Minda Corporation, the flagship company of Spark Minda has announced its financial results for Q3 FY2024 with revenue of Rs 1,166 crore, up 9.1% YoY on the back of robust festive season and improved sentiments in rural and urban markets. The net profit at Rs 52 crore, saw flat growth YoY.
The growth was partially offset by subdued exports and delay in SOP of certain products. The company also was partially impacted by increase in finance costs and depreciation, attributed to strategic investments in capacity expansion and technological upgradation.
During the quarter, it secured lifetime orders worth around Rs 2,300 crore with EV constituting over 30% of the orders won contributed by key order wins for smart keys, die casting, clusters and DC-DC converters. Moreover, Minda Corp won multiple first-time ever orders for legacy and new technology products from key OEM’s showcasing our expanding capabilities in delivering sustainable mobility solutions.
Ashok Minda, Chairman and Group CEO, Spark Minda said, “The quarter showcased resilient performance with double digit EBITDA margins. Going forward, we remain focused on growing our core businesses organically. Moreover, Spark Minda will continue to invest inorganically through strategic partnerships, alliances and acquisitions with emphasis on strong fundamentals and prudent capital allocation. I am elevated to announce that we have further strengthened our board by reinstating Ravi Sud on the board as Independent Director. His vast experience in strategy, financial management including cost control will help us drive more value for all our stakeholders.”
During the period, the company inaugurated a smart key facility in Vietnam, strategically positioned to serve customers in the ASEAN region. To facilitate the growing demand the company is proactively enhancing capacities for smart keys, EV products, and die casting.
The company also filed 8 patents, bringing the total number of patents to 265.
