DC Sharma Group CFO addressed the call.

Highlights of the call:

Total revenue for the quarter increased 22.5% to Rs 656.5 crore.

While the Indian automobile sales grew at 6.1%, Minda Corporation achieved a higher growth on the back of strong performance in the wiring harness and the Safety, Security & Restraint Systems segment.

Consolidated EBITDA increased 21.7% to Rs 71.2 crore

Consolidated Profit after Tax increased 31.4% to Rs 31.6 crore,

Margins expanded 32 bps

For the nine months total sales grew 21.8% to Rs 1800.8 crore

EBITDA increased 22.2% to Rs 185.1 crore

Profit after Tax increased by 28.1% to Rs. 80.9 crore,

Margins expanded by 22 bps

Net Debt / Equity ratio of 0.85 against 0.98x in FY2015:

Profitability reflects a disciplined control on costs.

Growth in the domestic automobile market remained selective with production of passenger vehicles growing only moderately and commercial vehicles growing off a low base.

Two wheeler production remained sluggish owing to slowdown in rural market demand.

The company believes the upcoming Union Budget and the anticipated implementation of GST will be critical in deciding the direction of the industry in the medium to long term.

Most international automotive markets, on the other hand remained strong during the quarter.

In particular, key European automotive markets continued to register steady growth in new vehicle registrations.

The decline in crude oil prices in the last few months is expected to further support this growth in demand in the near to medium term.

During the quarter, the company secured new business across all the 3 business segments and added marquee clients.

The company also finalized plans for setting up of a green field plant in Mexico which will further strengthen the company's international geographic footprint.

Board of Directors has declared an interim dividend of 10% of the face value. This is testament to the Board's confidence in the operational and financial strength of the company in the years to come.

But for the Bonus act, the profits for the quarter would have been higher by Rs 4.4 crore.

Metal prices have fallen by 18-19%. Metal cost fell from 63% to 60%. At a time lag of 3 months the company will pass on the benefit of fall in raw material cost.

After Market sales grew 20% in quarter, which is higher than the overall growth.

During the quarter the company started production of ABS wiring harness for a Commercial vehicle OEM.

The company has won new business for LCV Instrument Cluster from a Commercial vehicle OEM.

The company was nominated for specific models of leading German Car manufacturer in Mexico

It has finalized setting up of a Greenfield manufacturing plant at Mexico.

The management sees significant export opportunity under finalisation for Europe and China.

Growth in 2 wheeler is low and much to be desired.

During the quarter interest expense decreased from Rs 11.6 crore to Rs 9.6 crore y-o-y on account of renegotiation of interest rates on current loans and lower working capital requirements.

The company will focus on incremental demand for high value add products such as ABS wiring harness, SRC for airbags and Immobiliser systems led by increased focus on road safety.

It hopes on increasing content of electronics and sensors in the vehicles; immense scope to expand.

The company has established ‘Electronics Competency Center' in Pune. This is expected to be operational by first quarter of FY2017.

The company is working on greenfield manufacturing plants in Mexico and Czech Republic. It is also exploring growth opportunities in China.

The management hopes on increasing export business and expanding overseas operations.

The coming quarter will be good for the company as it will not have any impact regarding the bonus.

As on date Market share is around 11% against 7% a year ago in wiring harness business.