Mumbai/Bangalore(S.N): 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 second quarter and half year ended September 30, 2023.
Financial Highlights
Note: *Removing Rs. 30 crores impact of premium buying of semi-conductor in Q2FY23
| HIGHLIGHTS:
Q2FY24 o Operating Revenue of Rs. 1,196 crores, growth of 7.1% YoY o EBITDA of Rs. 131 crores, EBITDA Margin of 11.0%, growth of 18 bps YoY o Reported PAT of Rs. 59 crores with Margin of 4.9%
· H1FY24 o Operating Revenue of Rs. 2,270 crores, growth of 6.7% YoY o EBITDA of Rs. 246 crores, EBITDA Margin of 10.8%, growth of 15 bps YoY o Reported PAT of Rs. 104 crores with Margin of 4.6%
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Minda Corporation delivered consolidated revenue of Rs. 1,196 crores 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. EBITDA for the quarter stood at Rs. 131 crores, EBITDA margin of 11.0% growth of 18 bps. The Profit after Tax (PAT) was Rs. 59 crores with a PAT margin of 4.9%.
The company secured its highest-ever lifetime orders of more than ~Rs.6,500 crores 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 an expansion of capacities and capabilities at Hosur and Greater Noida wiring harness plants. Both plants underwent capacity enhancement with the installation of advanced production equipment.
Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO 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.
In line with that vision, it gives me immense pleasure to share that we have entered into an agreement for forming a Joint Venture with HCMF for sunroof and closure technology products for passenger vehicles. HCMF is a Taiwan- based company engaged in various product groups such as Roof Systems, Comfort Closure Systems and Mechanical & Mechatronic System. This partnership aims to provide cutting-edge solutions backed by state-of-the-art futuristic technology.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.”