Minda Industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns & lights. MIL holds a leadership position in switch business with a market share of 67%. Despite production cut due to semi conductor shortage consolidated revenue grew by 7%YoY (largely in line with estimate) and outperforming the industry de-growth of 20%. This was Mainly on account of new customer addition in 2W/4W, new contents, BS-VI transition & leveraging the existing client base....