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Minda Inds tumbles after Q4 PAT slumps 90%
30-Jun-20   14:13 Hrs IST

Consolidated EBITDA fell 31% to Rs 127 crore in Q4 FY20 from Rs 185 crore in Q4 FY19. EBIDTA margin was down 299 bps to 9.48% as on 31 March 2020 as compared to 12.47% as on 31 March 2019.

Profit before tax (PBT) in the fourth quarter stood at Rs 26.38 crore, down by 76% from Rs 109.83 crore in the same period last year. The decline in PBT is largely on account of lower operating leverage, suspension of production due to COVID -19, the company said.

It added that the company has been able to limit the decline to some extent due to diversified product portfolio, customer mix, cost management drive and it focus on enhancing kit value.

Current tax expense fell 31.7% YoY to Rs 18.68 crore in Q4 March 2020.

The board of Minda Industries on Monday approved a rights issue of Rs 250 crore and a non-convertible debentures (NCDs) issue up to Rs 300 crore on private placement basis. The promoter and the promoter group have confirmed that they will subscribe to the full extent of their aggregate rights issue, it said.

Minda Industries is a flagship Company of UNO MINDA Group, which manufactures automobile components for original equipment manufacturers (OEMs).

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