Minda Corp's Q2 FY2018 revenue up 10.9%

Component maker Minda Corporation, the flagship company of the Spark Minda, Ashok Minda Group, has reported a Q2 FY2017-18 revenue of Rs 655 crore, an increase of 10.9 percent compared to the same period last year.

For July-September, 2017 the EBITDA margin increased 11.5 percent to Rs 75 crore YoY, and profit after tax (PAT) was Rs 42 crore (Q2 FY2017: Rs 39 crore), an increase of 6.4 percent. Its H1 FY2018 revenue rose 14.8 percent to Rs 1,278.3 crore (HY FY2017: Rs 1,113 crore), while PAT grew 0.9 percent to Rs 65 crore (H1 FY2017: Rs 64 crore).

The company says the half-year PAT is lower due to a drop in revenue from other income. It added that its new die casting plant in Pune has begun commercial operations during the quarter.

Ashok Minda, chairman and group CEO, said: “During the previous quarter, we have seen a positive movement towards a more stabilised GST regime resulting in steady growth of business. The company has reported an improved financial performance during the quarter as well as half-year ended September 2017. During H1 FY2017-18, sales grew by 14.8 percent and EBITDA margins stood at 9.3 percent.”

He added, “Other highlights of the quarter includes strong order wins. We received a total Rs 120 crore of orders (lifetime value) across domestic businesses and exports. We continue our focussed investment approach towards new projects and R&D, thus making our business future-ready.”