Minda Corporation, the flagship company of Spark Minda, today announced a net profit of INR 7.1 crore and PAT margins of 1.3% in Q1 FY22 against a loss of INR 36.3 crore in the same quarter last year. The EBIDTA margins were at 5.5% in Q1FY22.
Announcing its financial results for the quarter ended June 30, 2021, the company said that the share of profit in JV was INR 2.61 crore in the quarter under review against a loss of INR 5.83 crore in Q1FY21.
The company reported operating revenue of INR 558.6 crore during the period, registering a growth of 213.8% YoY.
Ashok Minda, Chairman and Group CEO, said that Minda Corp continued to outperform the auto industry despite challenging conditions.
“As Minda Corporation, we are giving utmost focus on Electric Vehicle space. We have received business awards of lifetime orders of INR 237.9 crore in Q1 FY22 from EV players. These orders are from both incumbents as well as new players,” he said.
The company has entered into a joint venture with the South Korea-based INFAC Elecs to manufacture a vehicle antenna system, a segment with tremendous growth opportunities in India as demand for autonomous vehicles and connected mobility increases.
“We have continued to maintain operational efficiency to navigate through the challenges faced by the auto industry. Our primary focus in these times has been to create a strong order book, higher operation efficiency, increase free cash flow and work towards disrupted technology,” he said.
The company will continue to remain committed towards Right Capital Allocation, he reiterated.