Minda Corporation the flagship company of Spark Minda has announced its financial results for Q4 and FY2023.
The company says it has achieved 11th consecutive quarter of double-digit EBITDA margin of 10.9 percent. In Q4 FY2023, the company posted revenue of Rs 1,075 crore, up 13 percent YoY and net profit of Rs 122 crore, up 11.3 percent.
For FY2023, the revenue came at Rs 4,300 crore, up 44.5 percent YoY, EBITDA margin of 10.7 percent and net profit of Rs 285 crore, up 6.6 percent YoY, versus Rs 192 crore a year ago.
Ashok Minda, Chairman and Group CEO, Minda Corporation said, “This outstanding performance can be attributed to our strong product portfolio, expanding customer base, and emphasis on product premiumisation. As we move forward, we will focus on customer-centricity, driving innovation, and advancing research and development to deliver exceptional value to all our stakeholders.”
During the year Minda Corporation strengthened its presence in the telematics software and ADAS solutions through strategic technology partnerships with LocoNav and Daesung Eltec. These alliances the company says allowed it to be at the forefront of automotive industry advancements, enabling delivery of cutting-edge solutions. The company filed 20 patents, taking the total count of patents to more than 250.
Minda Corporation says the automotive industry exhibited satisfactory performance across various segments. The domestic auto market delivered positive growth, primarily driven by robust urban sales. However, exports continued to face challenges due to global geopolitical factors. Two-wheeler demand remained sluggish due to concerns about affordability and increasing fuel costs.
The demand for passenger vehicle remained robust, thanks to a strong order book with OEMs and the introduction of new products.
In addition, government’s accelerated infrastructure spending contributed to an upswing in commercial vehicle demand. The tractor segment experienced a remarkable surge in growth, surpassing expectations with a strong double-digit increase.
As FY2023 drew to a close, semiconductor supply constraints have eased, and commodity prices have resumed an upward trend after a temporary decline in Q2FY23. However, it is important to acknowledge that a substantial portion of our raw materials are tied to customer indices.
