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. 

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Equity Bottom-Up

<ul><li>Minda Corporation is one of India's leading manufacturers of automotive components, including Electronic &amp; Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS &amp; IoT, Wiring Harnesses, SRCs, Components, Instrument Clusters, Sensors, and Interior Plastics.</li><li>These products cater to leading Passenger Vehicle, Commercial Vehicle, Motorcycle &amp; Scooter, and Off-road Vehicle manufacturers.</li><li>The $610 Mn Group, with a workforce of more than 16,000, has several JVs with leading companies from the USA, Japan, Italy, Uzbekistan, and China.</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 India's leading manufacturers of automotive components, including Electronic &amp; Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS &amp; IoT, Wiring Harnesses, SRCs, Components, Instrument Clusters, Sensors, and Interior Plastics.These products cater to leading Passenger Vehicle, Commercial Vehicle, Motorcycle &amp; Scooter, and Off-road Vehicle manufacturers.The $610 Mn Group, with a workforce of more than 16,000, has several JVs with leading companies from the USA, Japan, Italy, Uzbekistan, and China.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 - 18 JUNE 2024

<ul><li>New order wins: During the quarter, the company secured lifetime orders worth ~Rs. 2,000 Cr with EV constituting over 30% of the orders won.</li><li>Total new lifetime orders of Rs 10,000 Cr are won as on Mar’ 24 across product segments such as vehicle access, driver information systems, die casting parts, electrical distribution systems, and new EV technologies. </li><li>EBITDA margin improvement: We expect EBITDA Margins to improve from ~11.1% in FY24 to ~12.7% approximately by FY26E backed by (1) a richer product mix led by premium 2Ws (both ICE and EV), (2) increased wallet share among 4W/CV OEMs, (3) gradual recovery in exports, (4) better operating efficiencies, (5) streamlining of fixed costs, and (6) component localization initiatives</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.

New order wins: During the quarter, the company secured lifetime orders worth ~Rs. 2,000 Cr with EV constituting over 30% of the orders won.Total new lifetime orders of Rs 10,000 Cr are won as on Mar’ 24 across product segments such as vehicle access, driver information systems, die casting parts, electrical distribution systems, and new EV technologies. EBITDA margin improvement: We expect EBITDA Margins to improve from ~11.1% in FY24 to ~12.7% approximately by FY26E backed by (1) a richer product mix led by premium 2Ws (both ICE and EV), (2) increased wallet share among 4W/CV OEMs, (3) gradual recovery in exports, (4) better operating efficiencies, (5) streamlining of fixed costs, and (6) component localization initiativesContent 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 - Revenue/EBITDA Inline; Orderbook Remains Strong

<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

India

Minda Corporation Limited was founded in 1985. The Company's line of business includes the manufacturing of electrical equipment and supplies.

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Minda Corp Ltd (MDA IN)

Pick of the Week: Minda Corporation Ltd - 18 JUNE 2024

The $610 Mn Group, with a workforce of more than 16,000, has several JVs with leading companies from the USA, Japan, Italy, Uzbekistan, and China.

Axis Direct

Minda Corporation Ltd - Revenue/EBITDA Inline; Orderbook Remains Strong

New order wins: During the quarter, the company secured lifetime orders worth ~Rs. 2,000 Cr with EV constituting over 30% of the orders won.

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

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