Commenting on the results, Ashok Minda, Chairman and Group CEO said: “The first quarter of FY21 was an unparalleled period for the auto industry as the business activity was severely impacted by the Covid-19 pandemic. However, we are seeing green shoots emerging in certain segments especially two-wheelers and tractors with production and sales picking up from June’20 onwards.

Minda Corporation Limited (referred to as "Minda Corp" or the "Company"; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda has announced its financial results for the first quarter ended June 30, 2020.

Consolidated Q1 FY21
Amidst Covid-19 impact resulting in Industry volume decline Minda Corporation posted an Operating Revenue of Rs.1,780 million in Q1FY21, a decline of 69.5%.
Cost optimization measures resulted in a significant absolute fall in employee cost and other expenses.
EBITDA loss of Rs. (203) million and Net loss was Rs. (354) million.
Focus on efficient working capital and tight cash flow management resulted in positive free cash flow even in a tough market condition of Q1 FY21.

Commenting on the results, Ashok Minda, Chairman and Group CEO said: "The first quarter of FY21 was an unparalleled period for the auto industry as the business activity was severely impacted by the Covid-19 pandemic. However, we are seeing green shoots emerging in certain segments especially two-wheelers and tractors with production and sales picking up from June'20 onwards. In these turbulent times, Minda Corporation reported Consolidated Revenue from Operations of Rs. 1,780 million, a decline of 69.5% on Y-o-Y basis which is better than Industry. The company also took numerous cost optimization measures and continued its focus on efficient working capital management during the quarter resulting in positive free cash flow. The Company's strong capital structure has helped us emerge stronger out of the current pandemic. We look forward to robust recovery and a quick return to profitability from Q2 FY21 onwards."

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