UNO Minda Limited — Investor Presentation 2020

Jun 29, 2020

==> picture [174 x 75] intentionally omitted <==

Minda Industries Ltd Investor Presentation – June 2020

==> picture [582 x 516] intentionally omitted <==

----- Start of picture text -----

1/4
----- End of picture text -----

Safe Harbor

2 / 43 2/6 2/49

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.

3 / 43 3/6 3/49

Quarterly Update Presentation

Impact of COVID-19

4 / 43 4/6 4/49

Impact on Operations

Financial Position

==> picture [66 x 70] intentionally omitted <==

==> picture [65 x 70] intentionally omitted <==

Supply Chain & Vendor Employees Management

• •Most of our staff have been working from home. Employees have been provided with appropriate infrastructure to facilitate work from home

• •Suppliers and trade partners have resumed production in line with business requirements

India Operations

• •Currently in comfortable liquidity position to meet its financial and other commitments

• •Suspended post lockdown announced in March 2020, certain plants resumed partially in last week of April 2020 and certain plants in May 2020

  • •Provided guidelines and Training to vendor partners, thereby helping them to implement COVID guidelines

• •Will continue to monitor the liquidity situation and take appropriate measures

• •All the facilities are now operational with capacity in range of 30-40%, plants are being run efficiently

  • •Digital medium of communication has been used extensively and the organization as a whole has evolved to work under the new normal

• •The reverse migration of the migrant workforce poses challenges in in the mid-term

• •Reasonably certain that it will be able to adapt quickly to the changing business landscape

International Operations

  - •Working with our service vendors to •The organization had utilized this ensure deployment of workforce as time productively by providing and when the demand situation extensive online professional picks up Training and Development programs, which has been well received

• •At present, we do not anticipate that any contract /agreements will have significant/ material impact on the business in case of non-fulfilment of obligations by any party

• •All facilities are now operational

• •Facilities were earlier closed in Spain, Mexico, Vietnam and Indonesia; due to government-imposed lockdown

• •Our design and engineering centers in Germany, Spain and Japan have resumed operations

Safety Measures taken by the company

5 / 43 5/6 5/49

==> picture [222 x 188] intentionally omitted <==

Temperature Checks at the Entrance

==> picture [222 x 187] intentionally omitted <==

==> picture [222 x 188] intentionally omitted <==

Meetings by ensuring safe distancing and in small groups

==> picture [222 x 187] intentionally omitted <==

----- Start of picture text -----

1.5 m
----- End of picture text -----

==> picture [222 x 188] intentionally omitted <==

Sanitizing station defined before entry in Plant

==> picture [222 x 188] intentionally omitted <==

Canteen Area with Social distancing

Social distancing marking die makers locker area

Increased the space between workstations to 1.5 meters

Performance Highlights for the Q4 2020

6 / 43 6/6 6/49

==> picture [112 x 111] intentionally omitted <==

Favourable Factors

• Improved performance from leading 4W OEM’s in January and February 2020 .

Delvis has been consolidated for the full quarter

• NCLT has approved the amalgamation scheme for

• merger of 4 WOS with MIL

==> picture [112 x 111] intentionally omitted <==

Un-Favourable Factors

Lockdown due to COVID-19 Pandemic

Lower capacity utilization due to weak demand from select OEMs

Adverse exchange rate impact

7 / 43 7/6 7/49

Consolidated Financial Highlights

Revenue (Rs. Cr)

==> picture [350 x 174] intentionally omitted <==

----- Start of picture text -----

-10%
1,486
1,339 Adjusted growth
(7.2%)
(40) Cr HBA
restructuring
Q4 FY19 Q4 FY20
----- End of picture text -----*

PAT* (Rs. Cr)

==> picture [256 x 158] intentionally omitted <==

----- Start of picture text -----

-83%
76
13
Q4 FY19 Q4 FY20
----- End of picture text -----

EBITDA (Rs. Cr)

==> picture [385 x 204] intentionally omitted <==

----- Start of picture text -----

-34%
185 Adjusted EBIDTA
122
for Forex
68
(127 Cr.)
20
82
97
21
19
Q4 FY19 Q4 FY20
PBT Interest Depreciation
----- End of picture text -----

Margin (%)

==> picture [322 x 170] intentionally omitted <==

----- Start of picture text -----

12.47%
9.11%
5.14%
0.98%
Q4 FY19 Q4 FY20
----- End of picture text -----

EBITDA PAT *

• PAT = PAT ( before Minority Interest)

8 / 43 8/6 8/49

Revenue Bridge – Q4 FY & FY20

Rs. Crs

==> picture [872 x 204] intentionally omitted <==

----- Start of picture text -----

1,486
(43) (53)
(43)
(61) 1,339
(31) 29
Q4 FY19 Switch Light Metal Light Horn Others Q4 FY20
Technology
Quarter 4
----- End of picture text -----

==> picture [872 x 198] intentionally omitted <==

----- Start of picture text -----

5,908
(261)
(127) 5,465
(70) (64) 79
FY19 Switch Light Metal Light Horn Others FY20
12 Months
----- End of picture text -----

Light Metal Technology

Light

9 / 43 9/6 9/49

Business Review

2W Switch: Secured orders from leading American OEMs Switches 01 4W : Mindarika to supply switches to Hyundai in Turkey and Indonesia

All the plants are now operational 2W lamps –Lamps for TVS EV platform, LED lamps for Honda Dio Lighting 02 4W business has been awarded new LED lamp business from MSIL & TKML

Domestic business secured orders for Electronic Horns from CV OEMs like TML / M&M Acoustics 03 Clarton Horn has bagged new orders from Ford in Mexico / spain Casting business has successfully developed 25 new parts for BS Vi application Light Metal Technology 04 2W Alloy Wheel Project: Trial Runs started / SOP expected in August

Bagged orders for wireless Chargers from MSIL on upcoming Platform Others 05 Sensors Plant has been commissioned, additional sale of Rs.300 cr expected over 2 next years.

10 / 43 10/6 10/49

Business wise Revenue Mix

==> picture [144 x 15] intentionally omitted <==

----- Start of picture text -----

Revenue – Q4FY19
----- End of picture text -----

==> picture [833 x 360] intentionally omitted <==

----- Start of picture text -----

Revenue – Q4FY20
Others
Others
13%
16%
Switches
37%
Switches
39%
LMT
14%
LMT
13%
Acoustics
Acoustics
12%
13%
Lighting
Lighting
21%
23%
----- End of picture text -----

11 / 43 11/6 11/49

Revenue Mix – Q4 FY20

Geography-wise Breakup

India International

==> picture [10 x 9] intentionally omitted <==

==> picture [187 x 187] intentionally omitted <==

----- Start of picture text -----

18%
82%
----- End of picture text -----

Channel-wise Breakup

OEM Replacement

==> picture [9 x 9] intentionally omitted <==

==> picture [190 x 190] intentionally omitted <==

----- Start of picture text -----

13%
87%
----- End of picture text -----

Segment -wise Breakup

2Wheeler 4Wheeler

==> picture [9 x 9] intentionally omitted <==

==> picture [110 x 193] intentionally omitted <==

----- Start of picture text -----

52%
----- End of picture text -----

Diversification across Categories and Geographies

12 / 43 12/6 12/49

Mergers & Acquisitions: Status Update

Acquisition completed on December 12, 2019. It has been consolidated for full DELVIS Acquisition quarter in Q4 2020 Harita Seating NCLT final hearing is scheduled July 23, 2020. All approvals in place Sytems Merger Completed. Results consolidated for this quarter. Merger of 4 WOS Acquisition-cum- Scheme filed with the exchanges for their feedback Merger of Minda iConnect

13 / 43 13/6 13/49

Consolidated Profit & Loss Statement

Particulars(Rs. Cr)	Q4 FY20	Q4 FY19	YoY %	Q3 FY20	QoQ %
Revenue from Operations(Net of Excise)	1,338.97	1,486.46	-10%	1,326.84	1%
Raw Material Employee Cost Other Expenses	801.91	898.97 202.52 199.6		795.36
	214.37			208.88
	200.7			159.24
EBITDA EBITDA Margin	121.99	185.37 12.47%	-34% (336) Bps	163.36	-25% (320) Bps
	9.11%			12.31%
Other Income Depreciation	15.96	13.07 68.18		11.3
	81.69			75.06
EBIT EBIT Margin	56.26	130.26 8.76%	-57% (456) Bps	99.60	-44% (330) Bps
	4.20%			7.51%
Finance Cost	20.98	20.43		21.58
Profit before Share of Profit/Loss of JVs and Tax PBT Margin	35.28	109.83 7.39%	-68%	78.02	-55%
	2.63%			5.88%
Exceptional Item	-8.9	0		-5.17
Tax	13.26	33.39		19.4
Profit before Share of Profit/Loss of JVs	13.12	76.44	-83%	53.45	-75%
Share of Profit/Loss of JVs	-0.28	8.34		1.00
Net profit/(loss) after share of profit/(loss) of associates / joint ventures (A) PAT Margin %	12.84	84.78 5.70%	(474) Bps	54.45	(314) Bps
	0.96%			4.10%
PAT attributable to: - Owners of MIL - Non Controlling Interests Other Comprehensive Income		73.5 11.28 -4.1	-90%		-84%
	7.29			44.73
	5.54			9.72
	1.88			-0.31
Total Comprehensive Income for MIL TCI Margin %	9.15	69.47 4.67%	-87%	44.39	-79%
	0.68%			3.35%
Total Comprehensive Income for Non ControllingInterests	5.56	11.21		9.75

14 / 43 14/6 14/49

==> picture [511 x 487] intentionally omitted <==

About Us

UNO MINDA: A Leading Auto Components Player

15 / 43 15/6 15/49 15/49

==> picture [222 x 344] intentionally omitted <==

₹ 72B 62 17 5 ($ 1.0 B) Joint Ventures/ Group Turnover (FY20) Plants Globally Associations Acquisitions 10+ 20+ 260+ 250+ R&D Centers Design Globally Product Lines Product Patents Registrations ₹ 75B *($ 1 B) 75+ 22000+ MIL Market Cap (Flagship Co.) Amongst NSE Top 150 Midcap Cos. Expats (In India) Employees

Confidential

16 / 43 16/6 16/49 16/49

Vision and Values

==> picture [960 x 24] intentionally omitted <==

To be a Sustainable Global organization that enhances value for all its Stakeholders , attains Technology Leadership and cares for its people like a Family.

==> picture [496 x 268] intentionally omitted <==

----- Start of picture text -----

Customer is
Supreme Live Quality
Encourage
Creativity and
Innovation to drive
Respect for Respect for work-place people process &
Individual Ethics products
----- End of picture text -----

17 / 43 17/6 17/49 17/49

UNOMINDA : Uniquely Positioned

==> picture [960 x 24] intentionally omitted <==

Long Standing Relationships with OEMs 6 Decades of Preferred Supplier status with Major OEMs across all segments

Strategic Manufacturing Locations Located in all Automotive hubs in India, Growing Global Presence

Strategic & Technology Driven Alliances With Global Technology Leaders supporting various Product Lines

Strong R&D Capabilities R&D Centres at ten locations Globally

Extensive Aftermarket Distribution Network 1000+ Business Partners and 50,000+ touch points

Product portfolio Agnostic to Fuel system 95% of products are agnostic to fuel system change

17

18 / 43 18/6 18/4918/49

The Leadership Team

*** Board of Directors**

==> picture [78 x 79] intentionally omitted <==

==> picture [80 x 79] intentionally omitted <==

==> picture [80 x 79] intentionally omitted <==

Mr. Satish Sekhri

Mr. Anand K Minda

Mr. Nirmal K Minda

Chairman & Managing Director

==> picture [78 x 81] intentionally omitted <==

==> picture [81 x 79] intentionally omitted <==

Mr. K K Jalan

Mrs. Pravin Tripathi

==> picture [80 x 79] intentionally omitted <==

==> picture [79 x 80] intentionally omitted <==

Dr. Chandan Chowdhary

Mrs. Paridhi Minda

==> picture [31 x 478] intentionally omitted <==

Top Management Team

==> picture [81 x 79] intentionally omitted <==

==> picture [78 x 78] intentionally omitted <==

==> picture [80 x 79] intentionally omitted <==

==> picture [80 x 79] intentionally omitted <==

Mr. Pradeep Tiwari

Mr. Sunil Bohra ED & Group CFO

Mr. Anand K Minda

Mr. Rajiv Kapoor

ED & CEO – Aftermarket ED & Group HR ED & CEO, EU and Americas Domain Head Domain

==> picture [79 x 80] intentionally omitted <==

==> picture [80 x 81] intentionally omitted <==

==> picture [80 x 79] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

Mr. Naveesh Garg ED & Group CSO, Chief Marketing Officer

Mr. Sudhir Kashyap Mr. Ravi Mehra ED & CEO, Electrical ED & CEO , Interior, Controls & Electronics Domain & Safety Domain

Mr. Kundan K Jha

ED & CEO, Light Metal Technology Domain

==> picture [79 x 80] intentionally omitted <==

==> picture [81 x 79] intentionally omitted <==

==> picture [79 x 80] intentionally omitted <==

Mr. Rajeev Gandotra

Mr. Amit Jain

Mr. Amit Gupta

ED & CEO – Adv. Electronics Domain & Group Chief Technology Officer

ED & CEO – Body & President, Group Structure Domain Business Excellence

*For MIL flagship companies

Confidential

19 / 43 19/6 19/49

Strategy for Growth

Regulatory Norms

BS-VI expected implementation by 2020 will benefit UNO MINDA as it ready with products which are likely to see strong demand

1. Sensors (BS VI) and Engine related Sensors in association with Sensata, US

2. Advance Filtration and Canisters

3. On Board Diagnostics (OBD)

4. Seat Belts

Enhanced Safety

NCAP and Crash Test Norms are ensuring a swift migration to a safe car.

1. Air Bags & Seat belts

2. Reverse parking Sensors

3. Combi Braking Systems

==> picture [165 x 176] intentionally omitted <==

----- Start of picture text -----

Regulatory,
Emission Norms
----- End of picture text -----

==> picture [176 x 165] intentionally omitted <==

----- Start of picture text -----

Premiumization
and Kit Value
----- End of picture text -----

==> picture [175 x 165] intentionally omitted <==

----- Start of picture text -----

Enhanced safety
Norms
----- End of picture text -----

==> picture [165 x 176] intentionally omitted <==

----- Start of picture text -----

Electronification
and Electric
Vehicles (EVs)
----- End of picture text -----

Premiumization

Indian Automobile market is likely to undergo premiumization of vehicles and UNO MINDA is Poised to strongly benefit.

1. LEDs replacing convention lamps 2. Advanced Driving Assistance System

(ADAS)

1. Alloy Wheels

2. Infotainment System

3. Telematics

4. Wireless Chargers 7. AMT

Electronification & EVs

UNO MINDA has set up CREAT for Advanced research engineering and advanced technologies focused to capture

1. Cockpit Electronics

2. Body Exterior & advanced Lighting Air Bags & Seat belts

3. Controllers and Sensors

4. EV technologies

20 / 43 20/6 20/49

Mobility Change Drivers – Global and India

==> picture [47 x 48] intentionally omitted <==

GLOBAL

==> picture [370 x 380] intentionally omitted <==

----- Start of picture text -----

CONNECTED AUTONOMOUS
SHARED MOBILITY ELECTRIC
----- End of picture text -----

==> picture [551 x 446] intentionally omitted <==

----- Start of picture text -----

INDIA
COMFORT & SAFETY &
CONNECTED
CONVINIENCE SECURITY
GREEN
SHARED MOBILITY REGULATIONS
TECHNOLOGY
----- End of picture text -----

21 / 43 21/6 21/49

Change Drivers - India

COMFORT & SAFETY & GREEN CONNECTED CONVINIENCE SECURITY SHARED MOBILITY REGULATIONS TECHNOLOGY Fleet Management, Larger Displays, Collision Warning & Car Sharing, Bike BS-6 : Emission Hybrid Electric Vehicle Apps, UBI Infotainment Avoidance Sharing, On Demand Standards- Bharat Stage Ride VI ( BS-6) Telematics, FOTA, eCall Fully Automatic Emergency Braking, Cost & ownership Model AIS 140, ITS Battery Electric Vehicle Temprature Control, Lane Keeping, Blindspot TPMS, HUD V2X, V2I, Gateway, Around View Monitor, Airbag, ESP Durable components & Pedestrian Protection, Charing Infrastructure Smart Home Ultrasonic Sensor faster replacement Collision Protection ABS

22 / 43 22/6 22/49

Future Technology Areas for UNOMINDA

Body, Exterior and Safety Technologies

Cockpit Electronics and Advanced Technologies

==> picture [140 x 189] intentionally omitted <==

==> picture [140 x 189] intentionally omitted <==

==> picture [599 x 191] intentionally omitted <==

Controllers Lighting Advanced Infotainment & Telematics Electric Vehicle Driver Assist Connectivity & IOT Technologies Power Management Distributed & Digital Lamps Parking Systems Android Infotainment Smart City Solutions Controllers Integrated Body Controllers Adaptive Front Lighting Collision Avoidance Deep Thinking & 3G/4G TCU Brushless Motor Interactive Voice Controllers Multi Function Sequential Lighting Around View Flash Over the Air Controllers Rear Seat DC DC Converters Ambient Lighting Aug reality HUD Entertainment Smart Antenna Wireless Chargers On Board Chargers Smart city Brake Data Analytics Support System Battery Packs

23 / 43 23/6 23/49

Engineering & Technology

==> picture [46 x 48] intentionally omitted <==

700 + Engineers

260+ Patents 250+ Design Registrations

==> picture [33 x 35] intentionally omitted <==

Organization

==> picture [48 x 49] intentionally omitted <==

==> picture [47 x 50] intentionally omitted <==

12 Product Engineering Centers

75 + R&D Technology Projects

Global Technical Centers

==> picture [156 x 136] intentionally omitted <==

----- Start of picture text -----

Pune, India
----- End of picture text -----

Munich, Germany

==> picture [79 x 30] intentionally omitted <==

==> picture [59 x 19] intentionally omitted <==

==> picture [82 x 19] intentionally omitted <==

Embedded Electronics | Engineering Services 75+ Engineers

Embedded Electronics | Design Studio 150+ Engineers

• Two Tier Engineering organization

• Business focused Product Engineering teams attached to Business

• Global Technical Centers with focus on advanced & future technology

Vision

• Focus on Technology Leadership

• Component Supplier to System Supplier

• New Technology and Advanced Product Incubation

• Higher Electronics & Software Content

• Feature Integration and consolidation

==> picture [156 x 133] intentionally omitted <==

----- Start of picture text -----

Bilbao, Spain
----- End of picture text -----

==> picture [86 x 22] intentionally omitted <==

Optics & Lighting 30+ Engineers

==> picture [157 x 133] intentionally omitted <==

----- Start of picture text -----

Regensburg, Germany
----- End of picture text -----

==> picture [65 x 21] intentionally omitted <==

Advance Lighting Systems 120+ Engineers

24 / 43 24/6 24/49 24/49

Group Technical Center Overview

==> picture [121 x 36] intentionally omitted <==

Center for Research, Engineering and Advance Technologies

• Flagship Technology Center of UNO MINDA Group

Hardware, Software & Testing

Center of Excellence

• Located in Pune

• 145+ Engineers

• Center of Competency for Electronics Hardware & Embedded Software

• Product Engineering – Ideation to Series Production

• DSIR recognized Electronics Lab

Electrification

In-vehicle Experience

• Connectivity, Electrification, Cockpit and Body Electronics

• Qi, EMI/EMC, HiL Validation facilities

Connectivity

• Material Sciences, Surface Coating

• Signal & Power Integrity, High speed simulation

==> picture [212 x 39] intentionally omitted <==

----- Start of picture text -----

Convenience & Safety
----- End of picture text -----

Confidential

25 / 43 25/6 25/49

Central Creative Design Studio

==> picture [244 x 71] intentionally omitted <==

• UNO MINDA’s Central Design Studio

• Located in Pune with state-of the art facilities, equipment and skills.

• 25+ Creative Design Specialists

• Capability to handle end to end Projects on Creative Design to Full Prototype and Product specific Design

Design Research

• User study

• • Usability analysis

• • Design workshop

• • Trend forecasting

• • Futuring

Human Factors

• Ergonomics

• • Anthropometry

• • HMI study

• • Driver Neuro Ergonomics

Vehicle Design

• Vehicle Exterior

• Vehicle Interior

• Facelift & Refresh

• Concept design

An independent creative design studio that offers best-inclass creative services for mobility products and systems.

Component Design

User Experience

Digital Modelling

==> picture [142 x 6] intentionally omitted <==

• Lighting

• Switches

• Alloy wheels

• Accessories

• Digital DNA design

• • Single component UX

• • Motion graphics

• HMI Evaluation

• CAS

• Class-A Surfacing

• • V-RED rendering

• On-site support

• ADAS

• Infotainment

Confidential

26 / 43 26/6 26/49

Pioneer in localization: Through JVs & Associations

We have partnered with global technology leaders in the respective product segments

==> picture [950 x 365] intentionally omitted <==

----- Start of picture text -----

Panel & Control Switches Speakers
Seatbelts Steering Wheels with Air Bags Acquisition Embedded Systems
Gear Shifters Body Sealing
Fuel Caps
Hoses
Acquisition 2W Light
Blow Molding Components TLA for Sensors
Raw Material Trading Acquisition Horns
1995 2010 2011 2012 2013 2016 2017 2018 2019
Car Infotainment Systems
Air Filters, Canisters Printed Circuit Boards(PCB) Acquisition Telematics
Box Build Assemblies Hardware
Alloy Wheels Air Brakes
Acquisition Seating
Driving Assistance
Systems ( under
Systems & Products
Approval)
CNG & LPG Kits (DAPS)
TLA for Automotive Lamps
----- End of picture text -----

Acquisition Lighting Solutions (under Process)

27 / 43 27/6 27/49

==> picture [511 x 487] intentionally omitted <==

Financials

28 / 43 28/6 28/49

Consolidated Financial Highlights

Revenue (Rs. Cr)

==> picture [350 x 173] intentionally omitted <==

----- Start of picture text -----

-7%
5,908 5,465
Adjusted growth
(5.3%)
(128) Cr HBA
restructuring
FY19 FY20
----- End of picture text -----*

PAT* (Rs. Cr)

==> picture [256 x 157] intentionally omitted <==

----- Start of picture text -----

-45%
321
183
175
FY19 FY20
----- End of picture text -----

EBITDA (Rs. Cr)

==> picture [403 x 402] intentionally omitted <==

----- Start of picture text -----

-15%
725 Adjusted EBIDTA
619
for Forex
234
(626 Cr.)
63 302
90
428
227
FY19 FY20
PBT Interest Depreciation
12.27%
11.33%
5.43%
3.20%
FY19 FY20
----- End of picture text -----

Margin (%)

EBITDA PAT *

• PAT = PAT ( before Minority Interest)

29 / 43 29/6 29/49

Business wise Revenue Mix

==> picture [122 x 13] intentionally omitted <==

----- Start of picture text -----

Revenue – FY19
----- End of picture text -----

==> picture [830 x 360] intentionally omitted <==

----- Start of picture text -----

Revenue – FY20
Others
Others
12%
14%
Switches
39%
Switches
37%
LMT
15% LMT
14%
Acoustics
Acoustics
12%
12%
Lighting
Lighting
23%
22%
----- End of picture text -----

30 / 43 30/6 30/49

Revenue Mix – FY20

Geography-wise Breakup

India International

==> picture [10 x 9] intentionally omitted <==

==> picture [187 x 187] intentionally omitted <==

----- Start of picture text -----

19%
81%
----- End of picture text -----

Channel-wise Breakup

OEM Replacement

==> picture [9 x 9] intentionally omitted <==

==> picture [190 x 190] intentionally omitted <==

----- Start of picture text -----

13%
87%
----- End of picture text -----

Segment -wise Breakup

2Wheeler 4Wheeler

==> picture [9 x 9] intentionally omitted <==

==> picture [98 x 193] intentionally omitted <==

----- Start of picture text -----

49%
----- End of picture text -----

==> picture [104 x 193] intentionally omitted <==

----- Start of picture text -----

51%
----- End of picture text -----

Diversification across Categories and Geographies

31 / 43 31/6 31/49

Strong Balance Sheet:

==> picture [633 x 192] intentionally omitted <==

----- Start of picture text -----

Building Shareholder Value year on year…
ROCE Adjusted ROCE
Sales
20% 21%
19% 19%
11%
10%
4,471 5,908 5,465
FY18 FY19 FY20 FY18 FY19 FY20
----- End of picture text -----*

==> picture [263 x 180] intentionally omitted <==

----- Start of picture text -----

EBIDTA EBIDTA %
12.27%
11.94%
11.33%
534 725 619
FY18 FY19 FY20
----- End of picture text -----

Growth without stressing the Balance Sheet…

==> picture [612 x 206] intentionally omitted <==

----- Start of picture text -----

Net Worth ROE Net Fixed Assets FATR
20.9% 3.66 3.58
18.5%
2.60
8.8%
1,392 1,704 1,816 1,450 1,846 2,351
FY18 FY19 FY20 FY18 FY19 FY20
----- End of picture text -----

Net debt to Equity

==> picture [253 x 164] intentionally omitted <==

----- Start of picture text -----

0.49
0.41
0.30
FY18 FY19 FY20
----- End of picture text -----

Note: Consolidated Data, * Adjusted ROCE= capital employed less non current Investments in JV and Associates

32 / 43 32/6 32/49

Consolidated Profit & Loss Statement

Particulars(Rs. Cr)	FY20	FY19	YoY %
Revenue from Operations(Net of Excise)	5,465.14	5,908.09	-7%
Raw Material Employee Cost Other Expenses	3,284.14	3622.48 791.29 769.14
	846.77
	715.06
EBITDA EBITDA Margin	619.17	725.18 12.27%	-15% (95) Bps
	11.33%
Other Income Depreciation	39.25	27.03 234.38
	301.9
EBIT EBIT Margin	356.52	517.83 8.76%	-31% (224) Bps
	6.52%
Finance Cost	90.21	63.15
Profit before Share of Profit/Loss of JVs and Tax PBT Margin	266.31	454.68 7.70%	-41%
	4.87%
Exceptional Item	-14.07	0
Tax	77.5	134.07
Profit before Share of Profit/Loss of JVs	174.74	320.61	-45%
Share of Profit/Loss of JVs	12.97	18.87
Net profit/(loss) after share of profit/(loss) of associates / joint ventures (A) PAT Margin %	187.71	339.48 5.75%	(231) Bps
	3.43%
PAT attributable to: - Owners of MIL - Non Controlling Interests Other Comprehensive Income		285.62 53.86 -0.68	-46%
	154.94
	32.76
	-1.56
Total Comprehensive Income for MIL TCI Margin %	154.01	284.91 4.82%	-46%
	2.82%
Total Comprehensive Income for Non ControllingInterests	32.56	53.89

33 / 43 33/6 33/49

Consolidated Balance Sheet

Assets	As at 30-Mar-2020	As at 30-Mar-2019		EQUITY AND LIABILITIES	As at 30-Mar-2020	As at 30-Mar-2019
1. Non Current Assets Property, Plant and Equipment Capital Work in Progress Right-of-use-Assets Intangible Assets Intangible Assets Under Development Goodwill on Consolidation Financial Assets (i) Investments (ii) Loans (iii) Others Deferred tax assets (net) Other Tax Assets Other Non-current Assets				Equity Equity share capital Other Equity
					52.44	52.44
	1,643.36	1,629.40			1,763.28	1,651.72
	337.04	131.52		Equity attributable to owners of the Company	1,815.72	1,704.16
	135.82	0.00		Non-ControllingInterest	282.84	266.71
	214.72	66.84		Total Equity	2,098.56	1,970.87
	20.00	18.61		LIABILITIES 1. Non-current liabilities Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities Provisions Deferred tax liabilitynet
	202.06	164.92
	372.16	355.58			780.33	606.34
	13.34	21.21			97.93	0.00
	10.27	9.66			75.14	75.58
	0.00	0.00			117.45	99.64
	42.52	33.05			13.53	0.62
	50.60	67.10		Total- Non current liabilities	1,084.38	782.18
Sub-Total- Non current asset	3,041.89	2,497.89		2. Current Liabilities Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) Total outstanding dues of micro & small enterprises (b) Total outstanding dues of creditors other than micro & small enterprises (iv) Other financial liabilities Other current liabilities Provisions Total- Current liabilities Liabilities related to Asset held for Sale
2. Current Assets Inventories Financial Assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balance other than those included in cash and cash equivalents (iv) Loans (v) Others Current Financial Assets Othercurrentassets
					217.14	349.15
	555.26	560.97			18.29	0.00
	726.41	899.22			87.97	64.61
	250.98	92.77
	76.86	17.29			874.82	733.21
	5.70	2.01			312.13	231.15
	34.89	22.00			108.83	77.90
	139.36	138.48			32.39	21.56
Sub total -Current asset	1,789.46	1,732.74			1,651.57	1,477.58
Assets held for Sale	7.49	0.00			4.34	0.00
TOTAL ASSETS	4,838.85	4,230.63		TOTAL Equity and Liabilities	4,838.85	4,230.63

34 / 43 34/6 34/49

Consolidated Cash Flow Statement

Particulars (Rs in Cr)	As at 30-Mar-2020	As at 30-Mar-2019
PBT	252.24	454.68
Adjustments	414.76	298.11
Operating profit before working capital changes	667.00	752.79
Changes in working capital	409.31	-223.41
Cash generated from operations	1,076.31	529.38
Direct taxes paid (net of refund)	-111.19	-115.41
Net Cash from Operating Activities	965.12	413.98
Net Cash from Investing Activities	-764.89	-825.47
Net Cash from Financing Activities	-67.37	368.48
Net Change in cash and cash equivalents	132.86	-43.02
Foreign currency translation adjustment	2.78	0.80
Cash and cash equivalents pursuant to acquisition	22.58	9.43
Cash and cash equivalents as at beginning	92.77	125.56
Cash and cash equivalents as at closing	250.99	92.77

35 / 43 35/6 35/49

Shareholding Pattern

==> picture [852 x 346] intentionally omitted <==

----- Start of picture text -----

Corp Bodies / Corp Bodies /
Others Others
Retail
Retail
5.2% 5.1%
6.5%
8.5%
Insitutions
17.6%
Institutions
15.5%
Mar ‘19 Mar’20
Promoters
Promoters
70.8%
70.8%
----- End of picture text -----

36 / 43 36/6 36/49

Business Overview

37 / 43 37/6 37/49

Group product portfolio – 2 Wheeler

==> picture [815 x 446] intentionally omitted <==

----- Start of picture text -----

Horns Handle Bar Assemblies Sensors
Combined Breaking system
Filter/ Canisters
Lamps
Battery
Switches
2 W Alloy Wheel
Noise Suppresser Cap Equalizer Assembly Die Casting Brake Hoses
Components
----- End of picture text -----

38 / 43 38/6 38/49

Kit Value* – 2 Wheelers

Values in INR

==> picture [825 x 363] intentionally omitted <==

----- Start of picture text -----

11,932
9,275
8,387
6,966
6,137
5,766
5,209
4,664
4,042
3,580
2019 2020 2019 2020 2019 2020 2019 2020 2019 2020
Economy Executive Premium Scooter Moped
Up to 110 CC 110 -135 CC > 135 CC All scooters All Mopeds
----- End of picture text -----

*Contribution from Group Companies which are not yet consolidated is not included in the Kit Value

39 / 43 39/6 39/49

Group product portfolio – 4 Wheeler

==> picture [878 x 468] intentionally omitted <==

----- Start of picture text -----

Air Duct
PWS Controllers Auto HVAC
Headlamp levelling
Spoiler
motor
Fuel cap
Horns
CNG Kit
Speakers
RPAS
Batteries
Alloy Wheel
Electronic accelerator Air Filter LED lamps
Hoses Steering Wheels with Air bags
pedal module
----- End of picture text -----

40 / 43 40/6 40/49

Kit Value* – 4 Wheeler PVs & Tractor

Values in INR

==> picture [815 x 439] intentionally omitted <==

----- Start of picture text -----

1,40,788
80,934
58,528 58,389
50,452
44,545 43,596
25,924
6,873
3,450
2019 2020 2019 2020 2019 2020 2019 2020 2019 2020
C
A B E & MUV Tractor
Up to Rs. 2.2 Lacs Rs. 2.21 - 4.5 Lacs Rs. 4.5 - 8.3 Lacs >Rs 16 lacs Off Road
----- End of picture text -----

*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.

41 / 43 41/6 41/49

Customer led and Customer Oriented: Customer Mix ( FY 2020)

Switching Systems

==> picture [396 x 175] intentionally omitted <==

----- Start of picture text -----

4W 2W Bajaj
Auto
MSIL
30%
Others 42%
29%
Others
TVS
41%
13%
Honda
3% HMSI
TGMI
TKML 7%
4% yamaha
10%
TML M&M 5% Royal Enfield
6% 6% 4%
----- End of picture text -----

Lighting Systems

==> picture [411 x 181] intentionally omitted <==

----- Start of picture text -----

4W 2W
Bajaj
Tata Others Auto
Motors 18% 24%
6%
MSIL
32% Others TVS
35% 16%
Renault
12%
HMSI
Toyota 9%
M&M Hero
11%
21% 8% Royal Enfield
8%
----- End of picture text -----

Acoustics Systems

==> picture [182 x 167] intentionally omitted <==

----- Start of picture text -----

BMW
Others
20%
24%
DAIMLER
13%
VW
30%
HYUNDAI
13%
----- End of picture text -----

==> picture [21 x 20] intentionally omitted <==

----- Start of picture text -----

MSIL
88%
----- End of picture text -----

Alloy Wheels (MKA)

==> picture [140 x 118] intentionally omitted <==

----- Start of picture text -----

M&M
12%
----- End of picture text -----

Die Casting (MJ Casting)

==> picture [148 x 138] intentionally omitted <==

----- Start of picture text -----

WABCO India
11%
TVS Motors
57%
----- End of picture text -----

==> picture [23 x 19] intentionally omitted <==

----- Start of picture text -----

HMSI
32%
----- End of picture text -----

Blow Molding

==> picture [202 x 156] intentionally omitted <==

----- Start of picture text -----

Others
15%
Mahindra
4% MSIL
Honda 23%
4%
Suzuki
Motors
TKML
26%
16%
----- End of picture text -----

Note: Consolidated Data

42 / 43 42/6 42/49

Switching Systems

Rs. In Crs

• Indian’s Largest Manufacturer

• • World leader in 2W Switches by Volume.

==> picture [802 x 420] intentionally omitted <==

----- Start of picture text -----

12.6%
2600 13.00%
11.9%
2100
11.00%
9.9%
1600
9.00%
1100
1,475 2,237 2,014
600 7.00%
FY18 FY19 FY20
End User Segment Revenue EBIDTA Margin %
• 2/3 Wheeler & Off-road
• 4 Wheeler (Minda Rika)
Key Customers:
2W /3W/OR- HMSI, Bajaj, HMCL, TVS , REML & Yamaha
4W – MSIL, TKML, M&M, TML & HCIL
2W Switches Handle Bar
Assembly
Off road Switches
Manufacturing Facilities
2W switch: 4W switch:
• Manesar ASEAN(2W) • Indonesia: • Manesar
• Pune • Vietnam • Pune
• Pantnagar • Chennai
• Hosur • Gujarat 4W Switches HVAC Panels
• Aurangabad
----- End of picture text -----

• 2W switches Market Share in India ~65%

• Independent in-house R&D

• Exports to USA, France, Italy, Austria and others contributing ~6% to Switch sales in FY19

• Minda Rika ( 4W SW):Market share India 55%

Note: Consolidated Data

43 / 43 43/6 43/49

Lighting Systems

==> picture [286 x 175] intentionally omitted <==

----- Start of picture text -----

Rs. In Crs.
10.2%
1350 9.8% 11.00%
1300 7.7% 9.00%
1250
7.00%
1200
5.00%
1150
3.00%
1100
1,159 1,293 1,223
1050 1.00%
FY18 FY19 FY20
Revenue EBIDTA Margin %
----- End of picture text -----

Leading automotive lighting Systems

• Strong R&D capabilities with Design centre in Taiwan and Technical Arrangement with Korean Company

• Exports to Italy, Indonesia, France, Japan and others Contributing ~9% to Lighting Sales in FY19

• R&D Base for 2W in Spain and 4 W in India

End Use Segment

^ Consolidation of Rinder

• 2/3 Wheeler,

• 4Wheeler

==> picture [146 x 82] intentionally omitted <==

==> picture [178 x 74] intentionally omitted <==

• Off-road

• Key Customers:

• 4W: Maruti Suzuki, Bajaj, TVS , REML , Renault

• 2W: Bajaj, RE, Triumph, KTM

• Manufacturing Facilities

• • Pantnagar 2 W Facilities (India): • Sonepat • Chakan & Pimpriin Pune • Haridwar • Bahadurgargh • Chennai 2 W Facilities (Overseas): • Columbia • Design Centre in Spain

==> picture [155 x 96] intentionally omitted <==

Note: Consolidated Data

44 / 43 44/6 44/49

Acoustic Systems

One of India’s Largest Players in Horns

• With 47% market share in India

• Strong in-house R&D capabilities

• Clarton Horn, a wholly owned subsidiary of MIL is technology leader in Horns and No 2 in market share globally.

End Use Segment

==> picture [296 x 169] intentionally omitted <==

----- Start of picture text -----

Rs. In Crs
800 11.00%
9.4%
700 10.00%
600 9.00%
8.1%
7.2%
500 8.00%
400 7.00%
671 717 653
300 6.00%
FY18 FY19 FY20
Revenue EBIDTA Margin %
----- End of picture text -----

• 2/3 Wheeler,

• 4Wheeler,

==> picture [447 x 222] intentionally omitted <==

----- Start of picture text -----

• Off-road and Commercial Vehicles
Key Customers:
Domestic – MSIL, Bajaj, TVS, Royal Enfield, Yamaha, M&M
International – Daimler, Hyundai, Nissan, Mobis, Renault
Manufacturing Facilities
MIL Facilities Clarton Horns Facilities:
• Manesar • Spain
• Pantnagar • Morocco
• Indonesia • Mexico
----- End of picture text -----

==> picture [119 x 91] intentionally omitted <==

==> picture [109 x 90] intentionally omitted <==

Note: Consolidated Data

45 / 43 45/6 45/49

Light Metal Technology

Revenue* Rs. In Crs

• Products

• Alloy Wheel • Market Leader in PV segment with 45% market share ( installation ) in India

==> picture [301 x 172] intentionally omitted <==

----- Start of picture text -----

1000 28.5%
26.7%
800 26.5%
600 23.2% 23.4% 24.5%
400 22.5%
200 20.5%
585 908 781
0 18.5%
FY18 FY19 FY20
Alloy Wheels& Die Casting EBITDA Margins
----- End of picture text -----

• Kosei - Strong Technology Leader as JV partner

• Moulding and Tooling Capability for high end wheels

• Aluminium Die Casting

• Manufacturer of performance and non performance parts

==> picture [479 x 292] intentionally omitted <==

----- Start of picture text -----

End Use Segment
Key Customers: Capacity
• Alloy Wheel • Alloy Wheel
MSIL, Mahindra, Toyota, Renault 2.7 Mn Wheels p.a.
Nissan and Honda • Aluminium Die Casting
• Aluminium Die Casting 1.32 lacs ton p.a.
HSMI, TVS, Wabco
Manufacturing Facilities
Aluminium Die Casting
Alloy Wheel
• Bawal • Hosur
• Gujarat • Bawal
• Chennai ( JV Plant )
----- End of picture text -----

==> picture [115 x 112] intentionally omitted <==

2W Alloy Wheels

==> picture [86 x 11] intentionally omitted <==

----- Start of picture text -----

4W Alloy Wheels
----- End of picture text -----

==> picture [109 x 73] intentionally omitted <==

Note: Consolidated Data

Aluminium Die casting

46 / 43 46/6 46/49

Other Products

==> picture [928 x 440] intentionally omitted <==

----- Start of picture text -----

Revenue Rs. In Crs
Products
1000 10.1% 10.5%
Other products
10.0%
• Blow Molding • Sensors and Controllers 800 9.4%
• Speakers & Infotainment 600 9.5%
• Fuel Caps 8.7% 609 646 9.0%
• Air Filtration System 400 532
8.5%
• Hoses
200
• Batteries 8.0%
126 145 149
0 7.5%
End Use Segment FY18 FY19 FY20
Blow Moulding Others EBITDA Margins
• 2Wheelers, 4Wheelers, Commercial Vehicle
Key Customers:
MSIL, HMSI, TVS, Mahindra, Toyota & Renault Nissan
Speaker Hoses Air Bags Fuel Cap
Manufacturing Facilities
• Bawal – Filters, Hoses, Blow molding
• Bangalore -Blow Molding, Filters
• Manesar - Fuel Caps,
• Chennai & Gujarat –Filters
• Pantnagar( Minda Storage Battery) Controllers Blow Molding Battery
Note: Consolidated Data
----- End of picture text -----*

47 / 43 47/6 47/49

MDSL : Strong Presence in Replacement Market

==> picture [364 x 367] intentionally omitted <==

----- Start of picture text -----

Over 50,000
Jammu and Kashmir: 8
Retail Points
Himachal Pradesh: 24
Punjab: 26
Uttarakhand: 6
Haryana: 41
Delhi: 33
Rajasthan: 51 UP: 62 Assam: 10
Bihar: 55
MP: 45 Jharkhand: 20
Gujarat: 48
Chhattisgarh: 14 West Bengal: 51
Orissa: 24
Maharashtra: 86
Telangana: 14
Goa: 1
Andhra Pradesh: 25
Karnataka: 45
Kerala: 23
Tamil Nadu: 52
----- End of picture text -----

Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

==> picture [308 x 228] intentionally omitted <==

----- Start of picture text -----

FY20 % of total After
Product (Rs. Crs)
After Market Sales Market Sales
Switches 182 33%
Lighting 179 32%
Horns 74 13%
Others 122 22%
Revenue (Rs. Crs)
----- End of picture text -----

==> picture [307 x 166] intentionally omitted <==

----- Start of picture text -----

573
558
504
453
438
FY16 FY17 FY18 FY19 FY20
----- End of picture text -----

Awards & Recognitions

48 / 43 48/6 48/4948/49

==> picture [100 x 134] intentionally omitted <==

==> picture [193 x 126] intentionally omitted <==

2019

“Most Promising Company of the Year” Indian Business Leader Awards (CNBC TV18)

==> picture [222 x 193] intentionally omitted <==

----- Start of picture text -----

2020
N K Minda - Best CEO Award
(Emerging Category) by Business Today
2020
----- End of picture text -----

==> picture [340 x 215] intentionally omitted <==

The Iconic Brand of India by Economic Times

==> picture [188 x 126] intentionally omitted <==

==> picture [48 x 16] intentionally omitted <==

----- Start of picture text -----

2019
----- End of picture text -----

N K Minda - EY Entrepreneur of the Year (Manufacturing Category)

==> picture [340 x 215] intentionally omitted <==

49 / 43 49/6 49/49

Contact Us

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 GM Finance +91 99206 02034 tripurarik@mindagroup.com jigar.kavaiya@sgapl.net www.unominda.com www.sgapl.net