Minda Corporation Ltd
Minda Corporation Ltd is one of the leading automotive component manufacturing companies in India with a pan-India presence and international footprint.
It is the flagship company of Spark Minda, which was part of the erstwhile Minda Group.[1]
The company was formed after a split between the businesses of the Minda brothers in 2012. Presently, NK Minda owns and operates Minda Industries Ltd and Ashok Minda is the owner of Minda Corporation Ltd. [2] Both the companies are listed on the exchanges.
- Market Cap ₹ 5,087 Cr.
- Current Price ₹ 212
- High / Low ₹ 287 / 164
- Stock P/E 21.3
- Book Value ₹ 59.8
- Dividend Yield 0.47 %
- ROCE 11.8 %
- ROE 13.5 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 3.55 times its book value
- Promoter holding has decreased over last quarter: -1.11%
- The company has delivered a poor sales growth of 7.64% over past five years.
- Company has a low return on equity of 0.63% over last 3 years.
- Company might be capitalizing the interest cost
- Dividend payout has been low at 12.6% of profits over last 3 years
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Auto Ancillaries Industry: Auto Ancillaries
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
738 | 1,385 | 2,167 | 1,590 | 1,965 | 2,435 | 2,060 | 2,594 | 3,092 | 2,223 | 2,368 | 2,976 | 4,173 | |
654 | 1,250 | 2,058 | 1,463 | 1,778 | 2,206 | 1,868 | 2,316 | 2,797 | 2,309 | 2,189 | 2,680 | 3,721 | |
Operating Profit | 84 | 136 | 109 | 127 | 188 | 229 | 192 | 278 | 295 | -86 | 179 | 296 | 452 |
OPM % | 11% | 10% | 5% | 8% | 10% | 9% | 9% | 11% | 10% | -4% | 8% | 10% | 11% |
4 | 2 | 33 | 44 | 23 | 29 | 27 | 27 | 80 | 54 | 33 | 56 | 18 | |
Interest | 26 | 27 | 42 | 28 | 39 | 37 | 30 | 40 | 51 | 41 | 39 | 32 | 36 |
Depreciation | 17 | 45 | 77 | 48 | 60 | 74 | 58 | 74 | 88 | 87 | 94 | 112 | 132 |
Profit before tax | 45 | 65 | 22 | 96 | 111 | 147 | 131 | 191 | 236 | -160 | 80 | 208 | 302 |
Tax % | 23% | 21% | 78% | 18% | 24% | 25% | 22% | 25% | 28% | -25% | 39% | 12% | |
Net Profit | 35 | 52 | 5 | 79 | 88 | 110 | 102 | 143 | 169 | -200 | 53 | 192 | 238 |
EPS in Rs | 1.80 | 2.48 | 0.29 | 3.79 | 4.28 | 5.12 | 4.88 | 6.82 | 7.45 | -8.79 | 2.21 | 8.03 | 9.98 |
Dividend Payout % | 8% | 12% | 68% | 5% | 9% | 10% | 10% | 9% | 9% | -4% | 29% | 12% |
Compounded Sales Growth | |
---|---|
10 Years: | 8% |
5 Years: | 8% |
3 Years: | -1% |
TTM: | 48% |
Compounded Profit Growth | |
---|---|
10 Years: | 10% |
5 Years: | 13% |
3 Years: | 2% |
TTM: | 134% |
Stock Price CAGR | |
---|---|
10 Years: | 22% |
5 Years: | 4% |
3 Years: | 53% |
1 Year: | 4% |
Return on Equity | |
---|---|
10 Years: | 9% |
5 Years: | 6% |
3 Years: | 1% |
Last Year: | 14% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
24 | 40 | 40 | 39 | 61 | 61 | 42 | 46 | 50 | 50 | 52 | 52 | 48 | |
Reserves | 246 | 313 | 307 | 350 | 406 | 507 | 580 | 694 | 1,145 | 925 | 1,094 | 1,278 | 1,381 |
246 | 476 | 532 | 552 | 502 | 543 | 549 | 723 | 681 | 620 | 528 | 506 | 591 | |
225 | 383 | 414 | 390 | 472 | 680 | 377 | 592 | 571 | 736 | 658 | 736 | 897 | |
Total Liabilities | 727 | 1,192 | 1,273 | 1,312 | 1,422 | 1,771 | 1,548 | 2,051 | 2,442 | 2,327 | 2,328 | 2,567 | 2,917 |
255 | 487 | 466 | 527 | 571 | 719 | 530 | 711 | 732 | 570 | 613 | 887 | 940 | |
CWIP | 10 | 11 | 68 | 15 | 15 | 13 | 74 | 16 | 21 | 28 | 18 | 32 | 74 |
Investments | 4 | 19 | 0 | 25 | 29 | 5 | 126 | 139 | 165 | 176 | 180 | 64 | 59 |
459 | 676 | 739 | 746 | 807 | 1,034 | 818 | 1,184 | 1,524 | 1,552 | 1,517 | 1,583 | 1,844 | |
Total Assets | 727 | 1,192 | 1,273 | 1,312 | 1,422 | 1,771 | 1,548 | 2,051 | 2,442 | 2,327 | 2,328 | 2,567 | 2,917 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
47 | -23 | 31 | -18 | 304 | 226 | 48 | 70 | 209 | 450 | 86 | 167 | |
-94 | -121 | -60 | -136 | -53 | -158 | -158 | -200 | -402 | -137 | -192 | 12 | |
49 | 185 | 11 | 133 | -238 | -29 | 67 | 122 | 203 | -249 | 65 | -161 | |
Net Cash Flow | 2 | 40 | -18 | -20 | 13 | 39 | -43 | -8 | 11 | 64 | -42 | 18 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 90 | 68 | 51 | 67 | 59 | 65 | 66 | 80 | 64 | 64 | 68 | 70 |
Inventory Days | 73 | 102 | 71 | 70 | 70 | 78 | 91 | 105 | 86 | 108 | 97 | 93 |
Days Payable | 125 | 102 | 68 | 93 | 94 | 104 | 79 | 103 | 79 | 139 | 124 | 110 |
Cash Conversion Cycle | 38 | 68 | 54 | 44 | 36 | 40 | 79 | 82 | 71 | 33 | 41 | 53 |
Working Capital Days | 54 | 43 | 39 | 61 | 53 | 41 | 57 | 58 | 49 | 41 | 56 | 65 |
ROCE % | 16% | 16% | 8% | 12% | 16% | 17% | 13% | 18% | 16% | -7% | 7% | 12% |
Documents
Announcements
- Closure of Trading Window 3h
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
6h - Schedule of Analyst/Institutional Investor meeting intimation under the SEBI (LODR), Regulations 2015
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Announcement under Regulation 30 (LODR)-Credit Rating
22 Mar - Information under Regulation 30 of SEBI Regulations, 2015 - Re-affirmation of Credit Rating of Minda Corporation Limited by India Rating & Research
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
28 Feb - Schedule of Analyst/Institutional Investor meeting intimation under the SEBI (LODR), Regulations 2015
- Schedule Of Analyst/Institutional Investor Meeting Intimation Under The SEBI (LODR), Regulations 2015 25 Feb
Annual reports
Concalls
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Nov 2015Transcript PPT
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Product Portfolio
The product portfolio of different segments include:
- Mechatronics - ignition switch cum steering locks, smart key systems, mechatronics handles, immobilizers systems, aluminum high-pressure die casting, and compressor housing.[1]