Minda Corporation delivered consolidated revenue of Rs 558.6 crore compared to Rs 178 crore in Q1FY2021 boosted by new orders, higher cash flow and operational efficiency. However, on a sequential basis, the revenue dropped close to 30 percent from Rs 794.1 crore in Q4FY2021.
Lifetime order of Rs 237.9 crore from key electric vehicle manufacturers brought in a uptick in the company’s bottomline in Q1FY2022. The Q1FY2022 net profit from continued operations came in at Rs 710 lakh as against loss of Rs 36.3 crore in Q1FY21
Speaking on the company’s performance and the growth drivers, Ashok Minda, chairman and Group CEO said, “We giving utmost focus to the electric vehicle space. We have received business awards of lifetime order of Rs 237.9 crore in Q1 FY22 from EV players. These orders are from both incumbent as well as new players. We have continued to maintain operational efficiency to navigate through the challenges faced by the auto industry. Our primary focus in these times has been to create a very strong order book, higher operation efficiency, increase free cash flow and work towards disrupted technology.”
Minda Corporation has entered into a joint venture with INFAC Elecs, a South Korea based company for manufacturing of Vehicle Antenna System. Ashok Minda reiterated that this is “a segment which has tremendous growth opportunities in India as demand for autonomous vehicles and connected mobility increases. I would like to reiterate that Minda Corp will continue to remain committed towards Right Capital Allocation.”