“The first quarter of FY25 began on a positive note with overall demand rising across most vehicle segments, year-on-year basis,” Chairman and Group CEO Ashok Minda said.
09 Aug 2024 | 1128 Views | By Autocar Pro News Desk
Auto component maker Minda Corp posted a 42% on-year growth in its net profit for the first quarter while its revenue from operations rose 11%.
“The first quarter of FY25 began on a positive note with overall demand rising across most vehicle segments, year-on-year basis,” Chairman and Group CEO ...
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Auto component maker Minda Corp posted a 42% on-year growth in its net profit for the first quarter while its revenue from operations rose 11%.
“The first quarter of FY25 began on a positive note with overall demand rising across most vehicle segments, year-on-year basis,” Chairman and Group CEO Ashok Minda said.
The company’s consolidated net profit during the quarter was Rs 64 crore, up from Rs 45 crore in the year-ago period. Revenue from operations grew to Rs 1,192 crore from Rs 1,074 crore.
Minda Corp is the flagship company of Spark Minda and provides mechatronics, information and connected systems, and plastic and interior for auto OEMs across all categories.
“This performance is attributed to a robust product portfolio, an expanding customer base and a focus on product premiumisation,” the company said in a press release.
Revenue from information and connected systems, which contributes to over half of the company’s topline, rose by 10% while revenue from mechatronics, aftermarket and other businesses increased by 12%.
On the operating performance front, EBITDA rose 15% on year to Rs 132 crore, while EBITDA margin improved by 114 basis points to 11.1%.
Recently, Minda Corp announced a 50:50 joint venture with Taiwan-based HSIN Chong Machinery Works, to manufacture sunroof and closure technology products for passenger cars in India.
The company noted that it would expand its product portfolio by sharpening its competitive edge through R&D investments and focus on partnerships to harness technological advancements to meet evolving customer requirements.