Shares of Minda Corporations rose 6.7% to Rs 118, also a new 52-week high, on BSE in Wednesday’s intraday trading after the auto components maker reported consolidated net profit of Rs 12.92 crore for the March quarter of fiscal 21. vs. a loss of Rs 299.78 crore in the previous year period. The title has passed its previous peak of Rs 104.7, touched on April 28, 2021.
Its total income increased 45% to Rs 801.30 crore from Rs 552.50 crore in Q4FY20, while the EBITDA margin improved to 11.2% due to the leverage of ‘operation and strict control and reduction of other costs. For the whole of fiscal year 2021, net profit amounted to Rs 52.50 crore against a loss of Rs 199.81 crore while operating income during the year was Rs 2,401, 14 crore against Rs 2265.16 crore in FY20.
Other than that, the board of directors of the company also recommended a final dividend of Rs 0.35 per share (17.5%) for shares with a par value of Rs 2 per share, totaling Rs 837 lakhs. , for the fiscal year ended March 31, 2021. The total dividend declared for fiscal year 2020-21 is Rs 0.65 per share (32.5%), the company said in an exchange document.
Minda Corporation is a leading manufacturer of automotive components for OEMs. The US $ 507 million group caters to leading manufacturers of passenger vehicles, utility vehicles, motorcycles and scooters, off-road vehicles and Tier 1 vehicles in India, with a presence in Indonesia, Vietnam, in Uzbekistan, the United States and Japan.
As of 11:07 am, the stock was 3 percent higher at Rs 114 per share against a 0.24 percent drop in the benchmark S&P BSE Sensex. So far, in calendar year 2021, the company’s shares have climbed 23.25% on BSE compared to the 5% rally in Sensex.