Minda Industries posts 13% fall in PAT to Rs 118 cr for December quarter

Minda Industries Ltd, the flagship firm of UNO MINDA Group, on Monday reported a 13 per cent fall in its profit after tax (PAT) to Rs 118 crore for the December 2021 quarter.

The company had posted a PAT of Rs 137 crore in the corresponding quarter last year, according to a statement.

Revenue from operations during October-December 2021 rose seven per cent to Rs 2,181 crore, compared with Rs 2,031 crore in the year-ago period.

Its Ebitda (earnings before interest, taxes, depreciation and amortisation) saw a de-growth of 16 per cent to Rs 235 crore as compared with Rs 279 crore a year ago, it said.

The rising input costs continue to have an impact on the profitability and margin of the business, Minda Industries said.

"The performance for the quarter and nine months ended December 31, 2021, has been promising.

"Along with good numbers, the company has successfully entered into multiple arrangements with strategic partners to synergistically drive the next chapter of the Group's success story," said Sunil Bohra, chief financial officer of UNO MINDA Group.

The company said it has been actively engaged with the top new-age electric two-wheeler original equipment manufacturers (OEMs) and now secured orders of over Rs 400 crore of peak annual sales value from the two players.

The peak sale is expected in FY25 as they ramp up production with increasing adoption of electric two-wheelers, it said.

"The resilience shown in the first half of the year continues to strengthen as can be seen in the overall performance despite challenging times, supply-side constraints and thereby rising input prices.

"There are signs of a sharp revival of the industry, with demands picking up and external boosts in the form of favourable government policies as highlighted in the recent Budget," Nirmal K Minda, chairman and managing director of UNO MINDA Group, said.

The group is well-positioned to capitalise on these developments and offer the best-in-class indigenous products to its existing and potential partners and scale the next level of this growth trajectory, he said.