Latest News | Minda Industries Profit Plunges 83pc in Jan-Mar

Mumbai, Jun 29 (PTI) Auto component maker Minda Industries on Monday reported a massive 83 per cent dip in consolidated net profit to Rs 13 crore in the March quarter of FY2020.

The company had posted a profit of Rs 76 crore in the last quarter of 2018-19.

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The consolidated revenue was down by 10 per cent to Rs 1,339 crore in the March quarter of the previous fiscal as against a revenue of Rs 1,486 crore clocked during the same period of financial year 2018-19,  the company said in a release.

The company has been able to limit the decline to some extent due to diversified product portfolio, customer mix, cost management drive and it focus on enhancing kit value, it said.

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For the full fiscal 2019-20, consolidated net profit dropped by 45 per cent to Rs 175 crore as against a profit of Rs 321 crore in FY2019.

Revenue was down 7 per cent to Rs 5,465 crore as compared to a revenue of Rs 5,908 crore in the year ago period, the company said.

(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)