What makes MCL different from other auto component manufacturers is the unending desire to innovate and roll out new products
PRO Only Highlights
- Quarterly performance largely backed by improved realisations
- Medium-term triggers China plus and protectionist measures for tyre industry
- Valuations not inexpensive; but improved medium-term outlook
- Quarterly performance largely backed by improved realisations
- Medium-term triggers China plus and protectionist measures for tyre industry
- Valuations not inexpensive; but improved medium-term outlook
Minda Corporation (MCL; CMP: Rs 216.8; M Cap: Rs 5,090 crore) sustained a healthy performance in Q1FY23, despite raw material challenges. The company reported a sequential growth in net revenues, driven by a higher share of the commercial vehicle (CV) segment and its operating margin declined marginally, owing to rising costs. A recovery in demand, post COVID-19, for passenger vehicles (PVs) and two-wheelers (2Ws), increase in content per vehicle and growth from new focus areas make us upbeat about the...