Minda Corp jumps 7% on stellar March quarter results, dividend bounty

Minda Corporations' shares advanced 6.7 per cent to Rs 118, also ita fresh 52-week high, on the BSE in Wednesday's intra-day deals after the automobile component maker reported a consolidated net profit of Rs 12.92 crore for the March quarter of FY21 as against a loss of Rs 299.78 crore in the year-ago period. The stock suprassed its previous high of Rs 104.7, touched on April 28, 2021.

It's total income grew by 45 per cent to Rs 801.30 crore compared with Rs 552.50 crore in Q4FY20 while Ebitda margin improved to 11.2 per cent due to operating leverage and tight control and reduction on other cost. For the full financial year 2021, net profit stood at Rs 52.50 crore as 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. 

That apart, the Board of Directors of the Company also recommended a final dividend of Rs 0.35 per equity share (17.5 per cent) for shares with face value of Rs 2 per share, aggregating to Rs 837 lakhs, for the year ended March 31, 2021. The total dividend declared for the financial year 2020-21 is Rs 0.65 per equity share (32.5 per cent), the company said in an exchange filing.

Minda Corporation is one of the leading manufacturers of automotive components for the OEMs. The US $507 Million Group caters to the leading Passenger Vehicle, Commercial Vehicle, Motorcycle & Scooter, Off-road Vehicle & Tier 1 Manufacturers in India with presence in Indonesia, Vietnam, Uzbekistan, USA and Japan. 

At 11:07 AM, the stock was ruling over 3 per cent higher at Rs 114 per share as against a 0.24 per cent decline in the benchmark S&P BSE Sensex. So far in the calendar year 2021, the stock of the company has soared 23.25 per cent on the BSE compared with the Sensex's 5 per cent rally.