Minda Corporation Ltd

About

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.

Key Points

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]

  • Information and Connected systems - speedometers, wiring harness, steering roll connector, and junction box; sensors, innovative tech solutions and IoT solutions. [2]
See full details
  • Market Cap 3,186 Cr.
  • Current Price 133
  • High / Low 148 / 64.9
  • Stock P/E 33.4
  • Book Value 48.0
  • Dividend Yield 0.49 %
  • ROCE 7.51 %
  • ROE 4.97 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 2.78 times its book value
  • The company has delivered a poor sales growth of -0.67% over past five years.
  • Company has a low return on equity of 0.37% for last 3 years.
  • Dividend payout has been low at 11.30% of profits over last 3 years
Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
773.29 769.02 771.39 584.07 558.53 543.59 536.37 177.96 656.10 739.80 794.09 558.63
691.02 714.18 689.25 527.14 497.41 473.91 814.05 204.11 591.20 657.98 746.78 527.82
Operating Profit 82.27 54.84 82.14 56.93 61.12 69.68 -277.68 -26.15 64.90 81.82 47.31 30.81
OPM % 10.64% 7.13% 10.65% 9.75% 10.94% 12.82% -51.77% -14.69% 9.89% 11.06% 5.96% 5.52%
Other Income 17.47 40.81 13.16 9.96 11.22 15.75 18.12 9.81 7.45 15.33 12.95 10.28
Interest 12.41 12.53 13.09 10.50 9.11 8.31 11.02 7.66 10.95 9.59 7.61 7.45
Depreciation 21.70 21.47 24.12 21.29 21.33 21.83 22.17 20.31 24.79 24.38 24.16 25.14
Profit before tax 65.63 61.65 58.09 35.10 41.90 55.29 -292.75 -44.31 36.61 63.18 28.49 8.50
Tax % 29.50% 27.46% 27.84% 39.60% 11.34% 24.78% -2.40% 20.11% 29.47% 21.68% 54.65% 16.35%
Net Profit 46.27 44.72 41.92 21.20 37.15 41.59 -299.78 -35.40 25.82 49.48 12.92 7.11
EPS in Rs 2.04 1.97 1.84 0.93 1.63 1.83 -13.19 -1.56 1.14 2.07 0.54 0.30

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
515 738 1,385 2,167 1,590 1,965 2,435 2,060 2,594 3,092 2,223 2,354 2,749
481 654 1,250 2,058 1,463 1,778 2,206 1,868 2,316 2,797 2,309 2,189 2,524
Operating Profit 34 84 136 109 127 188 229 192 278 295 -86 166 225
OPM % 7% 11% 10% 5% 8% 10% 9% 9% 11% 10% -4% 7% 8%
Other Income 16 4 2 33 44 23 29 27 27 80 54 50 46
Interest 13 26 27 42 28 39 37 30 40 51 41 39 36
Depreciation 14 17 45 77 48 60 74 58 74 88 87 94 98
Profit before tax 23 45 65 22 96 111 147 131 191 236 -160 84 137
Tax % 16% 23% 21% 78% 18% 24% 25% 22% 25% 28% -25% 37%
Net Profit 19 35 52 6 79 90 107 102 143 169 -200 53 95
EPS in Rs 1.11 1.80 2.48 0.29 3.79 4.28 5.12 4.88 6.82 7.45 -8.79 2.21 4.05
Dividend Payout % 11% 8% 12% 68% 5% 9% 10% 10% 9% 9% -4% 29%
Compounded Sales Growth
10 Years:12%
5 Years:-1%
3 Years:-3%
TTM:51%
Compounded Profit Growth
10 Years:5%
5 Years:-12%
3 Years:-28%
TTM:137%
Stock Price CAGR
10 Years:%
5 Years:3%
3 Years:3%
1 Year:100%
Return on Equity
10 Years:9%
5 Years:6%
3 Years:0%
Last Year:5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9 24 40 40 39 61 61 42 46 50 50 52
Reserves 64 246 313 307 350 406 507 580 694 1,145 926 1,095
Borrowings 245 246 476 532 552 502 543 549 723 681 620 528
119 225 383 414 390 472 680 377 592 571 736 658
Total Liabilities 436 727 1,192 1,273 1,312 1,422 1,771 1,548 2,051 2,442 2,327 2,328
154 255 487 466 527 571 719 530 711 732 570 613
CWIP 20 10 11 68 15 15 13 74 16 21 28 18
Investments 37 4 19 0 25 29 5 126 139 165 176 180
225 459 676 739 746 807 1,034 818 1,184 1,524 1,552 1,517
Total Assets 436 727 1,192 1,273 1,312 1,422 1,771 1,548 2,051 2,442 2,327 2,328

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9 47 -23 31 -18 304 226 48 70 209 450 86
-35 -94 -121 -60 -136 -53 -158 -158 -200 -402 -137 -192
24 49 185 11 133 -238 -29 67 122 203 -249 65
Net Cash Flow -2 2 40 -18 -20 13 39 -43 -8 11 64 -42

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 55 90 68 51 67 59 65 66 80 64 64 69
Inventory Days 81 73 102 71 70 70 78 91 105 86 108 97
Days Payable 102 125 102 68 93 93 103 78 103 79 139 119
Cash Conversion Cycle 34 38 68 54 44 37 40 80 82 71 33 47
Working Capital Days 61 72 62 50 76 63 54 71 76 66 58 56
ROCE % 12% 16% 16% 8% 12% 16% 17% 13% 18% 16% -7% 8%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
64.67 64.67 68.02 68.08 68.10 68.10 68.10 68.10 68.10 64.73 64.73 64.73
6.53 7.32 7.51 7.97 8.45 8.56 8.85 5.97 6.33 6.04 6.38 5.61
6.69 7.19 7.24 7.22 5.90 5.52 5.46 7.50 5.60 9.90 10.57 12.86
19.81 18.57 15.03 14.53 15.39 15.71 15.49 16.35 17.92 17.40 16.42 14.96
2.30 2.24 2.21 2.20 2.15 2.11 2.09 2.07 2.05 1.93 1.90 1.85

Documents