Minda Corporation delivers better than industry growth; Clocks Annual Revenue of Rs. 4,300 crores

Mumbai(S.N): Minda Corporation Limited (referred to as “Minda Corp” or the “Company”; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda today announced its financial results for the fourth quarter and full year ended March 31, 2023. Continuing the growth momentum, the company delivered better than industry growth with double-digit EBITDA margin for 11th straight quarter.

Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said, “I am delighted to announce that Minda Corporation has achieved a significant revenue increase in FY 22-23, demonstrating a remarkable 45% year-on-year growth with double-digit EBITDA margins. This outstanding performance can be attributed to our strong product portfolio, expanding customer base, and emphasis on product premiumization. In recognition of our shareholders, the board of directors have recommended a Final dividend of 40% on the face value i.e. Rs. 0.80 per equity share, taking the total dividend for the year to 60%, i.e. INR 1.20 per equity share..”

As we move forward, we will focus on customer-centricity, driving innovation, and advancing research and development to deliver exceptional value to all our stakeholders.”

In FY23, Minda Corporation solidified its position as a top provider of comprehensive solutions in Telematics software and ADAS through strategic technology partnerships with LocoNav and Daesung Eltec. These alliances have placed the company at the forefront of automotive industry advancements, enabling delivery of cutting-edge solutions. With a continued focus on technology during the last quarter, the company filed 20 patents, taking the total count of patents to more than 250.

The automotive industry exhibited satisfactory performance across various segments. The domestic auto market delivered positive growth, primarily driven by robust urban sales. However, exports continued to face challenges due to global geopolitical factors. Two-wheeler demand remained sluggish due to concerns about affordability and increasing fuel costs.

The demand for passenger vehicles remained robust, thanks to a strong order book with OEMs and the introduction of new products. Additionally, government’s accelerated infrastructure spending contributed to an upswing in commercial vehicle demand. The tractor segment experienced a remarkable surge in growth, surpassing expectations with a strong double-digit increase.

As FY23 drew to a close, semiconductor supply constraints have eased, and commodity prices have resumed an upward trend after a temporary decline in Q2FY23. However, it is important to acknowledge that a substantial portion of our raw materials are tied to customer indices. As part of its way forward strategy, Minda Corporation is

poised to endure growth, owing to its robust fundamentals, commitment to quality, customer-centric approach, and relentless focus on innovation and research and development.

The coming FY will witness the company pursuing excellence and surpassing expectations to ensure the delivery of exceptional value to our stakeholders.

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