MINDACORP · Automobile and Auto Components
Minda Corporation Ltd. reported revenue of ₹1,253 cr for October to December 2024, +7.5% on the year and −2.9% on the quarter.
Operating profit (EBITDA) was ₹144 cr, a margin of 11.5%, +34 bps on the year and +10 bps on the quarter. It is the widest margin of the last 7 quarters (range 10.7% to 11.5%). Operating costs grew +7.0% against revenue growth of +7.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹65.0 cr, +25.0% on the year and −12.2% on the quarter, with earnings per share of ₹2.71. Profit before other income, one-offs and tax grew 9.5%, so 16 points of the headline growth came from outside the core business. The tax rate of 29% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹11.47 over the last four quarters, the stock at ₹647.50 trades at 56.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +25.0% on the year; profit before other income, exceptional items and tax +9.5%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,166 cr | ₹1,215 cr | ₹1,192 cr | ₹1,290 cr | ₹1,253 cr | ₹1,321 cr | ₹1,386 cr | ₹1,531 cr | ₹1,560 cr | ₹1,704 cr | ₹1,846 cr | ₹2,189 cr |
| YoY | — | — | +11% | +8% | +7% | +9% | +16% | +19% | +25% | +29% | +33% | +43% |
| EBITDA margin | 11.1% | 11.4% | 11.1% | 11.4% | 11.5% | 11.6% | 11.3% | 11.1% | 11.8% | 11.9% | 11.5% | 16.8% |
| Other income, % of PBT | 3% | 11% | 10% | 13% | 10% | 5% | 4% | 3% | −1% | 7% | 1% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | ₹124 cr | — |
| Tax rate | 33% | 25% | 26% | 26% | 29% | 36% | 26% | 18% | 33% | 25% | 20% | 15% |
| Net profit | ₹52.0 cr | ₹71.0 cr | ₹64.0 cr | ₹74.0 cr | ₹65.0 cr | ₹52.0 cr | ₹65.0 cr | ₹84.6 cr | ₹84.0 cr | ₹124 cr | ₹207 cr | ₹253 cr |
| YoY | — | — | +42% | +25% | +25% | −27% | +2% | +14% | +29% | +138% | +218% | +199% |
| Core profit YoY | — | — | +25% | +12% | +9% | −24% | −11% | −2% | +21% | +85% | +64% | +222% |
| EPS | ₹2.20 | ₹2.96 | ₹2.69 | ₹3.11 | ₹2.71 | ₹2.18 | ₹2.73 | ₹3.60 | ₹3.58 | ₹5.21 | ₹8.75 | ₹6.08 |
| Flags | · | · | 1 | ✓ | 1 | 1 | 1 | 3 | 1 | 1 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Minda Corporation Ltd. reported revenue of ₹1,253 cr (+7.5% on the year) and net profit of ₹65.0 cr (+25.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +9.5% on the year, against +25.0% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.