- Minda Industries Ltd (MIL) is part of UNO MINDA Group, India’s largest player in 2W 3W Switches among Top 3 players in Automotive Lighting World’s 2nd largest player in Horns.
- During Q4 FY17, consolidated revenue jumps to Rs. 9480.50 mn from Rs. 7173.20 mn in Q4 FY16, an increase of 32.17%.
- Consolidated Net Profit for the quarter stood at Rs. 577.80 mn as against Rs. 425.50 mn, when compared with the prior year period, up by 35.79%.
- During Q4 FY17, consolidated EBIDTA is Rs. 1142.50 mn as against Rs. 833.50 mn in Q4 FY16, grew by 37.07%.
- During Q4 FY17, consolidated PBT increased by 36.25% to Rs. 712.30 mn from Rs. 522.80 mn in Q4 FY16.
- EPS of the company stood at Rs. 7.28 a share during the quarter, as against Rs. 26.82 per share over previous year period.
- Minda Industries Ltd has recommended a final dividend of Rs. 1 per equity share of Rs. 2 each i.e. 50% to the equity shareholders for the year ended on March 31, 2017.
- Net Sales & PAT of the company are expected to grow at a CAGR of 21% and 40% over 2016 to 2019E respectively.
OUTLOOK AND CONCLUSION
- At the current market price of Rs. 546.25, the stock P/E ratio is at 20.61 x FY18E and 17.75 x FY19E respectively.
- Earning per share (EPS) of the company for the earnings for FY18E and FY19E is seen at Rs. 26.50 and Rs. 30.77 respectively.
- Net Sales and Operating Profit of the company are expected to grow at a CAGR of 21% and 40% over 2016 to 2019E respectively.
- On the basis of EV/EBITDA, the stock trades at 8.97 x for FY18E and 7.40 x for FY19E.
- Price to Book Value of the stock is expected to be at 5.19 x and 4.02 x for FY18E and FY19E respectively.
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