Emkay Global lifts Minda target to ₹900 after strong quarter
Business
Emkay Global just gave Minda Corporation a thumbs up, raising its target price to ₹900 after a standout quarter.
The company's revenue jumped 43% year over year to ₹22 billion, well above expectations, and profits grew too, even with higher costs for materials.
Minda targets ₹175bn with Vision 2030
Minda is aiming big with its Vision 2030 plan, hoping to reach ₹175 billion in revenue by moving from just making parts to offering full system solutions.
TFT clusters are securing multiple orders, and sunroofs commenced SOP in 2Q.
While rising costs are a challenge, Minda is mostly passing those on to customers.
Emkay Global boosts Minda earnings forecasts
Emkay also bumped up its earnings forecasts for Minda by 2% to 4% for the next few years, showing real confidence in the company's strategy and resilience in a tough market.