Lockdown dents Minda revenue

Minda Industries limited (MIL) has announced its results for the quarter ended June 30, 2020. At a consolidated level, the company registered revenue of Rs 417 crore in Q1 FY21 against Rs 1,440 crore in the corresponding quarter in FY20, registering a decline of 71 per cent.

The decline, said a company press release, was primarily on account of extended lockdown and low scale operations permitted for the first half of Q1 FY21.

All its facilities are now operational across the globe and production levels have witnessed month-on-month improvement in utilisation levels

The EBITDA loss for Q1 FY21 has been reported as Rs 71 cr vis-à-vis Rs 172 cr in Q1 FY20.

PBT Loss before exceptional items for Q1 FY21 was at Rs 156 cr as against profit of   Rs 84 cr in Q1 FY20. The decline in PBT is largely on account of lower operating leverage and of production due to COVID -19. The company reported PAT loss of Rs 119 cr in Q1FY21 as against profit of Rs 56 cr in Q1FY20 in corresponding quarter last year.