Automotive component maker Minda Corporation Ltd today reported a 36.3 drop in its consolidated net profit at Rs 20.1 crore for the third quarter ended December 31.
The company had reported a net profit of Rs 31.6 crore in the same period a year ago.
Its total revenue, however, went up by of 10.1 per cent to Rs 723 crore in the third quarter compared to Rs 656.5 crore in the same period last fiscal, Minda Industries said in a regulatory filing.
"On the backdrop of demonetisation, which drastically reduced the liquidity in the market, sales volume for the quarter across the automobile sector were down by 4 per cent on a y-o-y basis in comparison to the 19.1 per cent y-o-y growth in the last quarter," the company's Chairman and Group CEO Ashok Minda said.
"We are optimistic of the various pro-reformative measures of the Government being undertaken and also reflected in the recent fiscal Budget augurs well for the auto component sector as a whole in the long term, and we expect the automobile market to revive over the next two quarter," he added.
Shares of Minda Corporation today closed 5.25 per cent down at Rs 92.95 apiece on BSE.
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