Minda Corporation Limited, the flagship company of Spark Minda on Tuesday announced its financial results for the quarter ended September 30, 2021. Consolidated revenue stood at Rs731.3cr registering a growth of 11.5% yoy for Q2FY22. Strong Operating Margins of 10.6% in Q2 FY22 despite commodity price pressure and recovery getting impacted by supply-side issues.
The company reported a higher profit at Rs39.1cr in Q2FY22 against Rs5.8cr in Q2FY21. Profit from Joint venture of Rs2.35cr in Q2FY22 as against a loss of Rs1.65cr in Q1FY22. EBITDA of Rs77.3cr with strong operating margins of 10.6% and expands by 50 bps yoy. Profit After Tax stood at Rs391 million with PAT Margins of 5.3%.
The company acquired entire stake in Minda Stoneridge to strengthen core business and expands technical collaboration with Stoneridge Inc.
At around 2.14 pm, Minda Corporation Ltd was trading at Rs174.10 per piece up by Rs2 or 1.16% from its previous closing of Rs172.10 per piece on the BSE.
“In the second quarter of FY22, auto industry saw sequential pickup in demand with receding second wave of health pandemic and the growth trend was visible in all the vehicle segments to varying extent.
We have delivered Revenue from Operations of Rs731.3cr during the quarter, a robust sequential growth of 11.5% as against Industry degrowth of (2.6%). EBITDA for the second quarter stood at Rs77.3cr with Double digit EBITDA margins of 10.6% despite higher commodity price and indirect adverse impact of Semiconductor shortage. Our performance is also reflected in the balance sheet position as we are net debt negative and generated free cash flow during the first half of the year,” Ashok Minda, Chairman and Group CEO, said.
“With economy recovering and evolving dynamics in the industry, we remain cautiously optimistic about the times ahead, yet, we remain confident in our abilities and strong product offerings to deliver sustainable profitable growth,” Minda added.
