Minda Industries Ltd

Minda Industries is a supplier of automotive solutions to original equipment manufacturers. The Company offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.

Pros:
Company has good consistent profit growth of 42.40% over 5 years
Company has been maintaining a healthy dividend payout of 18.97%
Cons:
Stock is trading at 7.38 times its book value

Peer Comparison Sector: Auto Ancillaries // Industry: Auto Ancillaries

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
439 400 399 423 478 452 505 517 539 509 534 516
395 365 360 390 428 403 447 472 482 462 471 466
Operating Profit 44 36 39 32 50 49 58 46 58 47 63 50
OPM % 10% 9% 10% 8% 10% 11% 11% 9% 11% 9% 12% 10%
Other Income 12 7 1 12 18 12 6 5 17 8 18 7
Interest 4 4 2 2 1 2 2 3 3 3 7 8
Depreciation 13 13 14 12 13 14 14 13 13 16 18 20
Profit before tax 40 26 24 31 54 46 47 35 58 37 57 29
Tax % 20% 27% 14% 23% 21% 28% 23% 23% 21% 23% 23% 22%
Net Profit 32 19 21 24 43 33 36 27 46 28 44 23
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
396 446 594 912 1,105 1,056 1,108 1,376 1,469 1,639 1,857 2,100 2,098
362 396 528 830 1,055 975 1,032 1,274 1,329 1,481 1,669 1,886 1,880
Operating Profit 34 50 66 82 50 81 76 101 139 159 188 214 218
OPM % 9% 11% 11% 9% 5% 8% 7% 7% 10% 10% 10% 10% 10%
Other Income 14 9 6 15 40 14 14 35 22 25 44 47 50
Interest 12 16 14 16 18 16 15 13 10 14 7 15 20
Depreciation 17 21 27 34 38 41 42 54 53 51 53 60 67
Profit before tax 20 21 31 47 33 39 34 70 99 118 173 186 181
Tax % 20% 28% 25% 25% 0% 21% 19% 24% 20% 21% 23% 23%
Net Profit 16 15 23 35 33 30 27 53 79 94 133 144 140
EPS in Rs 0.95 0.91 1.39 1.67 1.34 1.23 1.10 2.15 3.23 3.94 5.09 5.50
Dividend Payout % 17% 17% 14% 11% 14% 16% 18% 18% 14% 19% 18% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.77%
5 Years:13.64%
3 Years:12.65%
TTM:7.49%
Compounded Profit Growth
10 Years:24.68%
5 Years:42.40%
3 Years:24.13%
TTM:0.70%
Return on Equity
10 Years:14.54%
5 Years:15.96%
3 Years:15.95%
Last Year:13.77%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
14 14 57 57 19 19 19 19 19 16 17 52
Reserves 52 64 82 141 268 293 314 353 419 512 952 1,046
Borrowings 136 163 145 173 164 152 153 118 113 187 96 412
79 80 186 227 226 218 242 277 324 635 442 462
Total Liabilities 277 317 423 555 674 679 725 764 872 1,351 1,509 1,972
150 163 229 249 227 248 255 278 251 265 280 452
CWIP 10 12 3 7 5 14 18 1 5 11 37 12
Investments 8 8 8 19 67 76 94 82 195 357 604 843
110 134 183 280 375 342 358 403 421 719 587 665
Total Assets 277 317 423 555 674 679 725 764 872 1,351 1,509 1,972

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
45 28 86 44 82 85 60 107 124 175 140 149
-50 -36 -83 -32 -19 -69 -63 -45 -101 -217 -307 -441
7 8 6 -2 -38 -31 -19 -59 -27 340 -133 292
Net Cash Flow 2 -1 9 10 25 -16 -22 4 -3 298 -300 0

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 14% 17% 17% 19% 6% 11% 10% 15% 20% 20% 19% 15%
Debtor Days 46 55 55 51 61 60 62 56 62 54 66 62
Inventory Turnover 16.12 18.16 16.64 14.51 14.78 16.35 16.73 16.77 16.40 18.55 18.69 16.44