Minda Corporation Q2 FY17 PAT up 7% YoY

India Infoline News Service | Mumbai | November 11, 2016 10:17 IST

Minda Corporation posted its net profit increased by 47% to Rs 38 crore in the quarter ended September 2016 as against Rs 26 crore during the previous quarter ended September 2015.

Minda Corporation Limited, a leading automotive component and flagship company of Spark Minda, Ashok Minda Group, announces its Q2 FY2017 results, in accordance with Indian GAAP.

The company posted its net profit increased by 7% to Rs 16 crore in the quarter ended September 2016 as against Rs 15 crore during the previous quarter ended September 2015. Its sales roserose 9.4% to Rs 196 crore in the quarter ended September 2016 as against Rs 179.5 crore during the previous quarter ended September 2015.

Ashok Minda, Chairman and Group CEO said, “Over the last many years, we have consistently strived towards growing our sales and increasing profitability through various initiatives. Our second quarter performance, in particular a 32.8% increase in operating income and a ~50 bps increase in margins, is a reflection of these efforts."

"Not only did we gain new orders and made progress towards capitalising on new growth opportunities but also undertook a very special initiative - launch of a production assembly within the Aurangabad Central Prison in Maharashtra for one of our important customers - Bajaj Auto. This is the fourth such initiative after similar ventures at Tihar Jail, New Delhi in 2014; Yerwada Jail, Pune in 2015; and one at Dresden Jail, Germany in 2005."

Minda added, "I am also pleased to inform you that the Spark Minda Technical Center in Pune is close to being fully constructed and is expected to be operational in Q3 FY2017. This center would have state of the art testing and leasing equipment facility and designing, high class software and hardware, and excellent quality of the manpower who are well experienced in this field."

"We are happy with the growth prospects in the global automotive markets we are present in, particularly India and Europe. In addition, we are closely watching the developments with respect to the full roll out of the Good & Services Tax and continue to be hopeful of its positive implications for the automotive and automotive component industries."

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