Tier 1 supplier Minda Corp has announced its financial result for Q1 FY2024, with revenue of Rs 1,075 crore, up 6 percent, EBITDA at Rs 115 crore with EBITDA margin of 10.7 percent versus Rs 117 crore and EBITDA margin of 10.9 percent a year ago.
The net profit came at Rs 45 crore, down 14 percent versus Rs 52 crore in Q1 FY2023 for the same period last year.
Ashok Minda, Chairman and Group CEO said, “We have done investments in capacity addition and new technology. We also secured multiple significant orders in new technology and mobility segments. This will further accelerate our growth and deliver maximum value to all our stakeholders in the years to come.”
“With signs of volume growth moderation in most segments. Q1 FY2024 was a mixed bag from demand perspective. Demand for passenger vehicles and two-wheeler was mainly driven by new product launches and wedding season while commercial vehicles and tractors witnessed a decline in volume.”
New order wins
During the quarter the company won orders valued at around Rs 3,000 crore, of which 50 percent came from the EV segment. This included Rs 750 crore for the battery chargers announced recently.
“Moving forward, we’ll continue to build out product portfolio and sharpen our competitive edge by investing in R&D, partnerships, to produce high-quality products backed with cutting-edge technology which best adapts to the evolving needs of customers worldwide. Demonstrating our focus on innovation, we filed 4 patents during the quarter, taking the total number of patents filed to 255,” added Minda.
He further stated that the company “will keep exploring evolving opportunities for expansion.”
