Minda Corporation reports record revenue of Rs 1,147 crore in Q2 FY23, profit of Rs 57 crore | The Financial Express

Minda Corporation reports record revenue of Rs 1,147 crore in Q2 FY23, profit of Rs 57 crore

This also marks the ninth consecutive quarter (Q1FY22 impacted by the second wave of Covid) of double-digit EBITDA margin with EBITDA of Rs 123 crore and EBITDA margin at 10.8 percent.

Minda Corporation reports record revenue of Rs 1,147 crore in Q2 FY23, profit of Rs 57 crore

Minda Corporation, the flagship company of Spark Minda today announced its financial results for the Q2 FY2023 with revenue of Rs 1,147 crore, up 57 percent YoY, which is the highest ever for the company.

This also marks the ninth consecutive quarter (Q1FY22 impacted by the second wave of Covid) of double-digit EBITDA margin with EBITDA of Rs 123 crore and EBITDA margin at 10.8 percent.

Recently, Spark Minda entered into a Technology Licence and Assistance Agreement (TLA) with Daesung, Eltec of Korea to introduce ADAS solutions in India.

Ashok Minda, Chairman & CEO, Spark Minda said, “The second quarter of FY23 witnessed a turnaround in consumer sentiments with pent-up demand across vehicle segments on both year-on-year and sequential basis. Despite strong cues in demand from the domestic market, we are still navigating the challenges arising because of subdued growth in exports and semiconductor supply crunch. Amidst these tailwinds and headwinds, Minda Corporation continues to exhibit a sustained performance.”

He said that the company’s growth was driven by better revenue visibility across all business verticals, an increase in the share of business from existing customers and an increase in content per vehicle. The tier 1 supplier states it has a robust balance sheet has a debt-to-equity ratio of 0.06x.

Minda states that he expects the demand to remain strong on the back of improved consumer sentiments, product premiumisation for urban centres and new vehicle launches despite geopolitical risks and anticipated economic slowdown in certain geographies. Moreover, stabilisation of commodity prices would further aid improvement in underlying margins.

“We will continue to focus on growing our legacy portfolio while targeting new business through aggressively investing in R&D for future technologies. We remain committed to our customers and shareholders by providing best-in-class quality of advanced products, technologies, and system solutions by continuously focusing on cost optimisation and right capital allocation,” he concluded.

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First published on: 08-11-2022 at 11:50 IST