Minda Corporation Limited — Important, 24-12-2024: Updates

India Ratings and Research has upgraded Minda Corporation Limited’s Long-Term Issuer Rating to 'IND AA' from 'IND AA-' with a Stable Outlook. The upgrade is attributed to consistent revenue growth, improved EBITDA, and a stable credit profile. For 1HFY25, Minda's consolidated revenue rose by 9.3% year-on-year to ₹24,824 million, supported by higher volumes and better realisation, despite subdued demand in certain sectors. The EBITDA for the same period was ₹2,784 million, reflecting increased operational efficiencies and a favorable product mix. The company anticipates revenue growth of ₹49,000 million to ₹52,000 million in FY25, driven by a robust order book, technological licensing agreements, and expansion into electric vehicles. Minda's diversified operations contribute to its resilience, though raw material price volatility remains a risk. Overall, the positive rating action indicates Minda's strong market positioning and operational strategies.