Conference Call with Minda Corporation Management and Analysts on Q2FY22 Performance and Outlook. Listen to the full earnings transcript.
Highlights: Consolidated Revenue of Rs. 7,313 million registering growth of 11.5% YoY for Q2 FY22 Strong Operating Margins of 10.6% in Q2 FY22 Profit from Joint venture of Rs.23.5 million in Q2 FY22 as against loss of Rs. 16.5 million in Q1 FY22 EBITDA of Rs. 773 million with strong operating margins of 10.6% and expands by 50 bps YoY Profit After Tax stood at Rs. 391 million with PAT Margins of 5.3% Acquired entire stake in Minda Stoneridge to strengthen core business and expands technical collaboration with Stoneridge Inc Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said: “In the second quarter of FY22, auto industry saw sequential pick up in demand with receding second wave of health pandemic and the growth trend was visible in all the vehicle segments to varying extent. I am pleased to report that we have delivered Revenue from Operations of Rs. 7,313 million during the quarter, a robust sequential growth of 11.5% as against Industry degrowth of (2.6%). EBITDA for the second quarter stood at Rs. 773 million with Double digit EBITDA margins of 10.6% despite higher commodity price and indirect adverse impact of Semiconductor shortage. Our performance is also reflected in the balance sheet position as we are net debt negative and generated free cash flow during the first half of the year. With economy recovering and evolving dynamics in the industry, we remain cautiously optimistic about the times ahead, yet, we remain confident in our abilities and strong product offerings to deliver sustainable profitable growth.” Result PDF
Consolidated Q1 FY22 vs Q1 FY21: Minda Corporation delivered Consolidated Revenue of Rs. 5,586 million registering a growth of 213.8% YoY. Electric Vehicle Manufacturers have given Lifetime Order of Rs.2,379 million in Q1 FY22. Minda Corporation delivered Operating Revenue of Rs. 5,586 million in Q1FY22, growth of 213.8% on YoY basis EBITDA of Rs. 308 million with margins of 5.5% in Q1FY22 as against negative Rs. (203) million in Q1FY21 Net Profit from continued operations of Rs. 71 million and PAT Margins of 1.3% in Q1 FY22 as against negative Rs.(363) million in Q1 FY21 Share of Profit in JV was Rs. 26.1 million in Q1 FY22 as against loss of Rs. (58.3) million in Q1FY21 Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said: “Despite challenging conditions, Minda Corp continued to outperform auto industry and I am pleased to report that we have delivered Revenue of Rs. 5,586 million in Q1FY22 a growth of 213.8% Y-o-Y basis. Profit After Tax from continued operations for the quarter stood at Rs. 71 million as against negative Rs. (363) million in Q1 FY21. As Minda Corporation we are giving utmost focus on Electric Vehicle space. We have received business awards of lifetime order of Rs.2,379 milion in Q1 FY22 from EV players. These orders are from both incumbent as well as new players. I am also proud to share that we have entered into a joint venture with INFAC Elecs, a South Korea based company for manufacturing of Vehicle Antenna System, a segment which has tremendous growth opportunities in India as demand for autonomous vehicles and connected mobility increases. We have continued to maintain operational efficiency to navigate through the challenges faced by the auto industry. Our primary focus in these times has been to create a very strong order book, higher operation efficiency, increase free cash flow and work towards disrupted technology. I would like to reiterate that Minda Corp will continue to remain committed towards Right Capital Allocation.” Result PDF