Minda Corporation Limited has announced its financial results for the fourth quarter and the financial year ending March 31, 2024 with highest ever operating margin. The company reported its highest quarterly revenue to date, reaching INR 1,215 crore, a 13.1% increase year-on-year. The EBITDA margin also saw a notable rise to 11.4%, up by 52 basis points (bps) compared to the previous year. This resulted in an EBITDA of INR 139 crore. The company's Profit Before Tax (PBT) stood at INR 92 crore, with a margin of 7.5%, while the Profit After Tax (PAT) was INR 71 crore, equating to a 5.8% margin.
For the full financial year, Minda Corporation recorded a revenue of INR 4,651 crore, growing 8.2% from the previous year. The EBITDA margin for FY24 was 11.1%, an increase of 33 bps year-on-year, culminating in an EBITDA of INR 516 crore. The reported PAT for the year was INR 227 crore, with a 4.9% margin.
The robust performance is attributed to Minda Corporation's diverse product portfolio, expanded customer base, and strategic focus on product becoming more premium. The company secured lifetime orders worth over INR 10,000 crore during the year, with electric vehicles (EVs) accounting for more than 30% of these orders. This highlights Minda Corporation's expanding capabilities in delivering sustainable mobility solutions.
Ashok Minda, Chairman and Group CEO, stated, ' As one of the leading players in the 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 its shareholders, Minda Corporation's board of directors has recommended a final dividend of 45%, equivalent to INR 0.90 per equity share, bringing the total dividend for the year to 70%, or INR 1.40 per equity share.
The company's dedication to research and innovation is evident in the filing of 26 new patents this year, increasing its patent portfolio to over 270. Additionally, Minda Corporation was granted 69 patents in FY24, the highest number since its inception, highlighting its relentless pursuit of technological advancement.
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