Minda Industries Q2 PAT Dipped 32% At Rs 49 Cr

 Minda Industries Limited (‘MIL’) has continued with its momentum and has sustained its outperformance. At a consolidated level, the company registered a revenue of Rs. 1,360 Cr in Q2 FY 20 as against Rs 1,522 cr for the corresponding quarter i.e., Q2 FY19, registering a decline of 11%. New businesses have gained traction, however, they are in the ramp-up phase.

Despite the adverse demand environment, EBITDA for Q2 FY20 is Rs 162 cr, vis-à-vis Rs. 189 cr in Q2 FY19. The EBITDA margin for Q2 FY20 is at 11.9% in comparison to 12.4% recorded in Q2 FY19. 

The finance cost higher in comparison to Q2 FY19 due to an increase in total borrowings from Rs 683 cr as on Q2 FY2019 to Rs. 1,058 cr as on Q2 FY2020. However, as compared to 31st March 2019, the net debt is lower by ~Rs 62 cr.

PBT before exceptional item for Q2 FY20 was at Rs. 69 Crs, vis- a vis  Rs. 123 Crs in Q2 FY19. The profit for the quarter was impacted by lower revenues which is largely driven by market decline, operating losses at new facilities during the ramp-up phase, higher interest and depreciation and amortization costs.

PAT attributable to MIL declined by 32% to Rs. 49 Cr in Q2 FY20 as against Rs. 73 Cr in the corresponding quarter last year.