Minda Corporation Reports Revenue Of Rs. 1,068 Crore With 45% YoY Growth In Q3 FY23

BW Online Bureau Feb 09, 2023

Minda Corporation, the flagship company of Spark Minda has announced its financial results for the third quarter and nine months ended December 31, 2022. Continuing the growth momentum, the company reported double digit EBITDA margin for 10th Straight quarter.

Consolidated Q3 FY23 Performance

• Operating revenue of Rs. 1,068 crores with growth of 45 per cent on YoY basis (22 per cent on like to like basis excluding MIL)

• Tenth successive quarter of double-digit EBITDA margin with EBITDA of Rs 114 crores and EBITDA Margin of 10.7 per cent

• PAT of Rs. 52 crores, growing 41 per cent YoY and PAT margins of 4.9 per cent

Commenting on the results, Ashok Minda, Chairman and Group CEO, said, “During the quarter, the auto industry grew steadily on YoY basis with growth across segment on the back of robust festive season, improved customer sentiments and higher production. The rural demand saw weakness on the back of uneven monsoon, higher finance cost and tepid rural sentiments. Semiconductor supplies have eased out but long lead time still continues. Commodity prices saw an increasing trend in Q3FY23 after softening in Q2FY23. Our teams work closely with customers to mitigate the effect of these challenges."

The company has filed 5 patents during the quarter in various business verticals taking the total no. of patents to 229.

With the focus on innovation and being in line with the emerging trends in the auto industry, Minda Corporation entered into Technology License and Assistance Agreement with LocoNav India for Telematics Software for both Web & Android/iOS Platform.

During the quarter, the company also inaugurated one more Wiring Harness plant in Chakan, Pune spread across 1.9 lakhs square feet.

Financial Highlights