UNO Minda Ltd. share price target

Minda industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns, lights & others, having a leadership position in switch business with a market share of 67%. MIL displayed a stupendous sales growth of 39%YoY for Q2FY19. This...

Minda Ind.s reported Total revenues of Rs 1526 cr (?38% YoY & ?6% QoQ) in the quarter ending Sept. 2018. The company reported EBIDTA of Rs 194 cr (?38% annually & ?10% QoQ) with robust EBIDTA margin of 12.7% (flat on annual comparison). The company reported Total Comprehensive income of Rs 77.1 cr

Business Presence Strengthens Consistently: Consolidated revenue for Q2FY19 came in at Rs. 15217 Mn (vs. our estimates of Rs. 14828 Mn) higher by 38.5% YoY driven by growth across all major business segments such as switches, lighting, horns and alloy wheels.

Sector: Auto ancillaries /Mid-Cap | Earnings Update 1QFY19 Background: Established in 1958, Minda Industries (MIL) is a flagship Company of UNO MINDA GROUP and one of the leading suppliers of proprietary automotive solution to OEMs. Headquarter at Manesar, Gurgaon, the company has 32 plants across India and R&D; centers spread across the globe in six locations. The company offers a wide range product across different verticals of auto components like switching systems, lighting system s, acoustic systems and alloy wheels among others. It has more than 145 design registration and more than 10,000 touch points. Company has ~50% market share in switch segment...

Highly Diversified Product Base to Improve Share of Business with OEMs: Revenue for Q1FY19 came in at Rs. 14,298 Mn, up by 45% YoY driven by higher sales from Switches and Alloy Wheels. Air Bags and Sensors to deliver the next phase of revenue growth upon BS VI implementation.

Minda industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns, lights & others, having a leadership position in switch business with a market share of 67%. MIL displayed stupendous sales for Q1FY19 on a consolidated basis with a revenue growth of 51%YoY. This was largely led by consolidation, switch business & other divisions. Standalone revenue grew by 22%YoY. EBITDA margin expanded by 120bps due to operating efficiency, superior product mix and higher capacity utilization....

Minda industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns, lights & others, having a leadership position in switch business with a market share of 67%. Q4FY18 consolidated revenue grew by 53%YoY led by consolidation, switching & other divisions. Standalone revenue grew by 26%YoY. EBITDA margin improved by 68bps on account of operating efficiency and higher capacity utilization in other business. Scaling up the product line in Alloy wheels, Infotainment & Reverse...

Minda Ind.s reported Total revenues of Rs 1383 cr in the quarter ending Mar. 2018. The company reported EBIDTA of Rs 182 cr with robust EBIDTA margin of 13.15% (an expansion of 145 bps (YoY)). The company reported Total Comprehensive income of Rs 141.

Minda Industries Ltd declared revenue of Rs. 13709 Mn during Q4FY18 whichwas above our estimates by 17.2% on account of subsidiary consolidation ofMindarika Pvt ltd (MRPL) and Denso Ten Minda Ltd. EBITDA margins expanded by68 bps to 12.4% due to higher capacity utilization across divisions. The company is well-diversified in terms of product portfolio and client base where new product development to suit BS VI regulations are already in the pipeline.