Auto Parts & Equipment company Minda Corporation declares Q4FY22 result: Highest Ever Quarterly Revenue of Rs. 9,478 million with a growth of 19.4 % on YoY basis Highest Ever Quarterly Absolute EBITDA of Rs. 1,077 million at 11.4% margin Consolidated Revenue for FY22 of Rs. 29,759 million with a growth of 25.7% on YoY basis Consolidated EBITDA margins at Rs. 2,946 Mn at 9.9% Consolidated Q4 FY22: Minda Corporation posted Operating Revenue of Rs. 9,478 million in Q4 FY22, growth of 19.4% on YoY basis EBITDA of Rs. 1,077 million which reflects improved double-digit margin of 11.4% Quarterly Net Profit of Rs. 759 million at 8% Final Dividend of 35% on the Face Value i.e. Rs.0.70 per Share Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said: On Results:- “I am pleased to report that Minda Corporation Limited has continued to deliver strong results. The Company has reported highest every quarterly consolidated revenue of Rs. 9,478 million, a growth of 19.4% on Y-o-Y basis against a 17% Y-o-Y decline in the industry. Consolidated revenues excluding MIL (erstwhile Minda Stoneridge Instruments Ltd.) were 8,095 million, representing a 1.9% growth on YoY basis. Despite continuing production woes due to semiconductor shortages and rising commodity inflation amid geopolitical tensions our EBITDA margin has improved to 11.4% and we have reported highest ever absolute quarterly EBITDA of INR 1,077 million owing to improved operational efficiencies and cost reduction measures. The board has announced a final dividend of 35% on the face value i.e. Rs. 0.70 per equity share (total dividend for the year – 50% i.e. Rs 1.00 per equity share). I am happy to report that the PLI application filed by company has been approved under the Component Champion Incentive Scheme. This will provide us an opportunity to develop best-in-class and industry-leading quality products. Looking ahead, we are cautiously optimistic for FY23. Though the current geopolitical tensions have added to the semiconductor shortages and other supply chain woes, we have strong confidence in the current domestic demand outlook. With our sharp focus to make the company future-ready and technologically advanced, we are confident of achieving industry leading growth, as we strengthen our core business and capture new opportunities emerging before us." Result PDF
Conference Call with Minda Corporation Management and Analysts on Q3FY22 Performance and Outlook. Listen to the full earnings transcript.
Autoparts company Minda Corporation announced Q3FY22 results: Minda Corporation delivered Operating Revenue of Rs. 7,383 million in a challenging business environment EBITDA of Rs. 787 million with operating margins of 10.7% Profit After Tax stood at Rs.699 million with PAT Margins of 9.4% Board of Directors announced an interim dividend of Rs. 0.30 per share Acquisition of Stake from Stoneridge in the Joint Venture was completed in the quarter. Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said: “In the third quarter of FY22, Auto industry continue to be plagued with challenges in supply chain, threat from covid waves and overall subdued sentiments. There was broad based impact on all vehicle segments and the industry declined by ~10% on Quarter-on-Quarter basis. On a Year-on-Year basis, industry has declined by ~20% as last year Q3 FY21 recorded steep pent-up demand and filing of BS-VI inventory during that period. Amidst these challenging circumstances, Minda Corp has delivered consistent and stable performance with Consolidated Revenue of Rs. 7,383 million. The Companies EBITDA margin improved to 10.7% on sequential basis. Our PAT came at Rs.699 million which had an exceptional gain of Rs.327.4 million due to revaluation of our stake in Minda Stoneridge. I would also like to emphasize that Companies’ stable performance is an indicator of our underlying strong business fundamentals. Our focus continues to remain on strengthening our core business. We continue to move forward with a prudent approach. In line with our vision, we recently filed an application for Production Linked Incentive Scheme to develop best-in-class and industry leading products. Also, the transaction for the acquisition of Minda Stoneridge has been completed, and the entity has now become a wholly-owned subsidiary of Minda Corp. The acquisition will aid in augmenting our core capabilities. We have further strengthened our leadership by welcoming Mr. Vinod Raheja as ‘Group Chief Financial Officer. His steady leadership and vast experience will further help us in creating value for all stakeholders. He will be instrumental in strategic finance, strengthening controls and robust governance. Looking ahead, industry outlook in near term will be determined by ongoing omicron wave, improvement in semiconductor supplies and consumer sentiments. However, we expect to continue our consistent growth strategy by strengthening the core business and diversifying in new opportunities which MEGA trends is bringing." Result PDF