Minda Industries Q2 Results: Profit rises 13% to Rs 113 cr

Auto components maker Uno Minda Group flagship firm, Minda Industries Ltd on Thursday reported 13 per cent rise in consolidated net profit at Rs 113.43 crore for September quarter 2021-22 riding on higher sales amid challenges of high commodity prices and semiconductor shortage.

The company had posted a consolidated net profit of Rs 100.01 crore in the same period last fiscal year, Minda Industries Ltd said in a regulatory filing.

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Revenue from operations during the quarter under review stood at Rs 2,113.99 crore as against Rs 1,632.24 crore in the corresponding period last fiscal year, it added.

Total expenses were at Rs 2,000.5 crore as against Rs 1,512.89 crore in the same period a year ago, with cost of raw materials consumed at Rs 1,122.62 crore as compared to Rs 891.96 crore in the year-ago period, the company said.

Uno Minda Group Chairman and Managing Director Nirmal K Minda said building upon a resilient first quarter, the company delivered yet another strong performance despite the challenges posed by COVID-19, semiconductor shortages leading to production disruptions, commodity pricing pressures and fuel price hikes.

"The lessons learnt over the previous few quarters coupled with the longstanding industry relationships have made the organisation stronger, more adaptable, and better prepared to ward off any challenges there may arise," he added.

On the outlook, Uno Minda Group CFO Sunil Bohra said,"With the demand uptick in key markets, a good crop season and expected easing off of the COVID-19 and semiconductor situation globally, we are confident that the uptrend in our growth trajectory will resume."

Additionally, with an "engine-agnostic portfolio", supporting regulatory developments in the country towards electric vehicle adoption, he said,"We firmly believe we are poised to capitalise on these factors and drive sustainable growth going forward."