Minda Corporation, the flagship company of Spark Minda, has posted an operating revenue of INR 1,147.1 crore for the second quarter of this fiscal, up 56.9% from the same period last year. Profit after tax was INR 57.8 crore, a YoY growth of 48%, while the Ebitda margin was 10.8%.
Ashok Minda, Chairman and Group CEO, Spark Minda, said growth was driven by better revenue visibility across all business verticals and increase in share of business from existing customers.
The quarter saw better consumer sentiment with pent-up demand apparent across vehicle segments on both year-on-year and sequential basis. “Despite strong cues in demand from the domestic market, we are still navigating the challenges arising because of subdued growth in exports and semiconductor supply crunch,” cautioned Minda.
Spark Minda recently entered into a technology pact with Daesung, Eltec of Korea for ADAS Solutions. The Chairman believes this will help the company stay ahead of the technology curve by providing localised ADAS solutions.
Going ahead, demand is expected to remain strong on the back of improved consumer sentiments, product premiumisation for urban centres and new vehicle launches. This sentiment takes into account geopolitical risks and anticipated economic slowdown in certain geographies.
“Moreover, stabilisation of commodity prices is expected to aid improvement in underlying margins,” added Minda.
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