Minda Industries posted robust results for Q1 FY17

Chandigarh, August 12, 2016: Minda Industries posted robust results for Q1 FY17, maintaining its growth momentum. The consolidated revenue stood at Rs.767Cr for Q1 FY17 as against Rs.533 Cr in Q1 FY16 recording a growth of 44%YOY.

The company reportedEBITDA of Rs.72Cr, a growth of 112% year on year. EBITDA margin has expanded by 303basis points to 9.4% for Q1 FY17.

PBT (Before Exceptional item) for the consolidated entity grew to Rs.34 Cr for Q1 FY17 as against Rs. 16 Cr for Q1 FY16, growth of 113% year on year.

Profit after Tax and Minority Interest increased by 99% year on year from Rs. 27 Cr in Q1 FY17to Rs. 14 Cr in Q1 FY16. PAT after MI margin at 3.5% in Q1 FY17 from 2.6% in Q1 FY16, an expansion of 97basis points during the year.

EPS for the company is at Rs. 17.09 per share during Q1 FY17 as compared to Rs.8.60 per share in Q1 FY16.

Update on Group Consolidation: purchase of equity in Roki Minda Co. Pvt. Ltd.

As part of group realignment, MIL board has approved acquisition of 49% equity shares in Roki Minda Co.Pvt. Ltd. for a consideration of ?42.50 Cr. The shares have been purchased at ?10.50 per share, having a face value of Rs 10 each. Roki Minda will be consolidated with MIL with effect from October 1, 2016. Roki Minda is a leading manufacturer of air filtration system & Canisters for 2W/4 W. The company had a turnover of ~215 Cr with a PAT of 6 Cr in FY 2015-16.
This company was incorporated in 2012 as a joint venture with Roki Co. Ltd, Japan which holds 51% equity shares.

Consolidation Updatefor Q1 FY17 in perspective:

• Rinder India has been consolidated for 28 days in this quarter as the company completed the acquisition on June 03, 2016
• Minda Kosei Aluminum Wheel P Ltd. has started its operation in May 16 and the operations have been consolidated partiallyin this quarter.
• Minda TG Rubber P Ltd. has been consolidated in this quarter, the company became subsidiary of MIL in March 30, 2016.

Business Update for Q1FY17

• Switch division has received new export orders for USB Charger & H2O Sensor worth Rs. 6 cr fromPiaggio.
• Switch division has also received export order for Accelerator Position Sensor from KTM &Handle Bar Switches from Aprillia.
• PTMA, Indonesia has startedsupplies of Power Socket to Yamaha Thailand. This is the first timeYamaha will employ a power socket in ASEAN market.
• MIL – Lighting has received orders from Tata Motors for their prestigious Q501 Project for Reflex Reflector & Rear Fog Lamp. The order value amounts to ~7 crores
• Minda Kosei Aluminum WheelPvt. Ltd. was recognized for "Special Support" by Maruti Suzuki India Ltd.
• Minda Kyoraku Ltd. was recognized for Outstanding Contribution towards achieving zero defect supplies by TKML
• MIL Switch felicitated by Suzuki Motorcycles for Warranty Improvement program.