Minda Industries Limited (MIL), India’s largest manufacturer of 2-3 wheeler automotive switches, announces financial results for Q1 of 2007-2008Sales at 9155.41 lakhs; PAT up at. 269.18 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 June 2007.

The sales for Q1 in 2007-2008 were Rs. 9155.41 lakh up from Rs. 8147.39 lakh in Q1 2006-2007.

Profit after tax was up to Rs. 269.18 lakh in the same quarter as compared to Rs. 261.38 lakh in Q1 2006-2007.

The earning per share was Rs. 2.57 in the quarter ended June 30, 2007, up from 2.49 in the quarter ended June 30, 2006.

“The slowdown in the auto sector has also led to a slowdown in the auto component sector. We have a firm belief that this slowdownis only temporary and once inflation is reigned in and the interest rates come down, we should see a reversal of this trend” says Mr. N.K. Minda, Managing Director, Minda Industries Limited. MIL is the country’s largest manufacturer of switches in the 2/3 wheeler segment and is amongst the top few globally.

Minda Industries Limited (MIL) designs, develops and manufactures switches for 2/3 wheelers and off-road vehicles. It also manufactures lamps for automobiles (2/3 & 4 wheelers). The plans are already underway to commercially launch Battery from a greenfield facility in Pantnagar.

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

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NK Minda Group is India’s foremost manufacturer of a range of automotive components. The Group has an annual turnover of US $ 189 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, Alternate Fuel kits and Starter Motors & Alternators. 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 of France.