Minda Industries Q2 net rises 8 pc to Rs 73 cr

Auto component maker Minda Industries Monday posted 8 per cent increase in consolidated net profit at Rs 73 crore for the second quarter ended September 30, 2018.

The company had reported a net profit of Rs 67 crore for the same period of the previous fiscal.

Revenue from operation rose to Rs 1,522 crore for the July-september period, up 39 per cent from Rs 1,098 crore in the same period of the last fiscal, Minda Industries (MIL) said in a statement.

The company's board, which met Monday, approved a project for controller and telematics for a total outlay of Rs 80 crore over next 12 months at Chakan, Pune.

"The project is expected to be commissioned in the third quarter of 2019-20," it added.

The board also approved a new project for alloy wheels to be set up for two wheeler OEMs.

"The expected outlay for the first phase of the project is Rs 300 crore, to be invested in two stages. The first line is targeted to achieve the SOP (Standard Operating Procedure) by end of FY 2019-20. The plant will come up in Maharashtra," the company said.

Share of the company Monday ended 0.82 per cent up at Rs 340 on the BSE.