ICICI Direct: Minda Industries Firmly Placed, Recent Sharp Run Up Limits Upside
An employee works on an auto part at a facility in Maharashtra. (Photographer: Udit Kulshrestha/Bloomberg)

ICICI Direct: Minda Industries Firmly Placed, Recent Sharp Run Up Limits Upside

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Direct Minda Industries Q1FY21 Result Update.pdf

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