The shares of one of India’s leading manufacturers of automotive components gained 4 percent to Rs 351 a share on Friday after releasing strong Q2FY24 results. Moreover, well-known Mutual Funds bought a fresh stake of more than 13 lakh shares in the company.
At 1:30 p.m., Minda Corporation Ltd shares were trading at Rs 339.20 per share, up 0.53 percent from the previous close price on the Exchange. The company has a market capitalization of Rs 8,111 crore.
Minda Corporation reported consolidated revenue of Rs. 1,196 crores in Q2FY24, registering better-than-industry growth of 7 percent year-on-year. Similarly, Net profit has increased by 1.7 percent to Rs 59 crore during the period.
The company’s EBITDA for the quarter stood at Rs. 131 crores, EBITDA margin of 11.0 percent growth of 18 bps.
The growth was driven by robust demand in the domestic market, an increasing share of business with key customers, and product premiumization, despite continuing headwinds from exports on the back of geo-political Issues.
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 percent of the orders won during the quarter.
The company undertook an expansion of capacities and capabilities at Hosur and Greater Noida wiring harness plants. Both plants underwent capacity enhancement with the installation of advanced production equipment.
According to NSE data, Kotak Mahindra Life Insurance Company Limited purchased a new stake of 13,78,340 shares on November 2nd, 2023 at an average price of Rs 330.94 per share.
Minda Corporation shares have gained a return of 23 percent in the last six months and 75 percent in a year.
Minda Corporation is engaged in the business of automotive component manufacturing in India and the company has a significant international footprint.
Written by Omkar Chitnis
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