Minda Corp Q4 Review - Sharp Profit Rebound: Systematix
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Systematix Research Report
Minda Corporation Ltd.’s consolidated revenue grew 48% YoY to Rs 7.9 billion in Q4 FY21, driven by increased content per vehicle (wiring harness) and new order wins (locks and infotainment systems).
Ebitda margin at 11.2% was commendable even as copper price inflation (200 basis points will be passed through with a quarter’s lag) offset value analysis-value engineering and operating leverage benefits.
On the earnings call, the management highlighted that it is seeing a sequential growth in profitability with improvement in capacity utilisation (especially in the commercial vehicle segment which contributes to 20% of its topline versus 33% a few years back).
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