For the quarter ending June
2023, consolidated Net sales (including other operating income) of Minda Corporation has increased 6.36% to Rs 1074.51 crore compared to quarter ended June 2022.Operating profit margin has jumped from 10.55% to 10.67%, leading to 7.54% rise in operating profit to Rs 114.66 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.43% to 60.30%. Purchase of finished goods cost fell from 4.17% to 3.08%. Employee cost increased from 14.34% to 16.08%. Other expenses rose from 9.62% to 10.03%. Other income fell 54.27% to Rs 1.93 crore. PBIDT rose 5.19% to Rs 116.59 crore. Provision for interest rose 72.11% to Rs 14.13 crore.
PBDT fell 0.17% to Rs 102.46 crore. Provision for depreciation rose 23.32% to Rs 39.03 crore.
Profit before tax down 10.64% to Rs 63.43 crore. Share of profit/loss was 251.28% lower at Rs -1.37 crore. Provision for tax was expense of Rs 16.85 crore, compared to Rs 18.1 crore. Effective tax rate was 27.15% compared to 25.64%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 13.87% to Rs 45.21 crore. Promoters’ stake was 64.73% as of 30 June 2023 ,compared to 64.73% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Minda Corporation has increased 44.50% to Rs 4300.14 crore. Operating profit margin has jumped from 9.90% to 10.73%, leading to 56.67% rise in operating profit to Rs 461.49 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 58.23% to 60.51%. Purchase of finished goods cost fell from 4.63% to 4.28%. Employee cost decreased from 16.01% to 14.46%. Other expenses fell from 11.19% to 10.07%. Other income fell 34.66% to Rs 15.78 crore. PBIDT rose 49.75% to Rs 477.27 crore. Provision for interest rose 31.72% to Rs 40.74 crore. Loan funds rose to Rs 713.16 crore as of 31 March 2023 from Rs 505.98 crore as of 31 March 2022. Inventories rose to Rs 573.27 crore as of 31 March 2023 from Rs 478.88 crore as of 31 March 2022. Sundry debtors were higher at Rs 640.90 crore as of 31 March 2023 compared to Rs 568.80 crore as of 31 March 2022. Cash and bank balance declined from Rs 333.41 crore as of 31 March 2022 to Rs 161.92 crore as of 31 March 2023. Investments rose to Rs 451.14 crore as of 31 March 2023 from Rs 64.18 crore as of 31 March 2022 .
PBDT rose 51.69% to Rs 436.53 crore. Provision for depreciation rose 23.22% to Rs 138.06 crore. Fixed assets increased to Rs 949.72 crore as of 31 March 2023 from Rs 752.88 crore as of 31 March 2022. Intangible assets declined from Rs 166.62 crore to Rs 161.25 crore.
Profit before tax grew 69.84% to Rs 298.47 crore. Provision for tax was expense of Rs 4.08 crore, compared to Rs 24.04 crore. Effective tax rate was 1.41% compared to 11.13%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 48.27% to Rs 284.50 crore.
Equity capital stood at Rs 47.82 crore as of 31 March 2023 to Rs 47.82 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 64.73% as of 31 March 2023 ,compared to 64.73% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 387.51 crore for year ended March 2023 from Rs 166.87 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 250.73 crore, compared to Rs 108.54 crore during the year ended March 2022.
Other Highlights
In
Q1 FY24, India contributed 87% to total revenue, Europe & North America 8%
and South East Asia, 6%.
In
terms of end market, Commercial vehicles contributed 28% to total revenue in Q1
FY24, two/three Wheelers 48%, Passenger Vehicles 14% and After Market 10%.
In
Q1 FY24, Lockset contributed 25% to total revenue, WH 35%, Clusters 15%, DCD
15%, others 10%.