Minda Industries Q1 FY2020 PAT at Rs 53 crore, down 24%

Tier 1 supplier, Minda Industries reported its for Q1 FY2020 financial results. The company says despite industry wide volume cuts, the consolidated revenue for the quarter was Rs 1,440 crore as against Rs 1,430 crore for same period last year.

The EBITDA margin came at 11.96 percent and PAT (MIL share) of Rs 53 crore, down 24 percent. The company says it was able to grow its revenue despite weak demand environment and margin pressures across OEMs, which was on the back of its new businesses — Minda Katolec Services and ISYS — started contributing to the top line.

Minda Industries says despite adverse business environment it has sustained margins and recorded marginal growth of EBITDA in Q1FY2020 at Rs 172 crore, compared to Rs 170 crore in Q1 FY2019.

The company says it has bagged new orders from India Kawasaki Motors and PSA Group for engine speed and oil temperature sensors. While, Minda Kosei Aluminum Wheels has received orders of Rs 87 crore per annum from OEMs, which included Rs 54 crore from Mahindra & Mahindra and Rs 33 crore from Maruti Suzuki India.