Minda Corporation Q2 net profit rises 48 percent to Rs 578 crore
The Company has attributed its growth to an increased uptick in demand for its product portfolio from domestic and global OEMs.
Ashok Minda-promoted Minda Corporation has posted a 48 percent rise in net profit for the second quarter of FY23 on the back of strong volume growth across its businesses. The flagship company of Spark Minda group recorded a profit of Rs 57.8 crore for Q2FY23 as compared to the Rs 39.1 crore net profit it had registered in Q2FY22.
The revenues for Q2 have jumped 57 percent from Rs 731.3 crore in FY22 to Rs 1,147.1 crore for the second quarter of this current fiscal.
The Company has attributed its growth to an increased uptick in demand for its product portfolio from domestic and global OEMs in Mechatronics, Information and Connected Systems, Plastic and Interior applications.
Reviewing the Q2 earnings, Ashok Minda, Chairman, and Group CEO said the quarter for FY23 has shown strong growth on the back of significant consumer demand in all categories “Going forward, we expect the demand to continue its upward trajectory with product premiumisation in urban centres and new vehicle launches,” he said.
Last month, the company entered into a tie-up with Daesung, Eltec of Korea to build its presence in the localised ADAS solutions market for India. Through this collaboration, Minda also plans to expand its offering into advanced view monitoring systems (AVM) including driver monitoring system (DMS), lane departure warning System (LDWS), front collision warning system (FCWS) for passenger vehicles & commercial vehicles, and Neo DAS for off-road vehicles.
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