any medium term impact on global growth due to trade…</li>
</ol>

My thoughts or hunch on probable direction of Indian markets and investing strategy -To my mind, investors - have mostly adjusted themselves to the new norms -
Trade tensions and erratic commentary by D. Trump and counter-reactions by China. In all likelihood, this will linger on and keep swinging either ways. India as a market is full of domestic consumption-focused growth stocks and hence this should be supportive for investments. Any medium term impact on global growth due to trade…


My Hunch, You May Say, on Indian Markets and Possible Investing Strategy

Consolidated P&amp;L <table class="table table-striped">
<thead><tr>
<td>Consol. (Rs. Mn.)</td>
<td>Q4FY17</td>
<td>Q3FY18</td>
<td>Q4FY18</td>
<td>FY17</td>
<td>FY18</td>
</tr></thead>
<tbody>
<tr>
<td>Net Sales</td>
<td>8,968</td>
<td>10,562</td>
<td>13,709</td>
<td>35,050</td>
<td>44,706</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>25.0%</td>
<td>26.0%</td>
<td>52.9%</td>
<td>38.7%</td>
<td>27.5%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>7.0%</td>
<td>-3.8%</td>
<td>29.8%</td>
</tr>
<tr>
<td>Raw Material</td>
<td>5,557</td>
<td>6,473</td>
<td>8,453</td>
<td>22,980</td>
<td>27,632</td>
</tr>
<tr>
<td>as % of net sales</td>
<td>62.0%</td>
<td>61.3%</td>
<td>61.7%</td>
<td>65.6%</td>
<td>61.8%</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>24.3%</td>
<td>25.3%</td>
<td>52.1%</td>
<td>34.6%</td>
<td>20.2%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>7.6%</td>
<td>-5.7%</td>
<td>30.6%</td>
</tr>
<tr>
<td>Employee Costs</td>
<td>1,187</td>
<td>1,414</td>
<td>1,765</td>
<td>4,620</td>
<td>5,868</td>
</tr>
<tr>
<td>as % of net sales</td>
<td>13.2%</td>
<td>13.4%</td>
<td>12.9%</td>
<td>13.2%</td>
<td>13.1%</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>36.1%</td>
<td>20.1%</td>
<td>48.7%</td>
<td>41.6%</td>
<td>27.0%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>0.8%</td>
<td>2.1%</td>
<td>24.8%</td>
</tr>
<tr>
<td>Optg /Mfg exp</td>
<td>1,175</td>
<td>1,411</td>
<td>1,796</td>
<td>3,614</td>
<td>5,868</td>
</tr>
<tr>
<td>as % of net sales</td>
<td>13.1%</td>
<td>13.4%</td>
<td>13.1%</td>
<td>10.3%</td>
<td>13.1%</td>
</tr>
<tr>
<td>…</td>
</tr>
</tbody>
</table>

Consolidated P&amp;L 

Consol. (Rs. Mn.)
Q4FY17
Q3FY18
Q4FY18
FY17
FY18



Net Sales
8,968
10,562
13,709
35,050
44,706


YoY (%)
25.0%
26.0%
52.9%
38.7%
27.5%


QoQ (%)
7.0%
-3.8%
29.8%


Raw Material
5,557
6,473
8,453
22,980
27,632


as % of net sales
62.0%
61.3%
61.7%
65.6%
61.8%


YoY (%)
24.3%
25.3%
52.1%
34.6%
20.2%


QoQ (%)
7.6%
-5.7%
30.6%


Employee Costs
1,187
1,414
1,765
4,620
5,868


as % of net sales
13.2%
13.4%
12.9%
13.2%
13.1%


YoY (%)
36.1%
20.1%
48.7%
41.6%
27.0%


QoQ (%)
0.8%
2.1%
24.8%


Optg /Mfg exp
1,175
1,411
1,796
3,614
5,868


as % of net sales
13.1%
13.4%
13.1%
10.3%
13.1%


…




Minda Ind: Q4-FY18 - Sig Ahead Est, Strong Outlook, Healthy BS, 2:1 Bonus Sh, Re-Iterate Buy Call

Minda Industries reported a strong set of q3-FY18 results.We have attached a copy of the earnings presentation. This will be followed up by an update post the earnings call which is scheduled for today evening. We'd like to draw attention to slide No. 10 of the presentation wherein the management has shared in detail the consideration value paid and the Topline and PAT addition into Minda Industries Limited as part of the ongoing Group Consolidation Exercise.We re-iterate our investment thesis -…

Minda Industries reported a strong set of q3-FY18 results.We have attached a copy of the earnings presentation. This will be followed up by an update post the earnings call which is scheduled for today evening. We'd like to draw attention to slide No. 10 of the presentation wherein the management has shared in detail the consideration value paid and the Topline and PAT addition into Minda Industries Limited as part of the ongoing Group Consolidation Exercise.We re-iterate our investment thesis -…

Minda Industries - Very Strong Q3-FY18 Perf - Maintain Investment Thesis

Q2-FY18 PERFORMANCE HIGHLIGHTS <ol><li>
TOPLINE </li></ol><ul>
<li>Consolidated revenue came in at Rs. 10.9bn, up 23% YoY and 16% QoQ largely driven by improvement in performance of Minda Kosei, MJ castings and Rinder India. Switching, Lighting and Acoustics contributed 31.5%, 27% and 15% to the consolidated revenue with balance being accounted by new businesses like alloy wheels, die casting and blow moulding.</li>
<li>Standalone revenue came in at Rs. 4.8bn, up 9% YoY and 13% QoQ.</li>
<li>Subsidiary/JV level revenue up 35% YoY to RS…</li>
</ul>

Q2-FY18 PERFORMANCE HIGHLIGHTS 
TOPLINE 
Consolidated revenue came in at Rs. 10.9bn, up 23% YoY and 16% QoQ largely driven by improvement in performance of Minda Kosei, MJ castings and Rinder India. Switching, Lighting and Acoustics contributed 31.5%, 27% and 15% to the consolidated revenue with balance being accounted by new businesses like alloy wheels, die casting and blow moulding.
Standalone revenue came in at Rs. 4.8bn, up 9% YoY and 13% QoQ.
Subsidiary/JV level revenue up 35% YoY to RS…


Minda Ind Q2FY18: High Conviction Reco - Sharp Margin Exp Led by Mix & Efficiencies, Robust Outlook

<ol><li>
Background – Minda Industries, flagship company of the Nirmal Kumar (NK) Minda Group, has over 6 decades of presence in the automotive industry. Started by Late Shri SL Minda in the 50’s, the group has evolved considerably and counts amongst the leading Tier-I auto ancillaries, serving over 50 OEMs in India &amp; overseas with deep after-market presence across 4W, 2/3W &amp; off-road segments across – switches, lighting, acoustics, alloy wheels, blow moulding &amp; die casting components. It has current M…</li></ol>


Background – Minda Industries, flagship company of the Nirmal Kumar (NK) Minda Group, has over 6 decades of presence in the automotive industry. Started by Late Shri SL Minda in the 50’s, the group has evolved considerably and counts amongst the leading Tier-I auto ancillaries, serving over 50 OEMs in India &amp; overseas with deep after-market presence across 4W, 2/3W &amp; off-road segments across – switches, lighting, acoustics, alloy wheels, blow moulding &amp; die casting components. It has current M…

Minda Industries - Ongoing Metamorphosis to Aid Significant Shareholder Wealth Creation

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.

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Uno Minda (UNOMINDA IN)

My Hunch, You May Say, on Indian Markets and Possible Investing Strategy

My thoughts or hunch on probable direction of Indian markets and investing strategy -To my mind, investors - have mostly adjusted themselves to the...

DC India Research

Minda Ind: Q4-FY18 - Sig Ahead Est, Strong Outlook, Healthy BS, 2:1 Bonus Sh, Re-Iterate Buy Call

Consolidated P&L Consolidated FY18 Balance Sheet Product-wise revenue break-up Channel-wise revenue break-up Geography-wise revenue...

DC India Research

Minda Industries - Very Strong Q3-FY18 Perf - Maintain Investment Thesis

Minda Industries reported a strong set of q3-FY18 results.We have attached a copy of the earnings presentation. This will be followed up by an...

DC India Research

Minda Ind Q2FY18: High Conviction Reco - Sharp Margin Exp Led by Mix & Efficiencies, Robust Outlook

Q2-FY18 PERFORMANCE HIGHLIGHTS TOPLINE Consolidated revenue came in at Rs. 10.9bn, up 23% YoY and 16% QoQ largely driven by improvement in...

DC India Research

Minda Industries - Ongoing Metamorphosis to Aid Significant Shareholder Wealth Creation

Background – Minda Industries, flagship company of the Nirmal Kumar (NK) Minda Group, has over 6 decades of presence in the automotive industry....

DC India Research

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52-week Range

Market Cap (USDm)

P/E

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