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Minda Corporation reports consolidated revenue of Rs 11.92 billion for Q1 24
Industry News- Aug 08,24
During the quarter, the company signed a Joint Venture Agreement with HCMF for Automotive Sunroof Solutions and Closure Systems.
Minda Corporation Limited (referred to as “Minda Corp” or the “Company”; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda, revealed its financial results for the first quarter ended June 30, 2024.
Consolidated Q1 FY25 performance
? Consolidated Revenue of Rs 11.92 billion, an increase of 11.0% YoY
? EBITDA Margin of 11.1%, marking an increase of 38 bps YoY
? PAT of Rs 64 Cr, an increase of 42.0% YoY with a margin of 5.3%
Minda Corporation achieved a quarterly revenue of Rs 11.92 billion, marking 11.0% YoY growth. This performance is attributed to robust product portfolio, an expanding customer base and focus on product premiumisation. During the quarter, the company achieved EBITDA of Rs 1.32 billion with a margin of 11.1%, showcasing 38 bps YoY growth. PBT reached Rs 840 million, with a margin of 7.0%, showcasing 114 bps YoY growth. PAT amounted to Rs 640 million, an increase of 42.0% with a margin of 5.3%.
During the quarter, the company signed a joint venture agreement with HCMF for automotive sunroof solutions and closure systems. This 50:50 partnership between Minda Corporation and HCMF aims to provide cutting-edge technology backed by state-of-the-art manufacturing of sunroof and closure technology products for passenger cars through localisation in India.
Commenting on the results, Ashok Minda, Chairman and Group CEO said, “The first quarter of FY25 began on a positive note with overall demand rising across most vehicle segments, year-on-year basis. Through our focus on key initiatives, financial prudence, and commitment to excellence, we are well-positioned to surpass industry expectations. We aim for steady growth in our current businesses while expanding our reach through increased exports and a larger customer base. Our dedication to delivering high-quality products and solutions ensures that we consistently meet and exceed customer expectations.”
Moving forward, the company will continually expand its product portfolio by sharpening the competitive edge through R&D investments. We will also continue to focus on partnerships to harness technological advancements to meet the evolving customer requirements.
Minda Corporation
Ashok Minda
Minda Corporation Limited
Automotive Sunroof Solutionsm Closure Systems
Spark Minda
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