ICICI Direct: Minda Industries Firmly Placed, Recent Sharp Run Up Limits Upside
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ICICI Direct Report
Minda Industries Ltd. reported a soft Q1 FY21 performance. Consolidated revenues were at Rs 417 crore, down 71% YoY (Four-Wheeler:Two-Wheeler at 53:47; original equipment manufacturer aftermarket at 84:16).
Indian and global operations were impacted by lockdowns in the Covid-19 impacted quarter.
Consolidated loss at Ebitda level in Q1 FY21 was at Rs 71.5 crore. Operating loss tracked negative operating leverage, with both employee costs and other expenses rising steeply on percentage of sales basis.
Gross margins expanded 200 basis points QoQ. Reported consolidated loss after tax for the quarter was at Rs 118.3 crore.
Profitability was supported by lower interest and depreciation outgo.
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