Minda Corporation Limited — Earnings Release 2022

Aug 20, 2021

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Date: 20.08.2021

The Officer-In-Charge (Listing) Listing Department National Stock Exchange of India Ltd., Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Symbol: MINDACORP

Head - Listing Operations, BSE Limited, P.J. Towers, Dalal Street, Fort, Mumbai – 400 001 Scrip Code: 538962

Dear Sir/ Madam

Sub: Schedule for Conference Call

In compliance with regulation 30 read with schedule III, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a virtual conference call to be hosted by Edelweiss on Monday, August 23, 2021 shall be attended by the Company.

A copy of presentation is enclosed for your reference.

This information is also being uploaded on the Company’s Website www.sparkminda.com

This is for your information and record.

Thanking You,

Yours Faithfully

For Minda Corporation Limited

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Pardeep Mann Company Secretary Membership No A13371

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Edelweiss Auto- Ancillary E-Conference

Tesla’s 3 Pronged Approach

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Quarter Updates

Company Snapshot  Narrowing Focus, Deepening Capabilities  Q1 FY2022 Highlights & Industry Performance  Quarterly Financial Highlights & Business Update  CSR and Awards 

Page 2 of 18

Earnings Presentation

SPARK MINDA - Kaleidoscope

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– Leading Automotive Component Supplier Since 1958

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16,000+ 6
WORKFORCE PARTNERSHIPS
33
PLANTS/OFFICES
INR 32,570 million
14 13
REVENUE
NORTH WEST
3 3
SOUTH ASEAN
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VISION

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Tobe a dynamic, innovative and profitableglobal automotiveorganizationforemergingas the preferred supplier and employer, to create value for all stakeholders.

Page 3 of 18

Earnings Presentation *It includes revenue from JVs also

Narrowing Focus, Deepening Capabilities

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Spark Minda
Restructuring
Green Mobility
the
Organisation
Customer Centricity
Technology & Digitisation
Enhancing the Core
Strategic Strengthening
Partnership Leadership
Transforming
Page 4 of 18
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Earnings Presentation

Engineering Capability

Engineering Capability Expansion

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Advanced Engineering & Electronics
SMIT, Pune SMIT, Bengaluru
225+ Engineers | 20+ Engineers |
Embedded Software Telematics & Connectivity
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E&E and Light-weighting

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50+ Engineers | WH Design | 40+ Engineers | Light-
E&E Architecture weighting
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Power Electronics & Vehicle Access
15+ Engineers | 50+ Engineers | Vehicle
Power Electronics Access
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SMIT: Spark Minda Technical Centre WH: Wiring Harness

~170 ~ 2.0% 450+ ~ 50 % in last 5 years of annual revenue Total IPs/Patents R&D Spending Engineering Headcount

Engineering Capabilities to Address Future Trends

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Embedded Software
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Electronics Hardware
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Product Validation
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Mechatronics Engineering
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Page 5 of 18

Earnings Presentation

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Electric Vehicle:-
Connected Cluster
Seat Glovebox
Keyless Entry Systems
Actuator Actuator
with ESCL
Battery Charger
Telematics
DC to DC
Converter Die Casting Products
Motor Controller Sensors (Temperature, Position
Battery Management System etc…)
VCU Wiring Harness ESCL: Electronic Steering Colum Lock
Electric Vehicle Information and Connected
Mechatronics Plastics & Light Weighting
Components Systems
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Order won for most of the product from
Customers like .
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Nearly 95% of our Product is Electric Vehicle Agnostic and it only enhances the content. Lifetime Order Won 2,379 Million in Q1 FY22

Page 6 of 18

Earnings Presentation

Confidential | Copyrights Reserved @ Spark Minda Group, all rights of disposal such as copying and passing on to third parties

Sustainability Framework

Page 7 of 18

Earnings Presentation

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Q1 FY2022 Highlights & Industry Performance

One of India’s Leading Automotive Component Company

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Revenue Breakdown Q1 FY22
Diversified product portfolio, global customers, strong manufacturing
and advanced R&D with six decades of automotive experience
By Geography By End Market
South East Asia
Revenue Rs. 23,679 mn (FY2021) 7.5% After Market Passenger Vehicles
11.1% 15.9%
- Mechatronics
Europe & North 7.3% 6.6%
- 20.3%
Information & Connected Systems America 12.2%
Business Verticals - Plastics & Interiors 14.6%
- Aftermarket Commercial Vehicles
22.6%
-
Electronic Manufacturing Excellence 19.8%
53.3%
Ampere , Ashok Leyland, Bajaj Auto, CNH, Hero 80.5% 77.9%India 2-3 Wheelers
Moto Corp, Honda Motorcycle and Scooter India, 50.4%
Hyundai, Mahindra & Mahindra, Maruti Suzuki,
Key Customers
OLA Electric, Polarity, Revolt , Suzuki
Motorcycle, TVS Motor, Tata Motors, VE By Business Verticals
Commercial Vehicles, Yamaha Motor
Manufacturing 30 Manufacturing facilities strategically located Information &
Facilities providing support to OEMs Connected
Systems
36.7% Mechatronics
Advanced Engineering Centre of Electronics & 39.2% + AfterMarket
R&D Capabilities Mechatronics in Pune (SMIT) and multiple 60.8%
specialised R&D Centre across India 63.3%
Notes:
• Outside Ring: Q1FY22
Market Capitalisation • Inside Ring: Q1FY21
Approx. Rs. 30,480 mn
(as of 30 [th] June 2021)
Earnings Presentation Excludes MKTSN sales for all period
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Page 9 of 18

Earnings Presentation

Highlights of Q1 FY22

Enhancing Capabilities for New Business Opportunities and Customer Centricity

1. Revenue continues to grow better than the Industry

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1. Electric Vehicle manufacturer gives strong lifetime order of Rs. 2,379 million

4. Six new Patents filed in Q1 FY22 which include one in Cyber Security 6. Nearly 95% of temporary & permanent workers vaccinated with first dose of vaccination.

Page 10 of 18

Earnings Presentation

Business Performance – Q1 FY22 Order won

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Rs. 501 mn Rs. 12,815 mn Rs. 2,378 mn
For Export Order Won Q1FY22 From EV Players
Lifetime Order Won Lifetime Order Won
Rs. 4,947 mn Rs. 7,868 mn
Replacement Business New Business
Lifetime Order Won Lifetime Order Won
Information & Connected
Mechatronics Plastics & Interiors Others
Systems
Rs. 5,042 mn Rs. 7,240 mn Rs. 533 mn Rs. 1 mn
Lifetime Order Won Lifetime Order Won Lifetime Order Won Lifetime Order Won
44% 68% 100% 100%
56% 32%
New New New New
Replacement Business Replacement Business Business Business
2W/3W
2W/3W 80% 100%
85% 100% Commercial Vehicles 100%
Other Segments Other Segments Passenger Commercial
15% 20% Vehicles Vehicles
6,568
3,344
641 348 332 672
SSD ASEAN MVACL DCD WH MSIL
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Page 11 of 18

Earnings Presentation

Joint Venture update

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Joint Venture
(June 2021)
Minda Corporation INFAC Corporation
(India) (South Korea)
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Vehicle Antenna Manufacturing in JV partnership with INFAC, agreement completed in Jun 2021 Business Vertical: E-Mobility Engineering

Strategic Rationale

• Address growing demand of Shark Fin Antennas in PV segment in India, leveraging proven technology of INFAC

• Penetrate into LF Antenna Market – Door Handles, Boot, Start/Stop

• Increasing our share of business in passenger segment

• Strong growth potential due to evolving autonomous vehicle and connected mobility

• External communication of vehicles with IT infrastructure and other vehicles/devices is growing

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Customers
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Manufacturing Location

• Antenna and EV&CS operation planned at EME Plant, Chakan Pune

Product(s)

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• Shark Fin Antenna

• Combi Pole Antenna

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• Micro Pole Antenna

• LF Antenna

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Page 12 of 18

Earnings Presentation

Indian Automotive Industry Performance – Q1 FY22

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Q1 FY22 Growth (Y-o-Y) Auto Industry
202.1%
178.6% 48.30
121.1% 373.2% 159.9% 452.0% 34.82
15.99
12.50
8.01
1.12 1.45 0.29 1.37 0.62 1.62 1.45
Tractors CV 3 W PV 2 W Auto Industry
Q1FY21 Q1FY22
Auto Industry
Q1 FY22 Growth (Q-o-Q)
(35.1)%
74.43
(38.4)%
56.49
48.30
34.82
(24.2)%
(15.8)% (41.8)% (21.6)%
10.56 8.01
2.95 2.49 2.35 1.37 2.07 1.62
Tractors CV 3 W PV 2 W Auto Industry
Q4FY21 Q1FY22
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Commentary

• Y-o-Y volume grew as last year was complete lockdown for most part of the Quarter.

• Onset of second wave of covid-19 had an adverse impact on automobile production for the quarter, the production volumes declined by 35.1% Q-o-Q to 48.30 Mn in Q1 FY22 from 74.43 Mn in Q4 FY21

• Volumes were impacted by:-

• Lockdown in most of the states in phases during the Quarter

• Lower Consumer Sentiment

We remain cautiously optimistic for the remaining part of the financial year and hoping for slow but gradual recovery both in Economy as well as Automotive sales supported by higher spend on infrastructure and normal monsoon.

(Production Volumes in Millions)

Source: SIAM and TMA India

Page 13 of 18

Earnings Presentation

Consolidated Performance – Q1FY22

Commentary

	Q1	Q1	Q4
(Rs. Million)	FY22	FY21	FY21
Operating Revenue Growth % EBITDA Margin (%) Profit Before Tax (PBT) Margin (%) PAT from continuing operations Margin(%)	5,586	1,780 213.8% (203) (11.4)% (453) (24.3)% (363) (19.4)%	7,941 (29.7)% 890 11.2% 702 8.8% 546 6.8%
	308
	5.5%
	85
	1.5%
	71
	1.3%

Overall Revenue of Rs. 5,586 million for the Quarter:

• Continued operation showed growth of 213.8% Y-o-Y and decline of 29.7% Q-o-Q

• Export helped us in Resilient Business performance and better than the Industry growth despite challenging macro-economic scenario

• EBITDA margin at 5.5% in Q1 FY22 :–

  • Impacted by lower fixed cost absorption due to second wave impacting the industry

  • Lower Aftermarket Sales, Product Mix and Lag of Commodity price indexation had adverse impact

  • Company continues to implement several cost control measures for fixed cost

Net Profit of Rs. 71 million

• Share of profit in JV of Rs. 26 million in Q1 FY22 as against loss of Rs. 58 million in Q1 FY21

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Earnings Presentation

Business Verticals Performance – Q1 FY22

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Mechatronics, Aftermarket and Others
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(in Rs. mn) 4,456
3,390
14.3%
8.8% 1,126
(9.8)%
Q1FY22 Q1FY21 Q4FY21
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• The growth in revenue is seen Y-o-Y as last year was complete lockdown due to 1[st] wave of Covid.

• The de-growth in revenue Q-o-Q is seen due to second wave of Covid. Lower than market fall as export supported the vertical.

• EBITDA margin came at 8.8% due to

• Lower operating leverage

• Supported by various cost control measures

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Information & Connected Systems
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(in Rs. mn)
3,484
2,195
654 7.2%
0.5%
(14.2)%
Q1FY22 Q1FY21 Q4FY21
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• The growth in revenue is seen Y-o-Y as last year was complete lockdown due to 1[st] wave of Covid.

• The de-growth in revenue Q-o-Q is seen due to second wave of Covid.

• EBITDA margin at 0.5% due to

• Lower operating leverage as capacity utilization has fallen below 50%.

• Adverse product mix, lag of commodity indexation

• Supported by various cost control measures

Page 15 of 18

Earnings Presentation

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Awards and CSR

Awards/Recognition and Corporate Social Responsibility – Q1 FY2022

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Details (Row-wise from top) Date ACI Awards 2021 Winner for components shop floor April management of the year 2021 Minda Corporation Limited ranked 4th among top 10 by April “FinMedium” 2021 MCL CIO & CISO receives prestigious recognition from the May industry bodies 2021 Minda Stoneridge Instruments Limited wins GOLD AWARD in Energy Conservation 2021 organized by QCFI Security Systems Division of MCL Pant nagar wins 1[st] prize in BAL BAVA KAIZEN COMPETITION 2021-22 June 2021 Security Systems Division of MCL Pune wins GOLD AWARD at Energy Conservation Competition 2021 organized by ~~Earnings Presentation~~ QCFI

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Plasma donation drive Covid-19 vaccination drive Arogya health kit Pune (dropped off) for PwDs started in distributed to various villages Pant nagar, Uttarakhand as Covid-19 relief measure in Chennai

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New school project under the school adoption project inaugurated in Gadarpur, Uttarakhand

Covid-19 vaccination for community started in Chennai

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Thank You

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.

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.

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.

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

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Corporate Office:

Plot No: 404-405, 5[th] Floor, Udyog Vihar, Phase-III Sector - 20, Gurugram - 122016 Tel: +91 124 469 8400 • Fax: +91 124 469 8450

Registered Office: A–15, Ashok Vihar, Phase – 1, Delhi – 110 052

INVESTOR RELATIONS CONTACT

Bikash Dugar Lead-Investor Relations Minda Corporation Bikash.dugar@mindacorporation.com +91 124 469 8485

Ravi Gothwal / Manoranjan Pal Churchgate Partners minda@churchgatepartners.com +91 22 6169 5988

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Earnings Presentation