Minda Corp: Hard Calls Taken, Well Poised To Grow On Clean State, Says ICICI Direct
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ICICI Direct Report
Minda Corporation Ltd. is the flagship company of the Spark Minda group and is a leading auto ancillary player supplying key auto components to domestic and global original equipment manufacturers.
Post its restructuring i.e. hive off of the European business, it has a well-diversified presence across segments with two-wheeler, commercial vehicle, passenger vehicle and aftermarket constituting approximately 53%, 23%, 10%, 14% of its sales (FY20), respectively.
In terms of geographies, it realises ~85% of sales from India and rest ~15% from overseas.
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