Auto components major Minda Corporation (Minda Corp) on Friday has reported a consolidated net profit of ₹70 crore for the third quarter ended December 31, up 41 per cent year-on-year (YoY) as compared with ₹49 crore in the corresponding period previous year.
However, overall revenue declined marginally YoY to ₹738 crore during the October-December quarter in 2021 as against ₹739 crore in the same quarter in 2020.
“In the third quarter, auto industry continued to be plagued with challenges in supply chain, threat from Covid waves and overall subdued sentiments. There was broad based impact on all vehicle segments and the industry declined by around 10 per cent on quarter-on-quarter basis. On a YoY basis, industry has declined by around 20 per cent as last year third quarter recorded steep pent-up demand and filing of BS-VI inventory during that period,” Ashok Minda, Chairman and Group Chief Executive Officer, said.
He said the company’s focus continues to remain on strengthening its core business.
“We continue to move forward with a prudent approach. In line with our vision, we recently filed an application for production linked incentive scheme to develop best-in-class and industry leading products. Also, the transaction for the acquisition of Minda Stoneridge has been completed, and the entity has now become a wholly-owned subsidiary of Minda Corp. The acquisition will aid in augmenting our core capabilities,” he added.
Shares of Minda Corp closed at ₹204.25 apiece on the BSE on Friday, up 1.72 per cent from the previous close.