New Delhi: Minda Corporation Limited (Minda Corp) the flagship of Spark Minda, delivered consolidated revenue of INR 1,196 crore in Q2FY24, registering better-than-industry growth of 7% YoY. The growth was driven by robust demand in the domestic market, an increasing share of business with key customers, and product premiumisation, despite continuing headwinds from exports on the back of geo-political issues, the company said on Thursday.EBITDA for the quarter stood at INR 131 crores, EBITDA margin at 11%, growth of 18 bps. The Profit after Tax (PAT) was INR 59 crore with a PAT margin of 4.9%, the company said in a media release.
The company secured its highest-ever orders of more than INR 6,500 crore in H1FY24 with electric vehicles (EVs) constituting more than 30% of the orders won during the quarter. The company secured marquee orders across the existing and new technology products with multiple first-time strategic order wins in both ICE and EV segments.
The company undertook expansion of capacities and capabilities at Hosur and Greater Noida wiring harness plants. Both the plants underwent capacity enhancement with installation of advanced production equipment, the release said.
For H1FY24, the company reported operating revenue of INR 2,270 crore with a growth of 6.7% YoY, EBITDA of INR 246 crore, EBITDA margin of 10.8%, growth of 15 bps YoY, and PAT of INR 104 crore with margin of 4.6%, the release added.
Ashok Minda, Chairman and Group CEO, Minda Corp, said, “Q2FY24 was marked by yet another quarter of better than industry performance by Minda Corporation as a result of our consistent focus on research and development, prudent capital allocation, thrust for innovation and operational excellence. Our roadmap underlines our commitment to develop products aligned with global trends including Connectivity, Autonomous, Shared Mobility and Electrification.”
“As we move forward, we remain committed to delighting our customers by delivering new and technologically advanced products; providing our employees with growth opportunities and creating long term value for our shareholders,” he added.
