Minda Corporation Limited — Earnings Release 2021

May 18, 2021

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May 18, 2021

	The Officer-In-Charge (Listing) Listing Department National Stock Exchange of India Ltd., Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Scrip Code: MINDACORP	Head - Listing Operations, BSE Limited, P.J. Towers, Dalal Street, Fort, Mumbai – 400 001 Scrip Code: 538962

Sub: Updated Earnings Presentation on the Audited Financial Results for Q4 & year ended on March 31, 2021

Dear Sir,

Please find enclosed herewith the Updated Earnings Presentation on the Audited Financial Results for Q4 & year ended on March 31, 2021.

Thanking you,

For Minda Corporation Limited

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Pardeep Mann Company Secretary Membership No. A13371

Enclose as above:

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Q4 & FY2021 Earnings Presentation

Covid-19: Protocol & Measures by the Company

Covid-19 Appropriate Behaviour

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Thermal Screening of Employees at the Entry Gate

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All working area is hygienic. Sanitizer & soaps in sufficient quantity at all common points

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No Physical Meeting - Use VC, Teams for meeting

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Roaster and Work from home depending on severity of cases in the cities where we operate.

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Distancing of employees at all time – Entry, Lunch

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Entry of Visitors, including inter-location is banned across all locations.

Control Unnecessary Internal Movement

Download the Arogya Setu App and keep your Bluetooth on to be alert and safe

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Measures taken by the Company

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1. For Employee

2. a. Vaccination for all 15,000 + permanent and temporary workforce .

3. b. Medical Tele-Consultation for the entire family of Permanent Employees

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• c. Emergency Response Teams at group and regional level to support employees

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• d. Awareness & Wellness Session for

  • a. Covid Awareness

  • b. Mental Wellness

• Most of the Plant still in operation to support customers.

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1. Engaging with Blue Collar associates and prepared contingency plan so that no shortage of skilled manpower.

The Company is putting its effort to effectively manage the situation with utmost focus on the Employee Health & Safety

Page 2 of 47

Earnings Presentation

Consistent and Sustainable Market Beating Profitable Growth

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Rs. million
48%
7,941
7,398
6,561
• Highest Ever : Quarterly Operating 5,364 5,436 5,585
EBITDA Revenue of Rs. 7,941 million with growth
of 48.0% on Y-o-Y basis
Margin
11.2% • Highest Ever: Quarterly Absolute Q4FY21 Q4FY20 Q3FY21 Q3FY20 Q2FY21 Q2FY20
EBITDA of Rs. 890 million and margin
improves by 390bps on Y-o-Y basis 890 818
128% 726
665 671
PAT Margin • Highest Ever: Quarterly PAT from 390
6.8% continuing operations of Rs. 546 million
Q4FY21 Q4FY20 Q3FY21 Q3FY20 Q2FY21 Q2FY20
546
495
446 431
258
On Sequential Basis, Delivers Third Successive Quarter of 169
Improved Double-Digit EBITDA Margins of 11.2% with Focus
on Consistent and Sustainable Market Beating Growth Q4FY21 Q4FY20 Q3FY21 Q3FY20 Q2FY21 Q2FY20
Revenue Trend
EBITDA Trend
PAT Trend
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Page 3 of 47

Earnings Presentation

*PAT is from continued operations

Customer Trust on New Technology Product

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Customer Won
Premiumisation Lightweight and Increased
Electronics Content offerings in existing
products
Keyless solution (Knob Type, Push type, integrated ESCL)
BSVI & EV Wiring Harness Digital Clusters Connected Clusters Bracket less
Door Handles Low Cost Immobilizer Oil pan etc
Keyless solution (with BLE, NFC), Cyber Security Power tail gate etc
Connected, Safety, Electronic, EV products
for existing & future segment:
2W ADAS
DC-DC Convertor Telematics ITS MFECU Antenna EGT Sensors
Battery Charger Motor Controller BMS ADAS
Text in Green Ready
Earnings Presentation Page 4 of 47
Text in Grey In Progress
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Tesla’s 3 Pronged Approach

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Quarter & Full Year Updates Q4 & FY21 Performance  Innovation and Focus Areas  Company Snapshot  CSR, ESG and Awards  Financials in Details 

Highlights of Q4 & Revenue Breakdown of FY21

Consistent & Sustainable Results with Focus on Right Risk Adjusted Capital Allocation

Revenue Breakdown FY21 (and FY20)

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By Geography By End Market
1. South East Asia Passenger
Best Ever Quarterly Profitability Delivered After Market
4.9% Vehicles
Europe & North America 15.7%
11.0%
9.3%
6.1% 13.6% 9.8%
9.0%
2. Lifetime Order win of Rs.10,487 million in
the Quarter Commercial
Vehicles 23.2%
20.9%
53.4%
84.9%
2-3 Wheelers
India
3. TLA for ADAS Technology with ISRAEL 85.8% 52.4%
Company Ride Vision for 2 wheeler
By Business Verticals
Start of Production from new Plant in
4.
Gujarat for Interior Plastic Division Information &
Connected
Systems 42.7% Mechatronics
42.3%
57.3% + AfterMarket
5. Enhancing the Sustainability Focus. 57.7%
Notes:
• Outside Ring: FY21
• Inside Ring: FY20
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Page 6 of 47

Earnings Presentation

Indian Automotive Industry Performance – FY21 & Q4 FY21

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FY21 Growth Commentary
Auto Industry
(12.9)%
(12.8)%
271.25236.14 • Q4FY21 saw year on year growth
210.33183.50 across Auto industry as general macro-
environment improved and also due to
(46.1)% (10.6)% lower base of last year.
24.1% (17.4)%
7.78 9.65 7.57 6.25 11.33 6.11 34.25 30.62 • Positive attraction in certain segment
due to:-
Tractors CV 3 W PV 2 W Auto Industry
•
Economy picking up pace
FY20 FY21 •
Preference for personal transport
Q4 FY21 Growth Auto Industry • Agriculture sector growing
28.2%
29.0% 74.43 • Volumes still impacted by:-
56.49 58.05 • Lower consumer sentiment
43.79
52.9% (16.2)% 27.2% • Certain segment like Buses and 3
51.2% wheeler still impacted by social
8.31 10.56 distancing norms.
1.93 2.95 1.56 2.35 2.47 2.07
Tractors CV 3 W PV 2 W Auto Industry
Q4FY20 Q4FY21
Source: SIAM and TMA India (Production Volumes in Millions)
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Page 7 of 47

Earnings Presentation

Consolidated Performance – Q4 & FY21

	Q4	Q4	Q3	Full Year	Full Year
(Rs. Million)	FY21	FY20	FY21	FY21	FY20
Operating Revenue Growth EBITDA Margin (%) Profit Before Tax (PBT) Margin (%) PAT from continuing operations Margin(%)	7,941	5,364 48.0% 390 7.3% 239 4.3% 169 3.1%	7,398 7.3% 818 11.1% 632 8.4% 495 6.6%	23,679	22,226
					6.5%
	890			2,170	2,454
	11.2%			9.2%	11.0%
	702			1,247	1,749
	8.8%			5.2%	7.7%
	546			935	1,356
	6.8%			3.9%	6.0%

Board of Directors has announced final dividend of 17.5% on face value i.e. Rs. 0.35 per share

Page 8 of 47

Earnings Presentation

Consolidated Performance – Q4 & FY21

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Quarterly
(in Rs. mn)
7,941
7,398
5,364
Q4FY21 Q4FY20 Q3FY21
890
818
11.2 390
% 11.1
7.3% %
Q4FY21 Q4FY20 Q3FY21
546 495
6.8% 6.6%
169
3.1%
Q4FY21 Q4FY20 Q3FY21
Revenue
EBITDA
Net Profit
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Earnings Presentation
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*PAT is from continued operations

Commentary – Q4 FY21 vs Q4 FY20

Overall Revenue of Rs. 7,941 million showed growth of 48.0% due to

• Transition from B-IV to BS-VI led by increased wiring harness content in 2W category

• Increase in Aftermarket Sales and Exports

EBITDA margin at 11.2% in Q4 FY21 :–

• Positively by operating leverage and cost control measures like reduction in fixed cost.

• Adversely by lag of raw material indexation, product mix, labor productivity and transition to BS VI

• Highest Ever Quarterly Net Profit of Rs. 546 million from continued operations • Share of profit in JV of Rs. 57.4 million as against profit of Rs.19.9 million

Full Year

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23,679 22,226
FY21 FY20
2,454
2,170
11.0%
9.2%
FY21 FY20
1,356
935
3.9% 6.0%
FY21 FY20
Revenue
EBITDA
Net ProfitNet Profit
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Page 9 of 47

Business Verticals Performance – Q4 & FY21

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Commentary – Q4 FY21 vs Q4 FY20
(in Rs. mn) Quarterly (in Rs. mn) Full Year
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Mechatronics, Aftermarket and Others Information & Connected Systems	4,456 3,248 4,376 14.3% 10.7% 13.8% Q4FY21 Q4FY20 Q3FY21 3,484 2,115 3,022 7.2% 2.1% 7.1% Q4FY21 Q4FY20 Q3FY21	Mechatronics and Aftermarket: • The growth in revenue better than Industry was supported by higher aftermarket and exports sales • EBITDA margin at 14.3% due to • Favorable impact of higher aftermarket, export sales and various cost cutting measures across the divisions • Adversely impacted by RM Indexation Information & Connected Systems • The growth in revenue better than Industry was supported by higher content increase in 2W due to BS VI • EBITDA margin at 7.2% due to • Improved QoQ due to improvement in labor productivity, operating leverage, favorable product mix and tight control on fixed cost • Opportunity for improvement as it is impacted by lag of RM indexation, BS VI transition cost, labor productivity lower as compare to BS IV	Mechatronics and Aftermarket Information & Connected Systems* Mechatronics, Aftermarket and Others Information & Connected Systems	13,653 12,732 11.8% 13.4%
				FY21 FY20 10,026 9,494 5.6% 7.9%
				FY21 FY20

Revenue & EBITDA margin improvement seen on Q-o-Q basis for all the Vertical

Page 10 of 47

Earnings Presentation

Consolidated Leverage Position

Particulars (Rs. mn)	Mar 31st, 2021	Mar 31st, 2020
Net Worth	11,466	9,751
Gross Debt	4,832	5,320
Less: Cash & Cash Equivalents (Inc. FDR)	4,993	4,724
Net Debt	(161)	596
Net Debt / Net Worth	-	0.06 x

Particulars	Mar 31st, 2021	H2 FY21 Annualised	Mar 31st, 2020
ROCE	12.0%	24.4%	17.8%
Working Capital Days	46	36	33

Note: ROCE excluding Exceptional Items and interest on fixed deposit

Both the Rating Agencies reaffirmed the Rating in the month of June’20

Both the Rating Agencies reaffirmed the Rating in the month of June’20	Both the Rating Agencies reaffirmed the Rating in the month of June’20	Both the Rating Agencies reaffirmed the Rating in the month of June’20
RatingAgencies	Instrument	Rating
India Ratings & Research	Term Loan	IND AA- / Stable
	Working capital limits (Fund-based and Non-fund-based)	IND AA-/Stable/IND A1+
	Commercialpaper	IND A1+
CRISIL	Long Term	CRISIL A+/Stable
	Short Term	CRISIL A1

Page 11 of 47

Earnings Presentation

Aftermarket

Head Quarter : In Noida Regional Office: Mumbai, Chennai, Kolkata and Jaipur Team Strength: 160+ employees

Distribution Network: 450+ Business Partners Retailer Network: 10,000 + retail reach across India Spread: PAN India and in SAARC Region

Sales Trend (Rs. Mn)

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3,609
2,800 2,957 2,908
FY18 FY19 FY20 FY21
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Key Segment of Focus

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o 2 Wheelers
o 3 Wheelers
o Passenger Vehicle
o LCV (< 1 Ton)
o M & HCV (> 1 Ton)
Vehicle Segments o Tractors
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Sales by Product Range

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Alternator & Startor Motor, Others
Bearing &
11%
Break Shoe
5%
Cable, CDI
& Filter
Locks
7%
56%
WH, Instrument & Wiper
21%
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Revenue Mix
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NPD,
24%
Core,
76%
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Page 12 of 47

Earnings Presentation

Joint Ventures /Partners

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JointVentures withLeading Global Firms Rs. mn
Vehicle Access Systems Technology
Stoneridge Inc. USA Furukawa Electric Co. Ltd. JAPAN
(VAST) LLC, USA
2004 2015 2007
51% ownership 50% ownership 25% ownership
(Minda Stoneridge Instruments Ltd) (Minda Vast Access Systems Pvt. Ltd) (Furukawa Minda Electric Pvt Ltd)
Information & Connected System Mechatronics Information & Connected System
1629
1439
3,974
3,891 11.6% 3,810 11.0% 3,228 9.9%
(1.9)% (3.9)% (4.6)% 395
452 420
(27) (63) (148)
FY2021 FY2020 FY2021 FY2020 FY2021 FY2020
Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin
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Page 13 of 47

Earnings Presentation

Business Performance – Q4 FY21 Order Won

Rs. 10,487 mn Order Won Q4FY21

Rs. 66,747 mn Order Won FY21

Rs. 41,848 mn Rs. 24,899 mn Replacement Business New Business Lifetime Order Won Lifetime Order Won

Rs. 3,493 mn Rs. 6,994 mn Replacement Business New Business Lifetime Order Won Lifetime Order Won

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Information & Connected
Mechatronics Plastics & Interiors
Systems
Rs. 6,559 mn Rs. 3,106 mn Rs. 794 mn
Q4 Lifetime Order Won Q4 Lifetime Order Won Q4 Lifetime Order Won
49% 88% 100%
51% 12%
New New New
Replacement Business Replacement Business Business
PV
10.4%
Offroaders
2W/3W 14.5%
Tier1 35.5% 2W/3W
49.4%
51.6% CV 100%
25.7% Passenger Vehicles
PV
3,373 CV 1,706
9.7%
3.2%
1,530 541
751
401
DCD SSD MVAST ASEAN WH MSIL
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Others Rs. 28 mn Q4 Lifetime Order Won 100% New Business 100% Commercial Vehicles

Rs. 907 mn FY21 Lifetime Order Won

Rs. 1,278 mn FY21 Lifetime Order Won

Rs. 25,139 mn FY21 Lifetime Order Won

Rs. 39,424 mn FY21 Lifetime Order Won

Page 14 of 47

Earnings Presentation

Exports Order won in Q4 FY21 is Rs. 2,418 mn in various verticals

Narrowing Focus & Deepening Capabilities

Enhancing the Core

1. Operational Partnership with PHI Capital

2. Cost leadership position in Operations.

3. Greater focus in Manufacturing Excellence & Sourcing

4. Improving

5. a) Working Capital

6. b) Employee Cost c) Raw Material Cost

7. Strengthening the management team

8. Bring back Wiring Harness division to closer to double digit EBITDA margin.

9. Strengthening the ESG framework in the Company

10. Setting up of a New Division i.e. Electronic Manufacturing Excellence

11. Greater share of business from Export & Aftermarket

12. Right Capital Allocation.

Creating Value

Technology & Digitization

1. Achieve Thought leadership position in Technology 2. TLA with Israel based Ride Vision for 2W ADAS

2. Filling of 15 Patent in FY21 and total patent is 166

3. Incorporation of Spark Minda Green Mobility Company.

4. Enhancing Testing & Validation Capability in Electronics.

6. EV

Customer Centricity

• Commercial Production of new products like ITS 2.0, DC-DC Convertor, Connected Clusters etc

• New plant in Gujarat for Interior Plastic Division & Expanding capacity in Mysore & Pune

• Strengthening KAM structure for customers 4. Focus on Premiumisation, increasing Kit value and Content per vehicle

• More products per customer, More customers per product

• Increasing Market Share, Wallet share & Order book Page 15 of 47

Earnings Presentation

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Innovation and Focus Areas: Research & Development Capabilities

Global Megatrends Impacting Indian Auto Industry

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Global Trends
Urbanization
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Digitization
Rising GenZ
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Sustainability
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Trends Impacting India
Connectivity & Shared Mobility Vehicle Electronification Vehicle & Passenger Safety
Vehicular Emission Vehicular Light-weighting Human Machine Interface
Big Data & Digitization Virtual Assistants E-Mobility
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Earnings Presentation

The one put in green circle are the trends where the Company is working.

Trends and our offerings

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Global Trends
Connectivity
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Autonomous
Shared Mobility
Electrification
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Trends Impacting India & Our Offerings
Connectivity &
Safety Light-weighting
Shared Mobility
Telematics Airbag Wiring
Antennas Cylinder Head Al Die-Casting Parts
2W ADAS Harness
Connected Digital
ITS Cluster Cyber Security Oil Pan Battery Tray
Electronification Emissions Green Mobility
Keyless Entry Battery Motor DC to DC
Solutions Immobilizer Wiring Charger Controller Converter
Powertrain
Harness
Sensors
Compressor BMS VCU
MFECU/BCM TFT Cluster Housing Motor
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* Under Development ITS: Intelligent Transportation System MFECU/BCM: Multi-Function Electronic Control Unit/Body Control Unit BMS: Battery Management System VCU: Vehicle Control Unit

Page 18 of 47

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

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

SPARK MINDA Technical Centre (SMIT)

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Sparkparkark Minda Technical Centre,, Pune EMI/EMC Lab Anechoic Chamber
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Sparkparkark Minda Technical Centre,, Pune EMI/EMC Lab Anechoic Chamber
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• Over 130 patents.  End-to-End Product Development.

• Semi-Anechoic EMI/EMC Component Test Facility

• Complete ownership of product throughout PLC.

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Concept to RealizationConcept to Realization
Ideation Architecture, Design Testing Production Training
and R&D and and and Release & Release and
Conceptualization Prototyping Development Assurance Management Product Support
Software Hardware
MBD EMI/EMC Validation FE Simulation
Development Development
e
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 Platform Design & Development Capability.
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• Product Specific Custom Made DV/PV Test Set up

 Embedded Development & Simulation Tools Availability

ACCREDITATIONS

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Page 20 of 47

Earnings Presentation

Electric Vehicle:- Its an Opportunity and not a Threat

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Connected Cluster
Most of our
Product is Electric
Glovebox
Seat Actuator
Actuator Keyless Entry Systems with ESCL Vehicle Agnostic and it
only enhances the
. content.
Battery Charger
Telematics
DC to DC Converter
Die Casting Products
Motor Controller Sensors (Temperature,
Position etc…)
Battery Management System
VCU Wiring Harness ESCL: Electronic Steering Colum Lock
Electric Vehicle Components Mechatronics Information and Connected Systems Plastics & Light Weighting
Earnings Presentation Confidential | Copyrights Reserved @ Spark Minda Group, all rights of disposal such as copying and passing on to third parties Page 21 of 47
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Page 22 of 47

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Company Snapshot

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.

*It includes revenue from JVs also

Schematic Representation of Minda Corporation

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Promoter Share Holding Public & Other Share Holding
64.7% 35.3%
Minda Corporation Limited
Overseas
Domestic Operations India JV’s
(100% owned)
⚫ ASEAN Group ⚫ Safety Security Division ⚫ Minda Stoneridge (51%)
⚫ Die Casting Division ⚫ Minda VAST (50%)
⚫ Starter Motors & Alternators Division ⚫ Furukawa Minda (25%)
⚫ Wiring Harness Division
⚫ Interior Plastic Division
⚫ Aftermarket Division
⚫ EME Division
FY2021 Revenue : ~Rs. 1,091 mn ⚫ Spark Minda Green Mobility Company FY2021 Revenue : ~Rs. 8,558 mn
FY2021 Revenue : ~Rs. 22,888 mn
Information and Connected Electronic Manufacturing
Mechatronics Interiors & Plastics Aftermarket
System Excellence
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Page 25 of 47

Earnings Presentation

Key Products across various Business Verticals

Mechatronics Ignition (Business Vertical1) Switch Smart Immobilizer Aluminum Compressor Mechatronics Cum Key System Die Housing Alternator Starter Handles Steering System Casting Motor ~~Lock~~ Information & Connected Systems Wiring Steering Roll Junction EGT & PM / SOOT (Business vertical 2 ) Speedometer Harness Connector Box Speed EGRT Sensor Plastics &Interiors ( Business vertical 3 ) Steering Seat Structural Oil Cylinder Battery Cup Holder Ash Tray Louvers Glove Box Column Panel Parts Sump Head Tray Shroud Electronics Aftermarket Manufacturing BCM/MFECU ( Business vertical 4 ) Excellence Antenna Spares of BV1 &BV2 DC/DC & Chargers Products ITS Telematics

Diversified portfolio for Indian & International market !!

Page 26 of 47

Earnings Presentation

Page 27 of 47

Key Customers

2-3 Wheelers Commercial & Off Passenger Vehicles Highway Vehicles

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Other Market
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Earnings Presentation

(AC Consulting & Investments, Wabco, Faurecia, Delphi, GeneralMotors etc.)

(Plastic Omnium, Ashok Leyland, Varroc etc.)

(Lohia Global, Greaves Cotton, Tractor India etc.)

(JKEKT, Genavco LLC, Toyota Kirloskar, ARB Bearings etc.)

(Cummins India, Tata Group.)

Ms. Pratima Ram Non-Executive - Independent Director On the Board of Havells India, Suzlon Energy, Deccan Gold Mines Limited, SF Forge Limited

& CFO

Shareholding Pattern

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Total no of Shareholders As on 31 [st] March 2020 As on 31 [st] March 2021
Corp Bodies/ Others Corp Bodies/ Others
4.4% 3.7%
49,201 Retail Retail
35,363 15.1% 14.6%
Institutions Institutions
14.0% 17.0%
Promoters
66.5% Promoters
64.7%
Mar-20 Mar-21
Outstanding Shares Market Capitalization 52 Week High/Low
23,90,79,428 2,407.53 Cr High: 113.90
(As on March 31 [st] 2021) (As on March 31 [st] 2021) Low: 53.8
MDA:IN MINC.NS 538962 MINDACORP
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*As on 7[th] May 2021

Page 31 of 47

Earnings Presentation

Value Proposition

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High value, technologically advanced products; global presence with 33 plants

Cost leadership in manufacturing and Thought leadership position in Technology

Offering Advanced Technology products and System Solution in Light weighting, Active Safety, Connected, Electronification, and EV

Technological tie ups with global automotive component manufacturers Well diversified customer base, product portfolio and business segments

Low leverage providing significant flexibility for organic / inorganic growth

Four-tier Governance Structure to excel in Corporate Governance

Higher Focus on Sustainability by Strengthening the framework of ESG

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Page 32 of 47

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CSR, ESG and Awards

Sustainability Framework

Page 34 of 47

Earnings Presentation

People, Planet & Profit

The Spark Minda Foundation worked on multiple social initiatives to help different aspects of the society during the Year FY21

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Shakti Project Launched in collaboration with Indian Vision Foundation and Prison Authorities of Haryana

WOW project launched in Collaboration with HP, BSG and NIIT

Cooked food package were distributed in Khed, Pune and to PWDs in collaboration with CII and District Administration

Blood Donation camp was organised at MCL Pantnagar .

Aakarshan (Skill Development Programme started on virtual platform ) completed its virtual classes(FY20-21) with 1498 learners

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1197 People Covered

Eye check-up camp and menstrual hygiene camp organised in Bagla, Hisar-

539 People Covered

Eye check up camp was organised Pantnagar in collaboration with HelpAge India-539 people covered.

113 People Covered

Health check-up camp organised with GCO at Aakarshan, Haryana - 113 people covered .

300 families

Kits distributed to families in Jammu under Sadhbhavana project, which is in collaboration with the Indian Army

Around 20,000

masks are distributed till date.

Page 35 of 47

Earnings Presentation

Awards & Achievement

Our continues effort towards providing worker friendly environment and providing clients with superior quality product with effective cost efficiencies have been recognized and awarded by multiple organization

Worker Friendly

• Awarded ‘20 Best Companies To Work For In 2020’ by CEO Insights

• Minda Corp-Aftermarket division wins 3[rd] position in ACMA 1[st] northern regional Best HR Practices Competition

• Spark Minda wins 1[st] runner up position for ASSOCHAM Diversity & Inclusion Excellence Awards 2020

• SMIT – HR team wins People First HR Excellence Awards 2020

Effective Management

• MSIL awarded 17[th] National awards for excellence in cost management by ICAI (3[rd] position)

• Quality circle Award for FY 2019-2020

• Minda Stoneridge receives Q1 Award, highest designation for a Supplier from Ford Motor

• •Minda Stoneridge Instrument won numerous awards at QCFI Kaizen Competition

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Page 36 of 47

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Financials in Details

P&L

	Full Year	Full Year	Full Year	Full Year
(INR Mn)	FY21	% of Revenue from Operations	FY20	% of Revenue from Operations
Revenue from Operations	23,679	100.0%	22,226	100.0%
Expenses	14,926 3,827 2,757 21,509	63.0% 16.2% 11.6% 90.8%	13,384 3,566 2,821 19,771	60.2% 16.0% 12.7% 89.0%
Raw Materials Cost
Employee Benefit Expenses
Other Expenses
Total Expenses
EBITDA	2,170	9.2%	2,454	11.0%
Other Income Depreciation and Amortisation	332 936	1.4% 4.0%	426 866	1.9% 3.9%
EBIT	1,566	6.6%	2,014	9.1%
Finance Costs Share of profit / (loss) of joint ventures	358 39	1.5% 0.2%	389 125	1.8% 0.6%
Profit Before Tax - from Continued Operations	1,247	5.3%	1,749	7.9%
Tax Expenses	312	1.3%	394	1.8%
Profit After Tax - from Continued Operations	935	3.9%	1,356	6.1%
Exceptional Item Profit from discontinued operations (net of taxes)	- 10	- 0.0%	(2,933) (361)	(13.2)% (1.6)%
Profit After Tax	945	4.0%	(1,998)	(9.0)%

Page 38 of 47

Earnings Presentation

Balance Sheet

Assets (INR Mn)	As at 31 March 2021	As at 31 March 2020
Non-current Assets Property, Plant And Equipment Capital Work-in-progress Goodwill Intangible Assets Financial Assets I. Investments Ii. Loans Iii. Other Financial Assets Other Non-current Assets	5,745 178 299 83 1,805 132 5 190	5,292 285 299 110 1,761 115 2 165
Total Non-current Assets	8,436	8,028
Current Assets Property, Plant And Equipment Capital Work-in-progress Inventories Financial Assets I. Trade Receivables Ii. Cash And Cash Equivalents Iii. Other Financial Assets Other Current Assets	- - 3,959 - 4,420 4,993 708 782	1,928 1 3,949 - 3,898 4,724 64 694
Total Current Assets	14,862	15,256
Total Assets	23,298	23,285

Equity and Liabilities (INR Mn)	As at 31 March 2021	As at 31 March 2020
Equity Share Capital Other Equity	478 10,988	453 9,298
Total Equity	11,466	9,751
Liabilities Non-current Liabilities Financial Liabilities I. Borrowings Ii. Lease Liability Other Non-current Liabilities	933 298 314	1,150 376 333
Total Non-current Liabilities	1,545	1,859
Current Liabilities Financial Liabilities I. Borrowings Ii. Lease Liability Ii. Trade Payables Ii. Other Financial Liabilities Other Current Liabilities	3,070 147 4,847 1,698 525	3,124 506 5,093 1,654 1,297
Total Current Liabilities	10,287	11,675
Total Liabilities	11,831	13,533
Total Equity And Liabilities	23,298	23,285

Page 39 of 47

Earnings Presentation

Cash Flow

(INR Mn)	FY 2021	FY 2020
Operating Cash Flow Change in Working Capital	2,145 (1,078)	2,715 2,307
Cash Generated from Operations	1,067	5,022
Income Tax Paid	(212)	(519)
Net Cash generated from Operations	855	4,504
Capex	(1,306)	(1,461)
Free Cash Flow to Firm	(451)	3,043

Page 40 of 47

Earnings Presentation

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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 / Vikas Luhach Churchgate Partners minda@churchgatepartners.com +91 22 6169 5988