Any current/future new fundraising through debt or equity?

As of the Q1 FY24 earnings call (August 03, 2023), the net debt stood at INR 462 crores as of June 30. The management has not provided any specific update or guidance regarding new fundraising through debt or equity during the call. There was a mention of an equity investment in a listed company under review by the Competition Commission of India (CCI), but no updates on new fundraising tied to that. The company continues capital expenditure primarily funded through existing resources, maintaining consistent capex levels (~5%-6% of topline). No explicit plans or announcements for fresh debt or

Any current/future capex/capital investment/strategic investment?

The company typically spends about 5% to 6% of its topline on depreciation. Of this, approximately 2% to 3% is allocated to R&D. Around 1% to 2% goes into greenfield projects or plant operations. Another 1% to 2% is spent on regular maintenance capex. In fiscal 2022-23, the company capitalized about INR 280 crores in capex. The full-year impact of this depreciation and increased capacity utilization is expected in coming quarters. There is ongoing investment in local adaptation and field trials for advanced products like ADAS (Advanced Rider Assistance Safety Solutions). The company also evalu

Future growth expectations in sales/revenue/volumes?

Minda Corporation targets long-term growth of about 20%+ year-on-year in revenues and volumes. Committed to outperforming industry growth with innovations, premiumization, and new customer acquisitions. Growth levers include: - Improving wiring harness division EBITDA from single-digit to double-digit within 2 years. - Expanding exports and aftermarket segments. - Enhancing product mix in commercial vehicles, two-wheelers, and four-wheelers, including EVs. EV segment penetration expected to grow from current 4-5% to 10-20% over coming years. Lifetime order wins (INR 3,000 crores in Q1 F

Future growth expectations in earnings/operating earnings/profits/EPS?

Minda Corporation targets long-term revenue growth of about 20%+ annually. EBITDA margin goal is to reach approximately 12%-13%, up from the current ~10.7%-11%. Major growth drivers include: - Wiring harness division improving from single-digit to double-digit EBITDA within two years. - Expansion in exports, aftermarket, and premiumization across commercial vehicles, two-wheelers, and four-wheelers. - Increasing proportion of EV-related product sales (currently ~6% of revenue, expected to grow). Operational excellence focus to enhance productivity, reduce raw material, and working capita

Current/ Expected Orderbook/ Pending Orders?

Minda Corporation Limited reported lifetime order wins of approximately INR 3,000 crores in Q1 FY24. Of these, around INR 400 crores are replacement businesses, and about INR 2,600 crores are new businesses. Exports account for approximately INR 138 crores of the order wins. In FY22, lifetime order wins were about INR 1,500 crores and INR 2,600 crores in FY23. Orders typically take 1.5 to 2 years for start of production, with the peak revenue expected 2 to 3 years from order win. For the INR 1,500 crores order book won earlier, approximately INR 350-400 crores revenue is expected annually, wit

Minda Corporation LtdQ1 FY24Auto Components

Minda Corporation Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹633.7P/E: 37.6Market Cap: ₹15.1K CrSector: Auto Components

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Minda Corporation targets long-term growth of about 20%+ year-on-year in revenues and volumes.
Committed to outperforming industry growth with innovations, premiumization, and new customer acquisitions.
Growth levers include:
- Improving wiring harness division EBITDA from single-digit to double-digit within 2 years.
- Expanding exports and aftermarket segments.
- Enhancing product mix in commercial vehicles, two-wheelers, and four-wheelers, including EVs.
EV segment penetration expected to grow from current 4-5% to 10-20% over coming years.
Lifetime order wins (INR 3,000 crores in Q1 FY24) will contribute to future sales, with a 2-3 year ramp-up to peak production.
Focus on technology, in-house R&D, operational excellence, cost leadership, and increased productivity to support growth.
Export sales expected to recover gradually from Q3 FY24 onwards.

Margin guidance

Category 2

Minda Corporation targets long-term revenue growth of about 20%+ annually.
EBITDA margin goal is to reach approximately 12%-13%, up from the current ~10.7%-11%.
Major growth drivers include:
- Wiring harness division improving from single-digit to double-digit EBITDA within two years.
- Expansion in exports, aftermarket, and premiumization across commercial vehicles, two-wheelers, and four-wheelers.
- Increasing proportion of EV-related product sales (currently ~6% of revenue, expected to grow).
Operational excellence focus to enhance productivity, reduce raw material, and working capital costs.
EBITDA margin improvement expected but not targeting 15% in near term.
Profit after tax margins likely to improve from current ~4.2% as finance cost and depreciation stabilize.
Strong order book (~INR 3,000 crores in Q1 with 50% EV share) supports future revenue growth.
Prudent capex (~5%-6% of revenue) allocated for R&D, greenfield projects, and maintenance.

See what Minda Corporation Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

As of the Q1 FY24 earnings call (August 03, 2023), the net debt stood at INR 462 crores as of June 30.
The management has not provided any specific update or guidance regarding new fundraising through debt or equity during the call.
There was a mention of an equity investment in a listed company under review by the Competition Commission of India (CCI), but no updates on new fundraising tied to that.
The company continues capital expenditure primarily funded through existing resources, maintaining consistent capex levels (~5%-6% of topline).
No explicit plans or announcements for fresh debt or equity fundraising were disclosed in the discussed period.

Order book

Yes

Minda Corporation Limited reported lifetime order wins of approximately INR 3,000 crores in Q1 FY24.
Of these, around INR 400 crores are replacement businesses, and about INR 2,600 crores are new businesses.
Exports account for approximately INR 138 crores of the order wins.
In FY22, lifetime order wins were about INR 1,500 crores and INR 2,600 crores in FY23.
Orders typically take 1.5 to 2 years for start of production, with the peak revenue expected 2 to 3 years from order win.
For the INR 1,500 crores order book won earlier, approximately INR 350-400 crores revenue is expected annually, with production starting in H2 FY24 and peaking in FY25.
50% of recent lifetime orders are from the electric vehicle (EV) mobility segment.
A significant battery charger order worth Rs. 750 crores lifetime was won from a leading OEM.

See what Minda Corporation Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The company typically spends about 5% to 6% of its topline on depreciation.
Of this, approximately 2% to 3% is allocated to R&D.
Around 1% to 2% goes into greenfield projects or plant operations.
Another 1% to 2% is spent on regular maintenance capex.
In fiscal 2022-23, the company capitalized about INR 280 crores in capex.
The full-year impact of this depreciation and increased capacity utilization is expected in coming quarters.
There is ongoing investment in local adaptation and field trials for advanced products like ADAS (Advanced Rider Assistance Safety Solutions).
The company also evaluates potential diversification opportunities, including partnerships, organic growth, and investments in startups for additional growth.
A current strategic investment includes an equity investment under review by the Competition Commission of India (CCI).

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Minda Corporation Ltd Q1 FY24 Earnings Call Analysis

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