Minda (MINDACORP) Q1 24/25 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth in Q1 FY25, reaching INR 1,192 crores, driven by strong domestic demand and an expanding product portfolio, despite subdued exports and challenging macroeconomic conditions.

• EBITDA grew 15% year-over-year to INR 132 crores, with margin improvement to 11.1% (up 38 bps YoY); PAT rose 42% year-over-year to INR 64 crores, with a margin of 5.3%.

• Secured a lifetime order book exceeding INR 2,100 crores, split between new and replacement orders, reflecting robust market demand.

• Signed a 50:50 joint venture with HCMF of Taiwan for sunroof and closure systems, with a new plant in Pune expected to be commissioned in Q1 FY26.

• Filed six new patents in Q1 FY25, bringing the total to over 280, underscoring ongoing innovation and R&D focus.

Financial highlights

• Operating revenue for Q1 FY25 was INR 1,192 crores, up 11% year-over-year.

• EBITDA for Q1 FY25 reached INR 132 crores, a 15% increase year-over-year, with margin at 11.1%.

• PAT rose to INR 64 crores, up 42% year-over-year, with margin at 5.3%.

• Profit before tax was INR 84 crores (7% margin), up 33% year-over-year.

• Sequentially, revenue and EBITDA declined from the previous quarter, but year-over-year growth remained strong.

Outlook and guidance

• Focus on premiumization, technological advancement, and expanding market share with both existing and new clients.

• Anticipates outperforming industry growth by 5-8% over the next 2-3 years, supported by strong order book, new products, and collaborations.

• Plans to increase exports and broaden the customer base to drive steady growth.

• Premiumization and digitization trends in PVs and 2Ws expected to continue supporting growth.

• Anticipates growth in entry-level 2W and tractor segments post H2 FY25, driven by favorable monsoon and festive season.