NewsVoir
Delhi-NCR [India], May 23: Minda Corporation Limited (referred to as "Minda Corp" or the "Company"; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda today announced its financial results for the fourth quarter and Financial year ended March 31, 2024.
Consolidated Q4 & FY24 Performance
* Highest Ever Operating Revenue of Rs 1,215 Cr, a growth of 13.1% YoY
* EBITDA margin of 11.4%, an increase of 52 bps YoY
* Reported PAT of Rs 71 Cr with a margin of 5.8%
* Highest Ever Operating Revenue of Rs 4,651 Cr with a growth of 8.2%
* EBITDA margin of 11.1%, an increase of 33 bps YoY
* Reported PAT of Rs 227 Cr with a margin of 4.9%
Minda Corporation reported highest ever consolidated quarterly revenue of Rs 1,215 Cr, marking 13.1% YoY growth. This performance is attributed to our robust product portfolio, expanding customer base, and focus on product premiumisation. During the quarter, the Company achieved highest ever EBITDA of Rs 139 Cr with a margin of 11.4%, showcasing 52 bps YoY growth. PBT reached Rs 92 Cr, with a margin of 7.5%, and PAT amounting to Rs 71 Cr with a margin of 5.8%, partially impacted by increase in finance cost and depreciation due to capacity expansion and technological upgrades.
During the year, Company secured lifetime orders worth more than Rs 10,000 Cr with EVs constituting over 30% of the orders. Moreover, the Company secured multiple first-time ever orders for both legacy and new technology products from key OEM's showcasing our expanding capabilities in delivering sustainable mobility solutions.
Commenting on the results, Ashok Minda, Chairman and Group CEO said, "Our resilient performance this year underlines our commitment to sustainable business practices and innovation. Achieving record revenue and robust growth reflects our focus on premiumisation and transformation. As one of the leading players in smart mobility space, our expanding EV order books, investments in advanced technologies and sustainable solutions reaffirm our commitment to driving sustainable growth."
In recognition of our shareholders, the board of directors have recommended final dividend of 45% i.e Rs 0.90 per equity share on the face value, taking the total dividend for the year to 70% i.e. Rs 1.40 per equity share.
Our commitment to research and innovation is underlined by the filing of 26 new patents this year, increasing patent portfolio to over 270, highlighting our relentless pursuit of technological advancement. Additionally, we were granted 69 patents in FY24, highest ever since inception.
Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. The Company was incorporated in 1985. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The Company has a diversified product portfolio that encompasses Mechatronics; Information and Connected Systems and Plastic and Interior for auto OEMs. These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. The Company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.
For assimilating the latest technologies, Minda Corporation has a dedicated R&D facility and collaborations with the pioneers and leaders of the automobile industry. This has provided Minda Corporation with the cutting-edge in product design and technology to meet strict international quality standards.
For further information on Minda Corporation visit www.sparkminda.com.
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