Minda Corporation Limited, the flagship company of Spark Minda, has released its financial results for the second quarter and half year ended September 30, 2023. Minda Corporation reported a 7% YoY growth in Q2FY24, boosted by domestic market demand, key customer business, and product premiumisation. EBITDA stood at Rs. 131 crores, with a 11.0% growth margin of 18 bps.
The company also secured its highest-ever lifetime orders of over Rs.6,500 crores in H1FY24, with electric vehicles (EVs) accounting for over 30% of the orders. The company secured marquee orders across both existing and new technology products, with multiple first-time strategic order wins in both ICE and EV segments.
Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said,“As we move forward, we remain committed to delighting our customers by delivering new and technologically advanced products; providing our employees with growth opportunities, and creating long term value for our shareholders.”