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Minda Corp Q4 results: Auto components maker posts profit of Rs 13 cr

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Minda Corp Q4 results: Auto components maker posts profit of Rs 13 cr

MUMBAI: Auto components maker on Tuesday reported a consolidated profit after tax of Rs 12.92 crore for the March quarter against a loss of Rs 299.78 crore in the year-ago period.

Total income rose by 45 per cent to Rs 801.30 crore during the quarter under review compared to Rs 552.50 crore in Q4FY20, according to a regulatory filing.

For financial year 2021, the profit stood at Rs 52.50 crore against a loss of Rs 199.81 crore while the income from operations during the year was Rs 2,401.14 crore against Rs 2,265.16 crore in FY20.

“This quarter we have delivered the highest ever quarterly revenue, highest absolute EBITDA and highest profit after tax from continued operations… The revenue grew by 48 per cent as compared to industry growth of 28 per cent year-on-year for the quarter,” said Ashok Minda, Chairman and Group CEO.

The company’s EBITDA margin improved to 11.2 per cent due to operating leverage and tight control and reduction on other cost despite commodity price pressure, he said, adding this is third consecutive quarter of improved EBITDA margin by the company.

“Lower finance cost and improved profit from joint ventures helped us to deliver once again the highest ever profit after tax of Rs 54.6 crore from continued operations,” he said.

“In FY21, we continued to strengthen our balance sheet by doing right capital allocation and keeping a tight control on working capital. Thus, the company’s net debt position is negative.”

Going ahead, Minda Corporation is monitoring the situation which is evolving post new wave of Covid-19 pandemic and is putting its effort to effectively manage the situation with upmost focus on the Employee Health & Safety,” Minda added.

“Though the near-term outlook is cloudy but we believe in the Indian growth story and the opportunity in automotive sector. We are cautiously optimistic for FY22 due to higher spend in infrastructure, PLI scheme, scrappage policy and the work done so far within the company to make it more nimble, agile and future ready,” he said.

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