Minda Corp - In-Line - Re-Iterate Buy Investment Thesis

MindaCorp-Q1-FY19: Re-Iterate Buy, Strong Positioning, Twin Levers of Operating & Financial Leverage

Minda Corp - Strong Perf in Q2-FY19. Retain Buy. Stock at Attractive Val Post Recent Correction

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

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

Overview of Opportunities in Asia, Africa, Latin America and Norway

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

Minda Corp Ltd

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