Auto component manufacturer Minda Corporation has posted 23 per cent rise in its net profit at Rs 24.9 crore for the first quarter ended June 30.
The company had posted a net profit of Rs 20.2 crore during the same period of previous fiscal.
Total revenue rose to Rs 695.4 crore for the first quarter, as compared to Rs 528.1 crore during the same period of previous fiscal, Minda Corporation said in a statement.
"The automobile industry is poised for growth in the near term due to factors such as the seventh pay commission payouts, upcoming festival season and a revival in the general economy," Minda Corp Chairman and Group CEO Ashok Minda said.
Another development unfolding in the automotive sector is increasing focus on automotive safety regulations which is also expected to further support the demand for our products, he added.
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