The auto component manufacturer recorded a 13 percent increase in its combined net income, amounting to Rs 1,077 crore, during the fourth quarter of FY23.
22 May 2023 | 2620 Views | By Autocar Professional Bureau
Minda Corporation, the flagship company of Spark Minda, has reported a 61 percent jump in its consolidated net profit at Rs 122 crore in the fourth quarter ended March 31, 2023.
The company posted a consolidated net profit of Rs 76 crore in the same period a year ago.
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Minda Corporation, the flagship company of Spark Minda, has reported a 61 percent jump in its consolidated net profit at Rs 122 crore in the fourth quarter ended March 31, 2023.
The company posted a consolidated net profit of Rs 76 crore in the same period a year ago.
The auto component maker reported 13 percent growth in its consolidated net income at Rs 1077 crore in Q4FY23 as compared to Rs 952.31 crore in the same quarter year ago.
The Gurugram-based company is engaged in mechatronics; information and connected systems, and plastic and interiors for auto OEMs.
During the quarter under review, it also delivered better than industry growth, with a double digit EBITDA margin of 11.3 percent for the 11th straight quarter.
According to Ashok Minda, Chairman and Group CEO, the company demonstrated a remarkable 45 percent year-on-year growth in FY23 with double-digit EBITDA margins.
"This outstanding performance can be attributed to our strong product portfolio, expanding customer base, and emphasis on product premiumization. In recognition of our shareholders, the board of directors has recommended a final dividend of 40 percent on the face value, i.e., Rs. 0.80 per equity share, taking the total dividend for the year to 60 percent, i.e., INR 1.20 per equity share,” Minda added.
Going forward, he further said, the company will focus on customer-centricity, driving innovation, and advancing research and development to deliver exceptional value to all its stakeholders.
In FY23, Minda Corporation solidified its position as a top provider of comprehensive solutions in telematics software and ADAS through strategic technology partnerships with LocoNav and Daesung Eltec. These alliances have placed the company at the forefront of automotive industry advancements, enabling the delivery of cutting-edge solutions. With continued focus on technology during the last quarter, the company filed 20 patents, taking the total count of patents to more than 250.