Minda Corp shuts down Dutch subsidiary, shares trade in green

The electronics and mechanical security systems manufacturer has voluntarily shut down Minda Europe B.V, Netherlands, a non-operative, wholly-owned subsidiary.

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Shares of Minda Corporation were trading nearly 1 percent higher, a day after the company announced the closure of a Netherlands-based subsidiary. By 9:30am, the shares were trading at Rs 327.8, nearly 1.4 percent higher than yesterday’s close of Rs 323.40.

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According to a regulatory filing, the electronics and mechanical security systems manufacturer Minda Corporation has voluntarily shut down Minda Europe BV, Netherlands. This is a non-operative, wholly owned subsidiary of the company. The filing adds that as Minda Europe BV is not a material subsidiary of Minda Corporation, “it will not impact consolidated financials of Minda Corporation Limited”.

In Q1FY24, Minda Corporation reported a 6.36 percent on-year increase in net sales to Rs 1,074.51 crore for the quarter ended June 2023. On the other hand, net profit for the same period decline by 13.87 percent YoY to Rs 45.21 crore. Earnings before interest, taxes, debentures and amortisation (EBIDTA) stood at Rs 116.59 crore in June 2023 up  by 5.19 percent from last year.

In a post-earnings release, the company said that Q1FY24 was a mixed bag from the demand perspective. “A significant order win for EV products underlines Minda Corporation’s focus and capabilities to deliver robust sustainable mobility solutions, ” the company said in the release.

Haryana-based Minda Corportation is an automotive component manufacturer with a diversified portfolio that includes mechatronics; information and connected systems and plastic and interior for auto OEMs, catering to two and three wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market.

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