Minda Industries reports huge losses in Ql FY21 results; stock slips ~3%

The company affected by Covid-19 posts loss of Rs119cr and EBITDA loss as Rs71cr. Revenues decreased by 71% yoy.

Aug 24, 2020 09:08 IST India Infoline News Service

Minda Industries
Gurugram based Minda Industries Limited (MIL) has reported a consolidated revenue of Rs417cr in Q1FY21 as against Rs1,440cr for corresponding quarter i.e., Q1FY20, registering a decline of 71% yoy.

The company in its financial results for the quarter ended June 30, 2020,  informed the exchanges on Saturday that the decline was primarily on account of extended lockdown and low scale operations permitted for the first half of Q1FY21.

Minda Industries Ltd is currently trading at Rs332.10, down by Rs9.4 or 2.75% from its previous closing of Rs341.50 on the BSE.

“All our facilities are now operational across the globe and production levels have witnessed month on month improvement in utilization levels,” company said.

The EBITDA loss for Q1FY21 has been reported as Rs71cr as compared to profit of Rs172cr in Q1FY20. PBT Loss before exceptional items for Q1FY21 was at loss of Rs156cr as against profit of Rs84cr in QlFY20. The decline in PBT is largely on account of lower operating leverage and of production due to Covid-19.

The company reported loss of Rs119cr in Q1FY21 as against profit after tax of Rs56cr in Q1FY20 in the corresponding quarter last year.

Related Story