Minda Industries shares rise sharply in weak market as it bags large EV orders
Premium- Minda Industries Q3 results: Revenue from operations rose 7% to ₹2,181 crore as compared to ₹2,031 crore in the last year period.
Minda Industries consolidated net profit fell 13% to ₹118 crore for the December quarter as against ₹137 crore reported in the year ago period.
On Monday, however, after the results announcement, Minda Industries shares were up sharply, rising 3.64% in noon deals at ₹1,098.65 on NSE.
Revenue from operations rose 7% to ₹2,181 crore as compared to ₹2,031 crore in the last year period.
The Board has approved and declared interim dividend at the rate of ₹0.50 per equity share.
The EBITDA for third quarter came in at ₹235 crore as against ₹279 crore a year ago, registering a degrowth of 16%, but however increased by 3% when compared with last quarter.
The company said it has been actively engaged with top new age EV two-wheeler OEM (original equipment manufacturer) and now secured orders of more that ₹400 crores of peak annual sales value from these new age OEMs.
The peak sale is expected in FY25 as they ramp up production with increasing adoption of two wheeler EVs.
Minda, a leading company in auto components industry, is a global supplier of proprietary automotive solutions to OEMs as Tier-1. It manufactures automobile components for Original Equipment Manufacturers (OEMs) and is rapidly expanding with growing market share across all its product lines.
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Nirmal K Minda, CMD, Uno Minda Group said, "The resilience shown in the first half of the year, continues to get strengthened as can be seen in the overall performance - despite challenging times, supply side constraints and thereby rising input prices. There are signs of a sharp revival of the industry, with demands picking up and external boosts in the form of favourable government policies as highlighted in the recent Budget. UNO Minda group is well positioned to capitalize strongly on these developments and offer the best-in-class indigenous products to our existing and potential partners and scale the next level of this growth trajectory."
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