Auto component maker Minda's March quarter net down 27%

Gurgaon-based auto component maker Minda Corporation today reported 27.17 per cent dip in consolidated net profit to Rs 1.91 crore in the quarter ended March 31.
The company had posted net profit of Rs 2.64 crore in the corresponding quarter of the fiscal 2015-16.
However, net sales grew by 17.7 per cent to Rs 76.14 crore as compared to Rs 64.47 crore in the January-March quarter of FY16, Minda Corporation said in a release.
For the full fiscal (2016-17), consolidated net profit fell to Rs 9.61 crore from Rs 10.73 crore in the the financial year ended March 31, 2016.

According to the company, net sales increased by 21.1 per cent to Rs 296.20 crore in FY17 from 244.55 crore in FY16.
"The growth of 21.1% in FY2016-17 revenues was on account of steady increase in sales across the product segments and the group companies," the company said.

Commenting on the earnings, Ashok Minda, Chairman and Group CEO, said," The (fiscal) year 2017 was outlined with momentous events both in the Indian economy and internationally including the passage of GST, demonetisation, volatile events such as Brexit and the elections in the US."
"Amidst the uncertain environment, Minda performance has been a mixed bag. Our topline for the full year grew at a healthy rate of 21 per cent although our operating margins decreased by 245 bps at a healthy rate of 21 per cent although our operating margins decreased by 245 bps," he said.

During the year, the company inaugurated a new plant at Mexico and commenced production of Interior Parts.
Besides, the company entered into a joint venture with SBHAP, China for the supply of plastic products through Minda KTSN.