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Updated on: Saturday, August 14, 2021, 06:40 PM IST

Minda Industries reports Rs 25 cr profit in April-June quarter; revenue rises 3-fold

PTI
Revenue from operations surged more than three-folds to Rs 1,603 crore in Q1-FY22 as compared to Rs 468 crore in Q1 of FY21, Minda Industries said/ Representational image | Minda website

Revenue from operations surged more than three-folds to Rs 1,603 crore in Q1-FY22 as compared to Rs 468 crore in Q1 of FY21, Minda Industries said/ Representational image | Minda website

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Uno Minda group's flagship Minda Industries on Saturday reported a consolidated profit after tax (PAT) of Rs 25 crore in the April-June quarter of 2021 against a loss of Rs 151 crore in the same quarter last year.

Revenue from operations surged more than three-folds to Rs 1,603 crore during the quarter as compared to Rs 468 crore in the June quarter of FY21, Minda Industries said in a release.

Without considering the impact of restatement of figures in FY21, on account of Harita Seatings System Ltd with Minda Industries Ltd, the consolidated revenues have grown by 237 per cent year-on-year basis with Harita Seatings contributing Rs 51 crore in Q1 FY21, the company said.

The Minda Industries' share for the quarter stood at Rs 15 crore in Q1FY22 as against a loss of Rs 135 crore in the same quarter of last fiscal, it said.

The EBITDA for the June quarter of FY22 grew 274 per cent at Rs 147 crore against a negative Rs 84 crore in the same quarter of fiscal 2020-21, it stated.

The company's consolidated financial results for the quarter ended June 30, 2021, and corresponding quarter ended June 30, 2020, have been negatively impacted by the COVID-19 pandemic outbreak in the country, albeit such impact in the current quarter was lower than last year, when it was complete lock down for large part of the quarter, Minda Industries said.

"Our performance for the quarter was impacted by lockdown-related restrictions due to COVID-19 second wave. We are confident of inherent growth potential in the economy and hence we continue with our investment and expansion plans with strong belief of revival in ensuing quarters, driven by personal mobility," Sunil Bohra, CFO, UNO Minda Group said.

Further, the company has successfully raised around Rs 700 crore of equity through qualified institutions placement, strengthening its balance sheet, he said.

"We have delivered a resilient performance despite the second wave of Covid-19 pandemic and its impact on the economy. We at UNO Minda, learning from our experience of last year continued to focus on our core functions and at same time giving priority to health and safety of our employees," said Nirmal K Minda, CMD, Uno Minda Group.

The company as a team has demonstrated its ability to not just to outperform in normal times but also proven its resilience in times like these, he said.

"As for coming quarters we have seen sign of resurgence, which is evident from auto sales numbers and as a company we are confident to retreat back to performance levels demonstrated in previous quarters," he added.

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Published on: Saturday, August 14, 2021, 06:40 PM IST
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