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Minda Industries - Q4 FY20 Result Update - ICICI Securities

Posted On: 2020-07-02 08:20:09

Minda Industries (MIL) reported a subdued Q4FY20 performance. Consolidated revenues were at Rs. 1,339 crore, down 10% YoY (4-W: 2-W at 48:52; OEM: aftermarket at 87:13). Consolidated EBITDA margins slid 320 bps QoQ to 9.1% tracking higher other expenses (includes MTM losses on forex of ~Rs. 15 crore). Reported PAT for the quarter was at Rs. 7.3 crore, hurt by fall in revenues, margins (down 340 bps YoY) and Rs. 8.9 crore worth of exceptional charges for acquisition related expenses. For full year FY20, consolidated sales fell 7.5% YoY to Rs. 5,465 crore, with margins down 100 bps YoY to 11.3% and reported PAT down 46% YoY to Rs. 155 crore.

Valuation & Outlook

We expect net sales, EBITDA, PAT CAGR of 9.8%, 14.2%, 30.4% CAGR, respectively, over FY20P-22E. We continue to like MIL for (1) its success in growing far ahead of ancillary pack & OEM clients over the years, (2) presence in emerging opportunities and (3) well diversified product and client base. We maintain BUY recommendation on MIL with a revised target price of Rs. 320, valuing it at 12x FY22E EV/EBITDA i.e. implied 33x P/E (FY22E EPS). We await the brief contours of the proposed rights issue before incorporating the same in our estimates.

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Shares of MINDA INDUSTRIES LTD. was last trading in BSE at Rs.270.2 as compared to the previous close of Rs. 271.7. The total number of shares traded during the day was 13054 in over 1080 trades.

The stock hit an intraday high of Rs. 275.25 and intraday low of 268.5. The net turnover during the day was Rs. 3543102.

Source: Equity Bulls

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