The shares of Minda Corporation, one of the top manufacturers of automotive components in India, crossed the 20 per cent upper circuit limit of Rs 645.50 per share on the BSE. At the same level, the stock settled.
The stock opened at Rs. 538.70 per share on the National Stock Exchange. The Minda Corporation stock has touched a day-high price of Rs 645.50 per share on the stock exchange.
The stock has recorded a 52-week high level of Rs 645.65 per share on the Indian bourses; it has also recorded a lifetime high level of Rs 645.65 per share.
Stocks performance in last year
The company’s shares have increased by over 867 per cent over the last five years and by 105 per cent over the last twelve months.
By contrast, the NIFTY AUTO index has increased by 270 per cent over the previous five years and by 67 per cent over the last year. Over the previous five years, the benchmark NIFTY50 index has increased by 28 per cent and 129 per cent.
Joint venture agreement
The company and Taiwan-based HCMF signed a joint venture agreement for Automotive Sunroof Solutions and Closure Systems during the quarter.
According to the company’s press release, Minda Corporation and HCMF have entered into a 50:50 partnership with the aim of providing cutting-edge technology supported by state-of-the-art manufacturing of sunroof and closure technology products for passenger cars through localisation in India.
EBITDA margin Q1 FY25
EBITDA, or earnings before interest, taxes, depreciation, and amortisation, increased 14.9 per cent YoY to Rs 132 crore for the quarter that ended on June 30, 2024, while Minda Corporation reported consolidated revenue of Rs 1,192 crore, an increase of 11 per cent YoY.
EBITDA margin increased by 38 basis points (bps) year over year to 11.1 per cent. Profit after tax, or PAT, increased by 42 per cent year over year to Rs 64 crore from Rs 45 crore recorded in the same period last year.
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Management commentry
‘The first quarter of FY25 began on a positive note, with overall demand rising across most vehicle segments on a year-over-year basis,’ said Ashok Minda, Chairman and Group CEO, in response to the results.
We are well-positioned to exceed industry expectations because of our dedication to excellence, financial prudence, and focus on important initiatives.”
