Tier-1 auto component maker Minda Corporation reported a 13.9% decline in its profit after tax at Rs 45 crore for the quarter ended June 2023 (Q1 FY24). The company posted a Rs 52 crore net profit in the same quarter a year ago.
However, the company posted a 6.4% growth in its operating revenue to Rs 1,075 crore for Q1 FY24 as compared to Rs 1010 crore in the same quarter a year ago.
According to Ashok Minda, Chairman and Group CEO of the company has made investments in capacity addition and new technology. "We also secured multiple significant orders in the new technology and mobility segments. This will further accelerate our growth and deliver maximum value to all our stakeholders in the years to come," he added.
The company won orders worth Rs 3,000 crore during the quarter under review, of which 50% came from the EV segment. With signs of volume growth moderation in most segments, Q1FY24 was a mixed bag from a demand perspective, the company said. As per Minda Corporation, demand for passenger vehicles and two-wheelers was mainly driven by new product launches and the wedding season, while commercial vehicles and tractors witnessed a decline in volume.
"Moving forward, we’ll continue to build out our product portfolio and sharpen our competitive edge by investing in R&D, and partnerships, to produce high-quality products backed with cutting-edge technology that best adapts to the evolving needs of customers worldwide. Demonstrating our focus on innovation, we filed 4 patents during the quarter, taking the total number of patents filed to 255," Minda said.