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Wednesday, April 4, 2012

Minda Industries Ltd:Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Minda Industries Ltd

ML research:Minda Industries, a flagship of the Minda group, is a manufacturer of automobile components and supplies to OEMs. The company’s corporate office is located at Gurgaon (Haryana) and its products are in lighting, batteries, horns for two-wheelers, three-wheelers and four-wheelers, switches for two-wheelers and four-wheelers and CNG/LPG kits. Minda enjoys more than 70% market share in the two- and three-wheeler segment in India for manufacturing battery products.On an average, Minda develops 140 products across categories each year. It spends 3% of its annual turnover on R&D and aims to increase it to 5% in the coming years. Advanced R&D activities are going on for initiatives like LED-based automotive lighting, illuminated switch, electronic cell, body control module, contact-less switches and rain sensors. To help technology absorption, the Minda group of companies associates with foreign automobile components manufacturers. Among its clients are companies like Yamaha, Bajaj, Hero Honda, Toyota, Tata Motors, Ford, Honda, General Motors and John Deere. The company has eight state-of the-art production facilities. Its manufacturing plants are located in Gurgaon, Pune, Hosur (Tamil Nadu), Delhi, Aurangabad and Pantnagar (Uttarakhand).Sales for the quarter ended 31 December 2011 aggregated Rs275 crore against Rs218 crore in the year-ago period. Its quarterly net profit for the quarter ended 31 December 2011 doubled to Rs14.5 crore. For Q3 FY11-12, its sales amounted to Rs825 crore against Rs625 crore in the year-ago period and net profit was Rs33 crore against Rs24 crore. In the complete year ended 31 March 2011, the annual sales turnover was Rs905 crore against Rs599 crore in the previous year. Its annual net profit in the same year was Rs35 crore against Rs23 crore in the previous year. The dividend for the year ended 31 March 2011 was Rs3 per equity share of face value of Rs10.Over the past five quarters, Minda’s average growth in revenues and operating profit was 34% and 3%, respectively. Its average operating margin is 8% and return on net worth is 23%. Its market-cap to revenues is 0.27, while its market-cap to operating profit is 3.64 times. One can buy the stock at around the current market price.

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