Minda Corp’s Investment Thesis Playing Out On Expected Lines: ICICI Direct 
An employee screws small parts together for a bike at a production facility.  (Photographer Ty Wright/Bloomberg)

Minda Corp’s Investment Thesis Playing Out On Expected Lines: ICICI Direct 


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

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.

Click on the attachment to read the full report:

ICICI Direct Minda Corp Company Update.pdf


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