Minda Industries Q2 net profit surges 77% to Rs 67 cr

Auto component maker Minda Industries today reported 77.61 per cent jump in consolidated net profit after tax to Rs 66.82 crore for the second quarter ended September 30.
The company had posted consolidated profit after tax of Rs 37.62 crore in the July-September period of last fiscal, Minda Industries said in a BSE filing.
Revenue from operations during the quarter under review was up 12.22 per cent at Rs 1,098.35 crore as against Rs 978.68 crore in the corresponding quarter last fiscal.
The company's total expenses in Q2 FY 2017-18 stood at Rs 1,006.31 crore, up 8.43 per cent, as against Rs 927.99 crore.

Meanwhile, in a separate filing Minda Industries informed that the board of directors in its meeting held today approved purchase of 49 per cent shares of Fujitsu Ten Minda Private Limited (F Ten Minda) and 51 per cent shares of Minda F Ten Private Limited (Minda F Ten) from group companies.
"JV partner, Fujitsu Ten, Japan will continue to hold the balance shares in both the companies. SPA is expected to be completed by January 01, 2018," it added.
F Ten Minda is engaged in business development and manufacturing of car infotainment system and had a revenue of Rs 308 crore in FY17.

"The total purchase consideration for both the companies will be Rs 26.03 crore," it added.