{"id":146951,"date":"2023-05-22T03:57:23","date_gmt":"2023-05-22T07:57:23","guid":{"rendered":"https:\/\/44.250.171.167\/?p=146951"},"modified":"2023-05-22T03:57:24","modified_gmt":"2023-05-22T07:57:24","slug":"minda-corporation-limited-q4-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/minda-corporation-limited-q4-fy23-earnings-conference-call-insights\/","title":{"rendered":"Minda Corporation Limited Q4 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Minda Corporation Limited (MINDACORP) Q4 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Management Update:<\/strong><\/p>\n<ul>\n<li>[00:02:14] MINDACORP said that in FY23, the overall industry experienced double-digit growth across vehicle segments, except the company\u2019s two-wheeler segment.<\/li>\n<\/ul>\n<ul>\n<li>[00:05:25] MINDACORP\u2019s order book remains robust, aiming for 20-25% YonY growth over the next 2-3 years.<\/li>\n<\/ul>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:21:25] Abhishek Jain of Dolat Capital asked how the company is foreseeing the growth and margin guidance in the wiring harness business. Aakash Minda, ED Finance said wiring harness content is expected to grow in line with or even better than the industry growth due to more premiumization and connected systems in electric vehicles.<\/li>\n<\/ul>\n<ul>\n<li>[00:22:48] Abhishek Jain of Dolat Capital also enquired if the wiring harness business be able to achieve double-digit margins as semiconductor prices decline. Aakash Minda, ED Finance replied that semiconductors are mainly associated with the electronics business, encompassing clusters, sensors, keyless solutions, and electric vehicle mobility, whereas investment in semiconductors for wiring harness is more concentrated in other product lines.<\/li>\n<\/ul>\n<ul>\n<li>[00:23:24] Abhishek Jain of Dolat Capital asked about the mix in FY23 for wiring harness business. Aakash Minda ED Finance said the revenue segmentation largely aligns with the overall group distribution, with approx. 50% from two-wheelers, 25-30% from commercial vehicles, and the remaining portion from off-road and other segments.<\/li>\n<\/ul>\n<ul>\n<li>[00:26:15] Radha at B&amp;K Securities enquired about the current penetration of smart locks in the industry, and how it\u2019s expected to evolve in the next 3-4 years. Aakash Minda ED Finance answered that the current penetration of smart access solutions in India is about 5-7%. However, the penetration is much higher in the premium and electric vehicle segments than in the lower-end and commuter segments.<\/li>\n<\/ul>\n<ul>\n<li>[00:29:36] Dhananjay Mishra asked if MINDACORP has reached the target kit value of INR8,000-10,000 for any EV customer. Aakash Minda ED Finance replied that currently, MINDACORP has achieved a kit value range of approx. INR10,000-12,000, which is under mass production, while the maximum potential kit value that the company can offer is INR8,000-10,000.<\/li>\n<\/ul>\n<ul>\n<li>[00:31:06] Dhananjay Mishra enquired about the total capex for FY23, and if it was for maintenance or new project. Aakash Minda ED Finance said that for FY23 the capex was INR250 crores, with 2-2.5% in engineering and R&amp;D, about 1-1.5% in regular and maintenance, 1-2% in plant upgradation.<\/li>\n<\/ul>\n<ul>\n<li>[00:34:27] Mihir Desai from Pendulum asked how the global market landscape has impacted MINDACORP\u2019s performance. Aakash Minda ED Finance clarified that MINDACORP remains focused on securing new orders and growth opportunities in India despite challenges in export markets such as America and Europe.<\/li>\n<\/ul>\n<ul>\n<li>[00:35:16] Mihir Desai from Pendulum enquired what steps are being taken to address supply chain challenges and disruptions. Aakash Minda ED Finance replied that MINDACORP is working to mitigate the effects of commodity inflation and China Plus One by working with suppliers to localize components and improve quality, cost, and competitiveness.<\/li>\n<\/ul>\n<ul>\n<li>[00:38:56] Mihir Desai from Pendulum asked about the strategy of the company and the path forward 5 years down the line. Aakash Minda ED Finance said that MINDACORP aims to transition from component suppliers to complete system solutions, achieve operational excellence and cost leadership, and outperform the market while sustaining consistent growth.<\/li>\n<\/ul>\n<ul>\n<li>[00:42:05] Harish Shah with HS Investments asked about any update on the strengthening of international and global presence. Aakash Minda ED Finance replied that MINDACORP\u2019s focus is on increasing exports and expanding in India, with no plans to acquire companies with significant overseas operations.<\/li>\n<\/ul>\n<ul>\n<li>[00:43:03] Harish Shah with HS Investments asked about margin panning out in the Mechatronics division. Aakash Minda ED Finance said MINDACORP\u2019s priority for the mechatronics division is to stabilize EBITDA, utilize capacities, meet customer demand and deliver effectively. Once stabilized, the company will work on improving it YonY.<\/li>\n<\/ul>\n<ul>\n<li>[00:48:42] Saral Seth from Indsec Securities asked about levers for margins going ahead. Aakash Minda ED Finance replied that despite pressures from RM and wage increases, the organization aims to gain cost leadership by enhancing manufacturing efficiency, partnering with suppliers, increasing productivity through automation and robotics, and developing products that rely less on manual labor.<\/li>\n<\/ul>\n<ul>\n<li>[00:54:19] Rajesh Kumar from Reliance Wealth enquired how MINDACORP expects its working capital days to evolve. Aakash Minda ED Finance answered that to address the challenge of increasing working capital in the automotive industry, MINDACORP is strategizing with suppliers to decrease inventory and payment terms, managing inventory, and engaging with customers to reduce receivable days with the aim of reducing working capital days.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Minda Corporation Limited (MINDACORP) Q4 FY23 Earnings Concall Management Update: [00:02:14] MINDACORP said that in FY23, the overall industry experienced double-digit growth across vehicle segments, except the company\u2019s two-wheeler segment. [00:05:25] MINDACORP\u2019s order book remains robust, aiming for 20-25% YonY growth over the next 2-3 years. Q&amp;A Highlights: [00:21:25] Abhishek Jain of [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"Minda Corporation Limited Q4 FY23 Earnings Conference Call Insights #MINDACORP #Q4 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[9506,10169],"class_list":["post-146951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-auto-parts","tag-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":147709,"url":"https:\/\/alphastreet.com\/india\/minda-corporation-limited-mindacorp-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":146951,"position":0},"title":"Minda Corporation Limited (MINDACORP) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 31, 2023","format":false,"excerpt":"Minda Corporation Limited (NSE:MINDACORP) Q4 FY23 Earnings Concall dated May. 19, 2023. Corporate Participants: Aakash Minda\u00a0--\u00a0Executive Director, Group Finance and Strategy Analysts: Abhishek Jain\u00a0--\u00a0Dolat Capital Market Private Limited -- Analyst Radha Agarwalla\u00a0--\u00a0Batlivala & Karani Securities -- Analyst Dhananjay Mishra\u00a0--\u00a0Sunidhi Securities -- Analyst Mihir Desai\u00a0--\u00a0Pendulum Investments -- Analyst Harish Shah\u00a0--\u00a0HS Investment\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":146800,"url":"https:\/\/alphastreet.com\/india\/uno-minda-ltd-mindaind-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":146951,"position":1},"title":"UNO Minda Ltd (MINDAIND) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 19, 2023","format":false,"excerpt":"UNO Minda Ltd (NSE: MINDAIND) Q4 FY23 earnings concall dated May. 19, 2023 Corporate Participants: Aakash Minda\u00a0--\u00a0Executive Director of Finance and Strategy Analysts: Abhishek Jain\u00a0--\u00a0Dolat Capital -- Analyst Radha Agarwalla\u00a0--\u00a0B&K Securities -- Analyst Dhananjay Kumar Mishra\u00a0-- Mihir Desai\u00a0--\u00a0Pendulum Investments -- Analyst Harish Shah\u00a0--\u00a0HS Investment -- Analyst Saral Seth\u00a0--\u00a0Indsec Securities and\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":146927,"url":"https:\/\/alphastreet.com\/india\/minda-industries-ltd-mindaind-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":146951,"position":2},"title":"Minda Industries Ltd (MINDAIND) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 22, 2023","format":false,"excerpt":"Minda Industries Ltd (NSE:MINDAIND) Q4 FY23 Earnings Concall dated May. 19, 2023. Corporate Participants: Aakash Minda\u00a0--\u00a0Executive Director of Finance and Strategy Dhananjay Kumar Mishra\u00a0-- Analysts: Abhishek Jain\u00a0--\u00a0Dolat Capital -- Analyst Radha Agarwalla\u00a0--\u00a0B&K Securities -- Analyst Mihir Desai\u00a0--\u00a0Pendulum Investments -- Analyst Harish Shah\u00a0--\u00a0HS Investment -- Analyst Saral Seth\u00a0--\u00a0Indsec Securities and Finance\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":133315,"url":"https:\/\/alphastreet.com\/india\/suprajit-engineering-limited-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":146951,"position":3},"title":"Suprajit Engineering Limited Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"August 16, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Lhq7P8OLsMA Key highlights from Suprajit Engineering Limited (SUPRAJIT) Q1 FY23 Earnings Concall Q&A Highlights: Deepak Lalwani of Unifi Capital asked about the drivers of lower margin in the non-auto business. Ajith Kumar Chairman replied that it\u2019s a timing issue, and couple of one-off issues that have been added on. But\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":140835,"url":"https:\/\/alphastreet.com\/india\/minda-corporation-limited-mindacorp-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":146951,"position":4},"title":"Minda Corporation Limited (MINDACORP) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 10, 2023","format":false,"excerpt":"Minda Corporation Limited (NSE:MINDACORP) Q3 FY23 Earnings Concall dated Feb. 08, 2023. Corporate Participants: Aakash Minda\u00a0--\u00a0Executive Director- Group Finance & Strategy and Chief Executive Officer BV III -Plastics & Interior Ashok Minda\u00a0--\u00a0Chairman and Group Chief Executive Officer Vinod Raheja\u00a0--\u00a0Group Chief Financial Officer Analysts: Varun Baxi\u00a0--\u00a0Nirmal Bang Institutional Equities -- Analyst\u2026","rel":"","context":"In &quot;Consumer&quot;","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":129616,"url":"https:\/\/alphastreet.com\/india\/minda-corporation-ltd-mindacorp-q4-fy22-earnings-concall-transcript\/","url_meta":{"origin":146951,"position":5},"title":"Minda Corporation Ltd. (MINDACORP) Q4 FY22 Earnings Concall Transcript","author":"Staff Correspondent","date":"May 18, 2022","format":false,"excerpt":"Minda Corporation Ltd. (NSE: MINDACORP) Q4 FY22 Earnings Concall dated May 17, 2022 Corporate Participants: Jay Kale\u00a0--\u00a0Jay Kale from Elara Securities Private Limited -- Analyst Aakash Minda\u00a0--\u00a0Executive Director-Finance & Strategy Ashok Minda\u00a0--\u00a0Chairman and Group Chief Executive Officer Neeraj Mahajan\u00a0--\u00a0Group Marketing Officer Analysts: Ronak Sarda\u00a0--\u00a0Systematix -- Analyst Bhargava\u00a0--\u00a0Emkay Global -- Analyst\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/146951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=146951"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/146951\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=146951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=146951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=146951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}