Minda Corporation Limited, the flagship company of Spark Minda announced its financial results for the second quarter and half year ended September 30, 2023. Minda Corporation reported a 7% YoY consolidated revenue of Rs. 1,196 crores in Q2FY24, driven by strong domestic demand, increased business share with key customers, and product premiumisation.
Despite geo-political issues, exports remained strong. EBITDA for the quarter was Rs. 131 crores, with a 11.0% growth margin of 18 bps, and a Profit after Tax (PAT) of Rs. 59 crores. Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said,“As we move forward, we remain committed to delighting our customers by delivering new and technologically advanced products; providing our employees with growth opportunities, and creating long term value for our shareholders.”
The company achieved its highest-ever lifetime orders of over Rs.6,500 crores in H1FY24, with electric vehicles (EVs) accounting for over 30% of the orders. The company secured marquee orders across existing and new technology products, including multiple strategic order wins.
