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

Press Trust of India  |  New Delhi 

Auto component maker Minda Industries today reported 77.61 per cent jump in consolidated net profit after to Rs 66.82 crore for the second quarter ended September 30.

The company had posted consolidated profit after of Rs 37.62 crore in the July-September period of last fiscal, said in a filing.

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 informed that the board of directors in its meeting held today approved purchase of 49 per cent of Fujitsu Ten Minda Private Limited (F Ten Minda) and 51 per cent of Minda F Ten Private Limited (Minda F Ten) from group companies.

"JV partner, Fujitsu Ten, will continue to hold the balance 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 of Rs 308 crore in FY17.

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

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

First Published: Sat, November 11 2017. 16:57 IST