Auto component maker Minda Corporation today reported 42.83 per cent increase in standalone net profit at Rs 9.67 crore for the first quarter ended June 30.
The company had posted a standalone net profit of Rs 6.56 crore in the same quarter of the previous fiscal.
Net sales during the period under review stood at Rs 157.46 crore as against Rs 152.34 crore in the year-ago period, up 3.36 per cent.
Commenting on the results, Minda Corporation Chairman and Group CEO Ashok Minda said: "A continued focus on enhancing operations and implementing efficiencies has enabled further improvement in Minda's underlying business."
Although the recovery in the global automotive industry has been slow and selective, the improvement in business sentiment in both Europe and North America has already started to result in improved automotive sales, he said in a statement.
"With a strategic global presence and a diversified product mix, Minda is well equipped to capitalise from a further improvement in the industry. We have formed a team of dedicated and experienced professionals to evaluate additional growth opportunities arising in both our existing and potential export markets," Minda said.
Shares of Minda Corporation ended the day at Rs 72.95 apiece on BSE, down 0.41 per cent from the previous close.
