Minda Corporation Ltd's Q3FY18 consolidated net profit rises 77.96% yoy to Rs37.87cr

The company’s consolidated revenue stood at Rs636.20cr, up 25.17% yoy but down 2.87% qoq.

Feb 13, 2018 07:02 IST India Infoline Research Team

Minda Corporation Ltd Q3FY18

Consolidated Results Q3FY18: (Rs. in crore)

Q3FY18 YoY (%)
Revenue 636.20 25.2
EBITDA 71.70 45.8
EBITDA Margin (%) 11.3 159
Net Profit (adjusted) 37.87 78.0
***EBITDA margin change is bps
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Buy

Reco. Price

216.1

Last updated on

18-Jan-2018

Minda Corporation Limited (MCorp) reported consolidated revenue of Rs636cr in Q3FY18, growth of 25% yoy. This was the fastest revenue growth in nine quarters. However, revenue for the quarter still fell 11% short of consensus estimate of Rs717cr. Consolidated EBITDA grew 46% yoy to Rs72cr, while EBITDA margin expanded 159bps yoy to 11.3%. The EBITDA number was 2% lower than consensus estimate of Rs73cr. Net Profit was up 78% yoy at Rs38cr. Net profit was marginally higher than consensus estimate of Rs37cr. 


Other Highlights

  • While growth in raw material cost (27% yoy) was faster than revenue growth (25% yoy), MCorp managed to keep operating costs under check (up 10% yoy). The company has been on a cost optimization drive since the past few quarters.
  • In the quarter Q3FY17, MCorp reported a loss at one of its subsidiaries, Minda Furukawa Electric Private Limited, which combined with other items, resulted in an outflow of Rs15.45cr from its profit. In Q3FY18, the company saw a profit from its share in joint venture entities amounting to Rs5cr.
  • The board of directors declared a dividend of Rs0.25 per share.
  • The board approved fund raising up to Rs500cr. Details regarding mode of fund raising and exact quantum are not yet available.


Technical View:

Minda Corporation Ltd ended at Rs. 211.85, up by 13.15 points or 6.62% from its previous closing of Rs. 198.70 on the BSE.
The scrip opened at Rs. 200.70 and touched a high and low of Rs. 216 and Rs. 200.70 respectively. A total of 8,03,795(NSE+BSE) shares were traded on the counter. The stock traded below its 50 DMA.


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