(MCorp) has redeemed commercial paper of Rs25cr the maturity date of which was November 27, 2018.
The company had issued this commercial paper on August 29, 2018, which had maturity period of three-months, as per BSE filing.
MCorp has diversified product portfolio comprising of safety, security, restraint systems (45% of Q2FY19 revenues), driver information & telematics (34%) and interior systems (21%). It derives revenues from India (77%), Europe, North America (19%) and South East Asia (4%). As per end market, revenue mix is CVs - 35%, 2/3Ws - 37%, PVs - 18% and aftermarket - 10%. It has 34 manufacturing plants across the globe.
MCorp reported weak set of numbers in Q2FY19 with revenue, EBITDA and PAT growing 18% yoy, 10% yoy and 6% yoy respectively while EBITDA margin contracted 82bps yoy to 10.6%. The company successfully raised Rs310cr in May 2018 through Qualified Institutional Placement, indicating that it is prepared for the next stage of growth.
Going ahead, the company is set to benefit from strong demand in OEM and aftermarket segments, increasing content per vehicle and growing export focus. We project revenue, EBITDA and PAT CAGR of 18%, 20% and 24% CAGR over FY18-20E.
Meanwhile, share price of Minda Corporation is currently trading up 3.17% at Rs138.35 from its previous closing of Rs134.10 on the BSE.
The scrip opened at Rs136.20 and has touched a high and low of Rs140 and Rs136.20, respectively.