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ICICI Direct Report
Minda Industries Ltd. reported robust Q2 FY22 results.
Consolidated Ebitda for Q2 FY22 was at Rs 228 crore with attendant margins up 162 basis points QoQ to 10.8%.
Margin expansion on a QoQ basis was achieved despite sharp gross margin contraction of 210 bps on the back of strong operating leverage gains that were higher than expectations.
Reported consolidated profit after tax for the quarter was at Rs 94.7 crore versus Rs 15.4 crore in Q1 FY22.
Profitability beat tracked higher-than-expected revenues and margins as well as substantial improvement in profit contribution from associates/joint ventures - which for the quarter were at ~Rs 21 crore.
With recent raise of equity in the form of qualified institutional placements amounting to ~Rs 700 crore, Minda Industries has retired debt to the tune of ~Rs 350 crore in H1 FY22.
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