News: Minda reported a steady performance in Q1FY23. Net sales for the quarter came in at Rs 1010 crore, up 6.6% QoQ. EBITDA in Q1FY23 came in at Rs 107 crore with corresponding EBITDA margins at 10.6%, down 80 bps QoQ. Ensuing PAT for the quarter came in at Rs 52.5 crore (not comparable QoQ due to tax credit in base quarter).
View: The company continues to outperform its user industries (2-W: 44%, CV: 30%, PV: 14%, aftermarket: 12%) with quarterly sales coming at an all-time high. Margin performance, however, fell short of expectations with our full year margin estimates pegged at 11.5%. On the order book front, the company won ~Rs 2500 crore worth of lifetime orders during the quarter with 20% of order won being contributed by EV segment.
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