Minda Corp reports highest-ever quarterly revenue in Q2

13 Nov 2024 , 09:21 AM

Minda Corporation Limited (Minda Corp) reported its highest-ever quarterly revenue of ₹1,290 Crore during the quarter under review, indicating an 8% year-on-year growth.

The company’s profit after tax (PAT) increased by 26% to ₹74 Crore due to a stronger product portfolio and concentration on premiumization, resulting in a PAT margin of 5.8%.

Minda Corp’s EBITDA grew to ₹147 Crore, up by 11.7% YoY. The EBITDA margin came in at 11.4%.

For the six months ended September 2024, Minda Corp said that the consolidated sales were reported ₹2,482 Crore, a 9.3% YoY increase, and secured lifetime orders totalling over ₹4,750 Crore.

Notably, more than 25% of these orders came from the electric vehicle (EV) segment, demonstrating the company’s commitment to EV market growth.

Minda Corp’s Technology Licensing Agreement with SANCO (China) was a notable highlight of the quarter, as it will help the company create innovative Electrical Distribution Systems (EDS) locally. This arrangement will provide Minda Corp. with crucial EV components such as charging systems, bus bars, and battery distribution units.

Furthermore, the company increased production at its Die Casting and Instrument Cluster sites in Pune and Greater Noida, adding cutting-edge equipment to satisfy rising demand.

Ashok Minda, Chairman and Group CEO, commented on the results, highlighting the durability of Minda’s business model and its continued growth trajectory.

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