Buy Minda Corporation, target price Rs 230: Axis Securities
The brokerage maintains its cautious outlook on the 2W domestic market and overall export market in the next few quarters (which forms 44% of Minda’s revenue share by end market segment).
By ETMarkets.com | Updated:
Agencies
Axis Securities has buy call on Minda Corporation with a target price of Rs 230. The current market price of Minda Corporation is Rs 194.8.
Minda Corporation, incorporated in the year 1985, is a Small Cap company (having a market cap of Rs 4660.85 Crore) operating in Auto Ancillaries sector.
Minda Corporation key Products/Revenue Segments include Other Auto Components, Other Operating Revenue, Scrap, Duty Drawback, Royalty Income and Job Work for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 1072.99 Crore, down -6.82 % from last quarter Total Income of Rs 1151.53 Crore and up 44.47 % from last year same quarter Total Income of Rs 742.70 Crore. Company has reported net profit after tax of Rs 54.43 Crore in latest quarter.
The company’s top management includes Mr.Ashok Minda, Mr.N K Modi, Mr.Aakash Minda, Mr.Ravi Sud, Mr.Rakesh Chopra, Mr.Ashok Kumar Jha, Mrs.Pratima Ram, Mr.Avinash Parkash Gandhi. Company has S R Batliboi & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 24 Crore shares outstanding.
Post the business update call on Pricol, the brokerage continues to maintain its moderately positive view on Minda as it will be a key beneficiary to product premiumization, EV growth, and increased business from CV/PV OEMs.
Promoter/FII Holdings
Promoters held 64.73 per cent stake in the company as of 31-Dec-2022, while FIIs owned 3.61 per cent, DIIs 13.84 per cent.
Minda Corporation, incorporated in the year 1985, is a Small Cap company (having a market cap of Rs 4660.85 Crore) operating in Auto Ancillaries sector.
Minda Corporation key Products/Revenue Segments include Other Auto Components, Other Operating Revenue, Scrap, Duty Drawback, Royalty Income and Job Work for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 1072.99 Crore, down -6.82 % from last quarter Total Income of Rs 1151.53 Crore and up 44.47 % from last year same quarter Total Income of Rs 742.70 Crore. Company has reported net profit after tax of Rs 54.43 Crore in latest quarter.
The company’s top management includes Mr.Ashok Minda, Mr.N K Modi, Mr.Aakash Minda, Mr.Ravi Sud, Mr.Rakesh Chopra, Mr.Ashok Kumar Jha, Mrs.Pratima Ram, Mr.Avinash Parkash Gandhi. Company has S R Batliboi & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 24 Crore shares outstanding.
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Investment RationalePost the business update call on Pricol, the brokerage continues to maintain its moderately positive view on Minda as it will be a key beneficiary to product premiumization, EV growth, and increased business from CV/PV OEMs.
Promoter/FII Holdings
Promoters held 64.73 per cent stake in the company as of 31-Dec-2022, while FIIs owned 3.61 per cent, DIIs 13.84 per cent.
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