Minda Corp sets record high revenue in FY24; Profit dips 20%

Minda Corporation, the flagship company of Spark Minda, reported a 41.98% decline in its consolidated net profit to Rs 70.75 crore in the quarter ended March 2024, partially as a result of an increase in the finance cost and depreciation due to capacity expansion and technological upgrades.

The company posted a consolidated net profit of Rs 121.94 crore during the previous quarter ended March 2023. Meanwhile, sales rose 13.07% to Rs 1214.98 crore in the quarter ended March 2024, as against Rs 1074.55 crore during the previous quarter ended March 2023.

For the full year, net profit declined 20.13% to Rs 227.22 crore in the year ended March 2024, as against Rs 284.50 crore during the previous year ended March 2023. Sales rose 8.16% to Rs 4651.14 crore in FY24 as compared to Rs 4300.14 crore in FY23.

During the year, the company secured lifetime orders worth over Rs 10,000 crore, with EVs constituting over 30% of the orders. Moreover, it secured multiple first-time orders for both, legacy and new technology products from key OEMs  showcasing expanding capabilities in delivering sustainable mobility solutions.

"Our resilient performance this year underlines our commitment to sustainable business practices and innovation. Achieving record revenue and robust growth reflects our focus on premiumisation and transformation. As one of the leading players in the smart mobility space, our expanding EV order books, investments in advanced technologies, and sustainable solutions reaffirm our commitment to driving sustainable growth," Ashok Minda, Chairman and Group CEO said.

He further highlighted that the company is all set to file 26 new patents this year, increasing its overall patent portfolio to over 270. "Additionally, we were granted 69 patents in FY24, the highest ever since inception," Minda added.