Minda Corporation rose 3.17% to Rs 114 after the company's consolidated net profit stood at Rs 12.92 crore in Q4 FY21 compared with net loss of Rs 299.78 crore in Q4 FY20.
Net sales surged 48% to Rs 794.09 crore in Q4 FY21 as against Rs 536.37 crore in Q4 FY20. EBITDA soared 128.20% to Rs 89 crore in Q4 March 2021 as against Rs 39 crore in Q4 March 2020. EBITDA margin improved to 11.2% in Q4 FY21 as compared to 7.3% in Q4 FY20.
Commenting on the Q4 results, Ashok Minda, the chairman and group chief executive officer (CEO) of Minda Corporation, said: "I am pleased to announce that this quarter we have delivered highest ever Quarterly Revenue, highest Absolute EBITDA and highest profit after tax from continued operations. Our consolidated revenue of Rs 7,941 million continues to outperform the industry growth. The revenue grew by 48% as compared to Industry growth of 28% Y-o-Y for the quarter. Despite commodity price pressure, our EBITDA margin improved to 11.2% due to operating leverage and tight control & reduction on other cost. This is third consecutive quarter of improved EBITDA margin by the company. Lower Finance Cost and improved profit from joint ventures helped us to deliver once again highest ever profit after tax of Rs 546 million from continued operations."
"In FY21 we continued to strengthen our balance sheet by doing right capital allocation and keeping a tight control on working capital. Thus, the company's net debt position is negative. Going ahead, Minda Corporation is monitoring the situation which is evolving post new wave of COVID-19 pandemic and is putting its effort to effectively manage the situation with upmost focus on the Employee Health & Safety. Though the near-term outlook is cloudy but we believe in the Indian Growth Story and the opportunity in Automotive sector. We are cautiously optimistic for FY22 due to higher spend in infrastructure, PLI scheme, scrappage policy and the work done so far within the company to make it more nimble, agile and future ready. Our endeavour remains to support our customers with best-in-class leading quality of advanced products, technologies & system solutions in electronics, light weighting, active safety, electric mobility at competitive cost," he added.
The board has recommended a final dividend of Rs 0.35 per equity share for the year ended 31 March 2021.
Meanwhile, the board appointed Naresh Kumar Modi as the chief financial officer (CFO) of the company from 18 May 2021 onwards.
Minda Corporation is an automotive component manufacturing company. The company has a diversified product portfolio that encompasses mechatronics; information and connected systems and plastic and interior for auto OEMs. These products cater to two/three wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market.
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