Minda Industries Limited (MIL), India’s largest manufacturer of 2-3 wheeler automotive switches, announces financial results for Q2 of 2007-2008 Sales grow by 31.24 %; PAT up at Rs. 428.74 lakh

Minda Industries Limited (MIL), the flagship company of the Rs. 832 crore NK Minda Group, announced its unaudited financial results for the quarter ended 30th September 2007.

The sales for Q2 in 2007 were up by 31.24%, from Rs. 8315.85 lakh in Q2 2006-2007 to Rs.10913.87 lakh in Q2 2007-2008.

Profit after tax was up at Rs. 428.74 lakh in the same quarter, higher than Rs. 407.42 lakh in Q2 2006-2007.

The earning per share was Rs. 4.08 in the quarter ended September 30, 2007, up from Rs. 3.88 in Q2, 2006-2007.

“Our performance is slightly lower than the envisaged target of 40% top-line growth, but that has been keeping in mind the very abnormal negative growth seen in the last 6 months in the auto sector. We are hopeful that this is a short term issue and will change soon”, says Mr. N.K. Minda, Managing Director, Minda Industries Limited.

MIL is today the country’s largest manufacturer of switches in the 2/3 wheeler segment and is amongst the top few globally. Minda has already started the test production of batteries at its Pantnagar facility and this will start commercial production shortly.

Minda Industries Limited has its manufacturing plants in Gurgaon, Pune, Hosur, Delhi, Aurangabad & Pantnagar and has over 1200 employees. Minda Group also has a manufacturing facility in Indonesia, looking after the booming ASEAN market.

About NK Minda Group

NK Minda Group is India’s foremost manufacturer of a range of automotive components. The Group has an annual turnover of US $ 203 million (over Rs.832 Crore) and is a leading supplier to Original Equipment Manufacturers.

The NK Minda Group product profile comprises of Switches for 2 / 3 wheelers, switches for 4 wheelers, Lighting, Battery, Horns and Alternate Fuel kits. Minda Group has joined hands with global leaders to constantly fine-tune its offerings and has some of the most reputed automotive component manufacturers as its joint-venture partners. These include Tokai Rika Co. Ltd., Japan, Fiamm S.p.A, Italy and Valeo, France.