Minda Corporation Limited, the flagship company of Spark Minda announced its financial results for the first quarter ended June 30, 2023. The company reported 6.4% growth in operating revenue to Rs 1,075 crore on YoY basis for Q1 FY 24. It had an EBITDA of Rs. 115 crore with a margin of 10.7% and profit before tax (PBT) of Rs. 63 crore compared to Rs. 71 crore YoY. Profit after tax (PAT) for the period was at Rs. 45 crore with a margin of 4.2%.
The company has won orders for more than Rs. 3,000 crore, with the EV segment constituting 50%, the company said. Ashok Minda, Chairman and Group CEO, said, “We have done investments in capacity addition and new technology. We also secured multiple significant orders in new technology and mobility segments. This will further accelerate our growth and deliver maximum value to all our stakeholders in the years to come”.
With signs of volume growth moderation in most segments, Q1FY24 was a mixed bag from demand perspective. Demand for passenger vehicles and 2W was mainly driven by new product launches and wedding season while commercial vehicles and tractors witnessed a decline in volume.
“Moving forward, we’ll continue to build out product portfolio and sharpen our competitive edge by investing in R&D, partnerships, to produce high-quality products backed with cutting-edge technology which best adapts to the evolving needs of customers worldwide. Demonstrating our focus on innovation, we filed 4 patents during the quarter, taking the total number of patents filed to 255.” Minda said.
Sustaining business momentum, Minda Corporation will keep exploring evolving opportunities for expansion. We will continue to foster growth opportunities for our employees, generate profitable returns for our investors, and contribute to the communities we operate in.
