Minda Corporation reported its financial results for the second quarter and half year ended September 30, 2023. The company’s Q2FY24 operating revenue was Rs. 1,196 crores, a 7.1% YoY growth, with an EBITDA margin of 11.0%. The company’s profit after tax (PAT) was Rs. 59 crores with a PAT margin of 4.9%. In H1FY24, operating revenue was Rs. 2,270 crores, a 6.7% YoY growth, and EBITDA of Rs. 246 crores, a 10.8% growth.
The company also reported a reported PAT of Rs. 104 crores with a margin of 4.6%. The company secured its highest-ever lifetime orders of more than ~Rs.6,500 crores in H1FY24, with electric vehicles (EVs) constituting more than 30% of the orders won during the quarter.
Minda Corporation’s Q2FY24 performance was driven by robust demand in the domestic market, increasing business share with key customers, and product premiumization. Chairman and Group CEO Ashok Minda praised the company’s performance, stating that Q2FY24 was better than industry performance due to its focus on research and development, prudent capital allocation, innovation, and operational excellence. The company has also entered into a joint venture with HCMF for sunroof and closure technology products for passenger vehicles.
