Dolat Capital: Minda Corp Q2 Review - Margin To Be Under Pressure In Near Term
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Dolat Capital Report
Minda Corporation Ltd. posted weak margin performance in Q2 FY21.
Revenue grew 17% YoY while Ebitda remain flat dragged by contraction in gross margin.
Ebitda margin stood at 10% (down 187 basis points YoY) led by weak margin in both mechatronics and wiring harness segment.
Net profit de-grew 40% YoY suppressed by higher interest cost.
Mechatronics business grew 14% YoY supported by higher aftermarket and exports sales.
However, margin contracted 110 basis points YoY to 12.7% led by weaker product mix and commodity inflation.
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