Minda Corporation delivers better than industrygrowth; Clocks Annual Revenue of Rs. 4,300crores

Mumbai: Minda Corporation Limited (referred to as “Minda Corp” orthe “Company”; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda today announced its financial results for the fourth quarter and full year ended March 31, 2023. Continuing the growth momentum, the company delivered better than industry growth with double digit EBITDA margin for 11^th straight quarter.

Commenting on the results, Mr. Ashok Minda, Chairman and GroupCEO said,“I am delighted to announce that Minda Corporation has achieved a significant revenue increase in FY 22-23, demonstrating aremarkable 45% year-on-year growth with double-digit EBITDA margins. This outstanding performance can be attributed to our strong productportfolio, expanding customer base, and emphasis on productpremiumisation. In recognition of our shareholders, the board of directors have recommended Final dividend of 40% on the face value i.e. Rs. 0.80per equity share, taking the total dividend for the year to 60%, i.e. INR

1.20 per equity share..”

As we move forward, we will focus on customer-centricity, drivinginnovation, and advancing research and development to deliverexceptional value to all our stakeholders.”

In FY23, Minda Corporation solidified its position as a top provider of comprehensive solutions in Telematics software and ADAS throughstrategic technology partnerships with LocoNav and Daesung Eltec.These alliances have placed the company at the forefront of automotive industry advancements, enabling delivery of cutting-edgesolutions. With continued focus on technology during the last quarter,the company filed 20 patents, taking the total count of patents to morethan 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.

The demand for passenger vehicle remained robust, thanks to a strongorder book with OEMs and the introduction of new products. Additionally, government’s accelerated infrastructure spending contributed to an upswing in commercial vehicle demand. The tractorsegment experienced a remarkable surge in growth, surpassingexpectations with a strong double-digit increase.

As FY23 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 our raw materials are tied tocustomer indices. As part of its way forward strategy, MindaCorporation is

poised to endure growth, owing to its robust fundamentals, commitmentto quality, customer-centric approach, and relentless focus on innovationand research and development.

The coming FY will witness the company pursuing excellence and surpassing expectations to ensure the delivery of exceptional value to ourstakeholders.

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