Minda Industries Q4 Review - New Capex Cycle Begins: Systematix

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Systematix Research Report

Minda Industries Ltd. delivered a mixed set of numbers for Q4 FY21 with Harita Seating Systems Ltd. merger driving topline beat but Ebitda margin below estimates.

Adjusted profit after tax benefited from a sharp improvement in profit from joint ventures and associates.

On the earnings concall, the management highlighted that new order wins remain robust across segments and the company is embarking on the next leg of growth capex (Rs 3.5 billion in FY22).

It expects strong business growth in the medium-term driven by a ramp-up in the alloy wheel segment, sensors and order wins in the electric vehicle segment.

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