The flagship firm of Uno Minda Group, Minda Industries, has reported eight-fold growth in its profit after tax (PAT) at INR 163.84 crore in Q4FY21 compared to INR 19 crore in the same quarter year ago, the company informed in a regulatory filing.
The surge in net profit is primarily because of high sales, leading to better absorption of fixed costs. As per the company, the strong performance of the auto industry continued from Q3 into Q4 as well. The quarter started with robust demand led by a preference for personal mobility, but the second wave of COVID, which began in March, has given rise to a new set of challenges.
The auto component manufacturer recorded a 49.44% rise in revenue from operations at INR 2,238.27 in Q4FY21 compared to INR 1,498 crore in the same quarter year ago.
On the performance of Q4FY21, Nirmal K Minda, CMD, Uno Minda Group, said, “We have shown great resilience and strength during the initial part of the financial year and seizing the opportunity during the second half of the year on the back of strong revival of the industry, has helped us post strong financial performance for two subsequent quarter.”
He added, the second wave of COVID has brought about a new set of challenges. “However, we are confident that we will overcome them with the same vigour as we did last year as we are better prepared this time around,” he added.
On a full-year basis, the company recorded INR 6,374 revenue in FY21 with a net profit of INR 288 crore.