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ICICI Direct Report
Minda Industries Ltd. reported strong Q3 FY21 results. Consolidated revenues jumped 35.8% YoY to Rs 1,802 crore versus approximately 17% underlying original equipment manufacturer volume growth.
Margin performance was sustained QoQ at 14.7% with slight betterment in gross margins and employee cost savings cancelling out increase in other expenses.
Consolidated profit after tax rose ~142% YoY to Rs 108 crore (profit from subsidiaries and associates at Rs 9 crore versus Rs 1 crore in Q3 FY20).
The company declared interim dividend of Rs 0.35 per share for FY21.
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