Minda (MINDACORP) Q2 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of INR 1,290 crores in Q2 FY25, up 8% year-on-year, and H1 FY25 revenue of INR 2,482 crores, up 9.3% year-on-year.

• EBITDA for Q2 FY25 reached INR 147 crores (11.4% margin), up 38 bps year-on-year; H1 EBITDA at INR 278 crores (11.2% margin).

• PAT for Q2 FY25 was INR 74 crores (5.8% margin), up 26% year-on-year; H1 PAT at INR 139 crores (5.6% margin), up 33% year-on-year.

• Lifetime order book exceeded INR 4,750 crores in H1, with over 25% from EV platforms.

• Signed technology licensing agreement with SANCO (China) to enhance EV product portfolio and filed 14 new patents in H1 FY25.

Financial highlights

• Q2 FY25 operating revenue grew 7.9% year-on-year to INR 1,290 crores; H1 FY25 revenue reached INR 2,482 crores, up 9.3% year-on-year.

• Q2 FY25 EBITDA was INR 147 crores (11.4% margin), up 11.6% year-on-year; PAT margin improved to 5.8%.

• Gross margin for Q2 FY25 stood at 37.0%.

• Net worth increased to INR 2,102 crores as of Sep 30, 2024; net debt reduced to INR 160 crores, net debt to net worth at 0.08x.

• Consolidated Q2 FY25 EPS: INR 3.16 (basic); H1 FY25 EPS: INR 5.89 (basic).

Outlook and guidance

• Management targets EBITDA margin of 12% in the medium term, with consistent delivery above 11% for five consecutive quarters.

• CapEx of INR 300–350 crores per annum planned, to be funded largely through internal accruals.

• Exports expected to rise from current 7–8% of revenue to 10–15% in the mid- to long-term.

• Growth in H2 FY25 expected, driven by festive season, stable pricing, and improved rural and urban sentiment.

• Positive outlook for double-digit sales growth and sustainable EBITDA margins, driven by premiumization and new product launches.