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

Minda Ind: In-Line Q1-FY19, Maintain Buy, Healthy BS, Multiple Drivers for Topline & Earnings

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

Minda Industries - Ongoing Metamorphosis to Aid Significant Shareholder Wealth Creation

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

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

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

UNO Minda

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