Minda Corp Q1 Review - Steady Order Book Despite Challenging Quarter: KRChoksey
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KRChoksey Research Report
Minda Corporation Ltd.'s reported revenue at Rs 5586.3 million (down 29.65% QoQ) as volumes were impacted in most states due to by lockdown restrictions and lower consumer sentiment during the quarter.
Q1 FY22 financials are not comparable with Q1 FY21 due to change in industry dynamics related to Covid-19.
Consolidated Ebitda for Q1 FY22 stood at Rs 308.1 million (down 65.37% QoQ) and Ebitda margin stood at 5.52% (down 569 basis points QoQ) due to lower operating leverage, adverse product mix and lag of commodity prices indexation.
Minda Corps' management observes month-on-month recovery and it is optimistic to start double digit Ebitda numbers from Q1 FY22 onwards.
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