The consolidated revenue from operations during the period under review stood at Rs 731.25 crore against Rs 656.1 crore in the year-ago quarter, it added.
Minda Corporation Ltd Chairman and Group CEO Ashok Minda said, “In the second quarter of FY22, auto industry saw a sequential pick-up in demand with receding second wave of health pandemic and the growth trend was visible in all the vehicle segments to a varying extent”.
The company delivered the performance despite higher commodity prices and the indirect adverse impact of semiconductor shortage, he added.
“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,” Minda said.
On the outlook, he said, “With the 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”.
During the second quarter, the company said, it had acquired an entire stake in Minda Stoneridge to strengthen its core business and expand technical collaboration with Stoneridge Inc.
The acquisition will be value accretive for shareholders, as the financial performance of the group will strengthen, Minda said.
“We will continue to have perpetual licenses of all existing technology licenses granted by Stoneridge, Inc and continue technical collaboration with Stoneridge Inc for future products. This initiative has been taken in line with our vision to grow in advanced technological products i.e. sensors and clusters,” he added.
