Minda Industries Net Profit Decline By 26.33%
Minda Industries has reported a 26.33 percent drop in consolidated net profit at Rs 62.33 crore in the Q1 ended June 30 against Rs 84.6 crore in the year-ago quarter.
On a consolidated basis, revenues for the quarter were Rs. 1,440 Cr. with EBITDA Margin 11.96% and PAT (MIL share) of Rs. 53 Cr.
On a comparable basis the revenues stood at Rs. 1,440 Cr. for Q1 FY20 as against Rs. 1,430 Cr. in Q1 FY19 despite weak demand environment and margin pressures across OEMs. New Businesses like Minda Katolec & ISYS has started contributing to the top line.
Despite the adverse business environment the Company has sustained margins and recorded EBITDA for Q1 FY20 of Rs. 172 Cr., growing nominally from Rs. 170 Cr. in Q1 FY19. The EBITDA margin for Q1 FY20 is at 11.96% in comparison to 11.89% recorded in Q1 FY19.
PBT before exceptional item for Q1FY20 was at Rs. 84 Cr. as against Rs. 114 Cr. in Q1 FY19.
PAT attributable to MIL was Rs. 53 Cr. in Q1 FY20 as against Rs. 70 Cr. in the corresponding quarter last year.
Update on “Scheme of Arrangement”
HSSL Merger: SEBI has approved the scheme with comments; We expect to file the scheme with NCLT within this month
The merger of 4 WOS: Secured Creditors consents are being obtained. We expect to file the scheme with NCLT within this month and merger to be consummated by Q4 FY20
Major Order Wins:
