Auto components major Minda Industries Ltd on Tuesday reported a 5 per cent decline in consolidated profit after tax at Rs 156 crore in the fourth quarter ended March.
The company had posted a consolidated Profit After Tax (PAT) of Rs 164 crore in the same period of previous fiscal, Minda Industries Ltd said in a regulatory filing.
Consolidated revenue from operations during the quarter under review stood at Rs 2,415 crore as compared to Rs 2,238 crore in the year-ago period, it added.
For the fiscal year ended March 31, 2022, consolidated PAT was at Rs 413 crore as compared to Rs 248 crore in the previous fiscal, a growth of 66 per cent, the company said, which is a part of the UNO Minda group.
Consolidated revenue from operations stood at Rs 8,313 crore in FY22, its highest ever, as against Rs 6,374 crore in FY21, it added.
UNO Minda Group CMD Nirmal K Minda said despite turbulent times for the auto industry on the back of shortage of semi-conductors, rising input costs, geo-political tensions, the company was able to register growth in its revenues and profitability.
“We believe that the auto industry is at the cusp of revival, with favorable government policies, with more and more new product launches planned by OEM’s for the coming year, we are optimistic of the demand scenario and sentiments improving going forward,” he added.
Minda Industries said its board has recommended a 50 per cent final dividend at the rate of Re 1 per equity share of face value of Rs 2 each, along with an issue of bonus shares in the ratio of 1:1.
Further, the board has also approved raising of up to Rs 1,000 crore through issue of debt securities in one or more tranches to augment the long term resources of the company for meeting funding requirements of its business activities and general corporate and other purposes, it added. PTI RKL AJ AJ
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