Minda Industries Q4 Review - Expensive Valuation: IDBI Capital
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IDBI Capital Report
Minda Industries Ltd.'s Q4 FY21 results were below our and above consensus estimates at operating level.
Ebitda margin for the quarter stood at 13.5% versus our/consensus estimates of 15.5%/13.3% respectively mainly on account of higher raw material cost.
Revenue growth for the quarter was 49% YoY/10% QoQ to Rs 22.4 billion versus our estimates of Rs 21.6 billion.
The company has completed the merger of Harita Seating Ltd. on April 01, 2021. The merger is effective from April 01, 2019.
We build our FY22/FY23 revenue estimates by 30%/20% respectively factoring the strong growth in FY22 on account of low base of FY21 and Harita seating merger.
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