Minda Corporation (Minda Corp), the flagship company of the Spark Minda Group has reported revenue of Rs 1,068 crore, in Q2 FY2023, which was a growth of 45 percent YoY.
This also marked the 10th consecutive quarter of double-digit EBITDA margin with EBITDA at Rs 114 crore. The profit after tax came at Rs 52 crore, up 41 percent over the same period last year. The lifetime orderbook from the electric vehicle segment in the first nine months of FY2023 accounted for 24 percent of total sales.
“During the quarter, the auto industry grew steadily on YoY basis with growth across segment on the back of robust festive season, improved customer sentiments and higher production. The rural demand saw weakness on the back of uneven monsoon, higher finance cost and tepid rural sentiments. Semiconductor supplies have eased out but long lead time still continues. Commodity prices saw an increasing trend in Q3 FY2023 after softening in Q2FY23. Our teams work closely with customers to mitigate the effect of these challenges,” said Ashok Minda, Chairman and Group CEO, Spark Minda.
He further said that the company continued to outperform the industry on both YoY and QoQ and attributed the resilient performance to various cost control initiatives, increased efficiencies and increase in business across verticals with existing customers and addition of new customers.
During Q3 FY2023, Spark Minda filed 5 patents in various business verticals taking its total number of patents to 229.
“With the focus on innovation and being in line with the emerging trends in the auto industry, Minda Corporation entered into Technology License and Assistance Agreement with LocoNav India for telematics software for both Web & Android/iOS Platform. This partnership will help us strengthen our existing relationship with the leading OEMs by integrating LocoNav’s proprietary telematics software into Spark Minda devices making us ‘a complete telematics solution provider’. This will also help us expand our product portfolio with existing customers and acquire new customers,” he added.
In Q3 FY2023, the company also inaugurated a Wiring Harness plant in Chakan, Pune spread across 1.9 lakh square feet.
