Auto-parts maker Minda Corporation’s profit after tax (PAT) increased more than six-fold to Rs 52.5 crore in the June quarter, the company said on Friday.
It recorded a profit after tax of Rs 7.1 crore in the year-ago quarter, the company said in a statement.
Its operating revenue for the reporting quarter grew 80.8 per cent to Rs 1,010.20 crore against Rs 558.6 crore in the same period last year, it added.
The growth was driven by better revenue visibility in business verticals, increasing share of business from existing customers and an increase in content per vehicle, Minda Corporation said.
The company, going forward, expects demand to remain strong despite inflationary pressure and geopolitical risks while the supply situation is expected to improve further.
“The first quarter of FY23 started on an optimistic note with the overall demand in most of the vehicle segments growing on both year-on-year and sequential basis.
“The growth was primarily driven by economic recovery from the adverse impact of the pandemic and through continuous support from the government to ease inflationary pressure. The other challenges include shortage of semiconductors, upward movement in commodity prices and ongoing global geopolitical tensions,” said Ashok Minda, Chairman and Group CEO. The company’s order book remains healthy, with the EV segment contributing more than 20 per cent of the lifetime order won during the quarter, he said, adding “we are constantly evolving to address the demands of automotive market of the future by continuously investing in R&D and innovation”.
Moreover, stabilisation of commodity prices is expected to aid improvement in underlying margins, he said.
“We will continue to focus on steady improvement in market share, basis our strong product portfolio and will continue to invest aggressively in future technologies and business models,” Minda added. PTI IAS BAL BAL
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