Minda Industries Q2 net profit moves down by 32 per cent
New Delhi/IBNS: Auto components maker Minda Industries Limited (MIL) on Friday posted a decline of 32 per cent in its net profit to Rs 49 crore in the second quarter of 2019-20, as compared to Rs 73 crore in the same period previous year.
At a consolidated level, it registered revenue of Rs 1,360 crore in the quarter that ended on September 31 as against Rs 1,522 crore for corresponding quarter, registering a decline of 11 per cent, the company said in a statement here.
Despite adverse demand environment, EBITDA for Q2 FY20 is Rs 162 crore vis-à-vis Rs 189 crore in Q2 FY19.
The profit for the quarter was impacted by lower revenues, which is largely driven by market decline, operating losses at new facilities during the ramp-up phase, higher interest and depreciation and amortisation costs, it added.
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