Tier 1 supplier, Minda Corporation the flagship company of Spark Minda has announced its financial results for FY2022. The company reported consolidated revenue of Rs 2,975 crore, a growth of 25.7 percent compared to same period last year, the net profit came at Rs 191 crore, a growth of 3.9 percent YoY.
For Q4 FY22, the revenue was Rs 947 crore, a growth of 28.4 percent over the same period last year, while net profit was Rs 75 crore, compared to Rs 69 crore YoY.
Ashok Minda, Chairman and Group CEO, Minda Corporation said, “The company has reported highest every quarterly consolidated revenue of Rs 9,478 million, a growth of 19.4% on YoY against a 17% YoY decline in the industry.
Consolidated revenues excluding MIL (erstwhile Minda Stoneridge Instruments) were Rs 8,095 million, representing a 1.9% growth on YoY basis.
Despite continuing production woes due to semiconductor shortages and rising commodity inflation amid geopolitical tensions our EBITDA margin has improved to 11.4% and we have reported highest ever absolute quarterly EBITDA of Rs 1,077 million owing to improved operational efficiencies and cost reduction measures.
I am happy to report that the PLI application filed by company has been approved under the Component Champion Incentive Scheme. This will provide us an opportunity to develop best-in-class and industry-leading quality products.”
“Looking ahead, we are cautiously optimistic for FY23. Though the current geopolitical tensions have added to the semiconductor shortages and other supply chain woes, we have strong confidence in the current domestic demand outlook.
With our sharp focus to make the company future-ready and technologically advanced, we are confident of achieving industry leading growth, as we strengthen our core business and capture new opportunities emerging before us,” concluded Minda.