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Minda Industries Limited (MIL), India's largest manufacturer of 2-3 wheeler automotive switches, announces financial results for Q2 of 2008-2009 Sales at 12,779.00 lakhs; PAT at 332.09 lakh

Minda Industries Limited (MIL), the flagship company of the Rs.1000 crore NK Minda Group, announced its unaudited financial results for the quarter ended 30th September 2008.

New Delhi, Delhi, October 24, 2008 /India PRwire/ -- Minda Industries Limited (MIL), India’s largest manufacturer of 2-3 wheeler automotive switches, announces financial results for Q2 of 2008-2009

Sales at 12,779.00 lakhs; PAT at 332.09 lakh

Minda Industries Limited (MIL), the flagship company of the Rs.1000 crore NK Minda Group, announced its unaudited financial results for the quarter ended 30th September 2008.

The sales for Q2 in 2008-2009 were Rs. 12,779.00 lakh up from Rs.10,913.87 lakh in Q2 2007-2008 marking an increase of 17% over last year.

Profit after tax was up to Rs. 332.09 lakh in the same quarter.

The earning per share was Rs. 3.16 in the quarter ended June 30, 2008.

“Our topline has grown 17% over last year, which given the circumstances is a very good figure. We have managed to bring about better productivity within our facilities by focusing on increased efficiency, so the recessionary economy has not impacted our bottomline much. We are hopeful that the things will improve and will ease the pressure on our bottomline shortly” says Mr. N.K. Minda, Chairman & 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.

Notes to Editor

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.

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