Minda Corporation has announced its financial results for Q2 FY2024. The company reported revenue of Rs 1,196 crore, up 7% YoY, net profit of Rs 59 crore, up 4.9 percent.
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.
During the quarter, the company secured its highest-ever lifetime orders of more than Rs 6,500 crore in H1FY24 with electric vehicles (EVs) constituting more than 30% of the orders won during the quarter. It has secured 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 plants underwent capacity enhancement with installation of advanced production equipment.
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.”
“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.”
