Minda Ind Q4 net declines 46 pc to Rs 74 cr

Auto component maker Minda Industries Thursday reported a steep 46 per cent decline in consolidated profit at Rs 74 crore for the fourth quarter ended March 2019.

The company had posted a net profit of Rs 135 crore in Q4 of FY18, Minda Industries said in a release.

Total sales, however, rose 8 per cent to Rs 1,486 crore during the quarter under review as compared to Rs 1,371 crore in the March quarter of FY18, it said.

During the quarter, its lighting division bagged orders worth Rs 52 crore from Mahindra & Mahindra and another Rs 32 crore from Maruti Suzuki, while the two-wheeler alloy wheel division secured orders worth Rs 462 crore from Bajaj Auto, it said.

The Bajaj order is to be realised by FY22, it said, adding the company's switch division also bagged new orders to the tune of around Rs 50 crore.

For the full fiscal 2018-19, the consolidated profit slipped by 5 per cent to Rs 286 crore as against Rs 310 crore in FY18, it said.

At a consolidated level, the company registered 32 per cent growth in revenue at Rs 5,908 crore in the previous fiscal as compared to Rs 4,471 crore in the year ended March 2018, it said.