UNO Minda Limited — Investor Presentation 2021

Jul 5, 2021

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Minda Industries Ltd.
Investor Presentation
July 2021
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Customer is Respect for Encourage Live Quality Respect for Supreme Individual Creativity and work-place Ethics Innovation

Safe Harbor

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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 ancillary 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.

2

Minda Industries Ltd. | An Overview

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Market leadership position across key product segments

Catering to marquee clientele & renowned for superior quality

One of the leading manufacturers of auto components domestically with leadership across key product segments Electronics #1 #2 #3 & Control Automotive Switches Telematics Reverse Parking Sensor Lighting #1 #2 #3 & Acoustics Automotive Horns Speakers Automotive Lamps Light Metal & #1 #2 Powertrains Alloy Wheels Air Filters Safety & #1 #2 #3 Comfort Blow Moulding parts & Seats Airbags Body Sealing

Robust infrastructure & extensive distribution capabilités

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Domestic Global
6 plants
65 plants
4 design centers
12 R&D
centers
13 JV Partners
20+ 23,000+ 700+ 1000+ 50,000+
Product Lines Employees Engineers Business Partners Touch Points
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Key Domestic Customers Key Global Customers Accreditation PV 2W CV Strong financial performance

INR 17,823^ cr INR 6,374 cr INR 725 cr Market Cap Net Revenue (FY21) EBITDA (FY21) Five-year* 56%¹ 20% 25% CAGR

Well-diversified revenue streams across products & segments

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Others
18%
Switches
Seatings 28% 4Wheeler
10%
53% 2Wheelers
FY21 FY21 & others
Castings
47%
12%
Acoustics Lighting
10% 22%
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~~Over 6 decades of Experience in the Auto Space~~

*CAGR growth from 31.03.16 to 31.03.21 ^As on 1[st] July 2021

3

Minda Industries Ltd. (MIL) | Key Investment Highlights

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Product portfolio well insulated from any foreseeable market disruptions

Well diversified product portfolio with marquee clientele

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Continuously expanding capabilities through capacity expansion & partnerships with global majors

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Robust financial performance and delivering strong shareholder returns

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Reputed promoters with rich experience backed by professional management team

Market Leadership Position in key segments

4

MIL : Established market leadership position… (1/2)

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Product Segment Leadership 4Q Revenue Growth y-o-y Key Clientele
Revenue from Switches INR Cr
629
#1
Automotive
545
Switches
Switches Q4FY18 Q4FY21
Revenue from Lamps INR Cr
#3 486
312
Automotive
Lamps
Lighting Q4FY18 Q4FY21
Revenue from Castings INR Cr
#1 319
201
Alloy
Wheels
Castings
Q4FY18 Q4FY21
5
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MIL : Established market leadership position… (2/2)

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Product Segment Leadership 4Q Revenue Growth y-o-y Key Clientele
Revenue from Acoustics INR Cr
193
#1
166
Automotive
Horns
Acoustics Q4FY18 Q4FY21
Revenue from Seating [^] INR Cr
#1 252
Seats 159
Seating
Q4FY20 Q4FY21
Other Segments
#1 #1 #2 #2 #2 #2 #3
Telematics Blow Moulding Reverse Parking Air Airbags Speakers Body Sealing
Parts Sensor Filters
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^ Comparable quarter post acquisition of Harita Seating Systems

6

Marquee customer base in the auto industry…

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Global Customers Domestic Customers Global Customers Global Customers Domestic Customers

Domestic Customers

Domestic Customers

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…with increasing share of wallet across categories

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Values in INR

4 Wheeler PVs & Tractor Kit Value

2 Wheelers Kit Value

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2021 2019
53,627 12,336
17% 33%
> INR 16 lacs 39,397 CAGR >135 cc 6,966 CAGR
48,303 9,585
14% 35%
37,433 CAGR 5,266 CAGR
INR 4.5-8.3 lacs 110-135 cc
48,078 8,457
13% 27%
INR 2.21-4.5 lacs 37,805 CAGR Up to 110 cc 5,209 CAGR
34,095 8,243
15% 42%
Up to INR 2.2 lacs 25,925 CAGR All scooters 4,085 CAGR
7,904 51% 6,978 44%
CAGR CAGR
3,450 3,357
Tractors All Mopeds
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~~Broader product range and category focus has enabled increasing Kit value across vehicle categories~~

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In-house R&D helps drive Innovation…

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Organization

Central R&D

• Two Tier Engineering organization

Engineering (COC) Lighting & Electronic & Seating Comfort Light metal & acoustics Systems Control Systems Systems Powertrain (LAS) (ECS) (SCS) Systems (LPS) Creative Design (INITIA) 700 + 275+ Patents 15+ R&D & Product 75 + R&D Engineers 250+ Design Registrations Engineering Centers Technology Projects Certifications

• Business focused Product Engineering teams attached to Business

• Global Technical Centers with focus on advanced & future

technology

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Pune, India Bilbao, Spain Munich, Germany Regensburg, Germany Embedded Electronics Optics & Lighting Embedded Electronics Advance Lighting Systems Design Studio 30+ Engineers Engineering Services 120+ Engineers 150+ Engineers 75+ Engineers

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…which is further complimented by tie-ups with global technological leaders and a slew of acquisitions

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JV- Steering Wheel with Airbags
Body Sealing, Fuel Caps, Hoses Merger Seating Systems
Acquisition Lighting
JV – Printed Circuit Boards (PCB)
Solutions
Box Build Assemblies
JV - Panel & Control Switches JV- Blow Molding
Seatbelts Components Acquisition of UZ Chasys –
Gear Shifters only manufacturer of
Acquisition Horns lighting products in
Acquisition of Technical
JV- Driving Assistance Systems Uzbekistan
JV – Raw Material & Products (DAPS) know how - Telematics
Trading
Upto 2010 2013-2016 2019-2020 2020-2021
2011-2012 2017-2018
JV - Speakers
TLA for LPDC Alloy Wheels
JV - Car Infotainment Systems
JV - Air Filters Canisters
Acquisition Embedded Systems
Acquisition 2W Light
JV - Alloy Wheels JV- Air Brakes
TLA for Sensors TLA for BMS & EC Charging Solutions
Acquisition LSTC
TLA for Automotive Lamps
JV - CNG & LPG Kits
11 1 1 2 2 2 1 2 1
Japanese Taiwanese Italy Spanish German Indian Uzbekistan American S.Korean
Joint Venture Partners = 13 Mergers and Acquisitions = 7 Technical License Agreements (TLA) = 3
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~~MIL has been a pioneer in localization through partnerships with global technology leaders in the respective product segments~~

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MIL has established an ICE agnostic product portfolio…

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Domains	Product Lines	BS VI	EV
						Potential EV Kit Value (2W)
Electronic & Control Systems	4W Switches & HVAC		
	Charging Sockets					Values in INR Existing Product which can be fitted in EV Positive Impact on LED Lamps & Sensors Product under Production Product Under Developm -ent Product Under Study EV Kit Value Potential To continue as it is / Positive Impact x Negative Impact
	Sensors		
	Actuators		
	Controllers		
	Seat Belts		
	Shifters		
	Infotainment Systems		
	Cameras		
	Telematics & TCU		
	RPAS & ADAS		
Safety & Comfort Systems	Steering Wheel with Airbags		
	Body Sealing		
	EA Pad		
	Air Ducts & Washer Bottle		
	Spoiler		
	Brake Hoses		
	Fuel Hoses		x
	Seats		
Lighting & Acoustics	Alternate Fuel Systems		X
	Horns		
	Lamps		
	Speakers		
Light Metal & Power Train	Alloy Wheels		
	Casting		
	Air Filtration Systems		X
	Canisters		X
Battery	Batteries - Lead Acid		

~~Engine agnostic portfolio with potential upside from EV transition~~

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…with a large EV portfolio and a wide range of products in the pipeline

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Diverse EV-focused product portfolio…

…with more products under development

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Sensors for EVs
Brake Pedal
EV Battery
Sensor for EV
Temperature
Regenerative
Sensor
Braking
Accelerator Vacuum sensor
Position for EV Brake
Sensor for EV System
LED Lighting & Switches for EVs
LED DRL & LED Sequential
Turn Indicator
Position Lamp
Lamp
LED Head Light
LED Front Turn LED Tail Lamp
Indicator with Stop
Lamp
Smart Plug Charging – Recent Launch
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• Recently launched on TVS iQube

• Modular design with various authentication options and integration of connectivitiy

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Low Voltage EV Products (48V to 72V)
On-Board
Smart
Charger
Plug
Body Control
Module (BCM)
DC-DC Converter
Telematics
Battery
Management
System
Motor Controller
Under Production
Under Development
Under Study
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Growing international and domestic presence…

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Sales Design
6 [Plants] 7 Offices 4 Centers
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Strategically located plants across all major auto hubs

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North and South America Europe Asia (w/o India)
Mexico France Indonesia
(Queretaro) (Epernon) (Karawang)
Colombia Italy Taiwan
(Manizales) (Turin) (Tainan)
Spain Thailand
(LaCarolina) (Bangkok)
Germany Vietnam
(VinPhuc)
(Ettlingen/Konzell,
Munich,Reutlingen) Japan
(Nagoya)
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65 Plants R&D 12 [R&D]
Centers
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…through sustained capacity additions and channel expansion

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MIL has maintained a steady level of investment in its facilities…

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Addition of fixed assets (INR Cr)
670
607
517
299
254
211
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
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2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
… steadily growing the number of plants…
Number of Plants
71
59 60
51
45 46
Growing aftermarket presence
Aftermarket Revenues (INR Cr)
12% Share in
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Consolidated Revenue FY 21
741
…and product lines
Number of Product Lines 20 504
18 18 438 67k 40k 150+
16
15 15
297 Garages Retailers Cities in India
4,500+ 6
FY14 FY16 FY18 FY21 SKUs countries
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Number of Product Lines 20
18 18
16
15 15
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
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Well diversified across product divisions, segments and geographies

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Geography-wise Breakup

Segment -wise Breakup

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International
16%
FY21
India
84%
Channel-wise Breakup
Replacement
12%
FY21
OEM
88%
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4Wheeler
2Wheelers & Others
53%
FY21 47%
Division -wise Breakup
Others
18% Switches
28%
Seatings
10% FY21
Castings
12% Lighting
22%
Acoustics
10%
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15

MIL has consistently received recognition for its impeccable service & reliability

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	Decades of relationship with Industry Majors	Decades of relationship with Industry Majors	Decades of relationship with Industry Majors		“Special Support Award” MIL – Switch Division	“Special Support Award” MIL – Switch Division	“Shift To Use Quality Award”	“Partner Award”
					“Comprehensive Excellence” -UNO MINDA		Minda Industries Ltd – 2W Switch Div.	Minda Harita
	Honda			>20 years	“Overall Performance” - MKL & M DTEN
	Bajaj			>20 years	“Quality Excellence” - MTG & Roki Minda“VA-VE” - MTG
	TVS			>20 years
	TVS Yamaha			>20 years >20 years		“HR Excellence Award” Mindarika Pvt. Ltd.	“Delivery Management Award ” – Switch Division	"Best Development Award for Lever Combination Switch Development“ - Switch Division
	Royal Enfield			>20 years	New Part Development BS-
					VI- Minda Rinder
	Maruti Suzuki			>20 years	Delivery Management Award” M J
	M&M			>15 years	Casting Ltd. & TG Minda	“Exceptional Support Quality”	“Quality & TPM Award ” – Acoustic Division	“Quality Award ” – Lighting & Acoustic
	Toyota			>15 years		MIL – Lighting Award		Division
	Honda Tata			>15 years >15 years	“ Best QCDDM Performance” Roki Minda Co. Pvt. Ltd.
					“Grand Award for QCD	“Best Safety Leader” -	“Special Support &	“Platinum Rating Award”
					Performance & Extraordinary support”	Lighting 4W Div.	Delivery Award”	Minda Harita
	Tata Motors			>15 years	- Roki Minda Co. Pvt. Ltd.	“Zero PPM & 100% timely Delivery” -Minda Denso	MIL – Lighting 2W Div.
	Ashok Leyland			>20 years
	John Deere			>10 years
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Financial Summary

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MIL has achieved strong growth in Income… …while maintaining healthy margin profile… …and delivering strong shareholder returns….
Revenues (INR Cr)
645
EBITDA 800
+740%
6,374 750 725 700
700 600
4,471 650 500
600 400
550 534 300
500 200 77
100
450 0
400
FY18 FY21 FY18 FY21
Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21
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MIL has consistently expanded capacities…

Gross Block Plant, Property and Equipment (INR Cr)

…without increasing leverage Debt to Equity (x)

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3,025
2,531
2,123
1,486
FY18 FY19 FY20 FY21
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0.48x 0.47x
0.34x 0.33x
FY18 FY19 FY20 FY21
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Note : D/E = (Long Term Borrowings + Short Term Borrowings + Current Maturities of Long Term Debt)/ Total Equity

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Led by reputed promoters with rich experience in auto sector and supported by a dynamic professional management team…

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Mr Nirmal K Minda – Chairman & Managing Director

• Leads the USD 1.1 bn UNO Minda Group and has experience of over 3 decades in auto components sector

• Instrumental in forging new alliances and JVs globally

• Awarded ‘EY Entrepreneur of the Year Award’ for 2019

Mr Ravi Mehta – Deputy MD, CEO – Electronics & Control Systems

• Qualified CA with over 31 years of experience in the industry

 Rich experience across strategy, finance, marketing, manufacturing, materials, HR & product development;

• Associated with UNO MINDA Group since 1995

Mr Anand Kumar Minda – Non executive Director

• Over 35 years of hands-on experience in financial control, review, manufacturing and project management;

• Member of Audit Committee, Stakeholders Relationship & CSR Committee

Mr Sunil Bohra – Group CFO & Chief Procurement Officer

• Member of ICAI and alumni of Harvard Business School;

• Prior to UNO MINDA Group, he was associated with Vedanta Group for over 2 decades in various leadership roles;

• Responsible for all strategic planning activities of the Group

Mr Naveesh Garg– Group Chief Strategy Officer and Mktg Officer

• Associated with UNO MINDA group since 1990 and has played an instrumental role of the company’s growth and expansion across different verticals and segments

 Graduate in B-Tech, Production Engineering from NIT – Calicut and post graduation in MBA from MDI, Gurgaon

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Mr Kundan K Jha– CEO – Light Metal and Powertrain Systems

• Over 32 years of experience;

Prior experience as ED and CEO of Aurangabad Electricals Ltd; Bachelor’s degree in Mechanical Engineering from BITS

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Mr Rajeev Gandotra – CEO – Lighting and Acoustics Systems

In dept experience in Greenfield projects, M&A, operational and financial turnaround, financial control and reviews, managing joint venture relationships, international business and organization building & talent development

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Mr Rakesh Kher – CEO – Aftermarket

Over 3 decades of extensive experience in varied industries (Automotive, Metals, industrial Products & Services);

Associated with Minda since 2005 as head of International Business & Strategy implementation

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– Mr Sudhir Kashyap CEO – Safety and Comfort Systems

Associated with Minda since 2010 and PGDM from IIM Ahmedabad, responsible for overseeing Group operations for Safety & Comfort Systems

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750

23000+

35

Overseas employees across 7 countries

Average age (Yrs.)

Employee strength

18

…with well recognized for achievements in the sector

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Widely renowned and recognized management team

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Minda Industries Ltd won the “Most Promising Company of the Year” at the Indian Business Leader Awards

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WINNER of “Golden Peacock Award for Excellence in Corporate Governance” for the year 2020 by Institute of Directors.

“The 5th Institute of Company Secretaries of India (ICSI) CSR Excellence Award” for extraordinary contribution towards CSR, under the category of The Best Corporate in The Emerging Category.

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The Iconic Brand of India by Economic Times

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Mr. N K Minda conferred with EY Entrepreneur of the Year for the year 2018 ( Manufacturing Category)

Note : 1: HRM – Human Resource Management

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Annexures

Consolidated Profit & Loss Statement

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Particulars (Rs. Crores)	Q4 FY21	Q4 FY20	YoY %	Q3 FY21	QoQ %	FY21	FY20	FY19	FY18
Revenue from Operations(Net of Excise)	2,238	1,498	49%	2,031	10%	6,374	6,222	5,908	4,471
Raw Material	1,404	905		1,240		3,919	3,810	3,622	2,763
Employee Cost	297	235		272		982	944	791	587
Other Expenses	236	218		240		748	796	769	587
EBITDA	302	140	116%	279	8%	725	672	725	534
EBITDA Margin	13.5%	9.3%		13.7%		11.4%	10.8%	12.3%	11.9%
Other Income	9	14		17		47	41	27	33
Depreciation	107	90		100		375	340	234	165
EBIT	203	64	216%	195	4%	397	372	518	402
EBIT Margin	9.1%	4.3%		9.6%		6.2%	6.0%	8.8%	9.0%
Finance Cost	15	22		20		74	94	63	35
Profit before Share of Profit/Loss of JVs and Tax	188	42	343%	175	7%	323	278	455	367
PBT Margin	8.4%	2.8%		8.6%		5.1%	4.5%	7.7%	8.2%
Exceptional Item	2	-9		-		2	(35)	-	38
Tax	48	15		47		101	69	134	98
Profit before Share of Profit/Loss of JVs	142	19	653%	128	11%	224	175	321	308
Share of Profit/Loss of JVs	22	(0)		9		24	13	23	19
Netprofit/(loss) after share ofprofit/(loss) of associates /joint ventures(A)	164	19	779%	137	20%	248	188	344	327
PAT Margin %	7.3%	1.2%		6.7%		3.9%	3.0%	5.8%	7.3%
PAT attributable to:
- Owners of MIL	140	13	971%	115	22%	207	155	286	310
- Non ControllingInterests	24	6		21		42	33	54	21
Other Comprehensive Income	9	1		3		15	(2)	(1)	5
Total Comprehensive Income for MIL	149	14	936%	119	26%	221	153	339	336
TCI Margin %	6.7%	1.0%		5.8%		3.5%	2.5%	5.7%	7.5%
Total Comprehensive Income for Non ControllingInterests	23	6		22		42	33	54	21

Note : CAGR = Compounded Annual Growth Rate from FY21- FY18 FY : Financial year ending March 31

21

Consolidated Balance Sheet (Audited)

ASSETS (Rs. Crores)	FY21	FY20	FY19	FY18
1. Non-current assets
Property,Plant and Equipment	2,051	1,911	1,629	1,199
Capital work-in-progress	112	340	132	192
Right-of-use assets	175	166	-
Intangible Assets	289	311	67	39
Intangible Assets Under Development	22	20	19	19
Goodwill on Consolidation	282	286	165	112
Financial Assets
(i)Investments	529	373	356	155
(ii)Loans	27	16	21	14
(iii)Others	4	10	10	17
Deferred tax assets(net)	-	-	-	19
Other Tax Assets	26	48	33	31
Other Non-current Assets	39	53	67	40
Total- Non current asset	3,556	3,535	2,498	1,838
2. Current Assets
Inventories	751	610	561	418
Financial Assets
(i) Investments	2	25	-	-
(ii)Trade receivables	1,199	863	899	790
(iii)Cash and cash equivalents	206	264	93	126
(iv)Bank balance	33	77	17	34
(v)Loans	3	6	2	2
(vi)Others Current Financial Assets	27	40	22	18
Other current assets	202	154	138	141
Total- Current asset	2,421	2,038	1,733	1,527
3. Assets held for sale	-	7	-	-
TOTAL ASSETS	5,977	5,581	4,231	3,365

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EQUITY AND LIABILITIES (Rs. Crores) FY21 FY20 FY19 FY18	EQUITY AND LIABILITIES (Rs. Crores) FY21 FY20 FY19 FY18	EQUITY AND LIABILITIES (Rs. Crores) FY21 FY20 FY19 FY18	EQUITY AND LIABILITIES (Rs. Crores) FY21 FY20 FY19 FY18	EQUITY AND LIABILITIES (Rs. Crores) FY21 FY20 FY19 FY18
Equity
Equityshare capital	54	52	52	17
Other Equity	2,202	1,809	1,652	1,374
Equity attributable to owners of the Company	2,257	1,861	1,704	1,392
Non-ControllingInterest	306	283	267	211
Total Equity	2,563	2,144	1,971	1,603
LIABILITIES
1. Non-current liabilities
Financial Liabilities
(i)Borrowings	539	780	606	240
(ii)Lease liabilities	91	98	-	-
(iii)Trade Payables	-	1	-	-
(iii)Other financial liabilities	90	75	76	51
Provisions	135	125	100	104
Deferred tax liabilitynet	30	41	1	-
Total- Non current liabilities	884	1,120	782	395
2. Current Liabilities
Financial Liabilities
(i) Borrowings	314	238	349	303
(ii)Lease liabilities	20	19	-	-
(iii)Tradepayables	1,290	1,119	798	798
(iv)Other financial liabilities	757	783	231	155
Other current liabilities	110	121	78	92
Provisions	39	33	22	15
Current tax liabilities(net)	-	-	-	4
Total- Current liabilities	2,530	2,313	1,478	1,367
Liabilities related to assets held for sale	-	4	-	-
TOTAL Equity and Liabilities	5,977	5,581	4,231	3,365

Note : FY : As at 31-Mar

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Consolidated Cash Flow Statement

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Particulars (Rs. Crores)	FY21	FY20	FY19	FY18
PBT	325	244	455	405
Adjustments	456	475	298	144
Operating profit before working capital changes	780	719	753	550
Changes in working capital	(351)	446	(223)	(103)
Cash generated from operations	430	1,165	529	447
Direct taxes paid (net of refund)	(87)	(117)	(115)	(85)
Net Cash from Operating Activities	343	1,049	414	362
Net Cash from Investing Activities	(361)	(835)	(825)	(641)
Net Cash from Financing Activities	(40)	(96)	368	46
Net Change in cash and cash equivalents	(59)	117	(43)	(232)
Foreign currency translation adjustment	0	3	1	0
Cash and cash equivalents pursuant to acquisition	-	23	9	0
Cash and cash equivalents as at beginning	264	121	126	358
Cash and cash equivalents as at closing	206	264	93	126

Note : FY : Financial year ending March 31

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Contact Us

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Company :

For further information, please contact:

Minda Industries Ltd. CIN : L74899DL1992PLC050333 Mr. Ankur Modi Head Treasury and Investor Relation amodi@mindagroup.com www.unominda.com

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