Minda Corporation Limited, the flagship company of Spark Minda, has announced its financial results for the first quarter ending June 30, 2024.
Quarterly Financial Performance
Minda Corporation posted a consolidated revenue of ₹1,192 crore for Q1 FY25, reflecting an 11.0% year-on-year increase. The company achieved an EBITDA of ₹132 crore, with an EBITDA margin of 11.1%, up by 38 basis points compared to the previous year. Profit Before Tax (PBT) stood at ₹84 crore, representing a margin of 7.0%, and an increase of 114 basis points YoY. Net Profit After Tax (PAT) reached ₹64 crore, marking a substantial 42.0% growth with a PAT margin of 5.3%.
The strong revenue growth is attributed to Minda Corporation’s robust product portfolio, an expanding customer base, and a focus on premium product offerings. The company’s improved margins and a significant increase in PAT highlight its effective operational strategies and financial management.
Strategic Developments
During the quarter, Minda Corporation entered a Joint Venture Agreement with HCMF to develop Automotive Sunroof Solutions and Closure Systems. This 50:50 partnership will leverage advanced technology and state-of-the-art manufacturing to provide innovative sunroof and closure products for passenger cars, with a focus on localization in India.
Management Commentary
Mr. Ashok Minda, Chairman and Group CEO, commented on the results: “The first quarter of FY25 began on a positive note with overall demand rising across most vehicle segments. Through our focus on key initiatives, financial prudence, and commitment to excellence, we are well-positioned to surpass industry expectations. We aim for steady growth in our current businesses while expanding our reach through increased exports and a larger customer base. Our dedication to delivering high-quality products and solutions ensures that we consistently meet and exceed customer expectations.”