Minda Corp’s Investment Thesis Playing Out On Expected Lines: ICICI Direct
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ICICI Direct Report
Minda Corporation Ltd. reported strong Q3 FY21 results. Consolidated net sales rose 36% YoY to Rs 740 crore (like-to-like basis) - far outpacing the growth observed in the domestic original equipment manufacturer space.
Blended operating margins rose 100 basis points QoQ to 11.1% (110 bps increase in mechatronics division to 13.8%; 40 bps increase in information connected systems division to 7.1%) amid 80 bps QoQ gross margin expansion and 80 bps savings in other expenses on percentage of sales basis.
Consequent consolidated profit after tax was up 19% YoY to Rs 49.5 crore.
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