Minda Corporations reported revenue of Rs 6,954 million, an increase of 31.7% in the April-June Quarter in 2
016 compared to its revenue in the previous year, boosted by an acquisition.
Profit After Tax (PAT) increased by 22.9% quarter on quarter to Rs. 249 million and EBITDA increased by 27.5% to Rs. 626 million.
On the strong growth Ashok Minda, Chairman said, “With the onset of FY2016-17, we began a new journey aimed at diversifying into newer high quality products, adding blue chip customers and entering into exciting new global markets. Not only did we make a highly valuable acquisition of Panalfa Autoelektrik, but also won many new orders from high profile global customers.”
Minda also said the company is setting up additional die casting capacity in Pune to cater to one of the new orders.
“Furthermore, we have made significant progress on the construction of our new greenfield plant in Mexico which will give demanding us access to one of the most and advanced automotive markets, the U.S.”
Commenting on the GST he added that, “I am particularly pleased with the impending implementation of the Goods & Services Tax (GST). Firstly, the GST would reduce the on-road prices for most kind of automobiles and lead to greater demand for our products. Secondly, a lower tax rate will bring down the price differential between the organized and the unorganized sector firms in case of products in the aftermarket segment helping companies such as Minda Corp gain market share.”
