Minda Industries Ltd.

Investor Presentation – March 2019

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Safe Harbor 2/6
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This presentation and the accompanying slides (the “Presentation”), has been prepared by Minda Industries Limited (the “Company”), solely for
information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the
basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except
by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no
representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and
reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may
consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are
individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to
known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the
performance of the Indian economy and of the economies of various international markets, the performance of the auto ancilliary industry in India and
world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion,
technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its
exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and
adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information
contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by
the Company and the Company is not responsible for such third party statements and projections.
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Quarterly Update
Presentation
Financial Highlights 4/6
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Revenue^ (Rs. Cr) EBITDA (Rs. Cr) PAT* (Rs. Cr) Margin (%)
EBITDA
Quarter 3 PAT
+39% +43% +30%
12.0% 12.3%
1,470 180 79

1,056 61
126

5.7% 5.4%

Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19 Q3 FY18 Q3 FY19

+43% +48% +41% EBITDA

9M
4,422 540 244 PAT
11.8% 12.2%
3,100 364 173

5.6% 5.5%

9M FY18 9M FY19 9M FY18 9M FY19 9M FY18 9M FY19 9M FY18 9M FY19

^ Revenue is Net of Excise; * PAT = Net profit/(loss) before share of profit/(loss) of associates / joint ventures/minority
Revenue* Bridge 5/6
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1,470
110
7
59
24 8
Quarter 3

27
179
1,056

Q3 FY18 MRPL (SW) MIL Stand. (SW+L) MKAWL (OTH) MJCL (OTH) Rinder (L) MDSL MITIL + OTH Q3 FY19

4,422
199
115 61
105 49
182
9M

611
3,100

9M FY18 MRPL (SW) MIL Stand. (SW+L) MKAWL (OTH) MJCL (OTH) Rinder (L) MDSL MITIL + OTH 9M FY19

SW: SWITCH, L: LAMP, OTH: OTHERS * Revenue is Net of Excise

Q3 Division Wise Revenue* & EBITDA Mix 6/6
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Revenue Q3 FY18 Q3 FY19

27.2% 29.5% 36.3%

29.3%

Switches

15.5% 11.4% Lighting

27.8%
22.9%

EBITDA Q3 FY18 Q3 FY19 Acoustics

23.8%
33.2%

44.9% 40.9% Others

19.7%

7.3% 18.7%
11.6%
* Revenue is Net of Excise
9M Division Wise Revenue* & EBITDA Mix 7/6
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Revenue 9M FY18 9M FY19

26.3% 30.8% 27.5% 39.0%

Switches

12.0%
15.7% Lighting
27.3% 21.6%

EBITDA 9M FY18 9M FY19 Acoustics

24.9%
36.8%

44.6% 38.7% Others

20.2%

10.2% 7.4% 17.1%

* Revenue is Net
* Revenue of of
is Net Excise
Excise
Revenue* Mix – Q3 & 9M FY19 8/6
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Geography-wise Breakup Channel-wise Breakup Segment -wise Breakup

15% 13%
Quarter 3

50%
50%

85% 87%
India International OEM Replacement 2/3 W 4W

16% 11%
9M

47%

53%

84% 89%
India International OEM Replacement 2/3 W 4W
* Revenue is Net of Excise
Consolidated Profit & Loss Statement 9/6
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Particulars (Rs. Cr) Q3 FY19 Q3 FY18 YoY % Q2 FY19 QoQ % 9M FY19 9M FY18 YoY %
Revenue from Operations (Net of Excise) 1,470.1 1,056.2 39% 1521.7 -3% 4421.6 3099.7 43%
Raw Material 903.4 647.3 937.6 2723.5 1917.9
Employee Cost 204.9 141.4 195.3 588.8 410.3
Other Expenses 181.4 141.1 199.5 569.5 407.2
EBITDA 180.4 126.4 43% 189.3 -5% 539.8 364.3 48%
EBITDA Margin 12.27% 11.97% 12.44% 12.21% 11.75%
Other Income 2.7 7.7 4.8 14.0 21.0
Depreciation 60.8 42.0 56.1 166.2 116.0
EBIT 122.3 92.1 33% 138.0 -11% 387.6 269.3 44%
EBIT Margin 8.32% 8.72% 9.07% 8.77% 8.69%
Finance Cost 14.5 7.0 15.1 42.7 21.2
Profit before Share of Profit/Loss of JVs and Tax 107.8 85.1 27% 123.0 -12% 344.9 248.1 39%
PBT Margin 7.33% 8.05% 8.08% 7.80% 8.00%
Tax 28.3 24.3 38.7 100.7 75.2
Profit before Share of Profit/Loss of JVs 79.4 60.8 31% 84.2 -6% 244.2 172.9 41%
Share of Profit/Loss of JVs 1.9 5.3 4.6 10.5 18.0
Net profit/(loss) after share of profit/(loss) of associates / joint ventures (A) 81.3 66.1 23% 88.8 -8% 254.7 190.9 33%
PAT Margin % 5.53% 6.26% 5.83% 5.76% 6.16%
PAT attributable to:
- Owners of MIL 69.4 59.5 17% 72.7 -5% 212.1 174.7 21%
- Non Controlling Interests 12.0 6.6 16.1 42.6 16.2
Other Comprehensive Income -3.5 -2.8 4.4 3.3 -1.0
Total Comprehensive Income for MIL 65.8 56.7 16% 77.1 -15% 215.4 173.8 24%
TCI Margin % 4.48% 5.37% 5.07% 4.87% 5.61%
Total Comprehensive Income for Non Controlling Interests 11.9 6.6 16.2 42.7 16.2
Consolidated Balance Sheet 10/6
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ASSETS 30th Sept., 2018 31st Mar., 2018 EQUITY AND LIABILITIES 30th Sept., 2018 31st Mar., 2018
Non-current assets Equity
Property, plant and equipment 1,426.0 1,199.4 Equity Share capital 52.4 17.4
Capital work-in-progress 134.3 192.1
Other equity 1,535.2 1,374.3
Other intangible assets 46.5 39.3
Non-Controlling Interest 243.5 211.0
Intangible assets under development 22.5 18.7
Sub-total - Shareholders' funds 1,831.1 1,602.7
Goodwill on Consolidation 166.1 111.8
Financial assets LIABILITIES
(i) Investments 334.6 155.2 Non-current liabilities
(ii) Loans 17.6 14.5 Financial liabilities
(iii) Others 4.3 16.8 (i) Borrowings 437.9 240.0
Deferred tax assets (net) 7.4 18.6
(ii) Other financial liabilities 81.0 51.5
Other tax assets 32.8 31.2
Other non-current assets 63.8 40.4 Provisions 74.6 103.8
Sub-total - Non-Current Assets 2,255.9 1,838.0 Sub-total - Non-current liabilities 593.5 395.3
Current assets Current liabilities
Inventories 570.1 417.5
Financial liabilities
Financial assets
(i) Borrowings 404.2 302.8
(i) Trade receivables 983.0 789.7
100.7 125.6 (ii) Trade payables 979.5 798.4
(ii) Cash and cash equivalents
(iii) Bank balances other than Cash and Cash (iii) Other financial liabilities 184.4 155.4
8.9 33.9
equivalents above Other current liabilities 96.6 91.8
(iv) Loans 4.0 1.6 20.9 14.8
Provisions
(v) Other financial assets 34.3 18.0
Current tax liabilities (net) - 3.8
Other current assets 153.3 140.7
Sub-total - Current liabilities 1,685.5 1,367.1
Sub-total - Current Assets 1,854.2 1,527.1
TOTAL - ASSETS 4,110.1 3,365.1 TOTAL - EQUITY AND LIABILITIES 4,110.1 3,365.1
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New Projects & M&A

Update
Capex: New Projects Announced 12/6
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2 Wheelers Alloy Wheels Controller & Telematics

 A new Project for alloy wheel has been  A new Project for controller and telematics for
approved to be set up for 2 Wheeler OEMs a total outlay Rs 80 cr over next 12 months
 The expected outlay for the first phase of the  This will be business division of MIL and will
project is Rs300 cr operate in tandem with i-SYS to maximize
synergies
 The first line is targeted to achieve the SOP by
end of FY2019-20  The Project is expected to be commissioned in
end of 2019-20
 The plant will be located in Maharashtra
 Rationale
 Capacity: 300,000 wheels per month
 The notification making AIS 140 regulation
 Rationale mandatory for all public transport and
 Import Substitution opportunity: ~60% of the commercial vehicles has been advanced by
industry requirement is imported. three months i.e., with effect from January 01,
2019.
 Imports not attractive due to duty 15% on
imports and appreciating USD  Controllers will witness increased demand
with rise in electronic content &
 Need for localization for improved reliability premiumization
Merger of Harita Seating System 13/6
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CVs Tractors Buses
Company Background OR 2W , others

P
Harita Seating Systems Limited (HSSL), established in 1988 is R
listed on the National Stock Exchange (NSE).
O
HSSL provides complete seating solutions for driver and
cabin seating for CVs, Tractors and OR, as well as passenger D
seats for buses across all segments U 1
3

No of Plants: 12 C
JV Partner: Fehrer, Germany ( Part Of AUNDE Group) T
S 1
3

Historical Financial C CVs

PAT* (Rs. Cr) U

Revenue (Rs. Cr) EBITDA (Rs. Cr) 38 Tractors
87
S
905 28
T 1
63 Buses 3
O
790
M
E OR

R
2017 2018 2017 2018 2017 2018 2W,

* PAT after MI
S others
Shareholding Structure 14/6
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Existing Structure Final Structure

Minda Industries Limited

Public 1. Switch
P1 P2 P3 P4 FP
Shareholder 2. Light
14% 3. Horn
52% 34%
4. Seating Division
Harita Seating Systems Fehrer
Fehrer 51% 49% Germany
51% 49% Germany

Harita Fehrer Limited Harita Fehrer Limited

Transaction Summary 15/6
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HSSL Rs Cr Option 1
Enterprise Value* 401 Equity Share of MIL
Rs 320
Debt 25
Swap ratio: 1.5: 1
Equity Value 376
Value Per Share ( Rs) 484 SWAP
*Net of Cash

Option 2
Redeemable Pref. Share
Yield: 7.5% PA
Particulars Date Coupon: 0.01%
Tenor : 3 years
Appointed Date April 01, 2019
Effective Date NCLT Approval
Record Date Will be determined after Court
Order
Transaction Rationale 16/6
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Product Synergies: MIL will broaden its product portfolio and help leverage the deep R&D capabilities to ensure a
robust pipeline of new product launches.

MIL to improve realisation per vehicle ( Kit Value) across all segments. Improve revenue mix In CV Segment

Customer Synergies: It will help leverage the long standing and entrenched customer/OEMs relationships of group
providing access to new/ complementary customers.

Technology: Leverage Technology Partner ( Fehrer, Germany) to develop and grow PV and other segments

Cost Synergies: Realization of cost synergies across general and administrative expenses and maximizing productivity
gains by pooling of financial, managerial, technical and human capital.

Manufacturing Plants are located at Strategic locations in close proximity of OEMs

Sales Channel Synergies: Leverage upon strong aftermarket distribution channel to augment growth further

Value Accretive: The Transaction is EPS accretive to Shareholders to MIL

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About Us
Vision 18/6
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Vision Key Words

To be a Sustainable Global Sustainable

organization that enhances value Global
for all its Stakeholders, attains Stakeholders
Technology Leadership and cares Technology Leadership
for its people like
Family
a Family
Strategy for Growth 19/6
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Premiumization
Indian Automobile market is likely to undergo
Regulatory Norms
premiumization of vehicles and UNO MINDA is
BS-VI expected implementation by 2020 will Poised to strongly benefit.
benefit UNO MINDA as it ready with products
which are likely to see strong demand 1. LEDs replacing convention lamps
1. Sensors ( BS VI) and Engine related Sensors in 2. Advanced Driving Assistance System (ADAS)
association with Sensata, US Regulatory, Premiumization 3. Alloy Wheels
2. Advance Filtration and Canisters Emission Norms and Kit Value 4. Infotainment System
3. On Board Diagnostics (OBD) 5. Telematics
4. Seat Belts 6. Wireless Chargers
7. AMT

Enhanced safety Electronification

Enhanced Safety Norms Electronification & EVs
and Electric
UNO MINDA has set up CREAT for
NCAP and Crash Test Norms are Vehicles (EVs) Advanced research engineering and
ensuring a swift migration to a safe car.
advanced technologies focused to
1. Air Bags & Seat belts
capture
2. Reverse parking Sensors
1. Cockpit Electronics
3. Combi Braking Systems
2. Body Exterior & advanced Lighting
Air Bags & Seat belts
3. Controllers and Sensors
4. EV technologies
Synergies that Drive Excellence…… 20/6
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Geographies Products
Operations across 5 Continents Over 20 products supplied to leading OEMs

Manufacturing Facilities R&D Across the Globe

56 Plants in Globally 5 R&D Centres; 14 Design Centres

Customers Intellectual Property

Over 50 OEMs served in India and 180+ Product patents filed/registered
Overseas across 4W, 2/3W and Off 192+ Design Registrations
Road segments

Experience Partnerships with Technology Leaders

Over 6 Decades in the Automotive 14 Joint Ventures and Associations
Industry
Pioneer in localization of Auto Components: Through JVs & Associations 21/6
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We have partnered with global technology leaders in the respective product segments
Hedged presence Across all end user segments 22/6
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Geography-wise Breakup Channel-wise Breakup Segment -wise Breakup

India International OEM Replacement 2Wheeler 4Wheeler

12%
18%

44%

56%

82%
88%

Note: Data for FY18

Strengthening our Balance Sheet 23/6
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Building Shareholder Value year on year…

23% 12%
21% 11%
39% 19% 9%
32%
Sales
Growth % 13%
ROCE % EBITDA %

FY16 FY17 FY18 FY16 FY17 FY18 FY16 FY17 FY18

Growth without stressing the Balance Sheet…

0.8
1,450
1,392
1,059 993 0.4 0.4
714
Net Worth Debt:Equity
482 Net Fixed Assets
(Rs. In Crs.)
(Rs. In Crs)

FY16 FY17 FY18 FY16 FY17 FY18

FY16 FY17 FY18

Acquisitions: Joint Ventures:

Group
Clarton Horn, Kosei, Onkyo, TTE, Consolidation
Rinder, iSys Katolec, TG, Tokarika

Note: Consolidated Data

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Business Overview
Evolution of Our Product Portfolio 25/6
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Controllers
The evolution continues…
Speakers &
Infotainment
Hoses
2017-18 -

Fuel Caps 2015-16-

EMS Services

2010-14
Alloy Wheels DAPS
Blow Moulding
Aluminum Die
Sensors
Casting
2001-08
- Air Filtration
Systems
Batteries
Automotive
Lighting
CNG/LPG Kits
1950-2000
Automotive
Horns Organic
Automotive Diversification
Switches
Joint Ventures &
Associations
Advent of EVs: Our Hedged Product Portfolio 26/6
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Technologies
S. No Product Lines Company Name
BS VI PEV BEV
Approximate timelines Apr-20 2022-25 2025-2030
1 Alternate Fuel Systems METL  X X
2 Air Filtration Systems Roki Minda D D X
Engine &
3 Canisters Roki Minda D D X
Transmission Parts
4 Brake Hoses Minda TG   D
5 Fuel Hoses Minda TG   X
6 Alloy Wheels Minda Kosei   
7 Seat Belts TRMN   
8 Cameras MFTL, Minda TTE   
Safety Parts
9 EA Pad MKL   
10 Steering Wheel with Airbags TGMN   
11 Fuel Caps TGMN   X
12 Lamps MIL-Ltg Div  D D
13 Air Ducts & Washer Bottle MKL    Legend
Body Parts  To continue as it is
14 Spoiler MKL   
15 Body Sealings TGMN    D To continue with changes
16 4W Switches & HVAC MRPL  D D X Obsolete
17 Cigar Lighters & Chargers MRPL   
18 Wheel Covers MRPL    Positively Impacted
19 Shifters TRMN   X
Infotainment Systems
20 (CD Tuners, Display Audio & Audio Minda D Ten   
Video Navigations)
21 Speakers Minda Onkyo   
Comfort &
Reverse Parking Aid Systems &
Convenience Parts
22 Advanced Driver Assistance Products Minda TTE   
and Systems
23 Sensors MIL-SAC Div D D D
24 Actuators MIL-SAC Div   
25 Controllers MIL-SAC Div  D D
End to End Telematics & Connected Car
26 MIL   
Solutions
27 Horns MIL-Accoustics Div  D D
28 Others Batteries-Lead Acid MIL-Battery Div  D D
Group product portfolio – 2 Wheeler 27/6
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Handle Bar Assemblies

Horns
Sensors

Filter/ Canisters
Lamps

Battery

Switches.

Noise Suppresser Cap Die Casting

Equalizer Assembly
Components

Switch business Horns business Light business Others

Kit Value* – 2 Wheelers 28/6
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6,801

5,162
4,572
4,308

2,750

Economy Executive Premium Scooter Moped

Up to 110 CC 110 -135 CC > 135 CC All scooters All Mopeds

*Contribution from Group Companies which are not yet consolidated is not included in the Kit Value
Group product portfolio – 4 Wheeler 29/6
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PWS Auto HVAC

Spoiler
Headlamp levelling
motor

Fuel cap
Electronic Horn

CNG Kit

LED lamps

Hoses
Alloy wheels
Electronic accelerator Batteries
pedal module

Switch business Horns business Light business Others

Kit Value* – 4 Wheeler PVs & Tractor 30/6
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75,879

63,683
Values in INR

44,064

32,906

19,893

3,378

A B C D E & MUV Tractor

Up to Rs. 2.2 Lacs Rs. 2.21 - 4.5 Lacs Rs. 4.5 - 8.3 Lacs Rs.8.4 -16 Lacs >Rs 16 lacs Off Road

*Contribution from Group Companies which are not yet consolidated is not included in the Kit Value
*Potential is calculated on basis that all products manufactured by the group is supplied in the vehicle.
Product Mix 31/6
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Revenue - FY18 EBITDA – FY18

24.2% 34.6%

32.6% 35.2%

15.7%

10.7%
21.4%
25.5%

Switches Lighting Acoustics Others

Note: Consolidated Data

Customer led and Customer Oriented: Customer Mix ( FY 2018) 32/6
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Switching Systems Lighting Systems Acoustics Systems

4W 2W Bajaj
Daimler Hyundai
Auto PSA
Others 9% 7%
35% 3%
22% MSIL
Others Bajaj
MSIL 29%
45% Auto
55%
Others 3%
41% TVS TVS
HCIL
4% 9% 3%
Tata M&M
TML Motors 10% Others
5% HMSI Toyota
M&M 4% Royal 75%
TKML Hero 8% Boshoku
6% 8% Royal Enfield Auto
4%
Enfield 6% 7%
4%
Maximize Customer Value
Blow Molding
Die Casting
Alloy Wheels (MKA)
optimum (MJ Casting) Others
product mix Hedged Suzuki WABCO 22% MSIL
to maximize Motors India
across 23%
content per 5% 16%
segments
vehicle
M&M
4%
MSIL
90% M&M
strengthening our TVS Honda TKML
5% HMSI
focus on customer Motors Crs India 27%
relationships 59% 9%
25%

Suzuki
Motors
Note: Consolidated Data 14%
Switching Systems 33/6
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Rs. In Crs
Indian’s Largest Manufacturer
2100 12.0% 13.0%
• Market Share of ~65%
• Independent in-house R&D 1600 9.8% 11.0%
• Exports to USA, France, Italy, Austria and others 9.4%
contributing ~6% to Switch sales in FY18 1100 9.0%
• Minda Rika, the 4W switching business has become a
subsidiary from Q4FY18, with a revenue of ~Rs. 750 1,035 1,211 1,580
600 7.0%
Crs
FY16 FY17 FY18
End Use Segment Revenue EBIDTA Margin %

• 2/3 Wheeler & Off-road

• 4 Wheeler (Through subsidiary - Minda Rika)

Key Customers:
2W - HMSI, Bajaj, HMCL, TVS , REML & Yamaha
4W – MSIL, TKML, M&M, TML & HCIL 2W Switches Handle Bar
Assembly
Offroad Switches
Manufacturing Facilities

• Manesar
ASEAN Entities:
• Pune
• Indonesia
• Pantnagar
• Vietnam
• Hosur
* - FY16 Financials as per IGAAP; 4W Switches HVAC Panels
• Aurangabad
FY17 & FY18 as per INDAS
Note: Consolidated Data
Lighting Systems 34/6
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Leading automotive lighting Systems Rs. In Crs.

1500 9.9% 11.0%
9.1%
• Strong R&D capabilities with Design centre in Taiwan 7.5% 9.0%
and Technical Arrangement with Korean Company 1000
7.0%
• Exports to Italy, Indonesia, France, Japan and others
5.0%
Contributing ~9% to Lighting Sales in FY18 500
• Access to R&D Base of Rinder in Spain 3.0%
439 1,024 1,164
0 1.0%
FY16 FY17 ^ FY18
End Use Segment
Revenue EBIDTA Margin %

• 2/3 Wheeler, ^ Consolidation of Rinder

• 4Wheeler
• Off-road

Key Customers:
Maruti Suzuki, Bajaj, TVS , REML , Renault

Manufacturing Facilities

• Pantnagar Rinder’s Facilities (India):

• Sonepat • Chakan & Pimpri in Pune
• Haridwar • Bahadurgargh
* - FY16 Financials as per IGAAP; • Chennai Rinder’s Facilities (Overseas):
FY17 & FY18 as per INDAS • Columbia
• Design Centre in Spain
Note: Consolidated Data
Acoustic Systems 35/6
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One of India’s Largest Players in Horns Rs. In Crs

800 11.0%
9.5% 9.7%
• With 47% market share 700 10.0%
• Strong in-house R&D capabilities - Developed 600 8.0% 9.0%
technology with FIAMM, Italy 500 8.0%
• Clarton Horn, a wholly owned subsidiary of MIL which
has a Revenue of Rs. 397 Crs in FY18 400 7.0%
520 659 717
300 6.0%
FY16 FY17 FY18
End Use Segment
Revenue EBIDTA Margin %
• 2/3 Wheeler,
• 4Wheeler,
• Off-road and Commercial Vehicles

Key Customers:
Domestic – MSIL, Bajaj, TVS, Royal Enfield, Yamaha, M&M
International – Daimler, Hyundai, Nissan, Mobis, Renault

Manufacturing Facilities

Clarton Horns Facilities:

• Manesar
• Spain
• Pantnagar
• Morocco
* - FY16 Financials as per IGAAP; • Indonesia
• Mexico
FY17 & FY18 as per INDAS

Note: Consolidated Data

Other Products 36/6
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Products Revenue* Rs. In Crs

1200 13.6% 15.8%
• India’s largest manufacturer 15.0%
1000
of Alloy Wheels for 4Wheelers 150
800 9.2%
• Other products 409 139 10.0%
• Blow Molding • Fuel Caps 600
• Dye Casting • Air Filtration System 400 362 129
710 5.0%
• Speakers & Infotainment • Hoses 200 92 395
• Batteries 183
0 0.0%
End Use Segment FY16 FY17 FY18
Alloy Wheels& Die Casting Blow Molding

• 2Wheelers, 4Wheelers, Commercial Vehicle Others EBITDA Margins

Key Customers:
MSIL, HMSI, TVS, Wabco, Mahindra, Toyota Kirloskar
Motors & Renault Nissan

Alloy Wheels Speaker Hoses Fuel Cap

Manufacturing Facilities
• Hosur – Die Casting
• Bawal – Filters, Hoses, Allow Wheels, Die Casting, Blow
molding
• Bangalore - Blow Molding, Filters
* - FY16 Financials as per IGAAP; • Manesar - Fuel Caps,
• Chennai & Gujarat – Allow Wheels & Filters Air Bags Blow Molding
FY17 & FY18 as per INDAS Battery
• Pantnagar( Minda Storage Battery)
Note:
Note:Consolidated
ConsolidatedData
Data
MDSL : Strong Presence in Replacement Market 37/6
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Over 30,000 FY18 % of total After

Product (Rs.Crs)
Jammu and Kashmir: 8 After Market Sales * Market Sales
Retail Points
Himachal Pradesh: 24 Switches 159 32%
Punjab: 26
Uttarakhand: 6
Haryana: 41
Lighting 160 32%
Delhi: 33
Rajasthan: 51 UP: 62 Assam: 10 Horns 82 16%
Bihar: 55

MP: 45 Jharkhand: 20 Others 103 20%

Gujarat: 48

Chhattisgarh: 14 West Bengal: 51

Orissa: 24 Revenue* (Rs.Crs)
Maharashtra: 86
Telangana: 14
504
438 453
Goa: 1
Andhra Pradesh: 25 372
Karnataka: 45 297

Kerala: 23
Tamil Nadu: 52

Maps not to scale. All data, information, and maps are provided "as is" without
FY14 FY15 FY16 FY17 FY18
warranty or any representation of accuracy, timeliness or completeness
* - Financials as per INDAS
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Historical Financials
Consolidated Profit & Loss Statement 39/6
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Rs. Cr FY18 FY17 YoY %

Revenue from Operations (Net of Excise) 4,470.6 3,386.3 32%
Raw Material 2,763.2 2,116.4
Employee Cost 586.8 451.5
Other Expenses 586.8 444.4
EBITDA 533.8 374.0 43%
EBITDA Margin 11.9% 11.0% 90
Other Income 33.4 13.8
Depreciation 164.9 136.2
EBIT 402.3 251.6 60%
EBIT Margin 9.0% 7.4% 157
Finance Cost 35.1 39.8
Exceptional Item 38.2 0.0
Profit before Share of Profit/Loss of JVs and Tax 405.5 211.9 91%
PBT Margin 9.1% 6.3% 281
Tax 97.7 46.5
Profit before Share of Profit/Loss of JVs 307.8 165.4 86%
Share of Profit/Loss of JVs 23.1 19.7
PAT 330.9 185.2 79%
PAT attributable to:
- Owners of MIL 310.2 165.2 88%
PAT Margin % 6.9% 4.9% 206
- Non Controlling Interests 20.7 20.0
Other Comprehensive Income 4.8 -2.5
Total Comprehensive Income for MIL 315.0 162.7 94%
TCI Margin % 7.0% 4.8% 224

Total Comprehensive Income for Non Controlling Interests 21.2 19.3

Consolidated Balance Sheet 40/6
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Particulars 31st Mar, 2018 31st Mar, 2017 Particulars 31st Mar, 2018 31st Mar, 2017
ASSETS EQUITY AND LIABILITIES
Non-current assets Equity
Property, plant and equipment 1,199 847
Equity Share capital 17 16
Capital work-in-progress 192 117
Share application money pending allotment - 300
Other intangible assets 39 28
Other equity 1,374 744
Intangible assets under development 19 0
Non-Controlling Interest 211 117
Goodwill on Consolidation 112 9
Sub-total - Shareholders' funds 1,603 1,176
Financial assets
Investments 155 111 LIABILITIES
Loans 14 10 Non-current liabilities
Other non current financial assets 17 8 Financial liabilities
Deferred tax assets (net) 19 30 Borrowings 240 177
Other tax assets 31 15 Other financial liabilities 51 54
Other non-current assets 40 20
Provisions 104 59
Sub-total - Non-Current Assets 1,838 1,196
Sub-total - Non-current liabilities 395 290
Current assets
Current liabilities
Inventories 418 238
Financial assets Financial liabilities
Trade receivables 790 500 Borrowings 303 261
Cash and cash equivalents 126 358 Trade payables 798 486
Bank balances other than Cash and Cash Other financial liabilities 155 120
34 16
equivalents above Other current liabilities 92 48
Loans 2 1
Provisions 15 9
Other financial assets 18 8
Current tax liabilities (net) 4 7
Other current assets 141 82
Sub-total - Current liabilities 1,367 931
Sub-total - Current Assets 1,527 1,202
TOTAL - ASSETS 3,365 2,398 TOTAL - EQUITY AND LIABILITIES 3,365 2,398
Improving Profitability with Strong Balance Sheet 41/6
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Rs.Crs
Revenue EBITDA & EBITDA Margin (%)
Consolidated@ 4,471 600 16.0%

500 11.9%
3,386 11.0% 12.0%
400 9.4%
2,527
2,227 300 6.9% 8.0%
1,706
200 5.1%
4.0%
100
88 154 238 374 534
- 0.0%
FY14 FY15# FY16 FY17 FY18 FY14* FY15 FY16 FY17 FY18

Debt : Equity ROCE (%) 23%

0.9 21%
0.8
19%

0.6
12%
0.4 0.4

3%

FY14** FY15 FY16 FY17^ FY18 FY14 FY15 FY16 FY17^ FY18
Notes;
# FY15 Sales inclusive of 15M Clarton Sales
@ - Financials for FY17 & FY18 * FY14 EBITDA is Adjusted for acquisition related one-time expenses
as per INDAS ** FY14 debt increased on account of acquisition related debt
^ Excluding Money raised through QIP – Rs. 300 crores
Strong Cash Flows 42/6
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Rs. Crs

Consolidated PAT* Consolidated OCF*

285

256 258

165
156
146

111

68
42

FY14 FY15 FY16 FY17 FY18# FY14* FY15 FY16 FY17 FY18#

*- Financials for FY17 & FY18 as

per INDAS
# Excluding Exceptional Items
Improving Dividend Profile 43/6
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Dividend as % of Face Value (Adjusted for Bonus)

47% Interim
37%
Dividend

23% 23%
20%

10% 10%

FY13 FY14 FY15 FY16 FY17 FY18 FY19

Board of Directors has declared an Interim dividend of Rs. 0.45 per share (Post Bonus) v/s Rs. 0.40
of Interim Dividend per share in FY 17-18
Leadership Team 44/6
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Board Of Directors Top Management Team

Mr. Nirmal K Minda Mr. Sunil Bohra Mr. Anand K Minda Mr. Rajeev Kapoor
Chairman & Managing Director ED & Group CFO CEO , Battery & Group Head
Aftermarket Business Human Resources

Mr. Anand K Minda Mr. Satish Sekhri

Mr. J.K. Menon Mr. Pradeep Tiwari Mr. Ravi Mehra Mr. Kundan K Jha Mr. Amit Jain
CEO , Electrical CEO , Body & CEO , Interior, CEO, Light Metal CEO, Advanced
& Electronics Structure Domain Controls & Safety Technology Domain electronics domain
Domain Domain (Infotainment,
telematics, CREAT)

Mr. Alok Dutta Ms. Pravin Tripathi

MIL Holding Structure 45/6
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MIL'S SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

DOMESTIC SUBSIDIARIES OVERSEAS SUBSIDIARIES JOINT VENTURES & ASSOCIATES

MKL (68%) Sam Global (100%) METL (49%)

MJ Casting (100%) MIVCL (100%) Riduco (50%)

(via LSTC)
MACL (100%) PTMA (100%)
ROKI (49%)
PTMT (100%)
MDSL (100%)

Global Mazinkert (100%) TTE DAPS (50%)

MKAWL (70%)

LSTC (100%) MNGTL (26%)

Minda TG Rubber (51%)
Clarton Horn, Spain (100%)
Denso Ten Minda (50% )
RIPL (100%)
Clarton Horn, Morocco (100%)
KMAC (30%)
MSBPL (100%) Clarton Horn, Mexico (100%)
Auto Component (49% )
CH, Signalakustic (100%)
YA Auto (51%)
Yogendra Engineering (49%)
iSYS RTS GmBH (80%)
MRPL (51%) TG Minda (48%)

Glossary:
MITIL (60%)
MIL: Minda Industries Limited LSTC: Light & Systems Technical Centre S.L. Spain
Minda Katolec (51%) MKL: Minda Kyoraku Limited ROKI: ROKI Minda Co. Pvt. Ltd.
MACL: Minda Auto Component Limited METL: Minda Emer Technologies Limited
MDSL: Minda Distribution and Services Limited Riduco: Rinder Riduco, S.A.S., Columbia
MKAWL: Minda Kosei Aluminum Wheel Private Limited MNGTL: Minda NextGen Tech Ltd
RIPL: Rinder India Private Limited MRPL: Mindarika Private Limited
MSBPL: Minda Storage Batteries Private Limited KMAC: Kosei Minda Aluminum Company Pvt Ltd
PTMA: PT Minda Asean Automotive, Indonesia TG Minda: Toyoda Gosei Minda India Private Limited
MIVCL: Minda Industries Vietnam Company Limited PTMT: PT Minda Trading, Indonesia
Contact Us 46/6
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For further information, please contact:

Company : Investor Relations Advisors :

Minda Industries Ltd. Strategic Growth Advisors Pvt. Ltd.

CIN : L74899DL1992PLC050333 CIN : U74140MH2010PTC204285
Mr. Tripurari Kumar Mr. Jigar Kavaiya
DGM Strategy & Finance +91 99206 02034
[email protected] [email protected]

www.unominda.com www.sgapl.net