Minda Corpor poratio ation Limit ited (NSE: : MINDACORP; ; BSE: : 538962) Driver Informa mation And Telema matics System Investor Presentat ation on Safety, Security And Restraint System Janu nuary 2018 Interior System Instrument Clusters Wiring Harness Locks Door Handles Starter Motors Al & Zn Casting Parts Plastic Component
Table of Contents 1. Company and Business 2. Consolidated Performance 3. Future Growth Areas 4. Company Background 5. Our Team 6. Annexures Investor Presentation 2
Minda Corporation Limited (‘Minda Corp’) One of the leading auto o compon onent companies Listed on BSE and NSE H1 FY18 Turno nover Rs. 12,783 mn (US$ 202 mn) Mark rket Cap apitalisati ation on* * Approx. Rs. 44,583 mn (US$ 704 mn) ; Promoter Holding – 70.2% No. of Empl ployees ~16,000 No of Plan ants India (28 plants), Europe (3 plants), South East Asia (2 plants), North America (1 plant) Ashok Leyland, Bajaj Auto, Maruti Suzuki, HMSI, Mahindra & Mahindra, Nissan, Tata Motors, Volkswagen, Glob obal al Custome omers rs Yamaha Motors Credit it Ratin ing India Ratings & Research (Fitch) – Long Term Rating: IND A+/ Stable; Short Term Rating: IND A1+ * Notes 1. Market Cap as of 04 Jan 2018 2. Conversation Rate: 1 INR = 63.37 US$ Investor Presentation 3
Minda Corporation at a glance Grou oup Businesses of Minda Corpor oration on Minda Corp (Consolidate ted) Minda Management Services Limited (Corporate) Safety ty Secur urity and Driver Informati tion and Afte ter Market Inte terior Syste tem Restr traint t syste tem Telemati tics Syste tem Minda Corporation Ltd • Minda SAI Ltd. Minda KTSN Plastic Solution Minda Automotive Solutions • • • (Standalone) – Security Division, GmbH & Co. KG Ltd Minda Stoneridge • Die Casting Division & SMIT Instruments Ltd (51%) Minda KTSN Plastic & • Minda VAST Access Systems Pvt. • Tooling Solutions Sp Zo.o Minda Furukawa Electric • Ltd (50%) Pvt. Ltd (51%) Minda KTSN Plastic • PT Minda Automotive Indonesia • Solutions s.r.o. EI Labs India Pvt Ltd • Minda Vietnam Automotive Co. Ltd • Minda KTSN Plastic • Solutions Mexico, S. de R.L. Minda Autoelektrik Ltd • de C.V. Driver Informa mation and Telema matics Safety and Security System Interior System System H1 FY18 Revenue (Rs. mn) 5,783 4,078 2,922 H1 FY18 Revenue (US$ mn) 91 64 46 % of total Revenue 45% 32% 23% Investor Presentation 100% subsidiaries unless specified in parenthesis • 4
Safety, Security and Restraint System Compan anies Prod oduct Port rtfol folio Key Customers rs & No of Plan ants Bajaj Auto • TVS • Mind nda a Corp rp 10 Ashok Leyland • (Stan andal alon one) Steering and Complete Lock Lock for Off road Yamaha Compressor Housing • Gear Shift Pannier Latches Intake Glove Box Locks Kit Vehicles Lock HMSI Manifold • Nissan • Mind nda a VAST ST M&M • 2 Access Systems ms Tata Motors • Immobilizers Mechatronic Outside Door Inside Door Side Door Remote Key Remote Key Maruti • System Handles Handles Handles Latches Less Antenna Steering Lock PT Mind nda a Automo omotive 1 Yamaha • Indon onesia Suzuki Speedometers • Locksets Kawasaki • Mind nda a Vietna nam Piaggio • 1 Automo omotive Locksets Wiring Harness Escorts • Magneton • Mind nda a Autoe oelektri rik 1 ITL • TAFE • Alternator Starter Motor CNH • H1 FY18 Revenue (Rs. mn) 5,783 % of total Revenue 45% Investor Presentation 5
Driver Information and Telematics System Comp mpan anies Prod oduct Port rtfol folio Key Custome mers rs & No of Plan ants M&M • HMSI • Mind nda SAI* 9 TVS • Ashok Leyland • Terminals Battery Terminals Wiring Harness Solutions Hero Moto Corp Connectors Plastic Interiors • Maruti Suzuki • Mind nda a Furukawa 3 Renault-Nissan • Honda • Wiring Harness Grommets Junction Box Steering Roll Connector HMSI Mind nda a Ston oneri ridge ge • Ashok Leyland • Ins nstru rume ment nts 2 Bajaj Auto • M&M • Temperature Sensors Fuel Level Sensors Speed Sensors Instrument Cluster H1 FY18 Revenue (Rs. mn) 4,078 % of total Revenue 32% Investor Presentation *Minda SAI acquired EI Labs India Pvt Ltd in Sep 2017 • 6
Interior Systems Comp mpan anies Prod oduct Port rtfol folio Key Custome mers rs & No of Plan ants Mind nda a KTSN Plas astic Sol olution n GmbH bH & Co. o. KG S teering (German rmany) Quick Structural Middle Arm Seat Panel Glove Box Ash Tray Cup Holder Column Oil Sump Parts Connectors Rest Mind nda a KTSN VW Group (Audi Plas astic & Tool oling ng • and Porsche Sol olutions ns Sp Sp Zo.o Group) (Pol olan and) Automotive Mechanical Electronics Tooling 4* BMW • Mind nda a KTSN Plas astic Sol olutions ns Daimler • s.r. r.o Air Vent (Cze zech h Repu publ blic) Ash Tray Cup Holde r Mind nda KTSN Plas astic Sol olutions ns Mexico, S. de R.L. de C.V. Steering Column shroud I-panel hang-on parts Glove Box H1 FY18 Revenue (Rs. mn) 2,921 % of total Revenue 23% * The Company inaugurated the new plant at Queretaro Industrial Park-II Puerto, Mexico in April 2017 Minda KTSN entered into a 50:50 Joint Venture with SBHAP, China (a BAIC group subsidiary) in Aug 2016 • Investor Presentation With the support of Minda KTSN, Minda SAI also manufactures Plastic Interiors Products • 7
After Market Comp mpan any Prod oduct Port rtfol folio 2/3W Locks Door Handles Sensor Clutch Plates Control Cables Mind nda a Automo omotive Sol olutions ns Ltd Wiring Harnesses Instrument Cluster Wiper Blades Glow Plug Brake Shoe Filters Aftermarket sales contributes about 8% to the total revenues • Sales from Aftermarket is included in the respective business segments • Investor Presentation 8
Key Markets Manuf ufact ctur uring facilities strategical cally y locate cated glob obally provi viding suppor ort to OEMs South East Asia Europe 6.0% Driver 25.0% Safety and Information on and Interior or Location on Security System Telematics System System India 13 15 Europe 3 India North America 1 69.0% South East Asia 2 India Europe South East Asia Total 15 15 15 15 4 * Revenue Breakup in H1 FY2018 Europe (3) India (30) South th East t Asia (3) Czech Republ blic Poland Japan Delhi / NCR (1) (1) Uttarakhan and (1) (9)+(2) office (3) Germany (1) (1) Vietnam am MP MP (1) (1) Karnat atak aka Maharas ashtra Indonesia North th America (1) (11) (1) (1) Manufacturing Facilities Mexico Tamil Nadu Offices (1) (3) Investor Presentation 9
Key Customers 2-3 3 Wheelers Passenger Vehicles Commercial & O Off Others Highway Vehicles Revenue Breakdo kdown by End d Marke ket (H1 FY2018) After Market 10.0% Passenger Vehicles 2-3 Wheelers 20.0% 38.0% Commercial & Off Highway Vehicles 32.0% Investor Presentation 10
Consolidated Performance Investor Presentation 11
Regulatory Changes – Ind AS Signifi fica cant Changes on accou ount of Ind AS AS • The company has adopted IND – AS w.e.f. April 01, 2017 and accordingly results for the previous period have been re-grouped / re-classified • Moved from line by line consolidation to equity method of accounting consolidation:- • Subsidiaries / Joint Ventures – Minda Furukawa, Minda Stoneridge & Minda VAST • Sales grossed up with excise duty and net of cash discounts Investor Presentation 12
Consolidated Performance Consol olida dated Fi Financi cial Perfor ormance ce: : Q2 FY2017-18 vs Q2 FY2016-17 Total revenues from operations increased by 10.9% y-o-y to Rs. 6,550 million (US$ 103 mn) EBITDA margins increased to 11.5% from 8.9% in the same period last year EBITDA increased by 43.2% y-o-y to Rs. 750 mn (US$ 12 mn) Net profit stood at Rs. 421 million (US$ 7 mn) , margins stood at 6.4% As at 30 th Sept 2017, Net Debt / Net Worth was 0.99x and ROCE was 14.1% Operation onal Perfor ormance ce Received approx. Rs. 12,000 million (US$ 189 mn) of orders (lifetime value) across domestic businesses and exports: Safety, Security and Restraint System Rs. 6,000 million (US$ 95 mn) , Driver Information and Telematics System Rs. 3,600 million (US$ 57 mn) , Interior System Rs. 2,400 million (US$ 38 mn) The Company is focused on enhancing exports of legacy products. During the quarter, the Company won approx. Rs. 1,600 million (US$ 25 mn) of export orders Minda Corp (Die Casting - Pune) commenced commercial operations in Q2 FY2017-18 Minda Corp is in the process of setting up production line for new product - ‘Control Cables’ at Pant Nagar plant Investor Presentation 13
Consolidated Performance Q2 Q2 y-o-y Q1 Q1 q-o-q Hal alf f Year ar Ended y-o-y (Rs. Million) FY2018 FY2017 Grow owth (%) FY2018 Grow owth (%) FY2018 FY2017 Grow owth (%) Revenue from Operations 6,550 5,908 10.9% 6,233 5.1% 12,783 11,137 14.8% Other Income 22 82 25 47 111 EBITDA 750 524 43.2% 443 69.3% 1,194 1,012 18.0% Margin (%) 11.5% 8.9% 7.1% 9.3% 9.1% Profit Before Tax (PBT) 565 479 17.9% 290 94.9% 855 807 5.9% Margin (%) 8.6% 8.1% 4.6% 6.7% 7.2% Profit After Tax (PAT) 421 390 7.9% 230 82.7% 651 645 0.9% Margin (%) 6.4% 6.6% 3.7% 5.1% 5.8% Investor Presentation 14
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