Mumbai: Minda Industries limited (‘MIL’) has announced its results for quarter ended June 30th, 2021. At a consolidated level, the company registered a resilient quarterly performance with revenue of ₹ 1,603 Cr in Q1 FY22 as against ₹ 468 Cr for corresponding quarter i.e., Q1FY21.
Without considering the impact of restatement of figures in FY21, on account of Harita Seatings System Ltd with Minda Industries Ltd the consolidated revenues have grown by 237% YoY basis with Harita contributing ₹ 51 Crore in Q1 FY21.
The Company’s consolidated financial results for the quarter ended June 30, 2021 and corresponding quarter ended June 30, 2020 have been negatively impacted by the outbreak of COVID-19 pandemic in the country, albeit such impact in current quarter was lower than last year, when it was complete lock down for large part of the quarter.
The EBITDA for Q1 FY22 has been reported as ₹ 147 Cr vis-à-vis negative ₹ 84 Cr in Q1 FY21, growth of 274%. Profit before tax after exceptional items for Q1 FY22 was at ₹ 44 Cr as against a negative ₹176 Cr in Q1 FY21 and ₹ 190 Crores in Q4FY21. PAT (MIL Share) for the quarter is ₹ 15 Cr in Q1FY22 as against a loss of ₹ 135 Cr in Q1FY21.
Mr Nirmal K Minda, CMD, Uno Minda Group says, “We have delivered a resilient performance despite the 2nd wave of COVID and its impact on the economy. We at UNO Minda, learning from our experience of last year continued to focus on our core functions and at same time giving priority to health and safety of our employees. We as a team have demonstrated our ability to not just to outperform in normal times but also proven our resilience in times like these. As for coming quarters we have seen sign of resurgence, which is evident from auto sales numbers and as a company we are confident to retreat back to performance levels demonstrated in previous quarters.”
Sunil Bohra, CFO, Uno Minda Group says, “Our performance for the quarter was impacted by lockdown related restrictions due to COVID-19 2nd wave. We are confident of inherent growth potential in the economy and hence we continue with our investment and expansion plans with strong belief of revival in ensuing quarters, driven by personal mobility. Further, we have strengthened the company by successfully raising around INR 700 Crores of equity through Qualified institutions placement, we are thankful to the investors for reaffirming their confidence with the company.”
