Minda Corporation, the flagship company of Spark Minda Group posted 41% growth in net profit for December ending third quarter, led by sustained outperformance in the marketplace.
Noida headquartered company posted a net profit of Rs 52 crore during the quarter three. The revenue grew 45% to Rs 1068 crore for the quarter whereas the EBIDTA margin broke into double digits for the 10th successive quarter.
Reviewing the third quarter earnings Ashok Minda, Chairman of Minda Corporation said, the strong growth across the segment was on the back of robust festive season, improved customer sentiments and higher production.
"The rural demand saw weakness on the back of uneven monsoon, higher finance cost and tepid rural sentiments. Semiconductor supplies have eased out but long lead time still continues. Commodity prices saw an increasing trend in Q3FY23 after softening in Q2FY23. Our teams work closely with customers to mitigate the effect of these challenges," said Minda.
The sustained outpeformance by the company is the result of various cost control initiatives, increased efficiencies and increase in business across verticals with existing customers and addition of new customers, explained the Chairman.
On the EV front, the company said, the lifetime EV orderbook is at 24% of the total order wins in the nine months of FY-23.
During the quarter - the company filed 5 patents across various business verticals taking the total number of patents to 229.
The company also entered into Technology License and Assistance Agreement with LocoNav India Private Limited for Telematics Software for both Web & Android/iOS Platform. This partnership with LocoNav will help the company strengthen its existing relationship with the leading OEMs by integrating LocoNav’s proprietary telematics software into Spark Minda devices making it “a complete telematics solution provider”.
To meet the growing demand, during the Q3, one more Wiring Harness plant in Chakan, Pune spread across 1.9 lakhs square feet with the factory equipped with advanced machines backed by cutting-edge technology was inaugurated.