Minda Industries records revenue of Rs.1802 crore in Q3 FY21

The Auto industry has continued its growth momentum on the back of a strong demand. Most automotive industry segments have reported successive improvement in off take throughout the second half of CY’20 on the back of initial bounce provided by pent-up demand aspect followed by preference for affordable personal mobility. The mobility demand surge driven by COVID risk is expected to normalise as public transport restarts across regions.

Minda Industries limited (‘MIL’) has announced its results for the quarter ended December 31, 2020. At a consolidated level, the company registered a revenue of Rs. 1802 crore in Q3 FY21 as against Rs. 1327 crore for the corresponding quarter (Q3FY200, registering a rise of 36 per cent.

Minda Industries limited (‘MIL’) has posted a revenue of Rs. 1802 crore in Q3 FY21 as against Rs. 1327 crore for the corresponding quarter (Q3FY20) registering a rise of 36 per cent.

 Minda Industries Limited (MIL) a flagship Company of UNO MINDA Group. is a technology leader in Auto Components industry and a leading supplier of proprietary automotive solutions to OEMs as Tier-1. It manufactures automobile components for Original Equipment Manufacturers (OEMs).

The EBITDA for Q3 FY21 has been reported as Rs. 264 crore vis-à-vis Rs.163 crore in Q3 FY20.

Profit before tax before exceptional items for Q3 FY21 was at Rs.164 crore as against Rs. 78 crore in Q3 FY20. The rise in PBT is largely on account of higher operating leverage and relaxation of rules during COVID -19.

PAT (MIL Share) for the quarter is Rs. 108 crore in Q3FY21 as against Rs. 45 crore in Q3FY20 in the corresponding quarter last year.

To reward and distribute wealth to its shareholders, the Board has also declared an interim dividend of Rs 0.35 per share i.e. 17.5 per cent of the face value.

Said Nirmal K Minda, CMD, Uno Minda Group, “We’re happy to report an improvement in our overall performance during the quarter. We see the demand increase more than ever due to rise in preference for personal mobility. Localisation has been one of the key pillar of our foundation. We believe that the Long term demand outlook is still intact and we are well poised to capitalize on this demand. We will continue to pursue our goal with new vigor as we will emerge much stronger from the current challenging environment.”

Said Sunil Bohra, CFO, Uno Minda Group, “We have witnessed growth across all product portfolio. Healthy demand coupled with higher kit value per vehicles is enabling us to continue better than industry performance. During the quarter, we have been able to bring in more efficiencies on operational front as well as strengthened our balance sheet. We have worked hard to improve working capital efficiency and the strong free cashflow has helped us to reduce our net-debt to equity to 0.37 times as on December 2020 “.