EVs drive Minda Corp order book to Rs 6,500 crore in H1 FY24

The Tier-1 major is bullish about the demand for electric vehicles as well as the growth opportunity in categories such as sunroofs for passenger vehicles.

Autocar Pro News Desk By Autocar Pro News Desk calendar 02 Nov 2023 Views icon2124 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
EVs drive Minda Corp order book to Rs 6,500 crore in H1 FY24

The Noida-headquartered Minda Corporation, which is a leading player in automotive locking and security systems, as well as plastic parts among others, has delivered consolidated revenue of Rs 1,196 crore in Q2FY24 to register a year-on-year growth of 7 percent. The company attributes the growth towards robust demand in the domestic market, an increasing share of business with key customers, and product premiumisation, despite witnessing continued headwinds from exports on the back of geo-political issues. 

EBITDA for the quarter ending September 2023 stood at Rs 131 crores; an EBITDA margin of 11 percent - a growth of 18 bps. The company's Profit after Tax (PAT) stood at Rs 59 crore with a PAT margin of 4.9 percent.

The company claims to have secured its highest-ever lifetime orders of over Rs 6,500 crore in H1FY24 with electric vehicles (EVs) constituting more than 30 percent  of the orders won during the quarter. Minda Corporation says it secured marquee orders across the existing and new technology products with multiple first-time strategic order wins in both ICE and EV segments.

The company also undertook expansion of capacities and capabilities at its Hosur, Karnataka and Greater Noida, Uttar Pradesh wiring harness plants. Both plants are said to have undergone capacity enhancement with installation of advanced production equipment.

According to Ashok Minda, Chairman and Group CEO, Minda Corporation, “The Q2 of FY24 was marked by yet another quarter of better-than-industry performance by Minda Corporation as a result of our consistent focus on research and development, prudent capital allocation, thrust for innovation and operational excellence. Our roadmap underlines our commitment to develop products aligned with global trends including Connectivity, Autonomous, Shared Mobility and Electrification."

The company has come into a JV agreement with Taiwan-based HCMF for sunroof and closure technology products for the passenger vehicle segment. HCMF is engaged in various product groups such as Roof Systems, Comfort Closure Systems and Mechanical & Mechatronic Systems. "This partnership aims to provide cutting-edge solutions backed by state-of-the-art futuristic technology," Minda said.

"As we move forward, we remain committed to delighting our customers by delivering new and technologically advanced products; providing our employees with growth opportunities, and creating long term value for our shareholders," he concluded.

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