Minda Industries Ltd

About

Minda Industries Limited, the flagship company of the N.K. Minda Group is one of the most diversified auto component manufacturers in India. It is a technology leader in the auto components industry and a leading tier-1 supplier of proprietary automotive solutions to OEMs. The Group is headquartered in Manesar, Haryana. It has engineering, research, and development centers in Manesar, Pune & Sonepat. [1]

Key Points

Market Leadership
The company is the largest Switch Player in India. It's the largest player in India and second-largest globally in horn segment [1]
It is the third-largest Automotive Lighting player in India. [2]
It has a partnership with 14 Global technology players [3]

See full details
  • Market Cap 22,663 Cr.
  • Current Price 793
  • High / Low 834 / 315
  • Stock P/E 64.6
  • Book Value 79.0
  • Dividend Yield 0.11 %
  • ROCE 12.0 %
  • ROE 9.97 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company's median sales growth is 23.58% of last 10 years

Cons

  • Stock is trading at 10.04 times its book value
  • Promoter holding has decreased over last quarter: -2.38%
  • Company has a low return on equity of 12.21% for last 3 years.
  • Dividend payout has been low at 9.35% of profits over last 3 years
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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
1,522 1,470 1,486 1,440 1,360 1,327 1,498 468 1,465 2,031 2,238 1,603
1,332 1,290 1,301 1,268 1,198 1,163 1,358 552 1,250 1,752 1,937 1,456
Operating Profit 189 180 185 172 162 163 140 -84 215 279 302 147
OPM % 12% 12% 12% 12% 12% 12% 9% -18% 15% 14% 13% 9%
Other Income 5 3 13 7 5 6 5 6 13 17 11 6
Interest 15 15 20 24 24 22 22 20 18 20 15 19
Depreciation 56 61 68 71 74 75 89 77 81 100 107 90
Profit before tax 123 108 110 84 69 73 34 -175 129 175 190 44
Tax % 32% 26% 30% 33% 25% 27% 44% 23% 34% 27% 25% 32%
Net Profit 73 69 74 53 49 45 13 -134 81 115 140 15
EPS in Rs 2.67 2.55 2.70 1.97 1.82 1.65 0.48 -4.95 2.97 4.24 5.16 0.56

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
620 954 1,179 1,340 1,706 2,232 2,527 3,386 4,471 5,908 6,222 6,374 7,337
553 870 1,141 1,254 1,628 2,078 2,290 3,012 3,935 5,182 5,549 5,647 6,394
Operating Profit 66 84 38 86 78 154 238 374 535 726 673 727 943
OPM % 11% 9% 3% 6% 5% 7% 9% 11% 12% 12% 11% 11% 13%
Other Income 7 15 46 19 18 33 19 14 70 26 5 47 46
Interest 15 17 20 19 24 25 26 40 35 63 94 74 72
Depreciation 27 34 40 46 59 83 93 136 165 234 340 375 379
Profit before tax 31 48 25 39 13 79 139 212 405 455 244 325 538
Tax % 25% 26% 1% 28% 59% 25% 20% 22% 24% 29% 28% 31%
Net Profit 23 36 29 28 7 68 111 165 310 286 155 207 352
EPS in Rs 1.77 1.16 1.14 0.29 2.75 4.49 6.69 11.45 10.50 5.71 7.60 12.93
Dividend Payout % 13% 11% 17% 17% 66% 14% 10% 11% 8% 10% 7% 11%
Compounded Sales Growth
10 Years:21%
5 Years:20%
3 Years:13%
TTM:58%
Compounded Profit Growth
10 Years:20%
5 Years:14%
3 Years:-10%
TTM:1698%
Stock Price CAGR
10 Years:52%
5 Years:48%
3 Years:36%
1 Year:142%
Return on Equity
10 Years:15%
5 Years:16%
3 Years:12%
Last Year:10%

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
57 57 19 19 19 19 19 16 37 55 52 54
Reserves 82 142 267 289 292 346 452 744 1,374 1,652 1,809 2,202
Borrowings 145 173 183 198 304 232 393 510 594 1,080 1,317 1,163
190 231 251 302 369 402 626 1,129 1,379 1,447 2,403 2,558
Total Liabilities 427 560 717 806 981 997 1,487 2,398 3,365 4,231 5,581 5,977
230 250 275 319 401 411 573 885 1,350 1,861 2,674 2,797
CWIP 3 7 5 42 22 9 130 117 211 150 360 134
Investments 8 19 23 22 47 28 44 111 155 356 398 530
186 283 414 423 512 548 740 1,285 1,649 1,864 2,148 2,516
Total Assets 427 560 717 806 981 997 1,487 2,398 3,365 4,231 5,581 5,977

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
88 45 77 95 42 135 146 335 364 414 1,049 343
-84 -32 -26 -118 -137 -39 -257 -267 -640 -815 -810 -361
6 -4 -8 -5 80 -98 123 253 44 368 -96 -40
Net Cash Flow 10 9 44 -28 -15 -2 13 320 -232 -33 143 -58

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 53 50 61 59 56 47 53 54 64 56 51 69
Inventory Days 43 48 36 35 39 35 42 41 55 57 58 70
Days Payable 95 80 80 84 77 66 73 84 105 80 107 120
Cash Conversion Cycle 1 18 17 10 18 16 21 11 14 32 2 18
Working Capital Days 21 29 33 26 27 23 25 24 30 38 -12 11
ROCE % 19% 7% 11% 6% 14% 21% 23% 25% 22% 12% 12%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
70.79 70.79 70.79 70.79 70.79 70.79 70.79 70.88 70.88 70.87 69.85 67.47
10.70 10.95 11.31 11.50 11.27 10.91 10.26 9.65 9.61 9.60 8.95 9.22
4.27 4.54 4.76 5.25 5.78 6.64 7.47 9.85 10.23 10.49 10.93 13.71
14.24 13.72 13.14 12.46 12.16 11.66 11.48 9.62 9.27 9.03 10.27 9.60

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