Spark Minda sees growth in FY2023 driven by new tech advancements, particularly in the domestic auto retail sector. Are you curious about how they plan to stay ahead?

Minda Corporation, the flagship company of Spark Minda, has announced its financial results for Q4 and FY2023. The company has achieved its 11th consecutive quarter of double-digit EBITDA margin of 10.9%. In Q4 FY2023, the company reported revenue of Rs 1,075 crore, a YoY increase of 13%, and net profit of Rs 122 crore, up 11.3%. For FY2023, the revenue came at Rs 4,300 crore, up 44.5% YoY, EBITDA margin of 10.7%, and net profit of Rs 285 crore, up 6.6% YoY. Ashok Minda, Chairman and Group CEO, Minda Corporation, attributes this outstanding performance to the company’s strong product portfolio, expanding customer base, and emphasis on product premiumisation. During the year, Minda Corporation strengthened its presence in the telematics software and ADAS solutions through strategic technology partnerships with LocoNav and Daesung Eltec. These partnerships allowed the company to be at the forefront of automotive industry advancements, enabling delivery of cutting-edge solutions. The company filed 20 patents, bringing the total count of patents to more than 250.

The automotive industry exhibited satisfactory performance across various segments. The domestic auto market delivered positive growth, primarily driven by robust urban sales. However, exports continued to face challenges due to global geopolitical factors. Two-wheeler demand remained sluggish due to concerns about affordability and increasing fuel costs. Passenger vehicle demand remained robust, thanks to a strong order book with OEMs and the introduction of new products. In addition, government’s accelerated infrastructure spending contributed to an upswing in commercial vehicle demand. The tractor segment experienced a remarkable surge in growth, surpassing expectations with a strong double-digit increase.

As FY2023 drew to a close, semiconductor supply constraints have eased, and commodity prices have resumed an upward trend after a temporary decline in Q2FY23. However, it is important to acknowledge that a substantial portion of the company’s raw materials are tied to customer indices.

Minda Corporation will focus on customer-centricity, driving innovation, and advancing research and development to deliver exceptional value to all its stakeholders.

Source link