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Minda Industries Q2 FY22 PAT spurts 13% to Rs 113 cr

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On a consolidated basis, Minda Industries' net profit jumped 13.41% to Rs 113.43 crore on a 29.51% surge in revenue from operations to Rs 2,113.99 crore in Q2 September 2021 over Q2 September 2020.

The board in-principally approved the corporate restructuring among Minda Delvis GmbH, Delvis Solutions GmbH, Delvis Products GmbH and iSYS RTS GmbH.

Additionally, Minda Industries (MIL) and TTE, Taiwan had entered into a joint venture agreement in April 2017 to manufacture 'rear parking assist system' in India and formed a joint venture company in the name of Minda TTE DAPS.

As per the company's exchange filing, it has been mutually decided by the partners to the aforesaid joint venture company to transfer the business of JV company to Minda Industries and /consequently the joint venture agreement and the JV company shall be ceased. The company does not hold any shares in the TTE DAPs. The company held 50% of the equity share capital in the joint venture company namely Minda TTE DAPS.

Shares of Minda Industries lost 0.57% to Rs 862.25 on BSE. Minda Industries is a flagship Company of UNO MINDA Group, which manufactures automobile components for original equipment manufacturers (OEMs).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 11 2021. 15:40 IST
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