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 focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Thematic (Sector/Industry)

<div class="content-highlight"><h2>Market Overview</h2></div>The S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.<ul>
<li>The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.</li>
<li>The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…</li>
</ul>

Market OverviewThe S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.
The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.
The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…


Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<h2>Headlines</h2><ul>
<li>Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016</li>
<li>Increasing distribution, availability and new variants support the sales of chocolate confectionery in 2016</li>
<li>Chocolate with toys sees the fastest growth in 2016, with value sales increasing by 27%</li>
<li>Average unit price increases by 7% in 2016</li>
<li>Mondelez India Foods Ltd maintains the lead with a value share of 49% in 2016</li>
<li>Chocolate confectionery value sales are expected to see a constant value CAGR of 8% over 2016-2021…</li>
</ul>

Headlines
Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016
Increasing distribution, availability and new variants support the sales of chocolate confectionery in 2016
Chocolate with toys sees the fastest growth in 2016, with value sales increasing by 27%
Average unit price increases by 7% in 2016
Mondelez India Foods Ltd maintains the lead with a value share of 49% in 2016
Chocolate confectionery value sales are expected to see a constant value CAGR of 8% over 2016-2021…


Sector Capsule: Chocolate Confectionery in India

India

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

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

Minda Corp Ltd (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

Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Market OverviewThe S&P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017. The market witnessed a steady rise...

Das Capital Management and Advisors

Sector Capsule: Chocolate Confectionery in India

Headlines Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016 Increasing distribution, availability and new variants...

Euromonitor International Ltd.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)