For the quarter ending Sept
2023, consolidated Net sales (including other operating income) of Minda Corporation has increased 4.25% to Rs 1195.84 crore compared to quarter ended Sept 2022. Operating profit margin has jumped from 10.80% to 10.98%, leading to 6.03% rise in operating profit to Rs 131.31 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.43% to 61.61%. Purchase of finished goods cost fell from 4.31% to 1.75%. Employee cost increased from 13.42% to 15.65%. Other expenses fell from 10.09% to 10.01%. Other income fell 54.59% to Rs 2.03 crore. PBIDT rose 3.92% to Rs 133.34 crore. Provision for interest rose 53.13% to Rs 14.93 crore. Loan funds rose to Rs 764.97 crore as of 30 September 2023 from Rs 590.61 crore as of 30 September 2022. Inventories rose to Rs 557.11 crore as of 30 September 2023 from Rs 552.44 crore as of 30 September 2022. Sundry debtors were higher at Rs 805.90 crore as of 30 September 2023 compared to Rs 700.00 crore as of 30 September 2022. Cash and bank balance declined from Rs 331.83 crore as of 30 September 2022 to Rs 129.19 crore as of 30 September 2023. Investments rose to Rs 682.90 crore as of 30 September 2023 from Rs 58.56 crore as of 30 September 2022 .
PBDT fell 0.13% to Rs 118.41 crore. Provision for depreciation rose 22.37% to Rs 41.41 crore. Fixed assets increased to Rs 1,088.29 crore as of 30 September 2023 from Rs 851.88 crore as of 30 September 2022. Intangible assets declined from Rs 162.02 crore to Rs 92.93 crore.
Profit before tax down 9.11% to Rs 77.00 crore. Provision for tax was expense of Rs 18.72 crore, compared to Rs 21.59 crore. Effective tax rate was 24.16% compared to 27.19%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.66% to Rs 58.77 crore. Equity capital stood at Rs 47.82 crore as of 30 September 2023 to Rs 47.82 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 64.84% as of 30 September 2023 ,compared to 64.73% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Minda Corporation has increased 5.24% to Rs 2270.35 crore.
Operating profit margin has jumped from 10.68% to 10.83%, leading to 6.73% rise in operating profit to Rs 245.97 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.43% to 60.98%. Purchase of finished goods cost fell from 4.24% to 2.38%. Employee cost increased from 13.85% to 15.86%. Other expenses rose from 9.87% to 10.02%. Other income fell 54.43% to Rs 3.96 crore. PBIDT rose 4.51% to Rs 249.93 crore. Provision for interest rose 61.80% to Rs 29.06 crore. Loan funds rose to Rs 764.97 crore as of 30 September 2023 from Rs 590.61 crore as of 30 September 2022. Inventories rose to Rs 557.11 crore as of 30 September 2023 from Rs 552.44 crore as of 30 September 2022. Sundry debtors were higher at Rs 805.90 crore as of 30 September 2023 compared to Rs 700.00 crore as of 30 September 2022. Cash and bank balance declined from Rs 331.83 crore as of 30 September 2022 to Rs 129.19 crore as of 30 September 2023. Investments rose to Rs 682.90 crore as of 30 September 2023 from Rs 58.56 crore as of 30 September 2022 .
PBDT fell 0.14% to Rs 220.87 crore. Provision for depreciation rose 22.83% to Rs 80.44 crore. Fixed assets increased to Rs 1,088.29 crore as of 30 September 2023 from Rs 851.88 crore as of 30 September 2022. Intangible assets declined from Rs 162.02 crore to Rs 92.93 crore.
Profit before tax down 9.81% to Rs 140.43 crore. Share of profit/loss was 84.59% higher at Rs -0.88 crore. Provision for tax was expense of Rs 35.57 crore, compared to Rs 39.69 crore. Effective tax rate was 25.49% compared to 26.46%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 5.73% to Rs 103.98 crore.
Equity capital stood at Rs 47.82 crore as of 30 September 2023 to Rs 47.82 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 64.84% as of 30 September 2023 ,compared to 64.73% as of 30 September 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 1,018.04 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 92.93 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
Q2 FY24, company derived 88% revenue from India; Europe & North America
contributed 7% and South East Asia 5%.
In
Q2 FY24, 2W/3Ws contributed 46% to total revenue, Commercial Vehicles 29%, After
Market 11%, and Passenger Vehicles 14%.
In
Q2 FY24, in terms of products Lockset contributed 24% to total revenue, DCD
15%, Clusters 16%, WH 35%, Others 10%.
Company
secured highest-ever lifetime orders of more than Rs 6500 crore in H1FY24 with
electric vehicles (EVs) constituting more than 30% of the orders won during the
quarter.