- Consolidated Revenue of Rs. 7,313 million registering growth of 11.5% YoY for Q2 FY22
- Strong Operating Margins of 10.6% in Q2 FY22
- Profit from Joint venture of Rs.23.5 million in Q2 FY22 as against loss of Rs. 16.5 million in Q1 FY22
- EBITDA of Rs. 773 million with strong operating margins of 10.6% and expands by 50 bps YoY
- Profit After Tax stood at Rs. 391 million with PAT Margins of 5.3%
- Acquired entire stake in Minda Stoneridge to strengthen core business and expands technical collaboration with Stoneridge Inc
Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said:
“In the second quarter of FY22, auto industry saw sequential pick up in demand with receding second wave of health pandemic and the growth trend was visible in all the vehicle segments to varying extent.
I am pleased to report that we have delivered Revenue from Operations of Rs. 7,313 million during the quarter, a robust sequential growth of 11.5% as against Industry degrowth of (2.6%).
EBITDA for the second quarter stood at Rs. 773 million with Double digit EBITDA margins of 10.6% despite higher commodity price and indirect adverse impact of Semiconductor shortage. Our performance is also reflected in the balance sheet position as we are net debt negative and generated free cash flow during the first half of the year.
With economy recovering and evolving dynamics in the industry, we remain cautiously optimistic about the times ahead, yet, we remain confident in our abilities and strong product offerings to deliver sustainable profitable growth.”