Latest News | Minda Corporation Posts PAT of Rs 7.1 Cr in June Qtr
Get latest articles and stories on Latest News at LatestLY. Auto parts maker Minda Corporation on Thursday reported a profit after tax (PAT) from continued operations at Rs 7.1 crore on a consolidated basis in the June quarter against a loss of Rs 36.3 crore in the same period a year ago.
Mumbai, Aug 12 (PTI) Auto parts maker Minda Corporation on Thursday reported a profit after tax (PAT) from continued operations at Rs 7.1 crore on a consolidated basis in the June quarter against a loss of Rs 36.3 crore in the same period a year ago.
Operating revenue grew a massive 213.8 per cent to Rs 558.6 during the quarter under review as against Rs 178 crore registered in Q1FY21, the company said in a release.
Share of profit in the JV stood at Rs 2.61 crore in Q1FY22 as against loss of Rs 5.83 crore in the year ago period, it said.
"Despite challenging conditions, Minda Corp continued to outperform the auto industry. We have delivered revenue of Rs 558.6 crore in Q1FY22, a year-on-year growth of 213.8 per cent... As Minda Corporation, we are giving utmost focus on electric vehicle space," said Ashok Minda, Chairman and Group CEO.
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The company has received business awards of lifetime order of Rs 237.9 crore during the previous from EV players, which include both incumbent as well as new players, he said.
Minda Corp has also entered into a joint venture with South Korea-based INFAC Elecs for manufacturing of vehicle antenna systems, a segment which has tremendous growth opportunities in India as demand for autonomous vehicles and connected mobility increases, he said.
"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 very strong order book, higher operation efficiency, increase free cash flow and work towards disrupted technology. I would like to reiterate that Minda Corp will continue to remain committed towards Right Capital Allocation," he added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)