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Emkay Global has buy call on Minda Industries with a target price of Rs 1230. The current market price of Minda Industries Ltd. is Rs 1049.45. Time period given by analyst is one year when Minda Industries Ltd. price can reach defined target.
Minda Industries Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 29314.65 Crore) operating in Auto Ancillaries sector.
Minda Industries Ltd. key Products/Revenue Segments include Electronic Components, Sale of services, Other Operating Revenue for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 2193.91 Crore, up 2.76 % from last quarter Total Income of Rs 2135.05 Crore and up 21.09 % from last year same quarter Total Income of Rs 1811.73 Crore. Company reported net profit after tax of Rs 98.68 Crore in latest quarter.
Investment Rationale After an annual capex of ~Rs6bn in the next three years, the average annual FCF is likely to be robust at Rs3.7bn. Net debt-to-equity should improve from 0.2x in FY22E to 0.03x in FY24E. The brokerage retains Buy with a DCF-based TP of Rs1,230 (unchanged), based on 40x Mar'23E P/E.
Promoter/FII Holdings
Promoters held 67.47 per cent stake in the company as of 31-Dec-2021, while FIIs owned 9.92 per cent, DIIs 13.14 per cent.
Minda Industries Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 29314.65 Crore) operating in Auto Ancillaries sector.
Minda Industries Ltd. key Products/Revenue Segments include Electronic Components, Sale of services, Other Operating Revenue for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 2193.91 Crore, up 2.76 % from last quarter Total Income of Rs 2135.05 Crore and up 21.09 % from last year same quarter Total Income of Rs 1811.73 Crore. Company reported net profit after tax of Rs 98.68 Crore in latest quarter.
Investment Rationale After an annual capex of ~Rs6bn in the next three years, the average annual FCF is likely to be robust at Rs3.7bn. Net debt-to-equity should improve from 0.2x in FY22E to 0.03x in FY24E. The brokerage retains Buy with a DCF-based TP of Rs1,230 (unchanged), based on 40x Mar'23E P/E.
Promoter/FII Holdings
Promoters held 67.47 per cent stake in the company as of 31-Dec-2021, while FIIs owned 9.92 per cent, DIIs 13.14 per cent.
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