Auto components maker Minda Industries on Tuesday reported a 26.33 per cent decline in consolidated net profit at Rs 62.33 crore in the first quarter ended June 30. The company had posted a consolidated net profit of Rs 84.6 crore in the year-ago quarter, Minda Industries said in a regulatory filing.
Total income during the quarter under review stood at Rs 1,446.67 crore as against Rs 1,436.32 crore in the same period last year, it added.
During the first quarter, there was industry wide volume cuts due to weak demand environment and margin pressures across OEMs (original equipment manufacturers).
The company said its total expenses during the quarter stood at Rs 1,362.56 crore as against Rs 1,322.21 crore in the corresponding period a year ago.
Shares of Minda Industries were trading at Rs 294.75 apiece, up 1.60 per cent from the previous close on the BSE.
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