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, robust product portfolio, and expanding customer base, despite subdued exports and macroeconomic challenges.

• 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, and filed six new patents, bringing the total to over 280.

• 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.

• Won 94 external awards across business verticals in Q1 FY25, highlighting operational momentum.

Financial highlights

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

• EBITDA reached INR 132 crores, a 15% YoY increase; EBITDA margin at 11.1%.

• PAT stood at INR 64 crores, up 42% YoY; PAT margin improved by 115 bps to 5.3%.

• Profit before tax was INR 84 crores (7% margin), up 33% YoY; gross margin at 37.3%.

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

Outlook and guidance

• Focus on premiumization, technological advancement, expanding product portfolio, and R&D investments to drive growth.

• Exports expected to remain flat for the rest of the year due to subdued demand in Europe and the US, but plans to increase exports and broaden the customer base.

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

• Growth expected from upcoming monsoon, festive season, and improved rural and urban market sentiments.