Minda Corp reports loss of Rs 299 crore for Q4 FY2020

Tier 1 supplier Minda Corporation has reported its financial result for Q4 FY2020 and for the full year fiscal 2020. The company reported revenue of Rs 697.77 crore (-9.5% YoY), and a loss of Rs 299.77 crore in Q4 FY2020.

The results were impacted due to various factors including the impairment charges of one of its arms that has filed for insolvency. Minda Corp had decided to withdraw financial support to Minda KTSN Plastic Solutions, Germany (MKTSN), pursuant to which the it has filed for insolvency.

For FY2020, the company reported revenue of Rs 2,813 crore (-8.9%), compared to Rs 3,091 crore for the same period last year. The loss for the year came at Rs 199 crore, compared to a profit of Rs 169 crore for the same period last year.