Minda Industries Limited (MIL), the flagship company of the Rs. 1000 crore NK Minda Group, announced its audited annual results for the year 2007-2008. The net sales for the year 2007-2008 grew to Rs.396.10 crore from the FY 2006-2007 sales of Rs.386.60 crores.

The Profit after Tax of MIL for the FY 2007-2008 was Rs.1572.44 lakhs, up from Rs. 1353.52 lakhs for FY 2006-2007, witnessing a marked increase of 16.71%.

The earning per share was Rs. 14.67 in FY 2006-2007, up from Rs. 12.58 in 2006-2007, marking a rise of 16.61 %. The company has also proposed a dividend of 25 %, which is unchanged from last year.

The PAT for the 4th quarter of FY 2007-08 grew to 449.01 lakhs from 273.00 lakhs in FY 2006-07 showing an increase of 64.47%.

Mr. N.K Minda, Managing Director, Minda Industries Limited, says “The last year was a tough one for the entire auto sector and we are not an exception. Though we were able to maintain our topline, the profitability has increased due to various cost cutting measures and increased thrust on productivity”.

Elaborating on the scenario in the current year he said, “The increasing cost of raw materials is a constant source of worry and coupled with high oil prices we feel that the current year is going to be challenging. However the effect of our expansion in the last two years, in capacities and product portfolio, should be visible in the current year which will be the first full year of operation for Batteries, Blow Moulding and our Pantnagar Facility”.

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Forward looking Statement from the Management:

The company has started receiving outsourcing orders from overseas car manufacturers and is confidentof executing these challenging orders. In order to meet theforeign OEM requirements, Minda IndustriesLimited isseriously pursuing overseas acquisitionsto expandits footprintand acquire a larger global customer base.

About Minda Industries Limited:

Minda Industries Limited (MIL) designs, develops and manufactures switches for 2/3 wheelers and off-road vehicles. It also manufactures lighting and batteries for automobiles (2/3 & 4 wheelers). MIL has also entered into Blow Moulding for which it is setting up a plant at Bidadi near Bangalore in Karnataka, in Technical Agreement with Kyoraku of Japan. MIL is a Rs. 3961 million (US $ 95 million) company and is on a rapid expansion spree. It is geared to take on global competition and is spreading its wings into the ASEAN market where it has already established itself. It is on its way to becoming the favoured vendor for 2/3 wheeler switches and Lighting globally.

Minda Industries has its manufacturing plants in Manesar, Baddi, Pune, Aurangabad, Pantnagar and Bidadi and has over 2800 employees. NK Minda Group also has a manufacturing facility in Indonesia, looking after the 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 $ 238 million (over Rs.1000 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, Horns, Batteries, Alternate Fuel kits, Mirrors, Blow Molding, Electronic Starter Motors & Alternators and Electronic BCU’s. NK 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; Valeo, France and Kyoraku, Japan.