November 04, 2015

Q2 FY2016 Consolidated Earnings Presentation

(NSE: MINDACORP; BSE: 538962)

Minda Corporation Limited

Leading automotive component and flagship company of Spark Minda, Ashok Minda Group

Minda Corporation Q2 FY2016 Earnings Presentation

Interior Systems

Driver IInf
Information
nformatition aand
nf
nd Telematics
TTel
elem
el
emat
em
atic
at
icss Sy
ic
Systems

Safety, Security and Restraint Systems

+ 91 22 6746 8328

Secondary Number

Minda Corporation Q2 FY2016 Earnings Presentation

International
Toll Free Number

USA: 1 866 746 2133

UK: 0 808 101 1573
Singapore: 800 101 2045
Hong Kong: 800 964 448

The numbers listed above are universally accessible from all networks and all countries

+ 91 22 3938 1028

Primary Number

Conference Dial-In Numbers: November 05, 2015 (Thursday) at 03.30 PM IST

Minda Corp undertakes no obligation to publicly revise any forward looking statements to reflect future / likely events or circumstances.

These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency exchange and
interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative
developments, and other key factors that could affect our business and financial performance.

While these forward looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks,
uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations.

This presentation contains statements that contain forward looking statements including, but without limitation, statements relating to the implementation
of strategic initiatives, and other statements relating to Minda Corporation Limited (Minda Corp or the Company) future business developments and
economic performance.

Important Notice

Minda Corporation Q2 FY2016 Earnings Presentation

Q2 FY2016
vs.
Q2 FY2015
(Standalone)

H1 FY2016
vs.
H1 FY2015
(Consolidated)

Q2 FY2016
vs.
Q2 FY2015
(Consolidated)

Profit after Tax increased by 44.8% to Rs. 153 million, Margins expanded by 222 bps

Profit before Tax increased by 38.1% Y-o-Y to Rs. 213 million; Margins increased by 266 bps

Total Revenue increased by 6.5% Y-o-Y to Rs. 1,828 million

Net Debt / Equity ratio of 0.87x (FY2015: 0.98x)

Net Debt of Rs. 4,524 million (FY2015: Rs. 4,577 million)

Profit after Tax increased by 26.0% to Rs. 493 million, Margins expanded by 16 bps

EBITDA increased by 22.5% Y-o-Y to Rs. 1,140 million

Total Revenue increased by 21.4% Y-o-Y to Rs. 11,443 million

Profit after Tax increased by 33.7% to Rs. 291 million, Margins expanded by 23 bps

EBITDA increased by 30.4% Y-o-Y to Rs. 638 million; Margins grew 26 bps

Total Revenue increased by 27.2% Y-o-Y to Rs. 6,162 million

Financial Highlights

Minda Corporation Q2 FY2016 Earnings Presentation

Our strong financial position and robust business model makes us well positioned to take advantage of an
expected uptick in global automobile markets in the near term. This will ensure that we continue to create
value for all our stakeholders.

We are witnessing a gradual recovery in the global automobile markets. However, the growth varies across
geographies and different segments. While the domestic passenger car sales maintained its growth
momentum, the 2 Wheeler segment showed signs of stagnation with a marginal de-growth of (1.3)%. As
European markets show encouraging signs, we look forward to an increased share of business from that
region.

My sense of optimism comes from the recent business developments which are expected to bear fruit in the
future. Our ongoing focus on being ahead on the technology curve helped us launch new products and
procure new orders from global OEMs. We also completed the groups reorganization efforts with the
successful acquisition of Minda Stoneridge Instruments which helps create a stronger operating structure
with focused business verticals.

I am pleased to present our Q2 FY2016 results with a sense of pride and optimism. The sense of pride
stems from the robust improvement across all financial metrics. During the quarter, we achieved a topline
growth of 27.2% y-o-y with the backdrop of only a marginal sales de-growth of (0.4)% registered by the
domestic automobile industry. Our continued focus on value added products coupled with the ongoing cost
optimization initiatives resulted in an even stronger PAT growth of 33.7%.

Striving towards business and financial excellence

Management Commentary

Mr. D.C Sharma

Group CFO

Other Significant Developments

Societal Level
Aakarshan: Successful opening of new centers
o Pantnagar, Uttrakhand: Computer training, English and Tailoring
o Pune, Maharashtra: Beauty culture training for women
o Tamil Nadu: Cutting & Tailoring and Spoken English
Aakarshan: Convocation to encourage learners
o Greater Noida: 93 learners graduated; 300 learners till date
o Pantnagar: 80 learners graduated; 187 learners till date

Minda Corporation Q2 FY2016 Earnings Presentation

Minda SAI (a 100% subsidiary of Minda Corporation) acquired 51% equity of Minda Stoneridge Instruments Ltd. With this, Minda Corporation completes Groups
reorganization initiatives

Order win for manufacturing of ABS wiring harness for commercial vehicles OEM

Order win for supply of Air Vents for BMWs selected series for their European and American volumes through Companys European facilities

Production started for door handles of new models of Maruti Suzuki

Launched new advanced product line for 2 wheelers and 4 wheelers. This new line includes high value products such as Oil Dipped ready to install clutch plates,
Brake shoe for 2 wheelers and automotive filters

Business Integrated
Partnered with Yerwada Jail for on the job training of inmates
After the 1st initiative at Tihar Jail by Minda Furukawa, this is the 2nd PPP model
program in Indian Automobile Industry
Stakeholders Minda SAI, Yerwada Jail, Mahindra & Mahindra
30 inmates working presently

Corporate Social Responsibility: Spark Minda Foundation (SPV for Group CSR activities)

Recent Corporate Developments

Q3 CY14

7.3%

2.6%

Q1 CY15

4.0%

Q2 CY15

6.2%

Minda Corporation Q2 FY2016 Earnings Presentation

Q4 CY14

1.4%

Q1 CY15

(0.2%)

Q2 CY15

0.6%

2 Wheelers Domestic Sales

Q4 CY14

19.0%

Q3 CY14
Source:
Domestic: SIAM
Europe: ACEA

(5.0%)

(0.0%)

5.0%

10.0%

15.0%

20.0%

0.0%

5.0%

10.0%

15.0%

Passenger Vehicles Domestic Sales

Industry Overview

Q3 CY15

(1.3%)

Q3 CY15

6.3%

0.0%

10.0%

20.0%

(5.0%)

0.0%

5.0%

10.0%

15.0%

Q4 CY14

Q1 CY15

5.5%

Q2 CY15

3.6%

Q4 CY14

Q3 CY14

Passenger Cars

4.2%

9.4%

4.9%

13.2%

Q1 CY15

8.5%

13.4%

Q3 CY15

8.8%

10.1%

Q3 CY15

9.5%

Commercial Vehicles

Q2 CY15

7.9%

10.8%

Passenger & Commercial Veh. European Sales

Q3 CY14

(3.8%)

4.6%

Commercial Vehicles Domestic Sales

33.7%

33.7%

55.7%

43.6%

43.6%

46.2%

q-o-q
Growth (%)
16.7%
27.0%

Q2 FY2016 PAT increased by 33.7%, margins expanded by 23 bps

Minda Corporation Q2 FY2016 Earnings Presentation

Interest expense decreased from Rs. 111 million in Q2 FY2015 to Rs. 98 million in Q2 FY2016 on account of better cash management, lower working capital
requirements and repayment of term loan

26.0%

26.0%

41.6%

FY2015
9,429
930
9.9%
485
5.1%
391
4.1%
1.87

y-o-y
Growth (%)
21.4%
22.5%

Q2 FY2016 EBITDA increased by 30.4% on a y-o-y basis with margins of 10.3%; Margins expanded by 26 bps

FY2016
11,443
1,140
10.0%
687
6.0%
493
4.3%
2.36

H1

Highlights Q2 FY2016 vs. Q2 FY2015

FY2015
4,846
489
10.1%
262
5.4%
217
4.5%
1.04

Q1
FY2016
5,281
502
9.5%
279
5.3%
202
3.8%
0.97

Total revenue for the quarter increased by 27.2% y-o-y to Rs. 6,162 million. While the Indian automobile sales decline marginally by (0.4)%, Minda Corporation
achieved a higher growth on the back of new business and strong performance by Wiring Harness, After Market & Die Casting operations

FY2016
6,162
638
10.3%
408
6.6%
291
4.7%
1.39

y-o-y
Growth (%)
27.2%
30.4%

Total Revenue
EBITDA
Margin (%)
Profit Before Tax (PBT)
Margin (%)
Profit After Tax (PAT)
Margin (%)
Basic EPS (Rs.)

(Rs. Million)

Q2

Key Financial Statistics

Consolidated Financial Performance

H1 FY15

Q2 FY16

408

6.6%

H1 FY15

485

5.1%

PBT (Rs. million) and Margin (%)

Q2 FY16

6,162

Minda Corporation Q2 FY2016 Earnings Presentation

Q2 FY15

262

5.4%

Q2 FY15

4,846

9,429

Revenue (Rs. million)

H1 FY16

6.0%

687

H1 FY16

11,443

Consolidated Financial Performance

Q2 FY15

217

4.5%

Q2 FY15

10.1%

489

H1 FY15

9.9%

Q2 FY16

291

4.7%

H1 FY15

4.1%

391

PAT (Rs. million) and Margin (%)

Q2 FY16

10.3%

638

930

EBITDA (Rs. million) and Margin (%)

H1 FY16

4.3%

493

H1 FY16

10.0%

1,140

41%

39%

20%

40%

43%

17%

40%

60%

80%

100%

India

Q3 FY15

70%

23%

23%

Europe

Q4 FY15

75%

7%
18%

South East Asia

Q1 FY16

74%

6%
20%

Revenue Breakdown by Geography

Interior Systems

7%

Q2 FY15

Q1 FY16

Driver Information & Telematics Systems

7%

70%

Q4 FY15

Safety Security & Restraint Systems

Q3 FY15

Minda Corporation Q2 FY2016 Earnings Presentation

0%

20%

40%

60%

80%

100%

Q2 FY15

Q2 FY16

80%

4%
16%

Q2 FY16

0%

40%

42%

18%

0%

39%

37%

24%

20%

43%

34%

23%

20%

40%

60%

80%

100%

Revenue Breakdown by Product Category

Consolidated Revenue Metrics

Q3 FY15

69%

31%

Q4 FY15

68%

32%

Standalone

Q1 FY16

70%

30%

2/3 Wheelers

Commercial Vehicles

45%

10%

Passenger Vehicles

14%

31%

Revenue Breakdown by End User Market*

Subsidiaries and Joint Ventures

Q2 FY15

65%

35%

Revenue Breakdown by Businesses

*Q2 FY2016

After Market

Q2 FY16

70%

30%

1,531

Long Term Borrowings

A/ Stable

Long-Term
Funds

CRISIL

Minda Corporation Q2 FY2016 Earnings Presentation

A1

Short-Term
Funds

0.98x

CRISIL

0.87x

Net Debt / Net Worth

4,666

Rating

5,172

Net Worth

4,577

441

5,018

1,807

3,212

31 Mar 15

Instrument

4,524

Net Debt / (Net Cash)

Agency

395

Less: Cash & Cash

Equivalents

4,919

3,388

Short Term Borrowings

Total Debt

30 Sep 15

Particulars (Rs. million)

Capital Structure

FY2015

23.4%

FY2015

0.87x

H1 FY2016

2.01x

H1 FY2016

H1 FY2016

25.0%

Net Debt / Net Worth

ROCE (%)

Net Debt/EBITDA

FY2015

0.98x

Note:
1. Capital Employed: Shareholders fund + Minority Interest+ Long term loan
2. ROCE (Return on Capital Employed): EBIT / Capital Employed
3. ROCE for H1 FY2016 based on annualized EBITDA for the six months

2.17x

Net Debt / EBITDA(x) & Net Debt / Net Worth(x)

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Minda Corporation Q2 FY2016 Earnings Presentation

Revenue break-up for the quarter ending Sep 2015

Driver
Information &
Telematics
Systems, 43%

Interior
Systems, 17%
Safety Security
& Restraint
Systems , 40%

Diversified Business Segments

Passenger
Vehicles
45%

After Market
10%

M&HCV

2/3 Wheelers

CARS

LCV

Commercial
Vehicles
14%

2/3 Wheelers
31%

Catering to End Market across Auto

Industry

Europe
16%

Germany

Vietnam

South East Asia

4%

Representative Office
Manufacturing Facilities

Indonesia

India

Czech Republic
Poland

Strategic Geographic Presence

Minda Corporation is the flagship company of Spark Minda, Ashok Minda Group

Business Overview Company Background

India
80%

Japan

11

Corporate Office

Electronic & Mechanical locks, Door

handles, Die casting parts, Latches,
Door Checker, Key (Mechanical and
Electronic), Key duplicating machine
etc.

Wiring Harness, Connectors,

Terminals, Steering Roll connectors,
Relay & Fuse box, Instrument
Clusters, , Dashboard Assemblies,
Sensors - Speed, Temperature,
Position, Pressure etc.

Plastic Interior trims & Sub-system,

Kinematic Modules, Structural
Modules, Soft Touch technology etc.

All products made by Group co. and

outsourced products like control
cables, filters and relays

Group CSR initiatives

Group Corp

Safety Security
and Restraint
System

Driver
Information and
Telematics
System

Interior Systems

After Market

CSR

Minda Corporation Q2 FY2016 Earnings Presentation

Product Porfolio

Category

Spark Minda Foundation

PT Minda Trading, Indonesia

Minda Automotive Solutions Ltd.

Minda KTSN Plastic Solutions s.r.o., Czech

Minda Ktsn Plastic & Tooling Solutions Sp Zo.o, Poland

Minda KTSN Plastic Solution GmbH & Co. KG

Minda SAI Ltd.

Minda Stoneridge Instruments Ltd.

Minda Furukawa Electric Pvt. Ltd.

Minda Vietnam Automotive Company

PT Minda Automotive Indonesia

Minda VAST Security Systems Pvt. Ltd.

Minda Corporation Ltd.

Minda Management Services Ltd.

Company

Diversified Product Portfolio

Business Overview Product Categories

Products

12

PT Minda
Automotive,
Indonesia (100%)

Minda Corporation Q2 FY2016 Earnings Presentation

* Represents Minda Corporations operating structure

Minda Vietnam
(100%)

Almighty
International PTE,
Singapore (100%)

Minda VAST
Access Systems
(50%)

Minda Automotive Minda Management

Services (100%)
(100%)

Minda Stoneridge
(51%)

Minda SAI
(100%)
Minda Furukawa
Electric (51%)

Minda Corporation

Organisation Structure*

Business Overview Corporate Structure

Domestic

Spark Minda
Foundation (100%)

Overseas

Minda KTSN,
Czech (100%)

Minda KTSN,
Poland (100%)

Minda KTSN
Plastic Germany
(100%)

13

Minda Corporation Q2 FY2016 Earnings Presentation

Safety, Security and Restraint Systems

Ankit Aggarwal / Jitesh Bhatia

Churchgate Partners

Deepak Balwani
Minda Corporation

Driver Information and Telematics Systems

Corporate Office: Plot No: 68, Echelon Institutional Area, Sector-32,

Gurgaon-122001, Haryana (India).
Tel: +91-124-4698400; Fax: +91-124-4698450
Registered Office: 36A, Rajasthan Udyog Nagar,
Delhi 110 033, India

(CIN: L74899DL1985PLC020401)

Minda Corporation Limited

Interior Systems

minda@churchgatepartnersindia.com
+91 22 6169 5988

deepak.balwani@minda.co.in
+91 124 4698400

14