Minda Corporation Q2 Profit Up 25.42% to Rs 74 Cr

Mumbai, Nov 12 (PTI) Auto parts maker Minda Corporation on Tuesday reported a 25.42 per cent on-year jump in consolidated Profit After Tax at Rs 74 crore in the second quarter ended September 30, 2024 driven by an expanding customer base and product premiumisation.

The company had posted a Profit After Tax (PAT) of Rs 59 crore in the July-September period of FY24, Minda Corporation said in a statement.

Consolidated revenue for the quarter under review stood at Rs 1,290 crore, from Rs 1,196 crore in the September quarter of the previous fiscal year, a growth of 7.9 per cent year-on-year, the company said.

The company said it achieved its highest-ever quarterly EBITDA (earnings before income, taxes, depreciation and amortisation) at Rs 147 crore with an 11.4 per cent margin, reflecting a 38 basis points year-on-year increase.

"We sustained strong growth momentum in Q2 FY2025, highlighting the resilience of our business model and the impact of our strategic initiatives. This growth has enabled us to expand market presence and consistently create value for our stakeholders," said Ashok Minda, Chairman and Group CEO, Minda Corp.

"As we move forward, we remain committed to investing in innovation, enriching our product portfolio to meet our customers' evolving demands, and driving greater cost efficiencies and agility across our operations," he said.

During the quarter, the company signed a Technology Licensing Agreement with SANCO (China) to locally develop advanced Electrical Distribution Systems solutions.

This collaboration will enhance Minda Corporation's EV product portfolio with a range of components, including EV connecting systems, charging gun assemblies with sockets and accessories, bus bars, cell contact systems, power distribution units, and battery distribution units.

Minda Corporation also said it has also undertaken capacity expansions at its die casting and instrument cluster plants in Pune and Greater Noida, adding that both facilities have enhanced their production capabilities with the installation of advanced equipment.