Minda Corporation reports highest ever quarterly PAT of Rs. 495 million with growth of 91.5% on Q-o-Q basis
Minda Corporation Limited (referred to as "Minda Corp" or the "Company"; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda today announced its financial results for the third quarter ended December 31, 2020.
Commenting on the results & events, Mr. Ashok Minda, Chairman and Group CEO said:
On Results:- "The auto industry in third quarter of FY21 saw both year-on-year and sequential growth in overall demand primarily driven by pent-up demand in channels, festive season during the period and preference for personal transport due to Covid-19.
Minda Corporation while supporting its customer also delivered Consolidated Revenue of Rs. 7,398 million, which has grown 36% as compared to Industry growth of 17% year on year for the quarter. The higher growth was due to 55% growth in Aftermarket division and also Export from India increased by more than 25%. The content increase in 2 wheeler wiring harness due to transition to BS VI also helped us. With higher operating efficiencies and cost control measures, company was able to deliver successive quarter of improved double digit EBITDA margins of 11.1%. In this quarter we have reported highest ever profit after tax of Rs.495 million."
On Other Borad Announcemnt:- "Our endeavour remains to continuously reward our shareholders and thus in accordance with our dividend policy, we have also announced interim dividend of 15% on the face value, i.e. Rs.0.30 per share. Going ahead the Company is going to give greater focus towards ESG. The Company will be giving greater focus in Electric Vehicle space by strengthening the team & division to conceptualise, design, develop, new and unseen products, components & system. Minda Corp is poised to leverage its leadership position to grow through its customer connect as it works on the philosophy of more customer per product and more product per customer. We remain committed to our customers to provide best-in-class leading quality of products of advanced technology through innovation."
DISCLAIMER: This information is published as per the press release sent to us. It has not been verified or ratified by OVERDRIVE.
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