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Axis Securities
Minda Ind (Buy)
CMP: ₹416.1
Target: ₹449
Minda Industries Ltd (MIL) reported excellent set of results for Q1FY19. Total revenues were reported at ₹1,436 crore (up 40 per cent y-o-y), EBIDTA of ₹177 crore (up 60 per cent annually) with robust EBIDTA margin of 12.3 per cent (an expansion of 161 bps (y-o-y) and total comprehensive income of ₹72.5 crore (up 50 per cent y-o-y).
Q1FY19 revenues for Minda Industries were spread across switches, lighting, acoustics and others in the ratio of (in per cent) 41:22:14:23. Switches shared 43 per cent of the absolute EBIDTA, lighting contributed 13 per cent, acoustics 10 per cent and rest came from others.
Company has tied up with Sensata Technologies for supply of different types of sensors viz, temperature, pressure, engine and crank sensors.
MIL has acquired iSYS RTS, a Germany-based embedded systems and software company for €6 million with an aim to capture the growing controller units demand; the company had sales of ₹47.2 crore and PAT of ₹0.9 crore for FY17.
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