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New Delhi: Minda Corporation Limited, the flagship company of Spark Minda , on Friday announced its financial results for the fourth quarter, and full year ended March 31, 2023.
The consolidated operating revenue for Q4 FY23 stood at INR 1,075 crore with a growth of 13% on YoY basis. The profit after tax stood at INR 122 crore.
Ashok Minda, Chairman and Group CEO, said, “I am delighted to announce that Minda Corporation has achieved a significant revenue increase in FY23, 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 premiumisation. In recognition of our shareholders, the board of directors have recommended Final dividend of 40% on the face value i.e. INR 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, he added.
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 continued focus on technology during the last quarter, the company filed 20 patents, taking the total count of patents to more than 250, the company said in a media release.
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, the 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, the release said.
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 release added.
The coming FY will witness the company pursuing excellence and surpassing expectations to ensure the delivery of exceptional value to the stakeholders, the company said.
