Minda Corporation Limited Registers A Growth Of 11.5% Yoy For Q2 FY22 With A Consolidated Revenue Of Rs. 7,313 Million

Minda Corporation Limited (NSE: MINDACORP, BSE: 538962),today announced its financial results for the quarter ended September 30, 2021, Registering a Y-o-Y growth of 11.5% with an operating Revenue of Rs. 7,313 million. EBITDA of Rs. 773 million with strong operating margins of 10.6% and expands by 50 bps YoY. Profit After Tax stood at Rs. 391 million with PAT Margins of 5.3% 

Commenting on the results, Ashok Minda, Chairman and Group CEO said: “In the second quarter of FY22, auto industry saw sequential pick up in demand with receding second wave of health pandemic and the growth trend was visible in all the vehicle segments to varying extent.

I am pleased to report that we have delivered Revenue from Operations of Rs. 7,313 million during the quarter, a robust sequential growth of 11.5% as against Industry de-growth of (2.6%). 

EBITDA for the second quarter stood at Rs. 773 million with Double digit EBITDA margins of 10.6% despite higher commodity price and indirect adverse impact of Semiconductor shortage. Our performance is also reflected in the balance sheet position as we are net debt negative and generated free cash flow during the first half of the year.

With economy recovering and evolving dynamics in the industry, we remain cautiously optimistic about the times ahead, yet, we remain confident in our abilities and strong product offerings to deliver sustainable profitable growth.”

Minda Corporation has increased stake in Minda Stoneridge to strengthen its core business. “The acquisition will be value accretive for shareholders as financial performance of group will strengthen. We will continue to have perpetual license of all existing technology licenses granted by Stoneridge, Inc and continue Technical Collaboration with Stoneridge Inc for future products. This initiative has been taken in line with our vision to grow in advanced technological products i.e. Sensors & Clusters” the company said in a statement